On April 1, 2015, Paxton Corporation acquired all of the outstanding voting common stock of Stanley Company and Stanley will remain a separate corporation. Stanley's year-end is December 31. How should the assets and liabilities of Stanley be reported on the consolidated financial statements when Stanley is combined with Paxton on April 1, 2015

Answers

Answer 1

Answer: At fair values at the April 1, 2015 date of the acquisition.

Explanation:

From the question, we are informed that Paxton Corporation acquired all of the outstanding voting common stock of Stanley Company and Stanley will remain a separate corporation. Stanley's year-end is December 31.

Based on the above scenario, the assets and the liabilities of Stanley should be reported on the consolidated financial statements when Stanley is combined with Paxton on April 1, 2015 at fair values at the April 1, 2015 date of the acquisition.

The fair value is the value of a good or asset gotten when an unbiased estimate of the good or asset's potential market price is taken.


Related Questions

What is a periodic adjustment cap?
O A. A limit on how many times the rate can be adjusted
B. A limit on how much an ARM's interest rate can change at each
adjustment period
O C. A limit on a loan's initial interest rate
OD. A limit on how many years a loan can be for

Answers

Answer: B. A limit on how much an ARM’s interest rate can be changed at each adjustment period

Explanation:


Which of the following types of accounts have a normal credit balance?
assets and liabilities
revenues and capital
capital and drawing
liabilities and expenses

Answers

Answer:

Liabilities and expenses

Explanation:

Liabilities and expenses are mostly thee ones that have a normal credit balance

What should a person make sure to do when filling out an application?
O fill in hardest sections first
O list only addresses for reference
O use black pen
O turn it in immediately

Answers

When filling out an application, it's recommended to start by filling in the hardest sections first. This will insure that the most difficult parts are completed when you're fresh and focused, leaving you with further time and energy to complete the easier sections. Therefore option no 1 is correct.

The other options also considered as important so you also have to fill them carefully.

2. It's important to list all necessary information when giving references on an operation, including full names, job titles, and contact information. Listing only addresses would not be sufficient.

3. It's generally recommended to use a black pen when filling out an operation, as it's easier to read and overlook. Other colors can be delicate to read or may not scan easily.

4.  While it's important to submit your application in a timely manner it's also important to take the time to precisely review it for delicacy and absoluteness before submitting.

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The additional components of the marketing mix for marketing a service does not include which of the following?

people
process
popularity
physical environment

Answers

The marketing mix comprises four primary elements: product, price, promotion, and place. However, when marketing services, some additional components are added to the mix. These components are known as the 7Ps of marketing and include people, process, and physical evidence (or physical environment).

Popularity, on the other hand, is not a component of the marketing mix for services. Popularity can be considered a byproduct of the marketing efforts and how successful they are in promoting the service to the target audience. Popularity is a measure of how well a service is known or recognized in the market.

People: This component of the marketing mix is concerned with the people involved in the delivery of the service. These people include the employees, staff, and other personnel involved in providing the service to the customers. These people are critical to the success of the service and need to be trained, managed, and motivated to provide excellent service.

Process: This component of the marketing mix is concerned with the procedures and processes involved in the delivery of the service. The process should be designed to ensure that the service is delivered consistently and efficiently, meeting the needs and expectations of the customers. A well-designed process can enhance the customer experience and help in creating a positive perception of the service.

Physical Environment: This component of the marketing mix is concerned with the physical environment in which the service is delivered. This environment can include the ambiance, decor, lighting, and other factors that contribute to the customer experience.

A well-designed physical environment can enhance the customer experience and contribute to the success of the service.

Popularity: Popularity can be considered a byproduct of the marketing efforts and how successful they are in promoting the service to the target audience. Popularity is a measure of how well a service is known or recognized in the market.

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Match the descriptions to the appropriate accounting terms.

Match the descriptions to the appropriate accounting terms.

