The firm has a personal fatigue and delay allowance of 18%. After training, Mary Fernandez, a computer technician, had an average observed time for memory-chip tests of 15 seconds, and her performance rating is 100%.
Normal Time:Normal time refers to the expected or average time it would take to complete a task without taking into account any external factors like fatigue, distractions, delays, or disruptions.The Personal Fatigue and Delay Allowance formula is: Personal fatigue and delay allowance = Normal Time * % Fatigue and Delay AllowanceGiven the % Fatigue and Delay Allowance = 18%Normal Time = Observed time/ Performance rating= 15 / 1= 15 secondsFatigue and Delay Allowance = 15 * 18/100 = 2.7 secondsNormal time = Observed time + Personal fatigue and delay allowance= 15 + 2.7= 17.7 seconds.
Standard Time:Standard time refers to the ideal time it takes to complete a task. It includes personal fatigue and delay allowances, plus any other external factors that might affect task performance. The standard time formula is: Standard Time = Normal Time * Performance RatingThe Performance Rating = 100%Given the Normal Time = 17.7 secondsStandard Time = Normal Time * Performance rating= 17.7 * 100 / 100= 17.7 secondsTherefore, a) Normal Time = 17.7 seconds and b) Standard Time = 17.7 seconds.
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Renter Expenses
What expenses do you need to budget for if you choose to rent a home? Check all that apply.
a mortgage payment
a rent payment
homeowners insurance
renters insurance
property taxes
a security deposit
utility payments
When choosing to rent a home, the following expenses should be considered and budgeted for:
Rent payment: The primary expense when renting a home is the monthly rent payment, which is typically paid to the landlord or property management company.Renters insurance: Renters insurance is a type of insurance that provides coverage for personal belongings and liability protection in case of accidents or damages within the rented property. It is generally recommended for tenants to protect their belongings.Security deposit: Most landlords require tenants to pay a security deposit upfront, which serves as a form of protection for the landlord against any potential damages or unpaid rent. The security deposit is usually refundable at the end of the tenancy, provided there are no damages beyond normal wear and tear.Utility payments: As a renter, you will likely be responsible for paying utilities such as electricity, water, gas, and possibly other services like internet and cable. These costs can vary depending on the size of the property and your usage.Homeowners insurance: Homeowners insurance is not an expense for renters. It is typically of the property owner to have insurance coverage for the property itself, including the structure and any liabilities associated with it.In summary, when renting a home, you need to budget for rent payment, renters insurance, security deposit, and utility payments. Homeowners insurance and property taxes are not expenses that renters typically have to pay.
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Answer:
b, d, f, g
Explanation:
Briefly explain each of the following standards. i) Ideal Standards ii) Current standards iii) Attainable standards iv) Basic standards b) State one (1) condition each under which the following standards could be set. i) Ideal standards ii) Basic standards iii) Current standards e. Explain four (4) reasons for standards setting.
The ideal standard refers to the perfect standard, which is a benchmark for performance, and it is attained under ideal circumstances. They are not commonly used in practice because they are impractical to achieve. Ideal standards are used as a reference to the production departments when designing the product.
Current Standards: Current standards refer to the prevailing standards in the industry. They are the established norms of the industry. They are continually being reviewed and updated as needed to adapt to changing circumstances. Current standards are used to measure the performance of employees.Attainable Standards:Attainable standards refer to standards that can be attained by a worker who works normally, with minimum efforts, and within the standard working conditions. They motivate employees to achieve the standard, thus enhancing productivity. Attainable standards help to identify areas where improvement is needed.Basic Standards:Basic standards refer to the minimum acceptable standards below which the performance of employees should not fall. They are the lowest acceptable standards that can be accepted. The output of an employee should be above basic standards. They are used as a basis for training and development of new employees.Conditions under which standards can be set ideal standardsIdeal Standards: When new products are being produced, ideal standards can be used to establish the maximum attainable performance levels. This will assist in evaluating the product development process and in establishing the maximum feasible performance levels for the production processes.Basic Standards:The employment of new employees necessitates the establishment of basic standards. This will assist in providing guidance to new employees in the organization. New employees must work above the basic standard, which acts as a reference point.Current Standards:Current standards are established when an organization wishes to compare its performance with that of other organizations in the same industry. It enables the organization to set goals and objectives for improvement.Reasons for Standards Setting: Standards setting is critical for the following reasons:It aids in the formulation of goals and objectives for employees. Standards help to provide workers with a clear understanding of what is required of them.It aids in evaluating the performance of employees.Standards serve as a basis for evaluating employee output.It aids in the detection of inefficiencies. When the actual performance of employees falls short of the standard, inefficiencies are revealed.Standards facilitate the training of new employees. They provide a basis for training new employees and ensuring that they reach an acceptable level of performance.
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chase bank an evaluation of the internal and external environment's
impact on achieving the company strategy
Chase Bank is one of the largest banks in the United States. The bank has a large customer base and a significant market share in the banking industry. The bank has been able to achieve its strategic objectives due to its strong internal and external environment analysis.
Internal Environment
The internal environment of Chase Bank includes the bank's strengths and weaknesses. The bank's strengths include its large customer base, a strong brand, a diversified product portfolio, and a strong financial position. Chase Bank's weaknesses include its limited international presence and a lack of innovation in its products.
External Environment
The external environment of Chase Bank includes factors outside the bank's control, such as competition, regulatory environment, and the economic conditions of the market. The banking industry is highly competitive, and Chase Bank faces stiff competition from other large banks such as Bank of America, Wells Fargo, and Citigroup. The regulatory environment has also been a significant challenge for the banking industry since the 2008 financial crisis.
Impact of the Internal and External Environment on Achieving the Company's Strategy
Chase Bank has been able to achieve its strategic objectives due to its strong internal and external environment analysis. The bank's strengths have enabled it to compete effectively in the market and grow its customer base. The bank's financial position has allowed it to invest in technology and innovation, which has helped it to stay ahead of the competition. Additionally, the bank has been able to navigate the complex regulatory environment and ensure compliance with the regulations.
In conclusion, Chase Bank's ability to analyze its internal and external environment has enabled it to achieve its strategic objectives. The bank's strengths have allowed it to compete effectively in the market and grow its customer base. Additionally, the bank has been able to navigate the complex regulatory environment and ensure compliance with the regulations.
