The error in the accounting entry would result in the debit total of the trial balance being higher by $270.
Explanation:In this scenario, a fee of $2,850 earned from a client was debited incorrectly to Accounts Receivable for $2,580 and credited to Fees Earned for $2,850. The correct entry should have been a debit to Cash or Accounts Receivable for $2,850 and a credit to Fees Earned for $2,850.
The error in debiting Accounts Receivable for $2,580 (instead of $2,850) and crediting Fees Earned for $2,850 (instead of $2,580) would result in an imbalance in the accounting equation. The trial balance would have the debit total higher by $270 (the difference between $2,850 and $2,580).
The correct entry should have balanced out the trial balance, but with the error, the debit and credit sides are not equal. Therefore, the answer is option (b) The debit total of the trial balance would be higher by $270.
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The discrepancy between the amounts credited and debited leads to the debit total of the trial balance being higher by the difference of $270. This is because less was debited to Account Receivable than what was actually received resulting in a higher balance on the debit side.
Explanation:Based on the information given, we understand that a $2,850 fee was debited to Accounts Receivable for $2,580 and credited to Fees Earned for $2,850. Debits increase the balance of asset accounts like Accounts Receivable while credits increase the balance of income accounts such as Fees Earned. However, there seems to be an error as the account was debited and credited differing amounts.
Due to this error, the debit total of the trial balance would be higher by $270 , which is the difference between the amount received and the amount debited. This happens because the debit entry was made for a lesser amount than was actually received, leading to a higher balance on the debit side. Therefore, the correct answer to your question is option (b).
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Management perspectives (Connect, Perform)
Use your understanding of various management perspectives to complete the sentences below.
Starting in the late 1800s, encouraged efficiency through standardization of work. approach to management focuses on designing organizations with formal lines of
Put forward by Max Weber, the authority and standard operating procedures to promote efficiency. suggests that employees perform better when their
Arising from the Hawthorne studies in the early 1920s, the managers treat them better. demonstrating the dangers of relying too heavily on the
The financial meltdown of 2008 was in part due to quantitative techniques of scientific management
1 the classical perspectice, managment science, the humanistic perspectice2 bureaucratic organizations, adminastrative principles, scientific managment3 human relations movement, behavioral sciences appreoach, human resources perspectife4 quants, the informal organization, the hawthorne effect
Answer:
Starting in the late 1800s, the classical perspective encouraged efficiency through standardization of work.
Put forward by Max Weber, the bureaucratic organization focuses on creating organizations with formal lines of authority and standard operating procedures to promote efficiency.
Arising from the Hawthorne studies in the early 1920s, the human relations movement suggests that employees perform better when their managers treat them better.
The financial meltdown of 2008 was in part due to quantitative techniques of scientific management demonstrating the dangers of relying too heavily on the quants.
Suppose that in the fictional country of Albireo the work-eligible population is 180 million, there are 110 million workers in the labor force, and the employment level is 103 million. What is the unemployment rate?
Answer:
6.36 %
Explanation:
Unemployment means the state of being jobless but actively searching for work. Unemployed people are part of the labor force.
In the case of Albireo, the work-eligible population is 180 million.
There are 110 million workers in the labor force, and employment level is 103 million. It means that those in the labor force and are not employed are 110 million - 103 million.
The number of unemployed people = 7 million
The formula for calculating the rate of unemployment
= No. of unemployed people / No. in the labor force x 100
=7 million / 110 million x 100
=7/110 x 100
= 0.063 x 100
=6.36 %
The par value or stated value of stock represents the amount of legal capital that a corporation must maintain for the protection of the creditors. This statement is _______.True / False.
Answer:
True
Explanation:
This is the value of stock or share that was set by the owners of a corporation at the point of registration of the company. It is the price that is stated in the corporation's article of association and also in the share certificate. The par value of a share has no relationship with the market value as they can be far apart.
The par value is a value specified by law for the protection of the people who might want to extend credit to the corporation.
Shay did not turn in her time sheet at work. she says she simply forgot, but her manager has to write up a report anyway. which of the following words could her manager use to show this problem in the most positive way? 1. definite falsehood2. honest mistake3. neglectful behavior4. serious infringement
Answer:
Honest Mistake
Explanation:
If Shay did not turn in her time sheet at work as she may have simply forgotten, the best way her manager could write up a report anyway in the most positive way is to term it a honest mistake as all other option have negative words attached to them.
