Labor rate variance = Actual rate - Standard rate × Actual hours= ($31,104 ÷ 1,920) - $16= $15.96Efficiency variance = Actual hours - Standard hours × Standard rate= 1,920 - (2 × 1,000) = 920 hrs.× $16 per hr.= $14,720
Reed Corporation is a manufacturing company that has set the following standard direct materials and direct labor costs per unit for the product it produces: Direct materials (15 lbs. $3 per lb.) and Direct labor (2 hrs. $16 per hr.)The actual results for the period for the manufacturing of 1,000 units of the product were as follows:Actual direct materials used: 16,500 lbs.
Actual cost of direct materials: $47,250Actual direct labor hours worked: 1,920 hoursActual cost of direct labor: $31,104Required1. Compute the materials price and quantity variances.2. Compute the labor rate and efficiency variances.Answer:1. Materials price variance = Actual price - Standard price per unit × Actual quantity= ($47,250 ÷ 16,500) - $3= $2.86Quantity variance = Actual quantity - Standard quantity × Standard price per unit= 16,500 - (15 × 1,000) = 1,500 lbs.× $3 per lb.= $4,5002.
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PLS HELPPP!!! FASTTT!!! A firm has three different investment options. Option A will give the firm $10 million at the end of one year, $10 million at the end of two years, and $10 million at the end of three years. Option B will give the firm $15 million at the end of one year, $10 million at the end of two years, and $5 million at the end of three years. Option C will give the firm $30 million at the end of one year, and nothing thereafter. Which of these options has the highest present value?
a. Option A
b. Option B
c. Option C
d. The answer depends on the rate of interest, which is not specified here.
Answer:
i would say d
Explanation:
Gladstorm Enterprises sells a product for $49 per unit. The variable cost is $31 per unit, while fixed costs are $14,256. Determine the following: Round your answers to the nearest whole number.
a. Break-even point in sales units units
b. Break-even point in sales units if the selling price increased to $64 per unit units
Gladstorm Enterprises needs to sell 348 units if the selling price increased to $64 per unit to break even.
a. To find the break-even point in sales units, we need to use the following formula:
Break-even point = Fixed costs / (Selling price per unit - Variable cost per unit)
Substituting the given values, we get:
Break-even point = 14,256 / (49 - 31)
Break-even point = 714
Therefore, Gladstorm Enterprises needs to sell 714 units to break even.
b. To find the break-even point in sales units if the selling price increased to $64 per unit, we need to use the same formula with the new selling price:
Break-even point = Fixed costs / (Selling price per unit - Variable cost per unit)
Substituting the new values, we get:
Break-even point = 14,256 / (64 - 31)
Break-even point = 348
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YO CAN YALL SEND HELP MY BRAIN ISNT WORKING TODAY
Which of the following statements are true of hacking? Check all of the boxes that apply.
-It is the practice of cutting network cables to damage a network infrastructure.
-It is the practice of finding weaknesses in a computer or computer network.
-It is always illegal.
-It is sometimes practiced by network security professionals.
Answer:
B and D
Explanation:
The statements true of hacking are
It is the practice of finding weaknesses in a computer or computer network.It is sometimes practiced by network security professionals.What is hacking?Computer hackers who are motivated by monetary gain engage in illegal conduct when they attempt to attack digital equipment like computers. This is known as hacking.
They start experimenting with different applications while they look for online instruction. Due to their inexperience and potential for initial perception as little more than an internet troll or beginner.
As opposed to building security systems, breaching them involves greater knowledge and skill. Hackers cannot be neatly grouped together according to any absolute standards in order to gain confidential information.
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Tim Horton wants to raise funds to open a branch of their coffee shop in Trinidad. To raise the funds, Tim Horton would sell bonds 100 $1,000 par value with a coupon interest rate of 6%. The bonds would mature in 15 years and interest would be paid semi-annually. The required rate of return is expected to be 8%.
