Old Antique Store prepared the following budget information for the month of May: • Sales are budgeted at $308,000. All sales are on account and a provision for bad debts is made for each month at two percent of sales for the month. • Inventory was $92,000 on April 30; an inventory increase of $14,000 is planned for May 31. • All inventory is marked to sell at cost plus 40 percent. • Estimated cash disbursements for selling and administrative expenses for the month are $56,000. • Depreciation for May is projected at $6,800. Old Antique's budgeted cost of inventory purchases for May is: Multiple Choice a. $88.000. b. $123,200. c. $190,000 d. $234,000. e. $220,000.
Answers
A company's Gross profit is its profit after deducting all costs associated with manufacturing and selling its goods or services. $123,200 is the gross profit.
A company's gross profit is the difference between its total cost of goods sold and total revenue, which is calculated by deducting the total revenue from the total cost of goods sold. It is additionally alluded to as net edge or gross pay.
Gross profit can be used to compare the performance of various businesses because it is a measure of a company's effectiveness in cost control.
The budgeted cost of inventory purchases for May for Old Antique Store can be calculated as follows:
Beginning inventory = $92,000
Inventory increase = $14,000
Cost of goods sold (COGS) = 60% of sales (100% - 40%)
COGS = 0.60 x $308,000 = $184,800
Add :ending inventory = beginning inventory + inventory purchases – COGS
$92,000 + inventory purchases - $184,800 = $14,000 + $92,000 (ending inventory)
Inventory purchases = $220,800 - $92,000 = $128,800
Therefore, the budgeted cost of inventory purchases for May is $128,800, which is closest to option (b) $123,200.
So, option (b) is the correct answer.
To know more about the Gross Profit,
brainly.com/question/28390697
#SPJ4
Related Questions
whether a contract is bilateral or unilateral depends on what response the offeror( the party proposing the contract) expects from the oferee (the person agreeing or accepting the contract) true or false
Answers
The answer that the offeror—the party proposing the contract—expects from the offered—the party consenting or accepting the contract—determines whether a contract is bilateral or unilateral.
What factors determine whether a contract is unilateral or bilateral?The number of parties involved in bilateral contracts is one. A single party will form a contract or pledge for a particular or broad group of people under a unilateral agreement. However, in bilateral contracts, a commitment must be negotiated, accepted, and carried out by at least two parties.
Is the nature of a contract—bilateral or unilateral—determined by the reaction that the offeror anticipates from the offeree?Whether a contract is bilateral or unilateral is determined by the response that the offeror anticipates from the offeree. Explanation: A bilateral contract—often referred to as a promise in exchange for a promise—is one in which the offeror requires a promise from the offeree in order to create a legally binding agreement.
To Know more about unilateral agreement.
https://brainly.com/question/14388899
#SPJ4
1. A differentiation strategy works best when a
A. firm has tangible resources, its focus of competition shifts to price, and equivalent substitutes are readily available.
B. firm's focus of competition shifts to price, and when increasing differentiation of product features do not create additional value.
C. firm's differentiated products are commoditized, and costs of providing uniqueness do not rise above the customer's willingness to pay.
D. firm has intangible resources, is able to pass on increases in supplier cost to the customer, and its differentiation appeal creates customer loyalty.
2. In the context of SWOT analysis, which of the following best exemplifies a firm's external opportunity?
A. an increase in its financial resources
B. an increase in its brand equity
C. an increase in its customers' disposable income
D. an increase in its employee productivity
3. In the context of the SWOT matrix, which of the following best exemplifies a firm's internal strength?
A. increase in a firm's customer loyalty
B. growth in the size of the market in which a firm operates
C. rise in the income of the demographic segment to which a firm caters
D. loss of a competitor's reputation
Answers
inventory records for eliza company revealed the following: date transaction number of units unit cost march 1 beginning inventory 930 $ 7.25 march 10 purchase 580 7.66 march 16 purchase 780 8.09 march 23 purchase 590 8.49 eliza sold 1,900 units of inventory during the month. cost of goods sold assuming fifo would be:
Answers
The cost of goods sold assuming FIFO (First In First Out) for Eliza Company would be $14,935.20.
The cost of goods sold is the amount of expenses and expenses that are allowed, either directly or indirectly, to produce goods or services in the conditions and places where the goods can be sold or used.