For example, if the report is termed 'definite falsehood' it is already communicating that Shay is lying about her not turning in the time sheet
Also, to term it 'neglectful behavior' also communicates a negative message claiming that Shay acted in negligence
Furthermore, if the report is tagged 'serious infringement' it also carries a negative message of Shay having done something that is not only wrong but very seriously wrong
Answer:
b. honest mistake
Explanation:
got it right
At a recent faculty meeting, Loraine Waverly, president of Skywalker College, announced that enrollment is up by 12 percent over the previous semester. If enrollment the previous semester was 3,250 students, what is the student enrollment this semester? A) 390 B) 2,860 C)3,640 D) 4,030
Answer:
C. 3,640
Explanation:
Enrollment the previous semester = 3,250 students
% increase in students = 12%
Additional enrollment this semester = 12% × 3,250 = 0.12 × 3,250 = 390 students
Enrollment this semester = enrollment the previous semester + additional enrollment this semester = 3,250 students + 390 students = 3,640 students
When looking to increase the presence of a website, putting together your search engine optimisation plan will help you plan your steps. Which activity would be first on the list?a. Choosing what images to put on your website
b. Reserving all the social profiles that you will be using for the business
c. Finding people who will link back to your website
d. Keyword Research
Answer:
Option "D" is the correct answer for the following statement.
Keyword Research
Explanation:
To order to increase the visibility of a website, an online marketing strategy will be created.
A keyword analysis is a method by which you study popular search words that types users into browsers such as Google, and creatively integrates them into your information so that the information ranks higher on a google search results page.
Therefore, Option "D" is the correct answer.
States often pass regulatory legislation focused on certain industries that, because of federalism, can have unintended consequences. When a large or influential state makes a policy change, it may __________.
Answer:
prompt national companies who do business there to reflect those standards throughout the country.
Explanation:
Based on the information provided within the question it can be said that when these states make a policy change, they may prompt national companies who do business there to reflect those standards throughout the country. This is because these big national companies have an immense following and influence on the population of those states. In a consumer culture, individuals tend to follow the trends set forth by these big corporations.
If the Fed sells $2 million of bonds to the First National Bank, what happens to reserves and the monetary base?
Use T-accounts to explain your answer.
Answer:
Reserves fall by $2 million, and the monetary base falls by $2 million.
Explanation:
In the books of First National Bank, the purchase of $2 million of bonds by First National Bank, from the Federal Reserve means there is a reserve with the Federal Reserve represented by security which stands as asset.
In the books of the Federal Reserve, The sales of bonds to First National Bank will create a liability from the reserve assets.
See attached for the T-accounts explain the answer
After his company closed the retail location he managed, while Tareq was interviewing for other management positions, he began a painting business. Tareq is an example of a(n)___________.
Answer:
necessity entrepreneur
Explanation:
Necessity entrepreneur are people that become entrepreneurs as a matter of necessity rather than an opportunity Entrepreneurs who has identified a need in the market that he decides to satisfy.
The need to survive and makes end meet, drives some job seekers into running a small business. Mostly in developing countries, when people are unable to get employed in the labor market, they resort to setting up a small business. These set of people are not driven by the desire to become a business owner, they see entrepreneurship as a child of necessity. These set of people are called necessity entrepreneur
In the cost formula (Y = a + bX) that is used to estimate the total manufacturing overhead cost for a given period, the letter "a" refers to the estimated
Answer:
a = Total Fixed Cost
Explanation:
Total Cost is the total expenditure incurred on production of goods & services.
Total Cost can be segmented into : Fixed Cost - on fixed factors (eg plant), not varying with level of output and Variable Cost - on variable factors (eg raw materials), directly varying with level of output.
In Total Cost Function : Y = a + bX ; a = Constant Fixed Cost , bX = Variable cost varying with level of output X.
Which of the following costs should not be included in product costs for internal management reports that are used for decision-making? A) Costs of unit-level activities. B) Costs of batch-level activities. C) Costs of product-level activities.D) Costs of organization-sustaining activities.
Answer:
D. Costs of Organisation Sustaining activities
Explanation:
Product costs simply represents costs that relevant or incurrred during the creation of a product and specifically these costs include apportioned factory overhead, direct materials, direct labour and direct production supplies.
One simple way of understanding product costs is that it represents those costs incurred that can be apportioned or traced to specific production processes at: the unit level, batch level or the product level of production activities.
