The management section of the proposal obtained by Paul provides supporting evidence that Welton knowingly manipulated the contract in their favor.
Welton stressed their ongoing connection with the Navy and mentioned that they had previously completed nearly comparable tasks for them using a team of individuals who had worked on previous contracts. If such were the case, then why did it take them six months to construct their manufacturing and procurement strategies, especially since similar plans for other contracts were created in less time? Furthermore, one should undoubtedly question Welton's motivation for requesting an incentive-based contract. The case study stated that while the Navy was interested in their contractor's choice, Welton was adamant on changing the contract type. In order to fulfill the contract one quarter earlier than expected, Welton took advantage of the incentive-based contract by investing an additional $5 million in labor. According to the 90%-10% share agreement, Welton received a $6 million incentive for the early delivery but the labor cost overrun of $5 million only resulted in a $500,000 fine.Although it appears exceedingly doubtful, there may be sufficient evidence for the Navy to recover some of the incentive bonus. It is ultimately the Navy's fault for agreeing to a fixed-price-incentive-fee contract and anticipating that Welton would not abuse the terms of the agreement. They may have questioned Welton's motivations at various stages throughout the project and changed direction if needed. For example, towards the end of the first quarter, when Welton was meant to be creating their production plans, they were spending more than twice as much on labor as planned. The cost overruns would have been an alert if the Navy had been keeping an eye on their purchase orders and expense reports. The proposal's management section lends credence to the Navy's concerns that Welton deliberately finished the task in less time to get the incentive. Both parties must have been truthful in their assessments and contract talks, according to the contract's Truth of Negotiations provision. In court, Welton would have to provide evidence as to why they anticipated this job would take so much longer than the other, comparable projects they had already finished. In a potentially drawn-out legal battle, the Navy must demonstrate that Welton utilized improper pricing tactics to boost company profits. The argument that Welton intended to con the Navy from the beginning should be supported by the fact that Welton began billing labor charges at a rate that was around 62% higher each month.The Navy for signing an incentive contract and failing to check on the project's condition while it was ongoing, as well as the Welton Company for failing to provide accurate estimates during negotiations, make it difficult to make a judgment because both parties share responsibility. It is the responsibility of the Navy to prove that Welton purposefully supplied estimations that were not supported by the available historical evidence and instead promoted their own individual objectives. It would be challenging for the top management at Welton, who signed the "Truth of Negotiations" paper, to deny on evidence that they had not intended from the start to finish on time and get the reward.Lean more about Navy, here
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What effect will an overstatement of ending inventory at the end of year 1 have on the amounts reported on the year 1 financial statements?.
Because this is directly related to the cost of goods sold, an overestimate of ending inventory will result in an overestimate of net income. The revenue is divided by the cost of goods sold to arrive at the income.
What will happen if ending inventory is overstated at the end of Year 1?
The beginning inventory of the following period will also be overstated if the current period's inventory is overstated. Since the cost of goods sold will also be overstated as a result of the overestimated beginning inventory, the subsequent period's net income will be understated.
What is the effect of ending inventory that is overstated?
The amount of inventory that would have otherwise been added to the cost of goods sold during the period is reduced when ending inventory is overstated. As a result, the current reporting period's cost of goods sold expense decreases.
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liquidity is: group of answer choices equal to current assets minus current liabilities. a measure of the use of debt in a firm's capital structure. valuable to a firm even though liquid assets tend to be less profitable to own. equal to the market value of a firm's total assets minus its total liabilities. generally most associated with intangible assets.
Liquidity is: valuable to a firm even though liquid asset.
Marketplace liquidity is a market's function whereby an character or company can fast purchase or promote an asset without causing a drastic trade in the asset's rate. Liquidity includes the alternate-off among the rate at which an asset may be sold, and how quick it is able to be bought.
Liquidity means how speedy you may get your hands on your coins. In less difficult phrases, liquidity is to get your money whenever you need it. Description: Liquidity might be your emergency financial savings account or the coins lying with you that you could get right of entry to in case of any unforeseen occurring or any economic setback.
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Serafina, an advertising executive, is trying to figure out the best way to market a product that does not evoke a strong emotional, personal response from people. Her most effective strategy would be to adopt a campaign that focuses on.
An individual response from people for Serafina, an advertising executive. She would be best served by launching a campaign that emphasizes logical, fact-based arguments.
It can be beneficial to fact-based arguments your approach while facing a challenge. I'm referring to the fact that you back up your advertising executive arguments with facts and data. You'll be able to make wiser choices and find solutions to issues as a result. We'll talk about how to approach problem-solving with facts in this article.
