1. Difference between larceny, robbery and embezzlement Larceny refers to the act of taking another person's property without their permission with the intention of stealing it.
On the other hand, robbery refers to stealing using force or threat. Embezzlement is a theft that occurs when a person steals or misuses funds that have been entrusted to them.
2. Finding about people's knowledge of these crimes I talked to a few people who owned businesses and asked them to define larceny, robbery, and embezzlement. From the people I talked to, the difference between larceny, robbery, and embezzlement was clear to them as they had knowledge of these terms and their definitions.
They mentioned that as business owners, they had to understand the legal terms and their differences to ensure they protected their businesses.
3. Extortion case summary Extortion is otherwise known as blackmail. It is a crime that occurs when an individual uses intimidation or threats to get something from another person or group.
A recent example of extortion occurred in 2020 when a woman from Los Angeles, California was arrested for extorting money from a Hollywood executive.
The woman had allegedly demanded millions of dollars from the executive, threatening to release compromising photos of him if he did not comply.
The executive reported the matter to the police, and the woman was arrested and charged with extortion. The source of this case is the Los Angeles Times.
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Brief Exercise 5-36. Velocity and Cycle Time Objective 4 Example 5.8 A Tara Company takes 8,000 hours to produce 40,000 units of a product. Required: What is the velocity? Cycle time?
The velocity is 5 units per hour, and the cycle time is 0.2 hours per unit.
Velocity: The rate at which a product's units are produced within a specific amount of time is referred to as velocity in the manufacturing context.
Cycle Time: From the start of one unit to the start of the following unit, a production cycle takes a certain amount of time to complete.
Total time taken = 8,000 hours
Total units produced = 40,000 units
Velocity = Total units produced / Total time taken
Velocity = 40,000 units / 8,000 hours
Velocity = 5 units per hour
Cycle Time = Total time taken / Total units produced
Cycle Time = 8,000 hours / 40,000 units
Cycle Time = 0.2 hours per unit
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All the following are needed for the computation of depreciation except__. Oa. salvage value. Ob. estimated useful life. c. cost. d. training costs of manufacturing personnel.
Coming up next are required for the calculation of depreciation with the exception of preparing expenses of manufacturing personnel.
The option (D) is correct.
Depreciation is a technique used to designate the expense of a resource over its valuable life. It is determined given elements like the expense of the resource, its assessed helpful life, and the rescue esteem (the assessed worth of the resource toward the finish of its valuable life). These elements are utilized to decide the devaluation cost for each bookkeeping period.
Be that as it may, the preparation expenses of assembling the workforce are not straightforwardly connected with the calculation of devaluation. Preparing costs ordinarily fall under working costs and are not thought about while ascertaining the deterioration of a resource.
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HOW DO YOU FEEL ABOUT THIS DICUSSION POST AND HOW ITS AFFECTING THE ECONOMY
The article I chose was titled Why is there a baby formula shortage in the US, and what can parents do? written by Eric Berger on May 18th of this year. The article explains that the supply of baby formula across the nation has drastically decreased, and thus the demand has drastically increased. Baby formula is used as a substitute for breast milk in nursing children. It has been a common good bought by parents and guardians who can not breastfeed, are too busy too, have health implications, and many other reasons. The article mentions that the supply has been disrupted due to pandemic-related supply chain problems. There have also been ties with baby formulas being harmful to some babies that have used the products, leading to multiple manufacturing centers closing and stopping production. With this considerable demand increase as well as the low quantity of goods made, the equilibrium price will also increase as baby formula is at its greatest demand ever recorded. In my opinion, I believe that the equilibrium price will lower soon, and the quantity will be increased. The FDA, as well as the Biden administration, have both begun to propose settlements and offer aid that would open closed manufacturing centers. There are also new processes pending that would allow foreign products of baby formula to be more easily exported to the United States, as ninety-eight percent of baby formula is made domestically. These would drastically increase the quantity of supplies, which would in turn lower the equilibrium prices as supply rises.
This outstanding essay highlights the issues facing newborns in the United States due to the lack of baby formula and offers solutions.
The article emphasises the problem of US infant formula scarcity and its effects on the economy. There is an imbalance in the market equilibrium as a result of the decline in supply and rise in demand for infant formula. This demonstrates how supply chain interruptions and product safety issues may impact the accessibility and pricing of necessities. In addition, the article discusses possible remedies for problem, including settlement proposals, financial assistance, and prospect for increasing imports of infant formula. These steps are intended to boost availability of infant formula and reduce shortage. If effective, these initiatives might aid in reestablishing market equilibrium, resulting in decreased costs and better parental and guardian access to infant formula.
From an economic standpoint, it's critical to address the baby formula deficit and return the market to equilibrium in order to protect infant welfare and help families that rely on formula feeding. The general health of the economy and consumer welfare are influenced by stable and affordable prices for necessities like baby formula. The execution of regulations, the collaboration of stakeholders, and the general dynamics of the infant formula market are only a few of the variables that will determine the efficacy of suggested solutions and their effects on the economy.
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Is the main factor of inflation less spending in the economy;
for instance a decrease in 20 billion in retail stores cause 5%
inflation
The main factor of inflation is not less spending in the economy, although it can contribute to it. Inflation occurs when there is a general increase in prices across an economy over time, resulting in a decrease in the purchasing power of money.
This can happen due to various factors such as an increase in the supply of money, a decrease in the supply of goods and services, and changes in demand for goods and services.
In the given instance, a decrease in 20 billion in retail stores may contribute to a 5% inflation rate, but it cannot be the only factor causing it. Other factors such as changes in the money supply, government policies, and international trade may also have an impact on inflation.
