Current Attempt in ProgrWildhorse, Inc. produces a crop of chickens at a total cost of $80,100. The production generates 73,200 chickens which can be sold for$1 each to a slaughtering company, or the chickens can be slaughtered in house and then sold for $2.75 each. It costs $79,300 more toturn the annual chicken crop into chicken meat.(a)If Wildhorse slaughters the chickens, determine how much incremental profit or loss it would report

Income Statement-The income statement is one of a company's core financial statements that shows its…

Answered: If Wildhorse slaughters the chickens,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Craig, owner of Craig's Design and Landscape, takes advantage of cash discounts when purchasing from vendors whenever possible. Discuss the business reason for this decision. How does taking these discounts affect his overall expenses, cost of goods sold and net income? Then address the ethical ramifications if Craig would take the discount when paying out the discount period.
Assume that you have decided to drive your car to Florida for the spring break. A classmate learns about your plans and asks about riding along with you. Required: Select how you would apply each of the following cost concepts to the task of determining how much, if any, cost you would take into consideration for the purposes of setting a price to be charged for taking the classmate with you. a. Differential cost b. Allocated cost c. Sunk cost d. Opportunity cost
Is this an example of a opportunity cost? Why or why not? “To begin, I began selling prints of my pictures in the year 2019. It's now closed. USPS and UPS were the options I had during this period to ship out orders. Because UPS was more expensive at the moment, I chose to mail my prints via USPS rather than UPS. My orders were delivered on time and without damage by the United States Postal Service. The opportunity cost is the cost of UPS shipping.”
the increase in value of a home due to the addition of central air conditioning is best estimated by using The full cost of the purchase and installation of the air-conditioning ½ the cost of the purchase and installation of the air-conditioning The cost of the purchase but not the installation of the air-conditioning The difference in the sales prices of comparable homes with and without air-conditioning
Bluefin tuna is very popular; however, its supply is being reduced through global overfishing and pollution. Therefore U.S. placed it on its watch list. Their observations indicated that many fisherman currently fish more than the legal quota. This excess overfishing may require official protection if unable to police fishing and preserve habitats. Based on Bluefin tuna case answer the following three questions: Why is the price of Bluefin tuna skyrocketing? Explain your answer Why might the U.S. be reluctant to place the Bluefin tuna on the endangered species list? Explain your answer What are some of the consequences of acting too slowly or too quickly in their assessment? Explain your answer
Assume that you have decided to drive your car to Florida for the spring break. A classmate learns about your plans and asks about riding along with you. Required: Select how you would apply each of the following cost concepts to the task of determining how much, if any, cost you would take into consideration for the purposes of setting a price to be charged for taking the classmate with you. a. Differential cost b. Allocated cost c. Sunk cost d. Opportunity cost How to allocate? Based on number of people, weight, number of suitcases, or what? What are other opportunities for you to earn revenue? What is the cost of alternative travel for your classmate? What costs have already been incurred and cannot be recovered, even if you don't make the trip? What costs will differ if a friend comes along?
Most people, economists included, consider child labor to be morally unacceptable and would support aggressive efforts to eliminate such practices-including shutting out imported products made with such labor. Which of the following is true? Select the correct answer below: child workers will have to go back to school and improve their skills eliminating such practices may not be a good solution as workers may have even less attractive alternative jobs, perhaps scavenging garbage or prostitution O such practices will make it possible for children to not be exploited O governments will have to step up their financial aid to needy families so children will not have to work
1. What is the net present value of the “keep the old truck” alternative? 2. What is the net present value of the “purchase the new truck” alternative? 3. Should Bilboa Freightlines keep the old truck or purchase the new one?
a buyer purchased a home using a va loan. an appraiser was assigned to estimate the value of the property for the lender. the appraised value was less than the contract price. if the buyer really wants the property which of the following choices is the buyers best option do nothing because the seller must sell the property at the appraised value Hire an appraiser and see if a second appraisal yields a higher appraised value seek an fha lender who will automatically make up the difference between the contract price and the appraised value make up the difference between the contract price and appraised value in cash
James is considering replacing his worn-out machines. Which of the following is not a relevant cost for James when considering various available options? Select one: a. Changes in costs of labour needed to operate the new machines. b. Costs of acquiring the current worn-out machines. c. Costs of delivering the new machine. d. Costs of replacing old machines. e. None of the above answers is correct.
Please answer the following questions in accordance with IAS 41: a. Are oil palm fruit that has not been harvested a biological asset? b. Does the yield from biological assets generate other biological assets (eg milk milked from cows)? c. Is the natural breeding of animals in zoos an agricultural activity?
Check each of the following that are sunk costs. Group of answer choices A machine then was used to research a new product that can be used in the production process if we go forward with the project, or sold if we do not The market value of the land on which we plan to build a factory The original cost of the land on which we plan to build a factory The amount we paid our research scientists to determine the feasibility of a product we are now considering. The cost to construct a factory we will build if we launch the a new product

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