Assignment 12 is Chapter 16 in your book. Indicate how the following events will shift the firm's demand curve for labor, increase it (T); decrease it (D); keep it the same . Technological advances increase labor's productivity.
Technological progress may increase the productivity of labor, leading to an increase in demand for labor and a shift of the labor demand curve to the right. The increase in labor productivity is due to the fact that machines that can replace or assist labor are now more commonly available, lowering labor's marginal cost and raising the marginal productivity of labor.(b) D The wage rate increases.When wages rise, it becomes more expensive for firms to hire workers, reducing the number of workers hired and decreasing the demand for labor.
When the wage rate decreases, the labor demand curve shifts to the right, indicating an increase.(e) D Absenteeism reduces labor's productivity.Absenteeism decreases labor productivity, causing labor costs to rise and leading to a decrease in demand for labor. As a result, the labor demand curve shifts to the left, indicating a decrease.(f) T The price of labor-saving machinery is reduced and the substitution effect is greater than the output effect.The use of labor-saving machinery results in a decrease in the demand for labor. However, if the price of labor-saving machinery is reduced, it becomes less expensive for firms to purchase machines that can replace labor, causing the demand for labor to increase. As a result, the labor demand curve shifts to the right, indicating an increase.
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Company A prepares monthly financial statements. On its balance sheet as of December 31, 2021. Company A reported that Wages Payable had a balance of $855. During January 2022, the following events occurred:
• January 11th,2022: Paid wages of $5,240 to employees. $855 of
these wages paid were for work done in December 2021.
• January 25th, 2022: Paid wages of $16,871 to employees for work
completed January 12th – January 25th, 2022.
Assume accrued wages at the end of January 2022 were $1,055. What is the amount of total Wage Expense that Company A should record on its income statement for the month ended 1/31/2022?
a. $16,871 b. $21,256 c. $22,111 d. $22,311 e. $23,166
The answer is $22,311
Wages payable...............................$855
Wages expense...........................$4,385
Cash.................................................................$5,240
Wages Expense...........................$16,871
Cash................................................................$16,871
Wages Expense...........................$1,055
Wages Payable.........................................$1,055
I am confused about the part where Wages payable of $855 and wages expense of $4,385 are debited and cash of $5240 is credited. How are wages payable debited when it has a normal credit balance?
The Wages Payable account is debited with a balance of $4,385. The Wages Payable account will increase as a result of the accrued wages at the end of January 2022.
This balance should be credited when paid later, reducing the balance in the account. When employees work but have not yet been paid, Wages Payable is used to record this. Hence, it is a liability account that has a credit balance. The credit entry will be posted to the Cash account for $5,240, while the debit entry will be posted to the Wages Expense account for $4,385. The difference between the two is the quantity paid for work performed in December but not paid until January, which is $855.
This means that the balance in the Wages Payable account has been paid in full, and no further payments are required. On the other hand, when employees are paid for their work in January, the Wages Expense account is debited, and the Cash account is credited. The Wages Expense account is debited for $16,871, and the Cash account is credited for the same amount. Finally, Wages Payable is debited for $1,055 and credited for the same amount when accrued wages for January are paid at a later date. Thus, the amount of total Wage Expense that Company A should record on its income statement for the month ended 1/31/2022 is $22,311.
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Ignore VAT Worldwood Furniture, a company based in Salt River, buys and sells high quality furniture. The company consistently applies a mark-up on cost of 60%. The business's financial year ended on 31 March 2019. On 3 March 2019 Worldwood sent furniture, with a sales value of R65 000, on consignment to Furniture Warehouse. The agreement states that a 25% commission is payable by Worldwood, which is paid in the month following the month of sale. During March 2019 Furniture Warehouse sold R20 000 of the consignment furniture, all for cash. On 25 March 2019, a customer in Durban ordered furniture (FOB shipping point) from Worldwood. Worldwood's cost of this furniture is R9 375. The furniture was loaded onto Worldwood's delivery van at 8:00am on 31 March 2019 and arrived at Cape Town Station at 8:30am on 1 April 2019. The furniture arrived at Durban station on 3 April 2019 . The cost of the rail transport amounted to R3 200 and was paid by Worldwood on 27 March 2019. This furniture had not been included in Worldwood's inventory count on 31 March 2019. An inventory count, at the premises of Worldwood Furniture, on 31 March 2019 established that inventory on hand amounted to R113 000. You are required to: a) Prepare the general journal entry/ies recorded by Furniture Warehouse for the sale of the consignment inventory during March 2019. Ignore dates and narrations. b) Prepare the general journal entry/ies recorded by Worldwood Furniture for the sale of the furniture to the customer in Durban. Ignore narrations. c) Discuss whether Worldwood Furniture will recognise the unsold consignment furniture at the premises of Furniture Warehouse as an asset as at 31 March 2019 . Your answer should be supported by the asset definition and recognition criteria as outlined in the Conceptual Framework. d) Calculate the amount at which inventory will be reported in the statement of financial position of Worldwood Furniture as at 31 March 2019.
a) Furniture Warehouse:
Cash $20,000, Commission Payable $5,000, Inventory $15,000.
b) Worldwood Furniture:
Accounts Receivable $9,375, Sales Revenue $9,375, Cost of Goods Sold $6,000, Inventory $6,000.
c) Unsold consignment furniture cannot be recognized as an asset until it is sold.
d) Inventory reported as of 31 March 2019: $107,000.
a) The general journal entry recorded by Furniture Warehouse for the sale of the consignment inventory during March 2019 would be:
Cash (Revenue) 20,000
Commission Payable (Expense) 5,000
Inventory (Asset) 15,000
b) The general journal entry recorded by Worldwood Furniture for the sale of the furniture to the customer in Durban would be:
Accounts Receivable (Asset) 9,375
Sales Revenue (Revenue) 9,375
Cost of Goods Sold (Expense) 6,000
Inventory (Asset) 6,000
c) According to the Conceptual Framework, an asset is a resource controlled by an entity as a result of past events, from which future economic benefits are expected to flow to the entity. To recognize the unsold consignment furniture as an asset, Worldwood Furniture must have control over the furniture and expect economic benefits from its sale.
In this case, the furniture is sent on consignment to Furniture Warehouse, which means Worldwood still retains ownership and control over the furniture. However, since the furniture has not been sold by the end of the financial year (31 March 2019), it is not considered a sale and Worldwood cannot recognize the unsold consignment furniture as an asset in their own financial statements. It remains as part of their inventory until it is sold.
d) The amount at which inventory will be reported in the statement of financial position of Worldwood Furniture as at 31 March 2019 would be the inventory on hand after deducting the cost of goods sold.
Inventory reported = Inventory on hand - Cost of goods sold
Inventory reported = R113,000 - R6,000 (cost of goods sold to Durban customer)
Inventory reported = R107,000
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(20 points) Julia purchases two goods, x and y. The utility function is U(x,y)=x 2
y, where x denotes the amount of x consumed and y denotes the amount of y consumed. The price of x is P x
, the price of y is P y
, and income is l. Derive the demand curve for x.
