QUESTION 1 - Scenario: Assume the marginal revenue product, MRP, for minority workers is given by MRP = 40 − 5Nm , where Nm is the number of minority workers. The market wage for minorities is $5/hr. Discriminating firms devalue the contributions of minorities at a rate of$5/hr (i.e., d=5).
How many minority workers do non-discriminating firms hire? Supply integer value in your answer.
QUESTION 2 - Stay with scenario in Q1. What is the profit level of non-discriminating firm at their chosen quantity demanded of minority workers? Supply the answer rounded to the nearest tenth decimal point (e.g. 20.5).
QUESTION 3 - Stay with scenario in Q1. How many minority workers do discriminating firms hire? Supply an integer answer.
QUESTION 4 - Stay with scenario in Q1. What is the profit level of discriminating firm at their chosen quantity demanded of minority workers? Supply an integer value.
In: Economics
Elisa and Clyde operate a retail sports memorabilia shop. For the current year, sales revenue is $55,000 and expenses are as follows:
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Elisa and Clyde pay $8,000 in wages to Boyd, a part-time employee. Because this amount is $1,000 below the minimum wage, Boyd threatens to file a complaint with the appropriate Federal agency. Although Elisa and Clyde pay no attention to Boyd's threat, Chelsie (Elisa's mother) gives Boyd a check for $1,000 for the disputed wages. Both Elisa and Clyde ridicule Chelsie for wasting money when they learn what she has done. The retail shop is the only source of income for Elisa and Clyde.
a. Calculate Elisa and Clyde's AGI.
$
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To be deductible, an expense must be incurred for the taxpayer's benefit or arise from the taxpayer's obligation. An individual cannot claim a tax deduction for the payment of the expenses of another individual. There is one exception.
b. Can Chelsie deduct the $1,000 payment on her tax return?
No
The obligation is that of Elisa and Clyde since it is related to their business.
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Correct
c. Assume instead that Chelsie makes a gift of the $1,000 to Elisa and Clyde and they pay the $1,000 to Boyd.
Can Elisa and Clyde deduct the $1,000 as part of the wage expense?
Yes
Can Chelsie (Elisa's mother) deduct the $1,000 payment to Boyd on her tax return?
No
In: Accounting
In: Accounting
| The following data refer to Laredo Luggage Company for the year 20x2: |
| Sales revenue | $ | 1,000,000 |
| Work-in-process inventory, December 31 | 30,000 | |
| Work-in-process inventory, January 1 | 36,000 | |
| Selling and administrative expenses | 150,000 | |
| Income tax expense | 80,000 | |
| Purchases of raw material | 160,000 | |
| Raw-material inventory, December 31 | 25,000 | |
| Raw-material inventory, January 1 | 40,000 | |
| Direct labor | 200,000 | |
| Utilities: plant | 40,000 | |
| Depreciation: plant and equipment | 50,000 | |
| Finished-goods inventory, December 31 | 50,000 | |
| Finished-goods inventory, January 1 | 10,000 | |
| Indirect material used | 10,000 | |
| Indirect labor | 9,000 | |
| Other manufacturing overhead | 60,000 | |
41.
Required information
| 1. | Prepare Laredo Luggage’s schedule of cost of goods manufactured for the year. |
rev: 06_08_2015_QC_CS-17166
42.
Required information
| 2. | Prepare Laredo Luggage’s schedule of cost of goods sold for the year. |
43.
Required information
| 3. | Prepare Laredo Luggage’s income statement for the year. |
In: Accounting
The owner of Showtime Movie Theaters, Inc., would like to predict weekly gross revenue as a function of advertising expenditures. Historical data for a sample of eight weeks follow.
| Weekly Gross Revenue ($1,000s) |
Television Advertising ($1,000s) |
Newspaper Advertising ($1,000s) |
|---|---|---|
| 96 | 5.0 | 1.5 |
| 90 | 2.0 | 2.0 |
| 95 | 4.0 | 1.5 |
| 92 | 2.5 | 2.5 |
| 95 | 3.0 | 3.3 |
| 94 | 3.5 | 2.3 |
| 94 | 2.5 | 4.2 |
| 94 | 3.0 | 2.5 |
(a)
Develop an estimated regression equation with the amount of television advertising as the independent variable. (Round your numerical values to two decimal places. Let x1 represent the amount of television advertising in $1,000s and y represent the weekly gross revenue in $1,000s.)
ŷ =
(b)
Develop an estimated regression equation with both television advertising and newspaper advertising as the independent variables. (Round your numerical values to two decimal places. Let x1 represent the amount of television advertising in $1,000s, x2 represent the amount of newspaper advertising in $1,000s, and y represent the weekly gross revenue in $1,000s.)
ŷ =
In: Statistics and Probability
| The following data refer to Laredo Luggage Company for the year 20x2: |
| Sales revenue | $ | 950,000 |
| Work-in-process inventory, December 31 | 30,000 | |
| Work-in-process inventory, January 1 | 36,000 | |
| Selling and administrative expenses | 150,000 | |
| Income tax expense | 90,000 | |
| Purchases of raw material | 170,000 | |
| Raw-material inventory, December 31 | 25,000 | |
| Raw-material inventory, January 1 | 20,000 | |
| Direct labor | 190,000 | |
| Utilities: plant | 40,000 | |
| Depreciation: plant and equipment | 40,000 | |
| Finished-goods inventory, December 31 | 50,000 | |
| Finished-goods inventory, January 1 | 15,000 | |
| Indirect material used | 10,000 | |
| Indirect labor | 12,000 | |
| Other manufacturing overhead | 80,000 | |
1. Prepare Laredo Luggage’s schedule of cost of goods manufactured for the year
2. Prepare Laredo Luggage’s schedule of cost of goods sold for the year
3. Prepare Laredo Luggage’s income statement for the year.
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In: Accounting
The three types of revenue sources you will cover are the following:
For each of the revenue sources, you must do the following:
In: Operations Management
WEEK 6: RESPONSIBILITY ACCOUNTING
What is a cost center? A revenue center? A profit center? An investment center? Please explain in the context of your own business or industry, if possible.
In: Accounting
In: Accounting
In: Accounting