To uncover the root of your fact-based arguments problem and avoid misdirecting your efforts toward a symptom, fact-based analysis entails examining and analyzing the issue at hand. You must advertising executive also assess potential solutions to make sure you use the most advantageous ones.
A proposed course of action's financial potential is evaluated using a cost-benefit analysis. Use it when outlining a plan that needs finance or when evaluating the return on an investment.
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jackie owns and operates a website design business. to keep up with new technology, she spends $5,000 per year upgrading her computer equipment. she runs the business out of a room in her home. if she did not use the room as her business office, she could rent it out for $2,000 per year. jackie knows that if she did not run her own business, she could return to her previous job at a large software company that would pay her a salary of $60,000 per year. jackie has no other expenses.
Jackie knows that if she did not run her own business, she could return to her previous job at a large software company that would pay her a salary of $60,000 per year. Jackie has no other expenses.
= $5,000
A fee is an object requiring an outflow of cash, or any shape of fortune in general, to every other person or organization as a charge for an object, service, or different category of prices. For a tenant, the lease is a rate. For students or mothers and fathers, the lesson is a cost. Shopping for food, apparel, fixtures, or a vehicle is often referred to as a rate. A fee is a cost this is "paid" or "remitted", typically in alternate for something of a cost. Something that appears to value an amazing deal is "pricey". Something that appears to feel little is "inexpensive". "costs of the desk" are expenses for eating, refreshments, a banquet, etc.
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There should be an absolute minimum wage in America! Do you agree with this statement? Why or why not?
Yes, I agree with this statement why because it is widely acknowledged that ensuring the viability of any business and eradicating poverty both depend on minimum wages.
It is widely acknowledged that ensuring the viability of any business and eradicating poverty both depend on minimum wages. The 2009 Global Jobs Pact of the International Labour Conference identified "the regular adjustment of wages, in consultation with the social partners" as a way to combat inequality, boost demand, and promote economic stability in the wake of the 2008 global financial crisis and the worldwide loss of purchasing power.
A higher minimum wage would enable some families to earn more than the federal poverty line and so lower the number of people living in poverty by increasing the income of low-wage workers who have jobs.
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Which of the following will you see in a credit card monthly statement?
A: The annual financial plan for the year
B: The interest charged for reach type of service used
C: The deductible for the interest charged to the card
D: The amount of money you may get in the future
j-matt, inc., had pretax accounting income of $291,000 and taxable income of $300,000 in 2021. the only difference between accounting and taxable income is estimated product warranty costs of $9,000 for sales in 2021. warranty payments are expected to be in equal amounts over the next three years (2022–2024) and will be tax deductible at that time. recent tax legislation will change the tax rate from the current 25% to 20% in 2023. determine the amounts necessary to record j-matt’s income taxes for 2021 and prepare the appropriate journal entry.
If the recent tax legislation will change the tax rate from the current 25% to 20% in 2023. determine the amounts necessary to record j-matt’s income taxes for 2021 is $75,000.
Income tax payableIncome Tax Payable = $300,000 x 25%
Income tax payable = $75,000
The appropriate journal entry to record the given transaction is:
j-matt, inc. Journal entry
Debit Income Tax Expense $78,000
($75,000 +$3,000)
Debit Deferred Tax Asset $3,000
($9,000 / 3 years)
Credit Income Tax Payable $75,000
(300,000 x 25% = $75,000)
Therefore the income taxes for 2021 is the amount of $75,000.
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In the ________ activity of scm, supply chain managers develop processes for managing their goods and services inventory, including receiving and verifying shipments, transferring the shipped materials to manufacturing facilities, and authorizing supplier payments.
In the planning activity of SCM, supply chain managers develop processes for managing their goods and services inventory, including receiving and verifying shipments, transferring the shipped materials to manufacturing facilities, and authorizing supplier payments.
What is supply chain management?The handling of a good or service's full manufacturing flow, from the raw materials to the delivery of the finished product to the customer, is known as supply chain management. A business establishes a network of suppliers (or "links" in the chain") to convey the product from raw material suppliers to businesses that deal with customers directly.
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quizlet beth and bob martin have total take-home pay of $5,600 a month. their monthly expenses total $4,230. calculate the minimum amount this couple needs to establish an emergency fund.
The minimum amount Beth and Bob Martin need to establish an emergency fund is $12,690.
An emergency fund can be described as an amount of money that's set aside for expenses that are not planned and can be obtained quickly in emergency situations.