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Partial Insurance*: This problem is designed to illustrate why partial insurance (i.e. a policy which includes deductibles and coinsurance) may be optimal for a risk-averse individual. Suppose Marco has an initial wealth of $1000 and a utility function given by U(W)=W. He faces the following loss distribution: a. If the price per unit of insurance is $0.10 per dollar of loss, show that Marco will purchase full insurance (i.e., quantity for which insurance is purchased = $500). b. If the price per unit of insurance is $0.11 per dollar of loss, show that Marco will purchase less than full insurance (i.e., quantity for which insurance is purchased is less than $500 ). Hint: Compute EU for full $500 loss, and also for an amount less than $500. See that when he insures strictly less than $500, the EU is higher
a. If the price per unit of insurance is $0.10 per dollar of loss, compare the expected utilities of two scenarios: purchasing full insurance and not purchasing insurance. After comparing the expected utilities, we see that U($450) < U($500). Therefore, Marco will choose to purchase full insurance. The calculation is shown in the attached image below.
Insurance is a contract between an individual or entity (the insured) and an insurance company (the insurer). It provides financial protection against potential losses or damages in exchange for regular premium payments.
b. If the price per unit of insurance is $0.11 per dollar of loss, compare the expected utilities of two scenarios: purchasing partial insurance and not purchasing insurance. The calculation is shown in the attached image below. After comparing the expected utilities, we see that U($456) > U($500). Therefore, Marco will choose to purchase less than full insurance (in this case, $400 of insurance coverage).
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Marco will purchase less than full insurance when the price per unit of insurance is $0.11 per dollar of loss.
To determine the optimal level of insurance for Marco, we need to compare the expected utilities under different insurance coverage options. Let's calculate the expected utilities for both full insurance and an amount less than $500 using the given information:
a. If the price per unit of insurance is $0.10 per dollar of loss, Marco will purchase full insurance (i.e., quantity for which insurance is purchased = $500).
To calculate the expected utility for full insurance ($500 loss):
Expected Utility = Probability of Loss * Utility of Wealth
The price per unit of insurance is $0.10 per dollar of loss, so the insurance cost for a $500 loss is:
Insurance Cost = $500 * $0.10 = $50
After the insurance cost, the net wealth for a $500 loss is:
Net Wealth = $1000 - $50 = $950
The probability of a $500 loss is not given in the problem, so let's assume it to be 1 (100% probability).
Expected Utility for Full Insurance:
EU (Full Insurance) = 1 * U($950) = U($950) = $950
b. If the price per unit of insurance is $0.11 per dollar of loss, Marco will purchase less than full insurance (i.e., quantity for which insurance is purchased is less than $500).
Let's consider an amount of insurance less than $500, for example, $400.
To calculate the expected utility for insurance less than $500 ($400 loss):
Expected Utility = Probability of Loss * Utility of Wealth
The insurance cost for a $400 loss is:
Insurance Cost = $400 * $0.11 = $44
After the insurance cost, the net wealth for a $400 loss is:
Net Wealth = $1000 - $44 = $956
The probability of a $400 loss is not given in the problem, so let's assume it to be 1 (100% probability).
Expected Utility for Insurance less than $500:
EU(Insurance less than $500) = 1 * U($956) = U($956) = $956
Comparing the expected utilities, we can see that when Marco insures strictly less than $500, the expected utility is higher (EU(Insurance less than $500) = $956) compared to the full insurance case (EU (Full Insurance) = $950).
This indicates that Marco will purchase less than full insurance when the price per unit of insurance is $0.11 per dollar of loss.
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Risk in the widest sense is not new to business. All companies are exposed to traditional business risks: earnings go up and down as a result of such things as changes in the business environment, in the nature of competition, in production technologies, and in factors affecting suppliers. The issue of risk has captured considerable attention from corporate management in recent years, as financial risk management has become a critical corporate activity. Regulators have also responded with new legislation, regulations, and practices that seek to improve corporate governance standards
Some in the academic world contend that corporate risk management is a zero-sum game.Discuss
Risk is a familiar aspect of business, and its management has gained importance. Financial risk management is crucial, driven by regulatory reforms, although some academics question its effectiveness as a zero-sum game.
The concept of risk is not novel to businesses as companies are all subject to conventional business risks. Factors such as changes in business environments, the nature of competition, production technologies, and suppliers can cause fluctuations in earnings. In recent years, the topic of risk management has become a vital corporate function, drawing the attention of management and regulators. Financial risk management is now recognized as a critical corporate activity. Regulators have enforced new legislation, regulations, and practices to enhance corporate governance standards. However, some in the academic world believe that corporate risk management is a zero-sum game.The concept of risk is not new to the business. Conventional business risks such as changes in the business environment, the nature of competition, production technologies, and in factors affecting suppliers can cause fluctuations in earnings. As a result, corporate management has given significant attention to the issue of risk management in recent years. Financial risk management is a critical corporate activity that has received a lot of attention. Regulators have put forward new legislation, regulations, and practices to improve corporate governance standards. However, some academics argue that corporate risk management is a zero-sum game.For more questions on business
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A borrower takes out a 10-year reverse mortgage not to exceed the amount of $500,000 with monthly withdrawals at an interest rate of 6%. The first two years of the loan have a monthly withdrawal of 2, 000 dollars. What would be the monthly payments be starting in year 3 in order to not exceed the desired loan balance?
The monthly payments starting in year 3 to not exceed the desired loan balance of $500,000 would be approximately $4,454.76.
To determine the monthly payments starting in year 3, we need to calculate the remaining loan balance after the first two years of withdrawals. Each month, the loan balance increases due to the accumulated interest. After year 2, the remaining loan balance can be calculated using the formula for compound interest:
Loan Balance = Principal * (1 + Monthly Interest Rate)^(Number of Months)
Let's break down the calculation:
Principal = $500,000 (initial loan amount)
Monthly Interest Rate = 6% / 12 = 0.005 (6% annual interest divided by 12 months)
Number of Months = (10 years - 2 years) * 12 months/year = 96 months
Loan Balance after 2 years = $500,000 * (1 + 0.005)^96 ≈ $646,491.57
To calculate the monthly payments starting in year 3, we can use the loan balance after 2 years as the new principal and calculate the monthly payment using the formula for an ordinary annuity:
Monthly Payment = Principal * Monthly Interest Rate / (1 - (1 + Monthly Interest Rate)^(-Number of Months Remaining))
Number of Months Remaining = 10 years - 2 years - 12 months = 96 months
Monthly Payment = $646,491.57 * 0.005 / (1 - (1 + 0.005)^(-96)) ≈ $4,454.76
The monthly payments starting in year 3, in order to not exceed the desired loan balance of $500,000, would be approximately $4,454.76. This calculation takes into account the initial loan amount, the interest rate, the withdrawal amounts during the first two years, and the remaining loan balance after 2 years.
