To draw the budget constraints, we need to plot the intercepts and indicate the slope(s).
First, let's label the intercepts.
The intercept on the horizontal axis represents the quantity of apples that can be purchased when no bananas are bought.
Since the price of apples is $12/apple and the income is $60, the intercept on the horizontal axis is 60/12 = 5.
The intercept on the vertical axis represents the quantity of bananas that can be purchased when no apples are bought.
The price of the first 2 bananas is $15/banana, so the intercept on the vertical axis is 60/15 = 4.
After buying the first 2 bananas, the price drops to $6/banana.
Now, let's indicate the slope(s).
The slope of the budget constraint when buying apples is given by the price of apples divided by the price of bananas. In this case, the slope is 12/15 = 0.8.
After buying the first 2 bananas, the slope of the budget constraint changes because the price of bananas changes. The slope is now 12/6 = 2.
To summarize:
- The intercept on the horizontal axis is 5 (apples) and the intercept on the vertical axis is 4 (bananas).
- The slope of the budget constraint when buying apples is 0.8.
- The slope of the budget constraint after buying the first 2 bananas is 2.
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ITSS 3300 Assignment: Business Process Modeling
Consider the following scenario:
JSM Manufacturing is a small, local company that manufactures personal protective equipment, such as surgical masks, gowns, and face shields. The company relies on a network of suppliers of raw materials, transportation providers, and for other required products and services. These vendors receive purchase orders from JSM for materials and services, and typically ship directly to JSM’s manufacturing facility. Invoices are sent to JSM’s accounts payable department for payment processing, which receives, verifies, and processes approximately 200 invoices per month.
JSM’s accounts payable department consists of one (1) person who is responsible for verifying the invoices before paying them.
When the accounts payable clerk receives a batch of invoices, typically in the form of a paper bills in the mail, she sorts them by vendor and purchase order number.
On Tuesday of every week, the accounts payable clerk meets with the purchasing department to review the bills with the purchase orders to verify the bills were for the correct items at the correct price. JSM purchasing department contacts the vendor to reconcile any differences (either to the purchase order or to the invoice, which would require the vendor to generate another invoice).
The accounts payable clerk meets with JSM receiving department every Wednesday to verify that the ordered items have indeed been received. The receiving department contacts the purchasing department of any discrepancies, and the purchasing department, in turn, contacts the vendor about the discrepancy. Again, reconciliation would require adjusting the purchase order, invoice, or both.
Finally, the accounts payable clerk processes the invoice for payment. Payments are always made on Fridays.
Note that invoices are received throughout the week and are sorted whenever the clerk has time to perform that task.
The process certainly has some issues. Vendors often complain about the length of time it takes for JSM to pay their bills. Also, since the onset of the CoVID-19 pandemic, the demand for JSM’s products has skyrocketed, requiring the company to find more suppliers to meet its demand for more raw materials, resulting in far more invoices arriving at the company every week.
As a result of these issues, JSM has hired you to access the business impact of the situation and see what could be done to improve the overall process.
The Assignment:
Business Process. (15 points)
List at least 3 issues with the current process. (10 pts)
Explain the impact of the existing process on operational efficiency. (5 pts)
Diagram the existing Process. (50 points).
Using a diagramming tool (Visio, Lucidchart, PowerPoint) model the existing process. Use swim lanes to show process participants, and separators to show time scales. Remember to submit in PDF format. (50 pts)
Metrics (15 points)
Identify 3 measurements or metrics that could be put in place to measure the impact of the existing process on operational efficiency. (15 pts)
Process Improvements (20 points).
Discuss the changes that could be made to make the process more efficient. (10 pts)
Explain how information systems could support those changes. Discuss what data the systems should capture and what decisions the system could improve. (10 pts)
The current process of JSM Manufacturing's accounts payable department has several issues that impact operational efficiency, including manual sorting of invoices, time-consuming verification processes, and delayed payment cycles.
The first issue with the current process is the manual sorting of invoices by the accounts payable clerk. Sorting paper bills by vendor and purchase order number is a time-consuming task that can be prone to errors and delays. This manual sorting process slows down the overall invoice processing and payment cycle.
The second issue is the reliance on weekly meetings between the accounts payable clerk and the purchasing department to review and verify bills with purchase orders. This weekly meeting adds additional time to the verification process and can cause delays in resolving discrepancies between the invoices and purchase orders.
The third issue is the lack of real-time communication between the accounts payable clerk, purchasing department, and vendors. Without a streamlined communication system, discrepancies or issues in the invoices or purchase orders require back-and-forth contact between different parties, leading to extended resolution times and potential errors.
These issues in the existing process impact operational efficiency in several ways. Firstly, the manual sorting and verification processes consume valuable time and resources, leading to delays in invoice processing and payment. Vendors may experience frustration due to the longer payment cycles, resulting in strained relationships and potential supply chain disruptions. Additionally, the lack of real-time communication and resolution of discrepancies can further prolong the payment process and affect cash flow management.
To improve the overall process, JSM Manufacturing could consider implementing electronic invoice management systems that automate invoice sorting and verification. By digitizing the invoice handling process, invoices can be automatically sorted, matched with purchase orders, and flagged for discrepancies. This automation reduces the manual effort required and accelerates the verification process.
Furthermore, implementing a centralized information system that integrates the accounts payable department, purchasing department, and vendors would facilitate real-time communication and collaboration. Such a system could capture data on invoice status, purchase order updates, and discrepancies, enabling faster resolution and reducing the time spent on manual coordination.
In summary, addressing the manual aspects of the current process, enhancing communication channels, and leveraging information systems can greatly improve operational efficiency in JSM Manufacturing's accounts payable department, leading to faster invoice processing, improved vendor relationships, and better cash flow management.
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Is economics a science? Why, or why not? As part of your response and explanation, include the definitions of "science" and "economics" as you understand them.
Yes, economics is considered a social science. Science is a systematic study of the natural and physical world using empirical evidence, observation, and experimentation. It aims to understand, explain, and predict phenomena through a structured and rigorous approach.
Economics meets the criteria of a science because it follows a systematic approach. It uses quantitative and qualitative methods to gather data, conducts experiments and observations, and applies rigorous analysis to test theories and make predictions. It also relies on empirical evidence and relies on mathematical models to understand economic phenomena.
Moreover, economics adheres to the scientific method by formulating hypotheses, testing them through experiments or observations, and revising theories based on the results. It also utilizes mathematical models to make predictions and understand complex economic relationships.
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Quad Enterprises is considering a new 4-year expansion project that requires an initial fixed asset investment of $6.048 million. The fixed asset will be depreciated straight-line to zero over its 4-year tax life, after which time it will be worthless. The project is estimated to generate $5,376,000 in annual sales, with costs of $2,150,400. If the tax rate is 23 percent, what is the OCF for this project?
The OCF for this project is $1,319,152.
The operating cash flow (OCF) for the project can be calculated by subtracting the operating costs (including depreciation) from the annual sales and then applying the tax rate.
Given:
- Initial fixed asset investment: $6.048 million
- Annual sales: $5,376,000
- Operating costs: $2,150,400
- Tax rate: 23%
To calculate OCF, we need to consider the depreciation expense. Since the fixed asset is depreciated straight-line to zero over its 4-year tax life, the annual depreciation expense will be $6.048 million / 4 = $1.512 million.
Now, let's calculate the OCF:
OCF = (Sales - Costs - Depreciation) × (1 - Tax Rate)
= ($5,376,000 - $2,150,400 - $1,512,000) × (1 - 0.23)
= $1,713,600 × 0.77
= $1,319,152
Therefore, the OCF for this project is $1,319,152.