This can be calculated by adding the cost of the beginning inventory (930 x $7.25) to the cost of the purchases (580 x $7.66 + 780 x $8.09 + 590 x $8.49) and subtracting it from the total units sold (1,900 units). Calculation:
(930 x $7.25) + (580 x $7.66) + (780 x $8.09) + (590 x $8.49) - (1,900 units) = $14,935.20.
learn more about Cost of Goods Sold: brainly.com/question/24561653
#SPJ11
Rhonda is a procurement officer for the government and needs to hire a new plumbing company that she could pay a fixed price per year to get their services on demand. She sends out this request to a plumbing website where multiple plumbing firms respond with their prices. Rhonda will choose the lowest price offer. This is an example of what
Answers
Answer:
competitive bid.
Explanation:
This is an example of competitive bid.
southwest airlines sends an email to frequent-flier customers offering a special low price between selected cities if the plane ticket is purchased within the next four days. this is an example of
Answers
The type of promotion used by Southwest Airlines to send emails to frequent-flier customers on low prices, is an example of Direct marketing.
What is direct marketing?Direct marketing, as the term implies, is a method of communication and promotion where a company communicates directly with the customers or potential customers about products that are on offer.
The action by Southwest Airlines is an example of direct marketing because Southwest Airlines communicated directly with its frequent-flier customers via their emails.
Find out more on direct marketing at https://brainly.com/question/14457086
#SPJ1
1. Visit a website for a company that sells products or services online. Then go to that company's
corporate website. Compare the product/service sales site with the corporate site. Describe at least three
differences between them.
Answers
Answer:
The company being examined here is Amazon.
Their corporate website is: aboutamazon.com/
while their product sales site is amazon.com
Explanation:
The various differences are:
1. the corporate is much easier on the eyes than the product sales website
2. the corporate website contains more information on the company and its corporate activities whilst the sales website is focused on the various categories of products available for sale by the company.
3. the sales website has e-commerce functionalities, the corporate does
Cheers
An amortized loan is repaid with annual payments which start at $400 at the end of the first year and increase by $45 each year until a payment of $1,480 is made, after which they cease. If interest is 4% effective, find the amount of principal in the fourteenth payment
Answers
If the amortized loan repaid annually with $400, with interest of $45 and rate of 4 percent, the amount of principal in the last month is $530.18
How to solve for the principal amountPayment at the end of year 1 = 400
Year increments = 45
Last Payment made = 1480
years left after first payment
\(\frac{1480-400}{45} = 24\)
= (1480 - 400) / 45 = 24
Length of the loan = 24 plus 1 = 25 years( the 25th year payment is 1480)
The payment made in the 14th year
400 + (13x45)
= 985
Calculation of Loan balance After 13 Years
25 - 13 = 12
formula for the present value of the loan = P*[1 - (1+r)^-n / r ] + G*[ ((1+r)^n - 1 / r^2*(1+r)^n) - n / r*(1+r)^n ]
P = amount of loan In 14th Year
= 985
r = 4%
n = Number of years = 12
G = 45
We have to put the values in the formula
present value loan balance = 985*[1 - (1+4%)^-12 / 4% ] + 45*[((1+4%)^12 - 1 / 4%^2*(1+4%)^12) - 12 / 4%*(1+4%)^12 ]
Balance after a period of 13 years = 11,370.45
Amount of interest to be paid in the 14th period = Loan balance * Interest rate
= 111370.45 x 0.04
= $454.82
Principal amount = Payment - Interest
Payment = 985
P = 985 - 454.82
Therefore the Principal is = $530.18
The amount of principal after the 14th payment is $530.18
Read more on amortized loan here: https://brainly.com/question/24963594
American Airlines paid the television producer to be a part of the show. This is known as ...
A) brand endorsement
B) product awareness
C) product placement
D) brand awareness
Answers
Answer:
A) brand endorsement
Explanation:
"Endorsements are a form of advertising that uses famous personalities or celebrities who command a high degree of recognition, trust, respect or awareness amongst the people. Such people advertise for a product lending their names or images to promote a product or service."
Hope this helps! :)
The balance on a credit card, that charges a 20%
APR interest rate, over a 1 month period is given in
the following table:
Days 1-5: $200 (initial balance)
Days 6-20: $350 ($150 purchase)
Days 21-30: $150 ($200 payment)
What is the finance charge, on the average daily
balance, for this card over this 1 month period?
finance charge = $ [?]