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A colleague of yours attended a short learning programme on financial management. One of the programme topics was the capital asset pricing model (CAPM). Your colleague asked you to please explain the following elements of the CAPM to her: - The risk-free rate of return - The beta coefficient (β) Required: Explain to your colleague what these two (2) concepts mean, ensuring that you indicate to her which interest rate is usually considered the risk-free rate.
The Capital Asset Pricing Model (CAPM) was introduced by William Sharpe in 1964. It is a framework that investors use to calculate the required rate of return (RRR) for an investment.
What is it based on?It is based on three variables:
the risk-free rate of return, the beta coefficient, and the expected market rate of return.
The following are the explanations of the two concepts that your colleague wanted to be explained:
1. The Risk-Free Rate of Return
The risk-free rate is the expected rate of return on an investment that carries no risk. This is the rate of return that investors can expect to receive from a risk-free investment. Typically, the interest rate on government-issued Treasury bills (T-bills) is used as the risk-free rate of return. The risk-free rate of return is used as a benchmark for determining the expected return on an investment with a similar level of risk.2. The Beta Coefficient
The beta coefficient is a measure of the volatility of a security in relation to the market.Beta measures the relationship between the price of a security and the overall market. A beta of 1 indicates that the security moves in line with the market, while a beta greater than 1 indicates that the security is more volatile than the market, and a beta less than 1 indicates that the security is less volatile than the market.Beta is used in the CAPM to calculate the expected return on a security. The formula for the CAPM is:
RRR = RFR + β(Rm - RFR)where:
RRR = required rate of return
RFR = risk-free rate of return
β = beta coefficient
Rm = expected market rate of return.
Therefore, these are the two concepts that the colleague wanted to be explained.
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A survey was conducted about real estate prices. Data collected is 111953, 209133, 362847, 430574, 557940, 687422, 727393, 806129, 915538, 1053452, 1179688, 1292212, 1312688. What is the average price?
The average price of real estate prices surveyed is 98,587.27. This was calculated by adding all the numbers in the survey and dividing by the total number of values.
The average price is the sum of all the numbers in the data set divided by the total number of values in the data set.
The average price of the real estate prices given in the survey is:
111953 + 209133 + 362847 + 430574 + 557940 + 687422 + 727393 + 806129 + 915538 + 1053452 + 1179688 + 1292212 + 1312688 = 1,081,969
The sum of all the prices is 1,081,969, and there are 11 values in the survey, so the average price is:
1,081,969 / 11 = 98,587.27
Therefore, the average price of the real estate prices surveyed is approximately 98,587.27 with the data including 11 different real estate prices, ranging from 111953 to 1312688.
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Discuss what must be done to balance the tension between individual rights and crime control efforts. Find and describe one United States Supreme Court ruling that clarified the issue of individual rights and how that ruling may affect us today. Do you see a trend in our society in favor of individual rights or public-order interests? Provide at least one example to support your opinion.
The United States of America’s criminal justice system has a key role in maintaining and promoting individual rights and public order. Crime control is critical to maintain a peaceful society.
One ruling that clarified the issue of individual rights was in 1966. In Miranda v. Arizona, the US Supreme Court established that a person in police custody must be informed of their right to remain silent and to an attorney. This decision clarified the issues of individual rights, particularly the right to remain silent, which is essential to the Fifth Amendment of the US Constitution.
In our society, a trend exists in favor of individual rights rather than public-order interests. There is a heightened sensitivity towards individual rights, particularly in recent years. As a result, many laws have been implemented to safeguard the rights of every individual. For example, the legalization of same-sex marriage in many states demonstrates a shift in society towards individual rights.
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A company produces and sells a product. The unit variable cost is $65.26 and the unit selling price is $141.05. The fixed cost associated with the product is $2,22,378 per year. The company has an income tax rate of 24.53 percent. The after-tax income is dollars per year if the company produces and sells 11,351 units per year.
To solve the question, we need to follow the given information regarding the unit variable cost, unit selling price, fixed cost, income tax rate, and units produced and sold to find the after-tax income of a company.
The given details are as follows:
Unit variable cost = $65.26
Unit selling price = $141.05
Fixed cost = $2,22,378
Income tax rate = 24.53%
Units produced and sold = 11,351
We can calculate the total cost as follows:
Total cost = (unit variable cost × units produced and sold) + fixed cost
Total cost = ($65.26 × 11,351) + $2,22,378
Total cost = $9,07,912.26
We can find the total revenue as follows:
Total revenue = unit selling price × units produced and sold
Total revenue = $141.05 × 11,351
Total revenue = $16,02,332.55
We can now calculate the pre-tax income by subtracting the total cost from the total revenue.
Pre-tax income = Total revenue – Total cost
Pre-tax income = $16,02,332.55 – $9,07,912.26
Pre-tax income = $6,94,420.29
Now, we can find the after-tax income by subtracting the income tax from the pre-tax income.
After-tax income = Pre-tax income – Income tax
Income tax = Income tax rate × Pre-tax income
Income tax = 24.53% × $6,94,420.29Income tax = $1,70,462.17
After-tax income = $6,94,420.29 – $1,70,462.17A
fter-tax income = $5,23,958.12
Therefore, the after-tax income of the company is $5,23,958.12 per year if the company produces and sells 11,351 units per year.
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A company is currently selling 838 units per month at $32. Variable costs per unit are $4. Fixed expenses are $1173 per month. The marketing manager believes that an $287 increase in the monthly advertising budget would result in a 324 unit increase in monthly sales What should be the overall effect in dollars on the company's monthly net operating income of this change? Round ONLY your final answer to 2 decimal places. Do not round intermediate computations. State decreases as negative.
