D. Chevron and Texaco in 2001 is an example of a vertical merger .
In a vertical merger, companies operating at different levels of the same industry or supply chain combine their operations to create a single company. For example, in the case of Chevron and Texaco, both companies operate in the oil and gas industry - Chevron is primarily involved in upstream exploration and production while Texaco's main focus was on downstream refining and marketing of petroleum products. By merging, Chevron and Texaco were able to create a larger company with control over more parts of the supply chain from exploration and production to refining and marketing.
This type of merger can provide several benefits, such as greater efficiency and cost savings by streamlining operations and eliminating redundancies. For instance, Chevron and Texaco were able to reduce costs by combining their refining and marketing operations, which allowed them to achieve greater economies of scale. The merger also gave them greater bargaining power with suppliers and customers due to their increased market share in the industry.
However, vertical mergers can also raise antitrust concerns since the combined entity may have too much control over the supply chain and could potentially harm competition. Therefore, regulatory approval is often required for these types of mergers to ensure that they do not lead to anti-competitive behavior..
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Which of the following statements is correct with regards to the deductibility of interest?
A. Compound interest must be paid or payable in the year, whereas current interest is
only deductible if it is paid in the year.
B. Current interest must be paid or payable in the year, whereas compound interest is
only deductible if it is paid in the year.
C. The borrowed funds may be used for personal purposes.
D. The borrowed funds are only deductible to the extent of the CRA's prescribed rate.
The correct statement regarding the deductibility of interest is Option B."Current interest must be paid or payable in the year, whereas compound interest is only deductible if it is paid in the year".
This means that compound interest must be paid in the same year that it is deducted, while current interest only needs to be payable in the year.Income tax Act and the Excise Tax Act specifies the rules for calculating and claiming interest expense deductions for tax purposes.
Interest is generally deductible when it is incurred for the purpose of earning income from a business or property. The taxpayer should prove that the borrowed funds were used to earn income from a business or property in order to deduct the interest paid or payable in the year. The borrowed funds are only deductible to the extent of the CRA's prescribed rate and the borrowed funds may be used for personal purposes, but the portion used for business or property must be calculated in order to determine the interest expense deductible.
Hence, the correct statement with regards to the deductibility of interest is "Current interest must be paid or payable in the year, whereas compound interest is only deductible if it is paid in the year."
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If the yield to maturity of a zero-coupon bond with a $10,000 face value and time to maturity of 6 years is 2. percent, what should be its current price? 7547.75 8435.72 8879.71 9767.68 7991.73
To calculate the current price of a zero-coupon bond, we can use the formula:The current price of the zero-coupon bond with a $10,000 face value and 6 years to maturity, with a yield to maturity of 2 percent, should be approximately $8,879.71.
Current Price = Face Value / (1 + Yield to Maturity)^Time to Maturity
In this case, the face value of the bond is $10,000, the yield to maturity is 2 percent (0.02), and the time to maturity is 6 years. Substituting these values into the formula, we get:
Current Price = 10,000 / (1 + 0.02)^6
Calculating the exponent first:
(1 + 0.02)^6 = 1.127585
Now, let's calculate the current price:
Current Price = 10,000 / 1.127585
Current Price ≈ $8,879.71
Therefore, the current price of the zero-coupon bond with a $10,000 face value and 6 years to maturity, with a yield to maturity of 2 percent, should be approximately $8,879.71.
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Which one of the following is not a variable of major
importance to investment
analysts?
Expected changes in the company's EPS.
The outlook for the company's industry.
The company's expected ROE.
The outlook for the company's industry is not a variable of major importance to investment analysts.
While all three variables mentioned—expected changes in the company's EPS, the company's expected ROE, and the outlook for the company's industry—can provide valuable insights to investment analysts, the outlook for the company's industry is relatively less important compared to the other two variables.
Expected changes in the company's EPS (Earnings Per Share) are crucial for investment analysts as it directly reflects the company's profitability and growth potential.
The company's expected ROE (Return on Equity) is also significant as it measures the company's ability to generate returns for shareholders based on its net income and shareholder equity.
However, the outlook for the company's industry, while still relevant, is not as critical for investment analysis. Industry trends can certainly impact a company's performance, but skilled investment analysts focus more on analyzing individual companies and their specific financial indicators rather than relying solely on industry-wide forecasts.
They assess the company's competitive positioning, management quality, financial health, and other internal factors that may influence its success, regardless of industry conditions.
In summary, while the outlook for the company's industry is worth considering, it is not a variable of major importance compared to the expected changes in EPS and the company's expected ROE for investment analysts.
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2. Which of the following is an example of money illusion?
A. An individual is willing to work more hours when the nominal wage rises by 10 percent and the overall price level rises by 5 percent.
B. An individual is willing to work more hours when the nominal wage rises by 10 percent and the overall price level rises by 20 percent.
C. An individual will neither increase nor decrease the number of hours she is willing to work
when the nominal wage rises by 10 percent and the overall price level rises by 10 percent.
Money illusion refers to an economic concept where people are likely to believe that price changes can influence their real incomes.
The option that is an example of money illusion is:
An individual is willing to work more hours when the nominal wage rises by 10 percent and the overall price level rises by 20 percent.
What is Money Illusion?Money illusion is a situation where people believe that changes in price can alter their actual income. It occurs when a person does not recognize that the increase in price will lead to a proportional rise in their nominal income. It is based on the idea that people concentrate on the nominal value of their wages or income rather than on the real value of the same.A person who suffers from the money illusion will focus solely on the numerical value of the money received as their income. As a result, they might be satisfied with receiving the same nominal amount of money even if the purchasing power of the money has decreased because of a change in the prices of goods and services available.The money illusion is generally referred to as a 'misinterpretation of inflation' by economists and occurs when the increase in the price level causes an increase in nominal incomes, which the people believe is an increase in real incomes.Example of Money Illusion
An individual is willing to work more hours when the nominal wage rises by 10 percent and the overall price level rises by 20 percent.
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4. A consumer with the utility function U(x 1
,x 2
)=x 1
2
x 2
3
faces prices p 1
=4,p 2
=5 and has an income of $200. For this consumer, holding prices fixed: a. Derive an expression for the Engel Curve for x 2
. b. Plot this Engel curve. c. Holding p 1
and m fixed, plot this consumer's demand curve for x 2
.
To derive the expression for the Engel Curve for x2, we need to find the quantity demanded of x2 at different income levels while holding prices fixed.
