Discuss the effects that an impending labor shortage might have on the following three sub-functions of human resource managemen

Response:

Closing Journal Entries:

1. Debit Fees Earned $56,000

Credit Income Statement $56,000

To finalize the account for the period.

2. Debit Income Statement $25,000

Credit Depreciation Expense $25,000

To finalize the account for the period.

3. Debit Income Statement $23,000

Credit Salaries Expense $23,000

To finalize the account for the period.

4. Debit Income Statement (Retained Earnings) $2,000

Credit Dividends $2,000

To finalize the account for the period.

Clarification:

Closing entries involve journalizing actions to wrap up temporary accounts, such as revenue and expenses, to the Income Statement. This ensures that only permanent accounts remain for the Balance Sheet moving forward. Temporary accounts do not carry over to subsequent periods unlike permanent accounts.

These closing entries transfer all revenue and expense entries at the conclusion of an accounting period to an income summary account, which is used to compute the financial performance metrics (which include gross profit and net income or loss) for that period.

Answer:

The elasticity of supply for hot cocoa calculated at 1.43.

(D) The coffee market's supply is less elastic compared to that of hot cocoa.

Explanation:

Applying the midpoint formula,

The elasticity of supply for hot cocoa is (change in quantity supplied/average quantity supplied) ÷ (change in price/average price).

The change in quantity supplied amounts to 101 - 31 = 70.

The average quantity supplied equals (101 + 31)/2 = 66.

70/66 yields 1.06.

The price change is 9.75 - 4.5 = 5.25.

The average price is (9.75 + 4.5)/2 = 7.125.

5.25 divided by 7.125 results in 0.74.

Thus, hot cocoa's elasticity of supply is 1.06 ÷ 0.74 = 1.43. The supply for hot cocoa is elastic since this value exceeds 1.

For coffee, the elasticity of supply computes to (73 - 31)/(73 + 31)/2 ÷ 0.74, which simplifies to 42/52 ÷ 0.74 = 0.81 ÷ 0.74 = 1.09. Coffee supply is regarded as elastic as well because its elasticity is above 1.

However, the supply of coffee is less elastic than that of hot cocoa since its elasticity value is lower than that for hot cocoa.

Response:

quantitative marketing research method

Clarification:

A quantitative marketing research method involves conducting surveys and polls to gather accurate information regarding products and services, which is known as a quantitative marketing research method.

This approach allows consumers to provide feedback about the product in an unbiased way, enabling the collection of their preferences and aversions.

Techniques such as blind tests and surveys are utilized in this process.

Thus, based on the situation presented in the question,

the answer is quantitative marketing research method.

Answer:

Lopez Sales Company

1. The gross margin recorded by Lopez is as follows:

Sales total = $81,600

Deducting cost of sales = $38,400

Gross Margin = $43,200

2. The gain on the land sale recognized by Lopez amounts to:

Land details:

Selling price = $81,000

less cost = $43,200

Gain on sale = $37,800

Explanation:

a) The gross margin represents the difference between the selling price and the cost price of a good. It indicates profit prior to accounting for operational expenses to determine net income or margin.

It gauges whether the business can generate sufficient income to meet typical operating costs such as rent, utilities, and employee wages.

b) The gain from the sale of any capital asset is the difference between the selling price and the book value (cost). Such a gain is separately presented in the income statement and may be subject to capital gains tax.