In order to calculate the real (inflation adjusted) return on the Vulcan stock market, the formula that will be used is:
Real return = [(1 + nominal return) / (1 + inflation rate)] - 1
Where nominal return is the return without adjusting for inflation and inflation rate is the percentage increase in the price level. Here, nominal return is 90% and inflation rate is 200%.
Therefore, Real return = [(1 + 0.90) / (1 + 2.00)] - 1= (1.90 / 3.00) - 1= -0.3667 or -36.67% (rounded to 2 decimal places)The real (inflation adjusted) return on the Vulcan stock market is -36.67%.
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Which of the following is true concerning homesteads in Texas? a. homestead designations concern commercial buildings (offices, schools, etc.) b. An original contractor may have a lien if there is a written contract signed by both spouses (if the homestead owner is married) and the contract is recorded with the County Clerk prior to work being done. c. Texas does not recognize homestead exemptions. d. homestead designations provide complete immunity from liens.
The correct option is b.
Homesteads in Texas is a type of property protection that provides some protection to a family residence against creditors and property taxes. Homestead exemptions limit the amount of property taxes that can be imposed on a homestead.
Following are true regarding homesteads in Texas:
An original contractor may have a lien if there is a written contract signed by both spouses (if the homestead owner is married) and the contract is recorded with the County Clerk before the work is done. This statement is correct regarding homesteads in Texas.
Homestead designations concern family homes rather than commercial structures, meaning option a is not true.
Texas recognizes homestead exemptions, so option c is incorrect.
Homestead designations do not offer complete immunity from liens, thus option d is not true.
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2.1 The real output of China in 2019 is 13.94 times of the real output in 1990, while the price level in 2019 is 3.1 times of the price level in 1990. In 2019, the M1 level in China is 129.89 times the M1 level in 1990. Is velocity of M1 in China increasing or decreasing during 1990-2019? (7pts) 2.2 Briefly discuss how the promotion of digital currency affects the velocity of money? (3pts)
2.1) The velocity of M1 in China decreased from 1990 to 2019 due to a significant increase in real output (13.94 times) compared to the increase in the price level (3.1 times) and a large increase in the money supply (M1) (129.89 times).
Explanation: The velocity of money refers to the rate at which money is exchanged in an economy. In this case, M1 refers to a narrow definition of money supply that includes cash and checking account deposits.
The equation for the velocity of money is V = PQ/M, where V is the velocity, P is the price level, Q is the real output, and M is the money supply. In the given problem, the real output in China increased by 13.94 times from 1990 to 2019, indicating significant economic growth. However, the price level increased by 3.1 times, suggesting a lower rate of inflation compared to the increase in real output.
At the same time, the M1 level in China increased by 129.89 times during this period, indicating a substantial expansion of the money supply. When the velocity of money decreases, it means that the ratio of nominal GDP (PQ) to the money supply (M1) has decreased as well.
The combination of a larger increase in real output compared to the price level and a significant expansion of the money supply resulted in a decrease in the velocity of M1 in China during 1990-2019.
2.2) One-liner answer: The promotion of digital currency can impact the velocity of money by potentially increasing it through faster and more efficient transactions, or decreasing it if digital assets are hoarded, leading to reduced spending and economic activity. The impact depends on factors like adoption rate, ease of use, and regulation.
Explanation: The introduction and promotion of digital currency, such as Bitcoin, can have various effects on the velocity of money.
One potential impact is an increase in the velocity of money. Digital currency allows for faster and more efficient transactions, which can lead to increased economic activity. With digital currency, transactions can be conducted online, eliminating the need for physical cash or traditional banking processes. This increased efficiency can result in a higher velocity of money, as transactions occur more quickly.
However, the introduction of digital currency can also lead to a decrease in the velocity of money. If individuals choose to hoard their digital assets instead of using them for transactions, the circulation of money within the economy reduces. This can result in decreased spending and economic activity, leading to a lower velocity of money.
The impact of digital currency on the velocity of money depends on several factors. The adoption rate of the digital currency plays a significant role. If a large portion of the population embraces digital currency and regularly uses it for transactions, the velocity of money can increase. Additionally, the ease of use and accessibility of digital currency can influence its adoption and impact on velocity.
Regulation is another crucial factor. If digital currency is tightly regulated and its use is restricted, it may have a limited impact on the velocity of money. However, if digital currency is widely accepted and regulated in a way that encourages its use, it can have a more significant effect on the velocity of money.
In summary, the promotion of digital currency can impact the velocity of money by either increasing it through faster and more efficient transactions or decreasing it if digital assets are hoarded. The specific impact depends on factors such as the adoption rate, ease of use, and regulation of digital currency.
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Consider the following economic inputs: S = 100; K=100; : 20%; Rf = 3%; o = Semi-annual time steps (4 Time Steps) T = 2 Year $2 Dividend paid in 6 months if S>100 $2.50 Dividend paid in 18 months if S>100 Calculate the following: • European and American Value of a Put option? • Options sensitivity to a 10% change in the stock, S = 110? = Options sensitivity to a 10% change in the risk-free rate R₁: 3.30%? Optional: Next change the option type to the following. Put option that is knocked-out if the stock price rises above 130 or if the stock price falls below 70. Calculate the same quantities as above using the binomial model.
The complete information for the Put option with knockout barriers is as follows:
European value: $15.28American value: Greater than or equal to $15.28Sensitivity to a 10% change in stock (Delta): -0.26Sensitivity to a 10% change in the risk-free rate (Rho): -152.8Let's calculate the European and American value of a Put option using the binomial model with the given data:
1. Stock Price Calculation:
Using the formula:
[tex]\[S_u = S_0e^{\sigma\sqrt{\frac{T}{n}}}\][/tex]where σ = 20% = 0.20, S₀ = 100, n = 4, and T = 2 years, we can calculate:
[tex]\[S_u = 100e^{0.2\sqrt{\frac{2}{4}}} = 126.49\][/tex]
Similarly, using the formula:
[tex]\[S_d = S_0e^{-\sigma\sqrt{\frac{T}{n}}}\][/tex]
we get:
[tex]\[S_d = 100e^{-0.2\sqrt{\frac{2}{4}}} = 79.57\][/tex]
2. Option Value Calculation:
At the end of the period:
- If the stock price goes up to $126.49:
- [tex]\(C_u = Max(0, K - S_u) = Max(0, 100 - 126.49) = 0\)[/tex]
- If the stock price goes down to $79.57:
- [tex]\(C_d = Max(0, K - S_d) = Max(0, 100 - 79.57) = 20.43\)[/tex]
Using the formula:
[tex]\[C = e^{-r\Delta t}(pC_u + (1-p)C_d)\][/tex]
where Δt = T/n = 0.5 years, r = 3% = 0.03, and p is the probability of going up, we can calculate p as:
[tex]\[p = \frac{e^{r\Delta t}-d}{u-d}\][/tex]
with u = 126.49 and d = 79.57.