The consumer's utility function is [tex]U(x1, x2) = x1^2 * x2^3[/tex].
We can rewrite this utility function as U(x2) = (x2^3 * (200 - 4x1^2)) / 5, where x1 is the quantity of good 1 and x2 is the quantity of good 2.
Since p1 = 4 and
p2 = 5,
We can rewrite the budget constraint as 4x1 + 5x2 = 200.
Solving for x1, we get x1 = (200 - 5x2) / 4.
Substituting this into the utility function, we have [tex]U(x2) = ((x2^3 * (200 - 4((200 - 5x2) / 4)^2)) / 5[/tex].
b. To plot the Engel Curve for x2, we need to vary the income level and find the corresponding quantity demanded of x2. Choose different values of x2, plug them into the expression derived in part a, and plot the income level on the x-axis and the quantity of x2 on the y-axis.
c. To plot the demand curve for x2, we need to fix the price of good 1 and the income level, and then vary the price of good 2 to find the corresponding quantity demanded of x2.
Choose different values of p2, plug them into the expression derived in part a, and plot the price of x2 on the x-axis and the quantity of x2 on the y-axis.
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TRUE / FALSE. "19-Death benefits are considered earnings from employment and
are subject to all statutory deductions.
Death benefits are not considered earnings from employment and are not subject to all statutory deductions. given statement is false.
What are death benefits? Death benefits are the benefits that are paid out to the family or beneficiaries of an employee who passes away. These benefits can include a lump-sum payment or a pension plan. Death benefits are paid out to help the family cover expenses and support them after the loss of the employee. However, these benefits are not considered as earnings from employment and are not subject to statutory deductions. Statutory deductions are the deductions that are made from an employee's paycheck by law.
These deductions include federal and state taxes, Social Security and Medicare taxes, and other state-specific taxes. Since death benefits are not considered earnings from employment, they are not subject to these statutory deductions. However, beneficiaries may be required to pay income tax on the death benefits they receive, depending on the country they live in and the laws governing these benefits
death benefits are not considered earnings from employment and are not subject to all statutory deductions. These benefits are paid out to help the family or beneficiaries of the employee who passes away. However, beneficiaries may be required to pay income tax on the death benefits they receive.
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You are the administrator for your company network. You and a colleague are discussing
client reservations. With client reservations, you can reserve an IP address for permanent
use by a DHCP client. Typically, you will need to do this if the client uses an IP address that
was assigned using another method for TCP/IP configuration. If you are reserving an IP
address for a new client, or an address that is different from its current one, you should
verify that the address has not already been leased by the DHCP server. Reserving an IP
address in a scope does not automatically force a client currently using that address to stop
using it. So, what ipconfig command would you use if the address is already in use?
(
When a DHCP client is using an IP address that needs to be reserved for permanent use, the administrator can use client reservations to ensure that the client always receives the same IP address.
However, if the address is already in use by another device or client, the administrator should verify that the address is not currently leased by the DHCP server before reserving it. This can be done by checking the DHCP server's lease database or using a network scanning tool to identify the device currently using the IP address.
If the address is already in use and needs to be reserved for the DHCP client, the administrator can use the ipconfig /release command on the device currently using the IP address. This command will notify the DHCP server that the address is no longer in use and can be assigned to another client. After releasing the address, the DHCP client can obtain the reserved IP address using the ipconfig /renew command.
It's important to note that releasing an IP address can cause network connectivity issues for the device that was previously using the address. Therefore, it's crucial to ensure that the address is not currently in use by a critical device before releasing it. Additionally, client reservations should only be used when necessary to avoid exhausting the available IP addresses in the DHCP scope.
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Jason and Clare are Indigenous Australians who reside in Armidale NSW. Jason is a local
doctor and Clare teaches in the local primary school. Jason and Clare have lived in Armidale
all their lives except for a short period of time when they studied in Sydney.
Jason, Clare and other members of their community are considering making a claim for
native title over land at Ebor Falls. The Ebor Falls themselves are within the National Park
which is Crown land. The area surrounding the Ebor Falls is grazing land with the fee simple
title held by a number of graziers.
Advise
• Jason and Clare whether they can make a native title claim in relation to the Ebor
Falls and /or the surrounding grazing land.
• In answering this question focus on the decision of the High Court in Mabo (No 2) v
State of Queensland (1992) 175 CLR 1 specifically the decision of Justice Brennan.
Based on the decision of the High Court in Mabo (No 2) v State of Queensland (1992) 175 CLR 1, Jason and Clare may potentially make a native title claim in relation to the Ebor Falls and/or the surrounding grazing land.
Justice Brennan's decision in the Mabo case recognized the existence of native title rights for Indigenous Australians over land that has not been extinguished by valid legislation or other acts. The Ebor Falls being within a National Park, which is Crown land, and the surrounding grazing land held under fee simple title by graziers, does not automatically extinguish the possibility of a native title claim. However, a detailed assessment of the specific circumstances, including the history of land tenure and any legislative or legal actions, would be necessary to determine the viability of a native title claim in this case.
In Mabo (No 2) v State of Queensland, Justice Brennan's decision acknowledged the existence of native title rights for Indigenous Australians. The key principle established was that native title rights could continue to exist if they had not been extinguished by valid legislation or other acts. Extinguishment can occur through acts such as the grant of fee simple title or the creation of a National Park.
However, the mere fact that land is Crown land or held under fee simple title does not automatically extinguish native title. Therefore, Jason and Clare, along with members of their community, may have the potential to make a native title claim over the Ebor Falls and/or the surrounding grazing land. To assess the viability of such a claim, it would be necessary to examine the specific circumstances, including the history of land tenure and any legislative or legal actions that may have affected native title rights in the area.
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Alta Ltd. is manufacturing three products : A, B and C. The costs of manufacture are as follows
Fixed costs of Alta Ltd. is $15,000. Calculate profit and do a CVP Analysis for Alta Ltd.
Products
A
B
C
Raw Material
16,000
20,000
26,000
Labour
14,000
17,000
18,000
Overheads
10,000
12,000
14,000
Sales
60,000
70,000
80,000
Alta Ltd. needs to sell 3,000 units of product A, 3,750 units of product B, and 5,000 units of product C to break even.
