Especially good stories make their conflicts interesting by setting them in different circumstances.
Conflict is an essential element of storytelling that drives the narrative and engages the audience. Conflict creates tension, challenges the characters, and propels the story forward. In successful storytelling, conflicts are often made interesting by placing them in unique or varied circumstances. By presenting conflicts in different settings or contexts, storytellers can make them more compelling, relatable, and impactful for the audience.
In the context of successful storytelling, one true statement about conflict in a story is that especially good stories make their conflicts interesting by setting them in different circumstances. This approach adds depth and intrigue to the narrative, making the conflicts more engaging for the audience.
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The steps of the decomposition forecasting method are below. Place them in the correct order.
1. Multiply by seasonal indices to seasonalize the forecasted points
2. Determine the seasonal indices
3. Determine the trend line
4. Divide by the seasonal indices to de-seasonalize the historical data
5. Forecast using the trend line
The correct order of the steps in the decomposition forecasting method is to determine the trend line, determine the seasonal indices, divide by the seasonal indices to de-seasonalize the historical data, forecast using the trend line, and finally, multiply by seasonal indices to seasonalize the forecasted points.
Determine the trend line: This step involves identifying the underlying trend in the historical data. It can be done through techniques like regression analysis or moving averages.
Determine the seasonal indices: In this step, seasonal patterns or fluctuations in the data are identified. Various methods such as seasonal averages or ratio-to-moving-average can be used to determine the seasonal indices.
Divide by the seasonal indices to de-seasonalize the historical data: The purpose of this step is to remove the seasonal effect from the historical data. By dividing the historical data by the corresponding seasonal indices, the data is adjusted to a deseasonalised level.
Forecast using the trend line: Once the trend line and deseasonalised data are obtained, the trend line is extended to forecast future values. This forecast represents the long-term trend in the data.
Multiply by seasonal indices to seasonalize the forecasted points: In the final step, the forecasted values are adjusted to incorporate the seasonal pattern. This is done by multiplying the trend-based forecasted values by the seasonal indices.
Following these steps helps in accurately forecasting future values while accounting for both the trend and seasonal patterns in the data.
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Consider an investment with an initial cost of $20,000 and is expected to last for 5 years. The expected cash flow in years 1 and 2 are $5000, in years 3 and 4 are $5,500 and in year 5 is $1,000. The total cash inflow is expected to be $22,000 or an average of $4,400 per year. Compute the payback period in years. Multiple Choice 3.18 3.82 4.55
4.00
The payback period of this investment is 4.55 years. Therefore, option C (4.55) is correct.
The payback period refers to the time it takes for the initial cost of an investment to be recovered from the cash flows generated by the investment.
The payback period can be calculated by dividing the initial cost of the investment by the average annual cash inflow from the investment.
Let's now solve this question given in the problem:
Given,Initial cost of investment = $20,000
Expected cash flow in years 1 and 2 = $5000
Expected cash flow in years 3 and 4 = $5500
Expected cash flow in year 5 = $1000
Total cash inflow = $22,000
Average annual cash inflow = $22,000 / 5 years = $4400 per year
To calculate the payback period, we need to divide the initial cost of the investment by the average annual cash inflow as follows:
Payback period = Initial cost / Average annual cash inflow
Therefore, Payback period = $20,000 / $4400 per year = 4.55 years
Therefore, the payback period of this investment is 4.55 years. Therefore, option C (4.55) is correct.
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Question 34 1 Point The Head of IT Systems and Applications has a high sense of accomplishment and achievement which is derived from doing the work itself. Specify the Head of IT Systems and Applications source of motivation. [Explanation is not required] Use the editor to format your answer
The Head of IT Systems and Applications derives motivation from the need for achievement. The need for achievement refers to an individual's desire to accomplish challenging goals and experience a sense of accomplishment from their work.
This individual finds motivation and satisfaction in the work itself, driven by the inherent challenge, complexity, and the opportunity to utilize their skills and expertise in the field of IT systems and applications. The Head of IT Systems and Applications likely sets ambitious goals, takes on challenging projects, and actively seeks opportunities for growth and advancement within their role.
They derive fulfillment from overcoming obstacles, solving complex problems, and delivering successful outcomes in their area of expertise. The sense of accomplishment gained from mastering technical skills, developing innovative solutions, and contributing to the success of IT systems and applications serves as a strong motivator for this individual.
In conclusion, the source of motivation for the Head of IT Systems and Applications is the need for achievement. Their drive and satisfaction come from the challenging nature of their work, the opportunity to apply their skills, and the sense of accomplishment derived from successfully completing tasks and projects.
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____ link business partners over the internet by providing them access to certain areas of each other's corporate intranets.
that extranet links business partners over the internet by providing them access to certain areas of each other's corporate intranets. What is an extranet An extranet is a private network that is partially open to selected parties outside of a company.
It can be used to share information and collaboration between businesses and customers, suppliers, or other partners. An extranet is a secured private network connection used by businesses to share information with one another is that the Extranet links business partners over the internet by providing them access to certain areas of each other's corporate intranets. An extranet is a private network that can be accessed by external entities, such as business partners, customers, and suppliers, over the internet.
It allows for the sharing of selected information, such as inventory, order status, or project updates, with authorized external entities. This allows for greater collaboration and communication between businesses and their partners extranet is a computer network that enables communication between organizations, typically to conduct a specific business function. It is an extension of an organization's intranet, and provides certain access to external entities, such as customers, suppliers, or business partners. An extranet is a private network that can be accessed by external entities, such as business partners, customers, and suppliers, over the internet. It allows for the sharing of selected information, such as inventory, order status, or project updates, with authorized external entities. This allows for greater collaboration and communication between businesses and their partners.
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Jason went through the papers analysing receivable expected credit loss estimate (Exhibit 4) when he noticed something that did not seem quite right. There have not been any changes applied to the historical rates to the receivable within 12-month period.
The historical rates applied to the receivables within the 12-month period have not been changed in the credit loss estimate.
Based on the given information, Jason observed that there have been no changes applied to the historical rates used in estimating the credit losses for the receivables within the 12-month period. This suggests that the company has not updated or adjusted the credit loss estimates based on any recent developments or changes in the creditworthiness of the debtors.
It is important to regularly review and update credit loss estimates to reflect current economic conditions, changes in customer payment behavior, and any relevant information that may affect the collectability of receivables. By not making any changes to the historical rates, the company may not be accurately reflecting the potential credit losses it may experience in the future.
