BUSINESS COLLEGE

Why is barter inefficient?

Answers

Answer 1
Answer:

Answer:

People didn't want to trade their goods for other goods anymore.

Explanation:

People wanted to have both their item and another item (which they wanted to buy). Then currency was invented.

Related Questions

U.S. residents accounted for over 75 percent of cruise ship passengers, and U.S. ports had 8 million passengers leaving on cruises in 2004. The growth in cruise travel was phenomenal after the terrorist attacks on September 11, 2001. According to a situational analysis, this event created an _____ for the industry.
A7X Corporation has ending inventory of $625,817, and cost of goods sold for the year just ended was $9,758,345. a. What is the inventory turnover? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the days’ sales in inventory? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. How long on average did a unit of inventory sit on the shelf before it was sold? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Activities of a central motor pool that provides and services vehicles for the use of municipal employees on official business should be accounted for in a. General Fund. b. Enterprise Fund. c. Internal Service Fund. d. Special Revenue Fund.
On January 1, 2021 M.T. Glass purchased the following investments: 1. 7,500 shares (representing 15%) of ZZ Company stock for $98,000 2. 25,000 shares (representing 40%) of AA Company stock for $440,000 M.T. Glass recorded the sale of some of its investments in 2022 as follows: 1. September 1 sold 5,000 shares of the ZZ Company stock for $76,000 2. December 31 sold 4,000 shares of the AA Company stock for $120,000 AA Company and ZZ Company reported the following information for the years 2021 and 2022: AA Company ZZ Company Net income in 2021 $260,000 $200,000 Dividends paid to M.T. Glass in 2021 $24,000 $15,000 Market value at Dec 31, 2021 $27 per share $22 per share Net income in 2022 $160,000 $225,000 Dividends paid to M.T. Glass in 2022 $41,000 $5,000 Market value at Dec 31, 2022 $24 per share $28 per share Calculate the amount of the realized gain reported in M.T. Glass' 2022 income statement resulting from the sale of the AA Company stock.
A project that provides annual cash flows of $2,700 for nine years costs $8,800 today.Requirement 1:A. At a required return of 9 percent, what is the NPV of the project?B. At a required return of 28 percent, what is the NPV of the project?C. At what discount rate would you be indifferent between accepting the project and rejecting it?

Maddy purchases 2 pounds of beans and 3 pounds of rice per month when the price of beans is S2 per pound. She purchases 1 pounds of beans and 4 pounds of rice per month when the price of beans is $3 per pound. Maddy's cross- price elasticity of demand for beans and rice is A. -0.71, and they are complements B. 0.71, and they are substitutes. C. 1.4, and they are substitutes D. -1.4, and they are complements

Answers

Final answer:

Maddy's cross-price elasticity of demand for beans and rice is -1, and they are complements.

Explanation:

The cross-price elasticity of demand measures the responsiveness of the quantity demanded of one good to a change in the price of another good. It is calculated as the percentage change in the quantity demanded of one good divided by the percentage change in the price of the other good. In this case, Maddy's cross-price elasticity of demand for beans and rice can be calculated using the formula:

Cross-Price Elasticity = ((Q2 - Q1) / (Q1)) / ((P2 - P1) / (P1))

Calculating the values:

Q1 = 2 pounds of beans per month

Q2 = 1 pounds of beans per month

P1 = $2 per pound of beans

P2 = $3 per pound of beans

Substituting the values into the formula:

Cross-Price Elasticity = ((1 - 2) / (2)) / ((3 - 2) / (2)) = -0.5 / 0.5 = -1

The cross-price elasticity of demand for beans and rice is -1, which indicates that they are complementary goods. When the price of beans increases, the quantity demanded of beans decreases, and as a result, Maddy purchases less rice as well.

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What is true with respect to the demand of a monopolist?

Answers

Answer:

Average revenue is greater than marginal cost when the monopolist is maximizing total profits or minimizes losses. Marginal revenue decreases as average revenue decreases.

Explanation:

A monopolist controls all of the markets for a particular good or service. A monopolist does not need to improve their product much because customers have no other alternatives.

In the case of pure monopoly, no close substitutes for the product exist and there is one seller.

Average revenue is greater than marginal cost when the monopolist is maximizing total profits or minimizes losses. Marginal revenue decreases as average revenue decreases.

