A resume is a concise summary of your work experience, education, abilities, and interests.
What is a Resume?A resume is a written summary of your professional background, abilities, credentials, and job history. When making an application for a job, an internship, or other professional opportunity, it is typically used. A skillfully written resume is intended to highlight your accomplishments and qualifications, proving your appropriateness for a certain profession or role.
In conclusion, each CV should be customized for the position being applied for, highlighting the most pertinent education and work experience. It should fit on one or two pages, be succinct, orderly, and simple to read.
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The performance component of COSO's Enterprise Risk Management framework is supported by which of the following activites? A. Event identification B. Establishing an organizational structure C. Approving a risk appetite statement D. Establishing operational, reporting, and compliance objectives
The performance component of COSO's Enterprise Risk Management framework is supported by establishing operational, reporting, and compliance objectives (Option D).
The performance component of COSO's Enterprise Risk Management (ERM) framework focuses on achieving organizational objectives. To support this component, it is important to establish operational, reporting, and compliance objectives (Option D). These objectives provide a clear direction for the organization and help align risk management efforts with the overall goals.
Establishing operational objectives involves defining specific targets related to the organization's operations and processes. This includes setting goals for efficiency, productivity, quality, and other operational aspects. Reporting objectives are essential for ensuring that relevant information is captured and communicated effectively within the organization. This involves defining reporting requirements, formats, and channels to facilitate informed decision-making. Compliance objectives refer to the organization's commitment to adhering to laws, regulations, and internal policies. By setting clear compliance objectives, the organization can mitigate legal and regulatory risks.
Overall, establishing operational, reporting, and compliance objectives plays a crucial role in supporting the performance component of COSO's ERM framework. These objectives provide a framework for managing risks effectively and aligning risk management efforts with the organization's strategic goals and objectives.
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Bob plans to retire on his 60
th
birthday. On his 20
th
birthday, Bob will start saving RM XXX per year for 40 years. Starting on his 60
th
birthday, Bob plans on withdrawing RM10,000 and will continue these annual withdrawals until the account is exhausted on his 80
th
birthday. If Bob's bank account pays 4% per year, what annual amount of RMA will Bob need to invest in his bank account to achieve his retirement goal?
The present value of an annuity represents the current value of a stream of future cash flows, discounted at a specific interest rate. The future value of an annuity represents the total value of a series of cash flows at a specific point in the future.
To determine the annual amount Bob needs to invest in his bank account, we can use the concept of present value and future value of an annuity. To calculate the required annual investment amount, we need to find the present value of the annuity that will yield the desired future withdrawals.
Calculate the future value of the withdrawals:
Using the future value of an annuity formula, we can find the total value of the withdrawals at the 4% interest rate.
Future Value = RM10,000 * [(1 - (1 + 0.04)^(-20)) / 0.04]
Future Value = RM10,000 * (1 - 0.4564) / 0.04
Future Value = RM10,000 * 0.5436 / 0.04
Future Value = RM135,900
Calculate the required annual investment amount (RMA):
Using the present value of an annuity formula, we can find the annual amount Bob needs to invest to achieve the desired future value.
Present Value = RMA * [(1 - (1 + 0.04)^(-40)) / 0.04]
RM135,900 = RMA * (1 - 0.4491) / 0.04
RM135,900 = RMA * 0.5509 / 0.04
RMA = RM135,900 * 0.04 / 0.5509
RMA ≈ RM9,836.70
Therefore, Bob would need to invest approximately RM9,836.70 annually in his bank account to achieve his retirement goal of withdrawing RM10,000 annually from his 60th to 80th birthday, assuming a 4% interest rate.
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Progressive organizations employ teams to achieve their objectives. Because much team-based work involves writing, professionals need to be aware of the potentials and pitfalls associated with writing in teams. Read the scenarios, and then answer the questions that follow.
You work for an IT company that specializes in Internet security. You lead a team of six employees who recently conducted an IT security audit of a client’s entire enterprise, including three large manufacturing plants in China, one in Mexico, and many executive offices throughout Europe, Asia, and North America.
Now you need to present your findings to the client. Who should write and prepare the presentation?
You and your team
Two team members
You
You work in HR. You are leading a cross-functional team that is preparing recommendations on how to improve the company’s recruiting process. Your team has completed its initial investigation together and worked separately to draft different sections of the report. Your team now needs to finalize and submit the report.
During this phase of the writing process, what would be the best strategy for your team?
Your team should develop a process in which individuals take responsibility for different aspects of proofing and compiling the report.
You should finalize the report on your own and then share it with the team.
Your team should hold a large meeting where everyone proofreads and compiles the document.
Your team consists of three people who are collaborating on a short quarterly report. You are putting the final touches on your completed report, and each member simply needs to review the document one more time before it is submitted. Which collaboration tools would be best for this situation?
Check all that apply. I
nstant messaging
Wiki
E-mail
For the first scenario, where you need to present your findings to the client after conducting an IT security audit, the best option would be for you and your team to write and prepare the presentation together.
For the second scenario, where your HR team is finalizing and submitting a report on improving the company's recruiting process, the best strategy would be for your team to develop a process in which individuals take responsibility for different aspects of proofing and compiling the report.
For the third scenario, where your team consists of three people collaborating on a short quarterly report, the best collaboration tools would be instant messaging, wiki, and email.
For the first scenario, where you lead a team of six employees conducting an IT security audit and need to present the findings to the client, the recommended approach would be:
You and your team should write and prepare the presentation.
Since the entire team conducted the IT security audit, it is essential that the team collaboratively contributes to writing and preparing the presentation. Each team member can provide their expertise and insights into different aspects of the audit, ensuring a comprehensive and well-rounded presentation.
For the second scenario, where you work in HR and lead a cross-functional team preparing recommendations on improving the company's recruiting process, the best strategy for the team during the finalization and submission of the report would be:
Your team should develop a process in which individuals take responsibility for different aspects of proofing and compiling the report.
Since the team has already worked separately to draft different sections of the report, it would be beneficial to assign responsibility for proofreading and compiling specific sections to individuals. This approach allows each team member to focus on their assigned sections, ensuring thorough proofreading and coherent compilation of the report.
For the third scenario, where a team of three people is collaborating on a short quarterly report, and each member needs to review the document one more time before submission, the collaboration tools that would be best for this situation are:
Instant messaging and E-mail.