To establish an emergency fund, the minimum amount should be the expenses of three months. As the monthly expenses of this couple are $4230, therefore the monthly expenses for three months can be calculated by multiplying $4230 three times, which will also be the minimum amount needed for the emergency fund.
$4230 × 3 = $12,690
Hence, $12,690 is calculated to be the minimum amount this couple needs to establish an emergency fund.
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erin moore, vice president of enrollment management at foster university, wants to increase the number of students enrolling in the college of business. in an effort to achieve this, erin and her team (1) increased online advertising on business-related websites, (2) created new advertisements for radio and television, 3) asked current students to talk to their friends and family, and (4) increased the number of visits to local and regional high schools and community colleges. erin and her team’s actions fall within which management function?
Erin and her team’s actions fall within leading management function. Leaders do the things they do to pursue innovation rather than out of obligation.
Leading entails able to articulate a vision, activating employees, inspiring and motivating people, and doing so through the use of idea, influence, encouragement, and effective communication skills.
To put it simply, leadership entails taking chances and contesting the status quo. Leaders inspire others to accomplish something new and better. Surprisingly, leaders do the things they do to pursue innovation rather than out of obligation. They assess success by examining the team's accomplishments and learning.
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valentina is observing interactions between subordinates and their supervisors in a large corporate office. valentina is using a research strategy called:
Valentina is using a research strategy called: naturalistic observation.
What you mean by naturalistic observation?
Naturalistic observation is a research method where you record and mention the behaviors of your research subjects in real world settings. You should avoid interfering with or influencing any variables in a naturalistic observation. You can imagine of naturalistic observation as “people watching” with a purpose.
Why is naturalistic observation important?An importance of naturalistic observation is that it permits the investigators to directly observed the subject in a natural setting. The method provides scientists a first-hand look at social behavior and can aid them to notice things that might never have encountered in a lab setting.
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the market for gadgets is in equilibrium, with the price at $5 per unit and total sales being 1,000 gadgets per year. the elasticities of demand and supply at this equilibrium are estimated to be -0.7 and 2.0 respectively. find the new equilibrium price and quantity as a result of the imposition of a 15% excise tax.
Quantity at new equilibrium = 895
The term "equilibrium quantity" refers to the quantity at which the market's demand and supply of a product are in equilibrium. The intersection of aggregate demand and aggregate supply is the equilibrium quantity on a graph.
The new price of equilibrium is $5.75.
The new equilibrium value is 8.95.
Information provided:
The cost of equilibrium is $5 per unit.
Each year, 1,000 gadgets were sold all together.
At equilibrium, demand has an elasticity of -0.70.
At equilibrium, the elasticity of the supply is 2.
15% is the excise tax rate.
What does it mean to be in equilibrium?
A state of balance between opposing forces is also referred to as equilibrium. Additionally, equilibrium is a state of mental peace.
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jose, who is a medicare patient, is seen in dr. lee’s office. the total charge for the office visit is $250.00. jose has previously paid his medicare part b deductible. the medicare fee schedule amount for this service is $200.00. the nonparticipating medicare fee schedule amount for this service is $190.00. dr. lee is a medicare participating physician. what is the total amount of the patient’s cost sharing for this encounter?
The total amount of the patient’s cost sharing for this encounter is $40. Thus, option C is correct.
What is health insurance?People typically purchase health insurance to protect their health or well-being. When a person needs medical treatment, health insurance offers financial assistance.
With this approach, if a person need an urgent operation, they can seek out medical insurance that will pay for the procedure.
Given information,
The Medicare physician fee schedule = $200
Nonparticipating medicare fee schedule = $190
Jose's cost-sharing will be his out-of-pocket expenses, which the insurer will cover because the doctor is a participant.
The cost-sharing for medicare patients for $250 is 80%
The remaining cost-sharing percentage will be 20%
Therefore his cost-sharing amount will be
= $200 × 20%
=$40
Therefore, option C is the correct option.
.
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The question is incomplete, the complete question will be:
a. $200.00
b. $160.00
c. $40.00
d. $30.00
9.true or false: the 2021 estate tax exemption is $12,060,000, the 2021 generation skipping tax exemption is $12,060,000 and the 2020 gift tax exemption is $11,700,000?
This is false that the 2021 estate tax exemption is $12,060,000, the 2021 generation skipping tax exemption is $12,060,000 and the 2020 gift tax exemption is $11,700,000.