The utility function of a person indicates the satisfaction obtained by that person by consuming a combination of two goods. The utility function for two goods, x and y is given by U(x, y) = x²y.
The consumer purchases two goods, x and y, at the prices of P_x and P_y respectively and with the given income level of l.Using the utility maximization principle, the budget constraint is given by;P_x x + P_y y = lThe consumer wants to maximize their utility level, U(x, y), subject to the budget constraint.
In order to obtain the demand curve for good x, we will take the partial derivative of the utility function with respect to x, holding the other variable y constant.∂U/∂x = 2xyTherefore, the marginal utility of x, MU_x = 2xyTaking the partial derivative of the budget constraint with respect to x, we have;P_x + ∂y/∂x * P_y = 0Therefore, ∂y/∂x = - P_x / P_y.
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Rosie Dry Cleaning was started on January 1 , Year 1 . It experienced the following events during its first two years of operation: Events Affecting Year 1 1. Provided $29,220 of cleaning services on account. 2. Collected $23,376 cash from accounts receivable. 3. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Events Affecting Year 2 1. Wrote off a $219 account receivable that was determined to be uncollectible. 2. Provided $34,100 of cleaning services on account. 3. Collected $30,179 cash from accounts receivable. 4. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning revenue on account. Required a. Organize the transaction data in accounts under an accounting equation for each year. b. Determine the following amounts: 1. (1) Net income for Year 1. 2. (2) Net cash flow from operating activities for Year 1. 3. (3) Balance of accounts receivable at the end of Year 1. 4. (4) Net realizable value of accounts receivable at the end of Year 1. c. Determine the following amounts: 1. (1) Net income for Year 2.
a. Accounting Equation for Year 1:
Assets = Liabilities + Owner's Equity
Accounts Receivable + Cash = 0 + Owner's Equity (Cleaning Revenue)
Transaction Data for Year 1:
1. Accounts Receivable increases by $29,220.
2. Cash increases by $23,376.
3. Estimated Uncollectible Accounts Expense increases by 1% of Cleaning Revenue on account.
Revised Accounting Equation for Year 1:
Accounts Receivable + Cash = Estimated Uncollectible Accounts Expense + Owner's Equity (Cleaning Revenue)
Accounting Equation for Year 2:
Assets = Liabilities + Owner's Equity
Accounts Receivable + Cash = 0 + Owner's Equity (Cleaning Revenue)
Transaction Data for Year 2:
1. Accounts Receivable decreases by $219 (uncollectible account).
2. Accounts Receivable increases by $34,100.
3. Cash increases by $30,179.
4. Estimated Uncollectible Accounts Expense increases by 1% of Cleaning Revenue on account.
Revised Accounting Equation for Year 2:
Accounts Receivable + Cash = Estimated Uncollectible Accounts Expense + Owner's Equity (Cleaning Revenue)
b. Amounts for Year 1:
1. Net income for Year 1: Cleaning Revenue - Estimated Uncollectible Accounts Expense
2. Net cash flow from operating activities for Year 1: Cash collected from accounts receivable
3. Balance of accounts receivable at the end of Year 1: Accounts Receivable - Cash collected
4. Net realizable value of accounts receivable at the end of Year 1: Balance of accounts receivable - Estimated Uncollectible Accounts Expense
c. Amounts for Year 2:
1. Net income for Year 2: Cleaning Revenue - Estimated Uncollectible Accounts Expense
(Note: You will need the specific cleaning revenue and estimated uncollectible accounts expense amounts for Year 2 to calculate the net income.)
Please provide the cleaning revenue and estimated uncollectible accounts expense amounts for Year 2 to calculate the net income for Year 2.
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What alternative marketing strategies might Apple have followed?
Apple is a multinational tech company that is widely renowned for its premium quality products and innovative marketing strategies. However, despite its widespread success, there are a few alternative marketing strategies that Apple might have followed. Here are some of the alternative marketing strategies that Apple might have followed:
Offer more product customization: Another alternative marketing strategy that Apple might have followed is to offer more product customization options. By offering more customization options, customers would have more control over the product they purchased, which could have increased customer satisfaction.
Collaborate with other brands: Apple could have collaborated with other brands to cross-promote their products. For instance, it could have partnered with a popular fashion brand to create a limited-edition product line that would appeal to the fashion-conscious consumer.
In conclusion, these are some of the alternative marketing strategies that Apple might have followed. However, despite these alternative strategies, Apple has been immensely successful, and its marketing strategies have been a key factor in its success.
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Cabi is a women's fashion clothing brand based in Los Angeles, California. Cabi's design team in Los Angeles creates its fashion line sixteen months to two years in advance. The design team selects fabrics and other details to create the clothes. Cabi then hires manufacturers in China to produce the items according to the specifications. Once completed, the garments are shipped to California on container ships that take up to two months in transit. It's a complex process but one that enables Cabi to control costs. Which method is Cabi using to engage in global marketing? a. Joint venture b. Contract manufacturing c. Licensing d. Franchisin
The method Cabi is using to engage in global marketing is called- B. contract manufacturing.
What is it?Contract manufacturing is a process whereby one company provides raw materials or components to another company for the production of finished goods. Cabi selects manufacturers in China to produce the clothing line according to the specifications provided by the design team in Los Angeles, California. It is cost-effective for Cabi to use contract manufacturing because the production costs are low due to low labor costs in China and also because Cabi can focus on designing and marketing the clothes.Cabi is able to control the manufacturing process, maintain quality control, and keep costs low while leveraging its expertise in design and marketing.The manufacturer, on the other hand, gains a stable source of income and access to new markets.
Hence, option b. is correct.
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The space shuttle Columbia broke up during re-entry on February 1, 2003, over Tyler, TX. All on board were lost. The cause was traced to the shedding of a large piece of foam from the external tank, which struck the leading edge of the wing at launch. Two NASA engineers identified the strike on the launch video, and were concerned enough to request that the shuttle be imaged in orbit by the TRW telescope to assess the damage. Their request was denied by a middle-level manager at NASA for the stated reason that they had made the request "...through the wrong channel." This response to the engineers suggests what kind of culture existed in that part of NASA at that time (according to Westrum's typology of organizational cultures)? Bureaucratic Pathological Generative Analytical
According to Westrum's typology of organizational cultures, the response to the engineers that their request was denied by a middle-level manager at NASA for the stated reason that they had made the request through the wrong channel suggests a Bureaucratic culture in that part of NASA at that time.
In the Bureaucratic culture, a strict adherence to the rules and procedures is implemented. The focus is on making sure that everyone follows the rules and any violation of these rules is dealt with immediately.
The decision to deny the engineers' request through a bureaucratic channel rather than viewing the potential damage to the space shuttle in a timely manner was more important to the middle-level manager at NASA.
Hence, the decision made by the manager was a reflection of the bureaucratic culture that existed in that part of NASA at that time.
The Bureaucratic culture focuses on ensuring that all procedures and policies are followed strictly, with little or no room for deviation.