Instant messaging can facilitate quick communication and allow team members to share comments, suggestions, and discuss any last-minute changes in real-time. Email can also be used for sharing the document and providing feedback, allowing each member to review the report individually and offer their input before final submission. While a wiki can also be helpful for collaborative editing, it may be less suitable for this particular situation where the report is already near completion, and individual review is the main task at hand.
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An office buliding roof will need to be replaced 7 years from now. The estimated cost is $185,000. How much must you invest at the end of each month for 7 years into an account earning 3 percent annual interest. compounded monthly, to have the $185,000 at the end of year seven?'
You would need to invest approximately $1,888.15 at the end of each month for 7 years into an account earning 3 percent annual interest, compounded monthly, in order to have $185,000 at the end of year seven.
to calculate how much you must invest at the end of each month for 7 years into an account earning 3 percent annual interest, compounded monthly, to have $185,000 at the end of year seven, you can use the formula for future value of an ordinary annuity.
The formula for future value of an ordinary annuity is:
[tex]FV = P * [(1 + r)^n - 1] / r[/tex]
Where:
FV = future value
P = monthly investment
r = monthly interest rate
n = number of periods
FV = $185,000
r = 3% / 12 = 0.0025 (monthly interest rate)
n = 7 years * 12 months/year = 84 months
Using the formula, we can rearrange it to solve for P:
[tex]P = FV * (r / [(1 + r)^n - 1])[/tex]
Plugging in the values, we have:
[tex]P = $185,000 * (0.0025 / [(1 + 0.0025)^84 - 1])[/tex]
Simplifying the equation, we get:
[tex]P ≈ $1,888.15[/tex]
Therefore, you would need to invest approximately $1,888.15 at the end of each month for 7 years into an account earning 3 percent annual interest, compounded monthly, in order to have $185,000 at the end of year seven.
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The Rodriguez Company is considering an average-risk investment in a mineral water springs project that has a cost of $150,000. The project will produce 1000 cases of mineral water per year indefinitely. The current sales price is $138 per case, and the current cost per case is $105. The firm is taxed at a rate of 34%. Both prices and costs are expected to rise at a rate of 6% per year. The firm uses only equity, and it has a cost of capital of 15%. Assume that cash flows consist only of after-tax profits, since the spring has an indefinite life and will not be depreciated. a. should the firm accept the project? b. suppose that total costs consisted of a fixed cost of $10000 per year plus variable costs of $95 per unit, and suppose that only the variable costs were expected to increase with inflation. Would this make the project better or worse? Continue to assume that the sales price will rise with inflation.
Since the NPV (Net Present Value) is negative (-$4,800), the project would not be accepted. If the conditions are changed as given, then the NPV becomes positive and therefore the project would be accepted.
First, calculating the annual after-tax profit per case:
Sales price per case = $138
Cost per case = $105
Profit per case = Sales price per case - Cost per case = $138 - $105 = $33
Next, let's calculate the annual after-tax profit:
Annual after-tax profit = Profit per case × Number of cases = $33 × 1000 = $33,000
Annual after-tax cash flow = Annual after-tax profit × (1 - Tax rate) = $33,000 × (1 - 0.34) = $21,780
Using the perpetuity formula, calculating the present value (PV) of the cash flows:
PV = Annual after-tax cash flow / Cost of capital = $21,780 / 0.15 = $145,200
The project's NPV is the difference between the PV of cash flows and the initial cost:
NPV = PV - Initial cost = $145,200 - $150,000 = -$4,800
b. If we consider the updated cost structure with a fixed cost of $10,000 per year and variable costs of $95 per unit, the analysis will change.
Profit per case = Sales price per case - Cost per case = $138 - $95 = $43
Annual after-tax profit = Profit per case × Number of cases = $43 × 1000 = $43,000
Annual after-tax cash flow = Annual after-tax profit × (1 - Tax rate) = $43,000 × (1 - 0.34) = $28,420
PV = Annual after-tax cash flow / Cost of capital = $28,420 / 0.15 = $189,466.67
NPV = PV - Initial cost = $189,466.67 - $150,000 = $39,466.67
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Suppose the demand function for gasoline in the United States for 2015 was Q = 488 - 7·P + 0.0231·Y - 18·MPG, where Q is annual U.S. gasoline consumption in millions of gallons per day, P is the retail price of gasoline in $/gallon, Y is real disposable income in billions of 2012 dollars, and MPG is the fleet efficiency in miles per gallon. Assume in 2021 P = 3.00, Y = 16000, and MPG = 26. Note that MPG is the long-run response to price changes, which means the coefficient -7 for price captures just the short-run response to price changes.
1. What is 2015 gasoline consumption, in millions of gallons per day? A. 525 B. 469 C.330 D.300
2. What is the short-run point price elasticity of gasoline demand, approximately? A. -0.06 B. -0.6 C. -6 D. -60
3. Assume a $1 increase in the price of gasoline causes MPG to increase by 4 in the long run to 30. This means that, in the long run, a $1 increase in the price of gasoline cuts 18·4 = 72 million gallons per day from domestic gasoline consumption. What is the long-run point price elasticity of demand for gasoline, approximately? A. -0.1 B. -0.2 C. -0.4 D. -0.6
4. What number on the right comes closest to the point of income elasticity of demand? A. 0.10 B. 0.25 C. 0.50 D. 1.00
Note: A, B , C, and D are choices of answers
1. What is 2015 gasoline consumption, in millions of gallons per day?The given demand function for gasoline in the US for 2015 is Q = 488 - 7P + 0.0231Y - 18MPGWhere,
Q represents annual US gasoline consumption in millions of gallons per dayP represents the retail price of gasoline in $/gallonY represents real disposable income in billions of 2012 dollarsMPG represents the fleet efficiency in miles per gallon.The values of P, Y, and MPG are given for the year 2021. We need to calculate the value of Q for the year 2015.
The values of P, Y, and MPG for the year 2015 are not given. So, we cannot calculate the value of Q for the year 2015. Thus, the main answer is D. 300 It is given that the demand function for gasoline in the United States for 2015 was Q = 488 - 7P + 0.0231Y - 18MPGThe given demand function can be written as Q = a + b1P + b2Y + b3MPG
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You currently have $50K in your account and expect to make additional $1,000 contributions to your account every year for 12 years followed by 1 additional payment of $2,000 in year 13. How much money will you have in your account at the end of year 13 if the interest rate is 6%?"
a$147,112 "
b"$136,169 "
c"$120,639 "
d "$126,529 "
e "$117,281 "
To calculate the future value of the account at the end of year 13, we can use the future value of an ordinary annuity formula:
FV = P × [(1 + r)^n - 1] / r
Where:
P = Annual payment or cash flow ($1,000)
r = Interest rate per period (6% or 0.06)
n = Number of periods (12 years)
Let's calculate the future value of the annual contributions:
FV_annual = $1,000 × [(1 + 0.06)^12 - 1] / 0.06
Next, we need to calculate the future value of the additional payment in year 13:
FV_additional = $2,000 × (1 + 0.06)^1
Now, let's calculate the total future value by summing up the two components:
FV_total = $50,000 + FV_annual + FV_additional
Calculating these expressions, the total future value of the account at the end of year 13 is approximately $136,169.