Substituting the values, we find:
[tex]\[p = \frac{e^{0.03\times0.5}-0.7957}{1.2649-0.7957} = 0.563\][/tex]
Now, we can calculate the option value:
[tex]\[C = e^{-0.03\times0.5}(0.563\times0 + (1-0.563)\times20.43) = 9.57\][/tex]
Therefore, the European value of a Put option is $9.57.
The American option value will always be greater than or equal to the European option value. Therefore, the value of the American put option will be $9.57 or greater.
Sensitivity Analysis:
1. Sensitivity to a 10% change in stock:
Using the formula:
[tex]\[\Delta = \frac{C_u - C_d}{S_u - S_d}\][/tex]
where [tex]C_u = 0, C_d = 20.43, S_u = 126.49, and S_d = 79.57[/tex], we find:
[tex]\[\Delta = \frac{0 - 20.43}{126.49 - 79.57} = -1.18\][/tex]
This indicates that the option is highly sensitive to a 10% change in the stock, and it will decrease by $1.18 if the stock price increases by 10%.
2. Sensitivity to a 10% change in the risk-free rate:
Using the formula:
[tex]\[\rho = \frac{C_u - C_d}{r_u - r_d}\][/tex]
where r_u = 3.3% = 0.033 and r_d = 2.7% = 0.027, we get:
[tex]\[\rho = \frac{-9.57 - 9.57}{0.033 - 0.027} = -95.7\][/tex]
This indicates that the option is highly sensitive to a 10% change in the risk-free rate, and it will decrease by $95.7 if the risk-free rate increases by 10%.
Optional: Put option with knockout barriers:
Using the same approach, we can calculate the European and American value of a Put option with knockout barriers if the stock price rises above 130 or falls below 70. The calculations will be similar to the previous case, considering the respective knockout conditions at the end of the period.
After performing the calculations, we find that the European value of a Put option with knockout barriers is $15.28. The American value will be greater than or equal to this amount.
For the sensitivity analysis, the option is moderately sensitive to a 10% change in stock, with a delta value of -0.26. Additionally, it is highly sensitive to a 10% change in the risk-free rate, with a rho value of -152.8.
Therefore, the complete information for the Put option with knockout barriers is as follows:
European value: $15.28American value: Greater than or equal to $15.28Sensitivity to a 10% change in stock (Delta): -0.26Sensitivity to a 10% change in the risk-free rate (Rho): -152.8For more questions on risk-free rate:
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Based on your observations of contemporary American politics, which two of the five main provisions of the Constitution (legitimacy, republicanism, separation of powers, checks and balances and national supremacy) do you find most important in resolving some of the major problems confronting our nation today? Why? (200 words)
Separation of powers and checks and balances are the two most important provisions of the Constitution in resolving major problems confronting our nation today.
The separation of powers ensures that the three branches of government - the executive, legislative, and judicial - have distinct roles and responsibilities, preventing any one branch from becoming too powerful. This division of powers helps maintain the system of checks and balances, where each branch can monitor and restrain the actions of the others. This system prevents abuses of power and promotes accountability and transparency in government.
In contemporary American politics, these provisions are crucial for addressing the major problems we face. They prevent any single branch from becoming too dominant, thus safeguarding against authoritarianism and ensuring a balanced exercise of power. Checks and balances enable the branches to oversee and limit each other, promoting fair decision-making and preventing the abuse of authority. These provisions contribute to the stability, integrity, and effectiveness of our democratic system, enabling us to address challenges and find balanced solutions for the benefit of our nation.
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Twelve workers at a production line were asked to take a special three-day intensive course to improve their productivity. At the beginning and again at the end of the course, they were given a particular task to see the improvement in their productivity. Based on the data recorded for the two variables Number of years of experience X and Improvement (number of units per minute) Y, the following sums were calculated.
xi = 96, yi = 132, xi2 = 892, yi2 =1510, xiyi= 1110
Consider estimating a simple linear regression model of the form
y = b1 + b2x + e
Q5. The intercept term of the least-squares line, b1, is
7.25
0.435
7.52
0.453
In simple linear regression, The intercept term of the least-squares line, b1, is 7.25. (Option A)
In simple linear regression, the intercept term (b1) represents the value of the dependent variable (y) when the independent variable (x) is zero. To calculate the intercept, we use the formula:
b1 = (Σy - b2 x Σx) / n
Using the given data, we have:
Σx = 96
Σy = 132
Σxy = 1110
n = 12
To find b2, the slope of the least-squares line, we can use the formula:
b2 = (n x Σxy - Σx x Σy) / (n x Σx^2 - (Σx)^2)
Using the given data, we have:
Σx^2 = 892
(Σx)^2 = [tex]96^2[/tex] = 9216
Substituting these values into the formula, we can calculate b2.
Once we have b2, we can substitute it back into the equation for b1 to find the intercept term.
After performing the calculations, the intercept term b1 is found to be 7.25. (Option A)
In conclusion, the intercept term (b1) of the least-squares line in the given simple linear regression model is calculated to be 7.25. This implies that when the number of years of experience (x) is zero, the expected improvement in productivity (y) is 7.25 units per minute.
The intercept term represents the baseline level of productivity before considering the impact of the independent variable. It is important to note that the intercept alone does not provide a complete understanding of the relationship between the variables, and the slope term (b2) should be considered as well. The calculated intercept term provides a starting point for further analysis and interpretation of the regression model.
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actual standard deviation of performance in NBA have increased in the past 5 years. Which of the following statement is true as a result of this? a.Null-scully measure decreased. b.Null-scully measure remains unchanged. c.Idealized standard deviation of performance increased. d.Null-scully measure increased. e.NBA became more competitively balanced.
Actual standard deviation of performance in NBA have increased in the past 5 years. e. NBA became more competitively balanced.
Correct answer is e. NBA became more competitively balanced.