An exemption is a sum of money that can be subtracted from a person's overall income to lower it. taxable earnings There are two types of exemptions that taxpayers may be able to claim: Personal exemptions, which normally allow taxpayers to claim themselves (and possibly their spouse).
The generation-skipping tax (GST), sometimes known as the generation-skipping transfer tax, forbids you from intentionally omitting your children from your estate plan in favor of younger generations in order to avoid any estate taxes that might be owed once your children pass away. Individuals will be exempt from GST taxes up to $11.7 million as of 2021, double that amount for married couples. The only value subject to that 40% tax is that which exceeds this exemption.
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lark enters into a contract to mine limestone in milena's quarry, sell it, and share the profits on its sale with milena. if the duties under this contract are discharged like those under most contracts, the duties will be
Lark enters right into a settlement to minelimestone in Milena's quarry, promote it, and percentage the income on its sale with Milena. if the responsibilities beneathneath this settlement are discharged like the ones beneathneath maximum contracts, the responsibilities could be performed.
A profit-sharing plan gives employees a percentage in their organization's earnings based totally mostly on its quarterly or annual earnings. It is as tons because the Organisation to decide how lots of its earnings it wants to percentage. Contributions to a profit-sharing plan are made through manner of manner of the Organisation only; employees cannot make them, too. In an company partnership, you may split the earnings any way you want, below Neath one condition—all company partners need to be in agreement about profit-sharing.
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valdivo inc. is a manufacturing firm that specializes in sports-related equipment. valdivo has taken the initiative to enhance employee relations and improve the manufacturing process. which element of excellence does valdivo’s initiative exemplify?
The element of excellence does Valdivo’s initiative exemplify is operational element. It is because Valdivo has taken the initiative to enhance employee relations and improve the manufacturing process.
Operational element are including 3 main points, such as inputs, transformation processes, and outputs. Operations management also known as operational element involves the systematic direction and control of the processes that transform resources (inputs) into finished goods or services for customers or clients (outputs). There are several function of operational element or operational management, such as planning, scheduling, inventory control, purchasing, controlling, and quality control.
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in an rea model of the purchase and payment process, if each purchase involved only one high value item, such as a new automobile, the maximum multiplicity next to the inventory resource would be , and the maximum multiplicity next to the purchases event would also be .
In an REA model of purchase and payment process, if each purchase involved only one high value item, the maximum multiplicity next to the inventory resource would be one, and the maximum multiplicity next to the purchase event would also be one.
It is seen that in the generic REA model of the purchase and payment process, the multiplicities on the association between the suppliers and the purchases indicates that each supplier can thus participate in a minimum of zero purchases and a maximum of many purchases altogether.
The REA model tends to view the accounting data collection as a system in order to collect data about the events, resources, and agents within business processes. Thus, here the maximum multiplicity next to the inventory resource would be one.
Hence, the maximum multiplicity next to purchase event would also be one.
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what an insurance company’s primary revenue source? group of answer choices premiums and bond underwriting fees net interest income fees charged on assets under management premiums and investment returns claims on insurance policies
Premiums and investment returns are the primary revenue source of an insurance company.
The most important metric for determining the return on any investment is return on investment (ROI). It is a ratio that contrasts an investment's gain or loss in relation to its cost. It is helpful in assessing the present or projected return on an investment, whether you are determining whether to start a new project, assessing the success of your stock portfolio, or thinking about a business venture.
ROI and other cash flow metrics, including internal rate of return (IRR) and net present value (NPV), are crucial metrics in business research that are used to assess and rank the attractiveness of a variety of various investment opportunities.The return on investment (ROI) is a ratio, however it is usually stated as a percentage.Learn more about Return on investment (ROI), here
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a bookkeeping list of assets (money, property, ideas...), identified ownership, and transactions that record the transfer of ownership among participants.
Digital Ledger is a bookkeeping list of assets (money, property, ideas, etc), identified ownership, and transactions that record the transfer of ownership among participants.
Distributed ledger technology (DLT) or also known as digital ledger can be described as a digital system for recording the transaction of assets in which the transactions and their details are recorded in multiple places at the same time. A distributed ledger also can be described as the consensus of replicated, shared, and synchronized digital data that is geographically spread across many sites, countries, or institutions. Digital ledgers have no central data store or administration functionality.
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a restaurant sells pizza for $12.76/slice. expenses for the restaurant include raw material for pizza at $7.76 per slice, $116.00 as monthly rental and $54.00 as monthly insurance. how many slices should the restaurant sell in a month to break even? don't round to whole slices.