This kind of culture is common in organizations such as government agencies, universities, and other large organizations where a lot of bureaucracy is required to manage the large number of employees and tasks.
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(A) How CVP (cost-volume-profit) analysis can help managers in decision making? (Answer in maximum 200 words).
(B) Southern Socks produces sports socks. The company has fixed expenses of $81,000 and variable expenses of $1.10 per package. Each package sells for $2.00. Requirements
a) Compute the contribution margin per package and the contribution margin ratio.
b) Find the breakeven point in units and in dollars.
c) Find the number of packages Southern Socks needs to sell to earn a $21,000 operating income.
For Southern Socks, the contribution margin per package is $0.90, the contribution margin ratio is 45%, the breakeven point is 90,000 units or $180,000, and to earn a $21,000 operating income, they need to sell 120,000 packages.
(A) Cost-volume-profit (CVP) analysis is a valuable tool that helps managers make informed decisions by providing insights into the relationships between costs, volume, prices, and profits. Here's how CVP analysis can assist managers in decision-making:
Determining breakeven point: CVP analysis allows managers to identify the level of sales needed to cover all costs and break even. This information is crucial for setting sales targets and pricing strategies.
Evaluating profitability: By analyzing the contribution margin, which is the difference between sales revenue and variable costs, managers can assess the profitability of different products, services, or business segments.
This helps in determining the most profitable areas to focus on or the least profitable areas that may need improvement or elimination.
Assessing pricing strategies: CVP analysis helps in understanding the impact of price changes on sales volume and profits. Managers can analyze different pricing scenarios to identify the optimal price that maximizes profitability.
Evaluating cost structure: CVP analysis provides insights into fixed costs, variable costs, and their relationship to sales volume. Managers can identify cost-saving opportunities, such as reducing variable costs or renegotiating supplier contracts, to improve profitability.
Decision-making under constraints: CVP analysis helps in evaluating the financial impact of various decisions, such as introducing new products, expanding production capacity, or entering new markets.
By considering the volume, costs, and prices associated with these decisions, managers can make informed choices that align with the company's financial goals.
In summary, CVP analysis enables managers to understand the financial implications of their decisions, optimize pricing strategies, evaluate profitability, and identify areas for cost improvement. By leveraging this tool, managers can make informed decisions that enhance profitability and drive the company's overall success.
(B)
a) The contribution margin per package is calculated by subtracting the variable expenses from the selling price per package:
Contribution Margin per Package = Selling Price per Package - Variable Expenses per Package
= $2.00 - $1.10
= $0.90
The contribution margin ratio is calculated by dividing the contribution margin per package by the selling price per package and multiplying by 100 to express it as a percentage:
Contribution Margin Ratio = (Contribution Margin per Package / Selling Price per Package) * 100
= ($0.90 / $2.00) * 100
= 45%
b) The breakeven point in units can be calculated by dividing the fixed expenses by the contribution margin per package:
Breakeven Point (in units) = Fixed Expenses / Contribution Margin per Package
= $81,000 / $0.90
= 90,000 units
The breakeven point in dollars can be calculated by multiplying the breakeven point in units by the selling price per package:
Breakeven Point (in dollars) = Breakeven Point (in units) * Selling Price per Package
= 90,000 units * $2.00
= $180,000
c) To find the number of packages Southern Socks needs to sell to earn a $21,000 operating income, we can use the following formula:
Number of Packages = (Fixed Expenses + Operating Income) / Contribution Margin per Package
= ($81,000 + $21,000) / $0.90
= 120,000 packages
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What other calculations or analysis should be done to better understand the Greeter's Data?
To better understand the Greeter's Data, the following calculations and analysis can be done:1. Correlation Analysis: This will help in identifying the strength and direction of the relationship between different variables.
By measuring the correlation between different variables in the dataset, we can understand the nature of the relationship. Cluster Analysis: This can help in identifying different segments of customers based on their behavior and preferences. By clustering customers based on their behavior, we can identify different segments of customers that require different levels of service.
Time Series Analysis: This can help in identifying trends and patterns in the data over time. By analyzing the data over time, we can identify the impact of different factors on customer behavior and sales volume. For example, we can use time-series analysis to understand if there is a seasonal variation in the number of customers in the store and the number of greetings by greeters.By using these different calculations and analysis, we can get a better understanding of the Greeter's data.
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Suppose that the current yen/dollar exchange rate is 90 yen per dollar. We also assume that the expected rate of return of dollar deposit in terms of yen is 4.1 percent per year. Suppose also that we expect that the yen/dollar exchange rate will become 90.9 yen per dollar in a year. In this case, the dollar interest rate is percent per year.
The given current yen/dollar exchange rate is 90 yen per dollar.The dollar interest rate is 89.9 percent per year.
The expected rate of return of the dollar deposit in terms of yen is 4.1 percent per year. The expected yen/dollar exchange rate will be 90.9 yen per dollar in a year. We have to determine the dollar interest rate.
Let us first calculate the expected return on a yen deposit. The formula to calculate it is as follows:
1 + rate of return in yen = (yen/dollar in a year) / (yen/dollar today)1 + rate of return in yen = (90.9/90)1 + rate of return in yen = 1.01Rate of return in yen = 1.01 – 1 = 0.01 or 1 percent per year.
We can now use this to find the dollar interest rate. The formula to calculate it is as follows:1 + dollar interest rate = (1 + rate of return in yen) / (1 + Yen/dollar exchange rate today)1 + dollar interest rate = (1 + 0.01) / (1/90)1 + dollar interest rate = 1.01 × 90dollar interest rate = 1.01 × 90 – 1= 89.9 percent per year. Therefore, the dollar interest rate is 89.9 percent per year.
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Assume that you were working as Enron's outside auditor, Arthur Anderson. Would you have done anything differently? You had legal counsel that OK'd documents being shredded after the SEC began to investigate. Is that enough?
As an auditor of Enron, if I were working for Arthur Anderson, there are a number of things that I would have done differently than what was done in reality.
The following are the most important steps that I would have taken to ensure that Enron's accounting records were accurate:Performing a more comprehensive auditI would have conducted a thorough audit of Enron's accounting records to ensure that they were correct and consistent with GAAP.
The audit should have included a review of the company's financial statements, internal controls, and accounting policies and procedures. The audit would also have involved interviewing key personnel, reviewing relevant documents, and testing transactions. This comprehensive audit could have provided a more accurate picture of Enron's financial situation.Documenting everything would have taken detailed notes of every meeting, phone call, email, and other communication with Enron management or personnel. These notes would have been an important source of information to support the audit findings and to defend my work if questioned later. The notes would have been kept as part of the audit file, which would have been reviewed by the SEC and other regulators if necessary.Reporting any irregularitiesIf I had found any irregularities in Enron's accounting records or other financial activities, I would have reported them immediately to Enron management and Arthur Anderson. If the issue was not resolved, I would have reported it to the SEC or other regulatory authorities. This could have prevented the fraud from escalating and would have demonstrated my commitment to honesty and transparency.Reviewing the work of others would have reviewed the work of other auditors and personnel assigned to the audit team. This would have included a review of the workpapers and audit files, as well as a review of the work performed by the audit team. This would have helped ensure that everyone was following the same audit procedures and that there were no gaps in the audit coverage.Final thoughts:In response to the question, legal counsel that OK'd documents being shredded after the SEC began to investigate is not enough. An auditor has the responsibility to conduct a thorough and fair audit to ensure that the financial statements are free from material misstatements. Therefore, Arthur Andersen should have done more than merely complying with legal counsel and should have acted in a way that fulfilled the public's trust.
