When auditing contingent liabilities, which of the following procedures is generally the least effective C). Check official papers.
What is contingent liability?Contingent liabilities are potential liabilities that may become actual liabilities in the future. Company obligations such as trade payables, wages payable, interest payable, notes payable, and others. Those that are effective in contingent liability procedures include tax audits related to possible tax disputes, checks on company debt documents, and minutes of committees and management.
The main objectives of the auditor in verifying contingent liabilities are to evaluate the accounting treatment of known contingent liabilities to determine whether management has classified the contingency correctly (presentation and disclosure purposes for classification).
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Define Interpersonal Intelligence.
Answer:
Interpersonal intelligence is a concept introduced by Howard Gardner as part of his theory of multiple intelligences. It refers to the ability to understand and interact effectively with other people. People who possess interpersonal intelligence are skilled at recognizing and understanding the emotions, motivations, and intentions of others. They are also able to communicate effectively and build strong relationships with others.
Explanation:
Listening, social intelligence, and effective communication are all elements of interpersonal intelligence. Effective leaders, teachers, and counsellors are frequently those with good interpersonal intelligence. They are capable of building a solid connection with others and earn their trust and respect. Emotional intelligence, which is increasingly acknowledged as a key component of both personal and professional success, includes interpersonal intelligence.
The capacity to comprehend and work well with others is referred to as interpersonal intelligence. Effective verbal and nonverbal communication, the capacity to recognize individual differences, and sensitivity to others' moods and temperaments.
How does one define intrapersonal intelligence?Intrapersonal intelligence is the ability to reflect on oneself, to be aware of one's own strengths and limitations, feelings, and mental processes—all of which go to make up one's own self-knowledge.
What role does interpersonal intelligence play?Being more interpersonally intelligent can help you communicate with others more effectively. It might enable you to make more sincere acquaintances or turn out to be a reliable source of emotional stability and support.
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A crab fisherman goes out to sea for weeks at a time catches as many crabs as possible and sells the crabs to larger distributors what field of business activity does this fall under
A crab fisherman goes out to sea for weeks at a time catches as many crabs as possible and sells the crabs to larger distributors .commercial industry field of business activity falls under this category.
Geographically, oceans are smaller than oceans and are usually found where land and ocean meet. Part of the ocean is usually surrounded by land. The sea is located at the edge of the sea and is partially surrounded by land.
The terms "sea" and "ocean" are often confused when talking about the sea. The ocean is usually considered a smaller body of water, partially covered by land. This often marks where the sea and land meet. Oceans generally refer to vast bodies of salty water that cover most of the earth.
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Which of the following phrases describes a required competency for an IT
position?
A. "Must be able to update software
B. "Must have a friendly disposition"
C. "Must be able to fax documents"
OD. "Must be able to lift 100 lbs."
Answer: A.
Must be able to update software describes a required competency for an IT position. The appropriate response is option A.
What is IT ?Information technology (IT) is the creation, processing, storage, safe transmission, and exchange of all types of electronic data. IT includes the use of computers, networking, storage, and other physical devices.
Information technology contributes to the development and expansion of the business and commercial sector as well as to maximizing production. The time it takes for different industries to produce business has decreased as a result of information technology improvements.
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Explain how introducing an agile method will improve the outcomes of software development?
Answer:
In simple words, Agile architecture, in fact, speeds up the distribution of original market value and ensures that quality is maximized during the implementation system by a process of constant preparation and feedback.
Projects are finished in shorter iterations, rendering them more achievable, thanks to the incremental design of the agile process. It also makes it possible to roll out goods efficiently and make adjustments at any time throughout the phase
A company's wages should be around 32 percent of gross revenue. he sample T-Shirt company,INC earns enough revenue to hire another employee?
If wages for a business should be about 32 percent of gross revenue. Yes the Sample T-ShirtCompany, INC make enough revenue to hire another employee.
What is wages?Wages can be defined as the money a person earn hourly or daily basis for the service the person rederend.
Yes the Sample T-ShirtCompany, INC tend to make enough revenue to hire another employee based on the fact that Sample T-Shirt Company, INC only spends about 21% on their employees wages which implies that they have enough space to increase the 21% to 32%.
Therefore Yes the Sample T-ShirtCompany, INC tend to make enough revenue to hire another employee .