Requirement:
a) Calculate the value of one bond
b) What is the total amount Tim Horton would raise if all bonds were sold?
Answer:
a) The value of one bond is $837.08.
b) The total amount Tim Horton would raise if all bonds were sold is $83,708.
Explanation:
a) Calculate the value of one bond
This can be calculated as follows:
Annual coupon = Bond face value * Coupon interest rate = $1,000 * 6% = $60
Annual coupon discount factor = ((1 - (1 / (1 + r))^n) / r) .......... (1)
Where;
r = required semi-annual rate of return = required annual rate of return / number of semi-annual in a year = 8% / 2 = 0.08 / 2 = 0.04
n = number of semi-annuals = number of years * number of semi-annual in a year = 15 * 2 = 30
Substituting the values into equation (1), we have:
Semi-annual coupon discount factor = ((1-(1/(1 + 0.04))^30) / 0.04) = 17.2920333006645
Present value of coupon = ((Annual coupon / number of semi-annual in a year) * Semi-annual coupon discount factor) = (($60 / 2) * 17.2920333006645 = $528.76
Present value of the face value of the bond = Face value of the bond / (1 + r)^n = ($1,000 / (1 + 0.04)^30 = $308.32
Therefore, we have:
Bond value = Present value of coupon + Present value of the face value of the bond = $528.76 + $308.32 = $837.08
Therefore, the value of one bond is $837.08.
b) What is the total amount Tim Horton would raise if all bonds were sold?
Number of bonds expected to be sold = 100
Value of one bond = $837.08
Total amount that would be raised = Number of bonds expected to be sold * Value of one bond = 100 * $837.08 = $83,708
Therefore, the total amount Tim Horton would raise if all bonds were sold is $83,708.
George has been successfully running a large retail store in his neighborhood for almost 15 years. However, George realizes that his business could make more profit if his customers found a more convenient way of placing orders and buying products. Which of these business models should George opt for?
A.
online auctions
B.
freemium
C.
subscription
D.
bricks and clicks
E.
upselling
Answer:
online auctions
Explanation:
George can start selling his products online. He needs to create a website where he can showcase all his products and their prices. The websites should be as interactive as possible to allow customers to place orders, make payments, and track deliveries.
Operating online will be of great convenience to George's customers. They do not need to be physically present at George's retail store to make purchases. Customers can shop at a place and time convenient to them.
Answer:
Bricks and clicks
Explanation:
Think of it like Home Depot. you can buy things online or off the app and then go pick it up, on more or less your time frame.
It's 100% right, for PLATO
a company orders and uses 2,880 boxes of office supplies. each order has a fixed shipping cost of $200 and an additional cost of $3 per box of office supplies. to store a box for a full year costs $5. what is the optimal number of orders the company should make each year? do not include units with your answer.
An approach employed by a business to reduce overall costs is economic order quantity to reduce production costs, this can be used to determine the ideal quantity. Using the formula 2(DS)H, where D represents the annual number of orders, S represents the cost per unit, and H represents the holding cost, one can get the ideal number of orders.
What is shipping cost?Shipping costs are the upfront expenses incurred when delivering a product from a shelf in your store or warehouse to a customer's door. Shipping costs are the upfront expenses incurred when delivering a product from a shelf in your store or warehouse to a customer's door. These expenses may comprise, but are not limited to: Costs associated with boxes, packaging, tape, and stickers
The cost of employing a worker to pick, package, and send a package
The price of hiring a courier to pick up and deliver an item
When shipping overseas, the expense of import/export costs
Given that a business orders and utilizes 2880 boxes of office supplies, $200 for shipping each purchase, plus an additional $3 for each box of supplies, and $5 for storage fees.
each box.
The formula can be used to determine the optimal number of orders.
√2(D×S) H
We've got
S= (200+3) S=203, D=2880, and H=$5
Using the specified values in the formula above:
optimal number of orders=√2(D×S) H=√2× (2880×203)5=√1,169,2805≈483
Thus, 483 is about the optimum number of orders.