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Boldklub Ltd pays $99 million to acquire Nomme Pty Ltd. At the date of acquisition, the directors of Boldklub Ltd determined Nomme Pty Ltd's net assets had a fair value of $75 million. State, in $ millions, the goodwill that Boldklub Ltd would recognise from this event.
Boldklub Ltd would recognise $24 million of goodwill from the acquisition of Nomme Pty Ltd.
Goodwill is the amount of excess of the purchase price paid for an acquired business over the fair value of the net assets at the date of acquisition.
Boldklub Ltd acquired Nomme Pty Ltd for $99 million and the fair value of Nomme Pty Ltd's net assets at the date of acquisition was $75 million.
Therefore, the goodwill that Boldklub Ltd would recognise from this event can be calculated as follows:
Goodwill = Purchase price - Fair value of net assets
Goodwill = $99 million - $75 million
= $24 million
Therefore, Boldklub Ltd would recognise $24 million of goodwill from the acquisition of Nomme Pty Ltd.
Let's discuss briefly about Goodwill
Goodwill is an intangible asset that represents the excess of the purchase price paid for an acquired business over the fair value of the net assets at the date of acquisition.
It is created when an acquiring company purchases an existing business and the price paid is greater than the fair value of the net assets of the business. Goodwill is considered an intangible asset because it represents the value of the business as a whole, including factors such as customer loyalty, reputation, and intellectual property, that are not reflected in the value of the individual net assets.
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Data for Warner Company are given in BE3.1. Supporting records show that (a) the Assembly Department used $24,000 of direct materials and $35,000 of direct labor, and (b) the Finishing Department used the remainder. Journalize the assignment of the costs to the processing departments on March 31 . Journalize the assignment of overhead costs.
The assignment of overhead to the Assembly Department and the Finishing Department is determined by calculating the budgeted overhead rate based on the budgeted cost driver figure. The total amount of overhead is allocated to the Assembly Department as it represents the entire budgeted cost driver amount for that department.
To calculate the amount of overhead assigned to each department, a budgeted overhead rate is determined based on the budgeted cost driver figure. In this case, the budgeted overhead amount is $106,640, and the budgeted direct labour cost, which serves as the cost driver, is $400,000.
The budgeted overhead rate is calculated by dividing the budgeted overhead by the budgeted cost driver figure:
Budgeted overhead rate = Budgeted overhead / Budgeted cost driver figure
Substituting the values:
Budgeted overhead rate = $106,640 / $400,000
Budgeted overhead rate ≈ 0.2666
Since the sum of direct labor and direct material expenses represents the budgeted cost driver amount for the Assembly Department, the entire amount of overhead is allocated to the Assembly Department.
Therefore, the Assembly Department is assigned the full amount of overhead, while the Finishing Department does not receive any overhead allocation based on the given information.
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BOX 2.5 Case Highlight Limiting Imports of Hormone-Treated Beef Case Name and Tribunal European Communities-Measures Concerning Meat and Meat Products (Hormones) (WTO Appellate Body, 1998)17 Facts In response to concerns of EU citizens about the risks presented by beef injected with natural and synthetic growth hormones, the European Union imposed a ban on the import of such beef. The United States challenged the restriction under the SPS Agreement, claiming that the panel reviewing the issue evalu- ated the risk associated with the use of hormones for growth promotion twice and the only evidence on record showed that the studies looked at a "theoretical framework for the systemic analysis of such problems" but did not actually investigate and evaluate the problems that arise from the use of such hormones. Issue Did the EU's ban on hormone-treated beef comply with the re- quirements of the SPS Agreement? Decision A risk assessment, as required by Article 5.1, is "a scientific process aimed at establishing the scientific basis for the sani- tary measure a Member intends to take." The ban was found not to be based on a risk assessment that followed scientific principles and procedures and, therefore, was in violation of the SPS Agreement. Analysis/Application In order to rely on exceptions to the GATT under the Agree- ment on Technical Barriers to Trade (TBT Agreement), member states must rely on sound scientific principles and provide evi- dence of such. Aftermath The case raised difficult issues and required a consideration of the uncertainty presented by divisions of scientific opinion. The European Union was unwilling to remove its restrictions on the import of the hormone-treated beef, with the result that the WTO in 1999 authorized the United States and Canada to col- lect penalties of more than $100 million per year in extra duties on European exports. The European Union brought the issue back to the WTO, where unprecedented open hearings were held in 2005. The European Union argued that new scientific evidence showed that the European Union complied with the 1998 WTO judgment. The impasse between the United States and the European Union was settled by way of a negotiated agreement in 2012 in which the European Union kept its ban on importing hormone-treated beef but increased its quota for importing beef from Canada and the United States.
The case mentioned is the European Communities-Measures Concerning Meat and Meat Products (Hormones) case, which was brought before the WTO Appellate Body in 1998.
The case involved a dispute between the European Union (EU) and the United States regarding the EU's ban on the import of beef treated with growth hormones.
The EU had imposed the ban in response to concerns raised by its citizens regarding the potential risks associated with the consumption of beef injected with natural and synthetic growth hormones. The United States challenged the ban, arguing that the EU had not conducted a proper risk assessment as required under the Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement).
The Appellate Body, in its decision, determined that the EU's ban on hormone-treated beef did not comply with the requirements of the SPS Agreement. It stated that a risk assessment should be a scientific process aimed at establishing the scientific basis for the sanitary measure, and the EU's ban did not follow scientific principles and procedures.
The case highlighted the importance of relying on sound scientific principles and providing evidence when implementing trade measures that may restrict imports. Under the Agreement on Technical Barriers to Trade (TBT Agreement), exceptions to the General Agreement on Tariffs and Trade (GATT) require adherence to scientific principles.
The aftermath of the case resulted in tensions between the United States and the European Union, with the WTO authorizing the United States and Canada to impose extra duties on European exports. Subsequent efforts were made to resolve the dispute, and in 2012, a negotiated agreement was reached. The European Union maintained its ban on importing hormone-treated beef but increased its quota for importing beef from Canada and the United States.
Overall, the case showcased the challenges of balancing trade restrictions based on public health concerns and the need to ensure that such measures are supported by scientific evidence and comply with international trade agreements.
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Write Dakota pipeline advantages/pros and how it is beneficial?