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Brushy Mountain Mining Company's ore reserves are being depleted, so its sales are falling. Also, its pit is getting deeper each year, so its costs are rising. As a result, the company's earnings and dividends are declining at the constant rate of 6% per year. What is the value of Brushy Mountain's stock (in dollars) if the company is expected to pay $4.40/share in dividend at t
The question is incomplete. The complete Question is,
Brushy Mountain Mining Company's coal reserves are being depleted, so its sales are falling. Also, environmental costs increase each year, so its costs are rising. As a result, the company's earnings and dividends are declining at the constant rate of 4% per year. If D0 = $2 and rs = 17%, what is the estimated value of Brushy Mountain's stock?
Answer:
P0 = $9.1428 rounded off to 9.14
This answer is for the question above. Change the values and use the same formula if the values differ
Explanation:
The constant growth model of dividend discount model (DDM) can be used to calculate the price of the stock today. DDM calculates the price of a stock based on the present value of the expected future dividends from the stock. The formula for price today under constant growth DDM is,
P0 = D0 * (1+g) / (r - g)
Where,
D0 * (1+g) is the dividend expected in Year 1 or next year
g is the constant growth rate in dividends
r is the discount rate or required rate of return
P0 = 2 * (1-0.04) / (0.17 + 0.04)
P0 = $9.1428 rounded off to 9.14
Establishing a secure customer or client base is an example of how to deal with this type of risk.
compliance risk
operational risk
strategic risk
financial risk
On January 1, Gemstone Company obtained a $165,000, 10-year, 7% installment note from Guarantee Bank. Thenote requires annual payments of $23,492, with the first payment occurring on the last day of the fiscal year. The firstpayment consists of interest of $11,550 and principal repayment of $11,942. The journal entry to record the issuance of the installment note for cash on January 1 would include a:_____
Answer:
Credit to notes payable for $165000
Explanation:
Journal entries for issuance of Note Payable :
Cash Account ..... Debit $165000
7% Note payable Accounts .... Credit $165000
Note:
Note payable is a liability so it is credited as on date of issuance.
An agricultural manager requires work
different from that of a normal farmer in
which of the following ways?
A. being able to run farm equipment
B. being able to harvest crops
C. being able to obtain legal information on grant
programs
D. being able to raise livestock.
Answer:
C-Being able to obtain legal informational on grant programs
Explanation:
Anthony and Michelle Constantino just got married and received $39000 in cash gifts for their wedding. How much will they have on their twenty-fifth anniversary if they place half of this money in a fixed-rate investment earning 6 percent compounded annually? Would the future value be larger or smaller if the compounding period was 6 months? How much more or less would they have earned with this shorter compounding period?
If they place half of this money, PV, in a fixed-rate investment earning 6 percent compounded annually, the amount they will have, FV, on their twenty-fifth anniversary is $____ . (Round to the nearest cent.)
Answer:
83,691.48
Explanation:
39000/2 = 19,500
19,500 x 1.06 (6%) 25 times
An unfavorable price variance occurs because of A. Price increases on raw materials. B. Price decreases on raw materials. C. Less than anticipated levels of waste in the manufacturing process. D. More than anticipated levels of waste in the manufacturing process.
Answer:
C. the answerExplanation:
less than anticipated levels of waste in the manufacturing process.
illustrate the effect that a decrease in a price of milk (an input of ice cream) would have on the market for ice cream.
A decrease in the price of milk would lead to a decrease in the production cost of ice cream and an increase in its supply, causing a decrease in the equilibrium price of ice cream and an increase in its quantity demanded and supplied.
A decrease in the price of milk is likely to have a direct effect on the market for ice cream. Milk is a key ingredient in the production of ice cream, and so a decrease in the price of milk would lead to a decrease in the production cost of ice cream. The impact of this decrease in production cost will result in an increase in the supply of ice cream. The supply curve will shift to the right, showing that more ice cream is available for sale at any given price.
This means that the equilibrium price of ice cream will decrease because suppliers are willing to sell more ice cream at lower prices due to lower production costs. As a result, consumers would demand more ice cream because they would be able to purchase it at a lower price. This increase in demand would cause the demand curve to shift to the right, further increasing the equilibrium quantity of ice cream traded in the market.
Therefore, a decrease in the price of milk would lead to a decrease in the production cost of ice cream and an increase in its supply, causing a decrease in the equilibrium price of ice cream and an increase in its quantity demanded and supplied.
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Why are ethical concerns important issues when designing service pricing and revenue management strategies? What are potential consumer responses to service pricing or policies that are perceived as unfair?
