The levered value of the firm with perfect capital markets is $21,622.
What is capital?Capital is a broad term for anything that gives value or utility to its owner. For example: Factories and their machinery, intellectual property such as patents, or financial assets of companies and individuals. While money itself can be interpreted as capital, capital is more commonly associated with cash used for production and investment purposes. In general, capital is a key factor in running a business on a day-to-day basis and funding future growth. When budgeting, businesses of all types typically focus on three types of capital: working capital, equity and debt. One financial services firm recognizes trading capital as his fourth factor.To learn more about capital from the given link :
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after being hired to deliver newspapers to his neighbors, a man is provided with $10,000 of life insurance by the newspaper. he would be covered under which kind of life insurance?
A man is recruited by a newspaper to distribute newspapers to his neighbors, and the newspaper gives him $10,000 in life insurance. He would be protected by life insurance of the Blanket type. All life insurance policies include paying premiums to the insurance company throughout the policy's duration.
A contract between an insurance policy holder and an insurance company in which the insurer agrees to pay a quantity of money in exchange for a premium upon the demise of an insured person or after a specific amount of time is known as life insurance.
Every person in the modern era needs to have a life insurance policy because it is one of the finest ways to safeguard one's future and the futures of their loved ones. The market is filled with a wide variety of life insurance coverage.
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arion drives 20 miles a day from his first job to his second job. he worked 125 days during 2021 on both jobs. what is marion's mileage deduction rounded to the nearest dollar assuming he uses the standard mileage rate and mileage is incurred ratably throughout the year?
Marion's mileage deduction rounded to the nearest dollar is 1400.
Given,
Marion drives 20 miles in a day
Total working days = 125 days
Marion's mileage deduction is
= Miles driven × total working days
= 20 miles/day×125 days
= 2500 miles
The standard mileage rate for 2021 is:
= 56 cents × total mileage deduction
= 2500×56 = 1400
Hence Marion's mileage deduction rounded to the nearest dollar is $1400. One can calculate the mileage of their vehicle by dividing the miles traveled by the number of gallons it took to refill the tank.
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assume that the currency-deposit ratio is 0.11, the required reserve ratio is 0.05, and the excess reserves to deposit ratio is 0.14. if the monetary base is $6 trillion, find (a) the amount of currency in circulation in trillions of dollars; (b) required reserves in trillions of dollars; (c) excess reserves in trillions of dollars; (d) simple deposit multiplier which ignores leakages; (e) actual money multiplier; and (f) money supply in trillions of dollars. (round all answers to one decimal point)
The bank is only required to retain 10% of its deposits in reserve if the statutory reserve ratio is 10%.
What is the statutory reserve rate?The term "Statutory Reserve Rate" refers to a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the total of the maximum reserve percentage (including any marginal, special, emergency, or supplemental reserves) established by the Federal Reserve Board.Statutory Liquidity Ratio, or SLR, is the minimum proportion of deposits that a commercial bank must keep in liquid cash, gold, or other securities. Essentially, it is the minimum amount of reserves that banks must hold in order to extend credit to customers.To learn more about Statutory Liquidity Ratio refer to:
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Gemini group ordered motor tune ups and oil changes on their entire fleet of company vehicles in the third quarter. How should this expense be recorded?.
In the third quarter, Gemini Group placed orders for oil changes and motor tune-ups for their entire fleet of company vehicles.be recorded as a revenue expenditure for this expense.
Cost, salvage value, and useful life are the determinants of depreciation.
Short-term expenses used in the current period or typically within a year are referred to as revenue expenditures.Revenue expenditures (OPEX) are essentially the same as operating expenses (OPEX) because they include the costs necessary to cover a company's ongoing operational costs.
Give an example of revenue expense.
The term "revenue expenditure" refers to expenses incurred by a company during normal business operations that will result in a profit during the same period. Examples of revenue expenditures include rent, utility bills, salary, insurance, commission, manufacturing, and others.
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sean is a monopolist who operates a business rigging tablets to run twice as fast as the original specifications. if sean charges $40, he would have 10 customers, but if he lowers the price to $37, he would have 11 customers. what is the marginal revenue of the 11th customer? a) $437 b) $400 c) $37 d) $7
The marginal revenue of the 11th customer is $7 .
Option D is correct .