The Dakota Access Pipeline is a 1,172-mile oil pipeline that stretches from North Dakota to Illinois. The following are some of the advantages or pros of the Dakota Access Pipeline (DAPL):
Improving Energy Security:
DAPL plays a crucial role in the energy security of the United States. It helps the country reduce its dependence on foreign oil, which can be disrupted during a global crisis.
Enhancing Oil Production:
DAPL transports up to 570,000 barrels of crude oil per day, which helps producers deliver their products to refineries that can use them efficiently. This increased oil production helps the US economy grow while also creating jobs for American workers.
Reducing Transport Costs:
The pipeline significantly reduces transportation costs since crude oil can be shipped via pipeline much more efficiently than via other methods. Besides, it decreases the number of truck drivers on the roads, reducing the danger of accidents and keeping our highways safer.
Contributing to Local Economies:
The pipeline contributes to the local economy by generating tax revenue and providing employment opportunities for residents of the region. This can have a significant impact on rural communities, which may struggle economically. Therefore, these are the advantages of the Dakota Access Pipeline (DAPL).
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Snappy Lube is a quick-change oil center with a single service bay. On average, Snappy Lube can change a car's oil in 10 minutes. Cars arrive, on average, every 15 minutes. Assume Poisson arrivals and Exponential service times. The average number of cars waiting is 2 cars The average number of cars in the system is 2 cars. The average time spent waiting is 20 minutes The average time spent in the system is 30 minutes. Answer all questions to 2 decimal places. Only enter numerical values.
Given information: The arrival rate (λ) = 1/15 = 0.067 cars per minute
The service rate (μ) = 1/10 = 0.1 cars per minute
Average number of cars waiting (Lq) = 2
Average number of cars in the system (L) = 2Average time spent waiting (Wq) = 20 minutes
Average time spent in the system (W) = 30 minutes
Using the formula for the average number of cars in the system, we have:L = λWSince[tex]L = 2, λ = 0.067[/tex], we can solve for W as:W [tex]= L/λW = 2/0.067W ≈ 29.85[/tex] minutes
Using the formula for the average number of cars waiting, we have:Lq = λ²Wq / μ(μ-λ)
Since Lq = 2, λ = 0.067, μ = 0.1, we can solve for Wq as:Wq =[tex]Lq(μ-λ) / λ²Wq = 2(0.1-0.067) / 0.067²Wq ≈ 19.54[/tex] minutesTherefore, the average number of cars waiting is 2 cars, and the average time spent waiting is 19.54 minutes.
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Discuss a personal experience related to conflict of interest or conflict of loyalty. (State your situation clearly) In your response clearly identify how you made your decision to define whether your personal ethical issue is related to conflict of interest or loyalty by referring to concepts learnt under this course. What should be your ethical response to this situation
In my previous workplace, I encountered a personal experience related to conflict of interest. I was in a managerial position responsible for promoting a certain product for the company. The company offered a range of products to choose from, and we were supposed to choose one product to promote. The product I chose was a high-quality product that came at a higher price compared to other products offered by the company.
Among my employees, I had a friend who had a small business selling a product that was similar to the one I had chosen. I knew that if I promoted my chosen product, my friend’s business would be negatively affected. I was torn between my loyalty to my friend and my duty to my employer. I was also worried about my own interests as a manager who wanted to achieve targets and maintain good relations with the company. I decided to consult my supervisor to get advice on what to do. My supervisor told me that I had to put the interests of the company ahead of any personal interests. I was reminded that I had to choose the best product for the company and ensure that I achieve the sales targets. I was also advised to disclose any potential conflict of interest that might arise from the situation, which I did. My supervisor reassigned my friend to another department so that they were not involved in the promotion of the product I had chosen.My decision to consult my supervisor and disclose the potential conflict of interest was based on concepts I learned in this course. I learned that conflicts of interest arise when there is a clash between personal interests and professional responsibilities. To avoid such conflicts, employees must identify and disclose any potential conflicts of interest. Employers must ensure that there are clear guidelines that define how employees should disclose conflicts of interest, which can include consultation with supervisors, recusal from decision making, or reassignment to other roles.Ethically, I believe my response was appropriate because I was transparent about the situation and sought guidance from my supervisor. I also ensured that I did not put my own interests ahead of my duty to my employer. By choosing to promote the product that was best for the company, I upheld my ethical obligation to serve the company’s interests.
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A telephone company employee was on disability leave and not working during his leave. Company policy prohibited taking vacation while collecting disability. The employee disregarded the policy and left for his planned fishing trip with his wife. Managers became suspicious and went to his house to wait for him, finding no one home. The employer contacted the kennel where the employee boarded his dog, the Canadian province where he had obtained a fishing license and the post office that he had instructed to hold his mail. The employer also called the wife's place of business to determine if she was at work. The employee was fired when he appeared at meeting with his manager and confronted with the information which was discovered during the investigation. The employee sues the telephone company for invasion of privacy on behalf of himself as well as an invasion of privacy for his wife. What is the likely outcome of the lawsuit and why?
The telephone company is likely to be held liable for invasion of privacy due to their offensive and unreasonable intrusion into the employee's personal affairs, causing mental anguish and breaching privacy rights.
The likely outcome of the lawsuit is that the telephone company will be held liable for invasion of privacy. The reason is explained below: The employee in this situation will be found as the winner of the lawsuit as the employer's actions were an invasion of privacy.
The employee and his wife did not expect that their privacy would be invaded by the telephone company and that they would be impacted by this invasion of privacy. Invasion of privacy is when someone intrudes into an individual's personal affairs in an offensive and unreasonable manner that causes mental anguish, shame, or humiliation.
In the case above, the employer invaded the privacy of the employee by checking his post office box and calling his wife's workplace and, more particularly, the employee's fishing license issuer and kennel.
The employer's act of attempting to investigate the employee's actions in order to fire him can be argued as reasonable, however, when the telephone company contacted the kennel and the issuer of the fishing license, they intruded into the employee's personal affairs in an offensive and unreasonable way. They also contacted the employee's wife's workplace without consent, which is a breach of her privacy.
The employee will be successful in their lawsuit because the telephone company's investigation and decision to dismiss the employee were based on information gathered in a manner that infringes on the employee's and his wife's privacy.
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15. On May 1, you sold short one round lot (i.e., 100 shares) of Zenith stock at $14 per share. On July 1, a dividend of $2 per share was paid. On August 1 , you covered the short sale by buying the stock at a price of $9 per share. You paid 50 cents per share in commissions for each transaction. What is the value of your account on August 1 ?
The value of the account on August 1 would be $200.
To calculate the value of the account on August 1, we need to consider the various transactions and costs involved.
1. Short Sale: On May 1, you sold short one round lot (100 shares) of Zenith stock at $14 per share. This means you borrowed and sold 100 shares at $14 each, resulting in a cash inflow of $1,400.
2. Dividend Payment: On July 1, a dividend of $2 per share was paid. Since you are short on the stock, you are responsible for paying the dividend. As a result, you need to subtract the dividend payment from your account. The dividend payment for 100 shares would be $200.