Round to the nearest hundredth.
Enter
Answers
The balance on a credit card, that charges a 20% APR interest rate, the Finance charge is given as
$4.3055
This is further explained below.
What is the APR interest rate?Generally, The interest rate that is applied to a loan, mortgage loan, credit card, etc. is referred to as an annual percentage rate of charge, which sometimes corresponds to a nominal APR and sometimes corresponds to an effective APR.
The annual percentage rate of charge is the interest rate for the entire year, as opposed to just a monthly fee or rate. It is a fee for financing that is presented in the form of an annual rate.
Interest rate APR = 12%
Average balance = ((200*5)+(350*15)+(150*10))/30
Average balance = $258.33
Average balance*APR/12
Finance charge =\(\frac{258.33*20 \%}{12 }\)
Finance charge = $4.3055
Read more about APR interest rates
https://brainly.com/question/14270693
#SPJ1
5. The price of a laptop computer dropped from $1,800 to $1,200. What was the percent of
decrease?
a. 30%
b. 1/3
c. 33.33%
d. 333
Answers
Answer:
c. 33.33%
Explanation:
The original price was $1,800
The price dropped to $1,200
the drop in price was $1,800 - $1200 = $600
The percentage drop will be $600/$1800 x 100
=0.33333 x 100
=33.33%
At an activity level of 9,500 machine-hours in a month, Falks Corporation’s total variable production engineering cost is $779,950 and its total fixed production engineering cost is $200,970. What would be the total production engineering cost per machine-hour, both fixed and variable, at an activity level of 9,900 machine-hours in a month? Assume that this level of activity is within the relevant range. (Round intermediate calculations to 2 decimal places.) Multiple Choice $103.25 $102.40 $99.08 $99.40
Answers
At a monthly activity level of 9,900 machine hours, the overall production engineering cost per machine hour, both fixed and variable, would be $103.25.
To find the total production engineering cost per machine-hour at an activity level of 9,900 machine-hours in a month, we need to calculate the variable cost per machine-hour and the fixed cost per machine-hour, and then add them together.
Total variable production engineering cost / Total machine-hours = Variable cost per machine-hour
Variable cost per machine-hour = $779,950 / 9,500
Variable cost per machine-hour = $82.10
Fixed cost per machine-hour = Total fixed production engineering cost / Total machine-hours
Fixed cost per machine-hour = $200,970 / 9,500
Fixed cost per machine-hour = $21.15
Total production engineering cost per machine-hour = Variable cost per machine-hour + Fixed cost per machine-hour
Total production engineering cost per machine-hour = $82.10 + $21.15
Total production engineering cost per machine hour = $103.25
To find the total production engineering cost per machine hour at an activity level of 9,900 machine hours in a month, we need to follow these steps:
1. Calculate the variable cost per machine hour:
Total variable cost / Total machine-hours = Variable cost per machine-hour
$779,950 / 9,500 = $82.1
2. Calculate the fixed cost per machine hour:
Total fixed cost / Total machine-hours = Fixed cost per machine-hour
$200,970 / 9,500 = $21.15
3. Find the total cost per machine-hour at the new activity level (9,900 machine-hours):
Total cost per machine-hour = Variable cost per machine-hour + Fixed cost per machine-hour
$82.1 + $21.15 = $103.25
So, at an activity level of 9,900 machine hours in a month, the total production engineering cost per machine hour, both fixed and variable, is $103.25.
Learn more about product
https://brainly.com/question/31812224
#SPJ11
Click this link to view the OOH qualities for Roofers. According to the OOH, what are common qualities Roofers need? Check all that apply.
balance
leadership
physical strength
stamina
sales skills
unafraid of heights
computer repair skills
Answers
1346
llvllf,tgrmgtopmopmtoptrmomopgtmopwgmg
Answer:
A.) balance
C.) physical strength
D.) stamina
F.) unafraid of heights
NOTE: if it's easier for you numbered, the answer are numbers 1, 3, 4, and 6.
To examine
the weekly payroll of all employees, one would look at the:
Answers
To examine the weekly payroll of all employees, one would look at the: d. payroll register.
What is the payroll register?The payroll register is a book or record that is used to fill in the details of all the employees and their payment logs. A record of this register is often kept in good condition in case of any future discrepancies that will have to be resolved.
A person who wants to examine the weekly payroll of all employees in an organization must be able to look at the payroll register to know what is obtainable. There, he would find the names of the employees, their job roles and payment record.