Cost of Organization-sustaining activities is not a part of these product specific costs because they represent activity costs that benefits an entire organisation but cannot be traced to any specific production process or activity. Example of this cost includes the cost of Corporate Social Responsibility to a particular community or the cost of financial statements preparation. As such these costs must not be included in preparing product costs fo internal management reports.
Organization-sustaining costs activities are the costs that should not be included in product costs for internal management reports used for decision-making.
Explanation:The costs of organization-sustaining activities should not be included in product costs for internal management reports used for decision-making.
Organization-sustaining activities refer to costs that are incurred to support the overall operations of the organization and are not directly related to the production of specific products.
Examples of such costs could be the salaries of top-level executives, rent for general office space, and general administrative expenses.
Product costs for internal management reports should only include costs that are directly related to the production of the specific products, such as costs of unit-level activities, batch-level activities, and product-level activities.
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An appraiser wants to determine if it is economically feasible for the owner of an apartment building to put in a swimming pool for his tenants’ use. The appraiser would be most concerned with the principal of:
Answer:
contribution
Explanation:
the landlord will spend money building the swimming pool, and he/she will do it expecting to receive a higher rent. The appraiser should try to determine if the investment in the swimming pool will contribute enough extra rent to justify making the investment. In other words, does the landlord increase his/her net economic profit by installing the swimming pool?
Although some gains have been made in reducing the rate of malnourishment in some lower-income nations, about __________ people around the world are malnourished.
Answer:
1 billion
Explanation:
According to the World bank, about 1 billion people are malnourished around the world despite its efforts to reduce the rate of malnourishment in some lower-income nations. A larger percentage of this 1 billion malnourished people are in the Asian and Pacific continents; rather large percentage of about 60-65 percent.
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Sue uses a fertilizer that promotes early formation and growth of roots and increases the plant's hardiness and disease resistance vigor. Her fertilizer will most likely contain what primary element?
Answer:
Phosphorus
Explanation:
Phosphorus is one of the primary elements if fertilizers as it helps the soil as well as the plant and its root to grow strong and also ensure it is resistant to disease.
Phosphorus is a very important element as it helps plants to convert other nutrients to become usable to help the plant grow. A fertilizer containing phosphorus has to be well worked into the soil before planting. In the NPK balance of fertilizers, phosphorus the highest percentage compared to other elements Nitrogen and Potassium.
Cheers.
Which of the following would, generally, indicate an improvement in a company's financial position, holding other things constant?
a. The TIE declines.
b. The DSO increases.
c. The quick ratio increases.
d. The current ratio declines.
e. The total assets turnover decreases.
Answer:
c. The quick ratio increases.
Explanation:
The quick ratio is also known as the acid test ratio. It a measure of a company's ability to settle its current liabilities are they mature. The quick ratio is, therefore, a liquidity ratio. It indicates a firm's ability to generate currents assets needed to pay the current liability. A liquid firm is financially healthy as it can generate sufficient cash and cash equivalents to meet its obligations.
The quick ratio is obtained by dividing quick assets by current liabilities. A quick ratio of 1 or more is preferred. An increase in quick ratio indicates that the company's assets are increasing more than its liabilities.
Final answer:
An improvement in a company's financial position is generally indicated by an increase in the quick ratio. In financial markets, an increase in the supply of loans typically leads to more loans being made and received and a decline in interest rates.
Explanation:
The question focuses on identifying changes that would indicate an improvement in a company's financial position. Among the provided options, the one that generally indicates a positive shift in a company's financial health is:
c. The quick ratio increases.An increase in the quick ratio means a company has more liquid assets compared to its short-term liabilities, which suggests better short-term financial stability. A higher quick ratio is generally seen as a sign that a company is in a good position to meet its short-term obligations without having to sell off inventory.
Financial Market Changes
Concerning the increase in the quantity of loans, a change that would lead to such an outcome is:
a rise in the supply of loanable funds.When there's more money available for lending (an increase in supply), it typically results in more loans being made and received.
Interest Rate Decline
To address the scenario leading to a decline in interest rates, the relevant change in the financial market would be:
a rise in the supply of loanable funds.This corresponds to an increase in the overall amount of money that lenders are willing to lend, resulting in lower interest rates to attract borrowers.
Regarding the scenario where a company's profits increase while revenue declines, it suggests that the company has managed to reduce costs or has found a way to operate more efficiently, as profits are the result after all expenses have been deducted from revenues.
The answers to an economy's three central economic problems are determined by the interaction of three forces: economic forces, political forces, and social forces.