The OCF represents the cash flow generated by the project's operations after accounting for operating costs and taxes. In this case, we start by calculating the annual depreciation expense, which is the fixed asset investment divided by its tax life (4 years). Depreciation is a non-cash expense that reflects the decrease in value of the asset over time.
Next, we subtract the operating costs (including depreciation) from the annual sales to obtain the earnings before taxes. Since taxes need to be considered, we multiply the earnings before taxes by (1 - Tax Rate) to calculate the after-tax earnings.
Finally, the OCF is obtained by subtracting the tax expense from the after-tax earnings. In this scenario, the OCF is $1,319,152, which represents the net cash flow generated by the project's operations after accounting for costs and taxes.
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You are investing in a share of stock. The share just paid a dividend of $4.61. The dividend has been growing and is expected to grow forever at a rate of 5.26% per year. You require a 15.92% rate of return on the stock investment. What would be a fair price/share in 10 years?
(Answer to nearest $0.01)
A fair price per share in 10 years would be approximately $88.49.
We can use the Gordon growth model to calculate the fair price per share of the stock in 10 years. According to this model, the fair price per share (P) is:
P = D / (r - g)
Where:
D = the most recent dividend payment
r = the required rate of return
g = the expected constant annual growth rate of dividends
In this case, we are given that:
D = $4.61
r = 15.92%
g = 5.26%
To find the fair price per share in 10 years, we need to find the future value of the dividend payment 10 years from now. This can be done using the formula:
FV = PV x (1 + r)^n
Where:
FV = future value
PV = present value
r = rate of return
n = number of periods
In this case, we want to find the future value of the dividend payment after 10 years. Therefore, we have:
FV = $4.61 x (1 + 0.0526)^10
FV = $8.83
Now we can substitute the values into the Gordon growth model:
P = $8.83 / (0.1592 - 0.0526)
P = $88.49
Therefore, a fair price per share in 10 years would be approximately $88.49.
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The following adjusted trial balance at December 31 of Wilson Trucking Company. Prepare Wilson Trucking Company’s classified balance sheet as of December 31. The Retained Earnings account balance was $149,000 at December 31 of the prior year.
Account Title Debit Credit
Cash $ 9,800
Accounts receivable 19,300
Office supplies 4,800
Trucks 190,000
Accumulated depreciation—Trucks $ 37,800
Land 103,000
Accounts payable 17,400
Interest payable 5,800
Long-term notes payable 67,000
Common stock 39,000
Retained earnings 149,000
Dividends 21,800
Trucking revenue 148,000
Depreciation expense—Trucks 25,300
Salaries expense 66,400
Office supplies expense 9,800
Interest expense 13,800
Totals $ 464,000
$ 464,000
Wilson Trucking Company's December 31 classified balance sheet: Assets of $289,100, Liabilities of $90,200, and Shareholders' Equity of $188,900.
To prepare Wilson Trucking Company's classified balance sheet as of December 31, you need to categorize the accounts into their respective classifications: assets, liabilities, and shareholders' equity. Here's how the balance sheet would look based on the information provided:
Wilson Trucking Company
Classified Balance Sheet
As of December 31
Assets:
Cash $ 9,800
Accounts receivable 19,300
Office supplies 4,800
Trucks 190,000
Less: Accumulated depreciation—Trucks (37,800)
Land 103,000
Total Assets $ 289,100
Liabilities:
Accounts payable $ 17,400
Interest payable 5,800
Long-term notes payable 67,000
Total Liabilities $ 90,200
Shareholders' Equity:
Common stock $ 39,000
Retained earnings (Beginning balance: $149,000 + Net income - Dividends) $ 127,400
Total Shareholders' Equity $ 166,400
Total Liabilities and Shareholders' Equity $ 289,100
Note: The net income for the year is not provided in the information, so it's not possible to calculate the exact ending balance of retained earnings. However, assuming the net income is $30,600 (Trucking revenue - Depreciation expense - Salaries expense - Office supplies expense - Interest expense), the retained earnings would be calculated as follows:
Retained earnings (Beginning balance: $149,000 + $30,600 - $21,800) = $157,800.
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To determine the price to charge for the project, the contractor should
a. estimate the costs at a detailed level to make the most accurate estimate.
b. add in extra amounts to overprice the project and make an extra profit.
c. cut the estimates to a small profit to show how much less expensive the contractor is than other bidders.
d. use the same prices as the actual costs of projects that were similar in duration.
Set the price based on the actual costs of past projects of similar duration, ensuring a fair and competitive estimate. Option D.
To determine the price to charge for a project, the contractor should use the same prices as the actual costs of projects that were similar in duration. This approach is commonly known as benchmarking or comparing the project to similar past projects.
By analyzing historical data and evaluating projects with comparable characteristics, the contractor can gain insights into the costs associated with similar endeavors.
Using benchmarking helps the contractor establish a baseline for estimating costs, as it takes into account the real-world data and experiences from previous projects.
This approach provides a more accurate estimate, considering factors such as labor, materials, equipment, and any other relevant expenses.
By aligning the pricing with actual costs from comparable projects, the contractor can ensure a fair and reasonable price for their services. This approach also helps to avoid underpricing or overpricing the project, which could result in financial losses or uncompetitive bids.
It's important to note that estimating costs at a detailed level (option a) is indeed a crucial step in the pricing process. However, relying solely on a detailed estimate may not account for market dynamics, inflation, or unforeseen variables.
Adding extra amounts to overprice the project (option b) or cutting estimates to a small profit (option c) are both unethical practices that can harm the contractor's reputation and competitiveness in the long run.
Therefore, option d is the most appropriate choice for determining the price to charge for a project.
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General Electric announced that it is pushing further into 3D printing in an effort to "expand its ability to make aircraft components and other parts with the new manufacturing technology," (The Wall Street Journal, 9/7/16). GE claims that it will be able to cut cost by anywhere from $3B to $5B across the company, since the technology would reduce design and material costs, also reducing waste. Further, the 3D manufactured designs enabled GE to eliminate almost 1000 parts from the design of a new turboprop engine, significantly cutting the engine’s weight.
Since 2010, GE invested about $1.5B in ‘additive manufacturing’ (i.e., 3D printing) technologies. This has dramatically impacted GE’s average aircraft engine manufacturing costs, which are as follows:
A T C = 10 + 1500 q + q
where costs are measured in millions of dollars and output (q) is the number of aircraft engines.
a) What are GE’s fixed costs for each engine?
b) What are GE’s variable costs?
c) What is the marginal cost of GE aircraft engines?
d) The above average cost curve refers to the production costs of the GE LEAP-1A engine, the only engine in the world currently designed with novel feature including 3D woven carbon fiber fan blades and case and 3D manufactured fuel nozzles. Assume that demand for the LEAP 1A engine is as follows: q = 1000 – 4P. What is the profit maximizing price and output?
GE's fixed costs per engine are $10 million, variable costs are $1500 million, and marginal cost is $1500 million. The profit-maximizing price and output for the LEAP-1A engine are $250 million and 750 units
a) Fixed costs refer to costs that do not vary with the level of output. In this case, GE's fixed costs for each engine are given as $10 million. These costs remain constant regardless of the number of aircraft engines produced.
b) Variable costs, on the other hand, are costs that change with the level of output. In the given cost function, the variable cost component is $1500q million, where q represents the number of aircraft engines produced. This indicates that GE's variable costs increase by $1500 million for each additional engine produced.
c) Marginal cost represents the change in total cost resulting from producing one additional unit of output. In this case, the marginal cost of GE aircraft engines is equal to the coefficient of the q term in the cost function, which is $1500 million. Therefore, producing one more engine would increase the total cost by $1500 million.
d) To determine the profit-maximizing price and output for the LEAP-1A engine, we need to consider the demand function given as q = 1000 - 4P, where q represents the quantity demanded and P represents the price. We can set the marginal cost equal to the marginal revenue to find the profit-maximizing output level.