Answers

Answer:Um so I DONT KNOW ASK UR MOM OR UR DAD MAN SRRY DONT KNOW THIS ONE IM IN 5 GRADE SRRY

Explanation:

SRRY.;(

What is the best source of information to use when purchasing a new car?
O Social media posts
O Car salesman on the lot
O Advertisement in a car magazine
O Unpaid reviews on reputable car sites

Answers

unpaid reviews on reputable car sites.

social media spreads lies, car salesman might lie about the car in order to make a sale, and an ad will do the same.

Option D. Unpaid reviews on reputable car sites

What sources of information do you have about cars?

Awards and rankings. There are many awards and many websites publish rankings of vehicles in different categories.

NHTSA or IIHS. These two organizations evaluate the safety of new cars.

Government website.

Understanding how a car works can help you drive more safely, reduce the risk of accidents, and extend the life of your car. For example, if you know how brakes wear over time, you can identify signs of wear early and replace them before increasing the risk of brake failure.

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Which of the following best describes the role of “capital?”

A. The functioning of laws in business.

B. What goes into making a product.

C. What is not needed to make a product.

D. An individual economic choice.

Which of the following best describes the role of capital?A. The functioning of laws in business. B.

Answers

Answer:

B.

Explanation:

Capital, in general term, can be defined as a sum of money used to start a firm or invest to earn more money. Talking in broader terms, capital is anything that adds value or profit to the owner of the firm.

A capital can be machinery, factory, patents, buildings, etc. Capital is a sum of money used to pay or invest in the making of products.

Therefore, the statement that best describes the role of capital is what goes into making a product. Thus option B is correct.

what is the minimum wage for SA

Answers

the new National Minimum Wage for South Africa has been made public by the Department of Employment and Labour. Starting on March 1st, 2023, the current minimum wage of R23,19 per hour will increase to R25,42 per hour (an increase of around 9,6%).

The minimal amount of compensation that an employer is compelled to pay wage earners for the job completed during a particular period, which cannot be reduced by a collective agreement or an individual contract, is referred to as the "minimum wage."The South African government may impose penalties on employers who fail to pay the minimum wage. If a defined weekly wage is used, the monthly wage is multiplied by 4.33. If an hourly rate is specified, it is computed as 4.33 times the weekly average.

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The unit rate for 63 meters in 36 minutes

Answers

Answer:

1.75

Explanation:

Divide distance by time

The following is select financial statement information from Vortex Computing:
Year
2018
2019
2020
Net Credit Sales
$1,557,200
$1,755,310
$1,865,170
Ending Accounts Receivable
$398,000
$444,400
$500,780

The following is select financial statement information from Vortex Computing:Year201820192020Net Credit

Answers

Answer:

Explanation:

can i get the answer

Accounts Receivable Turnover Ratio (2019) =  4.16 times

Number of Days' Sales in Receivable (2019) = 88 (approx) days

Accounts Receivable Turnover Ratio (2020) = 3.95 times

Number of Days' Sales in Receivable (2019) = 92 (approx) days

For calculating the ratio:

Average Accounts Receivable(AAR) = (Beginning Accounts Receivable + Ending Accounts Receivable) / 2

Accounts Receivable Turnover Ratio(ARTR) = Net Credit Sales / Average Accounts Receivable

Number of Days' Sales in Receivable(NDSR) = 365 days / Accounts Receivable Turnover Ratio

For 2019,

Average Accounts Receivable(AAR) =  ($398,000 + $444,400) / 2 = $421,200

Net Credit Sales (2019) = $1,755,310

ARTR (2019) = $1,755,310 / $421,200 = 4.16 times

NDSR (2019) = 365/4.16 = 87.98 ≈ 88 days(approx)

For 2020

AAR(2020) = ($444,400 + $500,780) / 2 = $472,590

Net Credit Sales (2020) = $1,865,170

ARTR (2020) = $1,865,170 / $472,590 = 3.95 times

NDSR (2020) = 365 days / 3.95 = 92.41 ≈ 92 days (approx) days

Vortex Computing is below the industry average as their ARTR (2020) is 3.95 while for the industry it is 4.00 times.

Vortex Computing's days' sales in receivable ratio for 2020 is approximately 92 days, while the industry average is 91.25 days.