Based on the selling price of pizza, and the expenses to the restaurant, the number of slices that the restaurant should sell in a month in order to break even is 33.2 slices
How to find out the breakeven point?The formula to find out the breakeven point of sales for the restaurant is:
= Fixed expenses per month / Contribution margin per month
To find the Contribution Margin, you first need to find the variable cost for the month which is:
= Raw material for pizza
= $7.76 per slice
The Contribution margin is:
= Selling price per slice - Contribution Margin
= 12.76 - 7.76
= $5.00
The Fixed costs are:
= Monthly rent + Monthly insurance
= 116 + 50
= $166
The breakeven point is therefore:
= Fixed expenses per month / Contribution margin per month
= 166 / 5.00
= 33.2 slices
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hector would like to buy a new pair of soccer cleats. he prefers adidas to puma brand soccer cleats, but chooses to buy the puma brand cleats instead. which reason is consistent with rational consumer choice?
The price of puma brand soccer cleats was less than the price of adidas brand soccer cleats.
What is adidas?
Adidas AG is a German multinational corporate entity that creates and produces footwear, apparel, and accessories. It was established in Herzogenaurach, Bavaria. After Nike, it is the second-largest sportswear manufacturer in the world and the biggest in Europe. It serves as the parent company for both the Austrian fitness technology company Runtastic and the Adidas Group, which owns an 8.33% stake in the football team Bayern München. Adidas reported €21.915 billion in revenue for the previous year. Adolf Dassler founded the business in his mother's home, and in 1924, his older brother Rudolf joined him. The business was then known as Gebrüder Dassler 19. Dassler contributed to the creation of spiked shoes (spikes) for various sports.
The most crucial factor in deciding on a product is the budget. Even though Hector prefers adidas to Pumas, his choices are heavily influenced by both the cost of the products and his limited budget.
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2. What BEST describes interest on a savings account?
the amount of money you will need to deposit into the savings account
O the amount you are paid for the use of your money
O the amount of money you are charged to have the account
O the amount required to maintain the account
Answer:
simple interest with rate,time and principle
Chang and chang observe that the competition is increasing the size of its warehouses. They have decided to do the same. They are following _______ strategy.
Based on the story above, Chang and chang observe that the competition is increasing the size of its warehouses and have decided to do the same, so they adopted follow the leader strategy.
Follow the leader strategy can be defined as a decisions and actions taken by a firm which chooses to follow the market leader as an alternative to challenging it. Follow-the-leader strategies, also known os 'me-too' strategies.
The are three general strategies for market leadership, such as develop the total market demand, protecting market share, and expanding market share.
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High tea, a retail store, claims to sell a pack of 20 tea bags at a discounted rate of $20 from an advertised original price of $40. The original price was verified by regulators to be $25. The pricing strategy applied by high tea is an example of.
High tea, a retail store, claims to sell a pack of 20 tea bags at a discounted rate of $20 from an advertised original price of $40. The original price was verified by regulators to be $25. The pricing strategy applied by high tea is an example of deceptive pricing.
What is Deceptive Pricing?
Deceptive pricing is a strategy used by merchants to trick clients and prospects into believing they are paying less for goods. This strategy typically involves using "original," "former," or "normal" pricing quotes throughout the most of a season. Companies are not allowed to use such deceptive tactics when dealing with customers, according to the Federal Trade Commission.
The hospitality sector is frequently linked to deceptive pricing. Airlines may display decreased ticket pricing, but remove costs associated with checking bags, choosing a seat, paying taxes, and other expenses related to travel. Hotels do not include resort fees or local taxes in the accommodation rates they display.
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mark goes into a payday loan business seeking to get a loan on his 1976 ford pinto. the clerk takes his keys to go look at the pinto. the clerk returns and presents mark with their offer of a loan. mark is not happy paying 350% interest so he rejects the loan. the clerk tells mark that he has lost the keys and mark is not allowed to leave. the clerk actually had not lost the keys, but had been trained that such a scheme makes more people agree to accept a bad loan. what tort if any is the clerk committed? a. negligence b. battery c. no tort was committed d. false imprisonment
Mark is not permitted to leave after being informed by the clerk that he has lost the keys. The clerk would be falsely imprisoned if he were to be committed.
Mark is told by the clerk that he has lost the keys and is unable to leave. While it's true that the clerk didn't lose the keys, she was instructed to use this tactic because it encourages more individuals to accept poor loans. False incarceration arises when someone committed purposefully restricts the exercise of another person's freedom without that person's consent or any other legal justification.
