15–1. Undue Influence. Juan is an elderly man who lives with his nephew, Samuel. Juan is totally dependent on Samuel’s support. Samuel tells Juan that unless he transfers a tract of land he owns to Samuel for a price 35 percent below its market value, Samuel will no longer support and take care of him. Juan enters into the contract. Discuss fully whether Juan can set aside this contract.
Answer: It is Voidable
Samuel took advantage of his fiduciary responsibility is taking care of Juan to unfairly influence him to sell him a piece of land at a price 35% below market price. Juan as an old man who is TOTALLY dependant on Samuel, felt he had no choice but to agree as failure to do so will lead to Samuel no longer taking care of him and this could be quite disadvantageous to him.
There was UNDUE INFLUENCE and Coercion in this scenario which means Voluntary consent was lacking.
The Molding Department of Kennett Company has the following production data: beginning work in process 25,000 units (60% complete), started into production 425,000 units, completed and transferred out 400,000 units, and ending work in process 50,000 units (40% complete). Assuming materials are entered at the beginning of the process, equivalent units for materials are:______________.
This question asks to calculate the equivalent units of materials. It must be known that equivalent units are calculated by multiplying the number of physical units by percentage of completion.
The question assumes that materials are entered at the beginning of the process.
Mathematically, the equivalent units for materials = started into production + Beginning work in process
= 25,000 units + 425,000 units = 450,000 units
Acitelli Corporation, which applies manufacturing overhead on the basis of machine-hours, has provided the following data for its most recent year of operations.Estimated manufacturing overhead $ 351,960 Estimated machine-hours 8,400 Actual manufacturing overhead $ 352,960 Actual machine-hours 8,460 The estimates of the manufacturing overhead and of machine-hours were made at the beginning of the year for the purpose of computing the company's predetermined overhead rate for the year. The applied manufacturing overhead for the year is closest to:_________. A. $357,012 B. $354,474 C. $355,489 D. $352,951
The Overheads that are initially included in Work In Process before determination of Actual Overheads are called Applied Overheads.
Applied Overheads = Predetermined overhead rate × Actual level of Activity.
Thus said we need to first determine the Predetermined overhead rate :
The applied manufacturing overhead for the year is closest to: $354,474
Core competencies and competitive capabilities _______. (A) usually are lodged in the narrow skills and specialized work efforts of a single department, as opposed to the combined expertise and capabilities of specialists scattered across several departments. (B) most usually stem from collaborative efforts with strategic allies. (C) are usually bundles of skills and know-how that most often grow out of the combined efforts of cross-functional work groups and departments performing complementary activities at different locations in a firm's value chain. (D) tend to result in competitive advantage when they involve highly specific technologies and are grounded in a company's own deep technical expertise. (E) typically are built rapidly, usually in conjunction with important product innovations.
Answer: C) are usually bundles of skills and know-how that most often grow out of the combined efforts of cross-functional work groups and departments performing complementary activities at different locations in a firm's value chain.
Explanation: Core competencies and competitive capabilities are best defined as a collection of skills and know-how that most often grow out of the combined efforts of cross-functional work groups and departments performing complementary activities at different locations in a firm's value chain. Core competencies are the various arrays of resources and capabilities that the strategic advantages of a business is composed of. Businesses have to define, grow, and exploit its core competencies across work groups and departments in order to succeed against competition. In this they build up capabilities that leads to a better performance in relation to their competitors driving profits and gaining more market share.
The correct answer is letter "C": are usually bundles of skills and know-how that most often grow out of the combined efforts of cross-functional work groups and departments performing complementary activities at different locations in a firm's value chain.
Core competencies represent all the abilities employees of a company can contribute to improving efficiency and effectiveness. Competitive capabilities are those that allow a company to outstand its competitors' performance. Within a value chain, both core competencies and competitive capabilities must be effectively allocated to increase the firm's comparative advantage.
Depletion is: Multiple Choice The process of allocating the cost of natural resources to the period when it is consumed. Calculated using the double-declining balance method. Also called amortization. An increase in the value of a natural resource when incurred. oo The process of allocating the cost of intangibles to periods when they are used.
Depletion is the process of allocating the cost of natural resources to the period when it is consumed.
What is the significance of depletion?
Depletion can be regarded the lowering down in the level of quantity of a thing or an element, generally due to consumption, in such a way that a few costs are incurred upon such lowered quantity-levels.
In simple words, depletion can be regarded as the incurring of costs upon the reduction of a quantity of something. In the above case, the quantity of natural resources is reduced, causing depletion.
The wages payable related to the factory workers for Larkin Company during the month of January are $76,000. The employer's payroll taxes for the factory payroll are $8,000. The fringe benefits to be paid by the employer on this payroll are $6,000. Of the total accumulated cost of factory labor, 85% is related to direct labor and 15% is attributable to indirect labor. Prepare entries for factory labor. Instructions a. Prepare the entry to record the factory labor costs for the month of January. b. Prepare the entry to assign factory labor to production. (Weygandt, 12/2017, p. 20-31) Weygandt, J. J., Kimmel, P. D., Kieso, D. E. (2017). Accounting Principles, 13th Edition. [[VitalSource Bookshelf version]]. Retrieved from vbk://9781119411017 Always check citation for accuracy before use.
a. Date Account Titles and Explanation Debit Credit
Factory labor $90,000
Factory wages payable $76,000
Employer payroll taxes payable $8,000
Employer fringe benefits payable $6,000
b. The entry to assign factory labor to production is the following
Date Account Titles and Explanation Debit Credit
Work in process inventory $76,500
(85% of $90,000)
Manufacturing overhead $13,500
(15% of $90,000)
Factory labor $90,000
A useful economic model a. deals only with possibilities that actually occurred. b. will avoid conclusions that have public policy implications, because economists do not make value judgments. c. makes only realistic assumptions. d. may make some unrealistic assumptions in order to simplify a complex reality. g
d. may make some unrealistic assumptions in order to simplify a complex reality
In economics, a model is a conceptual structure that represents economic procedures through a number of variables and a series of rational or quantitative interactions. The economic model is a simpler framework intended to demonstrate complex structures that is often mathematical.