A server operates with 75% utilization. The average processing time is two minutes and the standard deviation of processing time is one minute. The interarrival rate follows a Poisson process. a. (10 point) What is the average time a customer spends in the queue? b. (5 point) On average, how long is a customer in the system? c. (5 point) How could we decrease the amount of time a customer spends waiting for service?
Answers
A. The average time a customer spends in the queue is 3.75 minutes.
B. On average, the length is a customer in the system is 5.75 minutes.
C. We decrease the amount of time a customer spends waiting for service is 2.00 minutes.
Processing rate mu= 1/2 =0.5 per min
Utilization rho=0.75
Arrival rate lambda = 0.75×1/2 = 0.375 per min
SDser= 1
Number of customers in line Lq = ( lambda)² × (SDs)² + (rho)² / 2×(1-rho)
Lq = (0.375)² 1 + (0.75)² / 2(1-0.75)
Lq = 0.1406+0.5625 / 0.5 = 1.4062
Time spent in line Wq = Lq /lambda = 1.4062 /0.375 =3.75 minutes.
Time spent in the system =Wq + service time = 3.75+2 = 5.75 minutes.
The time spent in line can be reduced by increasing the service rate or reducing the variability of the service time.
In fact, the same old deviation is a degree of the quantity of variation or dispersion of a set of values. A low general deviation suggests that the values have a tendency to be near the suggest (additionally known as the predicted value) of the set, whilst an excessive widespread deviation indicates that the values are spread out over a much broader range.
The standard deviation of a random variable, sample, statistical population, records set, or chance distribution is the rectangular root of its variance. it is algebraically simpler, although in exercise less sturdy, than the common absolute deviation. A beneficial property of the usual deviation is that, in contrast to the variance, it's far expressed inside the equal unit because of the information.
The usual deviation of a population or pattern and the usual blunders of a statistic (e.g., of the pattern mean) are pretty unique but associated. The sample suggests standard mistakes are the same old deviation of the set of methods that could be found via drawing a limitless variety of repeated samples from the population and computing a median for each sample. The mean's popular mistakes seem to equal the population fashionable deviation divided by using the square root of the pattern size and is estimated with the aid of the use of the pattern well-known deviation divided through the square root of the pattern size.
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Related Questions
UESTION 1: COMPULSORY The following trial balance was extracted from the ledger acc Trader as at 30 June 2015 may, ION 1 IS REST es 66 Say ASTIN MAKOYE'S TRIAL BALANCE AS AT 30 JUNE 2015 DR K Capital Stock in trade. General expenses. Purchases and sales Car expenses. Motor car... 1 Repairs * Free hold land and Building Bank balance. *Furniture and Fittings. *Discounts 12 Bad debts *3 Rates and Insurance.. 7,300 2,586 56,500 418 10.050 548 11,000 640 2,460 2,061 459 Drawings S Provisions for bad debts- 1 July 2015 16 Trade debtors and Creditors..... Wages and Salaries K 30.500 70,900 348 3,400 914 6,213 9.606 113.589 240 11,035 113.589
Answers
Answer:
I don't understand your question
Explanation:
Prepare a comparative income statement for any company extracting their P&L statement for the years 2020-21 & 2021-22. Analyse the incline and decline in the different elements in the P&L Statement and provide detailed insights.
Answers
Answer:
this is my own answer
Explanation:
hi
How to Prepare a Comparative Income Statement?
Step 1: Specify absolute figures of items like goods sold, net sales, selling expenses, etc., relating to the accounting period under consideration for analysis.
Step 2: Calculate the absolute change in the items mentioned in the income statement.
Choose a well-known company in sports and entertainment management that you know ?
Answers
What do you learn in business writing class?