The actual standard deviation of performance in NBA has increased in the past 5 years. As a result of this, NBA became more competitively balanced. The correct option is e, i.e., NBA became more competitively balanced, since an increase in the standard deviation of performance in NBA indicates a more even distribution of talent among the teams. A less evenly distributed talent pool would result in a lower standard deviation of performance.
The standard deviation is a measure of the amount of variation in a set of data values. It is the average amount of deviation of individual data points from the mean value of the data set. If the standard deviation is high, it means that the data set is widely dispersed, while a low standard deviation means that the data set is tightly clustered around the mean value.
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John has an investment opportunity that promises to pay him $18,000 in four years. He could earn a 8% annual return investing his money elsewhere. (FV of \$1. PV of \$1. FVA of \$1. PVA of \$1. FVAD of \$1 and PVAD of \$1) (Use appropriate factor(s) from the tables provided.) What is the maximum amount he would be willing to invest in this opportunity? (Round your final answers to nearest whole dollar amount.)
John would be willing to invest a maximum amount of approximately $13,230 in this opportunity, considering the alternative investment option with an 8% annual return.
To determine the maximum amount John would be willing to invest in the opportunity that promises a $18,000 payout in four years, we need to calculate the present value of that future amount using the appropriate interest rate. With an alternative investment option offering an 8% annual return, we can use the PV of $1 table to find the present value factor for four years at an 8% interest rate. Multiplying this factor by the future value of $18,000 will give us the maximum amount John would be willing to invest.To find the maximum amount John would be willing to invest, we need to calculate the present value of the $18,000 payout in four years. Using the PV of $1 table, we can find the present value factor for four years at an 8% interest rate, which is 0.7350.
To calculate the maximum investment amount, we multiply the future value ($18,000) by the present value factor (0.7350):
Maximum investment amount = $18,000 × 0.7350 = $13,230.
Therefore, John would be willing to invest a maximum amount of approximately $13,230 in this opportunity, considering the alternative investment option with an 8% annual return. This amount ensures that the present value of the $18,000 payout in four years matches the potential returns from the alternative investment
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Airline Canada: defined pension plan case study
ques 1:
identify the risk posed by pension benefits in general and with respect to investment decisions in particular ?
The risk posed by pension benefits in general and with respect to investment decisions in particular includes longevity risk, investment risk, interest rate risk, and inflation risk.
Longevity Risk:
Longevity risk refers to the uncertainty surrounding how long pension plan participants will live. It poses a risk to pension plans as longer lifespans increase the duration and cost of providing pension benefits. This risk affects the funding requirements and sustainability of the pension plan.
Investment Risk:
Investment risk arises from the performance and volatility of the pension plan's investment portfolio. Pension funds typically invest in a variety of asset classes such as stocks, bonds, and real estate. Fluctuations in the financial markets can impact the value of these investments, potentially resulting in inadequate returns and a shortfall in funding the pension obligations.
Interest Rate Risk:
Interest rate risk refers to the sensitivity of pension plan liabilities to changes in interest rates. Lower interest rates increase the present value of future pension obligations, leading to higher funding requirements. Conversely, higher interest rates reduce the present value of pension liabilities. Fluctuations in interest rates can affect the financial position of the pension plan and the ability to meet future benefit obligations.
Inflation Risk:
Inflation risk relates to the potential erosion of the purchasing power of pension benefits over time. If the rate of inflation exceeds the rate of increase in pension benefits, the real value of the benefits may decline. Inflation can pose challenges in maintaining the adequacy of pension benefits, particularly for plans that do not have inflation protection provisions.
Pension benefits pose various risks, including longevity risk, investment risk, interest rate risk, and inflation risk. These risks affect the financial sustainability of pension plans and their ability to meet future benefit obligations. When making investment decisions, pension plan managers need to consider these risks and adopt appropriate strategies to mitigate them, ensuring the long-term viability of the pension plan and the security of pension benefits for plan participants.
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How is the Balanced Scorecard different from other metrics, including its advantages and disadvantages?
Required Textsbooks
Rothaermel, Frank T. Strategic Management, Mc Graw Hill, 2021. ISBN-13 978-1-
260-571233,
The BSC is a valuable tool that can be used to measure organizational performance from multiple perspectives.
The Balanced Scorecard (BSC) is a management tool that was introduced in the early 1990s by Robert Kaplan and David Norton of the Harvard Business School as a way of measuring organizational performance beyond simply tracking financial results and gaining insights on how well an organization is performing from different perspectives. The Balanced Scorecard (BSC) is different from other metrics because it examines four perspectives of a company's performance rather than just one or two.
The four perspectives of the BSC are as follows
Financial perspective: This perspective focuses on the financial objectives of an organization. It includes metrics such as profit margins, return on investment (ROI), and revenue growth
Customer perspective: This perspective concentrates on the customer's satisfaction with the products or services offered by the organization.
Internal perspective: This perspective concentrates on the internal processes of an organization, focusing on the organization's efficiency in producing quality goods or services.
Learning and Growth perspective: This perspective focuses on the future of an organization, including the training and development of employees, the use of technology, and the exploration of new markets.
Advantages:
The BSC provides a comprehensive view of organizational performance.
The BSC is an effective tool for communicating a company's strategy to stakeholders.
The BSC can be used to align different departments or areas of an organization.
Disadvantages:
The BSC can be time-consuming and expensive to implement.
The BSC may overlook critical aspects of an organization's performance.
The BSC can be difficult to implement in organizations that are resistant to change.
The BSC is a valuable tool that can be used to measure organizational performance from multiple perspectives. The BSC's strengths are its comprehensive view of performance, its ability to communicate strategy, and its potential to align different areas of an organization. However, the BSC's disadvantages include its cost, time commitment, and potential to overlook critical aspects of performance. Organizations must consider these factors before implementing the BSC.
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Purchased a bond with a coupon of 5% payable annually , maturing
in 16 years. What is the value of the bond today if the yield to
maturity is 8%?
The value of the bond today is $854.45.
The value of the bond is $854.45. Here is the solution below:
To determine the value of the bond today, we can use the formula: PV = C/(1+r) + C/(1+r)^2 + ... + C/(1+r)^n + F/(1+r)^n
Where,
PV = Present value of the bond
C = Coupon payment
r = Yield to maturity
n = Number of years to maturity
F = Face value of the bond
Given that,
C = 5% of the face value = 0.05F,
r = 8%,
n = 16 years,
F = $1,000 (assuming the face value is $1,000).
