Answer:
Firms are price setters and high barriers to entering the market. These characteristics are essential indicators of a monopoly market structure where one company dominates the industry and faces few competitors. In contrast, firms in perfect competition face low entry barriers, are price takers, and lack pricing power due to intense rivalry. Oligopolistic markets exhibit only moderately high entry barriers, while both monopolistic and duopolistic structures feature dominant players setting prices. Therefore, the correct answers would be "firms are price setters" and "high barriers to entering the market".
4. Vacation Properties began January with concession inventory of $48,000. The business made net purchases of concessions for $106,000 and had net sales of $200,000 before a fire destroyed its concession inventory. For the past several years, Vacation Properties’ gross profit percentage has been 40%. Estimate the cost of the concession inventory destroyed by the fire.
The estimated cost of the concession inventory destroyed by the fire is $34,000.
How to Estimate the cost of the concession inventory destroyed by the fire.To estimate the cost of the concession inventory destroyed by the fire, we can use the gross profit percentage and the net sales amount.
The gross profit percentage is given as 40%, which means that the cost of goods sold (COGS) is 60% of the net sales amount. We can calculate the estimated COGS using this percentage.
Net Sales = $200,000
COGS = 60% of Net Sales = 0.6 * $200,000 = $120,000
Now, to estimate the cost of the concession inventory destroyed, we can subtract the COGS from the total inventory value:
Total Inventory Value = Beginning Inventory + Net Purchases
Beginning Inventory = $48,000
Net Purchases = $106,000
Total Inventory Value = $48,000 + $106,000 = $154,000
Cost of Inventory Destroyed = Total Inventory Value - COGS
Cost of Inventory Destroyed = $154,000 - $120,000 = $34,000
Therefore, the estimated cost of the concession inventory destroyed by the fire is $34,000.
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When distinguishing between a client, referral source, payer, and beneficiary, social workers can identify a client as an individual, family, group, organization, or community that:
A: Suggests that a person goes for services.
B: Provides funding for the services.
C: Benefits from the services.
D: Agrees to receive help.
E: None of the above.
When distinguishing between a client, referral source, payer, and beneficiary, social workers can identify a client as an individual, family, group, organization, or community that agrees to receive help (option D). So, option D is the right choice.
A client, in the context of social work, refers to the person or entity seeking assistance or services.Among the given options, only option D, "Agrees to receive help," accurately describes the role of a client.The individual, family, group, organization, or community that seeks and agrees to receive help or services from a social worker is considered the client.The client actively participates in the social work process, working collaboratively with the social worker to address their needs and goals.The referral source (option A) refers to the person or entity that suggests or recommends that an individual or group seek services.The payer (option B) refers to the person or entity that provides funding or financial resources to cover the cost of the services.The beneficiary (option C) refers to the person or entity that receives the benefits or advantages from the services provided.Therefore, the correct option that identifies a client is option D, "Agrees to receive help."
The right answer is option D. Agrees to receive help
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im operates a FedEx Kinko’s store. He has just received the monthly bank statement at May 31 from City National Bank, and the statement shows an ending balance of $595. Listed on the statement are an EFT rent collection of $300, a service charge of $12, two NSF checks totaling $120 and a $9 charge for printed checks. In reviewing his cash records, Tim identifies outstanding checks totaling $603 and a May 31 deposit in transit of $1,788. During May, he recorded a $290 check for the salary of a part-time employee as $29. Tim’s Cash account shows a May 31cash balance of $1,882. Required A. How much cash does Tim actually have at May 31? B. Journalize the necessary journal entries related to the bank reconciliation.
A. Tim actually has $1,790 ($1,882 - $603 + $1,788) in cash at May 31.
B. Journal entries:
To determine the actual cash balance at May 31, we need to adjust the ending balance provided on the bank statement based on the additional information given.
Starting with the bank statement's ending balance of $595, we subtract the outstanding checks totaling $603 since those checks haven't cleared the bank yet. This results in a negative balance of -$8.
Next, we add the deposit in transit of $1,788, as this amount represents a deposit made by Tim that hasn't been recorded on the bank statement yet. The adjusted balance is now $1,780.
B. The necessary journal entries for the bank reconciliation are as follows:
EFT rent collection:By journalizing these entries, Tim's cash records will be properly adjusted to reflect the accurate cash balance at May 31.
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5. On January 2, 20X1, St. Paul Vision Center purchased equipment at a cost of $63,000. Before placing the equipment in service, St. Paul spent $2,200 for special chips, $800 for a platform, and $4,000 to customize the equipment. St. Paul management estimates that the equipment will remain in service for 6 years and have a residual value of $16,000. The equipment can be expected to process 18,000 examinations in each of the first 4 years and 14,000 tests in each of the next 2 years. In trying to decide which depreciation method to use, Lana Rich, the general manager, requests a depreciation schedule for each method (straight-line, units-of- production, and double declining balance). _ Required A. Prepare a depreciation schedule for each of the depreciation methods, showing asset cost, depreciation expense, accumulated depreciation, and asset book value. B. St.Paulreportstocreditorsinthefinancialstatementsusingthedepreciationmethodthat maximizes reported income in the early years of asset use. For income tax purposes, however, the company uses the depreciation method that minimizes income-tax payments in those early years. Consider the first year that St. Paul uses the equipment. Identify the depreciation methods that meet the general manager’s objectives, assuming the income tax authorities would permit the use of any of the methods.
Here is the depreciation schedule for each of the depreciation methods:
The depreciation scheduleDepreciation Method Asset Cost Depreciation Expense Accumulated Depreciation Asset Book Value
Straight-line $63,000 $10,500 $10,500 $52,500
Units-of-production $63,000 $14,400 $14,400 $48,600
Double-declining balance $63,000 $18,900 $18,900 $44,100
As you can see, the straight-line method results in the lowest depreciation expense over the life of the asset, while the double-declining balance method results in the highest depreciation expense. The units-of-production method falls somewhere in between.
In the first year, St. Paul will report the highest depreciation expense using the double-declining balance method. This is because the double-declining balance method depreciates the asset more rapidly in the early years of its life. The straight-line method will result in the lowest depreciation expense in the first year.
Assuming the income tax authorities would permit the use of any of the methods, St. Paul would want to use the double-declining balance method for income tax purposes in the first year.
This is because the double-declining balance method will result in the highest depreciation expense, which will lower St. Paul's taxable income in the first year. For financial reporting purposes, St. Paul would want to use the straight-line method in the first year. This is because the straight-line method will result in the lowest depreciation expense, which will maximize St. Paul's reported income in the first year.
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