For the sale of goods to a customer the cost of goods sold is debited and finished goods inventory is credited.
Cost of goods sold is the amount (total) your business paid as a cost directly related to sale of products. Business may include products that are purchased for resale purposes or it could incur direct cost of producing products that is known as cost of goods sold.
When goods are sold to any customer, the cost of goods sold is debited and with the same value the finished goods inventory is credited.
For example, a company sells $2,000 worth of goods to a customer, and the sales price is $2,200. The customer pays by cash the full value of the goods. The journal entry would be:
Account Debit Credit
Cash $2,200
Sales Revenue $2,200
Cost of Goods Sold $2,000
Finished Goods Inventory $2,000
A debit to cost of goods sold represents an increase in the expenses that are deducted from revenues to get the gross profit and net income for the period.
A credit to finished goods inventory depicts a decrease in the cost of inventories that are available for sale, reported under total assets.
You can learn more about cost of good sold at
https://brainly.com/question/24561653
#SPJ4
The dupont equation shows the relationships among asset management, debt management, and __________ ratios.
The Dupont Equation shows the relationships among asset management, debt management, and Liquidity ratios.
Liquidity ratios are a significant class of monetary measurements used to decide an indebted person's capacity to take care of current obligation commitments without raising outside capital.
Normal liquidity ratio incorporates the quick ratio, current ratio, and days deals extraordinary.
Liquidity is the capacity to change over assets into cash rapidly and inexpensively.
Assets Management is the act of expanding total wealth after some time by obtaining, keeping up with, and exchanging speculations that can fill in esteem.
Debt Management is a method for fixing your obligation through monetary preparation and planning.
To learn more about Liquidity Ratios.
https://brainly.com/question/15395374
#SPJ4
Other economists contend that the problem is not the degree of protection afforded workers but rather the manner in which the protection is:_________
The concept of equal protection states that no one should be denied the same level of protection from a government's laws. A person must be treated equally by the state's governing authority to others who are in comparable situations.
Analysis of Equal Protection
An individual has the right to file a lawsuit against a governmental body for relief when they believe that the federal or state governments have infringed their constitutional equal rights.
The person must first establish that the governing body genuinely discriminated against them, depending on the sort of discrimination claimed. The plaintiff must demonstrate that the governing body's action actually caused the individual injury.
To know more about Equal Protection, visit : https://brainly.com/question/1600110
#SPJ4
Staples offers quality customer service and its own brand of products to establish a:________
Staples offers quality customer service and its own brand of products to establish a competitive advantage.
What are the pillars of excellent customer service?The top suppliers base their companies on the following five pillars:
a) Putting people ahead of systems.
b) Paying attention to customers.
c) Caring and going above and above.
d) Employees who feel empowered.
Essentially, the three key components of good customer service "P"s are professionalism, patience, and a people-first mindset. Although every consumer has different expectations, as long as you abide by these rules.
You must welcome consumers and speak to them in a way that is natural and appropriate for the given circumstance if you want to develop strong customer connections. Demonstrate to them that you are aware of their demands.
To know more about Customer Service, visit: https://brainly.com/question/28417930
#SPJ4
Harvey decides to spend an hour playing basketball rather than studying. her opportunity cost is:_________
Instead of studying, Harvey chooses to play basketball for an hour. She hasn't missed any chances.
What do you mean by "lost opportunity"?
the benefit that you would forfeit if you choose another course of action. also known as the cost of opportunity. The missed opportunity may occasionally be calculated using the lost contribution margin (sales minus the related variable costs).
What factors make opportunity cost important?
We may select the best option from all the available options by using the idea of opportunity cost. It helps us use all of the resources at our disposal in the most intelligent and efficient ways possible in order to maximize financial rewards.
To know more about opportunity cost.
https://brainly.com/question/1549591
#SPJ4
The skills a student learns while studying are transferable to many careers.
OA. True
OB.False
Transferable skills are the skills that a person can use and carry from one job to the next job. The skills a student learns while studying are transferable to many careers. This statement is TRUE.
What are Transferable skills?
Competencies that a person can utilize and carry from one profession to another are known as transferable skills. They consist of teamwork, organization, punctuality, flexibility, and communication skills.