Alta Ltd. is a manufacturing company producing three products A, B, and C. The fixed cost for manufacturing the products is $15,000. The raw material cost for products A, B, and C is $16,000, $20,000, and $26,000 respectively. The labor cost for the products is $14,000, $17,000, and $18,000 respectively, and the overheads for the products are $10,000, $12,000, and $14,000 respectively. The sales revenue generated from products A, B, and C are $60,000, $70,000, and $80,000 respectively.
To calculate the profit earned from the products, we need to use the cost-volume-profit (CVP) analysis formula. The CVP analysis is a useful tool used to calculate the profit made by the company. It helps in determining the point where the company will make neither profit nor loss.
The formula for calculating the profit is: Profit = Total sales revenue – Total variable costs – Total fixed costs
Total variable cost = Raw material cost + Labor cost + Overhead cost
For product A, the total variable cost = $16,000 + $14,000 + $10,000 = $40,000
For product B, the total variable cost = $20,000 + $17,000 + $12,000 = $49,000
For product C, the total variable cost = $26,000 + $18,000 + $14,000 = $58,000
Now we can calculate the total profit as follows:
For product A, Profit = $60,000 - $40,000 - $15,000 = $5,000
For product B, Profit = $70,000 - $49,000 - $15,000 = $6,000
For product C, Profit = $80,000 - $58,000 - $15,000 = $7,000
Therefore, the total profit earned by the company is $18,000. CVP analysis for Alta Ltd: The CVP analysis formula is used to calculate the break-even point of the company, which is where the company neither makes profit nor loss.
The formula is: Break-even point (in units) = Total fixed cost ÷ (Sales price per unit - Variable cost per unit)
To calculate the break-even point for each product, we can use the following formula:
Product A: $15,000 ÷ ($60,000 ÷ 10,000 - $40,000 ÷ 10,000) = 3,000 units
Product B: $15,000 ÷ ($70,000 ÷ 10,000 - $49,000 ÷ 10,000) = 3,750 units
Product C: $15,000 ÷ ($80,000 ÷ 10,000 - $58,000 ÷ 10,000) = 5,000 units
Therefore, Alta Ltd. needs to sell 3,000 units of product A, 3,750 units of product B, and 5,000 units of product C to break even.
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Kress Products' corporate charter authorized the firm to sell 800,000 shares of $10 par common stock. At the beginning of 2019, Kress sold 233,200 shares and reacquired 1,650 of those shares. The reacquired shares were held as treasury stock. During 2019, Kress sold an additional 16,300 shares and purchased 3,100 more treasury shares. Required: Determine the number of issued and outstanding shares at December 31, 2019. Issued shares _____shares Outstanding shares ______ shares
The number of outstanding shares at December 31, 2019 is 244,750 shares.
The number of issued shares at December 31, 2019 can be calculated as follows:
Shares authorized = 800,000
Less: Shares reacquired = 1,650
Total shares issued = 233,200 + 16,300 = 249,500
Therefore, the number of issued shares at December 31, 2019 is 249,500 shares.
To determine the number of outstanding shares at December 31, 2019, we need to subtract the treasury shares from the issued shares. The number of treasury shares held by the company at the end of 2019 is 1,650 + 3,100 = 4,750.
Outstanding shares = Issued shares - Treasury shares
Outstanding shares = 249,500 - 4,750
Therefore, the number of outstanding shares at December 31, 2019 is 244,750 shares.
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Big data" provides both opportunities and challenges in
managerial accounting. Discuss, providing examples.
Big data has a great impact on the management accounting process as it provides new opportunities for analysis and decision-making. It is very important to have data-driven insights into business operations in order to remain competitive in the business world.
In order to make decisions, management accountants must analyze large amounts of data. The availability of big data has made this process much easier. Management accountants can use big data to make informed decisions. Large amounts of data can be used to identify trends and patterns in customer behavior, which can then be used to create more accurate budgets and forecasts.
For instance, a company that tracks social media activity can use the information to find out what its customers think about the company's products. This information can be used to improve the company's marketing strategy and create better products.Challenges also come with big data.
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The term cash as used on the statement of cash flows includes all the following EXCEPT:
A) cash due from customers within 30 days.
B) cash on hand.
C) cash equivalents.
D) cash in bank
Which of the following statements accurately describes the statement of cash flows?
A) It shows the relative proportion of debt and assets.
B) It shows the link between accrual-based income and the cash reported on the balance sheet.
C) It indicates when long-term debt will mature.
D) It shows the link between book income and earnings per share.
Which of the following is NOT a true statement about the statement of cash flows?
A) It shows where cash came from and how it was spent.
B) It reports why cash increased or decreased.
C) It covers a specific span of time the same as the income statement.
D) It shows how the profits or losses of the company were generated.
Which one of the following is a principal function of the statement of cash flows?
A) To predict future net income
B) To evaluate management decisions
C) To evaluate the company's earnings per share
D) To predict the growth of company assets
1. The term cash as used on the statement of cash flows includes all the following except cash due from customers within 30 days.The correct answer is option A. 2. The following statement "It shows the link between accrual-based income and the cash reported on the balance sheet" describes the statement of cash flows.The correct answer is option B. 3. It shows how the profits or losses of the company were generated is not true statement. 4. To evaluate management decisions is a principal function of the statement of cash flows.The correct answer is option B.
1. The correct answer is A) cash due from customers within 30 days.
The term "cash" on the statement of cash flows refers to actual physical currency, cash equivalents, and cash held in bank accounts. It does not include amounts due from customers within a specific time frame, such as cash due from customers within 30 days.
While these amounts may be classified as accounts receivable on the balance sheet, they are not considered cash for the purpose of the statement of cash flows.
2. The correct answer is B) It shows the link between accrual-based income and the cash reported on the balance sheet.
The statement of cash flows provides information on how a company's cash position changed over a specific period. It reconciles the differences between net income (which is based on accrual accounting) and the actual cash flows from operating, investing, and financing activities.
It explains the sources and uses of cash, showing how the reported net income on the income statement relates to the cash reported on the balance sheet.
3. The correct answer is D) It shows how the profits or losses of the company were generated.
The statement of cash flows focuses on the cash inflows and outflows of a company, rather than detailing how profits or losses were generated. While the statement provides information on cash flows from operating activities, which includes net income, it does not break down the specific components of profits or losses.
Instead, it presents a summary of the company's cash flows from various activities, such as operating, investing, and financing, during a specific period.
4. The correct answer is B) To evaluate management decisions.
One of the principal functions of the statement of cash flows is to evaluate management decisions. It provides valuable insights into the company's cash management, liquidity position, and ability to generate and use cash.