Marginal revenue :Marginal revenue is the increase in revenue that results from the trade of one fresh unit of affair. While marginal revenue can remain constant over a certain position of affair, it follows from the law of dwindling returns and will ultimately decelerate down as the affair position increases. Marginal revenue is a central conception in microeconomics that describes the fresh total revenue generated by adding product sales by 1 unit
Evaluating marginal revenue :Marginal revenue is the change in total income from 10 customers ($400) to 11 clients ($407).
Sean charges = $40
10 customers = $40 × 10
= $ 400
Lowers the price = $37
11 customer = $ 37 × 11
= $ 407
Marginal revenue = $407 - $400
= $7
Hence, the marginal revenue of Sean = $7
How a monopolist maximizes profits?A monopolist maximizes profits by choosing that affair and price at which marginal cost is equal to or comes as close as achievable to( without surpassing) the marginal revenue. This is given that the price is lesser than the mean variable cost, and that the marginal cost is uprising at the profit- maximizing affair.
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which depreciation method is most likely to be used by profitable businesses with high marginal tax rates?
The depreciation method is most likely to be used by a profitable business. The depreciation method usually used in a business with a high marginal tax rate declining balance MACRS 200%.
Taxes generally can be described as a mandatory levies from the people for the state. If people paid a tax, that every penny of tax money paid will be included in the post of state income from the tax sector. Tax usually use for local government and also finance central spending for the welfare of the community.
Tax money is used for public interest, not for personal gain. Taxes are one source of government funds to fund development at the center and regions, such as building public facilities, financing health and education budgets, and other productive activities. Tax collection can be forced because it is carried out by law.
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tom purchased a 7-year asset for his business in february, three years ago, at a cost of $4,500. it is being depreciated using the half-year convention for macrs. he did not deduct any bonus depreciation and or take a sec. 179 expense in the year of purchase. the asset was sold in april of year 4. how much depreciation will tom deduct for the asset in year 4?
Depreciation will tom deduct for the asset in year 4 is $281 .
Reason: .1249 x $4,500 x .5
In accounting, depreciation is a term that refers to two aspects of the same concept. The first is the actual decline in an asset's fair value over time, such as through use, wear and tear or obsolescence. This reduction is measured as depreciation.
Description: Depreciation, i. H. A decrease in the value of an asset can also be caused by many other factors, such as adverse market conditions at any time during the asset's expected useful life. Depreciation includes depreciation of assets with a predetermined useful life.
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respond to the following essay question. provide comprehensive information and examples for this assignment. provide your personal thoughts and ideas for this assignment. do not plagiarize your responses for this assignment. definitions are not to be included in your responses. do not number the paragraphs. appropriately cite your sources. do not retype the question!! post your assignment to the provided assignment thread. utilize your textbook when responding to the essay question. do not use outside sources. outside sources will provide incorrect information. post your initial response and you will be given access to the turnitin summary report. you can submit your document up to three times before the due date. an acceptable turnitin score in less than 10%. word count requirement: 250 words question what is the role of the board of directors in corporate governance? what responsibilities does the board of directors have?
The role of the board of director in the corporate governance is to oversight and plan the development of the concern. And the responsibilities of the board of directors is to provide the leadership in order to achieve the mission.
Corporate governance:
Corporate governance means the system by which companies are directed and controlled.
Given,
Here we need to identify the roles and responsibilities of the board of director.
Before, we move on to the roles and responsibilities first we have to know who are board of directors.
Basically, board of directors are the person who are the highest governing authority within the management structure at a corporation or publicly traded business.
So, their main role is to oversight and planning the success of the concern.
And the responsibility of the board of directors is to provide leadership and oversight so the organization can reach its goals and achieve its mission.
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product a is added to your quote automatically with a selection rule. if you delete the product a quote line, then add an unrelated product to the quote, what can you expect to happen in regards to product a?
Product A is automatically added to your quote with a selection rule. If you remove a line that quotes a product and then add a product unrelated to the quote, you can expect product A to be added back to refer to product A.
The option product rule must contain an action, which describes what to do for one or more options. There are several things you can do with actions, such as automatically selecting or deselecting an option, disabling an option, or hiding the option entirely.
That's what we will do. Simply put, product rules allow you to evaluate the product options of a package, quote, or quote line based on certain conditions and then take action in response. They're great for applying business logic during setup and giving sales reps feedback on product selection.
Selection rules allow you to tailor bulk product options on your quote. For example, say you sell a suite of reporting software. You can only sell training licenses after your users have purchased software licenses, both of which are product options in your plan.
