As two largest firms have a market share of 30% each, and the remaining 10 firms share the rest of the market, the 4-firm concentration ratio for this industry is 60%.
The 4-firm concentration ratio is calculated by summing the market shares of the four largest firms in an industry. In this case, we have two firms with a market share of 30% each and 10 firms with the remaining market share.
4-firm concentration ratio = market share of the largest firm + market share of the second-largest firm + market share of the third-largest firm + market share of the fourth-largest firm
Since there are only two firms with a market share in this case, the calculation would be:
4-firm concentration ratio = market share of the largest firm + market share of the second-largest firm
4-firm concentration ratio = 30% + 30%
4-firm concentration ratio = 60%
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Suppose you invest semiannually for 25 years in an annuity that pays 5% interest, compounded semiannually. At the end of the 25 years, you have $500,000. How much of this total is interest
The total interest earned on the annuity is $243,548.50
What is annuity?
An annuity is a situation where the same amount is invested periodically, in this an amount is invested every six months for 25 years.
The $500,000 is the future value of the annuity , which means we can determine semiannual payment using the future value formula provided below:
FV=semiannual payment*(1+r)^N-1/r
FV=future value=$500,000
semiannual payment=unknown(assume it is X)
r=semiannual interest rate=5%/2=0.025
N=number of semiannual payments in 25 years=25*2=50
$500,000=X*(1+0.025)^50-1/0.025
$500,000=X*(1.025)^50-1/0.025
$500,000=X*(3.43710871970354-1)/0.025
$500,000=X*2.43710871970354/0.025
$500,000=X*97.48434878814160
X=$500,000/97.48434878814160
X=$5,129.03
Total interest=future value-total invested
total invested=semiannual payment*50
total invested=$5,129.03*50
total invested=$256,451.50
total interest=$500,000-$256,451.50
total interest=$243,548.50
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S21: Tracing Algorithms Activity Page 1 of 4 128 points possible 1. A woman invests $200 on January 1 for each of three years in a fixed income bond that pays interest of 8 per cent per annum, the interest being added to her account at the end of each year. The following algorithm gives the total value of her investment after the three-year peri
Algorithms are simply used as prototypes or guide of an actual program
Trace the algorithmThe complete question is added as an attachment
The variables in the algorithm are
Variables I and A
Where A represents the initial amount invested, I represents the number of years
So, the trace of the algorithm is:
Initialize A to 0Iterate with I from 0 to 3Add 200 to AMultiply A by 1.08Print A after the iterationsHow the algorithm can be amendedFrom the question, the amendment of the algorithm is to print the investment after each year.
To do this, we simply include the print statement inside the loop statement
So, we have:
A = 0
FOR I = 0 TO 3
A = A + 200
A = 1.08 * A
PRINT A
NEXT I
Modify the algorithmThe modified algorithm is as follows:
A = 0
INPUT P
INPUT N
FOR I = 0 TO N
A = A + P
A = 1.08 * A
NEXT I
PRINT A
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in the theory of percect competition the assumption of easy entry into and exit from the market implies
In the theory of perfect competition, the assumption of easy entry into and exit from the market implies zero economic profits in the long run.
What Is Perfect Competition?The term perfect competition refers to a theoretical market structure. In a perfect competition model, there are no monopolies.
This kind of structure has a number of key characteristics, including:
All firms sell an identical product (the product is a commodity or homogeneous).All firms are price takers (they cannot influence the market price of their products).Market share has no influence on prices.Buyers have complete or perfect information (in the past, present, and future) about the product being sold and the prices charged by each firm.Capital resources and labor are perfectly mobile.Firms can enter or exit the market without cost.There are five assumptions in the perfectly competitive model of markets:
Goods are identical, rival, and excludable.Buyers and sellers have sufficiently information to make informed decisions.There are no external effects; and two others. List the two other assumptions and discuss their significance in a sentence or two.Everyone is a price taker.There is free entry and exit.The price taking assumption implies the demand perceived by a seller is perfectly elastic. That is, they can sell as much or as little as they want without affecting the market price. Also, when the firm is a price taker, the profit maximizing rule: MR = MC, can be written P = MC since price equal marginal revenue in perfect competition. The market output where price equals marginal cost is the level the level of output where the sum of consumer and producer surplus is maximized.
The free entry and exit assumption insures economic profits are zero in the long-run and more importantly, resources are perfectly mobile in response to a change in demand or supply conditions.