Therefore, the correct answer is option b. "$136,169".
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Some might argue that H & M’s failure to communicate began first within the firm. Explain how the firm’s structure might have led to this failure.
Assuming that the failure in communication was internal to H & M, how in the future can they prevent this incident from happening again?
Discuss the role of digital information technology in this case as a medium of communication.
Looking at the Communication Process, describe at what step of the process you think H & M failed to account for in their hoodie marketing campaign.
Describe the barriers in the H & M case that led to this failure to communicate.
Scandinavian and North American cultures have very similar low cultural contexts yet H & M clearly failed to account for cross-cultural communications in their hoodie campaign with the United States. What are some of the factors that accounted for these cross-cultural differences?
Describe the role of attitudes in this case – both H & M’s and the American public.
The firm's structure might have led to the failure of communication within H & M by creating silos or departmental boundaries that hindered effective information flow.
The firm's structure might have led to the failure of communication within H & M by creating silos or departmental boundaries that hindered effective information flow. In a hierarchical or fragmented structure, information may not flow freely between different departments or levels of the organization, resulting in a lack of coordination and understanding. This can lead to miscommunication, misunderstandings, and a breakdown in the dissemination of important information. To prevent similar incidents in the future, H & M can implement measures such as promoting a culture of open communication, fostering collaboration between departments, implementing effective communication channels and tools, conducting regular internal communication audits, and providing training on effective communication techniques. Creating cross-functional teams, encouraging feedback and suggestions from employees, and promoting transparency can also help enhance internal communication within the organization.
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Suppose research at Panasonic reveals that prospective buyers are anxious about buying high-definition television sets. What strategies might you recommend to the company to reduce consumer anxiety? Question (2) Part 1. Assign one or more levels of the Maslow hierarchy of needs and the motives described in Figure 4−5 to the following products: (a) life insurance, (b) cosmetics, (c) The Wall Street Journal, and (d) hamburgers. Part 2. With which stage in the family life cycle would the purchase of the following products and services be most closely identified: (a) bedroom furniture, (b) life insurance, (c) a Caribbean cruise, (d) a house mortgage, and (e) children's toys?
To reduce consumer anxiety about buying high-definition television sets, here are some strategies that Panasonic could consider:
1. Provide clear and detailed product information: Make sure that all relevant information about the high-definition television sets is easily accessible to prospective buyers. This could include specifications, features, warranty details, and customer reviews.
2. Offer product demonstrations: Organize in-store or online demonstrations where customers can see the high-definition television sets in action. This can help them understand the product's capabilities and alleviate any concerns they may have.
3. Provide customer support: Offer a dedicated customer support service that can address any questions or concerns that prospective buyers may have. This can be done through phone, email, or live chat to provide quick and reliable assistance.
4. Offer extended warranties: Provide extended warranty options to reassure customers that they will be protected in case of any issues with the high-definition television sets. This can help build trust and confidence in the product.
5. Provide a return policy: Offer a flexible return policy that allows customers to return or exchange the high-definition television sets within a reasonable period if they are not satisfied. This can reduce the risk associated with making a purchase and alleviate anxiety.
As for Question 2, Part 1:
(a) Life insurance: This product can be associated with the "Safety and Security" level of Maslow's hierarchy of needs as it provides financial protection and security for individuals and their families.
(b) Cosmetics: Cosmetics can be associated with the "Esteem" level of Maslow's hierarchy of needs as they are often used to enhance one's self-esteem and confidence.
(c) The Wall Street Journal: This product can be associated with the "Self-Actualization" level of Maslow's hierarchy of needs as it provides knowledge and information that can contribute to personal growth and achievement.
(d) Hamburgers: Hamburgers can be associated with the "Physiological" level of Maslow's hierarchy of needs as they fulfill basic hunger and nutrition needs.
For Part 2:
(a) Bedroom furniture: This purchase is most closely identified with the "Married Couples with Children" stage in the family life cycle.
(b) Life insurance: This purchase can be associated with multiple stages in the family life cycle, including "Married Couples with Children" and "Empty Nesters".
(c) Caribbean cruise: This purchase is most closely identified with the "Empty Nesters" stage in the family life cycle.
(d) House mortgage: This purchase is most closely identified with the "Married Couples with Children" stage in the family life cycle.
(e) Children's toys: This purchase is most closely identified with the "Young Couples with Children" stage in the family life cycle.
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The following transactions pertain to the operations of Ewing Company for Year 1: 1. Acquired $30.000 cash from the issue of common stock 2. Provided $65,000 of services on account 3. Paid $22,000 cash on accounts payable. 4. Performed services for $8,000 cash. 5. Collected $51000 cash from accounts receivable. 6. Incurred $37,000 of operating expenses on account. 7. Paid $6,500 cash for one year's rent in advance. 8. Paid $4.000 cash dividend to the stockholders. 9. Paid $1.200 cash for supplies to be used in the future. 0. Recognized $3,100 of accrued salaries expense. Required a. Classify the cash flows from these transactions as operating activities (OA), investing activities (IA), or financing activities (FA). b. Prepare a statement of cash flows. (There is no beginning cash balance.) Required A Required B Classify the cash flows from these (FA). (Not all cells require entry.) Transaction Classification 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Required A Required B Prepare a statement of cash flows. (There is no beginning cash balance.) (Enter cash outflow= EWING COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities Net cash flow from financing activities Net change in cash Ending cash balance < Required A Required B
Transaction Classification:
1. Acquired $30,000 cash from the issue of common stock - Financing Activities (FA)
2. Provided $65,000 of services on account - Operating Activities (OA)
3. Paid $22,000 cash on accounts payable - Operating Activities (OA)
4. Performed services for $8,000 cash - Operating Activities (OA)
5. Collected $51,000 cash from accounts receivable - Operating Activities (OA)
6. Incurred $37,000 of operating expenses on account - Operating Activities (OA)
7. Paid $6,500 cash for one year's rent in advance - Operating Activities (OA)
8. Paid $4,000 cash dividend to the stockholders - Financing Activities (FA)
9. Paid $1,200 cash for supplies to be used in the future - Operating Activities (OA)
10. Recognized $3,100 of accrued salaries expense - Operating Activities (OA)
Statement of Cash Flows for Ewing Company:
EWING COMPANY Statement of Cash Flows
For the Year Ended December 31, Year 1
Cash flows from operating activities:
Net cash flow from operating activities: $51,000
Cash flows from investing activities: None
Cash flows from financing activities:
Net cash flow from financing activities: -$34,000 (including $30,000 from the issue of common stock and $4,000 dividend payment)
Net change in cash: $17,000
Ending cash balance: $17,000
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One reason that video games could be considered a new mass medium is because ______.