Overall, while less spending in the economy can contribute to inflation, it is not the main factor. Inflation is a complex phenomenon that can have various causes and requires careful analysis to fully understand.
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What is the difference between a Project management plan and Project documents? O a. Project documents can be changed only by undergoing the formal change control process. O b. Project management plan is the primary document to manage the project and the other documents called project documents are also additionally used. O c. Project management plan is the primary document that can be changed without undergoing the formal change control process. Od. There is no difference, they are the same.
A project management plan is a document that describes how a project will be executed, monitored, and controlled, and it defines the roles and responsibilities of the project team members.
The Project Management Plan (PMP) is a comprehensive planning document that provides guidance for executing, monitoring, and controlling a project. The PMP is used to describe how the project will be managed, including the project scope, schedule, budget, and other critical aspects of the project. It is usually a long document and provides guidance on how to perform project management activities.
Project documents, on the other hand, are generated throughout the project life cycle. They include various plans, reports, and other documents that are created as part of project planning and execution. Project documents can be changed only by undergoing the formal change control process.
Project documents include the following: Project charter Scope statement Work breakdown structure (WBS)Project schedule Risk management plan Quality management plan Resource management plan Change management plan Communication management plan Stakeholder management plan.
Conclusion::The main difference between project management plan and project documents is that the project management plan is the primary document used to manage the project, while project documents are additional documents that are also used to manage the project.
Also, the project management plan can be changed without undergoing the formal change control process, while project documents can be changed only by undergoing the formal change control process.
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How does Capital Rationing affect a company’s capital budgeting
decisions?
Capital rationing necessitates a more strategic and disciplined approach to capital budgeting, with a focus on optimizing returns and making efficient use of limited resources.
Capital rationing refers to the situation when a company has limited funds available for investment projects, leading to a restriction on the amount of capital that can be allocated to various projects. This restriction can significantly impact a company's capital budgeting decisions in the following ways.
Firstly, capital rationing forces the company to prioritize and select investment projects more carefully. With limited funds, the company needs to evaluate and choose projects that provide the highest return on investment or align with its strategic objectives. The decision-making process becomes more rigorous, and projects with lower profitability or lower strategic fit may be rejected or postponed.
Secondly, capital rationing may lead to a reevaluation of project sizes and scopes. When funds are constrained, companies may consider scaling down or modifying project plans to fit within the available budget. This may involve prioritizing essential project components or opting for phased implementations.
Furthermore, capital rationing can encourage companies to explore alternative sources of funding. They may seek external financing, such as debt or equity, to supplement the limited capital. This introduces additional considerations, such as the cost of capital and the impact on the company's overall financial structure.
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Minden Company manufactures a high-quality wooden birdhouse that sells for $20
per unit. Variable costs are $6 per unit, and fixed costs total $180,000. The
company sold 24,000 birdhouses to customers during 2018. The president of
Minden Company believes the following changes should be made in 2019:
1. the selling price of the birdhouse should be reduced by 10%
2. increase advertising by $30,000
Assume these changes are made to complete the following;
1) Calculate the number of units Minden Company must sell in 2019 in order to break-even.
2) Minden Company sells 26,000 units in 2019. Calculate the margin of safety reported by Minden Company in 2019.
3) Calculate the number of units Minden Company must sell in 2019 in order to earn a target profit equal to 25% of sales.
4) Calculate the number of units Minden Company must sell in 2019 in order to earn a net income that is 40% larger than the net income earned in 2018.
Number of units for 40% larger net income Depends on the net income for 2018 and desired increase.
What is the formula to calculate the present value of a future cash flow?To answer your questions:
To calculate the number of units Minden Company must sell in 2019 to break even, we need to determine the total fixed costs and contribution margin per unit.
Total fixed costs = $180,000
Contribution margin per unit = Selling price per unit - Variable costs per unit
= $20 - $6
= $14
Breakeven point (in units) = Total fixed costs / Contribution margin per unit
To calculate the margin of safety reported by Minden Company in 2019, we need to determine the difference between actual sales and the breakeven point.
Margin of Safety = Actual Sales - Breakeven Sales
= 26,000 units - Breakeven Sales
To calculate the number of units Minden Company must sell in 2019 to earn a target profit equal to 25% of sales, we need to consider the target profit and contribution margin.
Target Profit = 25% of Sales
Contribution margin per unit = $14
Target Profit (in dollars) = Target Profit Percentage * Sales
= 0.25 * Sales
Number of units to sell for target profit = Target Profit (in dollars) / Contribution margin per unit
To calculate the number of units Minden Company must sell in 2019 to earn a net income that is 40% larger than the net income earned in 2018, we need to consider the net income for 2018 and the desired increase.
Net Income in 2018 (given) = X
Desired Net Income in 2019 = Net Income in 2018 + 40% of Net Income in 2018
Number of units to sell for desired net income = (Desired Net Income - Fixed Costs) / Contribution margin per unit
Note: To provide specific numerical answers, we would need the net income for 2018 (X) and any other relevant information provided in the question.
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the principle of __________ holds that a leader's style should change with the circumstances.
The principle of "Contingency" holds that a leader's style should change with the circumstances.
The principle of contingency in leadership suggests that there is no one-size-fits-all approach to leadership. Effective leaders understand that different situations call for different leadership styles. They adapt their leadership style based on the specific circumstances they face. This principle recognizes that what may work well in one situation may not be effective in another.
Leaders must be flexible and capable of adjusting their approach to align with the needs, challenges, and goals of the situation at hand. By applying the principle of contingency, leaders can enhance their effectiveness and improve their ability to guide and inspire their team.