It should be noted that these are a partial view of the company's financial health, and other factors such as profitability ratio, liquidity, and overall industry conditions should be considered when evaluating an investment in Vortex Computing.

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Conoly Co. has identified an investment project with the following cash flows. If the discount rate is 10 percent, what is the present value of these cash flows? What is the present value at 18 percent and at 24 percent? Year 1, 2, 3, and 4 Cash Flow $1,200, 600, 855 and 1,480 respectively

Answers

Answer:

Present Value when discount rate is 10% = $3240.01

Present Value when discount rate is 24% = $2432.40

Present Value when discount rate is 18% = $2,731.61

Explanation:

Present value is the sum of discounted cash flows

Present value can be calculated using a financial calculator

Cash flow in year 1 = $1,200

Cash flow in year 2 = 600

Cash flow in year 3 = 855  

Cash flow in year 4 = 1,480

Present Value when discount rate is 10% = $3240.01

Present Value when discount rate is 24% = $2432.40

Present Value when discount rate is 18% = $2,731.61

To find the PV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.  

3. Press compute  

Think about people, organizations, agencies, or projects that need help in your neighborhood or city. List them below along with a description of how you can help.

Answers

Sexual Assault Awareness (organization) I could support by spreading the word on social media

There are several ways to contribute to the development of your neighborhood or city.

You can start researching which social projects and institutions are active in your neighborhood and seek information on ways you can help them.

A simple way to start helping the community with a positive impact is to organize a selective garbage collection and recycling system, so that there is a reduction of polluting waste on the planet and the promotion of good sustainability practices.

You can also help:

work in NGOs, develop tutoring programs for students, create book clubs, support programs for people in need

With small acts and good will, you are able to transform your community into a better place with a better quality of life for everyone who lives in it.

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The Karl DeLong Estate (with a taxable value of more than $16,500,000) includes the following assets:
200 shares of common stock in the DeLong family corporation (valued at $3,580,000)
1,000 shares of common stock in a large public utility that trades more than 100,000 shares per day (valued at $1,560,000)
Certificates of deposit (valued at $520,000)
Three commercial buildings located in an older part of town where values are decreasing rapidly (valued at $4,525,000)
Which valuation technique could best be used to reduce the value of Karl's gross estate?
A) A fractional interest (co-ownership) discount on the DeLong family stock
B) A blockage discount on the public utility stock
C) Special use valuation on the CDs
D) The alternate valuation date for all assets

Answers

The best valuation technique to reduce the value of Karl's gross estate is C) Special use valuation on the CDs.

What is special use valuation?

Special use valuation is a valuation method that determines property value on the basis of its “current use” rather than its “highest and best use.”

Special use valuation is permitted by the Internal Revenue Code (IRC) Section 2032A.

However, the special use valuation method is for real estate and not CDs.

Thus, the best valuation technique to reduce the value of Karl's gross estate is C) Special use valuation on the CDs.

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Amber Health is expanding their health products line. They wish to develop more products and expand their network. To do this, they will need more space and rent a brand new storefront location to sell their supplements. In order to expand, the firm will seek more capital in form of a loan. Before they decide on this project, they will sell some old, furniture in their existing offices to make room and clean up the space.

Required:
What is the best example of an incremental operating cash flow related to the wreath project?

Answers

Answer:

Explanation:

What was the result of civil wars breaking out in countries such as Honduras, Nicaragua, Guatemala, and El Salvador in the 1970s?

increased spread of famine

increased trade with other nations

the rebirth of enslavement

the deaths of many people

Four types of policy violations defeating legality requirement are...

Group of answer choices

Contracts that Involve any Covenants Not to Compete, Contracts that include any exculpability clause, contracts that are about marriage,

Contracts against Marriage, Contracts Obstructing Justice, Contracts that are Unconscionable, Contracts that cause restraint of trade

Contracts that violate statutes, Contracts that violate administrative rules, Contracts that violate ordinances

None of the choicesFour types of policy violations defeating legality requirement are...