Calculation of the current net operating income:Sales[tex]= 838 × $32 = $26,816[/tex]Variable costs [tex]= 838 × $4 = $3,352[/tex]Fixed expenses[tex]= $1,173[/tex]Net operating income = Sales − Variable costs − Fixed expenses[tex]= $26,816 − $3,352 − $1,173 = $22,291[/tex]
Calculation of the new sales:[tex]838 + 324 = 1162[/tex]
The percentage increase in sales:[tex]324/838 × 100% = 38.66%[/tex]
Calculation of the new selling price:[tex]$32 × (1+ 38.66%) = $44.38[/tex]Calculation of the new total revenue:[tex]1162 × $44.38 = $51,464.56[/tex]
Calculation of the new variable costs:[tex]1162 × $4 = $4,648[/tex]Calculation of the new net operating income:New net operating income = New total revenue − New variable costs − Fixed expenses[tex]= $51,464.56 − $4,648 − $1,173 = $45,643.56[/tex]
Calculation of the effect on the net operating income:Effect on the net operating income = New net operating income − Current net operating income= [tex]$45,643.56 − $22,291 = $23,352.56[/tex]Therefore, the overall effect on the company's monthly net operating income would be [tex]$23,352.56.[/tex]
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Sage, Inc. had outstanding $6,170,000 of 11% bonds (interest payable July 31 and January 31 ) due in 10 years. On July 1 , it issued $9,200,000 of 10%,15-year bonds (interest payable July 1 and January 1 ) at 99 . A portion of the proceeds was used to call the 11% bonds (with unamortized discount of $61,700 ) at 101 on August 1. Prepare the journal entries necessary to record issue of the new bonds and the refunding of the bonds. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually)
The journal entries necessary to record the issue of the new bonds and the refunding of the existing bonds are as follows: July 1: Cash 9,118,000.
Bonds Payable 9,118,000. To record the issuance of $9,200,000 of 10%, 15-year bonds at 99, netting $9,118,000 in cash proceeds. August 1: Bonds Payable 6,170,000; Loss on Refunding 12,600; Premium on Bonds Payable 61,700; Cash 6,303,300. To record the refunding of the 11% bonds by calling them at 101, using a portion of the proceeds from the new bonds. The loss on refunding is calculated as the difference between the carrying value of the old bonds ($6,170,000 - $61,700) and the cash paid to retire them.
August 1: Loss on Refunding 12,600. Premium on Bonds Payable 12,600. To remove the unamortized discount on the refunded bonds. The above journal entries record the issuance of the new bonds and the refunding of the existing bonds. It reflects the cash received from the issuance, the retirement of the old bonds, and the adjustments to the premium and discount accounts.
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Please consider the following Network. LEGEND: The figure above only visualises the activities and their relationships in an AON diagram. For details, such as activity durations and lags (for the relationships), please consider also the table below. Hint: You may want to print the network to fill it out by hand. Note that the lags to be entered in the figure
The given diagram shows an AON (Activity-on-Nodes) network. The network consists of two nodes, the start node (Node 1) and the end node (Node 2). The project consists of six activities, A, B, C, D, E and F.
A and B are the activities that start the project and D and E are the activities that end the project. The duration of each activity and the relationship between the activities are given in the table.Activity Duration Predecessor(s)A 3 -B 4 -C 2 A, B D 3 C E 5 C F 2 D, EThe durations of activities A, B, and C are given, and they are 3, 4, and 2, respectively.
The critical path is the path that has the longest duration in the network. The critical path is A-C-D-E-F, and it has a duration of 20. This means that if any activity on this path is delayed by one day, the whole project will be delayed by one day. The total duration of the project is the duration of the critical path, which is 20 days.
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A college student borrows $10,000 at the beginning of the school year at the end of August. The student graduates at the end of May and must begin paying off the loans 9 months after graduation. Interest accrues at a rate of 6% compounding monthly beginning from when the money is borrowed, how much will the student's monthly payments be if he pays off the loans in 15 years after his first payment
To calculate the monthly payments for the student's loan, we can use the formula for the monthly payment of a loan:
[tex]M = P * (r * (1 + r)^n) / ((1 + r)^n - 1)[/tex]
Where:
M = Monthly payment
P = Loan amount
r = Monthly interest rate
n = Total number of payments
First, let's calculate the monthly interest rate. The annual interest rate is 6%, and it is compounded monthly, so the monthly interest rate would be (6% / 12) = 0.005.
Next, we need to determine the total number of payments. The student graduates at the end of May and must begin paying off the loans 9 months after graduation, which means the first payment will be made 9 months after May. So, the total number of payments would be (15 years * 12 months) - 9 months = 171 months.
Now, we can plug in the values into the formula to calculate the monthly payment:
[tex]M = $10,000 * (0.005 * (1 + 0.005)^171) / ((1 + 0.005)^171 - 1)[/tex]
Calculating this equation gives us the monthly payment for the student's loan.
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The student's monthly payments for the loan, if paid off in 15 years after the first payment, will be approximately $79.05.
To calculate the monthly payments for the student loan, we need to determine the repayment period and use the loan amount and interest rate to calculate the monthly payment amount. Here are the step-by-step instructions:
Step 1: Determine the repayment period:
The student graduates at the end of May and must begin paying off the loan 9 months after graduation. If the student pays off the loan in 15 years after the first payment, we need to calculate the total number of months in the repayment period:
Repayment Period = 15 years * 12 months/year = 180 months
Step 2: Calculate the monthly interest rate:
The interest accrues at a rate of 6% compounding monthly. To calculate the monthly interest rate, we divide the annual interest rate by 12:
Monthly Interest Rate = 6% / 12 = 0.06 / 12 = 0.005
Step 3: Calculate the monthly payment amount using the loan amount, repayment period, and monthly interest rate:
We can use the formula for calculating the monthly payment on a loan:
Monthly Payment = (Loan Amount * Monthly Interest Rate) / (1 - (1 + Monthly Interest Rate) ^(-Number of Months))
In this case, the loan amount is $10,000, the monthly interest rate is 0.005, and the number of months is 180.
Monthly Payment = ($10,000 * 0.005) / (1 - (1 + 0.005) ^(-180))
Calculating this using a calculator or spreadsheet software, we find that the monthly payment amount will be approximately $79.05.
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You took out a mortgage 3 years ago. At that time, it was a 21-year mortgage with an APR of 6.3% for $748,718. The payments are made monthly. How much would your monthly payment change if you want to refinance the mortgage today for 10 years at an APR of 4.9%?
We are looking for a change in monthly payments (new minus the old). If the difference is negative (i.e., mortgage payment has declined), input it with a '-' sign. If the difference is positive, there is no need to include the + sign
The monthly payment would decrease by approximately $1,362.25 if you refinance the mortgage today for 10 years at an APR of 4.9%.
