Answer: No. Martin did not disclose his status as an agent of Struthers.
Explanation:
From the question, we are informed that Dan Martin did business as Martin's Appliance and that for years, he bought furniture from Independent Furniture.
We are further told that Martin's Appliance was sold to Struthers Appliance, Inc. and Martin became the manager, but Independent did not know of the ownership change and that Martin ordered furniture from Independent, which was never paid for the furniture.
We are the informed that Independent sued Martin for the amount due. He claimed that he was only an agent for Struthers' so could not be personally liable.
In the above situation, we can deduce that Martin is not correct. Martin did not disclose his status as an agent of Struthers. If he had disclose his Identity, he could not be personally liable but in this regard, he didn't.
ABC Corp. has just paid a dividend of $0.26. ABC has an annual required return of 12%.
a. If dividends are annual and expected to be constant, what is the intrinsic value (fair price) of ABC stock?
b. What is ABC's dividend yield?
c. From now on, assume that the dividend of 0.26 was a quarterly dividend. What is the quarterly discount rate?
d. What is the intrinsic value if dividends are constant and quarterly?
e. We now think that dividends will grow by 0.3% from quarter to quarter. The firm just paid the quarterly dividend of 0.26. What is the intrinsic value of ABC stock?
f. A different analyst thinks that ABC's dividends will grow by 5% for the next 4 quarters, and then grow by 0.3% thereafter. What is the intrinsic value?
Answer:
a. If dividends are annual and expected to be constant, what is the intrinsic value (fair price) of ABC stock?
P₀ = $0.26 / 12% = $2.16667 = $2.17
b. What is ABC's dividend yield?
$0.26 / $2.17 = 12%
c. From now on, assume that the dividend of 0.26 was a quarterly dividend. What is the quarterly discount rate?
12% / 4 = 3%
d. What is the intrinsic value if dividends are constant and quarterly?
P₀ = $0.26 / 3% = $8.66667 = $8.67
e. We now think that dividends will grow by 0.3% from quarter to quarter. The firm just paid the quarterly dividend of 0.26. What is the intrinsic value of ABC stock?
P₀ = ($0.26 x 1.003) / (3% - 0.3%) = $9.6585 = $9.66
f. A different analyst thinks that ABC's dividends will grow by 5% for the next 4 quarters, and then grow by 0.3% thereafter. What is the intrinsic value?
Div₀ = $0.26
Div₁ = $0.273
Div₂ = $0.287
Div₃ = $0.301
Div₄ = $0.316
Div₅ = $0.317
terminal value in 4 quarters = $0.317 / (3% - 0.3%) = $11.74
P₀ = $0.273/1.03 + $0.287/1.03² + $0.301/1.03³ + $0.316/1.03⁴ + $11.74/1.03⁴ = $0.265 + $0.271 + $0.275 + $0.281 + $10.43 = $11.522
A communication plan is a key component for giving guidelines on how to track project:________a. Issues.b. Costs.c. Defects.d. Both costs and defects.
Answer: a. Issues
Explanation:
A Communication plan for a project allows for easier information flow between the stakeholders in the project including the client, the company and the workers.
By setting standards on how and what should be communicated the plan will let the stakeholders know how to communicate any issues affecting the project. The plan will also let the stakeholders know how to track issues that will be reported.
The value today of the following cash flows is $6,423.71 at an interest rate of 5.8 percent. What is the value of the Year 3 cash flow?
Year Cash Flow
1 $1,665
2 1,845
3 ?
4 2,505
a. $1,313.29.
b. $1,202.49.
c. $1,424.09.
d. $408.71.
e. $3,981.73.
Answer:
c. $1,424.09.
Explanation:
present value = CF1 / 1.058 + CF2 / 1.058² + CF3 / 1.058³ + CF4 / 1.058⁴
$6,423.71 = $1,665 / 1.058 + $1,845 / 1.058² + CF3 / 1.058³ + $2,505 / 1.058⁴
$6,423.71 = $1,573.72 + $1,648.26 + CF3 / 1.058³ + $1,99.24
$1,202.49 = CF3 / 1.058³
$1,202.49 = CF3 / 1.18429
CF3 = $1,202.49 x 1.18429 = $1,424.09
An entry in QuickBooks Online has been made, but you need to double check the debit and credit entries. What is the quickest way to do this?
