Homework Answers
Explicit cost is the cost incurred for direct and indirect expenses in the production.. Implicit cost is basically the opportunity cost incurred during production.
She uses business account to buy cleaning supplies - explicit cost
She uses her own car to travel to the clients. she does not receive any payments for that use from her business. - implicit cost
She uses her own business account to buy gas to power the car.- explicit cost
She uses her own money to buy or prepare lunch that she eats during her working hours. - no cost
She uses a line of credit at a local bank to finance her business expenditures. her business pays monthly interest to the bank for the use of credit line. - explicit cost
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JI-US ITILUUUCLIUI IU IVICIUCCULTUMC Milany S3 I all 03-F19R / Costs of Production / HW10: Costs...
Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and...
Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and what type of cost) in each of the following cases! • She uses her business account to pay employee wages: • She quit another job to run the business and decided not alary to save on expenses: explicit cost She uses her own savings to finance her business expen implicit cost borrowing money and paying interest to the bank: not a cost She uses...
9. Opportunity costs can be: • Explicit, if they are out of pocket expenses (in cash...
9. Opportunity costs can be: • Explicit, if they are out of pocket expenses (in cash or in kind). • Implicit, if they are not a disbursement, but they arise as a result of the value of your time or any other alternative us that you may have made out of the resource. For example, the cost from taking time off from work to go to the dentist are an implicit cost Gary has his own business driving clients to...
Chapter 8: Business Costs and Production e 252-255, 262 8.1. How are profits and losses calculated?...
Chapter 8: Business Costs and Production e 252-255, 262 8.1. How are profits and losses calculated? Carolina used to work as a teacher, and she would make $4,000 a month. She now owns and runs Carolina's Cupcake Shoppe. In the month of April this year, Carolina spent $1,100 on ingredients (eggs, flour, sugar, etc.) and $400 on utilities (electricity, water, etc.). Her labor costs were $3,000. She owns and uses a storefront for her shop that she previously rented out...
HANDOUT ABOUT PRODUCTION -CH Z Note: An explicit cost is a cost paid in money. An...
HANDOUT ABOUT PRODUCTION -CH Z Note: An explicit cost is a cost paid in money. An implicit cost is an opportunity cost incurred by a firm when it uses a factor of production for which it does not make a direct money payment Normal profit is the return to entrepreneurship. The normal profit is part of a firm's opportunity cost because it is the cost of persuading the entrepreneur of not running another business. Chapter 7 Handout. Question 2: In...
Question 4 Joan and Henry have been married for years. Joan wants to buy and car,and she's not sure she wants Henry to co-own the car with her so she buys it alone (and is the only person l...
Question 4 Joan and Henry have been married for years. Joan wants to buy and car,and she's not sure she wants Henry to co-own the car with her so she buys it alone (and is the only person listed on the titel.If Joan is planning t divorce Henry after she purchases this car, what rule of property ownership would she want to see if her state holds? OTangible Property O Tenants in Common O Joint Tenants Community Property estion 5...
Before last year, Ellie (Luke's wife) taught music and earned $30,400. She also earned $9,600 by...
Before last year, Ellie (Luke's wife) taught music and earned $30,400. She also earned $9,600 by renting out their basement as a studio apartment. Ellie saves every month. At the end of a typical year she would have saved a total of 10% from her wages and the income earned from the basement for the entire year, and earned a total of 0.5% in interest (for the entire year). At the beginning of last year, Ellie stopped teaching music. She...
Please explain all answers. I missed one class for the whole chapter and have a test...
Please explain all answers. I missed one class for the whole
chapter and have a test today. Thank you in advance.
Julia had a deductible capuary lon of $10.000 in Year 1. Ner taxable income for Yer 1 w S55,000. In Year 2, Martha was reimburned $7,000 for the carually loss How much incone mus Julia report in Year 2 for the reimbunement? a$-0 b53,000 $7,000 d $10,000 Marshaa mamied and owns her own basisss Sbe uses the canh recelp...