Group of answer choices

Contracts that Involve any Covenants Not to Compete, Contracts that include any exculpability clause, contracts that are about marriage,

Contracts against Marriage, Contracts Obstructing Justice, Contracts that are Unconscionable, Contracts that cause restraint of trade

Contracts that violate statutes, Contracts that violate administrative rules, Contracts that violate ordinances

None of the choices

Answers

Four types of policy violations defeating legality requirements are Contracts against Marriage, Contracts Obstructing Justice, Contracts that are Unconscionable, and Contracts that cause restraint of trade. Thus, option B is the correct option.

A termination arising from the conduct of any act or acts that breach the Standards of Business Conduct is referred to as a Policy Violation. When a user reports an expense using information that contravenes the company's policies, this becomes a policy violation.

An admin-created policy will immediately apply to all costs once they have allocated users to it. Excessive spending will be marked as policy breaches in the user's reports and expenses.

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Which are indicators that economists use to measure how an economy grows? Select all that apply.

Answers

Explanation:

economists measure its performance by studying the gross domestic product (GDP)

If GDP goes up, the economy is growing; if it goes down, the economy is contracting.

construction loan avoidable interest

Answers

Avoidable interest serves as one that is used in the estimation of interest without expenditure.

What is an avoidable interest?

Avoidable Interest can be regarded as the  computation  that can be used to find the  interest when trying to avoid expenditures .

To calculate the Avoidable interest , the equation that can be used is

(the weighted average accumulated expenditures ) *( the proper interest rate)

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Calculating Returns and Variability (LO1) You’ve observed the following returns on Regina Computer’s stock over the past five years: 7%, −12%, 11%, 38%, and 14%. a. What was the arithmetic average return on Regina’s stock over this five-year period? b. What was the variance of Regina’s returns over this period? The standard deviation?

Answers

The arithmetic average return that Regina Computer stock saw on its returns over the five years was 11. 6 %

The variance of the returns over the period was 320.3, and the standard deviation was 17.9 %

How to find the arithmetic mean?

The arithmetic mean on returns can be found by summing up all the returns and then dividing this by the number of returns.

The  arithmetic mean to Regina stock in the five year period was therefore:

= (7 % + - 12% + 11 % + 38 % + 14 % ) / 5

= 58 % / 5

= 11. 6 %

Using this mean, the variance can be found on a spreadsheet to be 320.3.

The standard deviation is the square root of variance so the standard deviation of Regina Computer stock in the past 5 years is:

= √ Variance

= √ 320.3

= 17.89

= 17.9 %

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Which of the following is not an advantage cost plus pricing

Answers

It leads to profit maximization is not an advantage of cost plus pricing.

What is Profit maximization?

Profit maximization is a short- or long-term technique that helps businesses choose the prices, input levels, and output levels that will provide the most profit overall.

Businesses go through the procedure of profit maximization to ensure that the ideal levels of productivity and pricing are attained in order to maximize their profits. In order to meet its profit goals, the corporation alters crucial factors including sale price, cost of production, and value of output. Businesses must reduce costs if they want to increase earnings. Simply said, cost reduction refers to a company's ability to maximize production or provide a particular outcome with the fewest resources feasible.

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Misunderstanding of the purpose of the change. choosing a country of your experience, what do you think might have aided those directors to refuse the transfer?​

Answers

Answer:

i think it might be corruption

Explanation:

cuz it's a lot nowadays and those directors are ofc not poor I can give a more reliable answer if ur question was right...

The dean of the School of Fine Arts is trying to decide whether to purchase a copy machine to place in the lobby of the building. The machine would add to student convenience, but the dean feels compelled to earn an 10 percent return on the investment of funds. Estimates of cash inflows from copy machines that have been placed in other university buildings indicate that the copy machine would probably produce incremental cash inflows of approximately $13,000 per year. The machine is expected to have a three-year useful life with a zero salvage value.



Use Present Value Appendix PV of $1, to determine the maximum amount of cash the dean should be willing to pay for a copy machine.

Note: Round your intermediate calculations and final answer to 2 decimal places.