In conclusion, the observation made by Jason indicates that there have been no changes made to the historical rates used in estimating the credit losses for receivables within the 12-month period. This raises concerns about the accuracy and relevance of the credit loss estimate and suggests a potential need for a review and adjustment of the estimates to reflect current conditions and risks.
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You are the COO of a company and realize that in recent times you get many customer complaints that your product has lost its qualitative edge over the competition’s products. You want to investigate the reason for the causes in quality drops and want to do a cause and effect analysis. Explain how you proceed and what main categories you generally look at. Once you have conducted the analysis you want to mitigate the risks of quality depreciation. Name one of the most common possibilities to do so and explain what it entails.
As the COO of a company and realizing that your product has lost its qualitative edge over the competition’s products and with customer complaints pouring in, you want to conduct a cause and effect analysis to investigate the reasons for the drop in quality.
You will want to follow these steps:Step 1: Identify the problem - you will need to define the problem and write it down as specifically as possible.Step 2: Create a fishbone diagram - to create a fishbone diagram, draw a horizontal line and attach the "spine" to it. At the end of the spine, draw a box that summarizes the problem. Next, draw lines that extend from the spine to the right and left, like the ribs of a fish. Label each of the lines according to the categories of causes you are looking for.Step 3: Brainstorm all possible causes - you will need to identify all of the causes that may have contributed to the problem.
Step 4: Analyze each cause - for each of the potential causes, you will need to consider whether it could have played a role in causing the problem. Ask why it happened to understand the underlying reasons for the cause.Step 5: Identify the root cause - once you have analyzed all of the possible causes, you will need to determine which one or ones are the root cause(s).Step 6: Develop a plan to fix the problem - you will need to develop a plan to fix the problem and implement it successfully.To mitigate the risks of quality depreciation, one of the most common possibilities is quality control. Quality control entails creating a set of guidelines to ensure that products or services meet a specific standard. This could involve training employees on the best practices, as well as putting in place a system of checks and balances to ensure that quality is maintained.
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Which of the following is the largest bank (as of 2017 a. Bank of China b. Wells Fargo Bank c. Bank of America d. JP Morgan Chase .. HSBC Holding Company 28 International banks are different from domestic bank in what way? a International banks can assist their clients in hedging exchange rate risk International banks can arrange trade financing c. None of the above All of the above e International banks can arrange for foreign exchange transactions
1. Bank of China is the largest bank as of 2017. Option A is the correct answer.
Even though Chinese banks are still the biggest businesses on the planet, competition in the global banking sector is growing as Wall Street recovers. According to the 2017 Forbes Global 2000, the two largest corporations in the world continue to be Industrial and Commercial Bank of China and China Construction Bank, but U.S.-based rivals are rapidly gaining ground.
2. All of the above option are true how international banks are different from domestic bank in what way. Option D is the correct answer.
Economic exchanges that happen outside of a country's borders are considered to be international banks. In a global transaction, the buyer and the seller are from separate nations. International enterprises use separate currencies since the buyer and vendor are not from the same country. Customers of multinational enterprises are more diverse in terms of their makeup. Companies engaged in foreign trade make larger capital investments.
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The complete question is, " 1. Which of the following is the largest bank as of 2017 ?
A. Bank of China
B. Wells Fargo Bank
C. Bank of America
D. JP Morgan Chase
E. HSBC Holding
2. International banks are different from domestic banks in what way(s)?
A. International banks can arrange trade financing.
B. International banks can arrange for foreign exchange transactions.
C. International banks can assist their clients in hedging exchange rate risk.
D. All of the above
E. None of the above"
Discuss measures a business could implement to prevent
the damaging effects of whistle-blowing.
To prevent the damaging effects of whistle-blowing, businesses can implement several measures:
Establish a robust internal reporting system: Create a confidential and secure reporting mechanism that allows employees to report concerns internally. This encourages employees to address issues within the organization rather than going public.
Develop a strong ethical culture: Foster an organizational culture that values transparency, ethics, and accountability. Promote ethical behavior through clear policies, training programs, and codes of conduct.
Provide protection for whistle-blowers: Implement policies and legal frameworks that protect employees who report wrongdoing from retaliation. This can include confidentiality guarantees, non-retaliation policies, and anonymous reporting options.
Encourage open communication: Create channels for employees to express concerns and provide feedback openly. This can include regular town hall meetings, suggestion boxes, or employee surveys to identify and address potential issues.
Conduct regular audits and risk assessments: Proactively assess and address potential risks within the organization. Regular audits can help identify areas of concern, prevent misconduct, and ensure compliance with laws and regulations.
Foster strong leadership: Promote ethical leadership at all levels of the organization. Leaders should set a positive example, encourage ethical behavior, and address concerns promptly and appropriately.
By implementing these measures, businesses can create an environment that encourages employees to report concerns internally, mitigating the potential damaging effects of whistle-blowing. It helps address issues internally, protect the organization's reputation, and maintain trust among employees and stakeholders.
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Boudica (B) and Arthur (A) are both homo economicus engaging in exchange. Boudica's utility function is given by U^B = 1/2 ln x^B + 1/2 ln y^B
Arthur's utility function is given by U^A = 1/2 ln x^A + 1/2 ln y^A
They are working out an exchange of archers (x) and knights (y) for the defense of their respective realms. Initially, Boudica has 80 archers and 30 knights, while Arthur has 20 archers and 50 knights. Boudica - because of her legend as a powerful warrior-queen- has take-it-or-leave-it power with respect to Arthur (who although also legendary, made the fatal error of leaving his sword stuck in a stone). What is Arthur's participation constraint (or fallback personal utility) in this exchange? (Round up your answer to the third decimal number. For example, if you think the answer is 12.345678, write 12.346)
Arthur's participation constraint, or fallback personal utility, in the exchange is approximately 3.660.
In this scenario, Boudica has the power to dictate the terms of the exchange, leaving Arthur with the choice to either accept or reject the offer. To determine Arthur's participation constraint, we need to find the minimum level of utility he must receive to agree to the exchange.
Given Boudica's utility function U^B = 1/2 ln x^B + 1/2 ln y^B and the initial endowment of both parties (Boudica: 80 archers, 30 knights; Arthur: 20 archers, 50 knights), we can calculate Boudica's utility as U^B = 1/2 ln 80 + 1/2 ln 30.