Correct/Complete Question:
The answers to an economy's three central economic problems are determined by the interaction of three forces: economic forces, political forces, and social forces. True or False
Answer:
True
Explanation:
The above forces, economic, political and social determine the answers to the three economic problems and also determines how economic forces operate in an economy. The three economic questions are;
- What goods and services should be produced?
- How should these goods and services be produced?
- Who consumes these goods and services?
Political forces are forces that influence the economic and political stability of the market. Social forces include cultural influences on the economic stability of the market. Economic forces on the other hand are the factors that determine/influence the competitiveness of the market in which a firm operates.
I hope this helps.
Which idea would be most effective for creating a "happy morning"? Pull clothes out of the dryer to wear 10 minutes before your ride arrives Have a designated area for items each family needs to take with them Make sure Mom gets everyone up while Dad enjoys his coffee in peace Ignore the bathroom use schedule?
Having a designated area for morning essentials, incorporating physical activities into the routine, and specializing in tasks to avoid wasted time are effective strategies for creating a happy morning routine. These approaches streamline the morning preparations, enhance family time, and contribute to a more organized start to the day.
To create an effective and "happy morning", one strategy would be to implement a strong time management method and create a routine that helps prioritize morning activities. Designating a specific area for each family member's essentials can streamline the morning routine and reduce stress. This dedicated space would be where items such as keys, bags, and various other necessities are placed the night before, ensuring that everything is ready to grab and go in the morning.
Creating a morning routine that includes physical activity, like a Saturday morning family walk, can boost energy levels and promote family bonding. Additionally, encouraging children to help with morning chores, such as yard work or washing the car, contributes to a more active lifestyle and teaches responsibility.
To further enhance morning productivity, reduce wasted time by having family members specialize in specific tasks. This can apply to both household chores and morning preparations. For example, one person could be responsible for breakfast while another organizes lunches, thereby maximizing efficiency and ensuring tasks are completed more swiftly.
When creating the Statement of Work (SOW) the ___ or ___ should review the SOW with the ___ or ___ to provide an opportunity to make certain all work is clearly spelled out
Answer:
The complete sentence is:
When creating the Statement of Work (SOW) the _contractor__ or _project team__ should review the SOW with the _sponsor__ or _customer__ to provide an opportunity to make certain all work is clearly spelled out.
Explanation:
Statement of Work is used in project management to state the work requirements. It involves timeline for vendors to deliver to the client, terms and conditions, pricing, and so on.
It is a legally binding document on all parties involved. Aimed at meeting project deadlines and ensuring deliverables by clearly stating who is accountable at various stages of the project.
If the cross price elasticity of demand for two goods is measured to be 1.32. What can you deduce the relationship between these two goods?
Answer:
The two goods are substitutes.
Explanation:
The cross-price elasticity of demand measures the change in the demand of a commodity because of a change in the price of relative good. It is calculated as the ratio of change in demand and change in the price of the other good.
If cross-price elasticity of demand for two goods is 1.32, it implies that a proportionate change in the price of relative goods causes the demand for the good to change by more than proportionate in the same direction.
For instance, an increase in the price of relative good causes a more than proportionate increase in the demand for the good.
This implies that the two goods are substitutes.
Joanna received $55,800 compensation from her employer, the value of her stock in ABC company appreciated by $12,400 during the year (but she did not sell any of the stock), and she received $34,600 of life insurance proceeds from the death of her husband. What is the amount of Joanna's gross income from these items?
Final answer:
Joanna's gross income from the described items would be $55,800, as only the compensation from her employer is considered taxable. The stock appreciation is not taxable unless sold, and life insurance proceeds are generally not taxable.
Explanation:
Calculation of Joanna's Gross Income
To calculate Joanna's gross income, we need to consider the types of income that are taxable and those that are not. In this scenario, Joanna received $55,800 as compensation from her employer, which is fully taxable. Her stock in ABC Company appreciated by $12,400; however, since she did not sell any of the stock, this unrealized gain is not considered taxable income. Lastly, the $34,600 of life insurance proceeds from the death of her husband is generally not taxable. Therefore, the only amount that should be included in Joanna's gross income is the compensation received from her employer.
Gross Income from Compensations: $55,800
Unrealized gains and life insurance proceeds are typically excluded from gross income calculations for tax purposes, which means the amount from stock appreciation and the life insurance proceeds are not counted as part of Joanna's gross income.
An insurer hires an advertising agency to create an advertisement for a health insurance policy. The public complains that the way the advertisement presents the policy is misleading because of certain photographs that the advertiser put on the commercial. Who will be held liable for this?