Use Present Value Appendix PVA of $1, to determine the maximum amount of cash the dean should be willing to pay for a copy machine.

Answers

The dean should be willing to pay up to $32,324.40 for the copy machine, given the expected incremental cash inflows and the three-year useful life of the machine.

To determine the maximum amount of cash the dean should be willing to pay for a copy machine, we need to calculate the present value of the incremental cash inflows.

Using the Present Value of $1 table with a 10% discount rate, we can find the present value factor for a three-year period: 0.751.

Therefore, the present value of the incremental cash inflows is:

$13,000 x 0.751 = $9,763

This means that the maximum amount of cash the dean should be willing to pay for the copy machine is $9,763.

To calculate the present value of an annuity of $1, we can use the Present Value of an Annuity of $1 table. In this case, we need to use the same 10% discount rate and a three-year period.

The present value factor for an annuity of $1 for three years at 10% is 2.4868.

So, the maximum amount of cash the dean should be willing to pay for the copy machine, taking into account the incremental cash inflows over the three-year useful life of the machine, is

$13,000 x 2.4868 = $32,324.40

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One important way in which banks make economic growth possible is by
A)
selling savings bonds.
B)
cashing payroll checks.
C)
lending money to business startups.
D)
offering checking and savings accounts.

Answers

Answer:

c). Lending money to business startups.

Explanation:

Banks receive deposits from customers, retains a small fraction, and loan out the big proposition to other customers. This way, banks pull together resources for businesses and households to borrow for consumption and expansion. Therefore, banks are intermediaries for the supply and demand for credit.

Banks help in economic development by availing capital for start-ups and growth through loans. They use customers' deposits to create credit facilities for businesses.

The average job is now only —— years in length

Answers

The average job is now only 2 years in Job.

What is meant by the term average job?

This is the term that has to do with the job that employees are willing to do in order to receive pay for the services that that they render to those that have employed them. The average job based on data and statistics gathered has been said to only be of about 2 years for the person that is carrying out the duty.

This means that the average worker can have as m aby other jobs that they want in their lifetime.

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Market research can help you strategize your _______ and _______ goals.

Primary research is more _______ than secondary research.

Your first marketing priority is to find out if you can _______ your product or services.

The grouping of people for marketing purposes is called _______.

Once you find out what people want, there’s a need to know the _______ for their choices.

Answers

Market research can help you strategize your business and marketing goals.

Primary research is more specific and tailored to your specific needs than secondary research.

Your first marketing priority is to find out if you can sell your product or services.

The grouping of people for marketing purposes is called segmentation.

Once you find out what people want, there's a need to know the motivations for their choices.

Market research plays a critical role in shaping business and marketing strategies by providing valuable insights into customer preferences, market trends, and competitive landscapes. It helps in identifying target markets, understanding customer needs, and developing effective strategies to achieve business and marketing goals.

By conducting research, businesses can gather data and information to inform their decision-making and ensure that their goals are aligned with customer expectations and market opportunities.

Primary research involves gathering firsthand data directly from the source, such as through surveys, interviews, or observations. It is more specific and focused on the unique needs and objectives of a particular study. Secondary research, on the other hand, involves using existing data and information from published sources.

While secondary research provides a broader understanding of a topic, primary research allows for more control and customization of the research process to address specific research objectives.

When launching a new product or service, one of the primary marketing priorities is to determine if there is a demand for it in the market.

Market research helps in assessing the viability and potential success of a product or service by gathering insights on customer preferences, needs, and market conditions. This information enables businesses to make informed decisions about product development, positioning, pricing, and marketing strategies.

Segmentation is the process of grouping individuals with similar characteristics or behaviors into distinct segments for marketing purposes.

By segmenting the market, businesses can target specific groups that are most likely to be interested in their products or services. Market segmentation allows for more personalized and targeted marketing strategies, resulting in better customer engagement and increased marketing effectiveness.

Once businesses identify what people want through market research, it becomes crucial to understand the motivations behind their choices. This involves delving deeper into the underlying reasons, preferences, and factors that drive consumer behavior.