Answers
Answer:
Explanation:
There are a variety of sub categories/goals that you will learn in business writing class and they are the following
Learning to effectively write emails, letters, memos, reports. Learning to logically, efficiently, and effectively organize your gathered information and ideas.Learning how to correctly identify and choose the appropriate communication strategy, format, style, and content for the specific scenario. Learning to correctly identify any and all grammatical and punctuation problems within your writing.Why does a country need fewer banks
Answers
Answer:
Explanation:
Despite the consolidation of the sector, authorities will not refrain from issuing new licences. Instead, they are expected to continue granting new banking licences in the future. That said, we can also expect more mergers and acquisitions in the sector as experts predict the consolidation will continue in the coming years.
According to the Central Bank of Kenya, banks that will embrace innovation and adopt new technologies will have unprecedented opportunities to change and improve how they provide financial services and products. At the same time, they must manage the risks created by the new digital economy,
The Kenya Bankers Association’s State of the Banking Industry report 2019 revealed that financial technology is increasingly changing the shape of the banking industry in the sense that competition in the provision of financial services is well beyond the formal regulated institutions.
It further states that new entrants with digital prowess will gain prominence, while many incumbent lenders will be forced to alter their strategies to compete. There will be greater industry fragmentation and blurring of industry boundaries, with financial services increasingly offered by an emerging breed of nonbanks.
Richard Njoroge told International Finance, “Consolidation can be regulator driven, such as through requirements for higher capital levels as was the case in Nigeria, or market-driven. Attempts by the regulator in the past to increase the level of minimum capital have not gone far as these proposals have been blocked in Parliament. In my view consolidation will be driven by business imperatives, which make it difficult for banks below a certain scale to be competitive. Consolidation has taken a while, but we are already seeing this starting to happen. I expect that we will have fewer banks in 10 years’ time.”
an order to stay on track for long term financial goals, money for emergency spending should be taken first from your Osavings account. discretionary money. fixed expense money. O net income.
Answers
Answer: discretionary money
Explanation:
Edge 2021
To stay on track for long-term financial goals, money for emergencies should be taken first from your discretionary money. The correct option is b.
What is discretionary money?Discretionary income is the amount of money left for an individual to spend or save after paying taxes and for personal needs, such as food, lodging, and clothes. Discretionary income includes money spent on luxury goods, holidays, and non-essential goods and services.
Since discretionary income is the first to decline amid job loss or reduction in wages, companies selling discretionary products continue to suffer the most during economic downturns and recessions. Discretionary spending is a significant part of a balanced economy. Citizens spend money on such items as travel, movies, and consumer goods only if they have the funds to do so.
Many people purchase luxury items using credit cards, but through personal debt is not the same as getting discretionary income.
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Adam owns a restaurant. A new dish is being added to the restaurant's menu. The cost of making the dish is $6.75, and he wants to make a 33% profit on each dish he sells. What is Adam's selling price? Question 1 options: 10.08 11.33 26.05 5.22
Answers
The selling price of the dish if Adam wants to make a profit of 33% should be $8.98.
What should be the selling price?Profit is the excess of the selling price of an item over its cost price. When the selling price is higher than the cost price, a profit is earned. Profit is the difference between the selling price of a good and the cost price of the good.
Profit = selling price - cost price
Percentage is a measure of frequency. It is the ratio of an amount that is expressed as a number out of 100. The sign that is used to denote percentages is %.
In order to determine the selling price of the dish, multiply the cost price of the dish by 100 + percentage profit that Adam wants to earn. Thus, $6.75 will be multiplied by (100 + 33)%. The value gotten is the selling price.
Selling price = (100 + percentage profit) x cost price
(100 + 33) x $6.75
133% x $6.75
1.33 x $6.75 = $8.98
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"Group decision making is better". Do you agree or disagree with the statement? Give 3 reasons why do you say so?