If demand for a good increases, for example, firms will experience short-run profits, which will induce an expansion of the industry. The increased supply lowers price until profits are zero for the typical supplier.
Therefore, we can conclude that the correct option is C.
Your question is incomplete, but most probably your full question was:
In the theory of perfect competition, the assumption of easy entry into and exit from the market implies
a. positive economic profits in the long run.
b. losses in the long-run equilibrium.
c. zero economic profits in the long run.
d. zero economic profits in both the short run and the long run.
e. positive economic profits in both the short run and the long run.
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What will be required for service providers to compete in the future?
Maintaining close relationships with the suppliers will be required for service providers to compete in the future.
A business that offers both consumers and businesses web access is known as an Internet service provider (ISP).
Additionally, ISPs might offer services like email, domain registration, web hosting, and browsers.
A provider of information services, storage services, Internet network service providers (INSPs), or a combination of all of them, is referred to as an ISP.
The use of the internet has changed from being restricted to people with government or academic accounts to almost everyone having access, whether it be for a fee or for free.
Hence, Maintaining close relationships with the suppliers will be required for service providers to compete in the future.
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Stephen Chemical produces chemicals that are sold to consumer product manufacturerers, such as Procter and Gamble, as raw materials in the manufacturing processes to create shampoos and detergents. Stephan's chemicals are known as ______________ products.
Stephen Chemical produces chemicals that are sold to consumer product manufacturers, such as Procter and Gamble, as raw materials in the manufacturing processes to create shampoos and detergents. Stephan's chemicals are known as Business products.
What are Business Products?Business products are goods and services that businesses buy to run their operations or to manufacture their own goods. Business products are categorized differently than consumer goods because they are used rather than based on consumer purchasing patterns.Business products, in other words, are the things and services that people wish to purchase in order to outfit their homes, operate their own enterprises, sate their needs for supplies in their churches, schools, stadiums, and factories, as well as to generally keep the world moving ahead.The provision of raw materials, which are directly extracted from the environment, marks the start of the manufacturing process.Raw materials, machinery, accessories, supplies, and commercial services are a few examples of business products. Companies utilize business software to assist essential company operations.To learn more about Business Products refer to:
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On January 1, Year 1, Raven Limo Service, Inc. paid $64,000 cash to purchase a limousine. The limo was expected to have a six year useful life and a $10,000 salvage value. On January 1, Year 5 the limo was sold for $30,000 cash. Assuming Raven uses straight-line depreciation, the Company would recognize a
Assuming Raven uses straight-line depreciation, the Company would recognize a $2,000 gain.
What is straight-line depreciation?The simplest way to determine depreciation over time is through straight-line depreciation. According to this strategy, an asset's value is reduced by the same amount for each year that it is in use.
Depreciation formula:(Depreciation expense per year = (Cost of the asset - Salvage value) ÷ Useful life.
The given data is -
The cost of asses is given as $64,000.
The salvage value is given as $10,000.
The sole price is $30,000.
Calculation for the depreciation-
Depreciation expense per year = ($64,000 Cost - $10,000 Salvage) ÷ (6 Year life)
Depreciation expense per year = $9,000
Accumulated depreciation on January 1, Year 5 = ($9,000 per year) × (4 years)
Accumulated depreciation on January 1, Year 5 = $36,000.
Book value = $64,000 Cost - $36,000 Accumulated depreciation
= $28,000
Gain on sale = $30,000 Sales price - $28,000 Book value
= $2,000)
Therefore, the gain on the scale is $2,000.
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The cash operating cycle for a merchandiser begins with cash purchases of merchandise and ends with _____.
The cash operating cycle for a merchandiser begins with cash purchases of merchandise and ends with receipt of cash.
What is a merchandise?Any form of items, including those used for personal or professional purposes, as well as goods sold to the general public (retail) or other enterprises, are referred to as merchandise (wholesale). 'Freebies', or promotional things like the bespoke drink bottles in this example that are given away or not charged for, can also be referred to as merchandise. Calendars, magnets, wall art, stationery, greeting cards, textiles, badges, and a wide variety of other goods may be included in this category. A T-shirt with a slogan or logo that a political party distributes to voters during an election campaign or a calendar with a logo that a supplier offers its clients at the end of each year are two examples of freebie products.Buying merchandise can be done with cash or on credit. The accounts involved in the transaction are the purchases account and the cash account if goods are paid for in cash. It debits the purchases account and credits the cash account.