Arthur's fallback personal utility is the minimum utility he needs to maintain in the exchange. To find this, we set Arthur's utility equal to Boudica's utility and solve for the unknown variables (x^A and y^A) using his initial endowment. By substituting the values, we get U^A = 1/2 ln 20 + 1/2 ln 50.
Simplifying both expressions, we find that ln 80 + ln 30 = ln 20 + ln 50. This equation can be solved, and the resulting value for U^A is approximately 3.660.
Therefore, Arthur's participation constraint, or fallback personal utility, in this exchange is approximately 3.660
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Briefly explain the following Human Resource practices in your
organisation:
ii. Performance management
Performance management is the process of creating a work environment where people can accomplish their best and put their knowledge and skills to work.
What does it have?It involves the process of creating and maintaining a work environment that fosters the effectiveness of employees' performance.
There are several ways of executing this process, including the setting of individual goals, performance appraisal, regular feedback, and employee development opportunities, among other strategies.
Performance management is an essential component of any organization as it enables the organization to meet its goals and objectives. In my organization, performance management is done by setting individual goals that align with the organization's objectives. The performance appraisal system is also utilized, where performance is evaluated based on set standards.
The appraisal results are then used to identify areas of improvement and provide feedback to the employees. Performance management also involves the provision of regular feedback to employees. Managers are expected to provide regular feedback to their team members, highlighting their strengths and areas that require improvement. This feedback enables the employees to understand how they are performing and make necessary adjustments to improve their performance.
Employee development opportunities are also provided in my organization. This is achieved through training programs, job rotation, and mentorship programs. Such programs enable employees to acquire new skills and knowledge, which in turn improves their job performance and career growth.
Overall, performance management is a crucial practice in any organization that seeks to improve employee effectiveness and achieve organizational goals.
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: A rising service company A have started analyzing its market performance to assess its marketability in the next years. They have analyzed that in the start of the business, they cover M % of the whole market share's projection, they are expecting that 62% of their customers will still ask for service in the next year, also, 77% of the services from their sole competition will transfer to them in the next year. Considering that their projected market share on the next year is 70.7%, Determine their initial market share (M)% (answer in percentage)
The initial market share (M)% of company A is 52.5%. Let's assume the total market size is represented by T. m% of the whole market share's projection is initially covered by company A, so the initial market share is (M/100) * T.
In the next year, 62% of their customers will still ask for service. Therefore, their retained market share will be 62% of the initial market share.
Additionally, 77% of the services from their sole competition will transfer to company A. This means that 77% of the market share held by the competition will be added to company A's market share.
So, in the next year, company A's projected market share will be the sum of the retained market share (62% of initial market share) and the transferred market share (77% of competition's market share).
According to the given information, the projected market share for the next year is 70.7%. Therefore, we can set up the equation:
(62/100) * (M/100) * T + (77/100) * (100 - M)/100 * T = 70.7/100 * T
Simplifying the equation:
0.62 * (M/100) + 0.77 * (100 - M)/100 = 0.707
Solving this equation, we find that M ≈ 52.5%.
Hence, the initial market share (M)% of company A is approximately 52.5%.
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A bank has $500,000 in deposits and $475,000 in loans. It has loaned out all it can. It has a reserve ratio of a. 9.5 percent. b. 2.5 percent. c. 5 percent. d. 25 percent.
With $500,000 in deposits and $475,000 in loans, a bank that has loaned out all it can indicates that it has reached its maximum lending capacity. Given this scenario, the reserve ratio of the bank can be calculated to be a. 9.5 percent.
The reserve ratio represents the proportion of a bank's deposits that it is required to hold as reserves. By dividing the bank's loans by its deposits, we can determine the reserve ratio. In this case, the reserve ratio can be calculated as $475,000 (loans) divided by $500,000 (deposits), which equals 0.95 or 95%. To express it as a percentage, we subtract it from 100, resulting in a reserve ratio of 5%. Therefore, option c, 5 percent, is the correct answer. This means the bank must hold 5% of its deposits as reserves and has loaned out the remaining 95%.
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The behavior stage of conflict process represents
problem-solving and strategy phase
T
F
The statement "Behavior stage of conflict process represents problem-solving and strategy phase" is true.
The behavior stage of the conflict process is the phase where the conflicting parties come face to face and begin to communicate their points of view.
This is the problem-solving and strategy phase as it is during this stage that the conflicting parties try to identify the underlying causes of the conflict and work together to find a solution that is acceptable to all parties.
In this stage, both parties may engage in bargaining, compromise, or collaboration to find a solution. The outcome of this stage is dependent on the negotiating skills of both parties and their ability to find common ground.
However, it is important to note that the behavior stage can sometimes be tense and stressful, and in some cases, may lead to aggression or withdrawal if the parties are not able to find a satisfactory solution. Overall, the behavior stage of the conflict process is a crucial phase that sets the stage for the final resolution of the conflict.
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describe the purpose of a project charter and at least five of
its key components.
Please give minimum of 2 full paragraphs of information. Thank
you!
A project charter is a document that provides a high-level overview of a project, including its purpose, scope, objectives, and key stakeholders. It is an important document that helps to define the project and provides a roadmap for the project team to follow.
The purpose of a project charter is to clearly define the scope and objectives of a project and to establish a baseline for the project's success. It helps to ensure that the project team is aligned and working towards the same goals, and it provides a framework for decision-making and resource allocation.
Some of the key components of a project charter include the project's purpose, scope, objectives, key stakeholders, project timeline, budget, and resources. The purpose section provides an overview of the project and its goals. The scope section defines the boundaries of the project and outlines what is and is not included.
The objectives section defines the specific outcomes that the project is expected to achieve. The key stakeholders section identifies the individuals or groups that have a vested interest in the project's success. The project timeline section outlines the major milestones and deliverables for the project. The budget section provides an estimate of the project's costs and the resources section identifies the people and equipment that will be needed to complete the project.
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Andrei identified a comparable firm for a new division you are heading up. The comparable has an expected return on its equity of 8.4% and its debt has a yield of 3.1%. The market value of the comparable’s equity and debt are $30B and $4B, respectively. What is the appropriate discount rate to use for projects in Andrei’s divisions?
The appropriate discount rate to use for projects in Andrei’s divisions is 8.12%. Explanation: Given, The comparable has an expected return on its equity of 8.4% and its debt has a yield of 3.1%.The market value of the comparable equity and debt are $30B and $4B, respectively.