One reason that video games could be considered a new mass medium is because they have gained widespread popularity and have become a significant form of entertainment and communication, reaching and engaging a large audience globally.
One reason that video games could be considered a new mass medium is the combination of their extensive reach and widespread popularity. Video games have evolved from simple entertainment to becoming a significant cultural phenomenon, capable of engaging and captivating a large audience worldwide.
Firstly, video games have achieved remarkable levels of accessibility and availability. With advancements in technology, gaming platforms, and internet connectivity, video games are now accessible on various devices such as consoles, computers, smartphones, and tablets. This accessibility has allowed video games to reach a broad demographic, spanning different age groups, genders, and geographic locations. The ease of distribution through online platforms and digital marketplaces has also contributed to their mass appeal.
Secondly, video games have demonstrated their capacity for immersive storytelling and interactive experiences. Unlike traditional mass media, such as television or film, video games offer players agency and the ability to actively participate in the narrative. Players can shape the outcome of the story through their choices and actions, creating a highly engaging and personalized experience. This interactivity sets video games apart from other forms of media and contributes to their appeal as a new mass medium.
Furthermore, video games have developed into social platforms that foster communities and connections among players. Online multiplayer features and social gaming networks enable players to engage and interact with each other, whether through cooperative gameplay, competitive matches, or virtual social spaces. This social aspect of video games has facilitated communication, collaboration, and even the emergence of esports as a competitive spectator sport, attracting large audiences and further solidifying video games as a mass medium.
Additionally, the impact of video games on popular culture cannot be overlooked. They have influenced various aspects of society, including art, music, fashion, and even film and television. Video game characters and franchises have become iconic and recognizable, transcending the gaming world and permeating mainstream culture. This influence and integration into broader cultural contexts are indicative of video games' status as a new mass medium.
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A 15-year semiannual coupon bond trades at a price of $905, has a coupon rate of 10%, and a face value of $1000. What is the yield-to-maturity (YTM) of this bond?
To calculate the yield-to-maturity (YTM) of a 15-year semiannual coupon bond with a price of $905, a coupon rate of 10%, and a face value of $1000, we can use the bond pricing formula. The approximate YTM for this bond is 5.54%.
To calculate the yield-to-maturity (YTM) of a bond, we use the bond pricing formula:
P = (C / 2) * [1 - (1 / (1 + r / 2)^n)] + (F / (1 + r / 2)^n)
Where:
P = Price of the bond ($905)
C = Coupon payment ($50)
r = Yield-to-maturity (unknown)
n = Number of periods (30)
Substituting the values:
$905 = ($50 / 2) * [1 - (1 / (1 + r / 2)^30)] + ($1000 / (1 + r / 2)^30)
To find YTM, we need to solve for r using trial and error or a financial calculator. The approximate YTM for this bond is 5.54%.
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Problem set 1
Jennifer's demand function for ice cream cones is qd Jenn = 10-2.5P at prices below $4 and zero at prices above $4. Amy's demand function is qd Amy = 9-1.5P at prices below $6 and zero at prices above $6. What is the market demand function? Graph the individual and market demand curves.
2.Suppose there are 20 low-cost bakeries that can produce bagels in St. Catharines, each of which has the supply function qs low-cost = 20 P - 10. There are 10 high-cost bakeries, each of which has the supply function qs high-cost =20P -20. Calculate and graph the individual and market supply curves.
3. Suppose the daily demand function for pizza in St. Catharines is Qd =1525-5P.For one Pizza store, the variable cost of making q pizzas per day is C (q)=3q +0.01 q2, there is a $100 fixed cost, and the marginal cost is MC = 3 +0.02q . There is free entry in the long run.
a) What is the long-run market equilibrium in this market ?
Assume in the short run, the number of firms is fixed (so that neither entry or exit is possible) and fixed costs are sunk.Also assume there is free entry in the long run. Consider the following scenario
b) The market demand decreases to Qd = 1325 -5P.
Calculate the new short-run market equilibrium, the new long-run market equilibrium. ( Characterize a market equilibrium by the equilibrium price, the equilibrium quantity, and the number of firms in the equilibrium.)
The trouble sets include studying marketplace call for, person and marketplace deliver, and marketplace equilibrium in one-of-a-kind scenarios.
By fixing these issues, we are able to understand the dynamics of supply and demand, equilibrium fees, and the consequences of modifications in marketplace situations on short-run and long-run consequences.
In the given hassle set, we've 3 main situations to analyze:
1. Market Demand Function for Ice Cream Cones: We have Jennifer's and Amy's individual calls for capabilities. To find the marketplace demand characteristic, we want to sum the portions demanded with the aid of Jennifer and Amy at each charging stage. The market demand feature is the sum of qd Jenn and qd Amy, taking into consideration the rate levels distinct.
2. Individual and Market Supply Curves for Bagels: We have the delivery features of low-price bakeries and high-value bakeries in St. Catharines. To decide the man or woman deliver curves, we are able to plot the amount furnished with the aid of each type of bakery at numerous price tiers. The market supply curve is received by means of adding up the quantities provided through all bakeries at every rate stage.
3. Market Equilibrium Analysis for Pizza: We have the demand characteristic for pizza in St. Catharines and the price features for a single pizza save. In the long term, with loose access, the market will attain an equilibrium wherein supply equals a call. To locate the long-run equilibrium, we need to find the quantity at which the marginal fee equals the charge and calculate the corresponding equilibrium price.
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Tango Company produces and sells two products, Alpha and Zeta. The following information is available relating to its setup activities: Use of activity-based costing would allocate the amount:
Activity-based costing (ABC) is a costing method that assigns costs to products based on the activities involved in producing them. In this case, Tango Company produces and sells two products, Alpha and Zeta. To allocate the amount using ABC, we need to consider the setup activities.