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Differentiate perimeter controls from internal controls. Give examples. What controls constitute a defense in depth strategy? explain. How are security controls tested and verified?
Internal controls are used to protect the assets of the company internally, generally by preventing manipulation, false accounting or in general fraudulent activities of the employees.
Preventative controls are those controls which are set in place to prevent overall fraudulent attempts or to minimize the chances of dishonest efforts from being happen in any organization.
Example is when the fraud is prevented when two or more employees in a company are performing accounting tasks.
A layered approach of overall security including both the preventive as well as internal controls constitutes a defense in depth strategy.
Security controls are tested and verified through the defense in depth strategy.
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The total return on a stock is equal to the: Group of answer choices dividend divided by the sum of the dividend yield and capital gains yield. dividend yield minus the capital gains yield. dividend yield plus the dividend growth rate. dividend growth rate minus the dividend yield. growth rate of the dividends.
C) Dividend yield plus the dividend growth rate.
What Is Capital Gains Yield (CGY)?The increase in a security's price, like that of common stock, is referred to as a capital gains yield. The CGY for common stock holdings is calculated by dividing the increase in stock price by the original cost of the investment.
Since only the following elements are required, calculating capital gains yield is straightforward:
The security's initial purchase costThe cost of the security right nowIn spite of this, the idea excludes any income from the investment.Learn more about the Capital Gains Yield (CGY) with the help of the given link:
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Mr. Smith, the special education teacher, called Tim's parents to schedule a meeting to update information on Tim's progress on his IEP and to set goals for the upcoming year. This type of meeting is called a/an:
Answer:
b
Explanation:
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A higher residual value will result in a(n)____depreciation expense per year and a(n) net income.
A higher residual value will result in a lower depreciation expense per year and a higher net income.
Income is an opportunity for consumption and savings that a company earns within a specific time frame and is usually expressed in monetary terms. Income is difficult to define conceptually, and definitions vary by region.
The term "income" generally refers to the transfer of money, property, and other values received over a period of time in exchange for a service or product. There is no single standard definition. Income is defined according to the context in which the concept is used.
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Less popular open source products are not likely to attract the community of users and contributors necessary to help improve these products over time. This situation reiterates the belief that _____ are a key to success.
Less popular open source products are not likely to attract the community of users and contributors necessary to help improve these products over time. This situation reiterates the belief that network effects are a key to success.
What are Network Effects?The phenomenon known as the "network effect" describes how more individuals using a commodity or service results in a rise in value. An illustration of the network effect is the internet.Since the internet was first only useful to the military and a small number of researchers, there weren't many users.However, as more people had access to the internet, more material, information, and services were created by users.More people were drawn to connect and transact business with one another as a result of website development and enhancement. A network effect resulted from the internet offering more value as traffic increased.know more about Network effects
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Joyce is an accountant. Sarah, her hair stylist, cuts and perms her hair in exchange for having her taxes done. This is an example of an economic transaction that is NOT included in the national income and product accounts.
Joyce is an accountant. Sarah, her hair stylist, cuts and perms her hair in exchange for having her taxes done. This is an example of an economic transaction that is NOT included in the national income and product accounts. The given statement is true.
A transaction is a commercial enterprise event that has a financial impact on an entity's economic statements and is recorded as access in its accounting facts. Examples of transactions are as follows: Paying a supplier for services rendered or goods delivered.
Something transacted specifically an alternate or transfer of goods, offerings, or price range digital transactions. b transactions plural the frequently published document of the meeting of a society or association. 2a: an act, procedure, or example of transacting.
A cash transaction is the instant charge of coins for the purchase of an asset. a few marketplace stock transactions are taken into consideration coins transactions although the change might not accept a few days.
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If a monopoly firm suddenly lost its barriers to entry and faced new competition, yet consumers thought that the former monopoly’s products were somewhat different than its new competitors, then?
If a monopoly firm suddenly lost its barriers to entry and faced new competition, yet consumers thought that the former monopoly’s products were somewhat different than its new competitors, then the industry has probably become a monopolistically competitive industry.
As given that the former monopoly’s products were somewhat different than its new competitors, thus it is clear that supernormal profits in the case of the monopoly has attracted various other firms in the market. Thus product differentiation has led to the entry of new firms in the market and the industry has probably become a monopolistically competitive industry. Also free entry and free exit are also indicative of the monopolistically competitive industry
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True or false? when a goal is not met, a manager should assume that employees were not performing to their utmost potential.
When a goal is not met, a manager should assume that employees were not performing to their utmost potential is a false statement.