Answer: Open the transaction, and look at the transaction journal from within the “more” options
Explanation:
QuickBooks is simply a software package that is used in accounting. It should be noted that QuickBooks products are usually geared for the businesses that are small and medium-sized.
An entry in QuickBooks Online has been made, but you need to double check the debit and credit entries. The quickest way to do this is to Open the transaction, and look at the transaction journal from within the “more” options.
Reeve has worked as an administrator with employer-sponsored health insurance at Big Company for 10 years and has been diagnosed with a serious heart condition. An offer for a great job at Up and Coming Company with great opportunities for advancement, although it pays slightly less, has been extended to Reeve. Up and Coming has health insurance, but the insurance coverage excludes any preexisting health condition for six months. Reeve says that taking the job at Up and Coming would make continuing health insurance from Big Company unaffordable. Up and Coming wants Reeve to start immediately. What would you advise Reeve to consider?
Answer:
What would common sense tell me? To stay at Bog Company since my health is much more important than any possible great job.
The problem is simple, if Reeve quits his current job, he will not be able to afford health expenses for at least 6 months until the new employer policy kicks in. Besides the risk of dying, a serious heart condition may cost tens of thousands of $, or even more in 6 months. What is even worse, is that Reeve's starting salary in the new company is slightly lower, so he will have even less money if any health problems occur. Also, if he gets very ill, his dream job will be over. Even if they do not fire him, his chances of advancement will reduce dramatically.
Sometimes a great opportunity is not worth the risk.
In May 2013, Nikea recorded the transaction by debiting accounts receivable for $10,000 and crediting service revenues for $10,000. What is the effect of this entry on the accounting equation
Answer:
Please see explanation below.
Explanation:
Given the above, Accounts receivable is an asset. A debit in asset increases the asset. Also, crediting servicing revenue means an increase in equity because service revenue is also part of what makes an equity.
Therefore, debiting accounts receivables and crediting servicing revenue has increased both the assets and equity of Nikea inc.
Starbucks wants to use the subjective approach to evaluate a new project. They are considering expanding their stores and renting office space to small business owners. They will have a separate reception area and online scheduling for those that want to use the office space. Starbucks has a WACC of 12%. What would be the WACC for this new project?
Category Examples Adjustment Factor
High risk New products 6%
Moderate risk Cost savings, Expansion
of existing products 0
Low risk Replacement of existing
equipment (4)
Mandatory Safety equipment n/a
A) 16%.
B) 12%.
C) 24%.
D) 18%.
Answer:
D) 18%
Explanation:
Starbucks wants to use the subjective approach to evaluate a new project. They are considering expanding their stores and renting office space to small business owners. They will have a separate reception area and online scheduling for those that want to use the office space. Starbucks has a WACC of 12%.
The objective is to use a subjective approach to evaluate the new project
The given table can be well presented as follows:
Category Examples Adjustment Factor
High risk New products 6%
Moderate risk Cost savings, Expansion 0
of existing products
Low risk Replacement of existing -4%
equipment
Mandatory Safety equipment n/a
From the table, we can deduce that :
the WACC for this new project = Current WACC + Adjustment Factor (High Risk)
the WACC for this new project = ( 12% + 6%)
the WACC for this new project = 18%
Axl will be borrowing $300,000 today to buy a house, and he will pay it back with 20 yearly payments starting one year from today. If the effective annual interest rate is 7%, how much will the first payment be if the annual payments are constant
Answer:
$28,317.88.
Explanation:
The annual payment, PMT can be determined using a financial calculator as follows :
PV = $300,000
N = 20
P/YR = 1
R = 7.00 %
FV = $0
PMT = ?
Using a financial calculator, the annual payment, PMT is $28,317.88.
A foodborne pathogen that can cause meningitis is _____.
A. Streptococcus pneumoniae
B. Staphylococcus epidermidis
C. Listeria monocytogenes
D. Neisseria meningitidis
Answer:
C. Listeria monocytogenes
Explanation:
Meningitis is an infectious disease caused by the infection of meninges by virus or bacterial. This can lead to confusion, vomiting, depression etc.
When food that has been contaminated by a pathogen called listeria monocytogenes is consumed, it can develop into meningitis. Meningitis can be treated and controlled by the use of antibiotics, and in some cases the combination of two or more types may be required depending on the nature of infection.