To calculate the new monthly payment, we can use the formula for calculating the monthly payment on a mortgage:
M = P [i(1 + i)^n] / [(1 + i)^n - 1]
Where:
M = Monthly payment
P = Principal loan amount
i = Monthly interest rate
n = Total number of payments
Let's calculate the original monthly payment:
P = $748,718
i = 6.3% / 12 = 0.00525 (monthly interest rate)
n = 21 years * 12 months = 252 months
Using the formula, we find:
M1 = $748,718 [0.00525(1 + 0.00525)^252] / [(1 + 0.00525)^252 - 1]
M1 ≈ $5,369.72
Now, let's calculate the new monthly payment for the refinanced mortgage:
P remains the same at $748,718
i = 4.9% / 12 = 0.00408 (monthly interest rate)
n = 10 years * 12 months = 120 months
Using the formula again, we find:
M2 = $748,718 [0.00408(1 + 0.00408)^120] / [(1 + 0.00408)^120 - 1]
M2 ≈ $4,007.47
Finally, we can calculate the change in monthly payment:
Change = M2 - M1 ≈ $4,007.47 - $5,369.72 ≈ -$1,362.25
The monthly payment would decrease by approximately $1,362.25 if you refinance the mortgage today for 10 years at an APR of 4.9%. This means you would have a lower monthly financial obligation, resulting in potential savings over the remaining term of the mortgage.
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The price elasticity of demand for a good is 0.450.45. This product could be a necessity True False
The price elasticity of demand for a good refers to the percentage change in quantity demanded divided by the percentage change in price of that good. If the value of the price elasticity of demand for a good is less than 1, the good is considered to be inelastic.
Conversely, if the value is greater than 1, the good is considered to be elastic. If the value of price elasticity of demand for a good is exactly equal to 1, the good is said to have unit elasticity.
When the price elasticity of demand for a good is between 0 and 1, then the good is considered to be a necessity because the quantity demanded will change only slightly in response to a change in the price of the good. Therefore, if the price elasticity of demand for a good is 0.45, the good is considered to be a necessity.
This is because the percentage change in the quantity demanded is less than the percentage change in price of the good, indicating that demand is not very sensitive to changes in price.
Therefore, the statement "This product could be a necessity" is true.
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A demand equation for a product is given by Q=59⋅2P Find the total revenue generated by sales in the market at a price of P=2. [Note: Canvas may automatically add zeroes to the answer you enter. This will not alter the accuracy of your answer]
To calculate the total revenue generated by sales in the market at a price of P=2, we can use the demand equation Q=59⋅2P.
Since we know the price is P=2, we can substitute it into the equation to determine the quantity demanded Q, which is: Q = 59⋅2(2) = 236 Now that we know the quantity demanded, we can calculate the total revenue by multiplying the quantity demanded by the price:
Total Revenue[tex]= P x Q[/tex] Total Revenue [tex]= 2 x 236[/tex] Total Revenue [tex]= 472[/tex]Therefore, the total revenue generated by sales in the market at a price of [tex]P=2 is 472 dollar.[/tex]
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Gashler Company sells motor oil by the case to automobile repair shops and dealerships. Each case of oil costs Gashler $15. The facility costs are $150,000 per period. Each period, Gashler sells approximately 100,000 cases of motor oil at $25 per case. California Classic Cars is requesting an order of 30,000 cases of motor oil in the next period at a price of $20 per case. Since Gashler has no excess capacity, accepting this order means that only 70,000 cases of motor oil can be sold through normal channels. Should Gashler accept this offer? Why or why not? Would your answer change it Gashler had excess capacity of 20,000 cases? Why or why not?
Gashler Company sells motor oil by the case to automobile repair shops and dealerships. Each case of oil costs Gashler 15. The facility costs are 150,000 per period.
Each period, Gashler sells approximately 100,000 cases of motor oil at 25 per case. California Classic Cars is requesting an order of 30,000 cases of motor oil in the next period at a price of 20 per case. Since Gashler has no excess capacity, accepting this order means that only 70,000 cases of motor oil can be sold through normal channels. Should Gashler accept this offer?
Why or why not?
It is advisable that Gashler should accept the offer from California Classic Cars. This is because accepting the order will generate revenue that will add to the company's bottom line.
However, accepting the offer will mean Gashler will lose out on some revenues from its normal sales channels as the order will reduce the company's normal sales channel to 70,000 cases instead of the usual 100,000 cases.
In calculating the cost of accepting the order, Gashler should consider the contribution margin of the order which is the difference between the selling price of the order and the cost of producing the order. Selling to California Classic Cars for 20 per case gives a profit of 5 per case since the production cost of a case of oil is 15 and the cost of the facility is sunk meaning it does not factor into the cost of production.
Therefore, the total profit Gashler will make from selling 30,000 cases of motor oil to California Classic Cars will be (20−15)×30,000=150,000.Would your answer change it Gashler had excess capacity of 20,000 cases?
Why or why not?
If Gashler had excess capacity of 20,000 cases, it could sell the extra capacity to California Classic Cars without hurting its normal sales channels. Therefore, Gashler should accept the order from California Classic Cars and also produce the extra 20,000 cases to meet the additional demand as this will generate more revenue for the company.
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The Harry and Belinda Johnson Family Might Have a Career Change
Harry has started out fine in his career as his responsibilities have increased since he began working there about five years ago. Belinda recently attended a conference for those in her stock brokerage field and by chance she dropped in at the "career search" room. She saw job opportunities there that fit her skill set that offered salaries of $81,000 to $83,000 in nearby Parkville, Missouri, only about a 30-minute commute away.
If a new employer offered Belinda $83,000 to move and the relative cost index for the new community was 119, how does that compare to her current salary of $80,000 in Kansas City assuming the index in the latter is 124? Round your answer to nearest whole dollar.
Parkville salary of $83,000 is equal to $ in buying power in Kansas City.
Do you think she should take the new job?
The Parkville salary as adjusted -Select-falls belowrises aboveItem 2 the Kansas City salary so she -Select-shouldshould notItem 3 take the new job.
Belinda's new salary in terms of buying power in Kansas City is $86,066.39.
The new salary of Belinda offered by the new employer in Parkville, Missouri = $83,000The relative cost index for the new community = 119The current salary of Belinda in Kansas City = $80,000
The relative cost index for Kansas City = 124
To calculate Belinda's new salary in terms of buying power in Kansas City:
The formula used to calculate new salary is: New Salary in old city = (New Salary in a new city / Relative Cost Index of the new city) × Relative Cost Index of the old city
New Salary in old city = ($83,000 / 119) × 124 = $86, 066.39
Therefore, This salary is higher than her current salary of $80,000 so she should take the new job.