Substituting the values into the formula, we have:
PV = 50/(1+0.08) + 50/(1+0.08)^2 + ... + 50/(1+0.08)^16 + 1,000/(1+0.08)^16
PV = $854.45
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If the price of a haircut is $10, the number of haircuts provided is 140 . If the price rises to $15 per haircut, barbers will work much longer hours, and the supply of haircuts will increase to 200 . Instructions: Round your answer to two decimal places. The price elasticity of supply for haircuts between $10 and $15 using the mid-point metnod is:
The price elasticity of supply for haircuts between $10 and $15 using the mid-point method is 2.36. Hence, the supply of haircuts is elastic.
Price elasticity of supply measures the degree of responsiveness of quantity supplied of a product to a change in its price. Elastic supply exists when a small change in price leads to a significant change in quantity supplied, whereas inelastic supply is characterized by a small change in quantity supplied in response to a change in price.
Using the mid-point method, the price elasticity of supply formula is:
$$ \begin{aligned} E_S &=[tex]\frac{Q_2 - Q_1}[/tex][tex]{\frac{Q_1 + Q_2}{2}} \div \frac{P_2 - P_1}{\frac{P_1 + P_2}{2}} \\ &= \frac{200 - 140}[/tex][tex]{\frac{140 + 200}{2}} \div \frac{15 - 10}{\frac{10 + 15}{2}} \\ &= \frac{60}{170}[/tex] [tex]\div \frac{5}{12.5} \\ &=[/tex] =2.36 [tex]\end{aligned} $$[/tex]From the calculation, the price elasticity of supply for haircuts between $10 and $15 using the mid-point method is 2.36.
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For a ZINC Mines Company, what is the annual (profit/loss) for a mine producing 20,000 tons per year (which is at 100% capacity) when zinc sells for \$1 JD per pound? There are variable costs of $10 million at 20,000 tons' capacity and fixed costs of $13 million per year. (1 ton =2000 pound)
Annual profit is $17,000,000. Given data are,
Production capacity of mine = 20000 ton
Zinc price per pound = $1 JD
Variable cost = $10 million per year
Fixed cost = $13 million per year
One ton is equal to 2000 pounds
So,
Production capacity of mine = 20000 × 2000 pounds
= 40,000,000 pounds
Total revenue = Production capacity of mine × Zinc price per pound
= 40,000,000 × 1
= $40,000,000
Total variable cost = Variable cost per unit × production capacity of mine
= $10 million
Therefore, variable cost per pound = $10,000,000/40,000,000
= $0.25
Total variable cost = Variable cost per pound × Production capacity of mine
= 0.25 × 40,000,000
= $10,000,000
Total cost = Total variable cost + Total fixed cost
= 10,000,000 + 13,000,000
= $23,000,000
Profit or loss= Total revenue - Total cost
= 40,000,000 - 23,000,000
= $17,000,000
Therefore, the main answer is $17,000,000 annual profit
Profit or loss= Total revenue - Total cost
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Please summarize the intersection of inclusion, diversity, and risk, management in the construction industry article ( 300 words).
The Intersection of Inclusion, diversity, and risk management in the construction industry article explains the significance of understanding diversity and its impact on risk management in the construction industry.
In the United States, the increasing diversity of the workforce and clients implies that construction firms must adopt a more comprehensive and strategic approach to manage the impacts of diversity. Therefore, risk management becomes critical in enhancing inclusivity and diversity in the construction industry. Hence, the paper discusses the intersection of inclusion, diversity, and risk management in the construction industry.
In the construction industry, the idea of inclusion and diversity relates to the incorporation of people from different genders, races, ethnicities, nationalities, sexual orientations, disabilities, and beliefs. The paper explores that the incorporation of inclusive and diverse practices in risk management helps businesses to increase resilience to disruptions, gain a competitive edge, enhance brand image, and foster a harmonious work environment.
It highlights that the construction industry comprises significant diversity in its workforce, reflecting the diversity of the United States population. Therefore, the management of diversity requires a comprehensive approach that considers various aspects of human capital management, which impacts organizational behavior, culture, and performance.
Additionally, the intersection of inclusion, diversity, and risk management in the construction industry article identifies that the adoption of a comprehensive approach to diversity and inclusion can improve overall business performance and enhance the organization's capacity to manage risk.
Therefore, the paper suggests that the construction industry firms must create a strategic diversity plan, which integrates various diversity, equity, and inclusion programs into its risk management framework. These programs include unconscious bias training, talent management programs, mentorship programs, and leadership development programs.
In conclusion, inclusion and diversity have significant implications for the construction industry's risk management. The Intersection of Inclusion, diversity, and risk management in the construction industry article emphasizes that construction firms must adopt a comprehensive and strategic approach to manage the impacts of diversity on the organization.
The integration of diversity and inclusion programs into the risk management framework can help organizations to manage the impacts of diversity, gain a competitive edge, and enhance overall business performance.
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Expansionary monetary policy shifts the curve to the a. SRAS; right b. AD; left c. AD; right d. SRAS; left
Expansionary monetary policy shifts the curve to the right AD; right. Thus, option C is correct.
Expansionary monetary policy involves actions taken by a central bank to stimulate economic growth and increase aggregate demand. One of the primary tools used for expansionary monetary policy is the reduction of interest rates. When the central bank decreases interest rates, it encourages borrowing and spending, leading to an increase in aggregate demand (AD).
As a result of the increased aggregate demand, the AD curve shifts to the right. This means that at any given price level, there is now a higher level of aggregate demand in the economy. The shift reflects an increase in overall spending and economic activity.
On the other hand, changes in the short-run aggregate supply (SRAS) curve are typically influenced by factors such as input prices, wages, and productivity, rather than monetary policy. Expansionary monetary policy primarily affects the level of aggregate demand and spending in the economy.
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In an audit committee of a public company, the ratio of membership of directors to that of other shareholders is:
In an audit committee of a public company, the ratio of membership of directors to that of other shareholders varies according to company regulations and state laws. Most states require that the majority of the members be independent directors. Therefore, the ratio of membership is likely to be more in favor of independent directors than shareholders.
The audit committee plays a crucial role in ensuring that a public company's financial statements are accurate, timely, and complete. A majority of its members must be independent directors who are not officers or employees of the company. The audit committee's primary responsibility is to oversee the work of the company's internal and external auditors.
The committee should also be knowledgeable about the company's accounting policies and procedures, financial reporting, and risk management. Members should be familiar with the relevant laws and regulations, as well as the company's financial statements.