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Solve the problem. Joe's Discount claims that of its 2237 items in inventory, 1518 items are clothes, while the rest are non-clothes. What percent of total inventory is non-clothes? Round to the nearest tenth 0.67.9% Next O.31% O 32.1% O 0.7%
To find the percentage of non-clothes in the total inventory, we need to subtract the percentage of clothes from 100%.
Percentage of clothes = (1518 / 2237) * 100 ≈ 67.9%
Percentage of non-clothes = 100% - 67.9% ≈ 32.1%
Therefore, the correct answer is: c) 32.1%
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Where can water in the atmosphere come from? Select all possible answers.
A. oceans. B. plants. C. ice. D. puddles
Answer: A. It comes from oceans
Every year the hospitality and tourism industry spends less and less on sales promotion.
O False
O True
Answer:
false
Explanation:
A rectangular property is 300' long x 250' wide. Zoning requires a minimum lot size of 15,000 sq. Ft with minimum road frontage of 60'. How many lots would fit on this property?
A rectangular property is 300' long x 250' wide. Zoning requires a minimum lot size of 15,000 sq. Ft with minimum road frontage of 60'. 5 lots would fit on this property.
How can I determine the size of my lot?
Simply multiplying your lot's length by its breadth will give you the size of your lot in acres. This will provide you with your lot's square footage. To determine the exact number of acres on your land, multiply this figure by 43,560.
How many parcels make up an acre?
New single-family homes typically have lots that are 0.19 acres in size, or 8,276 square feet. This means that one acre can accommodate about five average-sized housing lots.
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The dimensions of a rectangle are 300' long by 250' wide. A minimum lot size of 15,000 square feet and a minimum road frontage of 60 feet are required by zoning. This land might accommodate 5 lots.
How can I figure out how big my lot is?The size of your lot in acres can be calculated by adding the length and width of your lot together. You will receive the square footage of your lot as a result. Divide this amount by 43,560 to get the precise number of acres on your property.
What percentage of a parcel is an acre?Lot sizes for brand-new single-family homes are approximately 0.19 acres, or 8,276 square feet. This indicates that five typical-sized home lots can fit on one acre.
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1-Elmer invested, P250,000- cash in his new business.
analysis
debit is -
credit is -
Answer:
debit is P250,000
credit is 0
Explanation:
hope it helps:)
How is the Social Security tax
collected?
A. It is an additional tax taken out of a person's pay
check.
B. It is part of the money taken out as federal income tax.
C. It is part of the money taken out as state income tax.
if they wish
Highlight clues that reveal the point of view of the narrative.
She looked into the room of students and felt butterflies in her stomach. Twenty pairs of eyes stared back at her. "Great," she thought to herself. "How am I ever going to make it through the rest of the year when I don't know a soul?"
What kind of narration is used in the passage?
first person
third-person omniscient
third-person limited
Answer:
3rd person
Explanation:
Answer:
D) third-person limited
Explanation:
PROFIT/LOSS = TOTAL REVENUE - TOTAL COSTS
lan set up a taxi firm one month ago. He has calculated that his total monthly revenue was £2400.
He has added his costs together for the first month and they came to £2800. However, he spent
£1000 on a car for the business that he will not need to spend again.
1) What was his profit/loss for the month?
For the month it was €
1
2) Next month, what will his profit/loss be?
3) List 2 things that could happen that would increase his costs?
Answer:
What's the question? :) I'm an econ major btw.