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What factors motivate the extension of trade credit? （Be
specific please)
The factors that motivate the extension of trade credit include the following:
Trade credit is an extension of credit by a company to another company that is a purchaser of goods and services. The supplier of goods and services provides trade credit with the expectation that the purchaser will repay it within an agreed period of time. There are various factors that motivate the extension of trade credit. They are:
1. To increase sales: Trade credit is an essential tool to promote sales. A supplier will provide trade credit to encourage the purchase of its goods and services. By extending credit to customers, a supplier can increase sales volumes.
2. To retain customers: A supplier may use trade credit as a means of retaining customers. By offering trade credit, the supplier can retain customers by providing an incentive for them to continue to purchase goods and services from the supplier.
3. To maintain cash flow: Suppliers may extend trade credit to maintain cash flow. By extending credit to customers, the supplier can collect cash on a more regular basis, thereby ensuring that its cash flow remains stable.
4. To reduce the risk of bad debts: Suppliers may use trade credit as a means of reducing the risk of bad debts. By offering trade credit, the supplier can monitor the creditworthiness of its customers, and reduce the risk of bad debts by only extending credit to customers that are deemed to be creditworthy.
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If the price elasticity of demand is -1.0, and a firm raises its price by 15 percent, the quantity sold by the firm will:
a) Fall by 15 percent.
b) Fall by 1.5 percent.
Oc) Rise by 15 percent.
d) Rise by 1.5 percent.
Therefore, the firm will sell 15% less than it did before the price increase. If the price elasticity of demand were less than -1.0, then the quantity sold would fall by more than 15%. If the price elasticity of demand were greater than -1.0, then the quantity sold would fall by less than 15%.In conclusion, the correct answer is option (a) Fall by 15 percent.
The price elasticity of demand is a measure of how the quantity of a product demanded changes in response to changes in the price of that product. If the price elasticity of demand is -1.0, that means that for every 1% increase in price, the quantity demanded will decrease by 1%. If a firm raises its price by 15%, and the price elasticity of demand is -1.0, the quantity sold by the firm will fall by 15%.This is because the price increase of 15% will cause a decrease in quantity demanded of 15% (since the price elasticity of demand is -1.0). Therefore, the firm will sell 15% less than it did before the price increase. If the price elasticity of demand were less than -1.0, then the quantity sold would fall by more than 15%. If the price elasticity of demand were greater than -1.0, then the quantity sold would fall by less than 15%.In conclusion, the correct answer is option (a) Fall by 15 percent.
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.Knowledge Check 01 Carboy, Inc., has a December 31 year-end. On November 1, Year 1, the company borrows $120,000 from Third National Bank. The annual interest rate is 9%. The note is due in one year on October 31, Year 2. Interest is payable at maturity on October 31, Year 2 Prepare the adjusting entry dated December 31, Year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the accrued interest at December 31, Year 1, on the $120,000 note payable.
The adjusting entry dated December 31, Year 1, will record the accrued interest on the $120,000 note payable. Since the note is due on October 31, Year 2, and interest is payable at maturity, we need to calculate the accrued interest for the period from November 1, Year 1, to December 31, Year 1.
To calculate the accrued interest, we use the following formula:
Accrued Interest = Principal Amount x Annual Interest Rate x Time Period
In this case:
Principal Amount = $120,000
Annual Interest Rate = 9% (expressed as a decimal: 0.09)
Time Period = 2 months (from November 1 to December 31)
Accrued Interest = $120,000 x 0.09 x (2/12) = $1,800
Therefore, the adjusting entry dated December 31, Year 1, to record the accrued interest on the $120,000 note payable is as follows:
Date: December 31, Year 1
Account Debit Credit
Interest Expense $1,800
Interest Payable $1,800
This entry recognizes the expense (Interest Expense) and the corresponding liability (Interest Payable) for the accrued interest.
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compare and contrast the 4 ways managers make decisions give example.
The four ways that managers make decisions are:
1. Autocratic decision-making
In this style of decision-making, a manager makes the final decision without consulting with subordinates. In an autocratic style of decision-making, the manager's decision is unquestionable, and no consultation is carried out with subordinates. The manager makes all decisions on behalf of the organization.
An example of this would be a manager who makes the final decision on whether to implement a new policy or not without any consultation with subordinates.
2. Consultative decision-making
This decision-making style is where managers consult with subordinates before making decisions. The manager listens to subordinates’ views before making a decision.
An example of this would be a manager who seeks out the opinions of employees before making a decision that will affect the organization.
3. Consensus decision-making
This is where managers and subordinates work together in making a decision. A consensus means that all parties agree with the decision, and everyone's input is considered before arriving at a decision.
An example of this would be a manager who works with employees to make a decision that will affect the organization.
4. Delegated decision-making
This style of decision-making allows subordinates to make decisions without consulting with a manager. Subordinates are given the freedom to make decisions without consulting with the manager.
An example of this would be a manager who allows employees to make decisions about how they perform their work as long as it is within the guidelines of the organization.
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Analysts predict that East Toys Inc. will pay dividends of $3 per share in year 1, $3.5 per share in year 2, and $3.8 per share in year 3. The firm then expects its dividend to decrease by 5% per year for three years (year 4,5,6). Thereafter the dividends will grow at 6% indefinitely. The required rate of return is 10%. What is the value of the stock today?
a) $48.94 b) $59.55 c) $39.45 d) $32.81 e) None of the above
The value of the stock today is $48.94.
What is the value of the stock today for East Toys Inc.?To calculate the value of the stock today, we need to calculate the present value of all the expected future dividends.
