Presented below is the trial balance of Novak Corporation at December 31, 2020. Debit Credit Cash $ 198,550 Sales $ 8,101,220 Debt Investments (trading) (at cost, $145,000) 154,220 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 300,550 Equity Investments (long-term) 278,550 Notes Payable (short-term) 91,220 Accounts Payable 456,220 Selling Expenses 2,001,220 Investment Revenue 64,400 Land 261,220 Buildings 1,041,550 Dividends Payable 137,550 Accrued Liabilities 97,220 Accounts Receivable 436,220 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 26,220 Administrative Expenses 901,400 Interest Expense 212,400 Inventory 598,550 Gain 81,400 Notes Payable (long-term) 901,550 Equipment 601,220 Bonds Payable 1,001,550 Accumulated Depreciation-Equipment 60,000 Franchises 160,000 Common Stock ($5 par) 1,001,220 Treasury Stock 192,220 Patents 195,000 Retained Earnings 79,550 Paid-in Capital in Excess of Par 81,550 Totals $12,332,870 $12,332,870 Prepare a balance sheet at December 31, 2020, for Novak Corporation. (Ignore income taxes)
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Suppose that Spain and Switzerland both produce beer and cheese. Spain's opportunity cost of producing a pound of cheese is 5 barrels of beer while Switzerland's opportunity cost of producing a pound of cheese is 10 barrels of beer. By comparing the opportunity cost of producing cheese in the two countries, you can tell that (Spain/Switzerland) has a comparative advantage in the production of cheese and (Spain/Switzerland) has a comparative advantage in the production of beer.
Suppose that Spain and Switzerland consider trading cheese and beer with each other. Spain can gain from specialization and trade as long as it receives more than (1, 1/10, 1/5, 5, 10) barrels of beer for each pound of cheese it exports to Switzerland. Similarly, Switzerland can gain from trade as long as it receives more than(1, 1/10, 1/5, 5, 10) pound of cheese for each barrel of beer it exports to Spain.
Based on your answer to the last question, which of the following prices of trade (that is, price of cheese in terms of beer) would allow both Switzerland and Spain to gain from trade? Check all that apply.
A. 6 barrels of beer per pound of cheese
B. 1 barrel of beer per pound of cheese
C. 7 barrels of beer per pound of cheese
D. 4 barrels of beer per pound of cheese
Spain has a proportional advantage in the production of cheese since it has to provide up only 5 barrels of beer for making one pound of cheese, although, Switzerland has to provide up 10 barrels of beer which is higher. Switzerland has a proportional advantage in the construction of beer since it has to give up 1/10th pound of cheese, although, Spain has to provide up 1/5th pound of cheese which is higher.
The price must be higher than the opportunity cost of the retailer and less than the prospect cost of the consumer. The terms of trade should lie among the prospect cost of the buyer and seller to be favorable to both.
More than 5 barrels.
More than 1/10th pound of cheese.
A and C.
Spain has a comparative advantage in cheese production and Switzerland in beer production. Spain gains from trade when it receives more than 5 barrels of beer per pound of cheese it exports, and Switzerland when it gets more than 1/10 pound of cheese per barrel of beer. From this, option A (6 barrels per pound) and C (7 barrels per pound) are both beneficial trade prices for both countries.
When we compare the opportunity cost of producing cheese in Spain and Switzerland, we can see that Spain has a comparative advantage in the production of cheese, and Switzerland in the production of beer. This is because Spain can produce cheese at a lower opportunity cost than Switzerland.
Regarding trade, Spain will gain from specialization and trade as long as it receives more than 5 barrels of beer for each pound of cheese it exports to Switzerland. For Switzerland, it will gain from trade as long as it receives more than 1/10 pound of cheese for each barrel of beer it exports to Spain.
Considering the above, the prices of trade that would allow both countries to gain from trade would be A. 6 barrels of beer per pound of cheese and C. 7 barrels of beer per pound of cheese. These prices are above the opportunity cost of cheese in Spain and below the opportunity cost of cheese in Switzerland, satisfying the needs of both parties.
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In the 1990s thousands of "dot-com" companies emerged with great fanfare to take advantage of the Internet and new information technologies. A few, like Google, eBay, and Amazon, have generally thrived and prospered, but many others struggled and eventually failed. Explain these varied outcomes in terms of how the market system answers the question "What goods and services will be produced?"
Check the explanation
Yahoo, eBay, and Amazon amid others companies that succeeded offered a large variety of goods and services, but the factor that differentiated them apart is the methods and creative technique the used in facilitating and fastracking the process of shopping these items.