Explanation:
Q 9.22: Aledo Manufacturing utilizes a calendar year as its fiscal year and depreciates plant assets using the straight-line method. On January 2nd, 2017, the company purchased a semi-truck for $215,000 with a useful life of ten years and an estimated salvage value of $23,000. On January 1st, 2022, the company decides to extend the useful life to twelve years while decreasing the estimated salvage value to $21,000. What amount will Aledo report as depreciation expense for the year ended December 31st, 2022
Answer:
$3,000
Explanation:
The depreciation expense for the year ended December 31st, 2022 is $3,000
online retailing is disadvantageous for marketers because it often: group of answer choices prevents one-on-one relationships with customers. leads to less shelf space as opposed to direct sales methods. limits assortment of products to be offered. squeezes profit margins due to strong price competition.
Online retailing is disadvantageous for marketers because it often squeezes profit margins due to strong price competition.
Electronic retail is often referred to as e-tail, internet retail, or online retail. In e-retail, a company or a person uses internet stores to sell retail goods and services. An online retailer may just have a digital presence, with no actual physical location that customers can visit.
The following are the primary drawbacks of e-tailing: insufficient physical experience establishing ties with customers is difficult, costs of construction and maintenance.
A professional e-commerce website costs money to plan, design, develop, host, secure, and maintain, especially if you anticipate high and rising sales volumes.
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Question 11 Interest Payable Type of Account Appears on Which Financial Statement Normal Balance Is the Account Closed? A. Liability Balance Sheet Debit No B. Liability Balance Sheet Debit Yes C. Liability Balance Sheet Credit No D. Liability Balance Sheet Credit Yes
Interest Payable type of account appears on Liability Balance Sheet. The normal balance is credit and the account is closed. The correct option is (C) Liability Balance Sheet Credit No.
Interest payable is the money that a company owes in the form of interest on any outstanding loans. Interest payable arises out of a company's debt, such as bonds, loans, and other forms of debt. It's a liability account that shows how much interest is owed but hasn't yet been paid.
The Interest Payable type of account is classified as a liability account on the balance sheet. This account represents an amount of money owed to an external party. The interest payable account is frequently used in businesses that have borrowed funds and must pay periodic interest payments.
The balance sheet is one of the company's financial statements, showing its financial position at a given point in time. The balance sheet is a summary of all the company's assets, liabilities, and equity at a certain point in time.
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It is no longer enough to provide customers with high-quality products. They also expect outstanding customer___
It is no longer enough to provide customers with high-quality products; they also expect outstanding customer service. To meet these expectations, businesses should take the following steps:
1. Develop a customer-centric culture: Make customer satisfaction a priority and ensure that all employees understand the importance of providing excellent service.
2. Train employees: Provide comprehensive training on customer service skills, including communication, problem-solving, and empathy.
3. Implement efficient processes: Streamline processes to make it easy for customers to access information, make purchases, and receive support.
4. Use technology: Utilize technology to enhance the customer experience, such as through personalized marketing, efficient customer support systems, and online self-service options.
5. Listen and respond to feedback: Regularly collect customer feedback and act on it to improve your products, services, and overall customer experience.
6. Go the extra mile: Delight customers by exceeding their expectations and providing personalized service.
By focusing on outstanding customer service in addition to high-quality products, businesses can build strong customer relationships, improve customer retention, and increase their competitive advantage.
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solutions to a problem that is going to surface in the next 30 years -- How do we feed the world? We will have another 2 billion people on the planet, and current agricultural practices will not be sufficient. The video on Holland explored some of their practices, and the Slate article talked about GMO foods.
1. How should we address the inevitable problem of not being able to produce enough food?
Food production is only a piece of the puzzle. We learned about food waste, and how food waste occurs both at the production side (developing countries) and the consumer side (developed countries). This cost is not just lost food, but also losses of water, energy, land, and labor.
2. How we can lower the food waste in the country?
A large % of the world is undernourished, while a large % of the world is obese. We learned about some of the plusses and minuses of food aid and relief programs. This is a problem because obesity and food insecurity are both expensive health care issues.
3. How would you address this problem?
we must recognize that the problem of feeding the world is a complex and ongoing challenge, and that we must remain vigilant and proactive in our efforts to address it.