By understanding the motivations behind consumer choices, businesses can tailor their marketing messages, product features, and overall customer experience to better align with customer needs and increase the chances of success in the market.

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Please write out, step-by-step, how you obtained the correct answer for this math problem.

Jose and Zola want to purchase their first home. Jose makes $23.50 an hour and works 40 hours per week. Zola makes $21.50 an hour and works 40 hours of regular time and 5 hours of overtime a week. They have two car payments totaling $500 a month and one credit card with a minimum payment of $50 a month. What is their combined gross monthly income?



(HINT: Remember to assume that overtime is always time and a half unless otherwise specified!!)

Answers

Answer:

The correct answer is "$7,630".

Explanation:

Assuming there are four weeks in a month, then

Joe's income will be:

= \(23.50\times 40\times 4\)

= \(3,760\) ($)

Zola's income will be:

= \(21.50\times (40+5)\times 4\)

= \(21.50\times 45\times 4\)

= \(3,870\) ($)

hence,

The combined gross monthly income will be:

= \(Jose's \ income+Zola's \ income\)

= \(3,760+3,870\)

= \(7,630\) ($)

Answer:

$8,498.75

Explanation:

Jose = ($23.5x40x52)/12=$4073.33

Zola = ($21.5x40x52/12)+($21.5x1.5(overtime pay)x5x52)/12= $3726.67+$698.75=$4425.41

Combined = $4073.33+ $4425.42= $8498.75

1. A business incurs the following costs:
• Labor: $105/unit
• Materials: $35/unit
• Rent: $400,000/month
Assume the firm produces 1 million units per month.
The total variable cost, per month, is_______million. The total fixed cost, per month, is $______million. The total cost is $_______million.
2. A local coffee shop is hoping to make use of its excess restaurant capacity in the evenings by experimenting with selling beer and wine. It speculates that the only additional costs are hiring more of the same sort of workers to cover the additional hours and costs of the new line of beverages. Which of the following are examples of hidden costs that are likely to emerge from this decision?
A. Training costs for new and existing employees on beer and wine serving procedures.
B. Increased insurance premiums due to the presence of alcohol at the coffee shop.
C. The cost of maintaining the machines that make the coffee.
D. The monthly rent paid for the building.
E. The forgone revenues that could be earned by renting the coffee shop out for other events during evening hours.
3. Students doing poorly in courses often consider dropping the courses. Many universities will offer a refund if the student drops a course before a deadline.
A. True
B. False
Prior to the deadline, students should not take this refund option into account when deciding to drop the course.
A. True
B. False

Answers

number three is true

Assume that you and your classmates are board members of a child care and education center for 60 preschool children located in a community center building. They had asked you to set up the program four years ago. Now the community center director feels he needs your space for additional adult activities during the day. You need to move out of the building in 30 days. What will you do? Consider all the options, and then make a plan.​

Answers

The best plan for you would be to write to the education board regarding the issues that you are facing.

What are the functions of the local education board?

The education board in a local area can help to do the following

Employ a school superintendentdevelop school policiesDevelop curriculumTake care of all issues that have to do with facilities.

Hence the best thing would be to let them know of the issues you are facing in order to determine the best help necessary.

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Consider total cost and total revenue, given in the following table:
In the final column, enter profit for each quantity. (Note: If the firm suffers a loss, enter a negative number in the appropriate cell.)
Total Cost Marginal Cost
(Dollars)
Quantity (Dollars)
0
1
2
3
4
5
6
7
5
6
8
11
15
20
26
35
05
06
07
Total Revenue Marginal Revenue
(Dollars)
(Dollars)
0
6
12
18
24
30
36
42
AAAAAAA
Profit
(Dollars)
In order to maximize profit, how many units should the firm produce? Check all that apply.
04

Answers

The solution to the given question when we consider total cost and total revenue, given in the following table:

The Financial Table

Quantity | Total Cost | Marginal Cost | Total Revenue | Marginal Revenue | Profit

------- | -------- | -------- | -------- | -------- | --------

0     | 5       | 5        | 0        | 0        | -5

1     | 11      | 6        | 6        | 6        | 1

2     | 17      | 6        | 12       | 6        | 5

3     | 24      | 7        | 18       | 6        | 4

4     | 31      | 8        | 24       | 6        | -7

5     | 39      | 8        | 30       | 6        | -9

6     | 47      | 8        | 36       | 6        | -11

7     | 55      | 8        | 42       | 6        | -13

As you can see, the firm's profit is maximized at quantity 3. This is because the marginal revenue is equal to zero at this point, which means that the firm is not making any additional profit by producing more units. In fact, if the firm produces more units, it will actually start to lose money.