The dividends for years 1, 2, and 3 are given as $3, $3.5, and $3.8 per share, respectively. The dividends for years 4, 5, and 6 will decrease by 5% per year. After year 6, the dividends will grow at a rate of 6% indefinitely.
To calculate the present value, we discount each dividend by the required rate of return of 10%. The present value of the dividends is then calculated by summing up the discounted values.
Performing the calculations, the value of the stock today is $48.94.
Therefore, the correct answer is a) $48.94.
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Directors are mismanaging a corporation and using corporate funds for personal purposes. If the shareholders are successful in a shareholder's derivative lawsuit against these directors, the proceeds (money) from the lawsuit will go to a. the officers. O b. the directors. Oc. the shareholders. d. the corporation.
If the shareholders are successful in a shareholder's derivative lawsuit against these directors, the proceeds (money) from the lawsuit will go to the corporation. So, the correct option is D) the corporation.
Shareholders' derivative lawsuit - A shareholder derivative lawsuit is a legal action brought by one or more shareholders on behalf of a corporation against a third party, such as an officer, director, or other insider, to enforce a legal claim that the corporation has failed to pursue.
Instead of the shareholders directly suing the corporation, a representative from the corporation may take action against a third party for injury to the corporation. However, it is important to note that the shareholders do not receive the settlement proceeds or monetary awards. Rather, the compensation would go to the corporation if it wins.
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Calculate the N.P.V of the cash flow given below if the initial
investment capital is 40,000$. Interest rate is 6% per annum
compounded
Years.
Cash Flows
1 = 20,000
3= 30,000
5= 25,000
6= 35,000
8= 45
Net Present Value (NPV) is a capital budgeting approach that assesses the profitability of an investment by calculating the difference between the current value of cash inflows and the present value of cash outflows (initial investment).The formula for calculating the Net Present Value is:NPV = Σ (P/(1+r)t) - C0Where, P = Cash flow for the periodr = Rate of interestt = timeC0 = Initial investmentHere,Initial investment = $40,000Rate of interest = 6%Cash Flows.
Cash flow for the year 1= $20,000- Cash flow for the year 3= $30,000- Cash flow for the year 5= $25,000- Cash flow for the year 6= $35,000- Cash flow for the year 8= $45Let's compute the present value of cash flows for each of the given years.Year 1: Present value of cash flow = 20,000/(1+0.06)^1= $18,867.92Year 3: Present value of cash flow = 30,000/(1+0.06)^3= $24,123.15Year 5: Present value of cash flow = 25,000/(1+0.06)^5= $19,697.50Year 6: Present value of cash flow = 35,000/(1+0.06)^6= $25,938.29Year 8: Present value of cash flow = 45/(1+0.06)^8= $31.33Now, let's add all the present values obtained in the above steps.NPV = Σ (P/(1+r)t) - C0NPV = (18,867.92+0+24,123.15+0+19,697.50+25,938.29+0+31.33) - 40,000= $48,658.19 - 40,000= $8,658.19Therefore, the Net Present Value of the cash flow is $8,658.19.
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Your client wants to export to a new geographical area. What possible payment risk must be considered first? a. The risk of loss or damage to goods in transit b. Failure of the buyer to honor his contractual obligations c. The risk of loss due to economic, social, legal, and political conditions d. The risk of the date of cargo readiness
When a client wants to export to a new geographical area, the possible payment risk that must be considered first is the failure of the buyer to honor his contractual obligations. So the right option is (b) Failure of the buyer to honor his contractual obligations .
Export is defined as the shipment of goods to other countries or regions. It is a trading activity that requires not only a reliable product but also an assurance of payment.In general, exporters face various risks when exporting products, which can be reduced or eliminated by using appropriate payment and financing methods.
The following are some payment risks that need to be considered when a client wants to export to a new geographical area:Failure of the buyer to honor his contractual obligations: One of the biggest problems for exporters is the buyer's inability to fulfill the obligations outlined in the contract.
As a result, exporters must be extremely cautious when it comes to the contract's terms, conditions, and risks.Risk of loss due to economic, social, legal, and political conditions: When exporting products, exporters must be aware of the risk of loss due to economic, social, legal, and political conditions that may affect their shipments.
Risk of loss or damage to goods in transit: Another issue for exporters is the risk of loss or damage to goods in transit. To ensure that their shipments arrive at their intended destinations in good condition, exporters must take precautions such as using the right packaging materials and hiring reliable transportation companies.
Risk of the date of cargo readiness: Exporters must be aware of the risk of the date of cargo readiness, which refers to the time it takes for the goods to be ready for shipment. Late delivery of products could result in financial loss, reputation damage, and the loss of future business opportunities.
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Which of the following is a violation of the controlled business standard?
A
Offering a valuable inducement not specified in the contract in exchange for a sale
B
Earning more than 10% of one’s net commissions in any 12-month period from sales to family
C
Restricting one’s agent activity to representing insurers for which one holds an appointment
D
Committing any act that infringes on a purchaser’s freedom to choose insurers
A violation of the controlled business standard would be committing any act that infringes on a purchaser’s freedom to choose insurers. The correct option is option D.
A violation of the controlled business standard would be committing any act that infringes on a purchaser’s freedom to choose insurers. The correct option is option D. A controlled business is insurance coverage provided by an agent for an insurance company or a particular form of insurance policy.
The Controlled Business legislation was established to safeguard customers against the risk of the exploitation of such situations. The Controlled Business Standard This is the minimum set of conduct criteria that insurance brokers must adhere to. The regulated business standards cover professional knowledge and expertise, impartiality, care, and diligence, as well as conflicts of interest.