Options:
a. W-4
b. employee earnings record
c. W-2
d. payroll register.
Learn more about the payroll register here:
https://brainly.com/question/24265652
#SPJ1
Suzie pays her insurance company every month for coverage for her car. This payment is called the ___. deductible premium contribution liability
Answers
Answer:
premium
Explanation:
Premium is the term given to the regular and periodic payments that the insured makes to the insurance companies. Premiums are the payments for the insurance coverage.
Insurance coverage is a contract between the insurance company and the customer. As per the contract agreement, the company provides insurance coverage, and the customer pays premiums. In other words, Premium is the consideration for the insurance coverage.
Explain how a person who pursued a career in accounting could succeed as an entrepreneur.
Answers
Answer:
own their own accounting business
In what way does a deductible help an insurance company?
Answers
Answer:
deductible help insurance companies share costs with police holders when they make claims
Explanation:
Answer:
It lowers the payout the company has to make.
Explanation:
Most often, a lower deductible means higher monthly payments. If you have a low deductible, you have more coverage from your insurance company and you have to pay less out of pocket in the case of a claim. A higher deductible means a reduced cost in your insurance premium.
Which of the following would be an advantage of engaging in international
trade over domestic trade?
A. Higher cost of production due to higher labor costs
B. Larger growth opportunities based on market size
C. Clear understanding of laws and statues concerning business
operations
D. Less choice for consumers because of fewer products
Answers
Answer:
B. Larger growth opportunities based on market size
Explanation:
Took the test and guessed it correctly
"The Jedi Tax Trick" This article talks about the United Kingdom's film tax subsidy scheme, a tax break for movies and TV shows produced in the United Kingdom. Since 2007, when the current tax break scheme was created, Disney has received £170 million ($250 million) from the United Kingdom, out of a program that costs
nearly $240 million annually. Since 2007, the tax break has cost in excess of £1.5 billion ($2.2 billion). Since this article, Disney has filmed two more updates in the UK with another on its way, setting up Disney for more largesse. This is a useful starting point in a discussion of gains from trade. Does the U.K.
government get value for money?
Answer the prompt using at least four sentences.
Answers
The UK government does not get value for money from the film tax subsidy scheme. Both direct and indirect effects to determine the net value and sustainability of the tax subsidy scheme for the UK government.
The United Kingdom's film tax subsidy scheme, which provides tax breaks for movies and TV shows produced in the country, has resulted in significant financial support to Disney. Since the inception of the tax break scheme in 2007, Disney has received £170 million ($250 million) from the UK. The program itself costs nearly $240 million annually and has exceeded £1.5 billion ($2.2 billion) since its establishment. Furthermore, Disney has continued to film more updates in the UK, positioning itself to receive additional benefits.
Evaluating whether the UK government receives value for money from this arrangement requires a comprehensive assessment of the economic impact, job creation, and overall benefits generated by the film industry's presence in the country. Such an analysis should consider both direct and indirect effects to determine the net value and sustainability of the tax subsidy scheme for the UK government.
To know more about subsidy, click here https://brainly.com/question/32682996
#SPJ11
a small network is bigger than a large network.
Answers
Answer:
false
Explanation:
From a business standpoint, I can say that this statement is false. A larger network is bigger and more efficient because it generates more leads and opens more opportunities. By having a larger network you connect with individual's who are know others that may not be in your network and may be strategically positioned to provide you with information, help or even opportunities that you would not have had if your network was small.
An environmental lawyer is not part of the Energy cluster.
True or False for K12
Answers
Answer:
True
Explanation:
Lawyers belong to the Law, Public Safety, Corrections, and Security cluster. Work under this career cluster revolves around protecting citizens and their rights. Lawyers train and acquire university degree before training at the law school.
Lawyers may specialize in a specific area such as crime, tax, environment, and so many others. Other prominent job titles for lawyers include Attorney General, Associate Attorney, Attorney, Attorney at Law, General Counsel, and Partner.
if the demand for a good or service decreases, the equilibrium price and quantity are most likely to change in which of the following ways? price/ quantity
Answers
A decrease in demand leads to a decrease in both the equilibrium price and quantity. This reflects the market adjustment to the lower level of consumer demand, resulting in reduced prices and production levels.