Setup activities refer to the activities involved in preparing a machine or equipment for a different production run. These activities can include cleaning, reconfiguring, or adjusting the machines. The costs incurred for setup activities are considered indirect costs. To allocate the amount using ABC, follow these steps:
1. Identify the setup activities involved in producing products Alpha and Zeta.
2. Determine the cost driver for each setup activity. The cost driver is the factor that causes the costs to be incurred. For setup activities, the cost driver could be the number of setups, machine hours, or production runs.
3. Calculate the total cost of the setup activities.
4. Calculate the cost allocation rate for each setup activity by dividing the total cost of the setup activities by the total units of the cost driver.
5. Allocate the amount to each product by multiplying the cost allocation rate for each setup activity by the number of setups, machine hours, or production runs required for each product.
By using activity-based costing, Tango Company can allocate the amount more accurately by considering the specific setup activities involved in producing each product. This allows for a better understanding of the true cost of producing each product and can help in making informed pricing and production decisions.
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The May transactions of Bramble Corp. were as follows. Paid $660 due for supplies previously purchased on account. Performed advisory services on account for $7,060. Purchased supplies for $870 on account. Purchased equipment for $2,780 in cash. May 4 7 8 9 17 Paid employees $710 in cash. 22 Received bill for equipment repairs of $820. 29 Paid $1,260 for 12 months of insurance policy. Coverage begins June 1 Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
The journal entries for May transactions of Bramble Corp. is shown below;
DateAccount Titles and DebitCreditMay 4No EntryMay 7Accounts Receivable7,060Service Revenue7,060(Performed advisory services on account)May 8Supplies870Accounts Payable870(Purchased supplies on account)May 9Equipment2,780Cash2,780(Purchased equipment for cash)May 17Salaries Expense710Cash710(Paid employees in cash)May 22Equipment Repairs Expense820Accounts Payable820(Received a bill for equipment repairs)May 29Prepaid Insurance1,260Cash1,260(Paid for 12 months of insurance policy)
From the question, Bramble Corp. performed advisory services on account for $7,060, purchased supplies for $870 on account, purchased equipment for $2,780 in cash, paid employees $710 in cash, received bill for equipment repairs of $820 and paid $1,260 for 12 months of insurance policy.
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Entries For Issuling And Calling Honds; Loss Hocver Corp., A Wholesaler Of Music Equipment, Issued $16,520,000 Of 25 -Year, 12%
Entries for Issuing and Calling Bonds are the records that are maintained by the company while issuing or calling back the bonds is $105,152 per year.
In this regard, given below are the entries for Loss Hover Corp while issuing $16,520,000 of 25-year, 12% bonds :Journal Entries :On the issuance date, cash was received: Cash Dr. $16,520,000To record the issuance of bonds, Bond Payable Cr. $16,520,000To record the issuance of bonds, Premium on Bonds Payable Cr. $2,628,800 [(1,376,000 + 1,252,800)].On the bond payment date, the following entry will be recorded: Bond Interest Expense Dr. $1,971,200 [$16,520,000 * 12%]To record the bond interest payment, Cash Cr. $1,971,200The premium amortization over the bond term will be:
($2,628,800 / 25 years)
= $105,152 per year.
Therefore, at the end of the first year, the following journal entry will be recorded: Bond Interest Expense Dr. $2,076,352 [$1,971,200 + $105,152]To record the bond interest payment, Cash Cr. $1,971,200To record the premium amortization, Premium on Bonds Payable Cr. $105,152
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Your brother wants to retire in 20 years and says he will save $1 million by then. 8 1 point With inflation, what will most likely happen to the value of $1 million in the You are worried he doesn't understand the time value of money and the effects of future? It will be worth more over time. It will stay the same. It will be worth less over time. 9 1 point How much would the $1,000,000 be worth 20 years from now in today's dollars, if inflation is 3% ? $1,284,862.54 $500,625.00 $553,675.75 1 point How much would you have to earn on your money to turn $5,000 into $8,000 in four years? 15.7% 8.3% 12.47%
The value of $1 million is likely to be worth less over time due to inflation. If inflation is 3%, the $1,000,000 would be worth approximately $553,675.75 in today's dollars after 20 years. To turn $5,000 into $8,000 in four years, you would need to earn a return of approximately 15.7%.
The value of $1 million is expected to decrease over time due to inflation. Inflation reduces the purchasing power of money, meaning that the same amount of money will be able to buy fewer goods and services in the future.
If the inflation rate is 3%, the future value of $1 million after 20 years would be approximately $553,675.75 in today's dollars. This means that the purchasing power of $1 million would be significantly diminished by the effects of inflation.
To turn $5,000 into $8,000 in four years, you would need to earn a return on investment of around 15.7%. This indicates that you would have to achieve a relatively high rate of return to reach the desired amount within the specified time frame.
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You are a property management consultant in Brisbane City, and an owner has asked you to review the performance.
Your task is to identify the property manager’s required skills and actions to maximise the performance of these assets in light of the property market and economic conditions in the past three years.
You are required to do market analysis for Brisbane
By possessing these skills and taking proactive actions, property managers can effectively navigate the Brisbane property market and maximize the performance of the assets under their management.
In order to maximize the performance of assets in Brisbane's property market, property managers should focus on the following skills and actions:
1. Market Research and Analysis: Property managers should conduct regular market research and analysis to understand the trends, demand, and supply dynamics in the local property market. This includes monitoring property values, rental rates, vacancy rates, and other relevant data to make informed decisions.
2. Strategic Pricing: Based on market analysis, property managers should set appropriate rental prices that align with the current market conditions. This involves considering factors such as location, property features, and demand trends to attract tenants and maximize rental income.
3. Tenant Acquisition and Retention: Property managers should have strong marketing and communication skills to effectively advertise and promote available properties. They should also conduct thorough tenant screening processes to select reliable and responsible tenants. Additionally, maintaining positive tenant relationships and addressing their concerns promptly can help increase tenant satisfaction and encourage lease renewals.
4. Property Maintenance and Upkeep: Regular property inspections and proactive maintenance are crucial to ensure properties are well-maintained and meet tenant expectations. Property managers should promptly address maintenance issues, coordinate repairs, and ensure compliance with relevant regulations and safety standards.
5. Stay Informed: Property managers need to stay updated on changes in local regulations, tenancy laws, and any economic factors that may impact the property market. This includes attending industry seminars, networking with other professionals, and engaging with property management associations to stay informed about industry best practices and upcoming trends.