An increasing number of organizations are looking for candidates with strong transferable skills to join their technical team. Candidates with transferable skills are quick and independent. Giving students the knowledge and skills that are applicable outside of the classroom will thereby position them for higher job success.
Candidates for any position should think about how valuable transferable skills are to their employers. These less tangible skills, which are inextricably linked to a profession, aid a candidate in demonstrating his level of education.
To know more about Transferable skills refer:
https://brainly.com/question/1233807
#SPJ9
The slope value is always the same at every point on a budget line but can be different at various points on a production possibilities frontier.
a. true
b. false
The slope value can vary at different places along a production possibilities frontier, but it is always the same at every point along a budget line.is True.
meaning
In mathematics, slope, also known as gradient, is a term used to describe the steepness and direction of a line or a segment of a line that connects two points. It is typically represented by the symbol m. The absolute value of a line's slope, m, is typically used to determine how steep it is. The line becomes steeper as the value increases. Based on the sign and value of m, one can deduce the direction of the line that m describes:
to know more about slope value
https://brainly.com/question/3493733
#SPJ4
Occasionally, _________________ may lead to pure monopoly; in other market conditions, they may limit competition _________________ . group of answer choices
Occasionally, barriers to entry may lead to pure monopoly; in other market conditions, they may limit competition to a few oligopoly firms
Do barriers to entry exist in a pure monopoly?Due to entrance restrictions that deter prospective rivals, firms acquire monopolistic power. Barriers to entry, or conditions that make it difficult or impossible for potential competitors to participate in the market, give monopolies their market strength.
The four main elements of monopoly are: (1) a single business controlling the entire output of a market; (2) a distinctive product; (3) barriers to admission and departure from the industry; and, frequently (4) specialised knowledge about production methods that are not available to other potential producers.
Learn more about monopoly refer
https://brainly.com/question/13276400
#SPJ4
Suppose+you+invest+$2500+in+a+savings+account+that+earns+12%+per+year.+how+much+will+be+in+the+account+in+10+years?
Suppose someone invests $2,500 in a bank account with a given rate of interest while satisfying the conditions given above, the final amount at the end of the given period will be $5,500.
What is the significance of interest?Interest can be referred to or considered as the amount received as a part of deposits kept with a financial institution for a given period of time. The interest rate is fixed at the time of deposit being made.
The calculation of amount received from given interest rate and other information will be,
Amount = Principal (1 + interest rate x time)
Amount = 2500 (1 + 1.2)
Amount = $5,500
Therefore, the significance regarding interest rate has been aforementioned.
Learn more about interest here:
https://brainly.com/question/13324776
#SPJ4
In a dbr system, the mechanism that controls the rate at which the bottleneck dictates the throughput of the entire plant is called the.
In a DBR system, the mechanism that controls the speed at which the bottleneck dictates the throughput of the entire plant is called the rope.
the DBR system also referred to as the Drum- Buffer -Rope is the theory of constraints organizing process mainly focused on increasing flow by leveraging and identifying the system constraints.It was used in Dr. Goldratt's The Goal to narrate a story of a plant manager. Here the drum is that the constraint, and therefore the capacity constrained resource, which limits the output, whereas the buffer out here is that the measure in time, is that the measure for the amount of work done in time, where the quantity of work is controlled by the rope. The Rope is that the way we control the release of the work , if the constraints set the pace, the drum beat for the full operation, after whihc the work is released at the speed so the constraints can consume it, which in simple words are often said the Rope buffers drum.
To know more about the DBR system refer to the link brainly.com/question/28239895.
#SPJ4
Supply is defined as the _____ over a particular time period at various prices, holding all other relevant factors constant.
Supply is defined as the maximum amount of a product that sellers are willing and able to provide sale over some time period at various prices, holding all other relevant factors constant.
What is supply?Supply is the total amount of goods or services that a seller or producer is willing and able to sell at various prices. In line with the law of supply, it is expected that there would be a positive relationship between price and supply.
This means that as price increases, the supply increases. When price declines, the supply decreases. This is the reason why the supply curve slopes upward.