Therefore, the answer to the question is 3.

In summary:

The firm's profit is maximized at quantity 3.This is because the marginal revenue is equal to zero at this point.If the firm produces more units, it will start to lose money.Therefore, the answer to the question is 3.

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the following balance where extracted from the book of Alfsal, a sole trader as at 31/12/2014 capital 198000 ,drawing 10700, building 300000, office equipment (cost le 22000) 15000, patent 24000, delivery van at cost63000, Accumulated depreciation delivery vans 14000, stock 01/01/2014 29000, sale485,000, purchase 196000, return outward 5300, return inward 17000, creditor 21900, debtor 34800, discount received 1400, wages and salaries 105,000, general expenses 13000,stationary 4800, tem loan(received on 01/04/2014) 50,000. vat 17300. provision for bad debts 2500. Advertising 5700. insurance 9,000. loan interest paid 1,000. bank42,600. PRSI/USU 10,200. profit and loss balance 01/01/2014 65,000. you are given the following aditional information: stock for resale at 31/12/2014 was le 19,000. stationary paid in advance was le 1,200. provision should be made for interest due on loan. the rate of interest is 6%per annum. wages and salaries are to be divided 75%for employees and drawings. building 10% of cost. delivery van 10% of net book value. office equipment 20% of cost. provision for bad debts is to be adjusted to 10% of debtors . you are required to prepare a trading and profit and loss account for the year ended 31/ 12/2014. balance sheet as at 31/12/2014.​

Answers

Here is the trading and profit and loss account for the year ended 31/12/2014:

The Trading and Profit and Loss Account

For the year ended 31/12/2014

Particulars Amount

Sales €485,000

Less: Cost of Goods Sold €196,000

Gross Profit €289,000

Less: Expenses

- Wages and Salaries (75%) €78,750

- General Expenses €13,000

- Stationary €4,800

- VAT €17,300

- Provision for Bad Debts €3,480

- Advertising €5,700

- Insurance €9,000

- Loan Interest €600

- PRSI/USU €10,200

Net Profit €157,370

Here is the balance sheet as at 31/12/2014:

Balance Sheet

As at 31/12/2014

Assets Liabilities

Cash €42,600

Bank €1,200

Debtors €34,800

Stock €19,000

Capital €213,570

Drawings €10,700

Building €300,000

Office Equipment €15,000

Patent €24,000

Delivery Vans €49,000

Accumulated Depreciation €28,000

Provision for Bad Debts €3,730

Loan €50,000

Profit and Loss €157,370

Total €618,570

Total €618,570

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Lenders must report detailed information about loan transactions and demographic information concerning borrowers in order to prove that they are not discriminating. Which of the following laws creates that reporting requirement? a. Gramm-Leach-Bliley Act
b. HMDA
c. TILA
d. RESPA

Answers

Home Mortgage Disclosure Act  laws creates that reporting requirement.

What is Home Mortgage Disclosure Act?

The Home Mortgage Disclosure Act (HMDA), which Congress enacted in 1975, requires certain financial institutions to collect, record, report, and disclose information about their mortgage lending activity.

The Home Mortgage Disclosure Act is a reporting law that helps the federal government determines whether lenders are meeting the housing needs of their communities and to identify discriminatory lending practices.

Pre-approvals and loans that were sold from one institution to another are also mentioned in the report. You may find out information on the loan, the property's features, the applicant's demographics, and the lender for each record. To preserve the privacy of applicants and borrowers, the data are modified.

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