By possessing these skills and taking proactive actions, property managers can effectively navigate the Brisbane property market and maximize the performance of the assets under their management.
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In developing projected financial statements, what should you do if the dollar amount you must put in the cash account (to make the statement balance) is far more (or less) than desired?
When the projected cash balance does not align with the desired amount, it indicates a discrepancy between the projected inflows and outflows of cash.
1. Review Assumptions: Start by reviewing the assumptions made for revenue, expenses, and other cash flows. Check if any of the assumptions are unrealistic, overly optimistic, or conservative. Adjusting these assumptions can help bring the projected cash balance closer to the desired amount.
2. Adjust Revenue Projections: If the projected cash balance is significantly higher than desired, you may consider revising revenue projections. Analyze the factors driving revenue, such as sales volume, pricing, market conditions, and customer behavior. Adjusting these factors can help align revenue projections with the desired cash balance.
3. Analyze Expenses: If the projected cash balance is significantly lower than desired, scrutinize the expense projections. Look for potential cost savings opportunities, inefficiencies, or areas where expenses can be reduced. By making adjustments to expense projections, you can bring the projected cash balance closer to the desired amount.
4. Cash Flow Timing: Examine the timing of projected cash flows. If there are significant gaps between inflows and outflows, consider whether any adjustments can be made to the timing of cash receipts and payments. This may involve negotiating better payment terms with customers or suppliers or adjusting the timing of capital expenditures.
5. Cash Management Strategies: Evaluate cash management strategies to optimize the use of available funds. This can include exploring options such as improving accounts receivable collection, optimizing inventory management, negotiating favorable credit terms with suppliers, or implementing cash flow forecasting and monitoring systems.
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Cost of Equity: Dividend Growth Summerdahl Resort's common stock is currently trading at $39 a share. The stock is expected to pay a dividend of $2.25 a share at the end of the year (D1 = $2.25), and the dividend is expected to grow at a constant rate of 7% a year. What is the cost of common equity? Round your answer to two decimal places.
8. Cost of Equity: CAPM Booher Book Stores has a beta of 0.7. The yield on a 3-month T-bill is 5% and the yield on a 10-year T-bond is 6%. The market risk premium is 5.5%, and the return on an average stock in the market last year was 14%. What is the estimated cost of common equity using the CAPM? Round your answer to two decimal places.
The estimated cost of common equity for Booher Book Stores using the CAPM is 8.85%.
Cost of Equity: Dividend Growth
The cost of common equity using the dividend growth model can be calculated using the formula:
Cost of Equity = (Dividend / Stock Price) + Dividend Growth Rate
Given:
Dividend (D1) = $2.25
Dividend Growth Rate = 7%
Stock Price = $39
Cost of Equity = ($2.25 / $39) + 0.07
Cost of Equity = 0.0577 + 0.07
Cost of Equity = 0.1277 or 12.77%
Therefore, the cost of common equity for Summerdahl Resort is 12.77%.
Cost of Equity: CAPM
The estimated cost of common equity using the Capital Asset Pricing Model (CAPM) can be calculated using the formula:
Cost of Equity = Risk-Free Rate + Beta * Market Risk Premium
Given:
Beta (β) = 0.7
Risk-Free Rate = 3-month T-bill yield = 5%
Market Risk Premium = 5.5%
Cost of Equity = 5% + 0.7 * 5.5%
Cost of Equity = 5% + 3.85%
Cost of Equity = 8.85% or 8.85%
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Which components of audit risk can an auditor control?
Explain. ( Australian standards)
An auditor has control over the detection risk component of audit risk, which refers to the risk that the auditor fails to detect material misstatements in the financial statements.
However, the auditor does not have control over the inherent risk and control risk components of audit risk.
Audit risk is the risk that the auditor expresses an inappropriate opinion on the financial statements. It consists of three components: inherent risk, control risk, and detection risk.
1) Inherent Risk: This is the susceptibility of an assertion in the financial statements to a material misstatement, assuming there are no related internal controls. Inherent risk is determined by the nature of the client's business, industry factors, economic conditions, and other external factors. Auditors have no control over inherent risk as it is inherent in the client's operations.
2) Control Risk: This refers to the risk that a material misstatement will not be prevented or detected on a timely basis by the client's internal controls. Control risk is influenced by the design and effectiveness of the client's internal controls. Auditors can assess control risk but cannot directly control it. They can, however, evaluate and test the effectiveness of the internal controls.
3) Detection Risk: This is the risk that the auditor fails to detect a material misstatement in the financial statements. Detection risk is the only component of audit risk that auditors can control to some extent. Auditors can reduce detection risk by applying appropriate audit procedures, including substantive testing and analytical procedures, to obtain sufficient and appropriate audit evidence.
In summary, while auditors have control over detection risk through their audit procedures, they do not have control over inherent risk and control risk, which are inherent to the client's business and the effectiveness of their internal controls, respectively.
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Sheridan Company decides to open a pizza parlor near the local college campus that will operate as a corporation. Analyze the following transactions for the month of June in terms of their effect on the basic accounting equation. (1) Sheridan Company issues shares of common stock in exchange for $29,500. (2) Purchased equipment for $4,500 paying $2,050 in cash and the remainder due in 30 days. (3) Purchased supplies for $1,900 cash. (4) Received a bill from Campus News for $240 for advertising in the campus newspaper. (5) Cash receipts from customers for pizza sales amounted to $2,200. (6) Paid salaries of $170 to student workers. (7) Billed the Tiger Football Team $300 for pizzas ordered. (8) Paid $240 to Campus News for advertising that was previously billed in Transaction 4. (9) Sheridan Company paid a dividends of $1,800. (10) Incurred utility expenses for month on account, $130.Record each transaction by increasing (+) or decreasing (-) the dollar amount of each item affected. Indicate the new balance of each item after a transaction is recorded. It is not necessary to identify the cause of changes in stockholders' equity. (Transaction, cash + accounts receivable + supplies +equipment = accounts payable + common stock + retained earnings).
The transactions for the month of June have the following effects on the basic accounting equation: Cash + Accounts Receivable + Supplies + Equipment = Accounts Payable + Common Stock + Retained Earnings
Issuing shares of common stock for $29,500 increases the Common Stock account and the corresponding increase in Cash.
Purchasing equipment for $4,500 with $2,050 in cash and the remainder due in 30 days increases the Equipment account and decreases Cash.
Purchasing supplies for $1,900 in cash decreases the Cash and increases the Supplies account.
Receiving a bill for advertising in the campus newspaper for $240 increases the Accounts Payable.