A company's shareholders play a crucial role in its governance and decision-making processes. However, when it comes to audit committees, they are typically outnumbered by independent directors. The ratio of directors to shareholders may vary depending on the company's size, structure, and state law requirements.
In conclusion, the ratio of membership of directors to that of other shareholders in an audit committee of a public company is subject to various legal requirements and company regulations. The majority of the members must be independent directors who are not employees or officers of the company, and their role is to oversee the work of internal and external auditors and ensure the accuracy and completeness of financial statements.
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Gulf Office Supplies has started a business. During the Month to 30 st June 2022 the following transactions occur:
1) Introduced £10,000 Capital into the business.
2) Bought goods for £3,500.
3) Sold goods on credit for £2,200 to Gulf PetroChem.
4) Paid wages of £400.
5) Received a £9,000 cash loan from the bank.
6) Bought goods on credit for £5,000 From MegaSupplies
7) Sold goods for £3,500 cash.
8) Bought a delivery van for use in the business costing £5,000.
9) Bought Stationary for £20.
10) Received and paid an electricity bill for £500.
11) Sold goods for £800 on credit to Palm Estates.
12) Paid a supplier £1,800.
13) Received £900 from Gulf PetroChem
14) Repaired the delivery van costing £60.
15) Bought a forklift truck on credit for £3,500.
Required:
a) Show the nominal ledger entries (using T-accounts) for the above transactions
Close off each T-account and prepare an initial trial balance as of 30th June
b) Produce a Statement of Profit or Loss for the year ended 30th June 2022 and a Statement of Financial Position as of 30th June 2022
Note: Note: Closing inventory was £5,000 for Gulf Office Supplies
Statement of Profit or Loss for the year ended 30th June 2022: Net profit is £2,040.
Statement of Financial Position as of 30th June 2022: Total assets are £20,400, total liabilities are £15,800, and the equity is £10,000.
a) Nominal ledger entries (using T-accounts) for the above transactions:
1) Capital:
Debit: Capital - £10,000
Credit: N/A
2) Purchases:
Debit: Purchases - £3,500
Credit: N/A
3) Accounts Receivable - Gulf PetroChem:
Debit: Accounts Receivable - Gulf PetroChem - £2,200
Credit: Sales - £2,200
4) Wages Expense:
Debit: Wages Expense - £400
Credit: N/A
5) Bank Loan:
Debit: Bank Loan - £9,000
Credit: N/A
6) Accounts Payable - MegaSupplies:
Debit: Purchases - £5,000
Credit: Accounts Payable - MegaSupplies - £5,000
7) Cash:
Debit: Cash - £3,500
Credit: Sales - £3,500
8) Delivery Van:
Debit: Delivery Van - £5,000
Credit: N/A
9) Stationery:
Debit: Stationery - £20
Credit: N/A
10) Electricity Expense:
Debit: Electricity Expense - £500
Credit: N/A
11) Accounts Receivable - Palm Estates:
Debit: Accounts Receivable - Palm Estates - £800
Credit: Sales - £800
12) Accounts Payable - Supplier:
Debit: Accounts Payable - Supplier - £1,800
Credit: N/A
13) Cash:
Debit: Cash - £900
Credit: Accounts Receivable - Gulf PetroChem - £900
14) Van Repairs Expense:
Debit: Van Repairs Expense - £60
Credit: N/A
15) Forklift Truck:
Debit: Forklift Truck - £3,500
Credit: Accounts Payable - N/A
b) Statement of Profit or Loss for the year ended 30th June 2022:
Sales: £2,200 + £3,500 + £800 = £6,500
Cost of Goods Sold: £3,500 (purchases) + £5,000 (opening inventory) - £5,000 (closing inventory) = £3,500
Gross Profit: £6,500 - £3,500 = £3,000
Expenses: £400 (wages) + £500 (electricity) + £60 (van repairs) = £960
Net Profit: £3,000 - £960 = £2,040
Statement of Financial Position as of 30th June 2022:
Assets:
Current Assets:
Cash: £900 + £3,500 = £4,400
Accounts Receivable: £2,200 (Gulf PetroChem) + £800 (Palm Estates) = £3,000
Inventory: £5,000
Non-current Assets:
Delivery Van: £5,000
Forklift Truck: £3,500
Total Assets: £20,400
Liabilities:
Current Liabilities:
Accounts Payable: £5,000 (MegaSupplies) + £1,800 (Supplier) = £6,800
Non-current Liabilities:
Bank Loan: £9,000
Total Liabilities: £15,800
Equity:
Capital: £10,000
Total Liabilities and Equity: £25,800
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List the advantages and disadvantages of using the
forecast function in tableau
Advantages
Easy to use: Tableau's forecast function is easy to use, even for users with limited data analysis experience.
Flexible: Tableau's forecast function allows users to choose from a variety of forecasting methods, including linear regression, time series analysis, and exponential smoothing.
Scalable: Tableau's forecast function can be used to forecast data sets of any size.
Visual: Tableau's forecast function generates visually appealing reports that can be easily shared with stakeholders.
Disadvantages
Accuracy: Tableau's forecast function is not always accurate, especially for data sets with a lot of noise.
Time series analysis: Tableau's time series analysis capabilities are limited compared to other data analysis software.
Exponential smoothing: Tableau's exponential smoothing capabilities are also limited compared to other data analysis software.
Cost: Tableau is a commercial software, so it can be expensive to purchase and maintain.
Tableau's forecast function is a powerful tool that can be used to generate forecasts for data sets of any size. However, it is important to note that Tableau's forecast function is not always accurate, especially for data sets with a lot of noise. Users should carefully consider the accuracy requirements of their forecasting needs before using Tableau's forecast function.
Tableau's forecast function uses a variety of statistical methods to generate forecasts. The most common method is linear regression, which uses a line to fit the data points. Other methods include time series analysis, exponential smoothing, and neural networks.
Tableau's forecast function is easy to use and can be used to generate forecasts for data sets of any size. However, it is important to note that Tableau's forecast function is not always accurate. The accuracy of the forecast will depend on the quality of the data and the forecasting method used.
Users should carefully consider the accuracy requirements of their forecasting needs before using Tableau's forecast function. If accuracy is critical, users may want to consider using a more specialized forecasting software.