Dean brings up the ambiguity branch managers at First National Bank face. He believes senior leadership needs to make the managers' most important priorities clear. This thinking most closely resembles which principles?
Answer:
The thinking most closely resembles the principles of Clarity in Communication.
Explanation:
There are 7Cs of communication. Namely:
CompletenessConcisenessClarityCourtesyCorrectnessConsiderationConcretenessAn ambiguous message is most likely to be misinterpreted.
When an organisation sets goals and objectives, they also need to follow the above principles.
They need to be very clear. When priorities change within an organisation, the leaders have a duty to clearly communicate the change to Managers who in turn communicate the same to their line managers.
Cheers!
When implementing change in an organization, there are always culture issues that are faced, such as not accepting change, determine how differently this would be handled thinking about the management versus leadership constructs? When dealing with performing work, how is this implemented differently within the management versus leadership constructs?
Answer with Explanation:
Requirement 1:
Implementation of changes takes a lot of time in resolving issues that we know will emerge and the issues that we don't even considered. Sometimes the situation gets so much worse that the planned solution puts no value in the implementation of the change. This cause severe damages to the company reputation and also has financial implications. The management must ensure that the planning must be free from mistakes. The cost, quality and time are the three main constraint that the management have to consider in resolving the problems so that the project cost doesn't outnumber the expected benefits.
On the other hand, the project manager have to design the processes that are free from defects and are effective as well. The execution of change implementation must bring the planned benefits for which the change is been implemented. The leadership style must be well enough that doesn't increases the problems. Furthermore the leader must be delegating tasks to every team members with allocation of resources as well. The importance of change must be communicated to each of the employees who will get affected and why it the only choice for us. This attitude will help in execution of the change implementation plan which means that the maximum benefits can be pulled off.
Requirement 2:
The management of the company must have to work hard enough so that the employee doesn't get demotivated due to different factors that have significant impact on its performance of duties. The employees must be well guided about the processes and must be continuously monitored. The management also design reward system that would uplift employee motivation and performance.
The leader has to monitor tasks assigned to employees so that the employee is timely guided and the flow of work remains consistent with the progress of other employees. Furthermore, the performance of the employee is tried to improved by proper training programs, continuous appraisal and appraising better performances.
Identify whether each of the following examples belongs in M1 or M2. If an example belongs in both, be sure to check both boxes. Example M1 M2 Yvette has $7,000 in a two-year certificate of deposit (CD). Musashi has a roll of quarters that he just withdrew from the bank to do laundry. Sean has $30,000 in a money market account.
Answer:
M1
M1
M2
Explanation:
M1 is money supply that includes currency and coin, demand deposits, travelers' checks, other checkable deposits, certificate of deposit and negotiable order of withdrawal (NOW) accounts. M1 is the most liquid of money supply
M2 includes M1, savings deposits, money market securities, mutual funds, and other time deposits.
The Herfindahl index and the concentration ratio fail to give a complete picture of an economy's competitiveness because:
Answer:
many corporations are conglomerates, spanning a variety of different industries.
Explanation:
Here are the options to this question :
they measure each firm's share of sales rather than each firm's share of profits.
many corporations are conglomerates, spanning a variety of different industries.
they don't account for mergers within an industry.
they are based on market share, not market size.
The Herfindahl index and the concentration ratio are measures used to determine the concentration ratios of firms in an industry
The of concentration ratio is calculated by adding the market shares of firms in the industry. e.g. the four firm concentration ratio calculates the concentration ratio of the 4 largest firms in an industry by adding their market shares together
The HHI is calculated by squaring the market share of each firm in the industry.
Because these measures only measure the concentration of firms in a particular industry, they do not account for conglomerates that exist in different industries
On June 1, 2017, Windsor, Inc. was started with an initial investment in the company of $22,420 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations:
Cash $ 4,830
Notes payable $12,460
Accounts receivable 4,470
Accounts payable 970
Service revenue 7,730
Supplies expense 1,100
Supplies 2,300
Maintenance and
repairs expense 700
Advertising expense 400
Utilities expense 200
Equipment 26,230
Salaries and
wages expense 1,630
Common stock 22,420
In June, the company issued no additional stock but paid dividends of $1,720.
Question Completion:
Prepare an Income Statement for the month of June.
Answer:
Windsor, Inc.
