Homework Answers
A business is any activity that provides goods or services to consumer for the purpose of making a profit.
So, the correct answer is an option (c).
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Ais any activity that provides goods or services to consumers for the purpose of making a...
Consumers Union is a nonprofit organization that provides information and counsel on consumer goods and services....
Consumers Union is a nonprofit organization that provides information and counsel on consumer goods and services. A major part of its function is the testing of different brands of consumer products that are purchased on the open market and then the reporting of the results of the tests in Consumer Reports, a monthly publication. Examples of the types of products it tests are mid-sized automobiles, residential dehumidifiers, flat-screen TVs, and blue jeans. Read the requirements. Voluminious data More Info Complex...
Utility is the sense of pleasure or satisfaction derived from consuming goods and services the cost...
Utility is the sense of pleasure or satisfaction derived from consuming goods and services the cost of acquiring goods and services the profit consumers earn from consuming goods and services the monetary value to consumers of good and services
Profit is a main goal in any business activity. To gain profit, i) total revenue, ii)...
Profit is a main goal in any business activity. To gain profit, i) total revenue, ii) total cost, and iii) number of demands, are some of the factors that might affect its value, as discussed in Chapter 2 of this course. There are some companies that offer their products / services for free to the customer, but still making a lot of profit from these products. These products are for example instant messaging applications such as WhatsApp, Telegram, or social...
A company that provides packing services has an activity-based costing system with three activity cost pools...
A company that provides packing services has an activity-based costing system with three activity cost pools scheduling, packing boxes, and setting up machinery. The activity rates are S5.96 per appointment scheduled, $1.06 per box packed, and $20 per machine set-up. If a customer requires 2 scheduled service call(s) and has 106 boxes to pack, using 5 different machines, how much cost would be assigned to the job for the customer by the activity-based costing system? Select one: a. $124.28 b....
KC Services provides landscaping services in Edison. Kate Chen, the owner, is concerned about the recent...
KC Services provides landscaping services in Edison. Kate Chen, the owner, is concerned about the recent losses the company has incurred and is considering dropping its lawn services, which she feels are marginal to the company's business. She estimates that doing so will result in lost revenues of $150,000 per year (including the lost tree business from customers who use the company for both services). The present manager will continue to supervise the tree services with no reduction in salary....
Transactions for the Sheldon Cooper Company, which provides welding services, for the month of June are...
Transactions for the Sheldon Cooper Company, which provides welding services, for the month of June are presented below. Sheldon Cooper invests $4,000 cash in exchange for shares of common stock in a small welding business. Purchases equipment on account for $1.200. 3 $800 cash is paid to landlord for June rent. Bills P. Leonard $300 after completing welding work done on account June 1 2 12 Identify the accounts to be debited and credited for each transaction. Account Debited Account...
Simple Advice to a Chief Executive This activity requires you to advise a business’s Chief Executive...
Simple Advice to a Chief Executive This activity requires you to advise a business’s Chief Executive on how to maximise the profit figure reported in the business’s financial statements. The purpose is to illustrate how the generally accepted accounting conventions and principles, employed in preparing financial statements, impact on profit measurement. Food services business Peter Smith is the owner and Chief Executive of a business that provides food services. He believes that the business has considerable growth potential but needs...
5. (hand solution) Use the graphical approach of linear programming to solve this problem; draw a graph and identify the feasible region A business provides two services: A and B. Service A requires...
5. (hand solution) Use the graphical approach of linear programming to solve this problem; draw a graph and identify the feasible region A business provides two services: A and B. Service A requires 60 minutes to complete, costs $5 in material (ignore labor costs), and produces $3 in profit. Service B requires 60 minutes to complete, costs $12 in material (ignore labor costs), and produces $12 in profit. The total value of materials that can be kept on hand is...
Problem 3: Activity-Based Costing (20 points) University Student Cleanup provides housecleaning services to its clients (primarily...