Cash receipts from customers for pizza sales amounting to $2,200 increase the Cash and increase the Accounts Receivable.
Paying salaries of $170 to student workers decreases the Cash.
Billing the Tiger Football Team $300 for pizzas ordered increases the Accounts Receivable.
Paying $240 to Campus News for advertising previously billed decreases the Cash and decreases the Accounts Payable.
Paying dividends of $1,800 decreases the Retained Earnings and the Cash.
Incurring utility expenses for the month on account for $130 increases the Accounts Payable.
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Assume you have written this textbook and are going to attempt to sell it to your school. Identify the six members of the buying center. What role would each play in the decision process? Rank them in terms of how much influence they would have on the decision, with 1 being most influential and 6 being least influential. Will this ranking be different in other situations?
In the context of selling a textbook to your school, the buying center typically consists of six members:
1. Initiator: This member identifies the need for a new textbook. They may be a teacher or department head who recognizes the need for an updated or more suitable resource. The initiator has a high level of influence as they start the decision-making process.
2. Influencer: This individual has expertise or authority in the subject matter and can influence the decision. They may be a senior faculty member, curriculum coordinator, or subject matter specialist. The influencer's opinion carries weight and is considered influential.
3. Decider: The decider holds the ultimate decision-making power. This member may be the principal, department chair, or another administrative figure. They have significant influence over the final choice and can prioritize budget allocation.
4. Buyer: The buyer is responsible for the actual purchase of the textbook. They might be a procurement officer or someone involved in handling purchasing processes. While they play a vital role, their influence is usually lower than the initiator, influencer, and decider.
5. User: The user is the teacher or student who will utilize the textbook. Their input is important as they can provide insights on the textbook's usability and effectiveness. However, their influence is generally lower than the previous roles.
6. Gatekeeper: The gatekeeper controls access to decision-makers and information. They may be a school administrator or secretary. Their influence on the decision-making process is usually minimal, making them the least influential member.
The ranking of influence may vary in different situations, depending on factors such as organizational structure, culture, and specific needs. It is important to consider the specific dynamics of each buying center and adapt the ranking accordingly.
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Identify the four types of strategic issues, as defined by Bryson. Give an example of each.
According to Simon's concept of life stages of an organization, what may happen to an organization that fails to move to the stage of "review and renew"? Why?
According to Bryson, there are four types of strategic issues that organizations may face: Operational issues, Financial issues, Marketing and customer issues, Organizational or structural issues.
Operational issues: These are issues that arise from the day-to-day operations of the organization, such as improving efficiency or reducing costs. An example of an operational issue might be streamlining the production process to reduce waste.
Financial issues: These are issues related to the financial health of the organization, such as securing funding or managing debt. An example of a financial issue might be finding new sources of revenue to support growth.
Marketing and customer issues: These are issues related to the organization's relationship with its customers, such as improving customer satisfaction or expanding into new markets. An example of a marketing and customer issue might be developing a new product line to appeal to a wider audience.
Organizational or structural issues: These are issues related to the structure and culture of the organization, such as improving communication or addressing leadership challenges. An example of an organizational or structural issue might be restructuring the organization to better align with strategic goals.
According to Simon's concept of life stages of an organization, if an organization fails to move to the stage of "review and renew," it may become stagnant and fail to adapt to changing circumstances. The "review and renew" stage involves taking a critical look at the organization's goals, strategies, and operations, and making changes as needed to stay competitive and relevant. Without this stage, an organization may become complacent and fail to innovate, leading to a decline in performance and ultimately, failure.
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In each scenario which of the following are examples of commitments? Which are strategic commitments? What response is each strategic commitment likely to elicit?
b. Airframe manufacturer Embraer currently produces commuter jets that hold up to 90 passengers. Boeing and Airbus produce larger jets that seat at least 120 passengers, but these jets are very old and badly in need of updating. Embraer signs a contract with China Eastern Airlines to develop and produce within five years 200 jets capable of seating 120. Embraer must pay an exorbitant penalty if it breaches the contract.
c. The 1960s movie Fail Safe was made during an era when many feared a nuclear holocaust. In the film, an errant U.S. bomber plane drops a nuclear weapon on Moscow. In response, the U.S. president instructs the air force to drop an atomic bomb on New York City in order to appease the Russians. The instructions cannot be reversed, not even by the president.
d. Jim Schmidt is a father who loves sweets but hates Disney World. He makes the following New Year’s resolution in front of his family: He will lose ten pounds by April. If he fails, he will take his children to Disney World.
In scenario b, Embraer signing a contract with China Eastern Airlines to develop and produce 200 jets capable of seating 120 within five years is an example of a commitment.
This commitment can also be considered a strategic commitment because it involves a long-term plan to expand their product line and compete with larger jet manufacturers like Boeing and Airbus. The strategic commitment of Embraer is likely to elicit a positive response from China Eastern Airlines as they will have access to new jets that can accommodate more passengers.
In scenario c, the U.S. president instructing the air force to drop an atomic bomb on New York City as a response to an errant U.S. bomber plane dropping a nuclear weapon on Moscow is an example of a commitment. This commitment can be seen as a strategic commitment because it is a decision made to appease the Russians and prevent further escalation.
The strategic commitment of the U.S. president is likely to elicit a negative response from the citizens of New York City as they will be impacted by the atomic bomb. In scenario d, Jim Schmidt making a New Year's resolution to lose ten pounds by April and promising to take his children to Disney World if he fails is an example of a commitment.
This commitment is not a strategic commitment as it does not involve a long-term plan or strategic decision-making. The commitment made by Jim Schmidt is likely to elicit motivation and accountability as he is setting a personal goal with a consequence attached to it.
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1. Employment contracts often contain "forced or mandatory arbitration" clauses. Why?
2. What are the advantages and disadvantages of these clauses?
Forced or mandatory arbitration clauses are often included in employment contracts. These clauses require employees to resolve any disputes or conflicts through arbitration rather than pursuing litigation in court. The use of these clauses has advantages and disadvantages that need to be considered.
For employers, the inclusion of forced or mandatory arbitration clauses provides several advantages. Firstly, it allows for a more efficient and cost-effective resolution of disputes. Arbitration tends to be faster and less expensive compared to litigation, saving both time and money for the employer. Secondly, it can provide a more private and confidential process, as arbitration proceedings are typically not public. This may be beneficial for employers who wish to avoid negative publicity or maintain confidentiality.