Income Statement for the month ended June 30, 2017:
Service Revenue $7,730
Supplies expense 1,100
Maintenance and
repairs expense 700
Advertising expense 400
Utilities expense 200
Salaries and
wages expense 1,630 $4,030
Net Income $3,700
Explanation:
Windsor, Inc. Income Statement is where the revenues and expenses are summarized in order to arrive at the net income or profit of the business. Temporary accounts are closed to the income statement. These are accounts that are periodic in nature. They are not permanent accounts, which are transferred to the next period. The only element of the income statement that is taken to the balance sheet is the net income or loss.
A company had average total assets of $937,000. Its gross sales were $1, 099,000 and its net sales were $960,000. The company's total asset turnover equals:________ a) 1.14. b) 1.02. c) 1.17. d) 0.85. e) 0.98.
Answer:
The answer is 1.02
Explanation:
Asset turnover is an effiency ratio and it measures the how efficient a company is using its asset to generate profit.
The formula is Revenue or net sales / total asset
Revenue or net sales = $960,000
Total asset = $937,000
$960,000/$937,000
= 1.02
This ratio means that for every dollar in assets, the company generates $1.02
A
is a plan in which an individual balances available resources and expenses.
Answer:
A "budget" is a plan in which an individual balances available resources and expenses.
Explanation:
Budgeting is the essential way that you can take control of your accounts. Basically, a budget is a composed arrangement for how you will spend your cash.
The term "budget" refers to a strategy used to balance costs and resources.
What is meant by a resources?
A resource is any substance that is available to us in our surroundings that is economically viable, technologically accessible, and culturally sustainable and that helps us meet our needs and desires. Resources can be divided into renewable and non-renewable categories based on their availability.
They can also be divided into actual and potential resources based on their level of development and use, origin (biotic or abiotic), and distribution (universal or localized) (private, community-owned, national, or international resources).
With the passage of time and technological advancement, an object becomes a resource. Utilizing resources effectively can lead to increased wealth, effective system operation, or improved wellbeing. When viewed from a human perspective,
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When St Jude’s advertises "Finding Cures. Saving Children" it is marketing:_________a. a concept. b. a service. c. an idea. d. an action. e. a good.
Answer: c. an idea
Explanation:
St Jude's is a Not-for-profit children's research hospital that aims to help children as much they can. They specialise in trying to treat childhood cancer and other terminal illnesses.
When they advertise their goal which is to find cures and thus save children, they are advertising the idea behind their organization so that people can understand what they are about and reach out to them to either support or receive their services.
Lee Industry sales are $525,000, variable costs are 53% of sales, and operating income is $19,000. What is the contribution margin ratio?
Answer:
47%
Explanation:
Lee industry have a sale of $525,000
Variable cost is 53% of sales
= 53/100 × $525,000
= 0.53×$525,000
= $278,250
The operating income is $19,000
The first step is to calculate the contribution margin
Contribution margin= sales-variable cost
= $525,000-$278,250
= $246,750
Therefore the contribution margin ratio can be calculated as follows
= contribution margin/sales
= $246,750/$525,000
= 0.47 × 100
= 47%
Hence the contribution margin ratio is 47%
Which of the following tools can the Fed use to contract the money supply? To expand the money supply?
Which of the styles on Blake and Mouton’s Leadership Grid has high concern for interpersonal relationships and low concern for task accomplishment?
Answer:
Country Club
Explanation:
The Blake and Mouton's Leadership Grid has this Country Club which emphasise on the people more, that is about their well being.
This environment concludes that if employees are happy and in good positive attitude they will automatically work hard and achieve the results.
In this case the management is not much conscious about the results as they believe that results will be better, but generally it is observed that due to lack of any managerial control and directions the task is not achieved.
A customer buys $100,000 of a new issue 30 year U.S. Government bond at 80. At maturity, the customer will have:
Answer: No capital gain or loss
Explanation:
The bonds were bought at discount but will be redeemed at par. This does not mean that there will be a capital gain because the discount will simply be added back to the value of the bond overtime.
When the bond then gets to maturity, the discount would simply have been added back because the bond is to be redeemed at par. Because the bond was always going to be redeemed at par, the difference in price is not considered a capital gain.