The management of a corporation sets organizational goals as strategic objectives to describe expected results and direct employees' efforts.
Employees are prone to making blunders when their expectations are unclear. Here, communication and clarity are crucial.
Employees won't ask for assistance or clarification and will instead try to assume what management and the business expect them to do if duties and expectations are unclear and open and encouraged lines of communication.
Employees cannot read minds, so before employing someone, make sure you have a clear understanding of both the position they will play in the organization as well as how management will assess their performance and value to the business.
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The horizontal axis of the aggregate demand and aggregate supply model measures the overall.
The horizontal axis of the aggregate demand and aggregate supply model measures the overall quantity of output. Aggregate supply, or real GDP, is the entire amount of product that businesses will generate and sell. Positive association between price level and real GDP in short run is demonstrated by upward-sloping aggregate supply curve.
Upward slope of aggregate supply curve results from incentive to increase output when price level of outputs rises while price level of inputs remains constant. Relationship between amount of total spending in economy and the price level for products is depicted by the aggregate demand curve's downward slope.
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Ased interest rates will shift the aggregate demand curve to the _____ and _____ output demanded.
As interest rates will shift the aggregate demand curve to the left and decrease output demanded.
The interest rate is the amount that the lender charges the borrower and is the principal - a percentage of the loan amount. Loan interest rates are usually quoted on an annual basis known as the annual rate (APR).
Interest rate shows the exact amount of interest a person earns or pays on a loan. For example, a $100 loan with a nominal interest rate of 6% accrues interest of $6 ($100 X 0.06). The interest rate stays the same no matter how much you borrow. Even if the loan increases to $1,000, the borrower still pays 6%.
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Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Buy $15,000 worth of manufacturing supplies on credit 2. Purchase equipment for $48,000 in cash 3. Receive payment of $13,000 owed by a customer 4. Issue $70,000 in stock 5. Borrow $65,000 from a bank 6. Pay $5,000 owed to a supplier 7. Purchase equipment for $42,000 in cash What is the net change in Total Liabilities
1. An evaluation of the following transactions' effect on assets, liabilities, and equity is as follows:
Assets = Liabilities + Equity
+$15,000 +$15,000 + $0 $0 $0 +$70,000 +$0 + $70,000 +$65,000 +$65,000 -$5,000 -$5,000 $0Total $145,000 = $75,000 + $70,0002. The net change in total liabilities is $75,000 (a reduction of $5,000).
Transaction Analysis:Raw Materials Inventory $15,000 Accounts Payable $15,000Equipment $48,000 Cash $48,000Cash $13,000 Accounts Receivable $13,000Cash $70,000 Common stock $70,000Cash $65,000 Bank Payable $65,000Accounts Payable $5,000 Cash $5,000Equipment $42,000 Cash $42,000Total Liabilities:Accounts Payable $15,000
Bank Payable $65,000
Accounts Payable ($5,000)
Net change = $75,000
Thus, the evaluation shows that with each transaction, the assets are always equal to liabilities and equity.
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The Net change in Total Liabilities is $75,000.
Net change in Total Liabilities1. Buy $15,000 worth of manufacturing supplies on credit
Assets increase by $15,000Liabilities increase by $15,000No effect on equity2. Purchase equipment for $48,000 in cash
No effect on assetNo effect on liabilityNo effect on equity3. Receive payment of $13,000 owed by a customer
No effect on assetNo effect on liabilityNo effect on equity4. Issue $70,000 in stock
Assets increase by $70,000No effect on liabilityEquity increases by $70,0005. Borrow $65,000 from a bank
Assets increase by $65,000Liabilities increase by $65,000No effect on equity6. Pay $5,000 owed to a supplier
Assets decrease by $5,000Liabilities decrease by $5,000No effect on equity6. Purchase equipment for $42,000 in cash
No effect on assetNo effect on liabilityNo effect on equityNet change in Liabilities:
Net change in liabilities =$15,000 +$65,000 -$5,000
Net change in liabilities= $75,000
Therefore the Net change in Total Liabilities is $75,000.
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Geraldine Fadsi's job in the entertainment industry is to bring together entertainers and organizations looking to hire entertainers. Fadsi is paid a commission, usually by the entertainer. Fadsi is acting as a: Group of answer choices marketer distribution captain distributor merchant wholesaler agent
Geraldine Fadsi's job in the entertainment industry is to bring together entertainers and organizations looking to hire entertainers. Fadsi is paid a commission, usually by the entertainer. Fadsi is acting as an agent
Who is called an agent?