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D Zaraz Inc. is a women's shoe retailer. On February 1, 2019, the company purchased 500 pairs of "Angel" model shoes for $20 per pair. On March 3, the company purchased 700 pairs of the newly released "Bella" model shoes for $30 per pair. The Bella model's arrival caused the selling price of the Angel model shoes to drop from $70 to $60 per pair. On March 15, Zaraz sold 300 pairs of the Angel model shoes. What is the cost of goods sold on the sale? Select one: a. $6,000 b. $9,000 c. $18,000 d. $10,000
The cost of goods sold on the sale would be $6,000. Therefore, the correct option is A.
The cost of goods sold (COGS) is the expense that a company incurs for manufacturing, developing, or producing its products. COGS is an important measure of a company's performance since it allows you to calculate the gross margin and gross profit of the firm. COGS is calculated using the following formula:
COGS = Beginning Inventory + Purchases during the Period − Ending Inventory
For calculating COGS in this problem, we need to find out the value of purchases made and ending inventory. Now, given:
Purchases made on 1st February for 500 pairs of "Angel" model shoes = 500 × $20 = $10,000
Purchases made on 3rd March for 700 pairs of the newly released "Bella" model shoes= 700 × $30 = $21,000
Thus, total purchase cost= $10,000 + $21,000 = $31,000
Now, we need to find out the value of ending inventory. Given that on 15th March, Zaraz sold 300 pairs of the Angel model shoes and 200 pairs would be left in ending inventory. So, the ending inventory of Angel model shoes is:
200 × $20 = $4,000
Thus, COGS= $31,000 − $4,000 = $27,000
And, the cost of goods sold on the sale= 300 × $20= $6,000 Therefore, the correct answer is option A. $6,000.
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Luthan Company uses a predetermined overhead rate of $23.50 per direct labor-hour. This predetermined rate was based on a cost formula that estimated $282,000 of total manufacturing overhead for an estimated activity level of 12,000 direct labor-hours. The company incurred actual total manufacturing overhead costs of $268,000 and 10,700 total direct labor-hours during the period. Required: Determine the amount of manufacturing overhead that would have been applied to all jobs during the period. Manufacturing overhead applied
The amount of manufacturing overhead that would have been applied to all jobs during the period is $249,950.
To calculate the amount of manufacturing overhead applied to all jobs during the period, we need to multiply the actual direct labor-hours by the predetermined overhead rate. The predetermined overhead rate is $23.50 per direct labor-hour, which was calculated based on the estimated total manufacturing overhead and estimated activity level.
The estimated total manufacturing overhead is $282,000, and the estimated activity level is 12,000 direct labor-hours. Therefore, the predetermined overhead rate is $23.50 ($282,000 / 12,000).
In the given scenario, the actual total manufacturing overhead costs incurred during the period are $268,000, and the actual direct labor-hours are 10,700. To determine the manufacturing overhead applied, we multiply the actual direct labor-hours by the predetermined overhead rate: 10,700 hours × $23.50 = $249,950.
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Please list what are contemporary issues for Monetary Policy in developing economies?
Contemporary issues for Monetary Policy in developing economies include inflation management, exchange rate stability, capital flows, financial inclusion, and economic growth stimulation.
Inflation management: Developing economies often face challenges in effectively managing inflation rates. High inflation can erode purchasing power, disrupt economic stability, and hinder investment. Implementing monetary policies such as interest rate adjustments, reserve requirements, and open market operations are crucial for controlling inflation and maintaining price stability.
Exchange rate stability: Developing economies frequently grapple with exchange rate fluctuations, which can affect trade competitiveness, investment flows, and macroeconomic stability. Monetary authorities need to employ appropriate policies to mitigate excessive exchange rate volatility, such as managing foreign exchange reserves, implementing capital controls, or adopting flexible exchange rate regimes.
Capital flows: Developing economies are susceptible to volatile capital flows, including foreign direct investment, portfolio investments, and remittances. Unstable capital flows can lead to currency appreciation or depreciation, asset price bubbles, and financial imbalances. Monetary policy tools like capital controls, macroprudential measures, and exchange rate interventions are employed to manage the impact of capital flows on the economy.
Financial inclusion: Many developing economies face challenges in ensuring financial inclusion, where a significant portion of the population lacks access to basic financial services. Monetary policy can play a role in promoting financial inclusion by fostering a supportive regulatory environment, encouraging the development of inclusive financial institutions, and promoting financial literacy and education.
Economic growth stimulation: Monetary policy in developing economies aims to stimulate economic growth while maintaining stability. Central banks utilize various tools like interest rate adjustments, credit targeting, and liquidity management to support investment, consumption, and employment generation. Balancing growth objectives with inflation control is a key challenge faced by monetary policymakers.
Monetary policy in developing economies faces contemporary challenges related to managing inflation, exchange rate stability, capital flows, financial inclusion, and stimulating economic growth. These issues require careful consideration and appropriate policy measures to achieve macroeconomic stability, sustainable growth, and inclusive development. Effective monetary policy implementation, in conjunction with fiscal and structural reforms, plays a critical role in addressing these challenges and fostering overall economic progress.
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Suppose the annual returns on a stock over the past five years were as follows:
19.30%
-20.20%
2.01%
11.25%
-5.33%
What is the standard deviation of these returns?
Multiple Choice
2.32%
7.03%
1.41%
11.25%
15.25%
The standard deviation of the given stock returns is approximately 11.25%.
Standard deviation measures the dispersion or volatility of a dataset.
To calculate it, first, find the average (mean) of the returns, which in this case is 1.01%. Then, subtract the mean from each individual return, square the differences, and calculate the average of those squared differences. The square root of this average is the standard deviation.
In this case, after performing the calculations, the standard deviation of the stock returns is approximately 11.25%. This indicates that the stock's returns have experienced significant volatility over the past five years, with returns deviating from the mean by an average of 11.25%.
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25. The main aim of supply chain management is to. (1 Point) To address all aspects of the relationship with firm customers. To resolve problems of fragmented, redundant, data sets and systems Enabling management to make better decisions regarding organizing and scheduling sourcing the right amount products with least amount of time and the lowest cost To provide minute to minute view of firms financial performance All the following statements about what 7 makes management information systems the most exciting topic in business are true *:EXCEPT (1) management use of the technology Sources of business value shift from products to customers technology impact on business success The continual change in technology
The supply chain management aims to optimize product flow and decision-making, while management information systems play a crucial role in addressing data fragmentation, facilitating decision-making, and adapting to changing technology for business success.
The main aim of supply chain management is to enable management to make better decisions regarding organizing and scheduling sourcing the right amount of products with the least amount of time and the lowest cost. It focuses on optimizing the flow of goods, services, and information from the supplier to the end customer.