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in the context of establishing incentive systems, identify a true statement about the attitude of unions toward incentives
In the context of establishing an incentive systems, a true statement about the attitude of unions toward incentives is that Unions tend to support organization wide systems because they provide extra earnings to their members.
What is an incentive systems?The basic requirement of creating an effective incentive system for individuals and the organization is understanding the human behavior and motivators of human behavior. Various theories helps to understand human behavior include utility theory, principal-agent theory, need hierarchy theory, two factor theory, cognitive evaluation theory, expectancy theory, goal-setting theory, and equity theory.
All these determinants influencing human judgment and decision-making highlights the complexity of understanding human behavior. The elements that are part of an incentive system includes:
Monetary Compensation (example: bonuses, awards, profit-sharing, and incentive plans)Non-monetary Compensation (example: gifts, company car, company insurance)Targets (example: easy, difficult, stretch)Career Prospects (example: promotion, termination of contract)Reputational Considerations (example: praise, awards, status, wider recognition in society, positive impact of job)Meaningfulness of Tasks (such as job rotation, job enrichment, enlargement).Read more about incentive system
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Which of these situations provides an external opportunity that the company may exploit to gain competitive advantage?
O Monica's rare book company has weak competition.
O Jack's food processing plant faces strict government scrutiny.
O Norm's engine manufacturing facility is outdated and needs new equipment.
O Kevin's insurance group lost market capitalization.
Choosing option (a) is the right move. Monica's Rare Books has little outside competition, which creates a chance for the company to gain a competitive edge.
What factors of external competition are there?The external influences can include market or competitive position changes as well as macroeconomic concerns including technology advancement, legislation, and sociocultural shifts. The results are frequently displayed as a matrix.
What distinguishes competitive advantage from a strategic advantage?Your capacity to outcompete others in a market is your competitive edge. Your capacity to outperform competitors more broadly, including your returns to stakeholders like investors, employees, and communities
Why is it vital to achieve a competitive advantage?Having a competitive advantage allows a business to stand out from its rivals by providing clients with something unique and exceptional. A company with a competitive advantage can also outperform its rivals in the market and generate bigger profits.
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suppose there is an economy-wide decrease in business taxes. what can we expect to see in the business cycle model?
An economic cycle stage characterized by rising real GDP, income, and employment.
what is business cycle model?The business cycle model depicts the changes over time in a country's total output and employment. The model depicts the four long-term phases of an economy: expansion, peak, recession, and trough.An increase in company taxes will result in lower after-tax profits for companies, which will limit their ability to spend, hence lowering AD. The converse will occur if company taxes are reduced for AD. Generally speaking, if government spending rises, AD rises as well.Recession can enter a country's economy during the contraction phase. The phrase "contraction phase" refers to the time during a business cycle when real GDP is declining.To learn more about business cycle model refer to:
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sam has no job but keeps applying to get a job with a business that is unionized. he is qualified and he finds the pay attractive, but the firm is not hiring. sam is
Sam continues to apply for jobs at unionized companies despite the fact that he is unemployed.
Define unemployment?Majority of economists focus on three types of unemployment: cyclical, frictional, and structural.
Structural unemployment refers to long-term adjustments in the labor force and economic structure over time. Skill shortages in workers and technological progress that displaces jobs can both contribute to structural unemployment. Occurs when a worker's skills do not match the job vacancy. One driver of structural unemployment is technology.
Frictional unemployment is a temporary condition that is common during the job search. In fact, frictional unemployment benefits the economy by allowing workers to move to more productive positions.
One of the different types of unemployment is seasonal unemployment. Seasonal fluctuations in demand for products and services lead to seasonal unemployment.
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elan, a u.s. corporation, completed the december 31, 20x8, foreign currency translation of its 70 percent owned swiss subsidiary's trial balance using the current rate method. the translation resulted in a debit adjustment of $25,000. the subsidiary had reported net income of 800,000 swiss francs for 20x8 and paid dividends of 50,000 swiss francs on september 1, 20x8. the translation rates for the year were:
.57 is the translation rates for the year 2018 and $1,881,050 is subsidiary's trial balance of elan corporation in the year 2018 using the current rate method.
What is current rate method ?The current rate method is a widely used method of currency conversion that makes use of the current exchange rate on the market. The process of converting a parent company's foreign subsidiaries' financial results into that functional currency is known as currency translation.When a company has operations abroad, it could be necessary to convert the foreign currency that is earned by such operations into the presentation currency, which is the currency that is used to prepare the firm's financial statements.By dividing the amount of the initial currency by the amount of the foreign currency you will receive back, you can determine the exchange rate.