Answers
Answer:
I agree because it make the group bring out more ideals
sometimes group decision make some people to voice out their problems
group decision help organization and firms to operate in good aims
these are the choices fill in the blanks.
asset backed security.
bank run
credit default swap.
capital
bond.
credit
common stock.
credit crunch
mortgage-backed securities.
debt
mutual fund.
default
option.
equity
futures contract.
foreclosure
subprime mortgage.
leverage
central bank.
liquidity
commercial bank.
liquidity risk
hedge fund.
moral hazard
investment bank.
mortgage
fannie mae/ freddie mac.
nationalization
federal deposit insurance corporation.
regulation
federal reserve system.
return
private equity fund
risk
securitization
Answers
V144
QUESTION 2
A bus driver covers a certain distance in 3 hours at an average
speed of
80 km/h.How long will the journey take at an average speed of 50
km /h?
There are 96 boys and 120 girls in Grade 9. Write down the ratio
of thenumber of boys to the number of girls in the class.
QUESTION 3
Find the HCF and LCM of 172 and 258.
QUESTION 4
Answers
Answer:
3hr=80km/r
?=50km/R
(50*3)/80=1.88hr
Devin graduated with an associate degree in web development. By
increasing his education, what is Devin less likely to experience?
Select the best answer.
Answers
By increasing his education, Devin is less likely to experience limited career opportunities.
Obtaining a higher level of education beyond an associate degree can significantly broaden Devin's prospects in the job market. Higher education, such as a bachelor's or master's degree, provides individuals with a more in-depth knowledge base, enhanced skills, and a broader understanding of their field.
With a higher level of education, Devin is likely to have access to a wider range of job opportunities. Many employers prefer candidates with advanced degrees for positions that require specialized knowledge and expertise. Devin's increased education can make him a more competitive candidate and open doors to higher-level roles with greater responsibilities and potential for career advancement. Additionally, higher education can lead to higher earning potential. Research consistently shows a positive correlation between educational attainment and income levels, with individuals holding advanced degrees often earning higher salaries compared to those with lower levels of education.
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Which of the following best explains why a country might specialize in the production of a good?
O Consumers in the country only demand a single good.
O The country believes it is generally better to do one thing really well than multiple things.
The country cannot produce other goods and services.
Specialization allows the country to exchange for more of other goods than it could produce.
Answers
The best explanation for why a country might specialize in the production of a good is specialization allows the country to exchange for more of other goods than it could produce (option D).
Specialization in the production of a particular good enables a country to take advantage of its available resources, labor, and technology to produce that good more efficiently and at a lower cost compared to other countries. As a result, the country can sell its specialized good to other countries in exchange for other goods that it needs but cannot efficiently produce on its own.
For example, if a country specializes in the production of coffee, it can produce coffee beans at a lower cost and higher quality than other countries due to its favorable climate and available resources. The country can then trade its coffee for other goods that it cannot produce as efficiently, such as electronics or machinery.
Specialization also leads to increased productivity and efficiency, as workers can focus on producing a specific good and become highly skilled in that area. This can lead to technological advancements and innovations, which can further improve production efficiency and competitiveness in the global market.
In conclusion, specialization allows a country to leverage its strengths in the production of a specific good, trade it for other goods it needs, and increase productivity and competitiveness.
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Robert picked a business that appealed to his love of music and also one that would pay well. How would you decide on a business opportunity?
Answers
Robert picked a business that appealed to his love of music and also one that would pay well was music gigs. The business opportunity is sell of music albums.
What is music?According to many definitions, music is the process of combining form, harmony, melody, rhythm, and other expressive elements with sound. Despite being a component of all human cultures and a cultural staple, there is considerable variation in the precise meanings of music around the world.
Further the practice of creating harmonious, aesthetically attractive, or expressive tonal combinations, typically using melody, rhythm, and harmony. a written down composition of music. Bring musical compositions with melody, harmony, and rhythm.
However a sort of timed sound art that uses the components of rhythm, melody, harmony, and color to express thoughts and feelings in meaningful ways.