Ethical concerns are important issues because service pricing schedules are intricate that it makes it easy for organizations to engage in unscrupulous manner.
What is ethics?It should be noted that ethics simply means the ability to know what's right from what's wrong.
In this case, ethical concerns are important issues because service pricing schedules are intricate that it makes it easy for organizations to engage in unscrupulous manner.
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Companies might easily engage in dishonest practices due to the complexity of service pricing schedules, making ethical considerations significant.
Why do we need ethics?Ethics may be defined as the capacity to distinguish between what is right and what is wrong.
In conclusion, Service pricing schedules are so complex that it's simple for businesses to act unethically, which raises ethical questions.
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1.1.1 Name any one leakage in an economy. NAME ONE SECTOR INVOLVED MULTIPHER 1.1.2 What does the 45° line in the graph represent? 1.1.3 Briefly discuss the term autonomous consumption. 1.1.4 Explain the negative impact of a decrease in consumer spending on the size of the (2) multiplier. (1) IN DERIVING THE MACRO-ECONOMIC 1.2 Why is it important for a country to calculate its national income? [18] (1) 1.1.5 Calculate the multiplier when individual spending on consumption is 60%. Show all calculations. (4) (8)
1.1.1 One leakage in an economy is saving. The saving sector is involved in the leakage as individuals and businesses save a portion of their income rather than spending it on consumption or investment. Saving represents the portion of income that is not immediately injected back into the economy and can lead to a decrease in aggregate demand.
1.1.2 The 45° line in the graph represents the equilibrium level of output or income in an economy. It shows the points where aggregate spending (aggregate demand) is equal to aggregate production (aggregate supply). The line represents the condition where spending equals production, indicating a state of macroeconomic equilibrium.
1.1.3 Autonomous consumption refers to the level of consumption expenditure that occurs even when income is zero or negative. It represents the minimum level of consumption that individuals and households maintain regardless of their income. Autonomous consumption is usually influenced by factors such as basic needs, fixed expenses, or borrowing. It plays a crucial role in determining the level of aggregate demand in an economy.
1.1.4 A decrease in consumer spending has a negative impact on the size of the multiplier. The multiplier refers to the amplification effect that occurs when an initial change in spending or investment leads to a larger overall change in the economy. When consumer spending decreases, it leads to a decrease in aggregate demand, which in turn reduces the level of output and income. As a result, the multiplier effect is dampened, and the overall impact on the economy becomes smaller.
1.2 Calculating national income is important for a country for several reasons:
- It provides policymakers and economists with crucial information about the overall health and performance of the economy.
- National income data helps in formulating economic policies and making informed decisions related to fiscal and monetary policies.
- It allows for the comparison of economic performance across different countries and over time, providing insights into economic growth and development.
- National income calculations help in identifying income distribution patterns and inequalities within a country.
- It serves as a basis for calculating various economic indicators, such as GDP per capita, which are used to assess the standard of living and well-being of the population.
1.1.5 To calculate the multiplier when individual spending on consumption is 60%, we can use the formula:
Multiplier = 1 / (1 - Marginal Propensity to Consume)
Given that the individual spending on consumption is 60% or 0.6, the Marginal Propensity to Consume (MPC) would be 0.6. Substituting this value into the formula:
Multiplier = 1 / (1 - 0.6)
Multiplier = 1 / 0.4
Multiplier = 2.5
Therefore, the multiplier in this case would be 2.5.
Your plan calls for using apprentice plumbers in place of fully licensed plumbers for some jobs. If the apprentice plumbers are 60% as productive as licensed plumbers and licensed plumbers cost $60 per hour, what is the most you should pay for apprentice plumbers?
Answer:
36
Explanation:
On July 23 of the current year, Dakota Mining Co. pays $7,147,920 for land estimated to contain 9,048,000 tons of recoverable ore. It installs machinery costing $1,900,080 that has a 10-year life and no salvage value and is capable of mining the ore deposit in eight years. The machinery is paid for on July 25, seven days before mining operations begin. The company removes and sells 466,500 tons of ore during its first five months of operations ending on December 31. Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined.
Required:
Prepare entries to record the following. (Do not round your intermediate calculations.):
a. to record the purchase of the land
b. to record the cost and installation of machinery
c. to record the first five months depletion assuming the land has a net salvage value of zero after the one is mined
Depreciation of the machinery is in proportion to the mine's depletion as the machinery will be abandoned after the ore is mined. Debit for mineral deposit = $6,346,080.