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Question 6 Question 7 The pace of globalization has slowed and, in most instances, declined in part because of In addition to avoidance and adaptation, two other means of risk reduction available to managers are and Question 9 Which of the following is an example of a customs union? Question 10 Which of the following is NOT a way to deal with political risk?
Question 6: The pace of globalization has slowed and, in most instances, declined in part because of;The pace of globalization has slowed down due to several reasons, some of which are mentioned below:- Political tensions among countries- Economic instability - Domestic instability in many countries- Trade wars- COVID-19 pandemic.
Question 7: In addition to avoidance and adaptation, two other means of risk reduction available to managers are;The other means of risk reduction available to managers are: Mitigation - Reducing the severity of the risk Transfer - Passing on the risk to another party.
Question 9: Which of the following is an example of a customs union?An example of a customs union is the European Union (EU).
Question 10: A way to deal with political risk includes, but is not limited to:- Avoidance- Adaptation- Mitigation- Acceptance But innovation is NOT a way to deal with political risk.
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Effective Marketing Materials - Creating the Application That They Actually Want to See - List at least three changes you would like to make to your Resume. Explain why.
As a marketing professional, it is vital to create effective marketing materials that resonate with the target audience. One way to achieve this is to create an application that they actually want to see.
The first change I would make is to highlight my achievements and accomplishments more prominently. This means not just listing my job responsibilities, but also including specific results and outcomes I achieved in previous roles. By doing this, I can demonstrate my value to potential employers and show how I can make a meaningful impact on their business.
By doing this, I can make a strong first impression and catch the attention of potential employers. By highlighting my accomplishments, tailoring it to each specific job application, and improving the design, I can increase my chances of getting hired and achieve my career goals.
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EX6-8 (Algo) You have signed a contract to build... You have signed a contract to build a garage for the Simpsons. You will receive a $500 bonus for completing the project within 30 working days. The contract also contains a penalty clause in which you will lose $100 for each day the project takes longer than 30 working days. Given the information below, complete the forward and backward pass, compute activity slack, and identify the critical activities.
The given problem can be solved using CPM (Critical Path Method).The given data are:Normal time, Optimistic time and Pessimistic time and that will be used for calculating expected time (TE).Activity's earliest start time (EST), earliest finish time (EFT), Latest finish time (LFT), latest start time (LST) of each activity and total project completion time will be determined by using Forward pass and Backward pass.
Below is the table which shows the different details required for calculating all the above things.To calculate the LFT of an activity, we subtract the activity’s TE from its LST. To calculate the LST of an activity, we subtract its TE from its LFT.Backward Pass Calculation:Here we calculate the LST and LFT of each activity.ActivityLatest Finish TimeLatest Start TimeLFT - TE = LSTGH2020IG2521FG1922EF2120DE1716CD1110BC2020AB2320The total project completion time will be the same for both forward pass and backward pass. This is due to the fact that critical path has the same duration.
Therefore, the critical path is C-D-E-F-G-H-I with a total project completion time of 20 days. All the activities have their slack times calculated. C-D and D-E activities are critical activities as they have 0 slack time.What is Forward Pass?Forward Pass is a CPM technique, used to determine the earliest expected start and finish time of an activity in a network.
It is used for scheduling the project activities and determining the project’s duration.What is Backward Pass?Backward Pass is a CPM technique, used to calculate the latest expected start and finish time of an activity in a network. It is used to determine the total slack time for each activity in the project network.
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Explain how a cause-and-consequence analysis paragraph works. How does this differ from a comparison and contrast style paragraph?
Cause-and-consequence analysis paragraphs analyze the causes and effects of events, while comparison-and-contrast paragraphs examine the similarities and differences between two or more items.
A cause-and-consequence analysis paragraph offers an analysis of the events that took place. The causes or reasons for the occurrence of an event or phenomenon are analyzed in detail in this type of paragraph. The subsequent effects or results of these occurrences are then discussed. This is the fundamental goal of this paragraph style.
The comparison and contrast style paragraph, on the other hand, compares and contrasts the similarities and differences between two or more items, people, or events. The author looks at the topic's major similarities and differences in this type of paragraph.
The primary difference between the two paragraph styles is the intent behind them. The cause-and-consequence analysis paragraph focuses on the events that occurred and the reasons for them, while the comparison-and-contrast paragraph compares and contrasts the differences and similarities between two or more items.
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Paints and coatings \( 1.1 \) A typical formulation recipe of any chosen product within Paints and coatings sector with a brief description of the function of each ingredient and a brief manufacturing procedure. 1.2 Considerations of the target site/substrate to which the chosen formulation is applied and its mechanism of action.
Paints and coatings (1.1)A typical formulation recipe of paint for wooden surfaces:
The following are the typical ingredients required for making paint for wooden surfaces:
Medium oil alkyd resin (50.0%)
Titanium dioxide (15.0%)
Pigment (5.0%)
Calcium carbonate (10.0%)
Toluene (5.0%)
Methyl ethyl ketone (10.0%)
Anti-skin agent (0.5%)
Drier (4.0%)
Surfactant (0.5%)
This paint is made by the process of blending. First, medium oil alkyd resin is added into the mixer. Then, pigments and calcium carbonate are added one by one. Afterward, drier is added to promote curing. Anti-skin agent and surfactant are then added to prevent skinning and improve the flow of the paint.
Finally, toluene and methyl ethyl ketone are added as solvents to dissolve the mixture and lower the viscosity of the paint.1.2 Considerations of the target site/substrate to which the chosen formulation is applied and its mechanism of action:In the case of wooden surfaces, the paint formulation must account for the absorption rate, texture, and porosity of the wood. A smooth finish requires a coating with a lower absorption rate and high film-building characteristics. Also, the paint must be able to resist moisture, UV light, and wear and tear.
Hence, a medium oil alkyd resin is used as it has excellent adhesion properties, can resist UV degradation, and is easy to apply. Additionally, pigments and titanium dioxide are used to provide excellent hiding power and improve the durability of the paint. Calcium carbonate is added as a filler to reduce the overall cost of the paint and to improve the paint's resistance to abrasion. The drier used is based on the type of alkyd resin used, which is chosen based on the expected drying time and curing process.