Marginal revenue (MR) is the derivative of the revenue function, which is equal to the price (P) in this case since we are assuming perfect competition. Therefore, MR = P.
Setting MR equal to the marginal cost (MC), we have P = $1500 million.
Substituting this price into the demand function, we get 1000 - 4P = 1000 - 4($1500 million) = 1000 - $6000 million = -5000 million.
Solving for q, we find q = -5000 million. Since negative quantities are not meaningful in this context, we disregard this result.
Thus, the profit-maximizing output cannot be determined using the given demand function. It is necessary to have a positive relationship between price and quantity demanded for profit maximization.
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Pharoah, Inc. began work on a $7,187,000 contract in 2020 to construct an office building. During 2020, Pharoah, Inc. incurred costs of $1,801,900, billed its customers for $1,247,000, and collected $1,044,000. At December 31, 2020, the estimated additional costs to complete the project total $3,068,100.
Prepare Pharoah’s 2020 journal entries using the percentage-of-completion method.
Percentage-of-completion method is a method of accounting for long-term contracts, where a proportionate amount of revenue and expenses are recognized in each period, according to the proportion of work completed. Under this method, Pharoah, Inc. began work on a $7,187,000 contract in 2020 to construct an office building.
During 2020, Pharoah, Inc. incurred costs of $1,801,900, billed its customers for $1,247,000, and collected $1,044,000. At December 31, 2020, the estimated additional costs to complete the project total $3,068,100.The journal entries to be made under the percentage of completion method are as follows:Journal entry to record work in progress debit Work in Progress account credit Construction in Progress account (Costs incurred during the year) $1,801,900 debit Accounts Receivable account credit
Billings on Construction in Progress account (Amount billed during the year) $1,247,000 debit Cash account credit Accounts Receivable account (Amount collected during the year) $1,044,000debit Construction in Progress account credit Estimated Earnings account (2020 portion of estimated gross profit) [($1,247,000/$7,187,000)*($7,187,000-$3,068,100)] $473,231.
02debit Estimated Earnings account credit Income Summary account $473,231.02.
Thus, the Journal entry using the percentage-of-completion method are:
Work in Progress account .......................$1,801,900
Construction in Progress account.............$1,801,900
Billings on Construction in Progress account...............$1,247,000
Accounts Receivable account..............................$1,247,000
Cash account..................................................$1,044,000
Accounts Receivable account...............................$1,044,000
Construction in Progress account .........................$473,231.02
Estimated Earnings account................................$473,231.02
Estimated Earnings account .................................$473,231.02
Income Summary account ......................................$473,231.02
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Starset Machine Shop is considering a 4-year project to improve its production efficiency. Buying a new machine press for $440,000 is estimated to result in $178,000 in annual pretax cost savings. The press falls in the 5-year MACRS class, and it will have a salvage value at the end of the project of $72,000. The press also requires an initial investment in spare parts inventory of $31,000, along with an additional $3,650 in inventory for each succeeding year of the project. The shop’s tax rate is 21 percent and its discount rate is 12 percent. (MACRS schedule) Calculate the NPV of this project.
(Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
The net present value (NPV) of the Starset Machine Shop project is $84,655.85. We can use the net present value (NPV) method to assess the viability of the proposed project. This calculation helps us determine whether the project's cash inflows will exceed its cash outflows and provides an estimate of the project's profitability.
Starset Machine Shop is considering a 4-year project to improve its production efficiency. Buying a new machine press for $440,000 is estimated to result in $178,000 in annual pretax cost savings. The press falls in the 5-year MACRS class, and it will have a salvage value at the end of the project of $72,000. The press also requires an initial investment in spare parts inventory of $31,000, along with an additional $3,650 in inventory for each succeeding year of the project. The shop’s tax rate is 21 percent and its discount rate is 12 percent. (MACRS schedule)
Calculate the NPV of this project.The net present value (NPV) of the Starset Machine Shop project is $84,655.85. The NPV method is used to assess the viability of the proposed project. This calculation helps us determine whether the project's cash inflows will exceed its cash outflows and provides an estimate of the project's profitability. To calculate the net present value, the following assumptions are made: the cost savings are realized at the end of each year, the tax rate is 21%, and the discount rate is 12%.
Since the machine press falls in the 5-year MACRS class, the MACRS schedule can be used to calculate the depreciation expenses. The depreciation expense for each year is calculated by multiplying the depreciation rate by the initial cost of the machine press. The total depreciation expense over the 4-year project is $405,800.The initial investment in spare parts inventory is $31,000, and the additional inventory cost for each year is $3,650. Therefore, the total inventory cost over the 4-year project will be $46,600.
The NPV of the Starset Machine Shop project is positive, indicating that the project is financially viable. Therefore, the purchase of the new machine press should be considered. The project is expected to generate a net present value of $84,655.85, which is a positive amount. The positive NPV indicates that the project is expected to generate more cash inflows than outflows over its life, and it is therefore a profitable investment for the company.
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Which of the following statements about economies of scale is NOT true?
One reason economies of scale occur is because fixed costs can be spread over more units of production as output increases.
One reason economies of scale occur is because employees become more efficient as volume increases.
Economies of scale refers to the fact that as volume increases, total cost of production decreases.
Economies of scale may not exist at all levels of production.
Answer:
The statement "One reason economies of scale occur is because employees become more efficient as volume increases" is NOT true.
Explanation:
Economies of scale occur due to various factors, such as spreading fixed costs over more units of production and benefiting from increased bargaining power with suppliers. It is not directly attributed to the increased efficiency of employees as volume increases. While it is possible that employee efficiency may improve with larger operations, it is not a defining factor in economies of scale.
The other statements listed are true: fixed costs spreading, decreasing total cost of production with increasing volume, and the possibility of economies of scale not existing at all levels of production.
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The statement "One reason economies of scale occur is because employees become more efficient as volume increases" is NOT true.
Economies of scale occur due to various factors, such as spreading fixed costs over more units of production and benefiting from increased bargaining power with suppliers. It is not directly attributed to the increased efficiency of employees as volume increases. While it is possible that employee efficiency may improve with larger operations, it is not a defining factor in economies of scale.
The other statements listed are true: fixed costs spreading, decreasing total cost of production with increasing volume, and the possibility of economies of scale not existing at all levels of production.
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Betsy strand's regular hourly wage is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Betsy works 47 hours. Betsy's federal income tax withholding is $95, and she had no voluntary deductions. assume that the fica tax rate is 7.65%. prepare the employer's journal entry to record payroll taxes for the period.
Employer's Journal Entry: Payroll Taxes Expense Dr. $455.59 FICA Taxes Payable - OASDI (Social Security) Dr. $184.65 FICA Taxes Payable - HI (Medicare) Dr. $43.12 Federal Income Tax Payable Dr. $95.00 Employee's Withholding Payable Dr. $288.24 (16*47-24*7.0.65*47-95) Wages Payable Cr. $760.00. The total payroll taxes expense for the period is $455.59.
Betsy Strand works for a company, and she receives a regular hourly wage of $16. However, she receives an hourly rate of $24 for work exceeding 40 hours. In January, Betsy works for 47 hours, and her federal income tax withholding is $95. Assuming that the FICA tax rate is 7.65%, calculate the employer's journal entry to record payroll taxes for the period. The employer must first calculate Betsy's gross pay, which includes regular pay plus overtime pay.