18. The client has income under all of the following situations except: (A) Your client gets...
18. The client has income under all of the following situations except: (A) Your client gets a free gift (FMV $100) for hosting a "party". The people at the party are sold Tupperware and other kitchen gadgets. (B) Your client is a doctor and she is paid by a local group of doctors $10,000 not to open up a practice in Delaware county, PA. (C) Your client builds a car from spare parts he found for free in a junkyard....
i need help creating a post Cynthia Sanchez • 3 23h Accounting Equation Elements and Journal...
i need help creating a post
Cynthia Sanchez • 3 23h Accounting Equation Elements and Journal Entries Create a post about the accounting equation, elements and effects on elements through a increase or decrease Requirement 1: Place your name in the post title, Requirement 2: State the accounting equation and which accounting element or elements the post will concentrate on Requirement 3: Give an example of a journal entry and specify effect on each element. Please Note: You do not...
Paul J. and Judy L. Vance are married and file a joint return. Paul is self- employed as a dentist, and Judy is a college professor. Paul and Judy have two children. The oldest is Vince who lives at h...
Paul J. and Judy L. Vance are married and file a joint return. Paul is self- employed as a dentist, and Judy is a college professor. Paul and Judy have two children. The oldest is Vince who lives at home. Vince is a law student at the University of Cincinnati and worked part-time during the year, earning $1,500, which he spent for his own support. Paul and Judy provided $6,000 toward Vince’s support. Jennifer is the youngest and lived in...
Sarah owns and runs a house cleaning business. Indicate whether her business incurs a cost (and what type of cost) in each of the following cases! • She uses her business account to pay employee wages: • She quit another job to run the business and decided not alary to save on expenses: explicit cost She uses her own savings to finance her business expen implicit cost borrowing money and paying interest to the bank: not a cost She uses...
Chapter 8: Business Costs and Production e 252-255, 262 8.1. How are profits and losses calculated? Carolina used to work as a teacher, and she would make $4,000 a month. She now owns and runs Carolina's Cupcake Shoppe. In the month of April this year, Carolina spent $1,100 on ingredients (eggs, flour, sugar, etc.) and $400 on utilities (electricity, water, etc.). Her labor costs were $3,000. She owns and uses a storefront for her shop that she previously rented out...
HANDOUT ABOUT PRODUCTION -CH Z Note: An explicit cost is a cost paid in money. An implicit cost is an opportunity cost incurred by a firm when it uses a factor of production for which it does not make a direct money payment Normal profit is the return to entrepreneurship. The normal profit is part of a firm's opportunity cost because it is the cost of persuading the entrepreneur of not running another business. Chapter 7 Handout. Question 2: In...
Question 4 Joan and Henry have been married for years. Joan wants to buy and car,and she's not sure she wants Henry to co-own the car with her so she buys it alone (and is the only person listed on the titel.If Joan is planning t divorce Henry after she purchases this car, what rule of property ownership would she want to see if her state holds? OTangible Property O Tenants in Common O Joint Tenants Community Property estion 5...
Please explain all answers. I missed one class for the whole
chapter and have a test today. Thank you in advance.
Julia had a deductible capuary lon of $10.000 in Year 1. Ner taxable income for Yer 1 w S55,000. In Year 2, Martha was reimburned $7,000 for the carually loss How much incone mus Julia report in Year 2 for the reimbunement? a$-0 b53,000 $7,000 d $10,000 Marshaa mamied and owns her own basisss Sbe uses the canh recelp...
18. The client has income under all of the following situations except: (A) Your client gets a free gift (FMV $100) for hosting a "party". The people at the party are sold Tupperware and other kitchen gadgets. (B) Your client is a doctor and she is paid by a local group of doctors $10,000 not to open up a practice in Delaware county, PA. (C) Your client builds a car from spare parts he found for free in a junkyard....
i need help creating a post
Cynthia Sanchez • 3 23h Accounting Equation Elements and Journal Entries Create a post about the accounting equation, elements and effects on elements through a increase or decrease Requirement 1: Place your name in the post title, Requirement 2: State the accounting equation and which accounting element or elements the post will concentrate on Requirement 3: Give an example of a journal entry and specify effect on each element. Please Note: You do not...
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