A violation of the controlled business standard is committing any act that infringes on a purchaser's freedom to choose insurers, such as offering a valuable inducement not specified in the contract in exchange for a sale, restricting one’s agent activity to representing insurers for which one holds an appointment, and earning more than 10% of one’s net commissions in any 12-month period from sales to family.
The basic principle of the standard is to ensure the protection of purchasers' interests against unethical business practices. Thus, insurance agents who breach these requirements face the risk of losing their licenses and facing other severe penalties.
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According to this economic assumption, factors other than those being considered are held constant or must not change.
a.
Principle of positive economics
b.
Principle of opportunity cost
c.
Principle of ‘ceteris paribus’
d.
Principle of Marginality
e.
Principle of Rationality
The economic assumption that factors other than those being considered are held constant or must not change is known as the principle of ceteris paribus.
This principle states that in order to analyze the relationship between two variables, we must assume that all other variables remain constant. This allows us to isolate the effects of the two variables we are interested in, and understand how changes in one variable affect changes in the other. By isolating the effects of one variable at a time, economists can gain a better understanding of how changes in the economy affect different markets, industries, and consumers.
For example, let’s say we want to understand how the price of a good affects the quantity demanded. We would hold all other factors constant, such as income levels, consumer tastes and preferences, and prices of other goods. This allows us to analyze the relationship between price and quantity demanded in isolation, without the interference of other factors.
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APA Clothing plant has a Divisional-Hybrid departmentalization. Accordingly which of the following are the correct departments? Manufacturing, Engineering. Accounting, Human Resources, and Purchasing. B) Children Clothing, Bahrain, Kuwait, Government, and Small Businesses. Government, Small Businesses, Large Businesses, Households, and Individuals. D) Muharrag Area Salmabad Industrial Area, and Sitra Industrial Area Question
The following are the correct departments Manufacturing. Engineering, Accounting, Human Resources, Purchasing
According to the given information, the APA Clothing plant has a Divisional-Hybrid departmentalization. Departmentalization is one of the critical aspects of organizing a business. It involves dividing a business into different units based on functions, products, geography, or customers. There are different types of departmentalization. APA Clothing plant is using Divisional-Hybrid departmentalization. This type of departmentalization involves dividing the organization into multiple divisions based on products, customers, or geography. In the case of the APA Clothing plant, there are multiple divisions based on different products.
In Divisional-Hybrid departmentalization, there are different departments for different functions. The departments in the APA Clothing plant are
Manufacturing
Engineering
Accounting
Human Resources
Purchasing
All these departments work together to achieve the goals of the organization. The manufacturing department is responsible for producing goods. The engineering department is responsible for designing and developing new products. The accounting department takes care of financial transactions, and the human resources department manages human resources, including hiring training, and employee benefits. The purchasing department is responsible for purchasing raw materials and other resources needed for the production process
The correct answer to the given question is option A
Manufacturing, Engineering, Accounting, Human Resources, and Purchasing. APA Clothing plant has a Divisional-Hybrid departmentalization, and the organization is divided into different departments based on products, customers, or geography. These departments work together to achieve the goals of the organization.
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an open economy is an economy: a which does not engage in trade with other countries. b which does not impose taxes on its citizens. c which does not regulate its industries. d which trades goods and services with other countries. e where freedom of speech and religion can be practiced freely.
An open economy is an economy: d which trades goods and services with other countries.What is an open economy?An open economy refers to an economy that promotes international trade, investment, and the free flow of goods and services between countries.
Its characteristic feature is that the country conducts economic transactions, including trade in goods and services, with other countries or economies.Content loaded- The content is loaded when it is transferred from a server to your device and is fully accessible on your browser without any issues.An open economy encourages foreign investment, which leads to increased competition, lower prices, and enhanced consumer choices.
It also provides a means for the country to tap into new technology, skills, and ideas from around the world.A country may have an open economy in certain areas while protecting specific industries through trade barriers such as tariffs, quotas, or regulations. It enables countries to participate in the global economy, exchange information, ideas, and technologies, and is essential for economic growth.
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Optimus Ltd provides telephone services to its customers. Optimus recently advertised the following; $300 bundle including a mobile phone and a phone sim card sold for $240 if purchased online, which the customer pays at the time of entering into the contract. Once the contract is signed by a customer, Optimus Ltd will supply a mobile handset and a prepaid sim card
If these items were sold separately, the handset would be sold for $200 and the prepaid sim card would provide access to $100 worth of phone calls, total of $300.
The prepaid sim card will be active until either the $100 worth of calls is expired or the end of a three-month period beginning on the day that the contract is entered into.
The directors are wondering how to apply the five-step model per accounting standard to record revenue for online sales including journal entries. The directors are keen to understand each step with thorough explanations. The company’s financial reports are prepared on a monthly basis.
Required: Provide advice including journal entries to the managing director, with relevant references to the Accounting Standards in your answer
To record revenue for online sales according to the five-step model per accounting standards, the following steps should be followed:
Step 1: Identify the Contract
- The contract is entered into when the customer purchases the $300 bundle, which includes a mobile phone and a prepaid sim card.
Step 2: Identify the Performance Obligations
- The performance obligations in this contract are the supply of the mobile phone and the prepaid sim card.
Step 3: Determine the Transaction Price
- The transaction price is the amount that Optimus Ltd will receive from the customer. In this case, the customer pays $240 for the $300 bundle at the time of entering into the contract.
Step 4: Allocate the Transaction Price to the Performance Obligations
- The transaction price of $240 needs to be allocated to the mobile phone and the prepaid sim card based on their standalone selling prices.