As a result, Betsy's gross pay for the pay period is $760. (40 * 16) + (7 * 24) = $760. After that, the employer must calculate the taxes that must be paid for the period. The employer must also take into account the federal income tax withholding and FICA taxes. The employer's journal entry to record payroll taxes for the period is as follows: Payroll Taxes Expense Dr. $455.59 FICA Taxes Payable - OASDI (Social Security) Dr. $184.65 FICA Taxes Payable - HI (Medicare) Dr. $43.12 Federal Income Tax Payable Dr. $95.00 Employee's Withholding Payable Dr. $288.24 (16*47-24*7.0.65*47-95) Wages Payable Cr. $760.00
Therefore, the total payroll taxes expense for the period is $455.59.
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M E M O R A N D U MTax Return Assignment
M E M O R A N D U M
Tax Return Assignment #3
To: Student
From: Kate Partner
Date: March 1, 2022
Subject: The Beckmans’ 2021 Tax Return
David and Victoria Beckman are married and plan to file a joint return. Their social security numbers are 777-23-7777 and 555-55-5555 respectively. David’s birthday is May 2, 1963 and Victoria’s is April 17, 1964. They live at 723 S. Beverly Hills Way, Eden, UT 84000. Victoria is an office manager at Spice Dental, a local Dentist’s office here in Ogden. David is the manager of "Bend-it Soccer Shop" which is owned by Galaxy Corporation, a California Corporation. Their Forms W-2 are included here.
The Beckmans have two children, both of whom are full-time college students, Brooklyn (born January 25, 1994, Social Security Number: 444-44-4444) and Romeo (born February 7, 1999, Social Security Number: 222-22-2222). The Beckmans provided more than half of their children’s support during 2021 and both Brooklyn and Romeo live at the Beckmans’ home, except when they are away at college. Brooklyn and Romeo both had summer jobs in 2021. Brooklyn earned $6,000 and Romeo earned $4,000.
During 2021, the Beckmans also provided 60% of the total support of David’s widower father, Edward A. Beckman (born March 6, 1934, Social Security Number: 888-88-8888). Edward lived alone and lived solely off the Beckmans’ support and his social security benefits. Sadly, Edward died in November of 2021 and David, Edward’s only beneficiary under his life insurance policy, received proceeds of $800,000 on December 29, 2021.
The Beckmans had the following expenses relating to their personal residence during 2021:
Property Taxes $5,000
Interest on Home Mortgage $12,800
Utilities $4,100
The Beckmans incurred the following medical expenses in 2021:
Medical insurance premiums $4,500
Doctor bill for Edward paid in 2021 $7,600
Operation for Edward $8,500
Prescriptions for Edward $900
Hospital Expenses for Edward $3,500
Reimbursement from Insurance Company for hospital stay $3,600
Other relevant information:
During 2021, the Beckmans attended a dinner dance sponsored by the Ogden Policemen’s Benevolent Orchestra (a qualified charitable organization). The Beckmans paid $300 for tickets, the fair market value of which would normally be $50.
The Beckmans contributed $5,000 to the Ogden Episcopal Church. They also contributed used clothing (cost of $1,200, FMV $350) to the Salvation Army (capital gain property). All donations are supported by receipts and are in very good condition.
The Beckmans contributed $120 to the Ogden Symphony Ballet. In exchange they received two box tickets to the Ballet’s annual performance of the Nutcracker worth $60 each.
In 2021, the Beckmans received interest income of $2,750, which was reported on a Form 1099-INT from the Bank of Utah.
The IRS calculator estimates that the Beckmans’ sales tax paid in 2021 was $1,200.
The Beckmans paid no estimated Federal income tax. Neither David nor Victoria wishes to designate $3 to the Presidential Election Campaign Fund
None involved here did transactions in crypto currency.
Please prepare the Beckmans’ 2021 tax return. If they have overpaid, they want the amount refunded to them. You will need the following tax forms: Form 1040, Schedule A, Schedule B. Please note that the credit for other dependents who are not qualifying children is $500 each.
The Beckman tax return will include the amount of $26,923.75 as tax due.
The Beckman's tax return for 2021 is to be prepared. In case of overpayment, they would like the sum to be returned to them. To prepare the return, the following forms are needed:
Form 1040, Schedule A, Schedule B, and Schedule D. The credit for other dependents who are not qualifying children is $500 each.
The tax return for the Beckmans for the year 2021 will be as follows:
Schedule B Interest and Ordinary Dividends (Form 1099-INT, Box 1): $2,750
Schedule A Itemized Deductions:
Charitable Donations: Ogden Episcopal Church: $5,000 Salvation Army: $350 Dinner dance sponsored by the Ogden Policemen’s Benevolent Orchestra: $250 Fair market value of tickets: $100 (2 × $50)
Other Expenses: Medical insurance premiums: $4,500
Doctor bill for Edward paid in 2021: $7,600
Operation for Edward: $8,500
Prescriptions for Edward: $900
Hospital expenses for Edward: $3,500
Property Taxes: $5,000
Interest on Home Mortgage: $12,800
Utilities: $4,100
Total Itemized Deductions: $52,400
Form 1040Adjustments to Income:
IRA Contributions: $0
Deduction for Self-Employed Taxes: $0
Educator Expenses: $0
Total Adjustments to Income: $0
Adjusted Gross Income: $151,550
Standard Deduction: $25,100
Qualified Business Income Deduction: $0
Total Taxable Income: $126,450
Tax on Taxable Income: $27,923.75
Form 8959: Additional Medicare Tax: $0
Form 8960: Net Investment Income Tax: $0
Total Tax: $27,923.75
Payments: Income tax withheld: $25,000
Estimated tax payments: $0
Total Payments: $25,000
Refundable credits: Child Tax Credit: $0
Other Dependents Credit: $1,000
Total Refundable Credits: $1,000
Total Tax Due: $26,923.75
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If you are the owner or manager of one of the fast food outlets,
for example, McDonald’s , how do you deal with the demand
forecasting, in particular, what to forecast and how to do it?
As the owner or manager of a fast food outlet like McDonald's, dealing with demand forecasting is crucial for efficient operations. To effectively forecast demand, it is important to consider both short-term and long-term factors that can influence customer demand.
Firstly, it is essential to forecast the overall demand for the outlet by analyzing historical sales data, seasonal patterns, and any specific events or promotions that may impact customer behavior. This includes considering factors such as day of the week, time of day, weather conditions, holidays, and local events.
Secondly, it is important to forecast the demand for specific menu items or product categories. This can be done by analyzing historical sales data, monitoring customer preferences, conducting market research, and staying updated on industry trends. This enables the outlet to optimize inventory management, reduce waste, and ensure that popular items are always available to meet customer demand.
To carry out demand forecasting, various techniques can be utilized, such as time series analysis, regression analysis, and machine learning algorithms.
Leveraging technology and data analytics can provide valuable insights for accurate demand forecasting, helping the outlet to align its operations, inventory management, and staffing levels accordingly. Additionally, regular review and adjustment of the forecast based on actual sales performance and customer feedback can further improve the accuracy of demand forecasting.
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An informal leader is an individual who is recognized by people outside the group as the official leader of the group.
True
False
The statement " An informal leader is an individual who is recognized by people outside the group as the official leader of the group" is false as an informal leader emerges within a group based on their personal qualities, expertise, or influence
An informal leader is not recognized by people outside the group as the official leader of the group. Instead, an informal leader emerges within a group based on their personal qualities, expertise, or influence, regardless of their formal position or title. Informal leaders may have strong interpersonal skills, knowledge, or charisma that allow them to gain the trust and respect of their peers, leading to their influence within the group.
Unlike formal leaders who are officially designated or appointed, informal leaders gain their leadership position through the recognition and acceptance of their peers. They may exert influence, provide guidance, and facilitate the group's functioning, but their authority is not based on formal designation.
Informal leaders can play a crucial role in guiding and motivating the group, even if they are not recognized as the official leader by people outside the group.