By analyzing the cash flows from operating, investing, and financing activities, stakeholders can assess how effectively management has utilized the company's resources and made decisions that impact cash flows.
It helps to identify the sources of cash and how it has been allocated, enabling investors, creditors, and other stakeholders to evaluate the company's financial health and make informed decisions.
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Sleepy Time is a retailer of luxury bed frames located in Los Angeles, California. Due to a recent industry-wide financial crisis, the CFO of Sleepy Time fears a significant drop in the firm's upcoming income stream. The CFO asked you to use the company financial information provided below.
Sales price per unit $ 3,350.00
Per-unit variable costs: Invoice cost 2,568.80
Sales commissions 351.20
Total per-unit variable costs $ 2,920.00
Total annual fixed costs: Advertising $ 236,700
Rent 178,700
Salaries 386,700
Total annual fixed costs $ 802,100
If 4,350 bed frames were sold, Sleepy Time's operating income (πB) would be: (Do not round intermediate calculations.)
Multiple Choice
$1,108,400.
$1,148,400.
$1,068,400.
$1,208,400.
$988,400.
Answer:
Explanation:
To calculate Sleepy Time's operating income (πB), we need to subtract the total variable costs and total fixed costs from the total sales revenue.
Total variable costs per unit: $2,920.00
Number of units sold: 4,350
Total variable costs = Total variable costs per unit x Number of units sold
Total variable costs = $2,920.00 x 4,350 = $12,702,000
Total fixed costs: $802,100
Total sales revenue = Sales price per unit x Number of units sold
Total sales revenue = $3,350.00 x 4,350 = $14,572,500
Operating income (πB) = Total sales revenue - Total variable costs - Total fixed costs
Operating income (πB) = $14,572,500 - $12,702,000 - $802,100 = $1,068,400
Therefore, Sleepy Time's operating income (πB) would be $1,068,400.
The correct answer is:
$1,068,400.
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Please explain how to complete this problem with a financial
calculator rather than with excel. ThanksAnnuity due. Reginald is about to lease an apartment for 30 months. The landlord wants him to make the lease payments at the start of the month. The monthly payments are $1,400 per month. The landlord says he will allow Reg to prepay the rent for the entire lease with a discount. The one-time payment due at the beginning of the lease is $37,506. What is the implied monthly discount rate for the rent? If Reg is earning 1.3% on his savings monthly, should he pay by month or make the one-time payment? What is the implied monthly discount rate for the rent? % (Round to two decimal places.) (I)
The implied monthly discount rate is approximately 0.9984% or 0.99%. Since Reg is earning 1.3% on his savings monthly, which is higher than the implied monthly discount rate for the rent.
To calculate the implied monthly discount rate for the rent, we can use the formula for the present value of an annuity:
PV = PMT × [(1 - (1 + r)⁽⁻ⁿ⁾) / r],
where PV is the present value (one-time payment), PMT is the monthly payment, r is the monthly discount rate, and n is the number of months.
We know:
PV = $37,506
PMT = $1,400
n = 30 months
Substituting the values into the formula, we have:
37,506 = 1,400 × [(1 - (1 + r)⁽⁻³⁰⁾) / r].
This equation cannot be easily solved algebraically, but we can use numerical methods to find the value of r that satisfies the equation. Using a financial calculator or software, we find that the implied monthly discount rate is approximately 0.9984% or 0.99%.
Since Reg is earning 1.3% on his savings monthly, which is higher than the implied monthly discount rate for the rent, it would be more beneficial for him to make the one-time payment and take advantage of the discount offered by the landlord. By paying upfront, Reg would save money compared to paying monthly over the lease period.
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Use the following to answer the next two questions. You invested $50,000 in a mutual fund last year. At the time you opened your account, the mutual fund shares had a NAV of $50. The fund charges a 2% front-end load and a 1% back-end load. During the course of your investment, you received $4.21 per share in dividends, which you reinvested in the fund at a price of $55.01/share. The fund's NAV was $53 at the time you closed your account. Find the total number of shares you owned after you reinvested your dividends. Round intermediate steps to four decimals and your final answer to the nearest whole share. a 1077 b 1055 c 1066 d 1126
The total number of shares owned after reinvesting dividends, we need to consider the initial investment, front-end load, back-end load, dividends, and the price at which dividends were reinvested.
The initial investment of $50,000 with a front-end load of 2% means that $1,000 (2% of $50,000) was deducted as a sales charge. Therefore, the net investment was $49,000 ($50,000 - $1,000).
Next, we calculate the number of shares purchased with the net investment. The net investment divided by the NAV of $50 gives us 980 shares ($49,000 / $50).
When you received $4.21 per share in dividends, you reinvested it at a price of $55.01 per share. So, the number of additional shares purchased is $4.21 / $55.01 = 0.0764 shares per dollar. Multiplying this by the total amount of dividends ($4.21) gives us approximately 0.325 additional shares (0.0764 * $4.21).
Therefore, the total number of shares owned after reinvesting dividends is approximately 980 + 0.325 = 980.325 shares.
Rounding this to the nearest whole share, the answer is 980 shares.
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A 3-year project costs $800 and has cash inflows of $500 in Year 1, $400 in Year 2, and $300 in Year 3. What is the project's payback period?
After analyzing and calculating, the project's payback period is 1.25 years.
To calculate the payback period, we need to determine how long it takes for the cumulative cash inflows to recover the initial investment.
Given:
Initial investment (Cost) = $800
Cash inflows:
Year 1 = $500
Year 2 = $400
Year 3 = $300
To find the payback period, we'll subtract the cash inflows from the initial investment until we reach a cumulative total equal to or greater than the initial investment.
Year 1: $800 - $500 = $300 remaining
Year 2: $300 - $400 = -$100 remaining (negative value indicates we haven't recovered the investment yet)
The payback period occurs between Year 1 and Year 2, where we cross from negative to positive. To determine the exact payback period, we'll calculate the fraction of the cash flow needed to reach the break-even point.
Payback period = Year 1 + (Amount needed to reach break-even / Cash flow in Year 2)
Amount needed to reach break-even = $100 (absolute value of the remaining amount)
Payback period = 1 + ($100 / $400)
Payback period = 1 + 0.25
Payback period = 1.25 years
Therefore, the project's payback period is 1.25 years.