Therefore the tones or sounds used, whether they are in one line (melody) or many lines (harmony), and whether they are being or will be produced by one or more voices, instruments, or both.
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"A primary dealer buys Treasury Securities in a competitive bid at the weekly Treasury Auction. Settlement between the dealer and the Treasury occurs:"
Answers
Answer:
On issue date
Explanation:
A primary dealer buys Treasury Securities in a competitive bid at the weekly Treasury Auction. Settlement between the dealer and the Treasury occurs on issue date
Read the following scenario and choose the correct graphs they represent.
The government passes a new tax on fast food that takes effect immediately.
Please answer it correctly and asap.
Answers
Answer:
Explanation: the answer is the answer for the thing
In a small town, there are two discount stores ABC and XYZ. They are the only stores that handle the festival goods. The total number of customers is equally divided between the two because the price and quality of goods sold are equal. Both stores have good reputations in the community, and they render equally good customer services Assume. that a gain of customer ABC byis a loss to XYZ and vice versa. Both stores plan to run annual pre-Christmasale during the first week of December. Sales are advertised through the local news paper,radio and television media.With the
aid of advertising thef payofforABC store is constructed and given. below
XYZ store
News paper Radio Television
News paper 30 40 -80
ABC radio 0 15 -20
Television 90 20 50
Find optimal strategiesbothfor stores and the value of the game.
Answers
An approach for analysing situations where parties, or players, make interdependent decisions is provided by the field of applied mathematics known as game theory.
What is the aid of advertising thef payoff?Each player's decision or plan must take into account the prospective actions or strategies of the other players because of their interconnection.
A game's solution outlines the optimal decisions taken by players, who may have similar, opposing, or mixed interests, as well as the potential outcomes. Parlor games have been studied using game theory, although its applications are much more varied.
In reality, American economist Oskar Morgenstern and American mathematician John von Neumann of Hungarian and German ancestry developed game theory to address economics-related problems. They were Princeton University classmates.
Therefore, Although newspaper is the best course of action for XYZ, television is the best course of action for ABC.
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You are calling Mrs. Jones in regards to an Adherence Outreach, and she asks what she paid previously for her metformin. Where can you find that information?
a. Preferences
b. Notes
c. Opportunity Detail
d. Patient Profile
e. Opportunity Summary
Answers
The amount Mrs. Jones paid previously for her Metformin can be found in d. Patient Profile.
One of the major records kept by Pharmacies is the patient profile. The patient profile is a confidential patient record that contains important information of patients such as demographics of the patients, medication profile as well as the drugs that were prescribed and dispensed to patients.
In other words, patient Profile is a retrievable basic record kept by most pharmacies containing personal information of patients including the medication history.
Metformin is a drug prescribed to overweight people who have type 2 diabetes. Definitely, Metformin that was bought by Mrs. Jones was from a pharmacy.
Therefore, the information of how much Mrs. Jones previously paid for Metformin can be retrieved from d. Patient Profile.
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Answer:
c. opportunity detail
d. patient profile
Explanation:
Almost ___________________ percent of U.S. banks are FDIC members.
a
50
b
99
c
90
d
75
Answers
Explanation: as of 2019, 4519 banks in the USA are and there are roughly 5000 banks in USA so that is roughly 90%
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Alexander Rees is concerned about appearing knowledgeable in exporting. What are
some of the factors he mentions in the project letter?
A-Finding good coffee
B-Developing a reliable source for twizzle sticks
C-Travel costs
D-Cultural Differences and exchange rates
Answers
Alexander Rees is concerned about appearing knowledgeable in exporting. The some of the factors he mentions in the project letter are
Travel costs
Cultural Differences and exchange rates
Thus option (C) and (D) are correct.
What is a cost?The cost is the expenditure or spending required or incurred to create and sell products and services, or to acquire assets.
When a product is sold or consumed, a cost is charged to expense. In the case of a buying of an asset, the charge to expense could be significantly deferred. The cost concept underlies the transition of assets from the balance sheet to expenses in the income statement.