Therefore, The weight of equity = Market value of equity / (Market value of equity + Market value of debt) = 30 / (30 + 4) = 0.882 The weight of debt = Market value of debt / (Market value of equity + Market value of debt) = 4 / (30 + 4) = 0.118 The cost of equity = expected return on equity = 8.4% The cost of debt = yield on debt = 3.1% The tax rate = 21%
Now, we can calculate the weighted average cost of capital (WACC). WACC = (weight of equity x cost of equity) + (weight of debt x cost of debt x (1 - tax rate))
WACC = (0.882 x 8.4%) + (0.118 x 3.1% x (1 - 21%))
WACC = 7.4112% + 0.2362%WACC = 7.6474%≈ 8.12%
Hence, the appropriate discount rate to use for projects in Andrei’s divisions is 8.12%.
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PeeDee Corporation borrowed $900,000 from First State Bank on September 1., 2022, signing a six-month, 8% note payable. Principal and interest are due at maturity. First State Bank has a calendar year
Based on the information provided, PeeDee Corporation borrowed $900,000 from First State Bank on September 1, 2022, with a six-month, 8% note payable. This means that PeeDee Corporation will need to repay the principal amount of $900,000 plus the accrued interest at the end of the six-month period, which would be on February 28, 2023.
To calculate the interest expense, we can use the formula: Interest Expense = Principal x Interest Rate x Time.
In this case, the principal is $900,000, the interest rate is 8% (0.08 as a decimal), and the time is six months (0.5 years). Plugging these values into the formula, we can calculate the interest expense:
Interest Expense = $900,000 x 0.08 x 0.5 = $36,000.Therefore, at maturity on February 28, 2023, PeeDee Corporation will need to repay the principal amount of $900,000 plus the interest expense of $36,000, totaling $936,000 to First State Bank.
About BankBank is an intermediary financial institution that is generally established with the authority to accept deposits, lend money, and issue promissory notes. The word bank comes from the Italian banca which means a place where money is exchanged.
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multi-level security (mls) requires that all classified information be keep on completely separate, air-gapped systems.
the Security (MLS) is an arrangement where different layers of security are put in place to protect classified are the information. All classified information must be kept on totally distinct, air-gapped systems Multi-Level Security (MLS) refers to an approach.
The classification system helps to control the access of data to individuals who have a need to know military secrets will require a higher level of security than say, medical records .MLS requires that classified information be kept on separate, air-gapped systems because this arrangement allows for better control and monitoring of the data. An air-gapped system is a computer or network that is not physically or logically connected to the Internet or any other unsecured network .MLS is the main answer to protecting classified information because it ensures that data is not only secure but is available to the appropriate users when needed. In MLS, each level of security is associated with a different access level.
These levels of access control are designed to ensure that only individuals with a need-to-know can access sensitive information security required for its protection. This arrangement helps to control the access of data to individuals who have a need to know. MLS requires that classified information be kept on separate, air-gapped systems because this arrangement allows for better control and monitoring of the data .MLS is the main answer to protecting classified information because it ensures that data is not only secure but is available to the appropriate users when needed. In MLS, each level of security is associated with a different access level. These levels of access control are designed to ensure that only individuals with a need-to-know can access sensitive information .An air-gapped system is a computer or network that is not physically or logically connected to the Internet or any other unsecured network. Air-gapped systems are used to secure sensitive information, such as government secrets, medical records, and financial data, from unauthorized access.
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You are employed as a Sales Manager in Alberta but are assigned to work in different provinces across Canada. Which employment legislation should be followed. Explain your answer.
As an employee working in different provinces across Canada, you would need to follow the employment legislation of the specific province where you are physically working. Employment legislation in Canada is primarily governed by provincial and territorial laws, which means that each province and territory has its own set of employment standards and regulations.
In this case, since you are employed in Alberta but working in different provinces, you would generally be subject to the employment legislation of the province where you are physically located and performing your work duties. This means that you would need to comply with the employment standards, minimum wage requirements, overtime regulations, vacation entitlements, and other provisions specific to that particular province. It is important to note that while most employment legislation is regulated at the provincial and territorial level, there are certain federal laws that apply to specific industries or sectors. For example, the Canada Labour Code covers industries such as telecommunications, banking, transportation, and federal government employees. If your work falls under federal jurisdiction, you would need to adhere to the relevant federal employment laws in addition to provincial legislation. To ensure compliance with employment legislation, it is advisable to familiarize yourself with the specific regulations and requirements of each province where you will be working and seek guidance from human resources professionals or legal experts who can provide accurate and up-to-date information on employment laws in those jurisdictions.
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Which of the following information is needed when creating an effective budget? (1 point)
O gross income, variable expenses, fixed expenses, and savings
O net income, variable income, fixed income, and savings
O gross income, variable income, fixed income, and savings
O net income, variable expenses, fixed expenses, and savings
A solid budget goes beyond forecasting and tracking income and expenses, it need the gross income, variable expenses, fixed expenses, and savings.
Creating an effective budget.A good budget does more than just forecast or track income and expenses. A small firm can use its budget to stay on top of financial trends, allowing it to capitalize on unexpectedly strong performance and respond quickly to cash flow downturns.
When developing a successful budget, keep in mind your gross income (total income before deductions), which serves as the foundation for your financial planning. Variable expenses are monthly costs that fluctuate or change, such as groceries or entertainment. Rent or mortgage payments, for example, are examples of fixed expenses. Savings are the funds saved aside from your earnings for future aspirations or crises.
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On 1 January 2019 XYZ plc granted 5 directors options to purchase 5,000 shares in the entity. The options vest on 31 December 2021 for those directors who remain employed by the entity until that date, and the company must achieve an average increase in profit of at least 8% per year for the year ending 2021. The options allow the directors to purchase the share for $20 per share. The market price and the fair value of the company share were $10 and $6 on 1 January 2019, respectively. All directors remained in the company at the end of 2021. At the 31 December 2020, the company estimated that they would achieve the profit targets (they said 80% sure) and by 31 December 2021 the profit target had been achieved. Required: Show the accounting entries required in the years ending 31 December 2020, and 2021.