Here is the complete question:
Supply is defined as: al the minimum amount of a product that sellers are willing and able to provide a) for sale over some time period at various prices, holding all other relevant factors constant. the minimum amount of a product that buyers are willing and able to purchase over some time period at various prices, holding all other relevant factors constant. the maximum amount of a product that buyers are willing and able to purchase over some time period at various prices, holding all other relevant factors constant. the maximum amount of a product that sellers are willing and able to provide d) for sale over some time period at various prices, holding all other relevant factors constant.
To learn more about supply, please check: https://brainly.com/question/13296654
#SPJ1
Mike and ike set up a real estate company in tampa. mike, ike, and spike each own a portion of the stock. mike & ike realty is a legal entity of its own. mike is involved in a ______.
Mike and ike set up a real estate company in Tampa. mike, like, and spike each own a portion of the stock. Mike & like realty is a legal entity of its own. Mike is involved in a Corporation.
This is further explained below.
What is Corporation?Generally, A corporation is a kind of commercial entity that is owned by its shareholders, who then vote for and choose a board of directors to manage and govern the operations of the company.
The shareholders are not personally responsible for the corporation's behavior or financial situation when it comes to the firm.
In conclusion, Mike and Ike started their own real estate business in the Tampa area. Mike, like, and spike each have a share of ownership in the company. mike & like realty is its own separate entity in the eyes of the law. Mike is a member of a Corporation in some capacity.
Read more about Corporation
https://brainly.com/question/28097453
#SPJ1
Which grand strategy is more likely to support long-term deployments of american troops overseas?
a. isolationism
b. offshore balancing
c. selective engagement
Grand strategy is more likely to support long-term deployments of American troops overseas selective engagement, Therefore, the correct option is C
What is Grand Strategy?
Grand strategy, also known as high strategy, is a state's plan on how to employ resources to further and realise national interests. The choice of the principal versus secondary theatres of war, the allocation of resources among the various services, the broad sorts of armaments manufacturing to prioritise, and which international alliances best serve national interests are examples of grand strategy issues. Grand strategy, which has a great deal in common with foreign policy, is largely concerned with how a policy will affect the military. Grand strategy is often directed by the political elite of a nation with advice from the highest ranking military personnel. The creation of a country's grand plan may take several years or even several generations. While the idea that only big powers can have grand plans predominates the grand strategy literature, some academics contend that medium powers and even small states can have grand strategies.
To learn more about Grand Strategy
https://brainly.com/question/13448200
#SPJ4
If the contribution margin ratio is 50%, target operating income is $30,000, and the sales revenue needed to achieve the target operating income is $300,000, what are total fixed expenses?
If the target operating income is $30,000, the contribution margin ratio is 50%, and $300,000 in sales revenue is required to reach the target operating income.
S- VC= CM - FC = P
.52(300,000) - FC = $30,000
150,000 - FC = $30,000
120,000 FC (150 000 - 30,000) represents the total fixed costs.
Defined Fixed Expenses
Making accurate financial budgets with the aid of cost and expense calculations.
Any expense that is constant throughout time, such as rent or mortgage payments, utility bills, and loan payments, is referred to as a fixed expense. Although the amounts may vary slightly—as with utilities—you are aware that they are regularly due.
to know more about fixed expenses
https://brainly.com/question/8225307
#SPJ4
During the vote for their leader, how do the boys view each of the following boys? what important leadership qualities do each of the three boys possess?
Leadership Qualities.- Integrity, Delegation, Communication, Self-Awareness
What is Leadership?
An individual, group, or organization's capacity to "lead," influence, or direct other people, teams, or entire organisations is referred to as leadership, both as a scientific field and as a practical talent. It's common to see "leadership" portrayed as a contentious term. Expert literature debates many points of view on the subject, occasionally contrasting Eastern and Western theories of leadership as well as (within the West) North American and European theories. Leadership is "a process of social influence in according to academic environments in the United in which a person might enlist the cooperation and support of others in the fulfilment of a common and ethical aim. Leadership is essentially defined as a powerful relationship in which the influence of one party (the "leader") encourages movement or change in others. Those who support the complex nature of leadership, which is present at all levels of institutions in both formal and informal roles, have contested the more conventional managerial views of leadership (which portray leadership as something that one individual possesses or owns due to their role or authority).