Before the year​ began, Butler Manufacturing estimated that manufacturing overhead for the year would be​ $176,400 and that​ 13,800 direct labor hours would be worked. Actual results for the year included the​ following: Actual manufacturing overhead cost ​$185,000 Actual direct labor hours ​ 14,600 The predetermined manufacturing overhead rate per direct labor hour is closest to

Answers

Answer:

manufacturing overhead rate =$12.78

Explanation:

Giving the following information:

Butler Manufacturing estimated that:

Manufacturing overhead $176,400

Direct labor hour 13,800.

Actual results for the year:

The actual manufacturing overhead costs ​$185,000.

Actual direct labor hours ​ 14,600.

We need to calculate the predetermined manufacturing overhead rate per direct hour

manufacturing overhead rate = 176400/13800hours= $12.78

Telfer, Inc. reported net income of $2.3 million in 2020. Depreciation for the year was $157,100, accounts receivable decreased $329,900, and accounts payable decreased $302,000. Compute net cash provided by operating activities using the indirect method.

Answers

Answer:

$2,479,600

Explanation:

The computation of the operating activities via indirect method is shown below:

Cash flow from operating activities

Net income = $2,300,000

Add : Depreciation for the year $157,100

Add: Decrease in account receivable $329,900

Less: Decrease in account payable -$302,000

Net cash flow provided by operating activities $2,479,600

Fred Company paid $48,000 for a two-year insurance policy, ($2,000 per month), on October 1 and recorded the $48,000 as a debit to Prepaid Insurance and a credit to Cash. What adjusting entry should Fred make on December 31, the end of the accounting period (no previous adjustment has been made)? Select one: a. Debit: Prepaid Insurance 6,000 Credit: Insurance Expense 6,000 b. Debit : Insurance Expense 6,000 Credit: Prepaid Insurance 6,000 c. Debit: Insurance Expense 24,000 Credit: Prepaid Insurance 24,000 d. Debit: Prepaid Insurance 42,000 Credit: Insurance Expense 42,000

Answers

The adjusting entry should Fred make on December 31, the end of the accounting period is: Debit Insurance Expense $6,000; Credit Prepaid Insurance $6,000.

Journal entry

Based on the information given the appropriate journal entry to record the transaction is:

Fred company adjusting entry

Debit Insurance Expense $6,000

Credit Prepaid Insurance $6,000

( $2,000 x 3 = $6,000)

Inconclusion the adjusting entry should Fred make on December 31, the end of the accounting period is: Debit Insurance Expense $6,000; Credit Prepaid Insurance $6,000.

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Answer:

The adjusting entry Fred should make on December 31, the end of the accounting period:

b. Debit : Insurance Expense 6,000 Credit: Prepaid Insurance 6,000

Explanation:

On October 1, Fred Company paid $48,000 for a two-year insurance policy, ($2,000 per month)

From October 1 to December 31, Fred Company has used the insurance for 3 months.

Insurance Expense = $2,000 x 3 = $6,000

The adjusting entry Fred should make on December 31, the end of the accounting period:

Debit Insurance Expense $6,000

Credit Prepaid Insurance $6,000

Records at Hal’s Accounting Services show the following costs for year 1. Direct materials and supplies $ 40,000 Employee costs 2,900,000 Total overhead 1,300,000 Production was 25,000 billable hours. Fixed overhead was $700,000. Assuming no change in billable hours in year 2, direct materials and supplies costs are expected to increase by 10 percent. Direct labor costs are expected to increase by 5 percent. Variable overhead per billable hour is expected to remain the same, but fixed overhead is expected to increase by 5 percent. Required: a. Year 2 production is expected to be 20,000 billable hours. What are the estimated direct materials, direct labor, variable overhead, and fixed overhead costs for year 2? b. Determine the total costs per billable hour for year 1 and year 2.

Answers

Answer:

See answers below

Explanation:

a. Direct materials & supplies  $40,000 = $40,000 × 110%

= $44,000 × 20,000/25,000

= $35,200

Employee costs = $2,900,000 × 105%

= $3,045,000 × 20,000/25,000

= $2,346,000

Variable overhead = $600,000 × 100%

= $600,000 × 20,000/25000

= $480,000

Fixed overhead = $700,000 × 105%

= $735,000

b. Total costs per unit year 2 =

$3,596,000 / 20,000

= $179.81

Answer:

Employee costs for year 2 should be $2,436,000.

Total costs in year 2:

$35,200+$2,436,000+$480,000+$735,000=$3,686,200

b) Total costs per billable hour for year 2=$3,686,200/20000=$184.31

Explanation:
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