the cover-up of complex procedures. Abstraction allows us to apply a function to each value in a list and produce a new list of the results by getting rid of unnecessary or repetitive code.
Abstraction is a method used in computer science to control the complexity of computer systems. It functions by setting a threshold for complexity beyond which a user cannot interact with the system, concealing the more intricate elements below the threshold.
When we write code parts (referred to as "procedures" or, in Java, "static methods") that are generalized by having variable parameters, we are using procedural abstraction. The concept is that we have code that, depending on how its parameters are configured when it is called, can handle a range of different circumstances.
Read more about abstraction enables at
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Answer:
prices rise, employment rises.
Explanation:
In the starting equilibrium price, there would be more demand that result in fall in the firm inventory. Now in order to maintain the level of the inventory the firm would have to rise the production for this the firm should hire more wokers due to this the employment would rise also the wages are more paid as compared to before so it increase the production cost that results in rise in price
Therefore the above represent the answer
Received $80,000 cash from each of the two shareholders to form the corporation, in addition to $2,000 in accounts receivable, $5,300 in equipment, a van (equipment) appraised at a fair market value of $13,000, and $1,200 in supplies. Gave the two owners each 500 shares of common stock with a par value of $1 per share.
b.
Purchased a vacant store for sale in a good location for $360,000, making a $72,000 cash down payment and signing a 10-year mortgage from a local bank for the rest.
c. Borrowed $50,000 from the local bank on a 10 percent, one-year note.
d. Purchased and used food and paper supplies costing $10,830 in March; paid cash.
e. Catered four parties in March for $4,200; $1,600 was billed, and the rest was received in cash.
f. Made and sold food at the retail store for $11,900 cash.
g. Received a $420 telephone bill for March to be paid in April.
h. Paid $363 in gas for the van in March.
i. Paid $6,280 in wages to employees who worked in March.
j. Paid a $300 dividend from the corporation to each owner.
k.
Purchased $50,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $20,000 (added to the cost of the building); paid cash.
Compute ending balances for Cash, Accounts Receivable, Supplies, Equipment, Building, Accounts Payable, Note Payable, Mortgage Payable, Common Stock, Additional Paid-in Capital, Retained Earnings, Food Sales Revenue, Catering Sales Revenue, Supplies Expense, Utilities Expense, Wages Expense, and Fuel Expense.
1.
Prepare an income statement in good form for the month of March 2014. (Ignore retained earnings and 80,000 in the table just below)
2.
Operating (O), investing (I), and financing (F) activities affecting cash flows. Include the direction and invest of the effect
Answer:
Explanation:
Account Name Debit Credit
Cash $160,000
Accounts Receivable $2,000
Equipment $ 18,300
Supplies $1,200
Contributed Capital $181,500
a. Received $80,000 cash from each of the two shareholders to form the corporation, in addition to $2,000 in accounts receivable, $5,300 in equipment, a van (equipment) appraised at a fair market value of $13,000 and $1,200 in supplies.
b. Purchased a vacant store for sale in a good location for $360,000, making a $72,000 cash down payment and signing a 10-year mortgage from a local bank for the rest
Account Name Debit Credit
Building $360,000
Cash $ 72,000
Notes Payable $288,000
c. Borrowed $50,000 from the local bank on a 10%, one year note.
Account Name Debit Credit
Cash $50,000
Notes Payable $50,000
d) Purchased and used food and paper supplies costing 10,830 in March; paid cash.
Purchase of Supplies:
Account Name Debit Credit
Supplies $10,830
Cash $10,830
Account Name Debit Credit
Supplies Expense $10,830
Supplies $10,830
e) Catered four parties in March for $4,200; $1,600 was billed and the rest was received in cash.
Account Name Debit Credit
Cash $2,600
Accounts Receivable $1,600
Catering Revenue $4,200
f. Made and sold food at the retail store for $11,900 cash. (assume the cost of these sales was already recorded as part of transaction d.)
Account Name Debit Credit
Cash $11,900
Food Sales Revenue $11,900
g. Received a telephone bill for March to be paid in April.
Account Name Debit Credit
Telephone Expense $420
Telephone Payable $420
h. Paid $363 in gas for the van in March
Account Name Debit Credit
Gas Expense $363
Cash $363
i. Paid $6,280 in wages to employees who worked in March.
Account Name Debit Credit
Wages Expense $6,280
Cash $6,280
j. Paid a $300 dividend from the corporation to EACH owner
Account Name Debit Credit
Retained Earnings $600
Cash $600
k. Purchased $50,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $20,000 (added to the cost of the building); paid cash.
Account Name Debit Credit
Equipment $50,000
Building $20,000
Cash $70,000
2)
a Cash flow from FINANCING ACTIVITIES
b Cash flow from INVESTING ACTIVITIES ($72,000) and Non-Cash Investing and Financing Activity ($288,000).
c Cash flow from FINANCING ACTIVITIES.
d Non-Cash OPERATING ACTIVITIES.
e Cash flow from OPERATING ACTIVITIES ($2,600); Non-Cash Operating Activity ($1,600).
f Cash flow from OPERATING ACTIVITIES
g Non-Cash OPERATING ACTIVITIES.
h Cash flow from OPERATING ACTIVITIES.
i Cash flow from OPERATING ACTIVITIES.
j Cash flow from FINANCING ACTIVITIES.
k Cash flow from INVESTING ACTIVITIES
In March 2014, Traveling Gourmet, Inc. had several transactions that affected its financial accounts. These transactions included receiving cash from shareholders, purchasing a store with a mortgage, borrowing money from a bank, purchasing supplies, catering events, selling food at the retail store, and making dividend payments. By analyzing these transactions, we can compute the ending balances for different accounts and prepare an income statement for the month.
To compute the ending balances for the various accounts, we need to track the cash inflows and outflows for each transaction. Here is a summary of the transactions and their effects on the accounts:
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Answer:
1. Budgeted manufacturing overhead rate = Budgeted manufacturing overhead costs / Budgeted machine-hours
Budgeted manufacturing overhead rate = $3,800,000 / 200,000
Budgeted manufacturing overhead rate = $19
2. The manufacturing overhead allocated during 2017 = Actual machine-hours * Budgeted manufacturing overhead rate
Manufacturing overhead allocated = 196,000 * $19
Manufacturing overhead allocated =$3,724,000
3. Manufacturing overhead costs over-allocated = Manufacturing overhead allocated during 2017 - Actual manufacturing overhead costs
Manufacturing overhead costs over-allocated = $3,724,000 - $3,660,000
Manufacturing overhead costs over-allocated = $64,000
15.1% and 17.7%
17.5% and 18.8%
15.1% and 18.8%
None of the above options is correct.
Explanation:
Following things will not work:
b. Income is transferred from consumers in the importing nation to domestic producers
c. Income is transferred from consumers in the importing nation to their government
d. All of the above
e. None of the above
Answer:
Explanation:
An import restriction as the term implies is done to limit the amount of a certain good that is imported into the country. Usually this is done to protect the domestic producers of the good in question who are not be as efficient as the country being imported from and so charge higher prices.
The people in the economy will experience a net loss in welfare because they will now be paying higher prices and as well will be transferring some of their income to their government because import restrictions like tariffs will see their costs passed on to the consumer.