3. Covering the Short Sale: On August 1, you covered the short sale by buying back the stock. You purchased 100 shares at $9 per share, resulting in a cash outflow of $900.
4. Commissions: For each transaction (short sale and covering the short sale), you paid 50 cents per share in commissions. For a round lot of 100 shares, the total commission per transaction would be $50. So, the total commission paid would be $100 (2 transactions x $50).
Now, let's calculate the value of the account on August 1:
Value of Account = Initial Cash Inflow - Dividend Payment - Stock Purchase + Commissions
Initial Cash Inflow = $1,400
Dividend Payment = -$200
Stock Purchase = -$900
Commissions = -$100
Value of Account = $1,400 - $200 - $900 - $100 = $200
Therefore, the value of your account on August 1 would be $200.
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Supply Chain Management Careers
The purpose of this assignment is to learn more about "Supply Chain Management and potential careers in the Supply Chain Management by researching career descriptions and different elements of a career in SCM.
. The presentation must include:
Introduction slide
4-5 content slides, each with 3-5 key points
Please include as a minimum:
Introduction
Reason why you are considering a role in Supply Chain Management
Type of position that seems most appealing to you and why (Buyer / Expeditor / Inventory Management / Logistics / Other)
Describe the job responsibilities and/or requirements of the position that seem most appealing to you.
Identify and explain 2 job responsibilities of the position that you would not find very interesting
Conclusion
Supply Chain Management (SCM) is the management of the entire supply chain, from raw material procurement to final product delivery, ensuring that all processes are streamlined and cost-effective. This discipline is concerned with ensuring that products are delivered on time, that quality is maintained, and that prices are kept low.
A supply chain is made up of many different types of jobs, each of which requires a unique set of skills, knowledge, and experience. The following are some of the most common positions in SCM.· Buyer: This role is responsible for purchasing raw materials, equipment, and other supplies for a company.·
Expeditor: This role is responsible for ensuring that the delivery of goods and materials is on schedule and that all paperwork and documentation are in order.· Inventory Management: This role is responsible for managing a company's inventory levels to ensure that they are optimized for production and sales.·
Logistics: This role is responsible for coordinating the movement of goods and materials, including shipping, transportation, and warehousing.· Other: There are many other positions in SCM, including supply chain analysts, supply chain consultants, and supply chain managers. The type of position that seems most appealing to me is the role of an Inventory Manager. The reason why I am considering a role in Supply Chain Management is because I enjoy working with people, and I enjoy solving problems. An Inventory Manager is responsible for managing a company's inventory levels to ensure that they are optimized for production and sales.
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Find a news event/article that relates to the topic of this week, which is Human Resource Management (e.g., selection, training, compensation). Criteria for the news: From a reputable news source (print, internet, TV). Avoid blogs and personal websites. Related to Human Resource Management (e.g., selection, training, compensation) and explore a topic that interests you. Initial Post: Your first post must be a substantive post (250 words). It must include the following: Introduction: What is the title, source, and publication date of the news you found? do not summarize what you read or watched; rather choose specific ideas to explore/analyze, include questions you have, offer a critique or take a particular slant on a topic, and/or start with what you learned (i.e., theory/methods/research) and connect it to your practice/work; How does the news you found relate to this week’s topics? What connections can you draw between this week’s readings/lectures and the specific elements from the news? How, if at all, did the news help you understand a concept/idea from this week? What questions arose while you read? (Remember: This part of your post is not a summary; use your analytical skills
Title: "How Virtual Reality Is Making HR More Human"
Source: Forbes
Publication date: 23 February 2021
The news article "How Virtual Reality Is Making HR More Human" published in Forbes discusses the application of virtual reality in Human Resource Management. It highlights how virtual reality is revolutionizing HR practices and helping HR managers in enhancing their operations by providing an immersive experience to candidates during the selection process.
The article emphasizes how virtual reality can assist companies in overcoming the shortcomings of traditional recruitment methods. It helps companies to offer a unique and engaging experience to potential candidates, making them stand out from their competitors. By providing an immersive experience, companies can also assess the candidates better and gauge their skills more effectively. The virtual reality technology helps to evaluate the decision-making abilities of a candidate in real-life situations.
The article provides an insight into how virtual reality is not only enhancing the recruitment process but also training and development programs. It is proving to be a cost-effective solution for employee training by providing a safe and risk-free environment to practice real-life scenarios.
The article made me reflect on how technology is becoming an integral part of Human Resource Management. As we advance in the technological realm, it is essential to keep up with the latest trends and tools to improve HR practices.
In conclusion, the article "How Virtual Reality Is Making HR More Human" from Forbes is an insightful read that highlights the importance of technology in Human Resource Management.
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Which of the following is NOT true about the winter solstice in the northern hemisphere
Group of answer choices
The Sun never sets at latitudes equal to or below the antarctic circle on this day.
the hours of daylight are the shortest for us at northern latitudes on this day
People who live on the tropic of Capricorn do not cast a shadow at noon on this day
The Sun crosses the celestial equator on this day so that it rises due east and sets due west
The statement that is NOT true about the winter solstice in the northern hemisphere is "People who live on the tropic of Capricorn do not cast a shadow at noon on this day.
Winter solstice refers to the shortest day of the year that occurs when the sun reaches the southernmost point on the sky. It is the moment when the Earth's axis tilts away from the sun. This happens when the North Pole is tilted 23.5 degrees away from the sun. This tilt results in the longest night and the shortest day of the year in the Northern Hemisphere.
The hours of daylight are the shortest for us at northern latitudes on this day. The Sun crosses the celestial equator on this day so that it rises due east and sets due west. The Sun never sets at latitudes equal to or below the Antarctic circle on this day. However, people who live on the tropic of Capricorn cast the longest shadow at noon on this day.
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Which of the following is true? A. Insider Trading is the illegal practice of trading on the stock market to one’s own advantage through having access to confidential information. B. Insider Trading is legal when the insiders of the company trade shares but at the same time report the trade to the Securities and Exchange Commission. C. Both are true. D. Neither are true.
The correct answer is A.
Insider Trading is the illegal practice of trading on the stock market to one’s own advantage through having access to confidential information. Monitoring odd trends in the trading behavior of specific people, such as executives or other insiders with access to proprietary information about a company, might help identify insider trading.
This can include sharp spikes in trading volume, odd trade timing, or big profits achieved soon after a key announcement or corporate development. Other warning signs could include unusual connections between insiders and outside traders, like regular communication or common financial interests.
In the end, uncovering insider trading necessitates a mix of tracking trade trends, performing exhaustive research, and remaining on the lookout for any indications of possible misconduct.
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Swifty Corporation has a December 31 year end. On January 1, 2022, the company had the following shareholder’s equity accounts:
Preferred Shares, $2 non-cumulative, unlimited number authorized, 7,500 issued $1,912,500
Common Shares, unlimited number authorized, 225,000 issued 3,600,000
Retained Earnings 3,045,000
Swifty had the following transactions during 2022:
Feb 28 - Issued 1,000 Preferred shares at $110 per share.