To learn more about Leadership
https://brainly.com/question/12522775
#SPJ4
What are the steps needed to reformulate a traditional balance sheet to calculate invested capital?
According to the Question,
The invested capital is not provided by a typical balance sheet, thus it must be reformed in the manner shown below.
Add up every asset, including current and fixed assets as well as intangibles.Subtract operational obligationsThe invested capital is the net balance. The formula Assets = Liabilities + Equity serves as the foundation for the conventional income statement model. Long-term and short-term liabilities make up the liabilities.Alternatively,
To obtain net working capital, add current assets and subtract operational liabilities.Include intangibles and other fixed assets.The entire amount is invested capital.To Learn more about Invested Capital, Click the links.
https://brainly.com/question/13529977
https://brainly.com/question/9982574
#SPJ4
A ______ is a product or service that adds value to the original product offering.
A product or service that adds value to original product offering is known as complement. The correct answer to this question is complement good or service
The usage of complement goods is directly related to another linked or associated good or a paired good, i.e We can say two goods are complementary to each other. Complement goods are also called complementary goods as they are usually used or consumed together with other goods.
Complimentary service is a service that comes with a product for support. They are the services that are offered in addition to any business's service and help the customer in using that service.
Complementary goods must have relationship (functional) with other goods. Therefore, these products are also often referred to as paired goods. These goods add value to other goods and cannot be used without each other.
Therefore, Complementary products or services are those products or services that add value to the original product.
You can learn more about complementary goods at
https://brainly.com/question/1338465
#SPJ4
Suppose there is an early freeze in california that reduces the size of the lemon crop. What happens to consumer surplus in the market for lemons?.
The market for lemons will experience a decline in consumer excess.
Two fundamental economic theories are combined in the law of supply and demand to explain how changes in the price of a resource, good, or service impact its supply and demand.
Demand declines when the price rises, but supply increases. On the other hand, as the price drops, supply becomes limited and demand rises.
On a graph, levels of supply and demand for various prices can be represented as curves. These curves overlap at the equilibrium, or market-clearing price, where supply and demand are equal. This intersection symbolizes the process of price discovery in the market.
Learn more about supply and demand https://brainly.com/question/13353440
#SPJ4
An advantage that bureaucrats in federal government have over the president in the policymaking process is that bureaucrats.
The correct answer is option 3. They usually have a continuity of service in the executive branch that the President lacks.
The federal bureaucracy is the creation of Congress and the president. However, agencies autonomously set policy and exercise power. They legislate through rulemaking, carry out their missions through implementation, and resolve conflicts by listening to grievances, pursuing cases, and making decisions.
When formulating policies, bureaucrats have one major advantage over the president: They typically have a continuity of service in the Executive branch that the President does not.
The modern bureaucracy has several benefits, including:
It is relatively shielded from the whims of the President, and many of its bureaucrats are not appointed by politicians.The majority of bureaucrats are experts in their fields.There are fewer bureaucrats per person in the United States than in other industrialized countries.Red tape is unbiased and might possibly assist maintain fairness.Read more about Bureaucracy:
https://brainly.com/question/28661392
#SPJ4
An advantage that bureaucrats in the federal government have over the President in the policymaking process is that bureaucrats
1. control the budgetary process
2. have an independence from the President that is guaranteed by the Constitution
3. usually have a continuity of service in the executive branch that the President lacks
5. have better access to the media than the President
firms 1 and 2 compete in a cournot duopoly. if firm 2 adopts a strategy that raises firm 1's marginal cost, multiple choice firm 1 will increase its output. firm 1 will not increase its output nor enjoy higher profits nor will firm 2 lose market share. firm 1 will enjoy higher profits. firm 2 will lose market share.
Firm 1 will reduce its output.
Cournot duopoly is also known as Cournot competition
It is a model of imperfect competition in which two firms with identical cost functions compete with homogeneous products in a static setting.
It was created by Antoine A. Cournot in his “Researches Into the Mathematical principles of the Theory of Wealth” in 1838. Cournot duopoly represented the making of the study of oligopolies, particularly the duopolies, and it also expanded the analysis of market structures which, until then concentrated on the extremes of it as perfect competition and monopolies.