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Based on discussions and activities in Week 2, what are 5 things organizations can do to improve their problem solving effectiveness? Please provide in list and/or bullet form. You only need a sentence or two for each thing you identify.
A student comes to the professor’s office to say that her group did not get the group assignment finished. She says that one member of the group of four is not carrying his fair share of the load and is coming to meetings unprepared. She goes on to say that another group member is an effective team member but has missed about one-third of the group meetings. Provide 5 critical thinking questions that the professor could ask the student. Identify the category for each question from the 6 discussed in class (ie. question for clarification, etc.). It is OK if you identify multiple questions from the same category or if you do use a question from each category.
Problem solving is the act of defining a problem; determining the cause of the problem; identifying, prioritizing, and selecting alternatives for a solution; and implementing a solution.
Define the issue. In the problem-solving process, defining the problem is the first step. Clearly and thoroughly describe the issue, including any sub-issues or related concerns. This will aid in the identification of root causes and will serve as a reference point throughout the problem-solving process for evaluating progress and keeping everyone focused on the problem.
Here are the five things that organizations can do to improve their problem-solving effectiveness:
Organize a team. Working alone, few problems can be addressed.
To solve a complex problem, it is frequently necessary to form a team with a variety of skills. The following team members should be present in most problem-solving teams:
Team Leader: Provides direction, coordination, and accountability for the team's actions. Team Members: Are responsible for discovering, defining, and resolving the problem, in addition to assisting the team leader.
Facilitator: Guides the group through the problem-solving process, assists with communication and group dynamics, and makes sure that everyone is staying on track.
Recorder: Is in charge of documenting the group's process and decisions, as well as ensuring that everyone is heard.
Supply the group with the necessary tools. At the outset, the team should be given the tools it will need to analyze and solve the problem. The tools may be as simple as pen and paper for note-taking, or as complex as computer software for sophisticated data analysis and decision-making processes. The tools given will depend on the nature and complexity of the problem at hand.
Establish a process for decision-making. The problem-solving process will lead to one or more possible solutions. To select the best solution, a process for making a decision is required. The process should be simple and thorough, and it should be followed to ensure that the best possible solution is selected.
Follow-up on progress. The final step in the problem-solving process is to follow up on progress to ensure that the problem has been fully addressed. A periodic review of the situation will help ensure that the solution is still working as expected, and it may reveal any new problems that have arisen as a result of the solution.
This ongoing review will provide feedback that can be used to improve the overall problem-solving process. In regards to the second question, below are 5 critical thinking questions that the professor could ask the student, grouped into their categories.
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The development of technology has had no influence on the nature of work whatsoever. False True
The statement, "The development of technology has had no influence on the nature of work whatsoever" is FALSE. Technology has revolutionized the way we work and live our lives. It has had a significant impact on the nature of work. The development of technology has changed the way we do work, communicate, and interact with others.
In the past, people would communicate using letters, telegrams, and faxes. Now, we communicate using email, instant messaging, and video conferencing. Technology has also made it possible for people to work remotely, from anywhere in the world.The internet and other digital technologies have made it possible for people to share information and collaborate on projects in real-time.
Social media has made it easier for people to connect with each other and share their experiences. The use of technology has also increased productivity and efficiency in the workplace, enabling companies to produce more goods and services than before.Technology has also led to the creation of new jobs, such as software developers, IT professionals, and digital marketers. It has also made it possible for people to pursue careers in fields that did not exist before, such as social media management and web development.
In conclusion, the development of technology has had a significant impact on the nature of work. It has changed the way we work, communicate, and interact with others, increased productivity and efficiency, and created new job opportunities.
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Given an iatereit rate of 3.35-h per halfoycar, compounded quartedy, the effective aneual rate is closel to. (5) a) 90168 b) 0.068 ? c) 0.1409 d) 0.0551 e) 0.0355 f) 60670 d) 0.1774 a) 02073 h) 60034 e) e.1809 (1) 0.00 cm क) 0.0158 n 60050 8) 0.7233. pralced aira in dover to (3) a) 516154.302 b) 31,225×8×7 4) 94.189,910 (I) \$11.677340 a) 51,974,300 95x,601,263 B) $4577,700 (6) S1essik 404
The effective annual rate can be calculated using the formula:[tex]\(EAR = (1 + \frac{r}{n})^n - 1\)[/tex], where [tex]\(r\)[/tex] is the nominal interest rate and [tex]\(n\)[/tex] is the number of compounding periods per year. In this case, the nominal interest rate is 3.35% per half-year, compounded quarterly. Option (e) 0.0355.
Using the formula, we can calculate the effective annual rate:
[tex]EAR = (1 + \frac{0.0335}{4})^4 - 1\)[/tex]
Calculating this expression yields an approximate value of 0.0348, which is closest to option (e) 0.0355.
So, The effective annual rate can be calculated using the formula:[tex]\(EAR = (1 + \frac{r}{n})^n - 1\)[/tex],
where [tex]\(r\)[/tex] is the nominal interest rate and
[tex]\(n\)[/tex] is the number of compounding periods per year.
In this case, the nominal interest rate is 3.35% per half-year, compounded quarterly.
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On 4 April 2020 Kofi Mensah's received his bank statements for the month ended 31 March 2020. The bank statement showed a balance of GHé450,000 (overdraft) as at 31 March whilst the cash book showed a balance of GH¢1,660,000 (debit) as at that date. Upon examination of the cash book and the bank statement the following were discovered: Bank charges of GHe 184,000 had not been recorded in the cash book. The debit side of the cash account had been undercast by GH 200,000 The total on the receipts side of the cash account of GHé 2,475,000 had been forward as GH 4, 275,000. A cheque received by Mensah for GHe 220,000 had bounced. Bank charges of GHe 184,000 had been omitted from the cash account. Unpresented cheques totalled GH 520,000 and uncleared lodgement GH 626,000 Required: i) Prepare the adjusted cash book for the month of March 2020. (8 marks) ii) Prepare a statement on 31 March 2020 reconciling the adjusted cash book with the bank statement balance. (6 marks) iii) Explain TWO (2) reasons for preparing bank reconciliation on regular basis. (2 marks) b) A petty cash book is created to facilitate small payments in a business or organisation. It is meant to meet the day to day expenses and it is entrusted into the hands of the petty cashier. Required: Prepare a brief note to Kofi Mensah explaining how the petty cash book operates.
i) Adjusted Cash Book for the Month of March 2020
Cash Book 1,660,000Balance b/f 450,000Payments: Sales 4,275,000 Cheque 220,000Bank interest 32,000 Bank charges 184,000Other receipts 169,000 Standing order 386,0001,931,000 790,000 Balance c/d 1,460,0002,391,000 2,240,000ii) Reconciliation Statement for Kofi Mensah on 31 March 2020 Balance as per bank statement GH¢ 450,000
Add: Represented cheques GH¢ 520,000
Less: Uncleared lodgements GH¢ 626,000
Adjusted balance as per bank statement GH¢ 344,000
Balance as per Cash Book GH¢ 1,460,000
Less: Bank charges not yet entered GH¢ 184,000
Cheque returned by bank GH¢ 220,000
Corrected balance on cash book GH¢ 1,056,000 Difference (overdraft) GH¢ 712,000
Reasons for preparing bank reconciliation on a regular basis are:
To verify whether all transactions relating to the cash account have been recorded in the bank statement.