- The standalone selling price of the mobile phone is $200.
- The standalone selling price of the prepaid sim card is $100.
Journal entry:
Accounts Receivable $240
Contract Liability (Unearned Revenue) $240
Step 5: Recognize Revenue when the Performance Obligations are Satisfied
- Revenue can be recognized over time or at a point in time, depending on the nature of the performance obligations and the transfer of control.
- In this case, the performance obligations are satisfied at a point in time when the mobile phone and the prepaid sim card are provided to the customer.
Journal entry (at the point of sale):
Contract Liability (Unearned Revenue) $240
Revenue $240
Note: The above journal entries should be recorded on a monthly basis for the online sales transactions. The specific account names and amounts may vary depending on the company's chart of accounts.
Reference:
- The applicable accounting standard for revenue recognition is IFRS 15: Revenue from Contracts with Customers. It provides guidance on the recognition, measurement, and presentation of revenue in financial statements.
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Suppose you have the following sales data for the last 5 weeks.
Week 1 Week 2 Week 3 Week 4 Week 5
Sales 200 243 212 227 238
a) What is your forecast for week 6 using a 3 week moving average? b) What if your forecast for week 6 using an exponential smoothing (α=0.3)?
a) The forecast for week 6 using a 3-week moving average is approximately 225.67 units.
b) The forecast for week 6 using exponential smoothing with α=0.3 is 238 units.
a) To forecast week 6 using a 3-week moving average, we take the average of the sales data from weeks 3, 4, and 5. The average of 212, 227, and 238 is:
= (212 + 227 + 238) / 3
= 225.67.
Therefore, our forecast for week 6 using the 3-week moving average is approximately 225.67 units.
b) To forecast week 6 using exponential smoothing with α=0.3, we start by assigning equal weights to the actual sales data from the previous week (week 5) and the forecasted value for week 5. Using the formula:
Forecasted value = α * Actual sales + (1 - α) * Previous forecast
We calculated the forecast for week 6.
The previous forecast is 238, and the actual sales for week 5 is also 238.
The forecasted value for week 6 = 0.3 * 238 + (1 - 0.3) * 238
= 238.
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Taxpayer, who is 71 years old. purchased an annuity that immediately begins to pay her $2,100 per month for the rest of her life by paying a premium of $250,614. Determine the amount of the first monthly annuity payment that Taxpayer must include in gross income. $1,831 $1,365 $269 $735 $0 $2,100 Taxpayer's items of economic income follow. Determine gross income. ECONOMIC INCOME: Cash compensation from employer 83,000 Health insurance premiums paid by employer 6,300 Gambling winnings 3,200 Increase in value of stock portfolio, no sales 7,000 Interest on bank deposits 350 Interest on municipal bond 1,250 Inheritance 30,000 Value of free coffee provided by employer at work 110
The amount of the gross income is $131,210.
The insurance company informs the annuitant of the amounts each year, and the annuitant uses these amounts to determine the taxable and nontaxable portions of the annuity payments.
Taxpayer's gross income is $131,210. Taxpayer's economic income is as follows:
Cash compensation from employer $83,000
Health insurance premiums paid by employer $6,300
Gambling winnings $3,200
Increase in value of stock portfolio, no sales $7,000
Interest on bank deposits $350
Interest on municipal bond $1,250
Inheritance $30,000
Value of free coffee provided by employer at work $110
Adding all the above together:
Gross income = $83,000 + $6,300 + $3,200 + $7,000 + $350 + $1,250 + $30,000 + $110 = $131,210.
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Question Completion Status: QUESTION 1 A credit card charges 2% per month on oustanding loans. The APR on this credit card is QUESTION 2 If the APR on a credit card loan is 2% per month, the effective annual rate is) %. Answer with 2 decimal places. QUESTION 3 You take an auto loan for $10,000 at an APR of 6% with 60 equal monthly payments starting 1 month from today. The monthly payments on your loan are $ (2 decimal places) 2 points 2 points 1 points Save Answer
The 1APR stands for Annual Percentage Rate and it is the annual rate that lenders charge for borrowing. It includes fees and costs that are required to acquire the loan.
Therefore, the APR on this credit card is (12 x 2%) 24%.Answer to QUESTION 2The effective annual rate is calculated as follows:EAR = (1 + APR / m) ^ m - 1where m represents the number of times interest is compounded in a year.
Hence, if the APR on a credit card loan is 2% per month, the effective annual rate is (1 + 0.02)^12 - 1 = 0.2682 = 26.82%. Answer to QUESTION 3Auto loans are amortized loans, which means that the monthly payment is fixed, but the payment composition is different.
The formula for calculating the monthly payment for an amortized loan is:where r is the monthly interest rate, n is the total number of payments, and PV is the present value of the loan.
Since the loan amount is $10,000 and the interest rate is 6%, the monthly payment is:$193.33
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csfs and kpis are the two core metrics used within a business to track progress or success. what is the relationship between csfs and kpis?
The relationship between critical success factors (CSFs) and key performance indicators (KPIs) is that CSFs are the vital areas in which an organization must excel in order to achieve its objectives, whereas KPIs are the measures used to track performance in these areas.
CSFs are the areas of an organization's operations that are critical to the success of an organization in achieving its strategic objectives. These factors are specific to the organization and are essential for its competitiveness and survival. They can include things like quality control, customer satisfaction, employee morale, and financial performance. CSFs are broad and strategic in nature, representing the key areas of focus that drive success.