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We are given the following information about the U.S. economy in the fourth quarter of 2021:
Real GDP = $19,730.2 billion
Consumption (C) = $13,818.4 billion
Investment (I) = $3,903.0 billion
Government spending (G) = $3,359.0 billion
Exports (X) = ?
Imports (IM) = $3,740.8 billion
1. What was the level of Exports (X) in 2021Q4?
2. What percentage of Real GDP in 2021Q4 was Net Exports (NX)?
Exports (X) in the fourth quarter of 2021 amounted to $2,049.4 billion. Net Exports (NX) accounted for approximately 3.7% of Real GDP in 2021Q4.
To determine the level of Exports (X) in 2021Q4, we need to calculate the value by considering the components of the national income accounting identity. The identity states that GDP (Y) equals Consumption (C) + Investment (I) + Government spending (G) + Net Exports (NX), where Net Exports is calculated as Exports (X) minus Imports (IM).
Given the values:
Real GDP (Y) = $19,730.2 billion
Consumption (C) = $13,818.4 billion
Investment (I) = $3,903.0 billion
Government spending (G) = $3,359.0 billion
Imports (IM) = $3,740.8 billion
We can rearrange the equation to solve for Exports (X):
Y = C + I + G + NX
19,730.2 = 13,818.4 + 3,903.0 + 3,359.0 + NX
19,730.2 = 21,080.4 + NX
NX = 19,730.2 - 21,080.4
NX = -1,350.2 billion
Since Net Exports (NX) is negative, it means that the United States had a trade deficit in 2021Q4, indicating that imports exceeded exports. To determine the level of Exports (X), we subtract the value of imports from the value of net exports:
X = NX + IM
X = (-1,350.2) + 3,740.8
X = 2,049.4 billion
Therefore, the level of Exports (X) in the fourth quarter of 2021 was $2,049.4 billion.
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A local furniture store is advertising a deal in which you buy a $5,900 living room set with three years before you need to make any payments (no interest cost is incurred). How much money would you have to deposit now in a savings account earning 4 percent APR, compounded monthly, to pay the $5,900 bill in three years? (Do not round intermediate calculations and round your final answer to 2 decimal places.) How much would you have to deposit in the savings account each month 4 percent APR to be able to pay the bull? (Do not round intermediote colculations and round your final answer to 2 decimal places.)
You would need to deposit approximately $138.72 in the savings account each month, with a 4% APR, to be able to pay the $5,900 bill in three years.
To calculate the amount of money that needs to be deposited now, we can use the present value formula:
PV = FV / (1 + r/n)^(n*t)
Where:
PV = Present value
FV = Future value (the $5,900 bill)
r = Annual interest rate (4%)
n = Number of times interest is compounded per year (monthly, so n = 12)
t = Number of years (3)
Substituting the values into the formula, we have:
PV = 5900 / (1 + 0.04/12)^(12*3)
PV = 5900 / (1 + 0.003333)^36
PV ≈ 4983.95
Therefore, you would need to deposit approximately $4,983.95 in the savings account now to pay the $5,900 bill in three years.
To calculate the monthly deposit required, we can use the future value of an ordinary annuity formula:
FV = PMT * ((1 + r/n)^(n*t) - 1) / (r/n)
Where:
FV = Future value (the $5,900 bill)
PMT = Monthly deposit
r = Annual interest rate (4%)
n = Number of times interest is compounded per year (monthly, so n = 12)
t = Number of years (3)
Substituting the values into the formula, we have:
5900 = PMT * ((1 + 0.04/12)^(123) - 1) / (0.04/12)
PMT = 5900 * (0.04/12) / ((1 + 0.04/12)^(123) - 1)
PMT ≈ 138.72
Therefore, you would need to deposit approximately $138.72 in the savings account each month, with a 4% APR, to be able to pay the $5,900 bill in three years.
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A $100,000 5-year 6% bond is issued on January 1, 2021. The bond pays interest annually. The market rate is 7%. What is the selling price of the bonds, rounded to nearest dollar?
A.$104,213
B.$100,000
C.$95,900
D.$ 4,100
Which is correct regarding the effect of tax rate changes on income tax expense, assets, and liabilities?
A. When a company makes no sales and has no expenses such that its pre-tax income is zero, a change in tax rate always results in zero net income.
B. When the tax rate increases, the increase in deferred tax liabilities creates tax expense.
C. Enterprises need to take account of changes in future tax rates legislation only if it has been passed into legislation and not if it is only considered "substantively enacted."
D. When the tax rate decreases, the decrease in deferred tax liabilities creates a tax expense.
The price of the bond rounded to the nearest dollar is $95,900.
Face Value or Par Value of bond (F) = $100,000 Coupon Rate (C) = 6% Maturity Period or time (n) = 5 years Market rate or Yield rate (y) = 7%
Since the market rate is greater than the coupon rate, the bond value will be less than its par value or will be sold at a discount. Price of Bond can be calculated by using the below formula,
Price of Bond = PV of Interest Payments + PV of Maturity Value
PV of Interest Payments = (C x F) x [1 - 1/(1+y)n] / y
PV of Maturity Value = F / (1+y)n
Putting the given values, we get
PV of Interest Payments = (6% x $100,000) x [1 - 1/(1+7%)^5] / 7% = $27,870.13
PV of Maturity Value = $100,000 / (1+7%)^5 = $67,029.87
Therefore, Price of Bond = PV of Interest Payments + PV of Maturity Value
= $27,870.13 + $67,029.87= $94,900.00
The price of the bond rounded to the nearest dollar is $95,900.
Since, the first question is answered, the correct option regarding the effect of tax rate changes on income tax expense, assets, and liabilities is (B) When the tax rate increases, the increase in deferred tax liabilities creates tax expense.
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Will setting more challenging targets always result in better
performance by employees? Outline three ways in which budgetary
targets can be better accepted by employees.
Setting more challenging targets does not always guarantee better performance by employees.
While ambitious goals can motivate and drive individuals to perform at their best, there are other factors to consider that can impact employee performance. It is important to outline three ways in which budgetary targets can be better accepted by employees:
1. Inclusion in the goal-setting process: When employees are involved in the process of setting budgetary targets, they are more likely to have a sense of ownership and commitment towards achieving those targets. Inclusion allows employees to provide input, express concerns, and contribute their insights, which fosters a sense of empowerment and increases acceptance of the targets.
2. Clear and transparent communication: Effective communication is vital for employees to understand the rationale behind the budgetary targets. Leaders should clearly articulate the reasons for the targets, such as market conditions, organizational goals, or financial constraints. Transparent communication helps employees comprehend the purpose and importance of the targets, reducing resistance and increasing acceptance.
3. Adequate resources and support: When employees are provided with the necessary resources, tools, and training to accomplish the budgetary targets, they are more likely to accept and strive to achieve them. Lack of resources or unrealistic expectations can lead to frustration and demotivation. Leaders should ensure that employees have access to the required resources and provide support in terms of training, guidance, and regular feedback to facilitate goal attainment.
In conclusion, while challenging targets can be a driving force for improved performance, the acceptance and effectiveness of budgetary targets can be enhanced by involving employees in the goal-setting process, ensuring clear communication, and providing adequate support and resources.
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Suppose that you decide to buy a car for $25,792, including taxes and license fees. You saved $5000 for a down payment and can get a five-year loan at 6.57%. Find the monthly payment and the total interest for the loan.
The monthly payment for the loan is $398.03, and the total interest for the loan is $4,881.72.
To calculate the monthly payment and the total interest for the loan of the car, the following formula can be used:
Where, PV = present value, FV = future value, r = annual interest rate, n = number of periods.