Problem 3: Activity-Based Costing (20 points) University Student Cleanup provides housecleaning services to its clients (primarily university students). During its first year, USC had a simple business model where it charged its customers $24 per hour for services while paying its cleaning specialists $12 per hour. The owner simply assumed the 100% markup over hourly direct labor costs would be enough to cover all additional costs and make a good profit. Unfortunately, this did not tum out to be the...
please help 1. Mike K. provides consulting and tax preparation services to clients. Mike charges a...
please help
1. Mike K. provides consulting and tax preparation services to clients. Mike charges a fee of $100 per hour for each service and can devote a maximum of 4,000 hours annually to his clients. He reported the following revenues and expenses for 2014: $400,000 Revenue Expenses (all overhead): Secretarial support Supplies Computer costs Net income $84,000 72,000 48.000 $196,000 Being an accountant, Mike kept good records of the following data for 2014: Revenues Direct labour hours Tax Preparation...
Consumers Union is a nonprofit organization that provides information and counsel on consumer goods and services. A major part of its function is the testing of different brands of consumer products that are purchased on the open market and then the reporting of the results of the tests in Consumer Reports, a monthly publication. Examples of the types of products it tests are mid-sized automobiles, residential dehumidifiers, flat-screen TVs, and blue jeans. Read the requirements. Voluminious data More Info Complex...
Utility is the sense of pleasure or satisfaction derived from consuming goods and services the cost of acquiring goods and services the profit consumers earn from consuming goods and services the monetary value to consumers of good and services
Profit is a main goal in any business activity. To gain profit, i) total revenue, ii) total cost, and iii) number of demands, are some of the factors that might affect its value, as discussed in Chapter 2 of this course. There are some companies that offer their products / services for free to the customer, but still making a lot of profit from these products. These products are for example instant messaging applications such as WhatsApp, Telegram, or social...
A company that provides packing services has an activity-based costing system with three activity cost pools scheduling, packing boxes, and setting up machinery. The activity rates are S5.96 per appointment scheduled, $1.06 per box packed, and $20 per machine set-up. If a customer requires 2 scheduled service call(s) and has 106 boxes to pack, using 5 different machines, how much cost would be assigned to the job for the customer by the activity-based costing system? Select one: a. $124.28 b....
KC Services provides landscaping services in Edison. Kate Chen, the owner, is concerned about the recent losses the company has incurred and is considering dropping its lawn services, which she feels are marginal to the company's business. She estimates that doing so will result in lost revenues of $150,000 per year (including the lost tree business from customers who use the company for both services). The present manager will continue to supervise the tree services with no reduction in salary....
Transactions for the Sheldon Cooper Company, which provides welding services, for the month of June are presented below. Sheldon Cooper invests $4,000 cash in exchange for shares of common stock in a small welding business. Purchases equipment on account for $1.200. 3 $800 cash is paid to landlord for June rent. Bills P. Leonard $300 after completing welding work done on account June 1 2 12 Identify the accounts to be debited and credited for each transaction. Account Debited Account...
5. (hand solution) Use the graphical approach of linear programming to solve this problem; draw a graph and identify the feasible region A business provides two services: A and B. Service A requires 60 minutes to complete, costs $5 in material (ignore labor costs), and produces $3 in profit. Service B requires 60 minutes to complete, costs $12 in material (ignore labor costs), and produces $12 in profit. The total value of materials that can be kept on hand is...
Problem 3: Activity-Based Costing (20 points) University Student Cleanup provides housecleaning services to its clients (primarily university students). During its first year, USC had a simple business model where it charged its customers $24 per hour for services while paying its cleaning specialists $12 per hour. The owner simply assumed the 100% markup over hourly direct labor costs would be enough to cover all additional costs and make a good profit. Unfortunately, this did not tum out to be the...
please help
1. Mike K. provides consulting and tax preparation services to clients. Mike charges a fee of $100 per hour for each service and can devote a maximum of 4,000 hours annually to his clients. He reported the following revenues and expenses for 2014: $400,000 Revenue Expenses (all overhead): Secretarial support Supplies Computer costs Net income $84,000 72,000 48.000 $196,000 Being an accountant, Mike kept good records of the following data for 2014: Revenues Direct labour hours Tax Preparation...
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