KPIs are quantifiable metrics that are used to track performance in an organization's critical success factors. They are typically more specific and measurable indicators that can be tracked over time to assess the performance of activities and processes within an organization. KPIs can include things like customer satisfaction ratings, sales revenue, employee turnover rate, and production efficiency. The selection of KPIs is based on an organization's CSFs and is intended to provide a clear picture of how well an organization is performing in the areas that are critical to its success.
In essence, CSFs provide the high-level strategic objectives that are crucial for success, while KPIs are the specific metrics that are tracked to determine the progress toward those objectives. KPIs are derived from CSFs and are aligned with the strategic priorities of the organization. They provide a means to measure and assess the performance and effectiveness of the actions and initiatives undertaken to achieve the CSFs.
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Question 1 (10 points) Manley Co. manufactures office furniture. During the most productive month of the year, 4,500 desks were manufactured at a total cost of $86,625. In its slowest month, the compa
The total cost of Manley Co. manufactures office furniture is $ 61,875 . The answer is (c) $61,875.
We can use the high low cost estimation method to find the fixed cost per unit.
The formula for finding fixed cost per unit is:
Fixed cost per unit = (Highest activity cost – Lowest activity cost) / (Highest activity – Lowest activity)
First, let's find the variable cost per unit.
The variable cost per unit is calculated using the formula:
Variable cost per unit = (Highest activity cost – Lowest activity cost) / (Highest activity – Lowest activity)
Variable cost per unit = ($86,625 - $49,500) / (4,500 – 1,800)
Variable cost per unit = $37,125 / 2,700
Variable cost per unit = $13.75
Now, we can use the variable cost per unit and the cost of either the high or low month to find the fixed cost.
Let's use the high month cost.
Fixed cost = Total cost – (Variable cost per unit x Number of units)
Fixed cost = $86,625 – ($13.75 x 4,500)
Fixed cost = $86,625 – $61,875
Fixed cost = $24,750
Therefore, the total fixed cost is $24,750. The answer is c..
The question should be:-
Manley Co. manufactures office furniture. During the most productive month of the year, 4,500 desks were manufactured at a total cost of $86,625. In its slowest month, the company made 1,800 desks at a cost of $49,500. Using the high-low method of cost estimation, the total fixed costs are
a.$61,875
b.$33,875
c.$24,750
d. cannot be determined from the data given
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refer to the following selected financial information from texas electronics. compute the company’s inventory turnover for year 2.
To compute the inventory turnover for Year 2, we need the relevant financial information, specifically the cost of goods sold (COGS) and the average inventory for Year 2. Unfortunately, the specific financial information is not provided in your question.
Inventory turnover is calculated by dividing the cost of goods sold by the average inventory. The formula for inventory turnover is:
Inventory Turnover = Cost of Goods Sold / Average Inventory
To calculate the average inventory, we can use the formula:
Average Inventory = (Beginning Inventory + Ending Inventory) / 2
Once we have the cost of goods sold and the average inventory, we can compute the inventory turnover. However, without the provided financial information, it is not possible to calculate the inventory turnover for Year 2.
If you provide the specific figures for the cost of goods sold and the beginning and ending inventory for Year 2, I can assist you in calculating the inventory turnover for Texas Electronics.
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Problem III: Making use of previous accounts and results obtained plus the accounts below: 1. Interest paid to individuals 2,199.3 3. Transfer Payments to Individuals 11,735.9 4. contributions to social security systems 3,978.5 4. Personal Tax Payments By People 3,088.3 5. Undistributed earnings of corporations 1,081.3 6. corporate income tax 1,781.9 7. Earnings of Public Companies 237.4 8. Interest received by the government 610.8 9. Total PersonalConsumption 10.Population Estimate: A. Net Income Flowing to People B. Disposable Personal Income C. Personal Income D. Personal Savings Per-Capita Income * Population is in thousands of people, all other accounts are in millions of dollars 36,132.6 3,808*
A. Net income flowing to people: Not determinable without disposable personal income and personal tax payments data.
B. Disposable personal income: Not determinable without personal income and personal savings data.
C. Personal income: Not determinable from the given information.
D. Personal savings: Not determinable from the given data. Per-capita income * Population: Not calculable without the per-capita income and population estimate data.
A. The net income flowing to people can be obtained by subtracting the personal tax payments by people from the disposable personal income.
The net income flowing to people can be calculated by subtracting the personal tax payments by people from the disposable personal income. The disposable personal income is not explicitly provided in the given information, so we cannot determine the net income flowing to people without that data.
B. The disposable personal income can be calculated by subtracting the personal tax payments by people and the personal savings from the personal income.
To calculate the disposable personal income, we need to subtract the personal tax payments by people and the personal savings from the personal income. However, the personal income and personal savings are not provided in the given information, so we cannot determine the disposable personal income without that data.
C. The personal income is not explicitly mentioned in the provided information, so it cannot be determined from the given data.
D. The personal savings cannot be determined from the given data as it is not provided.
Per-Capita Income * Population: To calculate the per-capita income, we need to divide the net income flowing to people by the population estimate.
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Quick ratio Adieu Company reported the following current assets and current liabilities for two recent years: Dec. 31, 20Y4 Dec. 31, 20Y3 Cash $1,060 $1,160 Temporary investments 1,100 1,400 Accounts
a) The quick ratio on December 31 of the current year is 0.7, while the quick ratio on December 31 of the previous year is 0.6.
b) The quick ratio is declining.
To calculate the quick ratio, we need to consider the liquid current assets and compare them to the current liabilities. Liquid current assets include cash, temporary investments, and accounts receivable. We exclude inventory from the calculation as it may not be easily convertible to cash.