Using this formula:
PV = 25,792 – 5000 = $20,792
r = 6.57% / 12 = 0.005475
n = 5 years x 12 = 60 months
FV = 0
By substituting the values into the formula, the monthly payment can be calculated:
PM = 20,792 × 0.005475 / [1 – (1 + 0.005475)−60]≈ $398.03
And, the total interest for the loan can be calculated by multiplying the monthly payment by the number of payments (60) and subtracting the present value of the loan from the result:
Total Interest = 60 × 398.03 – 20,792≈ $4,881.72
Therefore, the monthly payment for the loan is $398.03, and the total interest for the loan is $4,881.72.
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Transcribed image text: 1. Procter, president of a food company, must decide whether to market a new breakfast drink which the R and D division has developed. A special meeting devoted to this topic yields the following information: The marketing vice-president has defined two possible outcomes for the success of this product; either the public will accept the product, or it will not. She believes that the product will be accepted with probability 0.1. The cost engineers believe that if the product is marketed and accepted, the company will net $100,000 yearly. If the product is rejected, however, the company will suffer a net loss of $20,000 yearly. If Procter decides not to market the product, her company will neither accrue more cost nor make any profit on this product. Procter always makes decisions based on the expected value of the outcomes. A. What is the best strategy in this case? B. Compute for EVPI. Before she can implement the strategy found in part (A), the marketing VP informs Proctor that she has developed a market test for the product. She proposes to test a sample population to determine its preference for the breakfast drink. Based on histories of similar tests, she estimates that the sample population would not accept the drink with probability 0.2, when in fact the product would be accepted by the general public. She also believes that one time in forty, the drink would be accepted by the public when the test group rejects it. Finally, she informs Procter that the probability that the public accepts the drink when the test group accepts is 0.4. C. Determine the best strategy by performing a decision tree analysis. D. How much is the expected cost of the market test?
A. The best strategy is to monetize the breakfast drink. B. The EVPI is $40,000. C. The best strategy by performing a decision tree analysis is to test the market. D. The expected cost of the market test is $40,000.
A. Best Strategy: The best strategy for this case is to market the breakfast drink as the expected value of the net income from the product if it is marketed and accepted is higher than the net loss from the product if it is marketed and rejected and also higher than the expected value if the company does not market the product.
B. Computation of EVPI: The expected value of perfect information (EVPI) can be computed as follows: EVPI = EMV with perfect information - EMV without perfect information.
Here, EMV with perfect information = $100,000 as the probability of acceptance with perfect information is 1. EMV without perfect information = $60,000. Thus, EVPI = $100,000 - $60,000 = $40,000.
C. Best strategy by performing a decision tree analysis: To determine the best strategy by performing a decision tree analysis, we can construct a decision tree as shown below.
/ \
Accept Reject
/ | | \
0.4 0.6 0.2 0.8
/ \ | \
$100,000 -$20,000 -$20,000 -$20,000
Based on the decision tree analysis, the best strategy is to test the market first. If the product is accepted by the test group, the company can market it and expect a net income of $70,000. If the product is rejected by the test group, the company can choose not to market the product and suffer no net loss.
D. Expected cost of the market test: The expected cost of the market test can be computed as follows:
Expected cost of market test = (Cost of test if product is accepted) x P(product accepted by test group) + (Cost of test if product is rejected) x P(product rejected by test group)
= $50,000 x 0.8 + $10,000 x 0.2
= $40,000.
Therefore, the expected cost of the market test is $40,000.
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A security with higher risk will have a higher expected return. A bond’s risk level is reflected in its yield, but understanding the different risks involved when investing in bonds is important.
The curves on the following graph show the prices of two 10% annual coupon bonds at various interest rates.
Based on the graph, which of the following statements is true?
Neither bond has any interest rate risk.
The 1-year bond has more interest rate risk.
The 10-year bond has more interest rate risk.
Both bonds have equal interest rate risk.
Frank Barlowe is retiring soon, so he’s concerned about his investments providing him with a steady income every year. He’s aware that if interest rates , the potential earnings power of the cash flow from his investments will increase. In particular, he is concerned that a decline in interest rates might lead to annual income from his investments. What kind of risk is Frank most concerned about protecting against?
Interest rate risk
Reinvestment risk
Answer the following question based on your understanding of interest rate risk and reinvestment risk.
True or False: Assuming all else is equal, short-term securities are exposed to higher reinvestment risk than long-term securities.
True
False
A. Generally, the interest rate risk for any bond is usually low, it is expected that the interest rate risk is low.
B. He is most concerned about protecting against reinvestment risk.
C. The statement is False.
How did we arrive at these assertions?A. Based on the information provided, the graph shows the prices of the bonds at various interest rates, but it doesn't directly indicate the interest rate risk. However, the interest rate risk for any bond is usually low, it is expected that the interest rate risk is low.
B. In the case of Frank Barlowe, he is most concerned about protecting against reinvestment risk. Reinvestment risk refers to the potential for declining interest rates to negatively impact the income generated from reinvesting the proceeds of matured investments. Since Frank is concerned about a decline in interest rates leading to a reduction in annual income from his investments, he is primarily concerned about protecting against reinvestment risk.
C. Regarding the second question, the statement "Assuming all else is equal, short-term securities are exposed to higher reinvestment risk than long-term securities" is False. Typically, longer-term securities are more exposed to reinvestment risk. With short-term securities, the investment horizon is shorter, and there are more opportunities to reinvest at potentially higher interest rates. In contrast, long-term securities lock in the interest rate for an extended period, making them more susceptible to changes in interest rates and potential reinvestment risk.
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Prior to 1990, wage setting was
Select one:
a.
always accompanied by industrial action of some sort.
b.
decentralised and focused on the employer-employee relationship.
c.
linked solely to the CPI.
d.
centralised with a high level of government involvement.
Prior to 1990, wage setting in many countries was centralized with a high level of government involvement. In the decades leading up to 1990, many countries implemented a system where the government played a central role in wage setting.
This approach involved the government establishing wage policies and frameworks that applied to a broad range of industries and sectors. The government would often engage in negotiations with representatives from employers' organizations and trade unions to determine wage levels and adjustments.
This centralized wage-setting system aimed to maintain stability and address issues such as income inequality and inflation. However, it also meant that wages were not solely determined by the market forces of supply and demand or the specific needs and conditions of individual employers and employees.
The government's involvement in wage setting during this period often led to a lack of flexibility and responsiveness to changing economic conditions and individual workplace dynamics. This centralization also meant that industrial action, such as strikes or protests, was less common as negotiations and disputes were typically channeled through the government-led process.
In summary, prior to 1990, wage setting was centralized with a significant level of government involvement. This approach aimed to establish stability and address broader economic concerns but limited the flexibility and individualized nature of wage negotiations.
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he Pacific Division of Cullumber Industries reported the following data for the current year. Sales $4,179,930 Variable costs 2,625,000 Controllable fixed costs 825,000 Average operating assets 5,034,000 Top management is unhappy with the investment center’s return on investment. It asks the manager of the Pacific Division to submit plans to improve ROI in the next year. The manager believes it is feasible to consider the following independent courses of action. 1. Increase sales by $425,000 with no change in the contribution margin percentage. 2. Reduce variable costs by $145,986. 3. Reduce average operating assets by 4% (a) Compute the return on investment for the current year. (Round answers to 1 decimal place, e.g. 52.7%.) Return on investment enter the return on investment in percentages %
Given Data: Sales = $4,179,930Variable Costs = $2,625,000Controllable Fixed Costs = $825,000Average Operating Assets = $5,034,000ROI Formula: ROI = Operating Income / Average Operating Assets Operating Income = Sales - Variable Costs - Controllable Fixed Costs Calculations.
