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
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Running head: ACCOUNTING CYCLE PAPER Accounting Cycle Paper ACC/421 Intermediate Financial Accounting I University of Phoenix January 10‚ 2011 Accounting Cycle Paper When making decisions‚ businesses must provide and be able to gather relevant and accurate financial information. Being able to gather and understand this information helps companies make the best informed decisions for business operations‚ which can only benefit the company. When it comes to gathering the information
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Samantha Manley Mr. Worley History 120 20‚ June 2013 Chapter 4 TWWL Response Paper When I hear the word puritan‚ I think of perfect families‚ with perfect children‚ who live together in a harmonious‚ yet extremely strict atmosphere. In all honesty‚ I wanted to know the actual definition. When I googled puritan‚ I found a few different meanings. The one that is easiest for me to understand came from “The free dictionary.com. It says‚ “Scrupulous moral rigor‚ especially hostility to social pleasures
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AC202 Managerial Accounting Unit 1 exam (Chapters 13-17) Multiple choice (each question is worth 5 points) 1. When preparing an income statement‚ which of the following is the proper order for income statement components? a. Comprehensive income‚ Other comprehensive income items‚ irregular items‚ Net income b. Net income‚ irregular items‚ Comprehensive income‚ Other comprehensive income items c. Irregular items‚ Net income‚ Other comprehensive income items‚ Comprehensive income d. Irregular
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My initial thought of China was that it was going to be over crowed and everything would be uncomfortable do. I imagined every city to be like pictures people show the pictures of crowded streets and packed cars. It was quite the opposite. Yes it was crowed in some places‚ but there were a lot of beautiful‚ peaceful and magnificent places we visited. We visited 6 cities Beijing‚ Tianjin‚ Suzhou‚ Hangzhou Wuxi‚ and Shanghai. All of the cities were unique in their own ways and I learned things traveling
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Introduction What was your firm’s marketing strategy? How would you rate your performance (less than 1 page)? Cheetah Corp. as many other corporations has a customer oriented marketing focus is on customer needs and satisfaction. Cheetah Corp. caters to the needs and requirements of the existing and future customers‚ and uses resources to gather new consumers. Each time we opened to other markets‚ we created content and published to give information about our new computers and services to potential
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Significance of the passage (6 pts): The quote I have chosen to discuss reflects a negative aspect of Odysseus. Despite his many heroic traits such as being courageous‚ cunning‚ persistent‚ quick on his feet‚ etc.‚ he possesses a trait that could’ve cost him and his crew their lives; being egotistical. Odysseus’s rather large ego was responsible for hindering him and his crew from going home. His cockiness is what kept the story going and lengthening his journey. His encounter with Polyphemus displayed
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The necessity of the conflicts My second revelation is that conflict is necessary for a stronger team. Before going through the leadership course‚ I thought that conflict was a disaster‚ and conflict meant that there were factors that caused disharmony in the team. In my previous point of view‚ conflicts hurt the relationship between team members. I thought the less discord in teams would lead to more success. So‚ when my colleagues and I had different opinions in a discussion‚ if we could not reach
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tried out for this organization was during sixth grade‚ and I had been rejected. However‚ this time‚ I was more confident. I came to school‚ and I immediately started walking toward my locker‚ which was near the ASB room. As I was walking‚ I saw a paper messily taped to the dark blue door of the ASB room. I was certain it had to be the list of people who made ASB. Nervousness started creeping up my spine like a snake; however‚ I was wrong. It wasn’t a so-called “cut” list; it was just the schedule
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Chapter -1 Multiple Choice Questions 21. Which of the following is not one of the three basic activities of a manager? A) Planning B) Controlling C) Directing and motivating D) Compiling management accounting reports Answer: D Level: Easy LO: 2 22. The delegation of decision making to lower levels in an organization is known as: A) the planning and control cycle. B) controlling. C) decentralization
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