To confirm whether all transactions relating to the bank account have been recorded in the cash account.
To know the actual balance in the bank account.
To detect and rectify errors or omissions in the cash book.
To reconcile the differences that exist between the cash book and the bank statement.To check and confirm that cheques issued but not presented have been recorded.
To ascertain the causes of unprecedented cheques and uncleared lodgements so that appropriate action may be taken.
To detect fraud or forgery by a third party. To ensure that there is no misappropriation of funds.
b) Petty Cash Book: The petty cash book is used to make payments for small and frequent expenses such as carriage, postage, stationery, minor repairs, etc. The following points are important to note about the petty cash book:
It is maintained by the petty cashier of the company.
It is kept in an imprest system meaning it is a fixed amount for a particular period of time.
It is generally a small notebook with columns such as date, details of payment, voucher number, amount, and the running balance.
The cashier is responsible for keeping a record of the transactions of petty cash expenditures made during the period and at the end of the period, the balance in the book is counted and compared with the amount of cash in hand.
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Using Income Statements
Given the following information for Gandolinno Pizza Co., calculate the depreciation expense: sales = $61,000,, costs = $29,600, addition to retained earnings = $5,600, dividends paid = $1,950, interest expense = $4,300; tax rate + 35 percent.
The depreciation expense for Gandolinno Pizza Co. is $15,554.55.
Given the following information for Gandolinno Pizza Co., we need to calculate the depreciation expense. Let's start by calculating the net income of the company:
Net income = Sales - Costs - Depreciation - Interest expense - Taxes
Net income = $61,000 - $29,600 - Depreciation - $4,300 - 0.35 * [($61,000 - $29,600 - Depreciation - $4,300)]
Net income = $61,000 - $29,600 - Depreciation - $4,300 - 0.35 * ($26,100 - Depreciation)
Net income = $26,100 - 0.65 Depreciation
To find the value of depreciation, we can rearrange the equation as follows:
0.65 Depreciation = $26,100 - Net income
Depreciation = ($26,100 - Net income) / 0.65
Depreciation = ($26,100 - $24,600) / 0.65
Depreciation = $1,500 / 0.65
Depreciation = $15,554.55
Therefore, the depreciation expense for Gandolinno Pizza Co. is $15,554.55.
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The depreciation expense for Gandolinno Pizza Co. is $14,481.48.
What is the depreciation expense for Gandolinno Pizza Co.?Depreciation expense can be calculated using the following formula: Depreciation Expense = Sales - Costs - Addition to Retained Earnings - Dividends Paid - Interest Expense - Tax Expense
Data:
Sales = $61,000Costs = $29,600Addition to Retained Earnings = $5,600Dividends Paid = $1,950Interest Expense = $4,300Tax Rate = 35%Tax Expense = (Sales - Costs - Depreciation Expense) * Tax Rate
Tax Expense = ($61,000 - $29,600 - Depreciation Expense) * 0.35
Depreciation Expense = Sales - Costs - Addition to Retained Earnings - Dividends Paid - Interest Expense - Tax Expense
We will substitute values:
Depreciation Expense = $61,000 - $29,600 - $5,600 - $1,950 - $4,300 - (($61,000 - $29,600 - Depreciation Expense) * 0.35)
Depreciation Expense = $61,000 - $29,600 - $5,600 - $1,950 - $4,300 - (0.35 * ($61,000 - $29,600 - Depreciation Expense))
Depreciation Expense + 0.35 * Depreciation Expense = $61,000 - $29,600 - $5,600 - $1,950 - $4,300
1.35 * Depreciation Expense = $19,550
Depreciation Expense = $19,550 / 1.35
Depreciation Expense = 14481.4814815
Depreciation Expense = $14,481.48.
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Royal Dutch Shell has a sizeable oil refinery in Singapore. It is planning to have a new massive Office Building in the Central Business District which will take two years to complete. Which form of financing is likely to be more appropriate? a)An Overdraft facility b)A Letter of Credit facility c)A Short-Term Revolving Credit facilityd) A Term loan facility 2)A Bill of Exchange is a financial instrument drawn up by the Seller, and after acceptance by the Buyer is an unconditional payment obligation to pay at a specific future date. A Bill of Exchange is referred to as a "draft" until it has been accepted. Is this statement TRUE or FALSE? a)True b)False
1) The more appropriate form of financing for a project like constructing a new massive office building in the Central Business District of Singapore, which takes two years to complete, would likely be a Term loan facility (option d).
An overdraft facility (option a) is a short-term borrowing arrangement typically used to cover temporary cash flow needs, and it may not be suitable for financing a long-term construction project.
A letter of credit facility (option b) is a payment guarantee mechanism used in international trade transactions, which may not be directly applicable to financing a construction project.
A short-term revolving credit facility (option c) provides flexible access to funds for short-term working capital needs, but it may not be the most suitable option for financing a two-year construction project.
A term loan facility, on the other hand, is a type of long-term loan specifically designed for capital-intensive projects with a defined repayment schedule over an extended period. Given the magnitude and duration of the project, a term loan facility would provide the necessary funds for the construction and offer a structured repayment plan that aligns with the project timeline.
2) The statement is FALSE.
A Bill of Exchange is a financial instrument drawn up by the seller and presented to the buyer, typically in commercial transactions. It is an unconditional written order to pay a specific amount of money at a future date. Until the buyer accepts the bill, it is known as a "draft." After acceptance, it becomes a legally binding payment obligation for the buyer.
Therefore, the correct answer is b) False.
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