Clerk used to trick the people. The clerk is purposefully limiting Mark's freedom of movement in the example mentioned above. He will be falsely imprisoned as a result. No tort was committed, negligence, and battery are incorrect choices.
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as foreign exchange activity has grown, a given degree of central bank intervention has become: a. more frequent. b. less effective. c. more effective. d. none of these choices are correct.
As foreign exchange activity grows, a given degree of central bank intervention becomes less effective. Hence, the correct option is (b) less effective.
Central banks manage currency by generating new currency, setting foreign currency reserves, and fixing interest rates. In regard to foreign exchange, the central bank intervention aims at stabilizing its currency in the foreign exchange market. The success of central bank interventions highly depends on how it manages and stabilizes its currency in the foreign exchange market.
If the central bank fails to maintain its stability in the foreign exchange market, it undermines the credibility of the central bank. The increase in foreign exchange activities means that the role of central bank intervention is less effective to stabilize its currency in the foreign exchange market.
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a company has beginning inventory of 12 units at a cost of $28 each on february 1. on february 3, it purchases 38 units at $30 each. 17 units are sold on february 5. using the fifo periodic inventory method, what is the cost of the 17 units that are sold?
According to the FIFO periodic inventory method, the cost of the 17 units sold on February 5 is equal to $486.
The FIFO periodic inventory method is the method according to which the first unit of the inventory acquired is sold first. In this problem, the units present on February 1 are sold first, and then the units purchased on February 3 according to the FIFO method.
If 17 units were sold, the according to the FIFO periodic method, 12 units out of these 17 were that which were in the inventory on February 1, and the remaining 5 units were those that were purchased on February 3.
Therefore;
Cost of 17 units sold = (12)(28) + (5)(30)
Cost of 17 units sold = 336 + 150
Cost of 17 units sold = 486
Hence, the cost of the 17 units sold on February 5 is calculated to be $486 by using the Fifo periodic inventory method.
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If you are looking for a larger, less personal, bank that handles businesses and corporations instead of individual accounts, you would need to choose which of the following?
The brokerage firm is the one that handles businesses and corporations instead of individual accounts. Brokerage companies serve as a conduit for their clients' transactions with the stock market.
On behalf of their clients, they mostly buy and sell financial instruments, including stocks. brokerage firm combine their resources to assist their clients in negotiating the rules of the stock market. The ideal illustration of a brokerage company is the online investment platform Robinhood. It makes it easier to trade a variety of the businesses securities, including derivatives and stocks. When clients bought shares of stocks on margin, brokers would get the interest.
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nasafi lumber paid an annual dividend of $1.37 per share yesterday. today, the company announced that future dividends will be increasing by 3 percent annually. if you require a return of 14.6 percent, how much are you willing to pay to purchase one share of this stock today?
The amount I would be willing to pay for one share of the stock today is $12.16.
How much would I be willing to pay for the share of stock?The amount that you would be willing to purchase one share of the stock today is determinant on the intrinsic value of the stock. The intrinsic value is the value of the stock that is dependent on the fundamentals of the firm.
The formula that can be used to determine the intrinsic value of the stock is known as the Gordon Constant growth model.
According to this model:
P = [D(1 + g)] / (r - g)
Where:
P = price of the stock D = dividend g = growth rate r = required rate of returnP = [1.37(1 + 0.03)] / (0.146 - 0.03)
P = (1.37 X 1.03) / (0.116)
P = $12.16
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an auditor of a nonissuer should request that management provide written representations regarding uncorrected misstatements in the financial statements that state
Whether management believes that the effects of uncorrected misstatements are immaterial, individually and in the aggregate, to the financial statements as a whole.
The framework outlined in ISA 450, which divides misstatements into the following categories, is helpful to examine and apply when reviewing misstatements and when asking management to remedy misstatements.
Misstatements that are factually incorrect are those about which there is no question. An example would be a blatant violation of an IFRS rule, which would result in erroneous financial statements, such as when a required disclosure is not made, such as when EPS for a public business is not disclosed.Judgmental misstatements are discrepancies that result from management's estimations of accounting that the auditor finds unjustified or from the choice or application of accounting policies that the auditor finds incorrect. Of course, there are numerous instances in financial reporting where employing judgment is required, such as when establishing the fair value of non-current assets, the amount of disclosure required in connection to a contingent obligation, or the recoverability of receivables.Projected misstatements, which project the misstatements found in audit samples to the complete populations from which the samples were obtained, are the auditor's best estimate of misstatements in populations.Learn more about Misstatements, here
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