The accounting entries in 2021 are as follows:
1. To record the compensation expense for the options vesting: Dr. Compensation Expense (Income Statement) $30,000 (5,000 shares * $6 fair value per share) Cr. Share-based Payment Reserve (Equity) $30,000
2. To record the issuance of shares upon exercise of the options: Dr. Share-based Payment Reserve (Equity) $30,000 Cr. Share Capital (Equity) $30,000 (5,000 shares * $6 fair value per share)
In the year ending 31 December 2020, the company estimated that it would achieve the profit targets required for the directors' options to vest. As per the information provided, they were 80% sure of meeting the targets. However, the options have not vested yet, so no accounting entries are required at this point.
In the year ending 31 December 2021, the profit target has been achieved, and the directors' options have vested. Therefore, the company needs to record the appropriate accounting entries.
The fair value of the options granted on 1 January 2019 is $6 per share, and the exercise price is $20 per share. Since the market price of the shares is $10 per share, the options are in-the-money.These entries recognize the compensation expense associated with the vested options and record the issuance of shares to the directors.
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Firefly Company just paid a dividend of $15 per share, but the management expects to reduce the payout by 5 percent per year indefinitely. If you require a return of 10 percent on this stock, what will you pay for a share today?
Firefly Company has paid a dividend of $15 per share. With a dividend payout reduction of 5 percent per year indefinitely and a required return of 10 % price you would pay for a share today is approximately $126.32.
To calculate the price you would pay for a share today, you need to determine the present value of the expected future dividends. In this case, the dividend payment is expected to decrease by 5 percent each year indefinitely. This means that the future dividends form a decreasing geometric series.
The formula to calculate the present value of a geometric series is as follows:
PV = D / (r - g)
Where:
PV = Present value
D = Initial dividend payment
r = Required rate of return
g = Growth rate of dividends
In this scenario, the initial dividend payment (D) is $15, the required rate of return (r) is 10 percent, and the growth rate of dividends (g) is -5 percent.
Plugging in the values, we can calculate the present value:
PV = $15 / (0.10 - (-0.05))
PV = $15 / 0.15
PV = $100
Therefore, you would be willing to pay $100 for a share of Firefly Company today, considering a required return of 10 percent and the expected future dividend payout.
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Which of the following is a disadvantage of gain-sharing plans?
a. Payouts can occur even if a company's financial performance is poor.
b. Pay-performance link is indirect.
c. Employees are required to put up money to exercise grants.
d. Mandatory stock ownership required by gain-sharing plans can increase turnover rates.
The correct option is a. Payout can occur even if a company's financial performance is poor.
Gain-sharing plans refer to a compensation plan that allows employees to share in the company's profits. Although gain-sharing plans offer several benefits to both the employees and the company, there are several disadvantages that need to be considered before implementing this kind of plan. One of the primary disadvantages of gain-sharing plans is that payouts can occur even if a company's financial performance is poor. This can lead to discontent among employees and reduced motivation, leading to an overall decrease in productivity.
Apart from that, mandatory stock ownership required by gain-sharing plans can increase turnover rates. Moreover, there is also a concern that gain-sharing plans create competition among employees instead of cooperation, leading to a lack of teamwork and decreased collaboration. Therefore, before implementing gain-sharing plans, it is essential to assess their pros and cons to ensure that the company can gain maximum benefits.
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A firm is evaluating the financing of future growth of the firm. Based on the industry inputs and its Current market position it is planning to grow at 10%, ideally without external financing. The following are its current year financials. Given the financials and constraints on external financing only working capital dynamics can be altered. Also these alterations will have implications. The Current dividend payout is 60% and is expected remain the same in the future Profit and Loss
2021 Sales 3600000 COGS 1639860 Operating Cost 1639860 EBIT 320280 Interest 20280 EBT 300000 Taxes (40%) Net Income 30000O
Cash 180000
Receivables 360000
Inventories 720000
Fixed Assets 144000
Total Asset 270000
Accounts Pay 360000
LT Debt 156000
Accruals 180000
Common stock 1800000
retained earn 204000
Calculate additional funding needed for the firm without altering any long term financing.2) Calculate the cash conversion cycle (CCC) by calculating DSI, DSO and DPO. For DSI and DPO you may use COGs. 3) What kind of working capital financing can be worked out in this case? Suggest a CCC alternative and show the amount of financing that could be generated by the alteration.
(1) The additional funding needed for the firm without altering any long-term financing is $360,000. (2) The cash conversion cycle is 115.75 days. (3) By negotiating better payment terms with suppliers to increase the DPO to 90 days, the firm can generate approximately $45,131.89 in financing.
1) To calculate the additional funding needed for the firm without altering any long-term financing, we need to analyze the changes in working capital. Working capital is the difference between current assets and current liabilities.
Calculate the additional funding needed:
Current Assets:
Cash: $180,000
Receivables: $360,000
Inventories: $720,000
Current Liabilities:
Accounts Payable: $360,000
Accruals: $180,000
Working Capital = Current Assets - Current Liabilities
Working Capital = ($180,000 + $360,000 + $720,000) - ($360,000 + $180,000)
Working Capital = $900,000 - $540,000
Working Capital = $360,000
To maintain a 10% growth rate without external financing, the firm needs to increase its working capital by 10% of its projected sales.
Additional Funding Needed = 10% of Sales
Additional Funding Needed = 10% of $3,600,000
Additional Funding Needed = $360,000
Therefore, the additional funding needed for the firm without altering any long-term financing is $360,000.
2) Calculate the Cash Conversion Cycle (CCC):
DSI (Days Sales of Inventory):
DSI = (Average Inventory / COGS) * 365
Average Inventory = (Beginning Inventory + Ending Inventory) / 2
Average Inventory = ($720,000 + $720,000) / 2
Average Inventory = $720,000
DSI = ($720,000 / $1,639,860) * 365
DSI = 159.22 days
DSO (Days Sales Outstanding):
DSO = (Accounts Receivable / Sales) * 365
DSO = ($360,000 / $3,600,000) * 365
DSO = 36.5 days
DPO (Days Payable Outstanding):
DPO = (Accounts Payable / COGS) * 365
DPO = ($360,000 / $1,639,860) * 365
DPO = 79.97 days
CCC (Cash Conversion Cycle) = DSI + DSO - DPO
CCC = 159.22 + 36.5 - 79.97
CCC = 115.75 days
3) Working Capital Financing Alternatives:
To improve the cash conversion cycle (CCC) and generate additional financing, the firm can consider various working capital financing options. One alternative is to negotiate better payment terms with suppliers, thereby increasing the days payable outstanding (DPO). Let's assume they negotiate to increase the DPO from 79.97 days to 90 days.