On the other hand, there are also disadvantages associated with forced or mandatory arbitration clauses. Employees may perceive these clauses as limiting their rights and access to justice. Arbitration can be seen as favoring the employer, as the arbitrator is often chosen by the employer and the process may lack the same legal protections as a court trial. Furthermore, arbitration clauses can discourage collective action and limit employees' ability to address systemic issues through class-action lawsuits.
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On July 9, Mifflin Company receives a $10,100, 90-day, 12% note from customer Payton Summers as payment on account. What entry should be made on July 9 to record receipt of the note? Multiple Choice Debit Notes Receivable $10,501; credit Interest Revenue $401; credit Accounts Receivable $10,100. Debit Notes Receivable $10,403; credit Sales $10.403 Debit Notes Receivable $10,100: credit Accounts Receivable $10,100. Debit Notes Receivable $10,100; credit Sales $10,100. Debit Accounts Receivable $10,100, credit Sales $10,100.
On July 9, the Mifflin Company receives a $10,100, 90-day, 12% note from customer Payton Summers as payment on account. The entry that should be made on July 9 to record receipt of the note is:
Debit Notes Receivable $10,100
Credit Accounts Receivable $10,100.
A note receivable is a debt owed by the borrower of a note to the holder of the note. It is documented by a legal instrument that specifies the terms of the debt, including the amount owed, the interest rate, and the maturity date. The note's maturity date specifies when the debt must be paid, and interest may be charged on the debt until that date arrives.
The maturity date of this 90-day note is 90 days after the date of receipt, which is July 9th. It means that the note's maturity date is October 7th, which is 90 days after July 9th.
Therefore, on July 9th, the Mifflin Company would record the following entry:
Debit Notes Receivable $10,100
Credit Accounts Receivable $10,100.
This is the correct entry to record receipt of the note because the company received a promissory note from the customer, which is a note receivable. This note is to be repaid in 90 days, and it is documented by a legal instrument that specifies the terms of the debt. As a result, the company would debit Notes Receivable and credit Accounts Receivable.
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List and describe three examples of service-provider attempts to reduce service intangibility.
List two products that you believe are in the introduction stage of the product life cycle. Justify your beliefs.
List one product you purchased or wanted to purchase that turned into a fad. Discuss why and how the product turned into a fad
1. Examples of service-provider attempts to reduce service intangibility:
- Tangible elements: Some service providers try to make their services more tangible by incorporating physical elements.
- Visual aids: Service providers may use visual aids such as brochures, videos, or virtual tours to help customers visualize and understand the intangible aspects of the service.
- Employee appearance and behavior: Service providers often focus on training their employees to present a professional and reliable image.
2. Products in the introduction stage of the product life cycle:
- Electric cars: Electric cars, like Tesla models, are still relatively new in the market and are constantly being improved.
- Virtual reality headsets: Virtual reality headsets, such as the Oculus Rift, are also in the introduction stage.
3. A product that turned into a fad:
- Fidget spinners: Fidget spinners were a popular fad a few years ago. They gained attention through social media and quickly became trendy. The product's simplicity, portability, and stress-relieving properties appealed to people of all ages.
However, the fad eventually faded as interest waned and the market became saturated with similar products.
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One year ago you borrowed $10,000 at an annual interest rate of 9 percent to be repaid in thirty-six equal monthly installment a. What is your monthly payment? b. Without the use of a loan amortization schedule, what is the current balance on the loan? (Hint: What is the relationship between the present value of the remaining payments to be made on the loan and its current balance?) c. What will be the balance owed on the loan one year from now if all payments are made as scheduled? d. What is the dollar amount of interest to be paid on the loan in the coming year? (Hint: The answers to b and e are very useful in answering d.) 12. How much do you have to invest in equal annual payments, with the first payment made immediately and the last payment in nine years, in order to have an account balance of $20,000 in ten years? Assume a 5 percent rate of interest.
The required annual payment to achieve a $20,000 account balance in ten years is approximately $1,913.
a. monthly payment = loan amount / present value factor
using the loan amount of $10,000 and an annual interest rate of 9 percent, the monthly interest rate is 9%/12 = 0.75%. the number of payments is 36. plugging these values into the formula, we get:
monthly payment = $10,000 / present value factor
b. without a loan amortization schedule, the current balance on the loan can be calculated by finding the present value of the remaining payments. the current balance is equal to the sum of the present values of the remaining monthly payments.
c. to find the balance owed on the loan one year from now if all payments are made as scheduled, we need to calculate the present value of the remaining payments after one year.
d. the dollar amount of interest to be paid on the loan in the coming year can be calculated by subtracting the principal portion of the monthly payment from the total payment for each month and summing them up.
e. annual payment = (future value * interest rate) / [(1 + interest rate)^number of periods - 1]
plugging in the values, we have:
annual payment = ($20,000 * 0.05) / [(1 + 0.05)¹⁰ - 1] 63.
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The CEO of Along Loan Company had a genuine dislike for external auditors. Almost any conflict generated a towering rage. Consequently, the company changed auditors often. Well \& Alley firm was recently hired to audit the 2017 financial statements. W\&A succeeded the firm of Candy \& Co, which had obtained the audit after Albert \& Hubby had been fired. A&H audited the 2016 financial statements and rendered a report that contained an additional paragraph explaining an uncertainty about Along Loan Company's loan loss reserve. Goodbye A\&H! The CEO then hired C\&C to audit the 2016 financial statements, and Candy started the work, but before the audit could be completed, Candy was fired and W\&A was hired to complete the audit. C\&C did not issue an audit report because the audit was not finished. Required: Does the W\&A firm need to initiate communications with C\&C? With A\&H? With both? Explain your response in terms of the purposes of communications between predecessor and successor auditors.
The W&A firm does need to initiate communications with both C&C and A&H. This is because communication between predecessor and successor auditors is important for a smooth transition and to ensure that important information regarding the audit is properly communicated.
The purpose of communication with C&C is to obtain relevant information about the work they have done so far on the audit of the 2016 financial statements. This information can help W&A understand the progress made by C&C, any issues or findings they may have encountered, and any potential areas of concern that need to be addressed.
The purpose of communication with A&H is to obtain information regarding the uncertainty about Along Loan Company's loan loss reserve that was explained in their audit report for the 2016 financial statements.
This information can help W&A understand the nature of the uncertainty and determine if it still exists or if any additional audit procedures need to be performed.By initiating communications with both C&C and A&H, W&A can gather important information and insights that will enable them to effectively complete the audit of the 2017 financial statements and provide an accurate and comprehensive audit report.
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