Apr 3 - Reacquired 9,000 Common Shares at $14 a share.
Prepare the appropriate journal entries for the transactions during 2022.(Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
The appropriate journal entries for the transactions during 2022 for Swifty Corporation are as follows: On February 28: Debit: Cash $110,000, Credit: Preferred Shares $100,000, Credit: Additional Paid-in Capital-Preferred $10,000.
To prepare the appropriate journal entries for the transactions during 2022 for Swifty Corporation, we need to record the following events:
On February 28, Swifty issued 1,000 Preferred shares at $110 per share.
Journal entry:
Date Account Debit Credit
Feb 28 Cash $110,000
Feb 28 Preferred Shares $100,000
Feb 28 Additional Paid-in Capital-Preferred $10,000
The company receives cash of $110,000 from the issuance of 1,000 Preferred shares at $110 per share. The Preferred Shares account is credited for the par value of the shares, which is $100,000 (1,000 shares × $100 per share).
The excess amount received above the par value is recorded as Additional Paid-in Capital-Preferred, which is $10,000 ($110,000 - $100,000).
On April 3, Swifty reacquired 9,000 Common Shares at $14 per share.
Journal entry:
Date Account Debit Credit
Apr 3 Treasury Stock-Common $126,000
Apr 3 Cash $126,000
The company reacquires 9,000 Common Shares at $14 per share, resulting in a total cost of $126,000 (9,000 shares × $14 per share). The Treasury Stock-Common account is debited for the cost of the repurchased shares, and the Cash account is credited for the same amount.
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Do you agree with the use of forced distribution methods to rate employees? Why or
why not? How does this differ from the 360-degree feedback method? Support your answer with external resources/articles.
a minimum of two (2) sources referenced (at the end of your answer) and cited (as appropriate within your answer). Your response (minimum of 300 words) should be a thoughtful, objective academic analysis of the OBHR concepts being learned in the course.
Forced distribution method, also known as forced ranking, is a performance management system that ranks employees on the basis of their performance. It is used to determine which employees should be promoted or given a pay raise.
This method requires the manager to rate each employee based on a pre-defined scale and rank them from best to worst performers. I believe that the use of forced distribution methods to rate employees is not an ideal way to evaluate the performance of an employee. This method may lead to several problems such as demotivation of employees, favoritism, and bias. The use of this method can be considered as a harsh and demotivating way of evaluating the employees' performance.
Employees will be ranked based on their performance, and there will always be someone who is at the bottom of the ranking. This may lead to a demotivated workforce who might feel neglected and undervalued. Moreover, it is an effective way to identify the training needs of employees, as it highlights the areas where an employee needs to improve. The feedback is provided anonymously, which encourages employees to be honest and transparent in their feedback. As a result, it provides a more accurate and comprehensive evaluation of an employee's performance. In conclusion, the use of forced distribution methods to rate employees is not an ideal way to evaluate the performance of an employee. Instead, companies should use a performance management system that is fair, objective, and transparent, such as 360-degree feedback.
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For an infrastructure project, the capital investment is $8,950,637, the annual operation and maintenance cost is $716,508, the annual benefit is $2,340,318, and the salvage value is $1,830,757. If the project has a useful of 50 years, and the interest rate is 7% annually. What is the benefit-cost-ratio of this project (keep two decimal places)? HINT, the answer is less than 2.
Question 2
If you are considering making an investment on a financial product which costs $8,564 initially, and pays back $1,555 every year up to 6 years. What is the payback period of this product (keep two decimal places)?
Benefit-cost ratio is calculated by dividing the present value of benefits by the present value of costs. Formula of benefit-cost ratio is:Benefit-Cost Ratio = (Present Value of Benefits) / (Present Value of Costs)Calculation.
Given,Initial capital investment = $8,950,637Annual operation and maintenance cost = $716,508Annual benefit = $2,340,318Salvage value = $1,830,757Useful life of project = 50 yearsInterest rate = 7% annuallyBenefit-Cost Ratio = Present Value of Benefits / Present Value of CostsWe need to calculate the present value of benefits and present value of costs separately.
Using the formula of present value:
[tex]PV = FV / (1 + r)^nwherePV = Present ValueFV = Future Value[/tex]
(in this case, benefit, cost or salvage value)R = Interest RateN = Number of YearsHere,Present value of benefits[
tex]PV = FV / (1 + r)^nPV of first year benefit = 2,340,318 / (1 + 0.07)^1 = $2,185,097PV[/tex]
Of benefits from year 2 to 50 = 2,340,318 * [(1 - (1 + 0.07)^-50) / 0.07] * (1 / (1 + 0.07)^1) = $60,274,113Total present value of benefits = 2,185,097 + 60,274,113 = $62,459,210Present value of costsPV of initial investment = 8,950,637PV of annual operation and maintenance cost = 716,508 * [(1 - (1 + 0.07)^-50) / 0.07] * (1 / (1 + 0.07)^1) = $21,870,564PV of salvage value = 1,830,757 / (1 + 0.07)^50 = $123,059Total present value of costs = 8,950,637 + 21,870,564 + 123,059 = $30,944,260Now,Benefit-Cost Ratio = Present Value of Benefits / Present Value of Costs= 62,459,210 / 30,944,260.
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ACCOUNTING INFORMATION SYSTEM I
You are required to choose an e-commerce business that ventures in fashion industry. Analyse the infrastructure required to operate in the e-commerce business. Discuss the possible security issues and give recommendations to overcome them.
zalora (e-commerce business)
E-commerce businesses like Zalora in the fashion industry require a reliable infrastructure to provide effective online services. An Accounting Information System (AIS) offers the infrastructure needed to operate such a business.
An accounting information system (AIS) is an essential component of the e-commerce business infrastructure. AIS facilitates effective tracking of all financial transactions, including inventory, sales, payroll, taxes, and other accounting functions. An e-commerce business infrastructure must also have a website or an online marketplace that is easy to navigate, secure, and functional.
Security is critical in e-commerce businesses to protect both the customer and the business. The following are some possible security issues that e-commerce businesses face: Payment gateway fraud Cyberattacks on the website data breaches user identity theft Recommendations to overcome security issues in e-commerce businesses. E-commerce businesses should use payment gateways that are PCI DSS compliant to avoid fraud.
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Zalora is an e-commerce business that operates in the fashion industry. To operate the e-commerce business, several infrastructures are required, and the security issues of the business should also be considered.
The following are some of the infrastructures required to operate in the e-commerce business:Hardware infrastructure: The business requires computers, mobile devices, servers, and other equipment to run and manage the online store. The hardware infrastructure should be scalable, reliable, and secure.Software infrastructure: The e-commerce business requires software to manage the online store, inventory, and payment systems. The software infrastructure should be user-friendly, scalable, reliable, and secure.Network infrastructure: The business requires an internet connection and a network infrastructure to connect the devices and servers to the internet. The network infrastructure should be secure, reliable, and scalable .Security infrastructure: The business should have a security infrastructure that includes firewalls, antivirus software, and intrusion detection systems.