Cost and installation of machinery:Depletion expense = $368,535
Depreciation expense = $97,965
Ore deposit = $368,535
Equipment accumulated depreciation = $97.965
Calculation of depreciation and depletion:The machine will be depreciated at the same phase as the ore deposit As the asset is related to it and will have no value after the minimizing project ends. Therefore, depreciation for the year:
466,500 / 9,048,000 x 7,147,920 = 368.535 ore deposit amortization
466,500 / 9,048,000 x 1,900,080 = 97.965 equipment depreciation
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According to the video, what tasks do Helpers-Production Workers commonly perform? Check all that apply. fetching and holding materials o supervising other workers o moving materials between work areas o managing budgets training assembly workers keeping records o cleaning machinery
Answer:
a,c,f,g
Explanation: its right!!!!
The tasks that Helpers-Production Workers commonly perform include:
Fetching and holding materialsMoving materials between work areasCleaning MachineryThe correct options are A, C, and E.
What is a production worker?Work that requires manual labor is done by production workers in settings that involve manufacturing or production. Their everyday tasks in an assembly line could include packaging, inspecting, and assembling products. In addition, they might control tools or machinery used in manufacturing.
They may also assist in training assembly workers and keeping records, but supervising other workers and managing budgets are typically not part of their job duties. Production worker assistants perform duties on the factory floor by providing supplies, holding tools, and cleaning workspaces and machinery. Production worker assistants may run and load machinery as well as do small adjustments and repairs.
Thus, the ideal selections are options A, C, and E.
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Prescott Lumber processes logs into grade A and grade B lumber. Logs cost $20,600 per load. The milling process produces 3,000 units of grade A with a market value of $64,400, and 12,000 units of grade B with a market value of $9,200. The cost of the milling process is $9,000 per load.
Required:
a. If the costs of the logs and the milling process are allocated on the basis of units of output, what cost will be assigned to each product?
b. If the costs of the logs and the milling process are allocated on the basis of the net realizable value, what cost will be assigned to each product?
c-1. How much profit or loss does the grade B lumber provide using the data in this problem and your analysis in requirement (a)?
c-2. Is it really possible to determine which product is more profitable?
The cost that will be assigned to each product will be $5920 and $23680.
How to calculate the cost?From the information given, the cost to be allocated will be:
= $20600 + $9000
= $29600
The cost allocated to grade A will be:
= 3000/(3000 + 12000) × $29600
= 3000/15000 × $29600
= $5920
The cost allocated to grade B will be:
= 12000/(3000 + 12000) × $29600
= 12000/15000 × $29600
= $23680
The cost based on the net realizable value will be:
A = $29600 × 64000/73600
= $25900
B = $29600 × 12000/15000
= $23680
The loss that the grade B lumber provide will be:
= $9200 - $23680
= -$14480
Lastly, it's not ossible to determine which product is more profitable as there is a huge variance.
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Recommended methods to protect yourself from identity
theft and fraud include____
A. Placing a credit freeze with the credit bureaus is the correct answer.
Answer:
A. Placing a credit freeze with the credit bureaus is the correct answer.
Explanation:
mark please
Quality indicators (QI) and process measures have been developed for the healthcare industry and are continually being refined. These measures, such as ______ increase consumer awareness. O A. shorter waiting times ОВ. СРОЕ OC. web-based portals OD. reduced customer awareness
These measures, such as internet-primarily based portals increase consumer awareness. As described by way of Michael k. Harrington
A. shorter waiting times, В.СРОЕ
C. web-based portals -The answer
D. reduced customer awareness
The AHRQ QIs include four modules: Prevention quality indicators (PQIs), Inpatient fine indicators (IQIs), Patient safety signs (PSIs), and Pediatric excellent indicators (PDIs).
Nice indicators (QIs) are standardized, evidence-based measures of healthcare quality that may be used with conveniently available health center inpatient administrative information to degree and track clinical performance and effects. as the affected person mortality rate measures the percentage of sufferers who die in a health facility's care earlier than being discharged, the safety of care (scientific incidents) medical institution readmission fee, patient experience, Timeliness, and effectiveness of care.
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Ivanhoe Company begins operations on April 1. Information from job cost sheets shows the following.