If the demand for a good or service decreases, the equilibrium price and quantity are most likely to change in the following ways:
Price: The equilibrium price is expected to decrease. With a decrease in demand, there is less competition among buyers, leading sellers to lower prices in order to attract customers and maintain sales. The decrease in demand puts downward pressure on the price.
Quantity: The equilibrium quantity is expected to decrease. As the demand decreases, there is less consumer interest in purchasing the good or service at the original price. To restore equilibrium, producers reduce their output to match the reduced demand. This results in a decrease in the quantity of goods or services supplied.
To learn more about equilibrium quantity, click here:-
https://brainly.com/question/13501330
#SPJ11
What are wholesalers
Answers
Answer:
Wholesaler is a company that earns money by buying large quantities of goods then selling in bulk to smaller businesses.
Hope this help :)
Answer:
Wholesalers are companies or businesses that buy large quantities of products from other companies, then resell the products in bulk or individually.
Explanation:
Examples; Costco Wholesale & Sam's Club
The American Labor movement was considered radical compared to what was happening in Europe. true or false
Answers
Answer:
true took the test brainliest please
Introduce the term of notice in two sentence
Answers
(Notice as a verb) While investigating the scene of the crime, the detective *noticed* fingerprints on the glass window.
(Notice as a noun) A final notice was given to the disobedient boy after which he would be expelled from the school.
Have you seen Zack Snyder's Justice League on HBO Max?
Answers
Answer:
YES!
Explanation:
IT WAS AMAZING I WANT MORE DC FILMS LIKE THAG I DON'T CARE IF ITS ON HBO MAX I WANT MORE
What is the nature of business
Answers
Hopefully this helped. I had to figure it out.
As a producer, you are willing to supply the most goods at the highest price. This is because the highest
price earns you the
most demand
highest costs
most profits
Answers
Answer: most profits
Explanation:
When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen
by other firms in the market, we have
a. a cartel.
b. a group of oligopolists behaving as a monopoly.
c. a Nash equilibrium.
d. the perfectly competitive outcome.
Answers
The correct option is c. a Nash equilibrium.
In an oligopolistic market, when firms interact with each other and choose their best strategy based on the strategies chosen by other firms, it leads to a Nash equilibrium.
A Nash equilibrium occurs when no firm has an incentive to unilaterally deviate from its chosen strategy, given the strategies chosen by other firms. It represents a stable outcome where each firm's strategy is the best response to the strategies of the other firms in the market.
It does not necessarily imply a cartel or a monopoly, but rather a state of strategic balance among the competing oligopolistic firms. This is why the correct option is c.
To know more about Nash equilibrium visit-
brainly.com/question/28903257
#SPJ11
when entering into an income based repayment plan option, a student must contact their ________ to select the repayment plan option
Answers
when entering into an income-based repayment plan option, a student must contact their student loan facilitator to select the repayment plan option.
What is income-based repayment?
A repayment strategy known as income-based repayment, or IBR, bases loan instalments on a proportion of the borrower's discretionary income rather than the whole amount owing. Midway through 2009, IBR initially became accessible.
One of four income-driven repayment schemes is IBR. Pay-As-You-Earn Repayment (PAYE), Income-Contingent Repayment (ICR), and Revised Pay-As-You-Earn Repayment are the others (REPAYE). For debtors who don't qualify for PAYE and are worried about the marital penalty and the absence of a payment maximum in REPAYE, IBR is typically a viable alternative.
IBR bases monthly student loan repayments on 15% of discretionary income. The amount by which adjusted gross income (AGI) surpasses 150% of the poverty line is referred to as discretionary income.
To study more about income-based repayment
https://brainly.com/question/22503535
#SPJ4
In the organizational structure, it is responsible for managing of income and expenses of a company.
Answers
Financial Controller is responsible for managing of income and expenses of a company.
Who is Financial Controller?Vital controllers additionally influence direction, anticipating, and planning at the organization level, in view of bookkeeping information.
The FC is a senior forerunner in the money group. Consequently, it's generally expected that employment forms show huge involvement with bookkeeping and assessment issues, in addition to the capacity to direct others and take responsibility for organization's books.
This requires more than just a gift for numbers. Controllers should be coordinated self-administrators, with the abilities to urge the more extensive organization to follow strategies and techniques.
Therefore it is the Financial controller who basically helps in managing the overall income.
Learn more about Financial here:
brainly.com/question/1537763
#SPJ1