Increased DPO = 90 days
Revised CCC = DSI + DSO - Increased DPO
Revised CCC = 159.22 + 36.5 - 90
Revised CCC = 105.72 days
Change in CCC = Original CCC - Revised CCC
Change in CCC = 115.75 - 105.72
Change in CCC = 10.03 days
To calculate the amount of financing generated by this alteration, we need to determine the impact on daily sales and daily cost of goods sold (COGS).
Daily Sales = Annual Sales / 365
Daily Sales = $3,600,000 / 365
Daily Sales ≈ $9,863.01
Daily COGS = Annual COGS / 365
Daily COGS = $1,639,860 / 365
Daily COGS ≈ $4,498.96
Financing Generated = Change in CCC * Daily COGS
Financing Generated = 10.03 * $4,498.96
Financing Generated = $45,131.89
Therefore, by negotiating better payment terms with suppliers to increase the DPO to 90 days, the firm can generate approximately $45,131.89 in financing.
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Six months prior to filing for bankruptcy protection, Bob pays off a debt to his brother Jack. This is a prime example of: a. A preferential transfer b. A novation c. A fraudulent transfer d. A pre-bankruptcy lien violation estion Which of the following circumstances would not meet the value element of obtaining the holder in due course title: a. Obtaining a check as a gift b. Getting possession of an instrument for doing a task today. c. Giving a check in payment for a task done in the past. d. Buying a Promissory Note with a Check. Negotiable Instruments: a. Must have passed five seperate tests to be considered Negotiable. b. Have more risk than Nonnegotiable Instruments c. Are always Demand Instruments d. Are the lowest risk form of Commercial paper. Ben is the maker on a promissory note. Dwight has purchased VISA travelers checks. Who has primary liability on these instruments? a. Ben and Dwight b. Ben and VISA c. Ben d. Dwight Which type of indorsement creates a Bearer Instrument: a. Blank. b. Special. c. Qualified. d. Restrictive. events changes to this answer. Why is an Allonge used? a. To allow additional attachments to a document. b. To allow an indication of Primary liability on an instrument. c. To serve as an Addendum. d. To provide for additional secondarily liable parties
a. A preferential transfer
A preferential transfer is the correct classification for Bob paying off a debt to his brother Jack six months prior to filing for bankruptcy protection. In bankruptcy cases, a preferential transfer refers to a debtor favoring one creditor over others by transferring property or paying off a debt shortly before filing for bankruptcy. This transfer may be considered preferential because it can give an unfair advantage to the recipient creditor, potentially depriving other creditors of their fair share.
b. Giving a check in payment for a task done in the past.
Among the given options, giving a check in payment for a task done in the past would not meet the value element of obtaining the holder in due course title. The value element requires that the consideration for obtaining the instrument be given at the time of receiving it. In this scenario, the consideration (payment) was provided in the past, not at the time of obtaining the instrument.
d. Are the lowest risk form of Commercial paper.
The statement that negotiable instruments are the lowest risk form of commercial paper is incorrect. The risk associated with negotiable instruments depends on various factors, such as the creditworthiness of the parties involved, market conditions, and specific terms and conditions of the instrument. While negotiable instruments can offer certain advantages, such as transferability and enforceability, they do not automatically represent the lowest risk form of commercial paper.
c. Ben
In the given scenario, Ben (the maker of the promissory note) has primary liability on the instrument. The maker of a promissory note is the party primarily responsible for making payment on the note. Dwight's purchase of VISA traveler's checks does not confer primary liability on him.
a. Blank.
A blank endorsement creates a bearer instrument. By leaving the back of the instrument blank or simply signing it, the endorsement does not specify a particular payee, making the instrument payable to whoever possesses it. This unrestricted transferability creates a bearer instrument.
c. To serve as an Addendum.
An allonge is used to serve as an addendum to a negotiable instrument when there is insufficient space on the original instrument for endorsements. It provides additional space for endorsements or necessary information without altering the original instrument itself. An allonge allows for the attachment of additional parties or terms related to the instrument.
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The payment made by Bob to his brother Jack six months prior to filing for bankruptcy protection is an example of a preferential transfer.
This refers to a payment made to a creditor shortly before bankruptcy filing, giving preferential treatment to that creditor over others. Negotiable instruments are generally considered the lowest risk form of commercial paper. While they carry risk, it is not accurate to say that they have more risk than non-negotiable instruments. Some negotiable instruments may be demand instruments, but not all negotiable instruments are always demand instruments. In the case of VISA traveler's checks, Dwight, the purchaser, has primary liability on these instruments.
The maker of a promissory note (Ben) and the purchaser of traveler's checks (Dwight) assume primary liability for their respective instruments. A blank endorsement creates a bearer instrument. A blank endorsement occurs when the back of the instrument is left blank or simply signed by the endorser, making it payable to the bearer. An Allonge is used to allow additional attachments to a document, serving as an addendum. It provides space for endorsements or additional terms when there is no available space on the original document.
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A stock price is currently $50. Over each of the next two 1-month periods it is expected to go up by 10% or down by 8%. The risk-free interest is 6% per annum with continuous compounding. Calculate the value of a 2-month European put option with a strike price of $51. Use no-arbitrage arguments, i.e. construct riskless portfolios at appropriate nodes. Note that you need to find the value of A at all nodes prior to maturity.
A stock price is currently $50. Over each of the next two 1-month periods, it is expected to go up by 10% or down by 8%. A 2-month European put option with a strike price of $51 needs to be valued using no-arbitrage arguments, i.e., construct riskless portfolios at appropriate nodes.
We need to determine the value of A at all nodes before maturity. Let us start constructing the binomial tree for this question:The first step is to find the drift, volatility, and u and d factors.Drift (μ):μ= rf − 0.5 × σ^2= 6% − 0.5 × 23.86% = −5.57%Volatility (σ):σ = √(12) × σ1= √(12) × 15.42% = 53.24%where σ1 is the monthly volatility. The 10% and 8% price movements translate to the u and d factors, respectively:u = 1 + 0.53 = 1.53d = 1 − 0.42 = 0.92The next step is to use the above inputs to construct the binomial tree. We will begin by using backward induction to value the European put option at the nodes at the end of the second month. The node where the stock price ends at $54.45 after two months is denoted by (5,2). Therefore, the put option value at this node is:Answer 1: Maximum of Strike Price – Stock Price or 0= Max (51 – 54.45, 0)= 0The put option value at the node where the stock price ends at $46.12 after two months, denoted by (2,2), is:Answer 2: Maximum of Strike Price – Stock Price or 0= Max (51 – 46.12, 0)= 4.88We now move to the penultimate nodes at month one. The node where the stock price ends at $57.20 is denoted by (4,1) and the node where the stock price ends at $48.40 is denoted by (3,1). To determine the value of A at these nodes, we will construct riskless portfolios using the stock and money market funds.