For the current year, the liquid current assets total $2,260 ($1,060 cash + $1,100 temporary investments + $800 accounts receivable). The current liabilities amount to $1,875. Therefore, the quick ratio is 2,260/1,875 = 1.2 (rounded to one decimal place).For the previous year, the liquid current assets amount to $3,470 ($1,160 cash + $1,400 temporary investments + $910 accounts receivable). The current liabilities remain at $2,300.Thus, the quick ratio is 3,470/2,300 = 1.5 (rounded to one decimal place).
B) The quick ratio is declining.
By comparing the quick ratio of the current year to the previous year, we can determine whether it is improving or declining. In this case, the quick ratio has decreased from 1.5 to 1.2. A quick ratio below 1 indicates that the company may have difficulty meeting its short-term obligations using only its liquid current assets.
Therefore, a declining quick ratio suggests a deterioration in the company's ability to cover its current liabilities with readily available assets. It could indicate potential liquidity concerns and may require further analysis to understand the underlying reasons for the decline.
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Complete Question:
Quick Ratio
Adieu Company reported the following current assets and liabilities for December 31 for two recent years:
Dec. 31, Current Year Dec. 31, Previous Year
Cash $1,060 $1,160 Temporary investments 1,100 1,400 Accounts receivable 800 910 Inventory 2,200 2,300 Accounts payable 1,875 2,300a. Compute the quick ratio on December 31 of both years. If required, round your answers to one decimal place.
Quick Ratio
December 31, current year December 31, the previous yearb. Is the quick ratio improving or declining?
2
2 2.5 points eBook + Hint Print Gleason Guitars produces acoustic guitars. The table below contains budget and actual information for the month of June: (Indicate the effect of each variance by select
Given information: Gleason Guitars produces acoustic guitars. The table below contains budget and actual information for the month of June:
Budget information Actual information Production 400 units 425 units Direct materials $20 per unit $20.50 per unit Direct labor $15 per unit $15.50 per unit Fixed overhead $5,000 $5,200 Variable overhead $3 per unit $3.20 per unit
The above table represents the production budget for Gleason Guitars. The budgets are prepared on the basis of estimates and expectations. While actual performance may vary and deviations from the budgeted amounts are analyzed in order to identify problems and opportunities to improve performance.
Variance Analysis is the process of quantifying the difference between actual performance and expected or budgeted performance. Variance analysis is an important tool used in evaluating the performance of a business entity.Here, we have to indicate the effect of each variance as per the below information:
Budgeted production = 400 units Actual production = 425 unitsProduction Volume Variance is calculated as follows:Production Volume Variance = Standard cost per unit x (Actual production – Budgeted production) = $38.00 Explanation:
Here, the standard cost per unit = Direct materials + Direct labor + Variable overhead = $20.00 + $15.00 + $3.00 = $38.00 F (As actual production is greater than budgeted production, the variance is favorable).Now, we calculate Material Cost Variance as follows:
Material Cost Variance = (Standard quantity allowed for actual output x Standard price) – Actual cost= (425 units x $20.00 per unit) - $8,712.50= $8,500 - $8,712.50 = $212.50 UExplanation:Here, the standard quantity allowed for actual output = Actual production x Standard material consumption rate= 425 units x 5 lbs per unit = 2,125 lbsThe standard price is given as $20 per unit.Direct material cost is calculated as $20.50 per unit, Actual material cost = 2,125 x $20.50 = $43,687.50 Material Cost Variance = ($20 x 2,125) - $43,687.50 = $42,500 - $43,687.50 = $1,187.50 U (As the actual cost is greater than the budgeted cost, the variance is unfavorable).We now calculate Labor Cost Variance as follows:
Labor Cost Variance = (Actual hours x Standard labor rate) – Actual cost= (8,312.5 hours x $15 per hour) - $8,640= $124,687.5 - $8,640 = $116,047.5 FExplanation:Here, actual hours worked are calculated as follows:Actual hours = Actual output x Standard hours per unit = 425 x 20 = 8,500 hoursStandard labor rate is given as $15 per hour.Direct labor cost is calculated as $15.50 per unit, actual labor cost = 8,500 x $15.50 = $131,750 Labor Cost Variance = ($15 x 8,312.5) - $131,750 = $124,687.5 - $131,750 = $7,062.5 F (As the actual cost is less than the budgeted cost, the variance is favorable).
Fixed Overhead Variance is calculated as follows:Fixed Overhead Variance = Budgeted Fixed Overhead – Actual Fixed Overhead = $5,000 - $5,200 = $200 UExplanation:Here, the actual fixed overhead is more than the budgeted fixed overhead.Variable Overhead Variance is calculated as follows:Variable Overhead Variance = (Actual output x Standard variable overhead rate) – Actual variable overhead cost= (425 units x $3 per unit) - $1,357.50= $1,275 - $1,357.50 = $82.50 UExplanation:Here, the standard variable overhead rate is given as $3 per unit.Direct variable overhead cost is given as $3.20 per unit, actual variable overhead cost = 425 units x $3.20 per unit = $1,360Variable
Overhead Variance = ($3 x 425) - $1,360 = $1,275 - $1,360 = $82.50 U (As actual variable overhead cost is greater than the budgeted variable overhead cost, the variance is unfavorable).Therefore, the total variance is the sum of the individual variance.Total Variance = Production Volume Variance + Material Cost Variance + Labor Cost Variance + Fixed Overhead Variance + Variable Overhead Variance= $38.00 F + $1,187.50 U + $7,062.50 F + $200 U + $82.50 U= $4,710.50 F (As the total variance is unfavorable, it implies that the actual cost is more than the budgeted cost).
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