Manufacturing Costs Assigned
Job Number April May June Month Completed
10 $4,460 $3,820 May
11 3,520 3,360 $1,720 June
12 1,020 April
13 4,030 3,870 June
14 5,080 3,090 Not complete
Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June. Each job was sold for 25% above its cost in the month following completion.
a. What is the balance in Work in Process Inventory at the end of each month?
b. What is the balance in Finished Goods Inventory at the end of each month?
c. What is the gross profit for May, June, and July?
The balance in Work in Process Inventory for April, May, and June will be $12800, $23100, and $9900.
How to calculate Work in Process InventoryFrom the information, the Work in Process Inventory for April will be:
= $6900 + $5900 = $12800
The work in process inventory for May will be:
= $5900 + $4600 + $6600 + $6000
= $23100
The Work in Process Inventory for June will be:
= $6000 + $3900
= $9900
The balance in Finished Goods Inventory at the end of April will be $2800. The balance in Finished Goods Inventory at the end of May will be:
= $6900 + $6100
= $13000
The balance in Finished Goods Inventory at the end of June will be:
= $5900 + $4600 + $2800 + $6600 + $5700
= $25600
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Draw a correctly labeled loanable funds graph that shows what happens to real interest rates for each of the following situations: (You will have 3 graphs)
The government borrows money to fund a war.
Private investors become more optimistic about the economy.
The government raises personal income taxes (do not consider the change in consumer saving).
In the text box provided, enter the time and date you sent your graphs to your instructor. Please specify if you e-mailed or faxed the graph. Make sure your name and the assignment number are on your paper and that each graph is clearly marked with an a, b, or c. (30 points)
Answer:
1. a) War increases demand for loanable funds, demand curve shifts RIGHT. (Increase in real interest rate)
b) Private investors are optimistic about the economy (i.e. investment opportunities). Demand for loanable funds increases, demand curve shifts RIGHT. (Increase in real interest rate)
c) Tax increase means a decrease in the supply about loanable funds. Supply curve shifts LEFT. (Increase in real interest rate)
2. would most likely increase the supply of loanable funds. If Americans are saving more, then they are spending less money and investing more of it. Remember--saving does not mean "not using it". It means investing it instead of consuming.
3. The interest rate will fall. There is a surplus of loanable funds and the real interest rate will reflect this surplus by falling.
4. decrease in the demand for loanable funds. When output decreases, the return on investment for new projects decreases and investors are less in need of money to fund their ventures.
5. decrease the supply for loanable funds. If they are consuming more, they are saving less.
6. Increase / Decrease. When interest rates increase, growth is reduced because funding economic ventures is now more costly. Sometimes the fed will increase interest rates when it anticipates inflation to increase in order to mitigate economic growth.
Hope this was helpful!
Explanation:
Responses to your job application
It's crucial to be respectful and professional while responding to a job application. Read the message carefully and locate the proper contact information before sending an acknowledgment email.
After that, add a salutation and express your gratitude to the person for acknowledging your application. It also expresses your want to speak with them again and further discuss your credentials. If are responding to a recruiter email.
It's crucial to react to job applications promptly and to use the right email templates to let applicants know that you have received their application for a position that is open.
As a result, the significance of the job application are the aforementioned.
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Your question is incomplete, but most probably the full question was.
Responses to your job application what should be included?
2. A product might fail because it is priced too low.
true
O false
Answer:
True
Explanation:
Most people take the factor of price into consideration. If something is cheap someone might not buy it thinking it does not have quality.
Which of the following is true if you find a better rate on an external 3rd party channel within 24 hours of making a reservation through one of Marriott's direct channels?
If you find a better rate on an external 3rd party channel within 24 hours of making a reservation through one of Marriott's direct channels, the Marriott’s Best Rate Guarantee policy comes into effect.
Marriott’s Best Rate Guarantee policy is a commitment to providing the lowest rate possible. If you find a lower rate within 24 hours of booking through one of Marriott’s direct channels, Marriott will match that rate and offer an additional discount of 25%.
This policy applies to any Marriott brand including Ritz-Carlton, St. Regis, Westin, Sheraton, Aloft, and othersYou need to first book your reservation through Marriott’s direct channels like Marriott.com, the Marriott Mobile app, Marriott Bonvoy app, the Marriott Reservation Center, or directly with the hotel.
After that, you should look for lower rates on other third-party websites. If you find a lower rate within 24 hours, contact Marriott’s Customer Care team, and they will match that rate plus an additional discount of 25%.The policy does come with some terms and conditions.