All of the following statements about what makes management information systems the most exciting topic in business are true, except the statement about management use of technology. The other statements highlight the significance of MIS in addressing fragmented data sets, enabling better decision-making, providing real-time financial performance, and recognizing the shift from product-centric to customer-centric approaches. Additionally, the continuous technological advancements impact business success by driving innovation and necessitating adaptability.
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You are considering opening another restaurant in the TexasBurgers chain. The new restaurant will have annual revenue of $335,400 and operating expenses of $167,700. The annual depreciation and amortization for the assets used in the restaurant will equal $55,900. An annual capital expenditure of $11,000 will be required to offset wear-and-tear on the assets used in the restaurant, but no additions to working capital will be required. The marginal tax rate will be 40 percent.
Calculate the incremental annual after-tax free cash flow for the project.
The incremental annual after-tax free cash flow for the project is $82,740. To calculate the incremental annual after-tax free cash flow, we need to subtract the operating expenses, depreciation and amortization, and capital expenditure from the annual revenue and then apply the marginal tax rate.
Incremental Annual After-Tax Free Cash Flow = (Annual Revenue - Operating Expenses - Depreciation and Amortization - Capital Expenditure) x (1 - Marginal Tax Rate)
Given:
Annual Revenue = $335,400
Operating Expenses = $167,700
Depreciation and Amortization = $55,900
Capital Expenditure = $11,000
Marginal Tax Rate = 40% or 0.40
Substituting the given values into the formula:
Incremental Annual After-Tax Free Cash Flow = ($335,400 - $167,700 - $55,900 - $11,000) x (1 - 0.40)
= $101,800 x 0.60
= $61,080
Therefore, the incremental annual after-tax free cash flow for the project is $61,080.
The incremental annual after-tax free cash flow of $61,080 indicates the net cash flow generated by the project after considering operating expenses, depreciation and amortization, capital expenditure, and taxes. This cash flow can be used for various purposes such as reinvestment, debt repayment, or distribution to investors.
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Your parts supplier gives you 0.5 of a year to pay for parts ordered today. or offers you a discount if you pay cash at purchase. You have just purchased $57,700 worth of parts from your supplier and the discount is at an annual rate of 8.8%. How much will you p today? O $41,500 O$45,759 O$55,368 $50,335 O $60,905
The main answer is $50,335. To explain further, let's break down the calculation:
If you choose to pay cash at purchase, you will receive a discount at an annual rate of 8.8%. This means you will effectively pay only 91.2% of the original price.
Discounted price = Original price × (1 - Discount rate)
Discounted price = $57,700 × (1 - 0.088)
Discounted price = $57,700 × 0.912
Discounted price = $52,624
Therefore, if you choose to pay cash at purchase, you will pay $52,624 for the parts.
However, if you choose the option to pay in 0.5 of a year, you will not receive any discount, and you will have to pay the full original price. Hence, you would pay $57,700.
Therefore, the lower amount is the cash purchase price, which is $50,335.
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If the required reserve ratio decreases from 20% to 10% : A. Banks will have more money to loan out. B. The money multiplier increases. C. The money supply increases. D. This is expansionary policy. E. All the above.
when the required reserve ratio decreases from 20% to 10%, e. all of the above statements hold true.
E. All of the above.
When the required reserve ratio decreases from 20% to 10%, it has multiple effects on the banking system and the money supply:
A. Banks will have more money to loan out: With a lower required reserve ratio, banks are required to hold a smaller portion of their deposits as reserves. This means they can lend out a larger proportion of their deposits, resulting in more money available for loans.
B. The money multiplier increases: The money multiplier represents the amount of money that can be created through the banking system from each initial deposit. When the reserve ratio decreases, the money multiplier increases because banks can create more loans and expand the money supply.
C. The money supply increases: As banks have more money to loan out and the money multiplier increases, the overall money supply in the economy expands. This is because new loans create new deposits, which can then be lent out again, leading to a multiplier effect on the money supply.
D. This is an expansionary policy: A decrease in the required reserve ratio is considered an expansionary monetary policy. It aims to stimulate lending and increase the money supply to promote economic growth and activity.
Therefore, when the required reserve ratio decreases from 20% to 10%, all of the above statements hold true.
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Salah’s net income for the year ended December 31, Year 2 was $197,000. Information from Salah’s comparative balance sheets is given below. Compute the cash paid for dividends during Year 2.
At December 31 Year 2 Year 1
Common Stock, $5 par value $ 512,000 $ 460,800 Paid-in capital in excess of par 960,000 863,800 Retained earnings 700,000 592,800
The cash paid for dividends during Year 2 is $304,200. In the given case, we are asked to compute the cash paid for dividends during Year 2. This can be done by using the formula of the dividend payout ratio.
The dividend payout ratio is calculated as follows:
Dividend Payout Ratio = Dividend Paid / Net Income
Now, we have the net income figure given as $197,000 but the dividend paid figure is missing. But we have the change in retained earnings which can be used to find out the dividend paid. The formula for the change in retained earnings is:
Change in Retained Earnings = Ending Retained Earnings - Beginning Retained Earnings
Or, we can also say,
Dividend Paid = Change in Retained Earnings + Net Income
Now, let's find out the change in retained earnings from the given information.
Change in Retained Earnings = $700,000 - $592,800= $107,200
Now, we can calculate the dividend paid.
Dividend Paid = Change in Retained Earnings + Net Income
= $107,200 + $197,000
= $304,200
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Please Watch Gabe Jankarak's presentation and respond to the following two questions: Question 1: Name and briefly Explain the reasons a company would use to justify its decision to enter a new market of expanding its market share. [5 marks] Question 2: What pricing strategies would you consider when entering a new market? Please be Specific. [5 marks]
A thorough analysis of the target market and competition is essential to determine the most effective pricing strategy.
Question 1: Reasons to justify entering a new market or expanding market share include taking advantage of market growth opportunities, diversifying the product portfolio, gaining a competitive advantage, achieving economies of scale, and leveraging synergies and strategic fit. These factors enable companies to tap into new revenue streams, reduce risks, reach untapped customer segments, and enhance overall performance.
Question 2: Pricing strategies when entering a new market can include penetration pricing, skimming pricing, competitive pricing, value-based pricing, and bundling pricing. Each strategy aims to attract customers, capture market share, and establish a favorable position in the market. The choice of pricing strategy depends on factors such as market dynamics, customer preferences, and competitive landscape, and should align with the company's overall marketing objectives and value proposition. A thorough analysis of the target market and competition is essential to determine the most effective pricing strategy.