The formula is: Starting Amount (Original Currency) / Ending Amount (New Currency) = Exchange Rate.
jan 1 2008 .55 =1 franc
sept 1 .59 = 1 franc
Average for the year .57 = 1 franc
The January 1 balance of the investment in the Swiss subsidiary account was $16,00,000
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the original plan by the management of espn to broadcast local sports events in connecticut is an example of
Goodwill, brand recognition, copyrights, patents, trademarks, trade names, and customer lists are all examples of intangible assets.
Which kind of business typically has no or few levels of middle management between the top executives and those who report to them?A flat organizational structure has few management levels. As a result, employees will have direct access to upper-level managers. This indicates that workers and higher-level managers share the responsibility for middle managers. It usually means that the worker has more power and autonomy.
What results does the horizontal organizational design produce?Companies can typically focus on their employees and give team members more control under horizontal organizational structures. Because there isn't much of a hierarchical reporting structure, it can also make it easier for managers and employees to communicate with one another more directly.
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the expected trend value of september sales for a firm is $900. assuming a september seasonal index of .91, what would be the seasonally adjusted forecast for september? multiple choice none of the options are correct. $819 $900 $950 $989
Option a. $819 is the correct answer. The seasonally adjusted forecast for September is $819
A statistical approach known as a seasonal adjustment is used to balance out cyclical fluctuations in statistics or shifts in supply and demand that are due to changing seasons. Therefore, it can get rid of economic time series' misleading seasonal components. A data-smoothing technique called seasonal adjustment is used to forecast a given period's economic performance or business sales.
Nonseasonal trends and cyclical data that would otherwise be obscured by seasonal differences can be seen more clearly thanks to seasonal adjustments.
Sales of the firm = $900
Seasonal index = 0.91
Seasonally adjusted forecast for September = Sales of the firm*Seasonal index
= 900*0.91
= $819
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Having a single intermediary, a retailer, in the marketing channel is most common when?.
Having a single intermediary, a retailer, in the marketing channel is most common when the manufacturer is selling low-cost, low-unit value items. Thus the correct option is A.
What is a Retailer?A retailer is referred to as a channel of distributors who sells the product in small quantities just the opposite of a Wholesaler. This Retailer is in direct contact with customers so they receive direct feedback about the product.
When the producer is selling low-priced, low-unit-value goods, having just one intermediary—a retailer—in the marketing channel is most common. All layers of intermediaries are crucial because they greatly increase their users' access to the goods and services that are available.
Therefore, option A is appropriate.
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Do you think every place of our country is accessible to all kind of information obtaining sources why give reasons
Freedom of information is freedom of a person or people to publish and consume information.
What is meant by Freedom of Information ?
The right of a citizen to access information that the government holds is referred to as information freedom. This freedom is recognized as a constitutional right in several nations.
The Freedom of Material Act in the United States permits the revelation of official records and previously undisclosed information that is under the authority of the American government. The Electronic Freedom of Information Act, which mandates that certain types of government records be made electronically accessible to the public, was added to this law in 1996 as an amendment. This is intended to increase access to public information.
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the hamlet company uses the periodic inventory system. information for the current year is as follows: sales $ 2,650,000 beginning inventory 680,000 purchases 1,200,000 purchase returns 12,000 ending inventory 740,000 hamlet's cost of goods sold for the current year is:
The cost of goods sold for hamlet company is $11,28,000 as per the given system
The direct costs of producing the products that a business sells are referred to as its cost of goods sold (COGS). The cost of the labour and materials directly employed to make the goods are also included in this sum. It doesn't include indirect costs like those associated with the sales force and distribution.
Sales = $2650000
Beginning inventory = $680000
Purchases = $1200000
Purchase return = $12000
Ending inventory = $740000
Cost of goods sold = Beginning inventory + (Purchases - Purchase return) - Ending inventory
= 680000 +(1200000-12000) - 740000
= $1128000
So, cost of goods sold is $1128000
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Imagine you operated a shipping and packaging service within new york city. You slowly expanded to include shipments and deliveries between new york, new jersey, and connecticut. After the expansion, could you be subject to regulation by either or all of the states and the federal government? which court case outlines this? explain your answer.
You would be subject to federal government regulations. The Gibbons V. Ogden case from 1824 served as the legal precedent for this. Option A
What is Gibbons V. Ogden?Generally, The US Supreme Court ruled in the Gibbons v. Ogden decision that the states in the nation cannot impede the federal government's ability to control trade in the nation.