1. In order to address the problem of not being able to produce enough food, we must adopt new technologies and practices that are sustainable. We must also make use of arable land, water, and other resources in a responsible and efficient manner. This will require a shift in the way we think about food production, and a greater emphasis on collaboration between different stakeholders, including governments, NGOs, farmers, and consumers.
2. To lower the food waste in the country, we can adopt several measures. One is to invest in infrastructure that will allow for better storage and transport of food. Another is to educate consumers about the importance of reducing food waste, and to encourage them to make use of food that would otherwise be thrown away. We can also support local food systems, which can reduce the amount of food that is transported over long distances and wasted.
3. To address the problem of undernourishment and obesity, we need to take a multi-faceted approach. This includes promoting healthier diets and lifestyles, improving access to affordable and nutritious food, and addressing the root causes of poverty and inequality. We must also ensure that food aid and relief programs are effective and sustainable, and that they do not perpetuate dependency or undermine local food systems.
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excess supply is the amount by which quantity demanded exceeds quantity supplied for each price level above equilibrium. t f
The given statement that Excess supply is the amount by which quantity supplied exceeds quantity demanded for each price level above equilibrium is False.
Equilibrium refers to the point where quantity demanded equals quantity supplied, resulting in a balance between the two. At this point, there is no excess supply or excess demand, and the market is said to be in a state of equilibrium.
Supply plays a crucial role in determining the equilibrium price and quantity in a market. When the supply of a product increases, it leads to a shift in the supply curve to the right, resulting in a lower equilibrium price and a higher equilibrium quantity. Conversely, a decrease in supply leads to a shift in the supply curve to the left, resulting in a higher equilibrium price and a lower equilibrium quantity.
In summary, excess supply is not when quantity demanded exceeds quantity supplied, but rather when quantity supplied exceeds quantity demanded. Understanding the concept of equilibrium and how supply affects it is essential in analyzing market dynamics and making informed business decisions.
Thus, the statement is False.
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Calculate the three customer archetypes which were transactors, revolvers, and dormants. Assuming the following for each type of customer, calculate the typical CLV for each type of customer? Transactors/Revolvers: o Both spend $16,000 per year o Credit balance carried: $0 for transactors, 50% of annual spend for revolvers o Interest rate average: 21% o Renew the card at $450 annual fee • Dormants: o Spend only enough to earn the sign-on bonus o Credit balance carried: $0 o Do not renew card at $450 annual fee
TRUE. Learning how to write effective sales messages can benefit you as both a professional communicator and a consumer. As a professional communicator, knowing how to craft persuasive sales messages can help you effectively promote products or services, generate leads, and drive sales. It allows you to communicate the value and benefits of what you're offering in a compelling way.
As a consumer, understanding the techniques used in sales messages can help you make informed decisions, evaluate product offerings, and identify persuasive tactics. It gives you the ability to critically analyze marketing messages and make purchasing choices based on your needs and preferences. Developing sales writing skills can enhance your overall communication abilities and empower you in various contexts
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Which type of ma plan is an hmo plan that also covers some benefits out-of-network, generally at a higher cost?.
The type of ma plan is an hmo plan that also covers some benefits out-of-network, generally at a higher cost is: Private Fee-for-Service (PFFS), Medicare Supplement Insurance Plan.
What is medicare advantage plan?Medicare advantage plan can be defined as a health insurance coverage plan that help to cover the medical costs of people under the plan.
The type of Medicare advantage plan that also covers some benefits out-of-network are:
Private Fee-for-Service (PFFS)Medicare Supplement Insurance PlanPreferred Provider Organization (PPO)Point-of-Service (POS) Plan(right)Learn more about medicare here:https://brainly.com/question/1960701
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Popularity increases a product’s
A. price
B. utility
C. life cycle
D. trial period
Answer:
life cycle
Explanation:
When a product has been popularized with adverts, people will know d product and will wanna try it out.Once this happens,the product will still be in existence prolonging the life cycle
Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2022). In 2022, his net Schedule C income was $254,000. This was his only source of income. This year, Reggie is considering setting up a retirement plan.