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(1）"A", a member of the Board of Directors, after reading a report prepared by Corporate Counsel, stating that bribing foreign officials is permissible, decides to authorize the bribing of the Commerce Deputy of Peru. (Bribing of foreign officials is, in fact illegal) The US Justice Department, upon learning of the bribe, prosecutes the corporation resulting in a $100,000 fine. The shareholders of the corporation sue "A" to recover the fine paid. Should the shareholders be successful?
Result:
Reason:
(2）"A", "B" and "C" are shareholders of X Corp. stock. The Board of Directors of X Corp. declared a dividend. "A" received her dividend but, although the payment date has passed, "B" and "C" did not receive their dividend. "B" made a demand on the Board to bring suit and the Board refused. "B" brings a shareholder's derivative suit to force payment of the dividend. Should "B" be successful?
Result:
Reason:
1. The shareholders should be successful in suing "A" to recover the fine paid. "A" authorized an illegal act, which resulted in the corporation being prosecuted and fined. As a member of the Board of Directors, "A" has a duty to act in the best interest of the corporation and its shareholders. By authorizing bribery, "A" breached this duty, and the shareholders can hold "A" accountable for the financial consequences.
2. "B" may be successful in bringing a shareholder's derivative suit to force payment of the dividend. In a derivative suit, a shareholder sues on behalf of the corporation when the Board of Directors fails to take action that is in the best interest of the shareholders. If "B" can demonstrate that the Board's refusal to pay the dividend was not in the best interest of the corporation and its shareholders, the court may allow the suit to proceed, potentially leading to a resolution in favor of "B" and the other shareholders.
1. In the first scenario, "A," as a member of the Board of Directors, authorized the bribing of a foreign official based on a report that falsely claimed it was permissible. However, bribing foreign officials is illegal. The US Justice Department prosecuted the corporation and imposed a fine. The shareholders can sue "A" to recover the fine paid because "A" breached their fiduciary duty by authorizing an illegal act that resulted in financial harm to the corporation.
2. In the second scenario, "B" and "C" did not receive their dividends despite the payment date passing. "B" demanded that the Board bring suit to force payment, but the Board refused. In such cases, a shareholder can bring a derivative suit on behalf of the corporation to address a breach of fiduciary duty by the Board. If "B" can show that the Board's refusal to pay the dividend was not in the best interest of the corporation and its shareholders, the court may allow the suit to proceed and potentially order the payment of the dividend.
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Take me to the text Sruppose a buseness receives a $321,000 long-term bank loan an December 31,2019 . The bortowing atrangement rectuires the business to pay $00,250 by September 2020 . Show how the business will report both current and fong-term fabilities on its December 31,2019 balance sheet. Do notienter doliar sions or commas in that kawua hoxes:
In this case, the business will report $40,250 as current liabilities and $280,750 as long-term liabilities.
The business will report both current and long-term liabilities on its December 31, 2019, balance sheet as follows: Current liabilities - The part of the loan that is due within a year (i.e., by December 31, 2020) will be reported as a current liability.
Therefore, the current liability for the business is $40,250 (i.e., $321,000 - $280,750).Long-term liabilities - The remaining part of the loan (i.e., $280,750) is the long-term liability of the business.
Therefore, the long-term liability for the business is $280,750.As of December 31, 2019, the balance sheet of the business will show current liabilities of $40,250 and long-term liabilities of $280,750.
In financial accounting, liabilities are the obligations of an entity arising from past transactions, which have to be settled by transferring economic resources in the future. Liabilities are classified as current and non-current (long-term) liabilities on the balance sheet.
Current liabilities are the amounts due to be settled within one year (or operating cycle, whichever is longer) from the balance sheet date, whereas long-term liabilities are the amounts due to be settled after one year (or operating cycle, whichever is longer) from the balance sheet date.
For instance, if a business receives a $321,000 long-term bank loan on December 31, 2019, with a borrowing arrangement requiring it to pay $40,250 by December 31, 2020, and the rest by September 2020, it would report both current and long-term liabilities on its December 31, 2019 balance sheet.
The current portion of the loan is classified as current liabilities because it is due within one year, while the rest of the loan is classified as long-term liabilities because it is due after one year.
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can
you please tell me the meaning of these words
thanks
KEY TERMS Visual symbolism Visual literacy Line chart Surface chart Bar chart Pie chart
Data visualization Flowchart Infographics Title Caption Legend Synopsis Executive Summary
These key terms are related to visual communication, data representation, and summarizing information in a visual and concise manner.
Here are the meanings of the key terms you mentioned:
Visual symbolism: Visual symbolism refers to the use of images, symbols, or visual elements to convey meaning or represent ideas or concepts. It involves using visual cues to communicate a message or evoke emotions.
Visual literacy: Visual literacy refers to the ability to interpret, understand, and create visual images and graphics. It involves the skills and competencies necessary to effectively analyze, evaluate, and communicate through visual means.
Line chart: A line chart is a type of graph that displays data points connected by lines. It is commonly used to show trends or changes over time, with the horizontal axis representing time and the vertical axis representing the values or quantities being measured.
Surface chart: A surface chart is a three-dimensional graph that represents data values using a combination of X, Y, and Z axes. It is often used to visualize relationships between three variables or factors and display data patterns or trends across a continuous surface.
Bar chart: A bar chart is a graph that uses rectangular bars to represent data. It is typically used to compare categorical or discrete data by displaying the values on the horizontal axis and their corresponding heights on the vertical axis.
Pie chart: A pie chart is a circular graph divided into sectors or slices, where each slice represents a proportion or percentage of a whole. It is commonly used to display the relative distribution or composition of different categories within a dataset.
Data visualization: Data visualization refers to the graphical representation of data to facilitate understanding, analysis, and communication. It involves creating visual representations, such as charts, graphs, or infographics, to present complex or large datasets in a more accessible and meaningful way.
Flowchart: A flowchart is a visual diagram that represents the sequence of steps or actions in a process. It uses different shapes and arrows to illustrate the flow of information or the progression of activities, helping to visualize and understand complex processes or workflows.
Infographics: Infographics are visual representations that combine text, images, and graphics to present information or data in a concise and visually appealing manner. They are designed to simplify complex concepts or data and make them more engaging and accessible to the audience.
Title: In the context of visual communication, a title refers to the heading or label that provides a brief description or identifies the content of a visual element, such as a chart, graph, or infographic.
Caption: A caption is a brief description or explanation that accompanies a visual element, providing additional context or information about the content depicted in the visual.