In the language of the law, someone who has been given the authority to act on behalf of another person or entity is referred to as an agent. To represent a client in discussions and other interactions with third parties, an agent may be hired.
What is the duty of agent?
The agent owes the principal a responsibility to act in the principal's best interests while acting within the scope of the agent's authority whenever the agent is designated to arrange or negotiate a transaction on the principal's behalf.
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Social Security payments, welfare payments, and veterans' payments that the government makes directly to households are called government public payments.
Social Security payments, welfare payments, and veterans' payments that the government makes directly to households are called government public transfer payments.
What are public transfer payments and what purpose do they serve?
A payment paid without any expectation of receiving current or future goods or services in exchange. Welfare payments, unemployment insurance benefits, and Social Security benefits are examples of government transfer payments. Taxes are regarded as transfers.
In what two ways does the government give out transfer payments?
Transfer payments are not included in the GDP calculation since they are not intended to compensate for economic production. Instead, transfer payments are viewed as income redistribution. Welfare programs and social insurance programs are two important categories of transfer payments
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Gross earnings for the pay period are $100,000. Required payroll deductions are: Social Security $6,700; Medicare $1,450; Federal Income tax $18,000 and State income tax $3,850. What is the net pay to employees
The net pay to employees is $70,000.
What is the net pay?The net pay to employees is the difference between the gross earnings and the total deductions.
Data and Calculations:Gross earnings = $100,000
Deductions:
Social Security $6,700
Medicare $1,450
Federal Income tax $18,000
State income tax $3,850
Total deductions 30,000
Net pay = $70,000
Thus, the net pay to employees is $70,000.
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Phlex Plastic has a very strong set of corporate values. In fact, Phlex has been known to discourage the emergence of alternative values. Phlex is most likely:
Phlex Plastic has a very strong set of corporate values. In fact, Phlex has been known to discourage the emergence of alternative values. Phlex is most likely to show Monoculturalism.
What is Monoculturalism?Monoculturalism is the practice of encouraging, promoting, or facilitating the manifestation of a single social or ethnic group's culture.It usually results from dominant group members believing that their cultural practices are superior to those of minority groups and is related to the idea of ethnocentrism, which entails evaluating another culture using the norms and standards of one's own culture.It might also entail the assimilation process, in which other ethnic groups are required to accept the traditions and culture of the dominant ethnic group.Sometimes, monoculturalism takes the form of actively preserving a nation's native culture by excluding outside influences, as opposed to the oppression of many ethnic groups within a given civilization. Examples of this type of monoculturalism include Japan, South Korea, and North Korea. However, less deliberate variables like geographic isolation, historical ethnic homogeneity, or political isolation might also be to blame. Due to their residents' shared ancestry, culture, and low immigration rates, some European nations, such as Italy, Portugal, Poland, and the Northern European countries, are still essentially monocultural.Know more about monoculturalism https://brainly.com/question/8142710
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who is ymca's target market?
who are ymca's end-users?
who are ymca's donors?
YMCA's target market is women.
YMCA's end-users are people of all ages.
YMCA's donors can be anyone.
A global youth organization with over 64 million beneficiaries in 120 countries, the YMCA (also referred to as the Y in certain regions) is headquartered in Geneva, Switzerland.
The Y not only offers fitness facilities to strengthen your body and mind, but it also gives you peace of mind by offering the best childcare available. The growth and development of your child's mental, physical, and emotional well-being can be significantly influenced by the correct childcare programs.
In 1844, a farmer-turned-department store employee and his pals met in industrial London to form the first YMCA, a haven for young men seeking safety from the dangers of the streets.
Yes, we are aware that the YMCA audience consists primarily of women between the ages of 35 and 55 who enjoy visiting the shore and who are interested in SUVs (example of X YMCA).
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A sales contract explicitly excludes some rose bushes from the sale. This provision is necessary because the rose bushes are ordinarily considered to be
A sales contract explicitly excludes some rose bushes from the sale. This provision is necessary because the rose bushes are ordinarily considered to be real state.
Plants and trees that grow on the ground are considered equipment included in the sale of real estate because they are connected to the ground by roots. However, the seller had the right to remove these rose bushes. The rose bush was quite large, but it was still in a large pot.
Real estate consists of land and everything that is permanently attached to the land. As with legal rights to land. Land ownership includes not only the surface of the earth but also the area from the surface to the center of the earth and the area from the surface to infinity.