The lower rate you find on the third-party website must be for the same hotel, same room type, same dates, same number of guests, same currency, and with the same booking conditions. It also excludes rates that are only available to members of certain groups or organizations, package rates that include flights, car rentals, and other amenities, and rates that are not available to the general public
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What will happen in the market for wine if the price of cheese increases (wine and cheese are complements)?
If wine and cheese are complement goods, when the price of cheese increases, the demand for wine would decrease.
What are complement goods?Complement goods are goods that are consumed together. An example of complement goods are bread and jam.
According to economic theory, there is an inverse relationship between price and the quantity demanded. When the price of one of the complement good increases, it would become more expensive to consume the good. Thus, there would be a decrease in demand for that good. As a result of the decrease in quantity demanded, there would b a decrease in demand of the other complement good.
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What is not a task of a bank?
they arent obligated to be real people.
The following which is not a task of the bank is that they are responsible for the conduct of monetary policy. Thus, option 'C' is the correct option.
What are the basic functions of banks?A bank's role is to gather public deposits and lend those deposits for the growth of commerce, industry, trade, and agriculture. Bank gets interest on loans and advances from depositors at greater rates than it pays to depositors. The primary duties of banks include safeguarding, transferring, lending, and trading money in a variety of ways, as well as determining the creditworthiness of their clients.
People can borrow money from the bank at a time-interest rate. The bank approves each loan amount after giving it careful thought and protecting its profit. Additionally, the bank offers its clients advances. These are also the main roles that banks play.
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Probably, the complete options are:
a) they bring together savers and borrowers.
b) safe places for people to store their wealth.
c) they are responsible for the conduct of monetary policy.
d) they help to facilitate trade by providing alternative methods of payment.
communication is ann important aspect of the process of management .``No manager can be successful without communicating effectively with the superior peers,subordinates and outsiders"Discuss this statement and give the explanations about the nature of communication.
The appropriate implementation of the management's objectives and policies is aided by effective communication.
What makes management so important for communication?Project management's idea of communications management outlines the procedures that must be followed to ensure that data and information are properly captured, preserved, and shared among the project team over the duration of a project.
In the workplace, good communication raises employee morale, engagement, productivity, and satisfaction. Effective communication is also essential for improved team interaction. In the end, effective workplace communication boosts individual, team, and organizational performance.The management's goals and decisions must also be communicated to the subordinates. Without effective communication, it could not be able to educate others. The appropriate implementation of the management's objectives and policies is aided by effective communication.
Effective communication techniques may boost employee satisfaction and engagement, which may have an effect on the success of your business as a whole. In the lack of organization-wide leadership communication, employees may feel disengaged and aimless.
If management and employees have weak communication lines and don't feel like their thoughts are being heard, employee dedication and loyalty to the organization may suffer. This can cause the turnover rate to increase. The growth of a cohesive, open culture is hampered by a lack of trust.
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Entrepreneurs generally think differently about resources than do employee-managers in which of the following ways?
Managers want larger budgets; entrepreneurs work to do more with less.
How do entrepreneurs approach resources differently from employee-managers?Entrepreneurs have a distinct mindset when it comes to resources compared to employee-managers. While managers often seek larger budgets to accomplish their goals, entrepreneurs tend to focus on doing more with less.
This difference in perspective stems from the inherent nature of entrepreneurship which involves taking calculated risks and maximizing efficiency in resource allocation.
Entrepreneurs understand that resources, such as capital, time, and manpower, are limited and valuable. They recognize that acquiring substantial budgets may not always be feasible, especially in the early stages of a venture.
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Marx and Springsteen provides hair-cutting services in the local community. In February, the business cut the hair of 200 clients, earned $ 5,100 in revenues, and incurred the following operating costs:
Hair saloon expense: $500
Building rent expense: 1458
Utilities expense: 200
Depreciation expense--- Equipment: 50
Required:
What was the cost of service to provide one haircut?
Answer:
Cost of service to provide one haircut is $ 11.04
Explanation:
Hair saloon expense: $500
Building rent expense: $1,458
Utilities expense: $200
Depreciation expense --- Equipment: $50
Total operating cost = Hair saloon expense + Building rent expense + Utilities expense + Depreciation expense
= $500 + $1,458 + $200 + $50
= $ 2,208
Total hair cuts = 200
Therefore, cost per hair cut = Total operating cost ÷ Total hair cuts
= $2,208 ÷ $200
= $ 11.04