In this instance, Ogden had requested the court to enjoin Gibbons from conducting commercial activity in the state waterways. He claimed to have exclusive ownership of the waterways.
In conclusion, This lawsuit served as more evidence that the federal government had greater control over the nation's states.
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CQ
Imagine you operated a shipping and packaging service within New York City. You slowly expanded to include shipments and deliveries between New York, New Jersey, and Connecticut. After the expansion, could you be subject to regulation by either or all of the states and the federal government? Which court case outlines this? Explain your answer. Gibbons v. Ogden (1824) , McCulloch v. Maryland (1819) , Marbury v. Madison (1803)
putting your previous answers together, what advantage is there to using a longer moving average for noise reduction? what do we have to trade off (i.e., what disadvantage becomes more and more pronounced) in doing so?
The advantage of using a longer moving average for noise reduction moving average is used for forecasting goods or commodities with constant demand, where there is a slight trend or seasonality.
Product forecasting is the science of predicting the success of new products in the market. To do this, predictive models should consider product awareness, distribution, pricing, unmet need responses, competitor options, and more.
Forecasting is the technique of using historical data as input to make forward-looking, informed estimates in determining the direction of future trends. Organizations use forecasts to determine how to allocate budgets and plan expected expenses for the next period.
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valuing preferred stock fegley , inc., has an issue of preferred stock outstanding that pays a $3.80 dividend every year in perpetu this issue currently sells for $93 per share, what is the required return ?
A company pays the dividend to eligible common stockholders out of the profit it makes from regular business operations. A company can also distribute additional dividends on common stock.
What Is a Profit?
The distribution of a company's earnings to shareholders is known as a dividend and is decided by the board of directors. The distribution of dividends, which can take the form of cash or reinvestment in additional stock, typically occurs quarterly.
What is an example of a dividend?
A dividend is money distributed to shareholders from profits. Typically, they are paid quarterly. For instance, AT&T has been making such distributions for a number of years, with its $2.08 per share offering for the third quarter of 2021.
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kingbird. inc. began the year 2022 with $143600 in its common stock account and a debit balance in retained earnings of $61600. during the year, the company earned net income of $30800, and declared and paid $10300 of dividends. in addition, the company sold additional common stock amounting to $37600. based on this information, what should the transaction analysis show for total stockholders' equity at the end of 2022?
The equity of all shareholders is 140100.
What exactly is shareholder equity?The amount of money invested in a business by its owners is known as shareholder equity. This includes the money they've invested directly and the money the company has earned and put back into the business since its inception.
Is net worth the same as stockholders' equity?A company's net worth, or shareholders' equity, is the difference between its total assets (what it owns) and its total liabilities (what it owes).Profits and net worth both rise when your business is successful.
Retained Earnings = (-61600)+30800- 10300 = -41100 Total Stockholder's Equity = 140100 Common Stock = 143600 + 37600 = 181200
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hat is the present value of a $100 perpetuity if the interest rate is 7%? if interest rates doubled to 14%, what would its present
Present value $1428.57 and $714.28 if the interest rate is 7% if interest rates doubled to 14%.
What is present value extremely important?The ability for investors to evaluate values across time makes present value crucial. PV can assist investors in evaluating the potential financial gains from present liabilities and assets. Investors can compute the present value of a security based on its expected future returns, which is used in fields like financial forecasting, stock valuation, or bond pricing.
Briefing:Perpetuity value = $100
Interest rate = 7% = 0.07
Interest rate = 14% = 0.14
solution
we get her present value that is express a
present value = perpetuity / rate ............1
put here value for rate 7% and 14%
present value = 100 / 0.07
present value = $1428.57
and
present value = 100 / 0.14
present value = $714.28
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when substantially all the assets of the target corporation are received in exchange for voting stock and selected liabilities, the restructuring can qualify as a
When all the assets of a target corporation are received substantially in exchange for selected liabilities and voting stock, the restructuring can qualify as a 'Type C-reorganization'.
A 'Type C-reorganization', occurs when a target corporation, called the target, transfers 'substantially' all of its assets/properties to an acquiring corporation, called the acquirer, solely in exchange for the acquirer's voting stock and selected liabilities. That is why the 'Type C-reorganization' is often known as an 'asset acquisition.'