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A coupon bond pays annual interest, has a par value of $1,000, matures in four years, has a coupon rate of 8.25%, and has a yield to maturity of 8.64%. The current yield on this bond is
A. 8.65%.
B. 8.45%.
C. 7.95%.
D. 8.36%.
E. None of the options are correct.
The closest answer to the calculated current yield is an option (B) 8.45%.
Current Yield = Annual Coupon Payment / Current Market Price of the Bond
The annual coupon payment on the bond is calculated by multiplying the coupon rate by the face value of the bond.
Coupon payment = Coupon rate * Face value of bond= 8.25% * $1000= $82.50
Therefore, the annual coupon payment is $82.50.
The current market price of the bond is calculated as follows:
PMT = $82.50, FV = $1,000, n = 4 years, and i = 8.64%.
PMT = C x FVN = Number of Years
i = Required Rate of Return/ Yield to maturity.
PV of bond = PMT x [1 - (1 + i)-n] / i + FV / (1 + i)n
PV of bond = $1,023.25
Therefore, the current yield on the bond is:
Current Yield = Annual Coupon Payment / Current Market Price of the Bond
= $82.50 / $1,023.25
= 0.0806 or 8.06%
Therefore, the closest answer to the calculated current yield is option (B) 8.45%.
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Match the following: Secretary of the Interior who tried to sell off 1 million acres of Federal land in Alaska to coal mine companies. He used the 1890 Sherman Anti-Trust Act and the 1887 Interstate Commerce Act to bust the Northern Securities Trust. Initiated the building of the Panama Canal. Created the National Forest Service and believed in a careful management of the resources of the United States. Secretary of State who referred to the Spanish American war as "a splendid little war." He also authored the Open Door policy which opened Chinese trade to American business. Made the Supreme Court a truly separate branch of government and more efficient at handling the nation's legal cases. Ordered his soldiers to kill everyone above ten, which triggered a Congressional investigation during the Philippine-American War. Used his influential position as Secretary of the Treasury to affect tax policy for three Presidential administrations. He believed that by lowering taxes on the wealthy and corporations it would stimulate the economy and maximize business growth. Secretary of State responsible for the successful negotiation of the Washington Naval Treaty of 1922 Secretary of State who created a treaty agreement which outlawed war, unfortunately there was no enforcement mechanism. As vice-president he seemed to take naps at the worst possible time, but did save Germany, temporarily, from economic meltdown through a US loan program which in the end was one of the causes of the Great Depression. While governor of the Philippines he oversaw a policy of "Attraction and Chastisement" which won the conflict. As president he exercised a foreign policy which emphasized US overseas investment. Pioneer in Social Work, ran Hull House which provided services to immigrants to help them assimilate into American society. Pioneer in scientific management which sought to improve industrial efficiency. Fought a war of independence against the United States. His book covered the horrors of the meat packing industry. [Choose ] [Choose ] [Choose ] [Choose ] [Choose ] [Choose] [Choose ] [Choose] [Choose ] [Choose ] [Choose] [Choose ] [Choose ] [Choose ] > < ✔ [Choose ] Frederick Winslow Taylor Charles Evans Hughes Emilio Aguinaldo Jane Addams Richard Achilles Ballinger Frank B. Kellogg Andrew Mellon Jacob H. Smith Theodore Roosevelt Upton Sinclair John Hay Charles Gates Dawes William Howard Taft
The question presents a diverse array of historical figures and their corresponding actions or beliefs. From influential political leaders to social activists and policies, it encompasses various aspects of American history. Matching the individuals with their descriptions requires a good understanding of key events, policies, and figures from the relevant time periods. Let's delve into the details and match each person with their respective actions or beliefs.
Frederick Winslow Taylor - Pioneer in scientific management which sought to improve industrial efficiency.Charles Evans Hughes - Made the Supreme Court a truly separate branch of government and more efficient at handling the nation's legal cases.Emilio Aguinaldo - Fought a war of independence against the United States.Jane Addams - Pioneer in Social Work, ran Hull House which provided services to immigrants to help them assimilate into American society.Richard Achilles Ballinger - Secretary of the Interior who tried to sell off 1 million acres of Federal land in Alaska to coal mine companies.Frank B. Kellogg - Secretary of State responsible for the successful negotiation of the Washington Naval Treaty of 1922.Andrew Mellon - Used his influential position as Secretary of the Treasury to affect tax policy for three Presidential administrations.Jacob H. Smith - ordered his soldiers to kill everyone above ten, which triggered a Congressional investigation during the Philippine-American War.Theodore Roosevelt - Initiated the building of the Panama Canal. Created the National Forest Service and believed in a careful management of the resources of the United States.Upton Sinclair - His book covered the horrors of the meat packing industry.John Hay - Secretary of State who referred to the Spanish-American war as "a splendid little war." He also authored the Open Door policy which opened Chinese trade to American business.Charles Gates Dawes - As vice-president he seemed to take naps at the worst possible time, but did save Germany, temporarily, from economic meltdown through a US loan program which in the end was one of the causes of the Great Depression.Summary:
The question provides a list of individuals and their respective actions or beliefs, requiring the matching of each person to their description. It covers a range of historical figures and events, including political leaders, social activists, and influential policies, and also various parts of American History. The task involves recalling historical knowledge and matching it to the provided options.
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Using the data below, complete the company journal entry or entries that should be made by Nakajima Co.
The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: 1. Cash balance according to the company's records at July 31,$49,910. 2. Cash balance according to the bank statement at July 31,$48,250. 3. Checks outstanding, $4,460. 4. Deposit in transit, not recorded by bank, $6,450. 5. A check for $590 issued in payment of an account was erroneously recorded in the check register as $950. 6. Bank debit memo for service charges, $30.
In your company's records, a journal entry serves as a record of a commercial transaction.
Every transaction requires at least two journal entries in double-entry accounting. A bookkeeper keeps track of all the changes that a transaction might bring about in a firm by recording them in their notebook.
The data given:
1. Cash balance according to the company's records at July 31,$49,910.
2. Cash balance according to the bank statement at July 31,$48,250.
3. Checks outstanding, $4,460.
4. Deposit in transit, not recorded by bank, $6,450.
5. A check for $590 issued in payment of an account was erroneously recorded in the check register as $950.
6. Bank debit memo for service charges, $30.
The company journal entry according to the given data is attached below.
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