Alexander Rees is concerned about appearing knowledgeable in exporting. Travel costs and Cultural Differences and exchange are some of the factors he mentions in the project letter.
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Which program has a budget that Congress can change significantly each
year?
Answers
The education program has a budget that Congress can change significantly each year.
Why can U.S. Congress change the education program significantly each year?The Congress has power to change U.S. education program significantly each year because the education system is largely a state and local responsibility, but the federal government only provides the funding and sets guidelines for how that funding can be used.
The congress controls the states' federal budget and can decide how much money is allocated on education programs and what funding priorities are. As well, it can pass laws like Every Student Succeeds Act (ESSA), which set standards for student achievement, teacher quality, and school accountability.
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The 15-year average return for the S&P 500 from January 1973 to December 2016 (29 separate 15 year periods) was as high as a 20% average annual return and as low as a 3.7% average annual return. Additionally, the average dividend yield for the S&P is 4.11% and the average annual dividend growth rate is 6.11%.
Using this information, please compare the investment in the 5% 15-year corporate bond with a $100,000 investment in a stock with a 3.7% dividend yield (10 percent less than the S&P 500 average yield) and a 3% dividend growth rate (50 percent of the S&P 500 dividend growth rate).
The annual investment returns are as follows:
Year 1 (13.40%) Year 2 (23.37%) Year 3 26.38% Year 4 8.99%
Year 5 3.00% Year 6 13.62% Year 7 3.53% Year 8 (38.49%)
Year 9 23.45% Year 10 12.78% Year 11 0.00 Year 12 13.41%
Year 13 29.60% Year 14 11.39% Year 15 (0.73%)
The bond interest payment of 5 percent is paid annually and not reinvested. To compare accurately with the bond investment, the stock dividend will not be reinvested, but paid annually as well.
Please calculate the value of the stock account at the end of each year and the dividend income from the stock on an annual basis.
Once you have performed the calculations, please let me know if you prefer to invest in a 5% corporate bond for 15 years or the stock and why.
What is the value of the stock after year 2? Year 8? Year 11? When does the annual dividend income of the stock exceed the annual interest income of the bond?
Answers
1. The value of the stock account after Year 2 is $155,401.626.
2. The value of the stock account after Year 8 is $96,110.0674.
3. The value of the stock account after Year 11 is $96,110.0674.
4. The annual dividend income of the stock exceeds the annual interest income of the bond at the end of Year 15.
Bond interest rate: 5%
Stock dividend yield: 3.7% (10% less than S&P 500 average yield)
Stock dividend growth rate: 3% (50% of S&P 500 dividend growth rate)
We'll assume an initial investment of $100,000.
Year 1:
Bond interest income: $100,000 * 0.05 = $5,000
Stock dividend income: $100,000 * 0.037 = $3,700
Value of stock account: $100,000 + ($100,000 * 0.2337) = $123,370
1. Year 2:
Bond interest income: $100,000 * 0.05 = $5,000
Stock dividend income: $100,000 * 0.037 = $3,700
Value of stock account: $123,370 + ($123,370 * 0.2638) = $155,401.626
2. Year 8:
Bond interest income: $100,000 * 0.05 = $5,000
Stock dividend income: $100,000 * 0.037 = $3,700
Value of stock account: $155,401.626 + ($155,401.626 * (-0.3849)) = $96,110.0674
3. Year 11:
Bond interest income: $100,000 * 0.05 = $5,000
Stock dividend income: $100,000 * 0.037 = $3,700
Value of stock account: $96,110.0674 + ($96,110.0674 * 0) = $96,110.0674
4. At the end of Year 15, the dividend income of the stock exceeds the interest income of the bond.
Stock dividend income: $100,000 * 0.037 = $3,700
Bond interest income: $100,000 * 0.05 = $5,000
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Q. A country's comparative advantage in the extraction of commodities most likely stems from its: A. high labour to capital ratio. B. large amount of natural resources. C. specialisation in capital intensive products.