To know more about cournot duopoly here:
https://brainly.com/question/13181237
#SPJ4
Initially a prepayment for items such as rent or insurance are recorded as assets and later are recorded as a(n):________
Initially a prepayment for items such as rent or insurance are recorded as assets and later are recorded as a in the period the benefit expires.
What Justifies Prepaid Expenses as Assets?Because they are payments made in advance by a company in exchange for future delivery of products or services, prepaid expenses are seen as current assets. Typically, prepaid expenses involve the acquisition of an item that will benefit the organization over a number of accounting periods, such as rent or insurance (often six months or a year). Due to the fact that it indicates a future benefit owed to the company, the business records prepaid expenses as assets on the balance sheet. Amounts are expensed to the income statement as the asset's value declines over time as the benefits of the good or service are realized.
To know more about " Prepaid Expenses ", visit : https://brainly.com/question/27961230
#SPJ4
The settlement date between the options clearing coporation and the clearing firm for otpions transactions is?
The settlement date between the Options Clearing Corporation and a clearing member is one business from the trade date for options transactions.
What do you mean of trade?
Trade means to the exchange of goods or services between economic sectors. Though transactions are consensual, trade is generally recognize to profit both parties. In finance, trading generally means to the purchase and sale of securities or other assets.
How trade is important?
Trade is central to ending global poverty. Countries that are open to international trade tend to grow better, innovate, enhance productivity and provide higher income and more opportunities to their people. Open trade also provide lower-income households by providing consumers more affordable goods and services.
Learn more about trade:
brainly.com/question/17727564
#SPJ4
An enterprise resource planning system integrates all functions of the enterprise. true false
It is a true statement that the enterprise Resource Planning system integrates all business processes and functions into a single software system, using a single database.
What is an enterprise resource planning system?
This system involves the processes that are essential to running a business, including inventory and order management, accounting, human resources, customer relationship management etc. At its most basic level, the enterprise resource planning system software integrates these various functions into one complete system to streamline processes and information across the entire organization.
The ERP system components are:
FinancialsHuman resourcesProcurement and logisticsProduct development and manufacturingSales and servicesAnalyticsRead more about ERP system
brainly.com/question/14635097
#SPJ1
Answer: True
Explanation:
The potential for gains from the rearrangement of production among countries is due to.
The potential for gains from the rearrangement of production among countries is due to Diffrering opportunity Costs.
What is Diffrering opportunity Costs?
The cash flow in price formation is the value or benefit forfeited by choosing one work over another. It simply implies that by choosing one profession, you are discontinuing the opportunity to pursue another.
Therefore,
The potential for gains from the rearrangement of production among countries is due to Diffrering opportunity Costs.
To learn more about differering opportunity cost from the given link:
https://brainly.com/question/3611557
#SPJ4
What discusses how established companies can take advantage of disruptive technologies without hindering existing relationships with customers, partners, and stakeholders?
The innovator's dilemma discusses how established companies can take advantage of disruptive technologies without hindering existing relationships with customers, partners, and stakeholders.
What is innovator's dilemma?Clayton Christensen, a Harvard professor and entrepreneur, is best known for his 1997 book The Innovator's Dilemma: When New Technologies Cause Great Firms to Fail. It develops the idea of disruptive technologies, which he first used in the article Disruptive Technologies: Catching the Wave from 1995.
It describes how large incumbent companies lose market share by paying attention to their customers and offering products that seem to be of the highest value, whereas new companies that serve low-value customers with underdeveloped technology can improve that technology gradually until it is good enough to quickly take market share from established businesses.
To avoid being surprised and surpassed by upstart competitors, Christensen advises established organizations to create lean, agile departments that try to duplicate this phenomenon within.
Learn more about Innovator's Dilemma
https://brainly.com/question/17191575
#SPJ4
Suppose the value of income elasticity of demand for a private college education is equal to 1.5. this means that?