The security infrastructure should be able to detect and prevent unauthorized access, attacks, and other security threats to the system Security issues of e-commerce business: The e-commerce business faces several security issues, which include the following:Payment fraud: Payment fraud is one of the significant security issues that the e-commerce business faces. Hackers can steal payment information from the business and use it to make unauthorized purchases.DDoS attacks: The e-commerce business can be targeted by distributed denial of service attacks, which can cause the website to go offline. These attacks can be prevented by using security software that detects and blocks such attacks.
Phishing attacks: The business can be targeted by phishing attacks, where hackers send emails or messages pretending to be the business and ask customers to enter their login details. These attacks can be prevented by educating customers about phishing attacks and using security software that detects and blocks such attacks.Recommendations to overcome security issues: The following are some recommendations to overcome the security issues that the e-commerce business faces:Implement two-factor authentication: The business can implement two-factor authentication, where customers are required to enter a password and a code sent to their mobile phone to access their account.Use SSL encryption: The business should use SSL encryption to encrypt the data transmitted between the customer's browser and the server. This prevents hackers from stealing sensitive information.Use fraud detection software: The business should use fraud detection software to detect and prevent payment fraud. This software can detect unusual payment patterns and block suspicious transactions.Use security software:
The business should use security software that detects and blocks phishing attacks, DDoS attacks, and other security threats to the system. Conclusion:Zalora operates in the e-commerce business in the fashion industry. The business requires hardware, software, network, and security infrastructure to run the online store. The business faces several security issues, such as payment fraud, DDoS attacks, and phishing attacks. To overcome these security issues, the business should implement two-factor authentication, SSL encryption, fraud detection software, and security software.
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During the audit of Griffin LLC, the external auditors, Weisz CPAs are examinit accounts receivable. While working on this area of the audit, one of the extern auditor's audit managers has noticed that the predecessor auditor and the clie calculated different balances for receivables and the associated allowance during last year's audit. As a result of this finding, which of the following statements most appropriately describes the auditors' employment of professional skepticism? The auditor should separately contact the predecessor auditor and confidentially request further details of the discrepancy. As the discrepancy pertains to the prior year's audit, and relates to a period when the auditor was not engaged, the auditor should disregard this discrepancy. The auditor should attempt to investigate the discrepancy further, to determine the reasons for the discrepancy and if such divergences in opinion between management and the auditor may affect the current year's audit. The auditor should immediately consider withdrawing from the current engagement in order to preserve the firm's reputation.
The auditor should attempt to investigate the discrepancy further, to determine the reasons for the discrepancy and if such divergences in opinion between management and the auditor may affect the current year's audit most appropriately describes the auditors' employment of professional skepticism.
Professional skepticism refers to a mindset that is not easily swayed by assertions and is questioning of available information. It entails a critical attitude and a questioning frame of mind in the evaluation of evidence gathered during an audit. It encourages an auditor to be impartial, mentally alert, and unbiased in assessing evidence. It necessitates an auditor's continual questioning of the authenticity of audit evidence and the accuracy of representations made by management. It is a crucial attitude that auditors must maintain at all times while conducting an audit.The auditors' employment of professional skepticism in the given scenario can be appropriately described as attempting to investigate the discrepancy further to determine the reasons for the discrepancy and if such divergences in opinion between management and the auditor may affect the current year's audit. This is because the auditor has noticed that the predecessor auditor and the client calculated different balances for receivables and the associated allowance during last year's audit.The professional skepticism approach will allow the auditor to investigate further to determine the cause of the difference in opinion and if this could lead to potential issues in the current year's audit. Therefore, this statement most appropriately describes the auditor's employment of professional skepticism.
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You are a historical archaeologist who works in the Pacific Northwest. You study indigenous peoples, and focus on how their societies changed after the arrival of European settlers to the region in the late 1700s. You are presently working to excavate a riverside village site situated on the banks of a tributary of the Columbia River in western Washington. You know the site was occupied from prehistoric times until the early 1800s, and the data suggest that people congregated here seasonally to exploit the abundant salmon runs that occur at various times every year. Even though the site includes an earlier pre-contact with a purely indigenous component as well as a later, post-contact, European-influenced component, it seems that fishing was always the dominant activity over time. One day, while excavating in the earlier, pre-contact strata of the site, you discover this artifact:
It is about 12 inches long, five wide, and three thick, and weighs about 6 pounds. You have never seen this type of artifact before.
QUESTION 1: In a few sentences, provide a hypothesis. Given that the site was used as a seasonal salmon fishing camp, you assume that it has something to do with that. What do you think it is? How was it used?
The artifact described in the scenario given by the question is a content loaded, heavy, dense, and elongated one. As a historical archaeologist who works in the Pacific Northwest, the researcher is studying indigenous peoples.
As per the given information, the site was occupied from prehistoric times until the early 1800s, and it was utilized as a seasonal salmon fishing camp. Based on this information, a hypothesis can be formulated.The artifact could have been used as a weight to hold a fishing net.
The dense and elongated nature of the artifact may have helped in keeping the fishing net in place underwater. In addition to this, the weight of the artifact could have been useful for holding down the fishing nets when the water was fast-moving or rough. Therefore, the heavy and elongated object could be used to support the fishing nets underwater, making the work of the indigenous people more efficient while fishing for salmon.
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the statment of retained earnings is used to report:
a) accumalated net profits not paid out in dividends
b) accumalated dividends paid out to shareholders
c) beginning and wnding revenues for the period
d) beginning and ending cash balances
an account starting with a nhmber 1 would indicate:
a) an asset
b) a liability
c) a revenue
d) stockholders equity
The statement of retained earnings is a financial statement that reports the changes in retained earnings during a specific period. It demonstrates the accumulated net profits that have not been distributed as dividends. This statement is crucial in providing information about how a company's earnings have been retained and reinvested back into the business over time.
The statement of retained earnings is prepared to show the movement in a company's retained earnings balance. It starts with the beginning balance of retained earnings and incorporates adjustments for net income or loss, dividends paid, and any other relevant transactions affecting the retained earnings account. The resulting ending balance represents the accumulated net profits that have not been distributed to shareholders as dividends.
The statement of retained earnings is useful for several purposes. Firstly, it helps shareholders and investors understand how a company has utilized its earnings, providing insights into its profitability and growth strategies. By analyzing changes in retained earnings over time, stakeholders can assess whether the company has consistently generated profits and retained them within the business or paid them out to shareholders as dividends.
Additionally, the statement of retained earnings can be used to calculate the dividends that a corporation will pay out to its shareholders. By comparing the retained earnings balance at the beginning and end of a period and considering any dividend policy or requirements, a company can determine the amount available for distribution as dividends. This information is crucial for shareholders as it helps them estimate the potential returns on their investments.
In conclusion, the statement of retained earnings is a financial statement that shows the changes in a company's retained earnings, reflecting the accumulated net profits that have not been distributed as dividends. It provides valuable insights into the company's profitability, growth, and dividend distribution potential.
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