Mullineaux Corporation has a target capital structure of 41 percent common stock, 4 percent preferred stock, and 55 percent debt. Its cost of equity is 17 percent, the cost of preferred stock is 6.5 percent, and the pre-tax cost of debt is 8.3 percent. What is the firm's WACC given a tax rate of 33 percent?
Answer:
the weighted average cost of capital is 10.29%
Explanation:
The computation of the weighted average cost of capital is shown below;
= Weightage of debt × cost of debt × ( 1- tax rate) + (Weightage of preferred stock) × (cost of preferred stock) + (Weightage of common stock) × (cost of common stock)
= 0.55 × 8.3% × (1 - 0.33) + (0.04 × 6.5%) + (0.41 × 17%)
= 3.058% + 0.26% + 6.97%
= 10.29%
Hence, the weighted average cost of capital is 10.29%
We simply applied the above formula
Carissa Communications reported the figures from its adjusted trial balance and from its multi-step income statement for its first year of business, which ended on July 31, 2018
Expenses Accounts Payable Common Stock Notes Payable, long-term Merchandise Inventory Administrative Expenses $ 18,400 12,500 1,900 30,000 3,400 $ 3,500 Cost of Goods Sold 1,700 Equipment, net 4,600 Accrued Liabilities 5,855 Net Sales Revenue 1,500 Accounts Receivable 1,300 Interest Expense 3,000 Carissa Communications Income Statement Year Ended July 31, 2018 $30,000 18,400 Net Sales Revenue Cost of Goods Sold Gross Proft Operating Expenses 11,600 Selling Expenses Administrative Expenses Total Operating Expenses 1,700 3,000 4,700 Operating Income Other Income and (Expenses) 6,900 (55) Interest Expense (55) Total Other Income and (Expenses) 6,845 Net Income (Loss) Carissa Communications Statement of Retained Earnings Year Ended July 31, 2018 Retained Earnings, August 1, 2017 Retained Earnings, July 31, 2018 Balance Sheet July 31, 2018 Assets Liabilities Stockholders' Equity
Requirement 1.
Prepare Carissa Communications's statement of retained earnings for the year ended July 31 2018 .
Requirement 2.
Prepare Carissa Communications's classified balance sheet at July 31 2018.
Answer:
1. Carissa Communications' Statement of Retained Earnings for the year ended July 31, 2018:
Retained Earnings, July 31, 2017 $0
Net Income (Loss) 6,845
Retained Earnings, July 31, 2018 $6,845
2. Carissa Communications' Classified Balance Sheet as of July 31, 2018:
Assets:
Current Assets:
Cash $ 3,500
Accounts Receivable 3,000
Merchandise Inventory 1,300
Total Current Assets $7,800 $7,800
Long-term Assets:
Equipment, net 12,500 $12,500
Total Assets $20,300
Liabilities + Equity:
Current Liabilities:
Accounts Payable 1,900
Accrued Liabilities 5,855
Total Current Liabilities $7,755 $7,755
Long-term Liabilities:
Notes Payable, long-term 3,400
Total Liabilities $11,155
Stockholders' Equity:
Common Stock 2,300
Retained Earnings 6,845
Total Stockholders' Equity 9,145 $9,145
Total Liabilities + Equity $20,300
Explanation:
a) Data and Calculations:
1. Adjusted Trial Balance for its first year of business, which ended on July 31, 2018
Cash $ 3,500
Cost of Goods Sold $ 18,400
Selling expenses 1,700
Equipment, net 12,500
Accounts Payable 1,900
Accrued Liabilities 5,855
Common Stock 2,300
Net Sales Revenue 30,000
Notes Payable, long-term 3,400
Accounts Receivable 3,000
Merchandise Inventory 1,300
Interest Expense 55
Administrative Expense 3,000
Total $43,455 $43,455
2. Carissa Communications Income Statement Year Ended July 31, 2018
Net Sales Revenue $30,000
Cost of Goods Sold 18,400
Gross Profit 11,600
Operating Expenses
Selling Expenses 1,700
Administrative Expenses 3,000
Total Operating Expenses 4,700
Operating Income 6,900
Interest Expense (55)
Net Income (Loss) $6,845
An adjusted trial balance is termed as an internal report that shows all of the current general ledger financial reporting balances.
After adjusting entries have been made, the adjusted trial balance is prepared to show updated balances.