Operating Income = $4,179,930 - $2,625,000 - $825,000 = $729,930ROI = $729,930 / $5,034,000 x 100% = 14.5%Therefore, ROI for the current year is 14.5%.ROI or return on investment is a profitability ratio that calculates the amount of return earned on an investment based on the amount of capital invested. It is one of the most significant financial ratios, as it provides investors with a snapshot of the amount of money they can earn on their investment. In simple terms, ROI is the amount of money an investment earns divided by the amount of money invested. ROI is computed by dividing Operating Income by Average Operating Assets. Operating Income can be calculated by subtracting the total variable and fixed costs from the total sales revenue. In this given case, the operating income is $729,930.
Average Operating Assets is the average amount of assets used in the business. It is calculated by adding the beginning assets to the ending assets and dividing it by 2. In this given case, the average operating assets are $5,034,000.Therefore, the ROI for the current year is 14.5%. As per the question, top management is not satisfied with the investment center’s ROI and is asking the manager to submit plans to enhance ROI in the next year. The manager believes the following independent courses of action can be considered:Increase sales by $425,000 with no change in the contribution margin percentage.Reduce variable costs by $145,986.Reduce average operating assets by 4%.By choosing the above courses of action, the manager can improve ROI in the next year. But it is also important to note that there are limitations of ROI. ROI is not a perfect ratio to measure the investment's worth. This is because it doesn't account for the time value of money, inflation, or risk.
In conclusion, ROI is a financial ratio used to determine an investment's worth based on its return relative to the capital invested. It is calculated by dividing the operating income by the average operating assets. In the given scenario, the ROI for the current year is 14.5%. Top management is not pleased with the investment center’s ROI and is asking the manager to submit plans to enhance ROI in the next year. The manager proposes three independent courses of action that can be considered to increase ROI in the next year.
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Describe how you would prepare to negotiate the purchase of a home.
Preparing to negotiate the purchase of a home requires careful planning and research. Remember, negotiation is a skill that takes practice. By following these steps and staying informed, you can prepare yourself to negotiate the purchase of a home confidently.
Here's a step-by-step guide to help you prepare:
1. Determine your budget: Assess your financial situation, including your income, savings, and credit score. Decide on a realistic budget for purchasing a home, taking into account down payment, closing costs, and ongoing expenses.
2. Research the market: Familiarize yourself with the current real estate market. Study recent sales data, property prices, and market trends in the area you're interested in. This will help you understand the market value of homes and negotiate effectively.
3. Define your preferences: Make a list of your must-haves and deal breakers. Consider factors like location, size, amenities, and condition. Knowing your preferences will guide your search and give you an advantage during negotiations.
4. Get pre-approved for a mortgage: Contact multiple lenders and get pre-approved for a mortgage. This will help you understand how much you can afford and strengthen your position as a serious buyer during negotiations.
5. Find a real estate agent: Hire a knowledgeable and experienced real estate agent. They will provide valuable guidance, negotiate on your behalf, and protect your interests throughout the process.
6. Inspect the property: Before negotiations, schedule a professional home inspection. This will identify any potential issues or required repairs that may impact the negotiation process.
7. Gather relevant documents: Collect all necessary documents, including financial statements, proof of income, pre-approval letter, and any additional paperwork required by your lender or seller.
8. Determine your negotiation strategy: Set your goals and decide on your negotiation strategy. Consider factors like the property's market value, condition, time on the market, and the seller's motivation. Be prepared to make counteroffers and negotiate terms like price, repairs, closing date, or contingencies.
9. Practice effective communication: Develop effective communication skills to clearly articulate your needs, concerns, and expectations. Stay calm, respectful, and open-minded during negotiations to create a cooperative environment.
10. Consult with professionals: Seek advice from professionals like real estate attorneys or financial advisors to ensure a smooth negotiation process and protect your interests.
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MOTORS AND MORE INC. You are hired as the HR director for the fictitious Motors and More, Inc. This business-to- business sales company manufactures small motors and accessories for industrial and home products. The industry is highly competitive and the company follows a prospector strategy. A prospector strategy takes advantage of new markets and products. Organizational emphasis is on growth, innovation, and new product development. A prospector wants to be first to the market. To respond to competitive and rapidly changing markets, prospectors have flexible, flat, and decentralized organizational structures. Motors and More is headquartered in a small southern town of 28,000 people, with a low unemployment rate of 3.1%. This means that demand for workers exceeds labor supply. There is a technical school and a community college within 50 miles of Motors and More. Motors and More's president is a former military and is highly patriotic. He is committed to staying in the community. Recently, other local companies have experienced labor organizing activities. Motors and More employs 116 people. Until you were hired, there was no HR department. Recently, the organization's employee turnover rate has been higher than normal. The marketing and sales department continues to sell products to an expanding market. Because of this increased product demand, output must be increased by 96 percent. In Motors and More, 88% of the employees are Caucasian. Except for one female supervisor in the customer service department, the president and all other managers are Caucasian men. Promotions have been based on seniority. Local labor market is approximately 48% minority, with a growing Hispanic and Kurdish population not fully accepted into the community. All the employees in manufacturing (including quality control), customer service and operations (responsible for shipping and receiving; distribution of raw materials, components parts and finished goods inventory; and maintenance and cleaning) have at least a high school degree or GED. The organization provides some skills training courses. Please refer to the organizational chart in Figure 1 for more details. HR Director Staff (TBD) Finance and Accounting 1 manager, 5 professionals and 1 hourly (includes payroll) President Manufacturing Quality Control 1 manager and 69 employees 3 employees Figure 1. Motors and more organization chart. Operations 1 manager 14 employees Maintenance and Cleaning 1 leader 3 employees ASSIGNMENT Customer Service- Marketing/ inbound only Sales 1 female supervisor 1 manager 5 CRS 9 salesmen 1. Describe a typical HR department, not one for Motors and More, Include: a. A chart for the HR department, with each position properly labeled (job title). b. For each position, show: i. Objective. ii. Expected outcomes. iii. Activities to perform to produce the expected outcomes. iv. Competencies necessary to perform the activities.
This is a case of Motors and More Inc. which is highly competitive with a prospector strategy. The company manufactures small motors and accessories for industrial and home products.
Human Resource department is the backbone of any organization. It is responsible for the welfare of the employees and their development in the company. The HR department is responsible for the recruitment of the right candidates for the right position. It is responsible for the training and development of employees. Apart from that, the HR department plays a vital role in maintaining the discipline and decorum in the company. The HR department is responsible for maintaining healthy relations with the labor union. In simple words, the HR department is the mediator between the company and employees.
A typical HR department is headed by an HR manager. The HR manager is responsible for the planning and implementation of HR policies. In big organizations, the HR manager is supported by an HR generalist. The HR generalist is responsible for the day-to-day implementation of HR policies. The HR department is also responsible for providing benefits to the employees like insurance, provident fund, etc. The HR department is responsible for conducting training programs for employees to improve their skills. The HR department is also responsible for conducting employee satisfaction surveys. The HR department is responsible for maintaining employee records.
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Exercise 6-14 Bank reconciliation LO P3 Wright Company's cash account shows a $29,300 debit balance and its bank statement shows $27,600 on deposit at the close of business on May 31. a. The May 31 bank statement lists $190 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $6,500. c. May 31 cash receipts of $7100 were placed in the bank's night depository after banking hours and were not recorded on the May 31 bank statement. d. In reviewing the bank statement, a $490 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $420 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information. WRIGHT COMPANY Bank Reconciliation May 31 Book balance Add: Bank statement balance Add: Deduct: Deduct: Adjusted bank balance 0 Adjusted book balance
The adjusted book balance is $43,900, and the adjusted bank balance is $27,590.
To reconcile the bank statement with the company's cash account, we need to account for the differences between the two balances.
