sales is $72‚000. Calculate accounting profits and economic profits for Gomez’s pottery. Explicit costs: $37‚000 (= $12‚000 for the helper + $5‚000 of rent + $20‚000 of materials). Implicit costs: $22‚000 (= $4‚000 of forgone interest + $15‚000 of forgone salary + $3‚000 of entreprenuership). Accounting profit = $35‚000 (= $72‚000 of revenue - $37‚000 of explicit costs); Economic profit = $13‚000 (= $72‚000 - $37‚000 of explicit costs - $22‚000 of implicit costs). 8-4 (Key Question) Complete
Premium Economics of production Variable cost Costs
The basic accounting concepts have defined the conception of the preparation of financial statements and the process of preparation in the UK is well regulated. But financial accounting requires a fair amount of flexibility in some certain areas‚ so the need of judgements and estimations for accounts preparers is demand. Meanwhile it leaves a significant approach in accounting treatments. For example‚ when organizations decide which of several inventory valuation methods to utilize; managers make
Premium Generally Accepted Accounting Principles Balance sheet Financial statements
p. 93). Similar to any other industries‚ hospitality marketers are pressurized to measure the marketing performances and justify the effectiveness of marketing activities as well (Christodoulides & de Chernatony‚ 2010‚ p. 43). Brand equity measurement has become “part of a set of marketing performance indicators”. The analysis of brand equity and the way it is measured has a wide range of believers and practitioners that contribute the idea of “black box orientation” (Christodoulides & de
Premium Brand Brand management Branding
Ronald Coase noted‚“The cost of doing anything consists of the receipts that could have been obtained if that particular decision had not been taken.” For example‚ the opportunity set for this Friday night includes the movies‚ a concert‚ staying home and studying‚ staying home and watching television‚ inviting friends over‚ and so forth. The opportunity cost of taking job A included the forgone salary of $102‚000 plus the $5‚000 of intangibles from job B. Opportunity cost is the sacrifice of
Premium Costs Parking Variable cost
Legal‚ Safety‚ and Regulatory Requirements As a society we have many laws‚ and individuals departments that enforce those laws. There are criminal‚ civil‚ contract‚ family‚ constitutional‚ common‚ and labor laws‚ criminal law handles crime and civil law handles most of the other laws mention above. With labor laws handle by the U.S Department of Labor also known as DOL administers and enforces over 180 federal laws that are for just the workplace‚ and those laws are in place for the protection
Premium Employment Law Occupational safety and health
Level 3 Certificate in Assessing Vocational Achievement (QCF) Understanding the principles and requirements of assessment Assessment is an important factor within any field. It recognises the requirement for progression. It allows for standards within the profession to be regulated‚ so that from student to student‚ all requirements and achievements are the same. It also recognises any individual’s achievement and how they have progressed from past studies‚ and identifies any further training needs
Premium Education Educational psychology Psychology
REQUIREMENTS FOR GALLERY EXHIBITION AND DISPLAY In order for us to understand the requirements of gallery exhibition‚ the researcher first identified the types of exhibitions for a clear knowledge of what an exhibition actually entails. Types of exhibitions Commercial exhibitions; these are the kind of exhibitions intended to attract buyers and sell the displayed items. Non-commercial exhibitions; these are simply arranged for appreciation of talents and skills of the artist or designers. However
Free Light Lighting
State of the art technology Low maintenance Easy to handle Flexible use of options Communication to any system Comprehensive inventory information Characteristics Measuring range 0 - 27‚000 mm (0 - 88 ft) 0 - 37‚000 mm (0 - 121 ft) Accuracy Level ± 1 mm (± 0.04”) * Housing material Stainless Steel AISI 316 Cast aluminum Operating pressure up to 6 bar / 0.6 MPa (90 psi) up to 40 bar / 4 MPa (600 psi) Mounting 2” flange on tank roof 2“ flange on stilling well *) under reference conditions Enraf tank
Premium Measurement Density Inventory control system
7 Habits of an Effective People By Stephen R. Covey Independence or Self-Mastery Habit 1: Be Proactive Take initiative in life by realizing that your decisions (and how they align with life’s principles) are the primary determining factor for effectiveness in your life. Take responsibility for your choices and the consequences that follow. Habit 2: Begin with the End in Mind Self-discover and clarify your deeply important character values and life goals. Envision the ideal characteristics
Premium Stephen Covey The Seven Habits of Highly Effective People
Techniques & Measurements Observations from Procedures Data Table 1 – Length measurements Object|Length (cm)|Length (mm)| Band-Aid Canister|10.3 cm|103 mm| Fragrance Oil Bottle |7.3 cm|73 mm| Pill Bottle|7.1 cm|71 mm| Data Table 2 – Temperature measurements Hot water from tap(ºC )|Boiling water(ºC)|Boiling water – 5 minutes(ºC)| 52 ºC|99 ºC|100 ºC| Cold water from tap(ºC)|Ice water (ºC)|Ice water – 5 minutes (ºC)| 23 ºC|10 ºC|10 ºC| Data Table 3 – Volume measurements Test tube
Premium Density