Answers
Answer:
B. large amount of natural resources
Explanation:
Comparative advantage is a country's ability to produce a product or service for a lower opportunity cost than rival countries. Opportunity costs are the benefits given up in the extraction process. If a country has a large amount of natural resources, it will use fewer resources in the extraction process than other countries. The trade-off costs will be so little compared to the benefits.
Other countries will find it cheaper to import from a country with large natural resources. For example, oil-rich nations have a comparative advantage in the extraction and processing of oil and oil by-products.
Under which ownership type is an owner (or owners) not liable for the company's lawsuits?
A. sole proprietorship
B. partnership
C. franchise
D.corporation
Answers
Answer:
D. corporation
Explanation:
Assume that one year ago, you bought 340 shares of a mutual fund for $36 a share, you received a capital gain distribution of $0.55 per share during the past 12 months, and the market value of the fund is now $40 a share.
a. Calculate the total return for your $12,240 investment.
Answers
The total return on this mutual fund investment is $12,427.
Total return on investment refers to the total profit or loss on an investment, including any capital appreciation and dividends or distributions received.
Here's how to calculate the total return on a mutual fund investment:
Step 1: Calculate the total initial investment by multiplying the number of shares by the purchase price per share. For this investment, the total initial investment is: 340 shares x $36/share = $12,240.
Step 2: Add any capital gain distributions received during the investment period. In this case, the capital gain distribution per share is $0.55, so the total capital gain distribution received is: 340 shares x $0.55/share = $187.
Step 3: Calculate the current market value of the investment by multiplying the number of shares by the current market price per share.
In this case, the current market value is: 340 shares x $40/share = $13,600.
Step 4: Add any dividends or interest payments received during the investment period, if applicable.
If no dividends or interest payments were received, skip this step.
Step 5: Calculate the total return by adding the initial investment, capital gain distributions, and dividends or interest payments (if applicable), and then subtracting any fees or commissions paid during the investment period.
In this case, the total return is: $12,240 + $187 = $12,427.
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james and chang are engaged in a negotiation with each other. in order for james to be a successful integrative negotiator, identify the trait that he should possess.
Answers
james and chang are engaged in a negotiation with each other. in order for james to be a successful integrative negotiator, identify the trait that he should possess is He ought to be systems-oriented.
We engage in negotiations on a daily basis. You bargain over a variety of things, including what you want to eat, watch movies, your needs, wants, and emotions.
When used in a professional context, the term "negotiation" describes the strategy used by parties who are trying to achieve an agreement on a concession by coming up with a workable solution.
What is the Integrative Negotiation Style?
The integrative negotiation approach is distinguished by the desire for a win-win outcome for both parties. Win-win or interest-based negotiating are other names for it.
Integrative negotiation focuses on creating agreements that are advantageous to both parties and are based on their shared interests.
The parties involved in the negotiation's interests are represented by their needs, wants, and worries. These are the reasons why individuals frequently disagree during negotiations because neither party pays attention to them.
When negotiating, the term "integrative" refers to the potential for the interests of the parties to coincide in ways that produce a shared benefit.
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Suppose a shift of the labor-demand curve results in an increase of $5 in the equilibrium wage. How does this shift affect the value of the marginal product of labor?
Answers
When the labor-demand curve shifts, it means that the demand for labor has changed, which affects the equilibrium wage. If the equilibrium wage increases by $5, it means that employers are willing to pay more for each unit of labor they hire.
How does this change the worth of the labor's marginal product?This increase in wage suggests that the marginal product of labor has also increased. The marginal product of labor is the additional output produced when one more unit of labor is hired.
When employers are willing to pay more for labor, it suggests that the output produced by each unit of labor has increased.