WRIGHT COMPANY Bank Reconciliation May 31
Book balance: $29,300
Add: Outstanding checks: $6,500
Add: Deposits in transit: $7,100
Adjusted book balance: $43,900
Bank statement balance: $27,600
Add: Deposits not recorded: $7,100
Deduct: Outstanding checks: $6,500
Deduct: Bank service charges: $190
Deduct: NSF check: $420
Adjusted bank balance: $27,590
Starting with the book balance of $29,300, we add the outstanding checks of $6,500, as these checks have been issued by the company but have not yet cleared the bank. This increases the book balance to $35,800.
Next, we add the cash receipts of $7,100 that were deposited in the bank's night depository after banking hours on May 31 but were not recorded on the bank statement. This increases the book balance further to $42,900.
Moving on to the bank statement balance of $27,600, we add the deposits not recorded on the statement, which amount to $7,100. This increases the bank statement balance to $34,700.
Now, we deduct the outstanding checks of $6,500 from the bank statement balance, as these checks have not yet cleared the bank. This leaves us with an adjusted bank balance of $28,200.
Furthermore, we deduct the bank service charges of $190, which were listed on the bank statement but have not yet been recorded by the company. This brings the adjusted bank balance down to $28,010.
Lastly, we deduct the NSF check of $420 that was returned by the bank due to insufficient funds. The company has not yet recorded this NSF check. As a result, the adjusted bank balance is now $27,590.
Therefore, after reconciling the bank statement with the company's cash account, the adjusted book balance is $43,900, and the adjusted bank balance is $27,590.
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This week's discussion topic is the following:
1. What does the statement, "There is nothing so practical as a good theory" mean? What are some theories offered to explain aspects of your field of business?
The statement,“there is nothing so practical as a good theory” was of Kurt Lewin and it implies that good theory is practical precisely since it provide advances knowledge in a scientificdisciplin as well as in management
The theory offered to explain aspects of my field of business is Management theory.
What is good theory?A strong theory is exact, with well-defined ideas and operationalizations that leave minimal room for wiggle room or arbitrary interpretation.
Theories aid in the organization of pertinent empirical facts and these are those that can be measured or observed, and in some cases, in order to establish a framework for comprehending occurrences.
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Use the information below to calculate the Expected return of your portfolio to 1 decimal in percent form. Note 12.31% expected return should be entered as "12.3" Stock 1 Weights 20 % The rest if it Expected Return 13 % 9% Standard Dev. 35 % 18% Correlation between stocks1 and 2 0.72 9.7 Stock 2 9.8 margin of error +/-0.5 Well don
Based on the given information and calculations, the expected return of the portfolio is 11.1%. However, it is important to note that the margin of error of +/- 0.5 should be considered, which means the actual expected return could range from 9.3% to 10.3%.
To calculate the expected return of the portfolio, we need to consider the weights and expected returns of each stock in the portfolio.
Stock 1 weight: 20%
Stock 2 weight: The rest of it (80%)
Stock 1 expected return: 13%
Stock 2 expected return: 9%
To calculate the expected return of the portfolio, we can use the following formula:
Expected Return = (Weight of Stock 1 * Expected Return of Stock 1) + (Weight of Stock 2 * Expected Return of Stock 2)
Substituting the given values into the formula:
Expected Return = (0.2 * 13%) + (0.8 * 9%)
Expected Return = 0.026 + 0.072
Expected Return = 0.098
Converting the decimal to a percentage:
Expected Return = 9.8%
However, the margin of error of +/- 0.5 should be taken into account. This means that the actual expected return of the portfolio could range from 9.3% to 10.3%.
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Research and share some of the employment opportunities and practices for your selected and approved retailer. Start with the retailer’s website - in addition to career opportunities, you can learn a lot of about what the company offers its employees. An internet search is also recommended - often blogs and articles will give you a different point of view.
Consider your selected and approved retailer. Who are your retailer’s direct competitors? What is your retailer’s strategy (target market, format/resources, and bases on which the retailer attempts to build a sustainable competitive advantage). How does your retailer’s strategy compare with respect with its competitors?
To gather information about employment opportunities and practices for the selected retailer, it is recommended to explore the retailer's website and conduct an internet search.
The retailer's website often provides insights into career opportunities and the benefits and perks offered to employees. Additionally, blogs and articles can offer different perspectives on the company's employment practices.
Furthermore, to understand the retailer's competitive landscape, it is important to identify its direct competitors. By examining the retailer's strategy, including its target market, format/resources, and the bases on which it attempts to build a sustainable competitive advantage, a comparison can be made with its competitors to assess the uniqueness and effectiveness of its strategy.
To gain an understanding of the employment opportunities and practices of the selected retailer, it is beneficial to explore the retailer's official website. The website often has a dedicated section that provides information about career opportunities, including job listings, internships, and potential growth paths within the company. It may also highlight employee benefits, such as healthcare coverage, retirement plans, employee discounts, and training programs. These details offer insights into the retailer's commitment to employee development and well-being.
In addition to the retailer's website, conducting an internet search can provide access to blogs and articles that discuss the retailer's employment practices from a different perspective. These sources may include employee testimonials, reviews, or industry analyses that shed light on the retailer's work environment, culture, and policies. They can offer a more nuanced view of the retailer's approach to employee engagement and satisfaction.
Identifying the retailer's direct competitors is crucial to understanding its positioning within the industry. Competitors may include retailers with similar target markets, product offerings, or business models. By comparing the retailer's strategy with its competitors, it becomes possible to assess its uniqueness and effectiveness in building sustainable competitive advantage.
The retailer's strategy encompasses its target market, the format and resources it employs, and the bases on which it aims to establish a sustainable competitive advantage. This includes factors such as pricing, product differentiation, customer service, supply chain management, and technological innovations. By evaluating how the retailer's strategy aligns with its competitors, it becomes possible to determine the retailer's competitive positioning and its ability to differentiate itself in the marketplace.
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The Omega Venture Group needs to borrow to finance a project. Repayment of the loan involves payments of
$5,060
at the end of every
year
for
six
years. No payments are to be made during the development period of
six
years. Interest is
8%
compounded
monthly.
(a) How much should the Group borrow?
(b) What amount will be repaid?
(c) How much of that amount will be interest?
The Omega Venture Group will pay a total of $1,998.83 in interest. The Omega Venture Group needs to borrow to finance a project. Repayment of the loan involves payments of $5,060 at the end of every year for six years.
No payments are to be made during the development period of six years. Interest is 8% compounded monthly.
(a) Calculation of how much the Omega Venture Group should borrow:
Present value of annuity due = PVA = PMT [(1 - (1 / (1 + i)n)) / i]
(where PMT is the annuity payment, i is the interest rate per year, and n is the number of periods)PMT = $5,060i = (8/12)% = 0.0066666667n = 6 years Present value of the annuity due = $24,344.09
Loan amount = Present value of the annuity due + Present value of the development period Present value of the development period = $0
Loan amount = $24,344.09
(b) Calculation of how much will be repaid: The Omega Venture Group will repay the entire loan amount of $24,344.09, which is the present value of the annuity due.
(c) Calculation of how much of that amount will be interest: Loan amount = Present value of the annuity due + Present value of the development period Present value of the development period = $0Loan amount = $24,344.09Total interest = Total payment − Loan amount = 6 × $5,060 − $24,344.09 = $331.91 per year
Since interest is compounded monthly, we can calculate the total amount of interest by multiplying the number of payments by the amount of interest per period. Number of payments = 6 × 12 = 72
Total interest = Number of payments × Interest per period = 72 × ($331.91 / 12) = $1,998.83
Therefore, the Omega Venture Group will pay a total of $1,998.83 in interest.
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