Legend: A legend is a key or explanatory guide that provides information about the colors, symbols, or patterns used in a chart, graph, or map. It helps the audience understand the meaning or representation of different elements within the visual.
Synopsis: A synopsis is a concise summary or overview that provides a brief description of the main points or key elements of a larger document, such as a report, article, or presentation.
Executive Summary: An executive summary is a condensed version of a longer document or report, presenting the key findings, conclusions, and recommendations in a concise and accessible format. It is typically targeted at senior executives or decision-makers who need a quick overview of the main content without delving into the details.
Understanding these terms can help in effectively interpreting and creating visual elements for effective communication and data visualization.
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Alpha Ltd standard deviation (σ) of the daily cash balance during the last year was $500, and the transaction cost was $5. The company also has the opportunity to invest idle cash in marketable securities at an annual interest rate of 10%.
Required
Determine the daily opportunity cost ( interest rate) and the variance of daily cash flow
Calculate the targeted cash balance for the firm
The upper limit of cash balance and the average cash balance.
State the amount of short-term securities to be purchase or sold once the upper limit or lower limit is reach.
How would you evaluate this approach to cash management
Alpha Ltd standard deviation (σ) of the daily cash balance during the last year was $500, and the transaction cost was $5.
The company also has the opportunity to invest idle cash in marketable securities at an annual interest rate of 10%. Calculate the daily opportunity cost ( interest rate) and the variance of daily cash flow.
The given information to solve this question is as follows:
Alpha Ltd standard deviation (σ) of the daily cash balance during the last year was $500, and the transaction cost was $5. The company also has the opportunity to invest idle cash in marketable securities at an annual interest rate of 10%
The daily opportunity cost (interest rate) can be determined by multiplying the annual interest rate by the number of days in a year:
Daily opportunity cost = (10/365) = 0.0274
The variance of daily cash flow is calculated using the below formula:
Variance = σ² = $500² = $250,000
The targeted cash balance for the company can be calculated using the formula:
Target cash balance = transaction cost / daily opportunity cost = $5/0.0274 = $182.48
The upper limit of cash balance can be found by adding two times the target cash balance to the targeted cash balance:
Upper limit = Target cash balance + (2 × Target cash balance) = $182.48 + (2 × $182.48) = $547.44
The average cash balance can be calculated by dividing the upper limit and the targeted cash balance by 2:
Average cash balance = (Upper limit + Target cash balance)/2 = ($547.44 + $182.48)/2 = $364.96
The amount of short-term securities to be purchased or sold once the upper limit or lower limit is reached is found by calculating the difference between the upper limit and lower limit and dividing the result by 2:
Amount of short-term securities to be purchased or sold = (Upper limit - Target cash balance)/2 = ($547.44 - $182.48)/2 = $182.48
Finally, this approach to cash management can be evaluated as a good one since it allows the company to manage its cash balance effectively. The approach allows the company to earn an interest rate of 10% on its idle cash while at the same time reducing transaction costs. The approach also ensures that the company has sufficient cash on hand to meet its daily financial obligations.
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mability report provides stakeholders with important information about a long-term value creation and prospects for the future. Explain the three key that need to be included in the sustainability report and how these elements ate the long-term value creation of the business. Select one key stakeholder ss what information is of interest to this stakeholder in the sustainability report
The three key elements that need to be included in a sustainability report are environmental performance, social responsibility, and economic performance.
Environmental Performance: This element focuses on the company's impact on the environment and its efforts to mitigate environmental risks. It includes information on energy and resource consumption, waste management, emissions, and environmental initiatives.
By disclosing environmental performance, businesses can demonstrate their commitment to sustainability, reduce their ecological footprint, and manage potential environmental liabilities.
Improving environmental performance can lead to cost savings through resource efficiency and operational optimization, enhancing long-term value creation.
Social Responsibility: This element pertains to the company's social impact and initiatives that support communities, employees, and other stakeholders. It includes information on labor practices, human rights, diversity and inclusion, community engagement, and philanthropy.
Demonstrating social responsibility enhances the company's reputation, attracts and retains talent, fosters positive relationships with stakeholders, and mitigates social risks.
Investing in social responsibility initiatives can result in increased brand loyalty, customer satisfaction, and long-term stakeholder trust, contributing to the overall value creation of the business.
Economic Performance: This element focuses on the financial aspects of sustainability, including economic growth, profitability, and value generation. It includes information on financial performance, business ethics, governance practices, and risk management.
By integrating sustainability into the core business strategy, companies can identify new market opportunities, enhance operational efficiency, manage risks, and drive long-term financial success.
Strong economic performance is crucial for the sustainability and growth of the business, ensuring the ability to invest in innovation, research and development, and responsible business practices.
Key Stakeholder: Investors
Investors are particularly interested in the economic performance aspect of the sustainability report. They seek information on the financial health of the company, its profitability, and its ability to generate long-term value.
They are interested in understanding the company's financial strategy, risk management practices, and how sustainability factors are integrated into the business model.
Investors assess the company's financial performance and sustainability practices to make informed investment decisions, considering both financial returns and the company's environmental and social impact.
A sustainability report should include key elements such as environmental performance, social responsibility, and economic performance. These elements contribute to the long-term value creation of a business by addressing environmental, social, and financial aspects of sustainability. Investors, as a key stakeholder, are interested in the economic performance of the company and how sustainability factors are integrated into the business strategy. By providing comprehensive and transparent sustainability reporting, companies can meet stakeholder expectations, enhance their reputation, and drive long-term value creation.
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Suppose that there is parity between the Australian dollar and the United States dollar. Let x be a positive number and assume that the United States dollar increases by 100x % in Australian dollars.
(a) Calculate the percentage decrease for one Australian dollar in United States dollars in terms of x. Simplify your answer.
(b) Using your answer to (a), if the United States dollar increases by 10% in Australian dollars, calculate the percentage change for one Australian dollar in United States dollars.
(a) To calculate the percentage decrease for one Australian dollar in United States dollars in terms of x, we need to consider that the United States dollar increases by 100x% in Australian dollars.
Let's assume the initial exchange rate is 1 Australian dollar to 1 United States dollar. After the increase of 100x% in Australian dollars, the new exchange rate becomes (1 + 100x)% Australian dollars to 1 United States dollar.
To find the percentage decrease, we can calculate the reciprocal of the new exchange rate and subtract 1.