In the 'Type C-reorganization', the acquiring corporation acquires 'substantially all of the properties of the target corporation. If the target corporation transfers less than 'substantially' all of its assets, the transaction does not qualify as the 'Type C-reorganization'.
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regarding perfect competition, what does it mean when the goods sold by the firms in a market are homogeneous?
When two homogenous products are ideal equivalents for one another and consumers are unable to distinguish between the goods sold by various businesses, the products are said to be homogenous. The most crucial differentiator in the perfect competition between businesses making similar items is price.
What do you mean by a homogeneous product in perfect competition?When a product is homogeneous, it means that its quality, form, size, and color are all the same. Therefore, no manufacturer can set a different price for the goods it produces. The market is characterized by homogeneous pricing.
A market with perfect competition has homogeneous goods (identical). Each vendor (or business) delivers a homogenous product in a market with perfect competition, meaning that each unit of the product has the same size, form, and other characteristics.
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howard owns a rental property in another state. he must travel to maintain and manage the rental property. to be able to deduct his travel expenses he must:
To be able to deduct his travel expenses he must divide the costs between activities that require rentals and those that don't.
Landlords can deduct a sizable amount from their taxes for mileage and travel. You will have to spend time and money getting to and from your property if you don't live next door, whether it's to pick up supplies, oversee viewings, or do property inspections. These travel costs can be written off from taxable income at the end of the tax year rather than having to pay them up front.
By doing this, you'll be able to maximize revenues while lowering your taxable income. Knowing what travel expenses are tax deductible and how to compute your mileage tax deduction is essential for maintaining your tax compliance.
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when fixed costs remain the same and a product line is discontinued what is the effect on operating income?
When fixed costs remain the same and a product line is discontinued , there will be a decrease in total operating income.
What do you mean by total operating income?
Operating income is an accounting figure that measures the amount of profit realized from a business's operations after deducting operating expenses such as wages, depreciation, and cost of goods sold (COGS).
Operating income—also called income from operations—takes a company's gross income, which is equivalent to total revenue minus COGS, and subtracts all operating expenses. A business's operating expenses are costs incurred from normal operating activities and include items such as office supplies and utilities.
Let contribution margin be x
and, fixed cost is avoidable
then, there will be a decrease in total operating income.
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kai decides to keep his price the same and add color, increasing variable costs by $0.40 per issue. what is the percent increase in unit volume (copies per issue) required to maintain $500 profits and cover the increased fixed and variable costs?
This is based on the notion that the total amount that each sales quantity contributes to a company's profits is known as the contribution margin.
How is contribution margin and break even point calculated?The first part of the question is missing, so I looked it up:Kai charges college students $2.05 for each issue of his tiny magazine that is packed with famous rumors. The sole set expense is $431 per issue for renting the printing press for a single day. Each issue has a variable cost of $1.19 per copy.The contribution margin and break even point were as follows :contribution margin = $2.05 - $1.19 = $0.86
break even point in units = $431 / $0.86 = 501.16 ≈ 502 units
break even point in $ = 502 x $2.05 = $1,029.10
Kai has to sell 1,083 copies in order to make $500 in profits ($931 / $0.86 = 1,082.56 1,083).After color is added:contribution margin = $2.05 - $1.19 = $0.46
break even point in units = $431 / $0.46 = 936.96 ≈ 937 units
break even point in $ = 937 x $2.05 = $1,920.85
Kai needs to sell 2,024 copies in order to make $500 in profits ($931 / $0.46 = 2,023.91 = 2,024).To Learn more contribution margin refer to :
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ben is asked to rate the utility he would get from reading different types of publications for the next hour. if he read a graphic novel he would get utility of 5. if he read a biography, he would get utility of 4, and if he read his economics textbook, he would get utility of 9. an economist would predict that ben will spend his next hour reading:
Ben will likely spend the next hour reading his economics textbook, an economist would predict.
Microeconomics uses the term "utility" to refer to the additional satisfaction that comes from consuming a good or service. While ordinal utility only offers a rank ordering, cardinal utility tries to quantify the economic act's utility.
The concept of utility is important in economics because it clarifies a variety of supply, demand, and pricing issues. Products that offer greater value typically have a larger market because they give consumers greater satisfaction. Price increases are often a result of increased demand.
The ability of a commodity to meet needs is known as utility. It is the fulfillment—actual or anticipated—that results from the consumption of a good or service. Utility's psychological nature means that it is influenced by the consumer's likes and dislikes as well as his mental attitude and evaluation of the product.
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