This can be due to various reasons, such as technological improvements, increased demand for goods and services, or an increase in the efficiency of production processes.
In summary, a shift in the labor-demand curve that results in an increase in the equilibrium wage suggests an increase in the value of the marginal product of labor.
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Ex:3 le 8-02-2023 Using a ruler and a pair of compases only, Construct i ∆PQS such that |PQ| = 8cm |QR| = 8cm and ,< PQR=90° the perpendicular bisector of PR label the point of intersecting of the bisector and PR T Produce ST. Such that |PT|= |RT|=9cm What type of quadrilateral is PQRS?
Answers
Answer:
Therefore, the quadrilateral PQRS is a kite.
Explanation:
The given information defines a kite, as the diagonals of a kite are equal in length and bisect each other at right angles. The length of diagonal PQ is 8 cm, and the length of diagonal SR is 8 cm. The perpendicular bisector of PR intersects PR at T such that PT = RT = 9 cm.
on july 6,sunland company purchased equipment for $2900 cash. As a result of this transaction
Answers
As a result of this transaction, A. Sunland Company's assets increased by $2,900.
What happens when equipment is purchased ?When Sunland Company acquires equipment by paying in full, the value of the company's assets gets boosted by the equivalent amount of the purchase price. The reason behind this is that the company now owns the equipment as one of its valuable possessions. The liabilities and equity of the company remain constant without any alterations.
This transaction results in a $2, 900 increase in the Equipment account and a corresponding decrease in the Cash account. By entering the transaction, the company's assets have been augmented by a sum of $2, 900.
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Options include:
Sunland Company's assets increased by $2900.
Sunland Company's liabilities increased by $2900.
Sunland Company's equity decreased by $2900.
Sunland Company's assets and equity increased by $2900.
Question 32
$24,800 is invested for 3 months in a savings account with a rate of 9% simple interest per year.
Find the interest.
$66,960.00
$5,580.00
$6,6960
$558.00
Answers
Reggie, who is 55, had AGI of $35,200 in 2022. During the year, he paid the following medical expenses:
Drugs (prescribed by physicians)
Marijuana (prescribed by physicians)
Health insurance premiums-after taxes
Doctors' fees
Eyeglasses
Over-the-counter drugs
$ 570
1,470
1,280
1,320
445
270
Required:
Reggie received $570 in 2022 for a portion of the doctors' fees from his insurance. What is Reggie's medical expense deduction?
Answers
Reggie's medical expense deduction is $7,276.
AGI, or adjusted gross income, is a person's total income minus certain deductions and is used to calculate taxable income.
Reggie, who is 55 years old, had an AGI of $35,200 in 2022. During the year, he incurred the following medical expenses:
Drugs (prescribed by physicians): $5,701
Marijuana (prescribed by physicians): $1,470
Health insurance premiums-after taxes: $1,280
Doctors' fees: $1,320
Eyeglasses: $445
Over-the-counter drugs: $270
Reggie was reimbursed $570 by his insurance company for a portion of the doctors' fees. To calculate his medical expense deduction, we first need to subtract any reimbursements from his total medical expenses.
Total medical expenses: $5,701 + $1,470 + $1,280 + $1,320 + $445 + $270 = $10,486
Reimbursements: $570
Medical expenses after reimbursements: $10,486 - $570 = $9,916
To claim a medical expense deduction, the expenses must exceed a certain percentage of AGI, which varies depending on the taxpayer's age. For taxpayers who are 65 or younger, the threshold is 7.5% of AGI. For taxpayers who are over 65, the threshold is 7%.
Since Reggie is 55 years old, the threshold is 7.5% of his AGI or $35,200 x 0.075 = $2,640.
Therefore, Reggie can deduct the portion of his medical expenses that exceed $2,640.
Amount of medical expenses that exceed the threshold: $9,916 - $2,640 = $7,276
Therefore, Reggie's medical expense deduction is $7,276.
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