What is the maximum amount he may contribute to the self-employed plan in each of the following situations?
Note: Round your intermediate calculations to the nearest whole dollar amount.
a. He sets up a SEP IRA.
b. He sets up an individual 401(k)
Reggie is a self-employed taxpayer who turned 59 years old at the end of 2022 and had a net Schedule C income of $254,000. He is considering setting up a retirement plan and wants to know the maximum amount he can contribute to the plan for the year 2022.
a. If Reggie sets up a SEP IRA, he can contribute up to 20% of his net Schedule C income. The calculation is as follows:
Maximum contribution = Net Schedule C income x 20%
Maximum contribution = $254,000 x 20% = $50,800
Therefore, the maximum amount Reggie may contribute to the SEP IRA for 2022 is $50,800.
b. If Reggie sets up an individual 401(k), he can contribute both as an employer and as an employee. As an employer, he can contribute up to 25% of his net Schedule C income. As an employee, he can contribute up to $19,500. The combined contribution cannot exceed the limit of $64,500. The calculation is as follows:
Maximum employer contribution = Net Schedule C income x 25%
Maximum employer contribution = $254,000 x 25% = $63,500
Maximum employee contribution = $19,500
Combined maximum contribution = Maximum employer contribution + Maximum employee contribution
Combined maximum contribution = $63,500 + $19,500 = $83,000
Therefore, the maximum amount Reggie may contribute to the individual 401(k) for 2022 is $83,000.
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Please help....
48 ABM students were included in the entrance interview of college. 3/4 of them decides to take Accountancy. If 1/4 of the remaining students opted for Entrepreneurship and the rest will take management courses, how many students will take each course?
Answer:
ok so started with 48 total students then 3/4 takes accountancy so you do 48×3/4 which is 36 so 36 take accountancy leaving 12 students left then 1/4 do entrepreneur so 12×1/4 so 3 students take Entrepreneur leaving 9 students left to take management cources
36 students take accountancy, 3 students take Entrepreneurship, and 9 students take management courses.
Given that,
There are 48 students involved in the entrance interview.Three-fourth take accountancy i.e. (3 ÷ 4 × 48) = 36One-fourth of the remaining opted for Entrepreneurship i.e. (48 - 36) × 1 ÷ 4 = 3And, the remaining take the management courses i.e. (48 - 36 - 3) = 9.Therefore we can conclude that 36 students take accountancy, 3 students take Entrepreneurship, and 9 students take management courses.
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who uses financial institutions?
Answer:Financial institutions encompass a broad range of business operations within the financial services sector including banks, trust companies, insurance companies, brokerage firms, and investment dealers. Financial institutions can vary by size, scope, and geography
Explanation:
Answer:
The answer is: comercial banks, investment banks, brokerage firms, insurance companies, and asset management.
If a foreign direct investment opportunity is seen as favorable for both home and host countries, home country would and the host country would Apply exchange control; request performance requirements Provide low interest loan; demand significant equity to be from a local investor Eliminate double taxation; invest in infrastructure Give tax concessions; provide insurance
If a foreign direct investment opportunity is seen as favorable for both the home and host countries:- The home country would eliminate double taxation and invest in infrastructure.
Double taxation means that the home country would avoid taxing the income or profits earned by the foreign direct investment twice, once in the host country and once in the home country. Investing in infrastructure can benefit both countries by improving transportation, communication, and other essential facilities.
- The host country would give tax concessions and provide insurance. Giving tax concessions means that the host country would offer tax incentives or reductions to attract foreign direct investment. Providing insurance can help mitigate risks for the foreign investor, giving them confidence and encouraging investment in the host country.