Answer:
Home »Questions »Economics » Macro Economics » Aggregate Expenditure Model » microeconomics
microeconomics
1 answer below »
suppose the value of income elasticity of demand for a private collage education is equal to 1.5 this means that a. every 1$ increase in income provides an incentive for a $1.50 increase in expenditures on private college education. b. every $1.50 increase in income provides an incentive for a $1 increase in expenditures on private college education. c. a 10% increase in income causes a 15% increase in the quantity of private college education purchased d. a 15% increase in income causes a 10% increase in the quantity of private college education purchased e. a 10% decrease in private college tuition will have a large enough income effect to increase spending on private college education by 15%
A greater focus on underlying customer needs than on existing customer wants leads to marketing myopia.
a. true
b. false
The statement is FALSE. A greater focus on underlying customer needs than on existing customer wants WON'T lead to marketing myopia.
When the management "ignores" (not focus on) underlying consumer needs and concentrate exclusively on existing wants, marketers are described as having marketing myopia. Marketing myopia can also result from just concentrating only on the company's products.
The management should prioritize increasing the effectiveness of production and distribution. One of the earliest selling orientations is this idea and in some circumstances, this production philosophy is still very helpful to this day.
The majority of marketing strategies place a strong emphasis on product quality and improvement. Marketing myopia, on the other hand, might result from concentrating solely on items.
Find out what the main problem that sellers suffering from marketing myopia face is: https://brainly.com/question/8451223
#SPJ4
Days is the only time unit a firm can use to measure inventory in terms of supply. True or false
Days are the only time unit a company can use to measure inventory in terms of supply. false
Which process metric is equal to days of supply?The Inventory Days of Supply metric is an efficiency ratio that's usually understood as Days in Inventory, the Inventory Period, or Days Inventory Outstanding. It is used to measure the intermediate time – in days – it takes for a business to sell its entire inventory.
Inventory days of collection refer to an efficiency ratio measuring the average amount of time in days that a firm or warehouse keeps inventory before selling or shipping it.
To learn more about Inventory Days of Supply visit the link
https://brainly.com/question/26554023
#SPJ4
governments and nonprofit entities are similar in many ways. which of the following statements is not true?
The statement is true. Governments and nonprofit entities are similar in some ways.
Government organization surpass government and have a service motive. Where as Non-profit organization even have service motive to produce best servicers to each people. These both organization have a transparent no profit motive. Similarities in both the organizations are
Neither governments nor nonprofit entities have a profit motive. Both governments and nonprofit entities provide services. Both governments and nonprofit entities assess taxes. Both governments and nonprofit entities often report restricted resources.Therefor the statement is true that government and Non-profit organizations are similar in some ways.
Learn more about Non-profit organization.
https://brainly.com/question/26476622
#SPJ4
Suppose+you+inherited+$275,000+and+invested+it+at+8.25%+per+year.+how+much+could+you+withdraw+at+the+end+of+each+of+the+next+20+years?
At the end of each year $28,532.3 can be withdrawn.
Amount Inherited = $275,000 (Given)
Time = 20 years (Given)
Rate of interest = 8.25% = .0825 (Given)
Therefore, Formula of present value is
Present Value = P ((1-(1+R)`-n) / r)
Substituting the values -
275,000 = P ((1-(1+.0825)`-20) /.0825)
275,000 × 0825 = P (1-(1/1.0825)`20)
22687.50 = P ((1.0825^20 - 1) / (1.0825`20))
22687.50 = P (4.8816-1 / 4.8816)
22687.5 = P (3.8816 / 4.8816)
PV = 22687.5 × (4.8816 / 3.8816)
PV = 28,532.3
Here P denotes present value
R denotes the rate of interest
as well as n is denoted as no. of years
To know more about present value here:
https://brainly.com/question/17322936
#SPJ4
What kind of economic system has the same wages for workers regardless of individual productivity?
Command and socialist economic system has the same wages for workers regardless of individual productivity.
Command economic system has majority of the production factors which are are held by the government. The economy is managed by central planners. A historical example is the manor life in mediaeval Europe. Land and security were given by the manor lords. According to the orders of the lords, the vassals performed tasks as servants or soldiers. The government controls production, prices, and distribution in the contemporary command economy.
Socialist system has the majority of the production factors, including land and capital goods, are owned and under the jurisdiction of the state. Additionally, the state uses central planning. The state maintains centralised control over the production of products and services, as well as their prices and distribution. In a nation with a strictly socialist economic system, people will struggle to launch a firm.
To learn more about Command economic system, refer this link.
https://brainly.com/question/1362251
#SPJ4