Answer:
The insurer shall be held liable
Explanation:
For any published or displayed content which relates to the insurer or it's products, the insurer shall be made liable for any inappropriate content.
In cases wherein the advertisement function has been assigned to an insurance agency, even in such a scenarios, the sole responsibility rests with the insurer and it's their primary responsibility to check upon the content advertised.
Thus, if any inappropriate content or misleading claims are made, it shall be assumed those have been issued by consent of the insurer and the insurer cannot escape this liability.
The petty cash fund had an initial imprest balance of $ 100. It currently has $ 20 and petty cash tickets totaling $ 75 for office supplies. The entry to replenish the fund would containa. a credit to Cash Short & Over for $5.b. a credit to Petty Cash for $80.c. a debit to Cash Short & Over for $5.d. a debit to Petty Cash for $80.
Answer:
c. a debit to Cash Short & Over for $5
Explanation:
Given information
Initial imprest balance = $ 100
Ending cash balance = $20
Office supplies = $75
So, the remaining balance would be
= Initial imprest balance - Ending cash balance
= $100 - $20
= $80
The journal entry would be
Office supplies A/c Dr $75
Cash Short & Over A/c Dr $5
To Petty cash A/c $80
(Being the replenish the fund is recorded)
Claire and dag are farmers who produce beef and corn. in a​ year, claire can produce 4040 tons of beef or 400400 bushels of corn. in a​ year, dag can produce 2020 tons of beef or 160160 bushels of corn.. to maximize their total output of beef and corn​
Answer:
Dag will produce beef and Claire will produce corn
Explanation:
given data
claire produce = 40 tons of beef or 400 bushels of corn
dag produce = 20 tons of beef or 160 bushels of corn
solution
as maximize production of 2 farmer trade under comparative advantage
and comparative advantage depend on the opportunity costs
so here opportunity cost of producing beef = [tex]\frac{160}{20}[/tex] = 8 corn
and opportunity cost of producing corn = [tex]\frac{40}{400}[/tex] = 0.1
Dag will produce beef and Claire will produce corn because both have lower opportunity cost in these
"To maximize their total output of beef and corn, Claire and Dag should specialize in producing the commodity for which each has a comparative advantage.
First, we calculate the opportunity cost of producing beef for both Claire and Dag. The opportunity cost is the amount of corn given up to produce one unit of beef.
For Claire:
- Opportunity cost of beef = Bushels of corn given up / Tons of beef produced
- Opportunity cost of beef for Claire = 400400 bushels of corn / 4040 tons of beef
- Opportunity cost of beef for Claire = 100 bushels of corn per ton of beef
For Dag:
- Opportunity cost of beef = Bushels of corn given up / Tons of beef produced
- Opportunity cost of beef for Dag = 160160 bushels of corn / 2020 tons of beef
- Opportunity cost of beef for Dag = 80 bushels of corn per ton of beef
Since Claire has a lower opportunity cost for beef (100 bushels of corn per ton of beef) compared to Dag (80 bushels of corn per ton of beef), Claire has a comparative advantage in producing beef. Conversely, Dag has a comparative advantage in producing corn because his opportunity cost for corn (1 ton of beef per 80 bushels of corn) is lower than Claire's (1 ton of beef per 100 bushels of corn).
To maximize total output, Claire should produce only beef, and Dag should produce only corn. This way, they can trade and both benefit from specialization.
If Claire produces 4040 tons of beef and Dag produces 160160 bushels of corn, they will have maximized their total output. There is no need for them to produce the other good since they have a higher opportunity cost for it compared to the other farmer.
Therefore, the solution to maximize their total output of beef and corn is for Claire to produce 4040 tons of beef and for Dag to produce 160160 bushels of corn."
Which phrase correctly defines the motives of a business? A. satisfying the needs of people B. helping a country's economy grow C. incurring expenses D. earning profits and providing value in the form of goods or services
Answer:
d
Explanation:
The phrase that correctly defines the motive of business is to provided valuable products and earning profits from it.
Option D is correct.
What is a profit?A profit is the net return which is received to an entity after incurring all the expenses. It is the difference of maximum revenues and minimum expenses.
The business is mainly set up for the aim of earning gains in the longer run and creating valuable products for the customers. It requires capital funds, a vision and some people to start a business. It can be of any type like sole proprietorship where there is only owner; a partnership where two partners agreed to share the gains or losses of business; a non profit entity which works only for the welfare and needs of people and a company which manufactures or markets its products for attracting customers and creating brand image in the market.Therefore, the motive of business is correctly described in option D.