Reciprocal of (1 + 100x)% = 1 / (1 + 100x)
Percentage decrease = (1 / (1 + 100x) - 1) * 100%
Explanation:
In (a), we are given that the United States dollar increases by 100x% in Australian dollars. By assuming the initial exchange rate and calculating the reciprocal of the new exchange rate, we can find the percentage decrease for one Australian dollar in United States dollars.
(b) Now, using the answer from (a), if the United States dollar increases by 10% in Australian dollars, we can calculate the percentage change for one Australian dollar in United States dollars.
Let's substitute x with 10 in the equation we obtained in (a):
Percentage decrease = (1 / (1 + 100*10) - 1) * 100%
By simplifying the equation and calculating, we can find the percentage change for one Australian dollar in United States dollars when the United States dollar increases by 10% in Australian dollars.
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Should the NIKE company participate in such efforts as
the Sustainable Development Goals, or should their focus be on the
bottom line and returning dividends to shareholders?
(2 paragraph and key ref
Nike should prioritise sustainability objectives. Nike aspires to produce no waste or carbon in the future.
Numerous billions of plastic jugs have been diverted from landfills and converted into repurposed polyester for Nike execution goods starting around 2010. The business concentrates on enhancing its sourcing and production procedures and designs its items to safeguard sustainable development for coming generations.
Nike's "move to zero" initiative fights climate change by setting ambitious, fact-based goals. Considering the magnitude of Nike, even modest adjustments like using recycled materials can have a big impact. Nike's sustainability strategy is still developing. Nike is changing its manufacturing cycle and resources through its multifaceted strategy.
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Market capitalization is a measure of firm size, and is
equal to: (share price * the number of shares outstanding). It
represents the public opinion of a firm's net worth, and can be
easily found for
Market capitalization is indeed a measure of firm size and is calculated by multiplying the share price by the number of shares outstanding.
It represents the total market value of a company's outstanding shares and is commonly used to gauge the public opinion of a firm's net worth.To find the market capitalization of a company, you need to know the current share price and the number of shares outstanding. The share price can be obtained from stock exchanges or financial websites that provide real-time market data. The number of shares outstanding can be found in the company's financial statements or through reliable financial databases.
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a. NFP Inc., a registered charity, has received four contributions during the past year:
• a delivery van with a value of $30,000 and a useful life of 5 years (with no salvage value); the charity would
otherwise have had to purchase such a van.
• an endowment contribution received at the beginning of the year in the amount of $100,000 which was
invested and earned $3,000 interest during the year. There were no restrictions as to the spending of the
investment income from this endowment.
• a cash contribution of $20,000 to be used for a special program; $12,000 was spent on this program during the
past year with the balance to be spent next year.
• a cash donation of $10,000 to be used as the board of directors decided.
Prepare journal entries to record these events (including the amortization of the cost of the van) assuming NFP Inc.
does not use fund accounting but accounts for donations using the deferred contribution method.
b. Prepare journal entries for the following selected transactions of the Eastern Kidney Association, which uses the
restricted fund method and has an operating fund, a capital fund and an endowment fund:
• Pledges totaling $325,000 were received of which $65,000 applies to the operations of the following year. It is
estimated that 3% of the pledges will be uncollectible.
• The association purchased office equipment at a cost of $5,100.
• Pledges of $285,000 were collected and pledges totaling $3,750 were written off as uncollectible.
• Air time with a value of $7,200 was donated by a local radio station.
• Interest and dividends received were $13,700 on endowment fund investments. Endowment fund earnings are
unrestricted.
• Depreciation for the year amounted to $35,600.
A)The accounting treatment for NFP Inc. using the deferred contribution method is as follows:The following journal entries should be made for the four contributions received by NFP Inc.:1. For the delivery van:
No. Accounts Debit Credit 1 Delivery van 30,000 2 Deferred contribution 30,0002. For the investment:No. Accounts Debit Credit 1 Cash 100,000 2 Deferred contribution 100,0003. For the interest earned:No. Accounts Debit Credit 1 Cash 3,000 2 Endowment earnings 3,0004. For the special program:No. Accounts Debit Credit 1 Cash 20,000 2 Deferred contribution 20,0005. For the portion spent:No. Accounts Debit Credit 1 Expense 12,000 2 Deferred contribution 12,000.The amortization of the delivery van is as follows:30,000/5 years = 6,000.The following journal entry should be made to record the amortization:No. Accounts Debit Credit 1 Depreciation expense 6,000 2 Accumulated depreciation 6,000
B) The accounting treatment for Eastern Kidney Association using the restricted fund method is as follows:
1. For the pledges:No. Accounts Debit Credit 1 Cash 260,875 2 Pledges receivable 64,125 3 Allowance for uncollectible pledges 9,750 4 Contribution revenue 315,0002.
For the office equipment:No. Accounts Debit Credit 1 Equipment 5,100 2 Cash 5,1003. For the collected pledges:No. Accounts Debit Credit 1 Cash 281,250 2 Pledges receivable 3,750 3 Allowance for uncollectible pledges 9,7504.
For the donated air time:No. Accounts Debit Credit 1 Advertising expense 7,200 2 Air time donation 7,2005.
For the endowment earnings:No. Accounts Debit Credit 1 Cash 13,700 2 Endowment earnings 13,7006. For the depreciation:No. Accounts Debit Credit 1 Depreciation expense 35,600 2 Accumulated depreciation 35,600.
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Far Side Corporation is expected to pay the following dividends over the next four years: $5,$2,$15, and $2. Afterward, the company pledges to maintain a constant 0.01 growth rate in dividends forever. If the required return on the stock is 0.12, what is the current share price? Answer with 2 decimals (e.g. 45.45).
The current share price of Far Side Corporation is approximately $40.31.
To determine the current share price of Far Side Corporation, we need to calculate the present value of the expected future dividends.