An income statement is referred to as the statement that records the cash inflow and outflow transactions in the company labeled as the debit and credit. Debit is whatever the cash comes and credit is whatever the cash goes out.
The adjusted trial balance, income statement, balance sheet, and retained earnings have been attached below.
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Best Construction, Inc., and General Real Estate Corporation form a joint venture. A joint venture is usually formed for
Answer:
for mutual benefits
Explanation:
A joint venture is a business arrangement made between two parties that agree to come together and unite all of their resources in order to accomplish a specific common goal. Joint ventures are usually formed for mutual benefits, both companies involved benefit greatly from reaching the end-goal that they are working towards, but which neither company could do it without the other's resources.
Assume the total cost of a college education will be $200,000 when your child enters college in 16 years. You presently have $67,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your child’s college education?
Answer:
you must earn an annual rate of interest of 7.07 %
Explanation:
The annual rate of interest, r on the investment is calculated as follows :
Pv = - $67,000
Pmt = $ 0
P/yr = 1
N = 16
Fv = $200,000
r = ?
Using a Financial Calculator, annual rate of interest, r on the investment is 7.07 % .
Broker Ed owns a building he wants to lease or sell. Which of the following represents legal advertising?
a) For Sale. Call 321-7788.
b) For Lease by Owner. Call 321-7788.
c) For Sale by Owner. Call 321-7788.
d) For Sale by Owner-Broker. Call Ed Hahn at 321-7788.
Answer:
d) For Sale by Owner-Broker. Call Ed Hahn at 321-7788
Explanation:
From the above, we can see that the last option chosen contains the most complete information as against the others that do not state all relevant information. Laws in most countries covering advertising demand full disclosure of all relevant information when advertising a sale for instance or it would be considered illegal advertising. From the example, the seller had stated appropriately in the last option that he is an owner broker, letting the prospective buyer know that the property being sold is also owned or partly by the one who is listing the property for sale, or member of the listing team. The name is also stated the name which was not disclosed in the previous options
In a new margin account, if a customer buys 300 XYZ at 48 and simultaneously writes 3 XYZ Jan 50 calls at 1, the Regulation T margin requirement is
Answer:
$7,200
Explanation:
Calculation for what the Regulation T margin requirement is
Since we were told that the customers buys 300 XYZ at 48 this means that the Regulation T margin requirement will be:
Regulation T margin requirement =(300 × 48)×50%
Regulation T margin requirement =$14,400×50%
Regulation T margin requirement =$7,200
Therefore the Regulation T margin requirement is $7,200
Which of the following is specifically designed to increase the long run aggregtae suply curve?
a) increasing taxes on entrepreneurs.
b) increasing government spending on welfare.
c) developing new technologies.
d) raising marginal tax rates on income.
Answer: c) developing new technologies.
Explanation:
The Long Run Aggregate Supply (LRAS) curve can only change if the productivity in the Economy changes. One of the ways this can happen is through the use of newer better technology.
The better technology will make production more efficient by producing more goods at a lesser cost which lead to an increase in the GDP potential of the country which is a shift in the LRAS.
An uneducated grandmother who does not have children living with her but pays for public school education through her property tax is a:
Answer:
Forced Rider
Explanation:
A forced rider is a person in the society who is made to pay taxes or dues for services that he has no interest in or even benefits from. The forced rider might even have personal convictions against the product or service, but he is still made to share in the cost of the government providing the service. For example, advocates of climate reclamation might be made to pay for services like the maintenance of industries that pollute the environment.
In the case above, the grandmother has never seen the four walls of a school, nor does she have school children whom she cares for, but she is still expected to pay for public school education through her tax. She is, therefore, a forced rider.
Gina Fox has started her own company, Foxy Shirts, which manufactures imprinted shirts for special occasions. Since she has just begun this operation, she rents the equipment from a local printing shop when necessary. The cost of using the equipment is $350. The materials used in one shirt cost $8, and Gina can sell these for $15 each. If Gina sells 20 shirts, what will her total revenue be
Answer:
$300
Explanation:
Gina fox have started her own company where she shirts are imprinted for special occasions
The cost of using equipments for the short production is $350
The materials used in one shirt costs $8
The selling price is $15
Therefore if Gina sells 20 shirts then, her total revenue can be calculated as follows
= Selling price × number of shirts that was sold
= $15 × 20
= $300
Hence Gina's total revenue is $300