The value of A is defined as the value of the portfolio consisting of long and short positions in the stock and money market funds that replicates the payoff of the put option.Using no-arbitrage arguments, the portfolio consisting of long and short positions in the stock and money market funds should have the same value at all nodes as the put option, i.e., the value of the portfolio consisting of long and short positions in the stock and money market funds should equal the maximum of the strike price minus the stock price or zero. Any deviation from this will create an arbitrage opportunity, which is not possible in the efficient market.We will use the following approach to value the put option:· Compute the price of a portfolio consisting of long and short positions in the stock and money market funds that replicate the payoff of the put option at each of the nodes in month one.· Use these portfolio prices to compute the value of the portfolio at the beginning of month one, which is the value of A.Using the formula for a riskless portfolio consisting of long and short positions in the stock and money market funds, we obtain the following system of equations for node (4,1):Answer 3: 57.20u + 5000e−0.06×(1/12) d = Awhere we have assumed that 5000 is invested in the money market fund. At node (3,1), we obtain the following system of equations.
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Union Local School District has a bond outstanding with a coupon rate of 3.8 percent paid semiannually and 18 years to maturity. The yield to maturity on this bond is 2.7 percent, and the bond has a par value of $5,000. What is the dollar price of the bond? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
To calculate the dollar price of the bond, we can use the present value coupon rate formula. The formula for calculating the present value of a bond is:
PV = (C / 2) * [1 - (1 / (1 + r)^n)] / r + (F / (1 + r)^n)
Bond Price = 130.47 + 3603.63 = $3,734.10
Therefore, the dollar price of the bond is $3,734.10.
The dollar price of the bond is $5,935.58. To calculate the dollar price of the bond, we need to discount the future cash flows (coupon payments and the final principal payment) back to the present value using the yield to maturity. The bond has a coupon rate of 3.8% and pays semiannually, so it pays $95 ($5,000 * 3.8% / 2) every six months for a total of 36 payments (18 years * 2). Using the yield to maturity of 2.7%, we discount each cash flow and sum them up. The formula for the present value of an ordinary annuity is used for coupon payments, while the present value of a single sum is used for the final principal payment. The calculated present value of all cash flows equals $5,935.58, which is the dollar price of the bond.
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From your chosen company (British Airways), choose one specific product, service, tool, or process from the company (British Airways) and explain an incremental or radical change. Use the Porter 5 forces to analyse the chosen item. •From the company above (British Airways), select ONE specific product, service, tool, or process •Explain an incremental or radical change. Please try not to choose this example 1. Example economy à first-class (incremental/radical). Explain why? Keep in mind to define what is economy vs first class. 2. Example First Class MAKE THIS UP first-class (incremental/radical). Explain why? Keep in mind to define what is first class and what is the new service you are recommending.
Example 1: Incremental Change - Enhancing British Airways' first-class experience with upgraded amenities, improved in-flight entertainment, and increased seat comfort. Porter's Five Forces analysis evaluates buyer power, substitutes, and competitive rivalry.
Example 1: Incremental Change - Economy to First Class
British Airways offers both economy-class and first-class seating options to its passengers. An incremental change in this context would involve enhancing the existing first-class experience without fundamentally altering its nature. For instance, British Airways could introduce improvements such as upgraded amenities, enhanced in-flight entertainment, or increased seat comfort within their existing first-class offering. This incremental change aims to enhance the overall customer experience and maintain a competitive advantage in the premium travel segment. The Porter's Five Forces analysis for this incremental change would involve evaluating factors like the bargaining power of buyers (passengers), the threat of substitute products or services (from other airlines), and the intensity of competitive rivalry in the premium travel market.
Example 2: Radical Change - First Class to Personalized Luxury Service
In this hypothetical scenario, British Airways could introduce a radical change by transforming its first-class service into a personalized luxury experience. This radical change would involve redefining the traditional concept of first class by offering tailored services and amenities tailored to individual passenger preferences. For instance, British Airways could provide personalized concierge services, customized menus, exclusive onboard experiences, and personalized cabin designs. This radical change aims to differentiate the airline and create a unique and highly personalized travel experience for discerning passengers. Porter's Five Forces analysis for this radical change would involve assessing the potential impact on the bargaining power of buyers (passengers), the threat of new entrants (offering similar personalized services), and the potential for competitive advantage through differentiation in the luxury travel market.
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HKTV is a Hong Kong-based e-commerce company that once had plans to become a television station. In 2009, HKTV applied for domestic free-to-air television programme service licence, but the licence application was rejected by the Hong Kong Government on 15 October 2013. In May 2014, HKTV planned to launch an online shopping website. HKTV announced that they have abandoned their television operations, and would continue to focus on its online shopping platform HKTVmall in March 2018. (a) Identify any TWO sources of market power, each illustrating a different type of source, with which HKTV is protected from competition. (4 marks) (b) List any THREE ways that HKTVmall uses to reduce buyers' transaction cost. (6 marks) (c) There are various pricing strategies used in HKTVmall. Name and explain the reason(s) why it adopts the following strategies: (i) Sell 4 boxes of milk in a package (3 marks) (2 marks) (ii) VIP discount
A, The main answer to the question is as follows, Two sources of market power, each illustrating a different type of source, with which HKTV is protected from competition are as follows, Type of source: Economies of scale, HKTVmall can enjoy economies of scale when purchasing large quantities of goods from suppliers to sell on its platform.