It's important to note that the specific actions taken by the home and host countries may vary depending on their respective policies, regulations, and agreements. The options mentioned above are general approaches that can be favorable for both parties in a mutually beneficial foreign direct investment scenario.
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Find a product demonstration that educates people about a particular product. Describe that demonstration. Evaluate the demonstration by explaining whether it educated you about the product or simply tried to persuade you to buy the product
Answer:
An Example of a product demonstration is Scrub Daddy.
Explanation:
Scrub Daddy is the most successful product from the hit television show Shark Tank with more than $100 million in retail sales. It became popular due to the founder's simple and effective presentation that was all about clearly demonstrating it's benefits instead of being a 'sales person'
The scrub daddy makes it easier to wash dishes and sensitive crockery. If it is placed in cold water, it becomes hard, making it useful to scrub greasy surfaces. However, under hot water, it becomes soft which is excellent for expensive China etc.
He demonstrated this in front of the TV cameras clearly with props and tools and quickly won a large dedicated audience.
Answer:
Answer:
An Example of a product demonstration is Scrub Daddy.
Explanation:
Scrub Daddy is the most successful product from the hit television show Shark Tank with more than $100 million in retail sales. It became popular due to the founder's simple and effective presentation that was all about clearly demonstrating it's benefits instead of being a 'sales person'
The scrub daddy makes it easier to wash dishes and sensitive crockery. If it is placed in cold water, it becomes hard, making it useful to scrub greasy surfaces. However, under hot water, it becomes soft which is excellent for expensive China etc.
He demonstrated this in front of the TV cameras clearly with props and tools and quickly won a large dedicated audience.
Explanation:
a service provided by -e-government that requires access to the Internet is _____.
A. RFID tags
B. E-tax returns
C. Radio programming
D. CCTV (Closed circuit TV)
Answer:
B. E-tax returns
Explanation:
E-tax returns is the electronic filing of tax returns via the internet. It entails online submission of pre-approved tax return forms available on the tax authority's website.
In recent years, governments have put measures to facilitate e-returns. It has simplified the process making it popular among taxpayers. Electronic tax filing has have contributed to having a high number of citizens registering as taxpayers.
Blossom Co. Is owned by Irina Temelkova. The following information is an alphabetical listing of financial statement items for the company for the year ended May 31, 2021: Accounts payable $49,500 Interest expense $29,400 Accounts receivable 43,700 Investments by owner 6,690 Advertising expense 4,160 Maintenance expense 89,300 Building 128,000 Notes payable 384,000 Cash 28,200 Other expenses 66,400 Equipment 586,900 Prepaid insurance 1,340 1. Temelkova, capital, June 1, 2020 347,690 Revenue 372,400 I. Temelkova, drawings 35,900 Salaries expense 126,500 Insurance expense 2,680 Supplies 17,800 $ < < < A < दु > Statement of Owner's Equity ta $ +A $ tA
The provided information includes financial statement items for Blossom Co., a company owned by Irina Temelkova, for the year ended May 31, 2021. The listed items include accounts payable, accounts receivable, investments by the owner, revenue, expenses, assets, and other relevant figures.
To prepare the Statement of Owner's Equity, the opening capital balance (Temelkova, capital, June 1, 2020) needs to be adjusted for investments by the owner and drawings made during the year. These adjustments will reflect the changes in Irina Temelkova's capital as a result of her investments into the business and personal withdrawals.
The net income for the year, calculated by subtracting the total expenses (such as interest expense, advertising expense, maintenance expense, insurance expense, and other expenses) from the revenue, will also be included in the statement.
The statement will show the net increase or decrease in Irina Temelkova's capital during the year, taking into account the investments, drawings, and net income.
It will provide an overview of the changes in the owner's equity position and help understand the impact of business activities on the owner's investment in the company.
The specific calculations and presentation format for the Statement of Owner's Equity will depend on the accounting principles and practices followed by Blossom Co.
The provided information gives an overview of the necessary data and assumptions required to complete this financial statement accurately.
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