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Bigs Law Firm received $1,000 in advanced on May 1 from a client for a case to be completed next month. During the month of May, Bigs completed $300 worth of work.
The journal entry to record the revenue earned would be:________
Answer:
Debit Unearned revenue $300
Credit Revenue $300
Being entries to recognize revenue earned on completion of job.
Explanation:
On receipt of the $1,000 in advance on May 1, the entries posted are;
Debit Cash account $1,000
Credit Unearned revenue $1,000
Being entries to recognize the amount received in advance.
On completion of work worth $300, the required entries are;
Debit Unearned revenue $300
Credit Revenue $300
Being entries to recognize revenue earned on completion of job.
The view that the family is an enduring social institution because of the important tasks it performs for society — economic security, emotional support, socialization of children — is the __________ perspective.
Correct/Complete Question:
The view that the family is an enduring social institution because of the important tasks it performs for society — economic security, emotional support, socialization of children — is the __________ perspective.
A. interactionist
B. feminist
C. family systems
D. structure-functional
Answer:
D, structure-functional
Explanation:
A family is seen from structure-functional perspective because of its structure (father,mother, children) as well as its functions (economic security, emotional support, etc) to the society.
This means that the family system is a structured and working system that helps the society in different ways to ensure the well-being of the society at large.
I hope this helps.
Amy, the manager of a branch location of a large travel firm, treated company resources as if they were her own and encouraged continued development and training of her employees. She cared about the staff deeply and even organized international volunteering activities to promote their growth. Amy could best be described as which type of leader?A) situationalB) sharedC) laissez-faireD) servantE) transactional
Answer:
transactional
Explanation:
If Amy treated company resources as if they were her own and encouraged continued development and training of her employees; If She cared about the staff deeply and even organized international volunteering activities to promote their growth. Amy could best be described as transactional leader
A Transactional leader is a type of leader that promote good behavior by followers through the psychological method of behavior reinforcement which is 'rewards and punishments'. By using a rewards and punishments system, such transactional leaders keep their followers motivated.
A researcher interested in what factors make an employee best suited for a given job would most likely identify as a(n) ________ psychologist.A. Personality
B. Clinical
C. Social
D. I-O
A researcher is curious about what factors make an employee best fitted to the work of IO psychologist.
An Industrial organization psychologist-An I-O (Industrial-Organizational) psychologist. An I-O psychologist is a person that used psychological principles and methods to solve workplace problems as well as improve the quality of an individual's life.
The I-O psychologist studies the management of an organization, its employees working styles/ethics as well as how productive the organization is through the morale and personality of the organization and the people in it.
Therefore, the correct option is D,IO psychologists make an employee best suited for the job.
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An Industrial-Organizational (I-O) Psychologist would most likely conduct research on what factors make an employee best suited for a given job. I-O psychologists study work behavior and organization functioning, including employee attributes and productivity.
Explanation:A researcher interested in what factors make an employee best suited for a given job would most likely be identified as an Industrial-Organizational (I-O) Psychologist. I-O psychologists conduct studies on work behavior and how organizations function. This includes studying employee attributes, assessing individual and group performance, designing training programs, and working towards improving job satisfaction and productivity. For example, they might examine personality traits, interpersonal skills, or educational background to predict job performance.
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Compute conversion costs given the following data: Direct Materials, $386,100; Direct Labor, $200,100; Factory Overhead, $220,300 and Selling Expenses, $39,500.A) $420,400B) $806,500C) $606,400D) $180,800
Answer:
Option (A) is correct.
Explanation:
Given that,
Direct Materials = $386,100
Direct Labor = $200,100
Factory Overhead = $220,300 and,
Selling Expenses = $39,500
Conversion costs = Direct labor + factory overhead
= $200,100 + $220,300
= $420,400
Therefore, the conversion costs for the company is $420,400.
"The New Age Gallery has different admission prices for students, adults, and seniors. All three groups are entitled to the same services. This form of pricing is called ________."
Answer:
Customer-segment pricing
Explanation:
Customer-segment pricing is a form where the price of the product is grounded on the segment of the customer. It is the segmentation of the price, where the different prices are charged to different people for the similar or the same service or the product.
In this case, the gallery has a different admission prices for seniors, adults and students and they are entitled to have a same service, this form of the pricing is known as the customer pricing segment.