This is because larger quantities enable the company to obtain goods at lower prices than smaller quantities. This advantage allows HKTVmall to lower prices to attract more customers than smaller online stores, which do not enjoy economies of scale.Type of source: Intellectual property rights: HKTV can protect its intellectual property rights, such as copyrights and patents, to prevent competitors from using its proprietary technology or content. This provides HKTV with an advantage because competitors would have to spend time and money developing similar technology or content, which HKTV already possesses. The explanation of the sources of market power with which HKTV is protected from competition is provided as follows, Economies of scale refer to cost advantages that companies can obtain by increasing their output or the quantity of goods and services they produce. This advantage is achieved because the cost of producing each additional unit decreases as more goods are produced. This provides HKTV with an advantage because competitors cannot produce goods at the same low cost because they cannot enjoy the same economies of scale. Therefore, HKTV is protected from competition because it can provide goods at a lower cost, which is attractive to consumers and increases its market share. Intellectual property rights refer to legal protections of creative works, such as inventions, literary and artistic works, and symbols, names, and images used in commerce. This provides HKTV with an advantage because competitors cannot use its proprietary technology or content, which can differentiate HKTV from its competitors. This protection ensures that HKTV can maintain a competitive advantage over its competitors because they would have to spend time and money developing similar technology or content, which HKTV already possesses. Therefore, HKTV is protected from competition because competitors cannot offer the same goods or services because they lack HKTV's intellectual property rights.(b) The explanation of three ways that HKTVmall uses to reduce buyers' transaction cost is provided below:HKTVmall uses the following three ways to reduce buyers' transaction cost:1. Free delivery service: HKTVmall offers free delivery service to customers for purchases over a certain amount. This reduces buyers' transaction costs because they do not have to spend money or time traveling to physical stores to purchase the goods. Therefore, HKTVmall reduces transaction costs by delivering goods directly to the customers' homes.
2. One-stop-shop: HKTVmall provides a one-stop-shop for a wide range of goods, including groceries, household items, clothing, electronics, and others. This reduces buyers' transaction costs because they can purchase all their desired goods on a single website.3. Convenient payment methods: HKTVmall offers various convenient payment methods, such as credit card, online banking, and digital wallet, which makes the purchasing process fast and easy. This reduces buyers' transaction costs because they do not have to spend time searching for the most convenient payment method and can pay for their purchases quickly and easily.(c) The following pricing strategies are used by HKTVmall, along with their explanations, (i) Sell 4 boxes of milk in a package, HKTVmall adopts the strategy of selling 4 boxes of milk in a package. The reason behind this strategy is to provide customers with a discount or lower price by buying in bulk. This pricing strategy is used because buying in bulk allows the company to reduce its cost by purchasing goods at a lower price. This allows HKTVmall to offer goods at a lower price than its competitors, which attracts more customers and increases its market share.(ii) VIP discount, HKTVmall adopts the strategy of offering a VIP discount. This strategy is used to attract loyal customers and retain them. The reason behind this strategy is to provide regular customers with an incentive to continue purchasing goods from the company by offering them a discount. This helps HKTVmall to retain its customers and encourage them to purchase more goods from the company. Therefore, this pricing strategy is used to increase customer loyalty and retention.
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A thirteen-year-old boy received a Golfing Gizmo—a device for training novice golfers—as a
gift from his mother. The label on the shipping carton and the cover of the instruction booklet
urged players to "drive the ball with full power" and further stated: "COMPLETELY SAFE
BALL WILL NOT HIT PLAYER." But while using the device, the boy was hit in the eye by the
ball.
The manufacturer argued that the Gizmo was a "completely safe" training device only when the
ball is hit squarely, and—the defendant argued—plaintiffs could not reasonably expect the
Gizmo to be "completely safe" under all circumstances, particularly those in which the player
hits beneath the ball.
The manufacturer in this case is arguing that the Golfing Gizmo was a "completely safe" training device only when the ball is hit squarely and that plaintiffs could not reasonably expect the Gizmo to be "completely safe" under all circumstances, particularly those in which the player hits beneath the ball.
What are the legal issues in the case?
The legal issues in this case are:
1. The manufacturer claimed that the Golfing Gizmo was completely safe.
2. The boy was hit in the eye by the ball.
3. The plaintiff argues that the manufacturer was negligent in labeling the product as safe.
4. The defendant argues that plaintiffs could not reasonably expect the Gizmo to be completely safe under all circumstances, particularly those in which the player hits beneath the ball.
What is the legal principle in the case?
The legal principle in this case is the principle of product liability. This principle holds manufacturers, distributors, suppliers, retailers, and others responsible for injuries caused by defective products.
The principle states that the manufacturer or seller of a product can be held liable for any injury or damage caused by the product if the product is found to be defective and the defect was a proximate cause of the injury.
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Swifty Family Instruments makes cellos. During the past year, the company made 6,400 cellos even though the budget planned for only 5,530. The company paid its workers an average of $20 per hour, whic
The labor cost variances for Swifty Family Instruments making cellos are as follows:
Labor rate variance: $12,480 (Favorable)
Labor efficiency variance: $55,380 (Favorable)
1. Labor rate variance:
Labor rate variance = (Actual labor rate - Standard labor rate) x Actual direct labor hours
Actual labor rate = $20 per hour
Standard labor rate = $19.50 per hour
Actual direct labor hours = 24,960
Labor rate variance = ($20 - $19.50) x 24,960
Labor rate variance = $0.50 x 24,960
Labor rate variance = $12,480
The labor rate variance is $12,480 (Favorable).
2. Labor efficiency variance:
Labor efficiency variance = (Actual direct labor hours - Standard direct labor hours) x Standard labor rate
Standard direct labor hours per cello = 4
Actual cellos produced = 6,400
Standard direct labor hours = 5,530 x 4
Standard direct labor hours = 22,120
Labor efficiency variance = (24,960 - 22,120) x $19.50
Labor efficiency variance = 2,840 x $19.50
Labor efficiency variance = $55,380
The labor efficiency variance is $55,380 (Favorable) according to the provided budget.
Labor rate variance: This measures the difference between the worker's the actual labor rate paid and the standard labor rate.
Labor efficiency variance: This assesses the difference between the actual direct labor hours worked and the standard direct labor hours allowed.
The correct question should be :
Swifty Family Instruments makes cellos. During the past year, the company made 6,400 cellos even though the budget planned for only 5,530. The company paid its workers an average of $ 20 per hour, which was $ 0.50 higher than the standard labor rate. The production manager budgets 4 direct labor hours per cello. During the year, a total of 24,960 direct labor hours were worked.
(a) Calculate the direct labor rate and efficiency variances. (If variance is zero, select "Not Applicable" and enter 0 for the amounts.)
Direct labor rate variance $
enter the direct labor rate variance in dollars
UnfavorableNot ApplicableFavorableDirect labor efficiency variance $
enter the direct labor efficiency variance in dollars
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