Given:
Dividends for the next four years: $5, $2, $15, and $2
Growth rate of dividends after the fourth year: 0.01
Required return on the stock: 0.12
Using the dividend discount model, we can calculate the present value of dividends for the next four years:
PV = D1 / (1 + r)^1 + D2 / (1 + r)^2 + D3 / (1 + r)^3 + D4 / (1 + r)^4
PV = $5 / (1 + 0.12)^1 + $2 / (1 + 0.12)^2 + $15 / (1 + 0.12)^3 + $2 / (1 + 0.12)^4
PV ≈ $4.46 + $1.58 + $10.56 + $1.49
PV ≈ $18.09
To calculate the present value of the perpetuity (dividends after the fourth year), we use the formula:
PV = D5 / (r - g)
PV = $2 / (0.12 - 0.01)
PV ≈ $22.22
Finally, we calculate the current share price by summing up the present values:
Current share price = PV + PV of perpetuity
Current share price = $18.09 + $22.22
Current share price ≈ $40.31
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Pina Colada Corp. had the following transactions during 2024: - Sales of $11880 on account - Collected $5280 for services to be performed in 2025 - Paid $2860 cash in salaries - Purchased airline tickets for $660 cash in December for a trip to take place in 2025 What is Pina Colada's 2024 net income using cash basis accounting? $14300 $2420 $3080 $1760
To calculate Pina Colada Corp.'s 2024 net income using cash basis accounting, we need to consider only the cash inflows and outflows for the year.
Given the transactions:
1. Sales of $11,880 on account: Since this is a sale on account, it does not affect net income under the cash basis accounting because no cash has been received.
2. Collected $5,280 for services to be performed in 2025: This cash inflow is not included in the net income for 2024 since it pertains to services to be performed in 2025.
3. Paid $2,860 cash in salaries: This cash outflow is an expense and reduces the net income.
4. Purchased airline tickets for $660 cash in December for a trip to take place in 2025: This cash outflow does not affect net income for 2024 as it relates to an expense in 2025.
Considering the above transactions, the only cash outflow that affects net income is the payment of $2,860 cash in salaries.
Pina Colada Corp.'s 2024 net income using cash basis accounting is $2,860. The correct answer is $2,860.
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"X", "Y" and "Z" agreed to establish a partnership "X" paid $1,000 cach and $4,000 inventory "Y" paid $2,000 cash and $8,000 machines "Z" paid Land of $15,000 Required: Compute total capital of each partner. Please DO NOT use "S" and "" signs in you answer. For example, if the answer is $10,000 for $20.000 tox and 500 000 for "Z", the answer should be exactely as 10000 20000 50000 "X" "y" "Z"
The total capital of each partner is as follows: "X": $5,000 ($1,000 cash + $4,000 inventory), "Y": $10,000 ($2,000 cash + $8,000 machines), and "Z": $15,000 (Land). Therefore, the total capital for each partner is: "X": $5,000, "Y": $10,000, and "Z": $15,000
The total capital of each partner can be calculated as follows:
Partner "X" contributed $1,000 in cash and $4,000 worth of inventory. Therefore, the total capital contributed by "X" is $5,000.Partner "Y" contributed $2,000 in cash and $8,000 worth of machines. Thus, the total capital contributed by "Y" amounts to $10,000.Partner "Z" made a land contribution valued at $15,000. Hence, the total capital contributed by "Z" is $15,000.Consequently, the total capital of each partner is as follows:
Partner "X": $5,000Partner "Y": $10,000Partner "Z": $15,000These figures represent the individual contributions made by each partner towards the partnership's capital. It is essential to maintain accurate records of the capital contributed by each partner to ensure proper allocation and distribution of profits and losses within the partnership.
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A supermarket has the following minimum personnel requirements during the week. Each employee is required to have two consecutive days off. How many regular employees are required, and what is a good schedule?
A minimum of 9 regular employees is required to cover the shifts while ensuring each employee has two consecutive days off.
To determine the minimum number of regular To determine the minimum number of regular employees required and create a good schedule, we need to establish the number of shifts and the duration of each shift at the supermarket. Let's assume the supermarket operates for 7 days a week and has the following shift durations:
Shift duration: 8 hours
With this information, we can calculate the minimum number of regular employees required as follows:
Determine the number of shifts in a week: Since each day has 24 hours and each shift is 8 hours long, there will be 24/8 = 3 shifts per day.
1. Calculate the number of employees required per shift: Considering each employee should have two consecutive days off, we need to ensure that there are enough employees to cover all shifts while maintaining this requirement. One way to achieve this is to divide the shifts into three groups (A, B, C) and rotate them over the week, with each group working two consecutive days and then having two days off. This means each group will work 2 out of 7 days.
Group A: Works on days 1 and 2, and then has days 3 and 4 off.
Group B: Works on days 3 and 4, and then has days 5 and 6 off.
Group C: Works on days 5 and 6, and then has days 7 and 1 off.
Since there are 3 shifts per day, we need a minimum of 3 employees per group.
2. Calculate the total number of regular employees required: Since we have three groups of 3 employees, the minimum number of regular employees required will be 3 x 3 = 9.
Therefore, a minimum of 9 regular employees is required to cover the shifts while ensuring each employee has two consecutive days off. Here's a sample schedule for a week:
Day 1: Group A (Employees 1, 2, 3)
Day 2: Group A (Employees 1, 2, 3)
Day 3: Group B (Employees 4, 5, 6)
Day 4: Group B (Employees 4, 5, 6)
Day 5: Group C (Employees 7, 8, 9)
Day 6: Group C (Employees 7, 8, 9)
Day 7: All employees have two consecutive days off
This schedule ensures proper coverage and adherence to the requirement of each employee having two consecutive days off. Keep in mind that this is a basic example, and factors such as employee availability, preferences, and workload fluctuations may require adjustments to the schedule.
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Again consider the sales data from problem 1 above. Again, let 2019 and 2020 be the training period, and let 2021 be the validation period. (a) Calculate moving average (MA) forecasts for the validation period using a window width of 4(w=4). (b) Based on your forecasts in part (a), calculate the errors for the validation period. (c) Assuming you are content with the forecasting or predictive accuracy of this model, find the moving average ( MA(4))
forecast for 2024 Quarter 1.
Moving average (MA) forecasts for the validation period using a window width of 4(w=4): The moving average forecast for 2021 Q1 is the average of sales of the previous four quarters i.e. the average of 2020 Q2 to 2021 Q1= (108+105+123+134)/4 = 470/4 = 117.5.
The moving average forecast for 2021 Q2 is the average of sales of the previous four quarters i.e. the average of 2020 Q3 to 2021 Q2= (105+123+134+136)/4 = 498/4 = 124.5.The moving average forecast for 2021 Q3 is the average of sales of the previous four quarters i.e. the average of 2020 Q4 to 2021 Q3= (123+134+136+138)/4 = 531/4 = 132.75.
The moving average forecast for 2021 Q4 is the average of sales of the previous four quarters i.e. the average of 2021 Q1 to 2021 Q4= (134+136+138+141)/4 = 549/4 = 137.25.
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