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What are the conditions that would indicate to the management of a firm that they should switch from traditional costing to activity-based costing?
When the accuracy of the traditional costing system is not good then management takes up activity based costing.
Activity-based costing is a more precise approach of costing products and services, resulting in more accurate price decisions. It raises managers' knowledge of overheads and cost drivers, and it draws attention to costly and non-value-added processes, allowing them to be decreased or eliminated.
Traditional costing is best employed when a company's overhead is modest in comparison to the direct expenses of production.
Traditional costing techniques are less accurate than that of activity-based costing systems. This is because they provide a more precise analysis of the indirect expenditures. The ABC systems, on the other hand, are more difficult and expensive to deploy.
Therefore, the answer is inaccurate results lead to use of activity based costing method by the management.
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Assume that the government places a $4 tax on each slice of cheesecake and that the new equilibrium price is $9. What is Regina's consumer surplus from cheesecake
Regina's consumer surplus from cheesecake is $1.
How to calculate Consumer Surplus?Consumer surplus = 1/2 x Demand at equilibrium x (Maximum price the buyer is willing to pay)
Without tax:
Regina is willing to pay = $8 - $5 equilibrium price = $3
With taxes:
Regina is willing to pay $8 - $7 equilibrium price = $1
What is consumer surplus?Consumers' surplus is a measure of consumer welfare and is defined as the excess of social valuation of product over the price actually paid. It is measured by the area of a triangle below a demand curve and above the observed price.
t is positive when what the consumer is willing to pay for the commodity is greater than the actual price. Consumer surplus is infinite when the demand curve is inelastic and zero in case of a perfectly elastic demand curve.
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In the opening case of target's erp implementation, what were the bad managerial decisions made that led to a failed outcome?
There can be many bad managerial decisions that led to failed outcomes.
What were the bad managerial decisions made that led to a failed outcome?
The top management decided to pursue a quick and aggressive implementation schedule.To predict the sales demand in Canada, mid-managers populated the ERP system with benchmark data from US operations.The system's auto-replenishment feature is disabled by store managers because there are insufficient checks and balances.What is the critical issue in ERP implementation?
To benefit from an ERP solution, a significant amount of change must be carefully managed after an ERP implementation. Top management's commitment, process reengineering, the ERP's integration with other business information systems, the choice and management of consultants and employees, and employee training on the new system are crucial factors that must be carefully taken into account to ensure successful implementation.
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Which of the following has limited liability for its owners, but passes income through to its investors and avoids double taxation
The one that has limited liability for its owners, but passes income through to its investors and avoids double taxation is option C. S Corporation. Read below about S Corporation.
What is S Corporation?A variation on the standard corporation model is the S corporation. An S corporation passes its income through to its owners, so that the entity itself does not pay income taxes. The owners report the income on their tax returns, thereby avoiding the double taxation that arises in a regular C corporation.
Therefore, the correct answer is as given above
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The complete question goes thus:
Which of the following has limited liability for its owners, but passes income through to its investors and avoids double taxation
A. C Corporation
B. Partnership
C. S Corporation
D. Types of Business Entities
Investors seeking a diversified, professional manged portoio of escurities can purchase shares of:_____.
A) preferred stock.
B) convertible securities.
C) insurance policies.
D) unit trust.
Investors seeking a diversified, professionally managed portfolio of securities can purchase shares of insurance policies.
An insurance policy is a contract between an insurance company and a policyholder that sets out the claims that the insurance company is legally obligated to pay. In exchange for the first payment, called the premium, the insurance company promises to pay for the losses caused by the risks covered by the contract language.
An insurance contract is a legal contract between an insurance company (insurer) and an insured person, company, or entity (insured person). By reading the policy, you can ensure that it meets your needs and that you understand the insurance company's responsibilities in the event of a claim.
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A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $62; Second purchase $69; Third purchase $60. If the company sold two units for a total of $212 and used FIFO costing, the gross profit for the period would be
The gross profit for the period would be $81.
What is FIFO?According to the accounting principle known as first in, first out (FIFO), assets that are bought or acquired first are also the first to be sold. According to FIFO, the inventory still on hand is made up of products that were bought last.
Given that, the company made the first purchase at $62; second purchase at $69, and third purchase at $60.The company sold two units for a total of $212 and used FIFO costing.
Cost price of first two items = $62 + $69
= $131
The company sold two units at $212
Gross profit = $212 - $131
= $81
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