When a shopper weighs the benefits alongside the costs, they will most of the time decide to shop on one of these eCommerce sites since the cost is so low, there are a lot of options available to shoppers, and they don’t need to check out numerous stores to find the precise product they want they want to buy.
Olive, the owner of Olive’s Orchard, contracts to sell its harvest to Pure Foods, Inc. Later Olive refuses to perform. Pure Foods files a suit to enforce the contract. Olive and Pure Foods are in a state that does not recognize the doctrine of unconscionability. To defend successfully against enforcement of the contract on similar grounds, Olive might rely on traditional notions of a. materiality. b. mistake. c. value. d. fraud.
From the question, we are informed about Olive, the owner of Olive’s Orchard, contracts to sell its harvest to Pure Foods, Inc. Later Olive refuses to perform. Pure Foods files a suit to enforce the contract. Olive and Pure Foods are in a state that does not recognize the doctrine of unconscionability. To defend successfully against enforcement of the contract on similar grounds,. In this case, Olive might rely on traditional notions of a fraud. Fraud can be regarded as an act of deception which is intentional to deprive those that fall for it their legal right. It is activities that gives the perpetrator an unlawful gain or to deny a victim their right. It is carried out by people to get financial or personal gain in an unlawful manner. Some types of fraud that are common are are tax fraud, bankruptcy fraud. as well as credit card fraud,
A furniture factory produced 1600 standard chairs in eight days. If the factory employed five workers, what was the labor productivity, in chairs per worker per day? A. 40 B. 100 C. 5O D.20 E. 80
Calculation for what was the labor productivity, in chairs per worker per day
Using this formula
Labor productivity per day =Company Per day output/ Number of labor
Let plug in the formula
Labor productivity per day= 1600/8 days×5 workers
Labor productivity per day=1,600/40
Labor productivity per day= 40
Therefore the Labor productivity per day will be 40
Suppose demand for a product is highly elastic. What will likely happen to a company's total revenue if it raises the price of that product?a. total revenue will riseb. total revenue will fallc. total revenue will remain the samed. total revenue will fluctuate
The correct answer is b. Total revenue will fall.
The equation for the price elasticity of demand (PED) is ε =
where Q represents the quantity, P represents the price and d represents variation.
If the demand for a product is highly elastic, mathematically it means that the PED in absolute value is greater than 1.
|ε| > ⇒ |ε| > 1
Economically that means that the quantity demanded of that product will decrease more than proportionally to the increase in price of that same product. In other words, the company will experience that a increase in price of its product raises the revenue for each unit sold, but given that the PED is highly elastice an increase in price reduces the number of units actually sold to the extent the company's total revenue actually falls.
Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the US tax rate schedule)Required:a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income?b. What is his marginal rate if, instead, he had $40,000 of additional deductions?
Marginal tax rate is an incremental tax rate that is paid out of the taxable income of a tax payer. It represents the rate at which the last unit of dollar of the taxable income is taxed. The marginal rate for each income bracket is supplied by the Internal Revenue Service (IRS).
Chuck Marginal Tax Rate
a) The marginal tax rate for Chuck if he earns additional $40,000 taxable income will be:
= $75,000 + $40,000
Marginal tax rate for $115,000 is 24% according IRS tax rate schedule.
b) If instead, it is an additional deduction of $40,0000, the marginal tax rate will be:
= $75,000 - $40,000
The marginal tax rate for taxable income of $35,000 is 12% according US tax rate schedule.
Note: the interest is categorized as interest from municipal bond, so it is tax free.
It is also assumed that Chuck is single. Hence, tax rate under single filer applies to him.
Based on IRS tiers, if Chuck earns an extra $40,000 his marginal tax rate would be 24%. If he instead had a $40,000 tax deduction, his rate would drop to 12%. These rates depend on the specific tax year.
The marginal tax rate for Chuck's income bracket of $75,000 is 22% based on IRS tax rates. However, if Chuck earns an additional $40,000, it would bump his total taxable income to $115,000, placing him in the 24% tax bracket. Therefore, his marginal tax rate for the additional $40,000 is 24%.
If instead Chuck had $40,000 of additional deductions, this would reduce his taxable income to $35,000. According to the IRS tax rates, this puts him at the 12% tax bracket. Therefore, his marginal tax rate with the additional deductions is 12%.
Please note that these rates are specific to the current tax year and subject to change.