An economy in which people seek to consume only what they produce and to produce only for local consumption rather than for exchange or export is called a economy.

Selected t-account balances for bloomfield company are shown below as of january 31, which reflect its accounting adjustments. the firm uses a calendar-year accounting period, but prepares monthly accounting adjustments. suppliesjan. 31 bal. 1,800 1,800 jan. 31 bal. supplies expensejan. 31 bal. 1,920 1,148 jan. 31 bal. prepaid insurancejan. 31 bal. 1,148 1,148 jan. 31 bal. insurance expensejan. 31 bal. 164 164 jan. 31 bal. wages payablejan. 31 bal. 1,400 1,400 jan. 31 bal. wages expensejan. 31 bal. 6,400 6,400 jan. 31 bal. truckjan. 31 bal. 17,376 17,376 jan. 31 bal. accumulated depreciation -truckjan. 31 bal. 5,068 5,068 jan. 31 bal. a. if the amount in supplies expense represents the january 31 adjustment for the supplies used in january, and $1,240 worth of supplies were purchased during january, what was the january 1 beginning balance of supplies? $answerb. the amount in the insurance expense account represents the adjustment made at january 31 for january insurance expense. if the original insurance premium was for one year, what was the amount of the premium, and on what date did the insurance policy start? amount of the premium $answerthe policy began on answerjune 1july 1august 1september 1october 1november 1 of the previous year. c. if we assume that no beginning balance existed in either in either wage payable or wage expense on january 1, how much cash was paid as wages during january? $answerd. if the truck has a useful life of four years (or 48 months), what is the monthly amount of depreciation expense, and how many months has bloomfield owned the truck? answermonths

“strategy, plans, and budgets are unrelated to one another.” do you agree? explain. explain how the manager’s choice of the type of responsibility center (cost, revenue, profit, or investment) affects the behavior of other employees.

In each of the cases below, assume division x has a product that can be sold either to outside customers or to division y of the same company for use in its production process. the managers of the divisions are evaluated based on their divisional profits. case a b division x: capacity in units 200,000 200,000 number of units being sold to outside customers 200,000 160,000 selling price per unit to outside customers $ 90 $ 75 variable costs per unit $ 70 $ 60 fixed costs per unit (based on capacity) $ 13 $ 8 division y: number of units needed for production 40,000 40,000 purchase price per unit now being paid to an outside supplier $ 86 $ 74 required: 1. refer to the data in case a above. assume in this case that $3 per unit in variable selling costs can be avoided on intracompany sales. a. what is the lowest acceptable transfer price from the perspective of the selling division? b. what is the highest acceptable transfer price from the perspective of the buying division? c. what is the range of acceptable transfer prices (if any) between the two divisions? if the managers are free to negotiate and make decisions on their own, will a transfer probably take place?