If Supermart, Inc. completed the following treasury stock transactions in 2016. The entry is:Dr. Treasury Stock 18,000, Cr. Cash 18,000
What is the journal entry?Mar. 3
Dr. Treasury Stock 18,000
Cr. Cash 18,000
(To record the purchase of 1,800 shares of treasury stock at $10 per share)
March 17:
Dr Cash $5,600
(400 shares x $14 per share)
Cr Treasury Stock 4,000
Cr Paid-In Capital from Treasury Stock Transactions 1,600
(To record the sale of 400 shares of treasury stock at $14 per share)
March 25:
Dr Cash $3,600
(600 shares x $6 per share)
Cr Treasury Stock 3,600
(To record the sale of 600 shares of treasury stock at $6 per share)
As of December 31, 2016, Supermart, Inc. will report treasury stock on its balance sheet as follows:
Treasury Stock (at cost)
1,800 shares - $6 per share = $10,800
Treasury stock is a contra-equity account which means that it is subtracted from total equity to arrive at the net amount of equity.
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The following data was given for Cathy's Cakes: Sales $4,000 Operating Expenses $600......... Sales Returns & Allowances $200. Sales Discounts $400 Compute Cost of Goods Available for Sale (Merchandise Available for Sale) Beginning Inventory $1,500 Purchase $1,000 Ending Inventory $500
The Cost of Goods Available for Sale (Merchandise Available for Sale) for Cathy's Cakes is $2,500.
To compute the Cost of Goods Available for Sale (Merchandise Available for Sale), we need to add the beginning inventory and the purchases during the accounting period. We then subtract the ending inventory to arrive at the cost of goods sold.
Beginning Inventory: $1,500
Purchases: $1,000
Total Merchandise Available for Sale: $1,500 + $1,000 = $2,500
Ending Inventory: $500
To calculate the Cost of Goods Sold, we subtract the ending inventory from the total merchandise available for sale:
Cost of Goods Sold = Total Merchandise Available for Sale - Ending Inventory
Cost of Goods Sold = $2,500 - $500
Cost of Goods Sold = $2,000
Therefore, the Cost of Goods Available for Sale (Merchandise Available for Sale) for Cathy's Cakes is $2,500.
It's worth noting that the sales returns and allowances and sales discounts mentioned in the data are not directly relevant to the calculation of the Cost of Goods Available for Sale. They represent adjustments made to the sales revenue rather than inventory costs. The Cost of Goods Available for Sale is primarily concerned with the inventory cost and its calculation.
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Flexible Budgeting and Variance Analysis I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available:
Standard Amount per Case
Dark Chocolate Light Chocolate Standard Price per Pound
Cocoa 12 lbs. 8 lbs. $7.25
Sugar 10 lbs. 14 lbs. 1.40
Standard labor time 0.50 hr.
0.60 hr.
Dark Chocolate Light Chocolate
Planned production 4,700 cases 11,000 cases
Standard labor rate $15.50 per hr. $15.50 per hr.
I Love My Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, I Love My Chocolate Company had the following actual results:
Dark Chocolate Light Chocolate
Actual production (cases) 5,000 10,000
Actual Price per Pound Actual Pounds Purchased and Used
Cocoa $7.33 140,300
Sugar 1.35 188,000
Actual Labor Rate Actual Labor Hours Used
Dark chocolate $15.25 per hr. 2,360
Light chocolate 15.80 per hr.
6,120
Required:
1. Prepare the following variance analyses for both chocolates and the total, based on the actual results and production levels at the end of the budget year: Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.
Direct materials price variance, direct materials quantity variance, and total variance.
Direct labor rate variance, direct labor time variance, and total variance.
a. Direct materials price variance $
Direct materials quantity variance $
Total direct materials cost variance $
b. Direct labor rate variance $
Direct labor time variance $
Total direct labor cost variance $
2. The variance analyses should be based on the amounts at volumes. The budget must flex with the volume changes. If the volume is different from the planned volume, as it was in this case, then the budget used for performance evaluation should reflect the change in direct materials and direct labor that will be required for the production. In this way, spending from volume changes can be separated from efficiency and price variances.
1. Variance Analyses:
a. Direct Materials:
Dark Chocolate:
Actual pounds purchased and used: 140,300
Standard price per pound: $7.25
Direct materials price variance: (Actual price - Standard price) * Actual pounds purchased and used
= ($7.33 - $7.25) * 140,300 = $1,128
Dark Chocolate:
Actual production: 5,000 cases
Standard amount per case: 12 lbs.
Direct materials quantity variance: (Actual pounds used - Standard pounds allowed) * Standard price per pound
= (5,000 * 12 - 5,000 * 12) * $7.25 = $0
Total direct materials cost variance: Direct materials price variance + Direct materials quantity variance
= $1,128 + $0 = $1,128 (Unfavorable)
Light Chocolate:
Actual pounds purchased and used: 188,000
Standard price per pound: $1.40
Direct materials price variance: (Actual price - Standard price) * Actual pounds purchased and used
= ($1.35 - $1.40) * 188,000 = -$9,400 (Favorable)
Light Chocolate:
Actual production: 10,000 cases
Standard amount per case: 14 lbs.
Direct materials quantity variance: (Actual pounds used - Standard pounds allowed) * Standard price per pound
= (10,000 * 14 - 10,000 * 14) * $1.40 = $0
Total direct materials cost variance: Direct materials price variance + Direct materials quantity variance
= -$9,400 + $0 = -$9,400 (Favorable)
b. Direct Labor:
Dark Chocolate:
Actual labor hours used: 2,360
Standard labor rate: $15.50 per hour
Direct labor rate variance: (Actual rate - Standard rate) * Actual labor hours used
= ($15.25 - $15.50) * 2,360 = -$590 (Favorable)
Dark Chocolate:
Actual production: 5,000 cases
Standard labor time per case: 0.50 hr
Direct labor time variance: (Actual hours used - Standard hours allowed) * Standard rate per hour
= (5,000 * 0.50 - 5,000 * 0.50) * $15.50 = $0
Total direct labor cost variance: Direct labor rate variance + Direct labor time variance
= -$590 + $0 = -$590 (Favorable)
Light Chocolate:
Actual labor hours used: 6,120
Standard labor rate: $15.50 per hour
Direct labor rate variance: (Actual rate - Standard rate) * Actual labor hours used
= ($15.80 - $15.50) * 6,120 = $1,836 (Unfavorable)
Light Chocolate:
Actual production: 10,000 cases
Standard labor time per case: 0.60 hr
Direct labor time variance: (Actual hours used - Standard hours allowed) * Standard rate per hour
= (10,000 * 0.60 - 10,000 * 0.60) * $15.50 = $0
Total direct labor cost variance: Direct labor rate variance + Direct labor time variance
= $1,836 + $0 = $1,836 (Unfavorable)
2. The variance analyses should be based on the amounts at volumes, meaning that the budget and variances should reflect the changes in direct materials and direct labor that are required for the actual production levels. By flexing the budget with the volume changes, it allows for a more accurate evaluation of spending variances versus efficiency and price variances.
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An inquiry that begins with a specific question or a direct statement alerts the receiver to a situation that could build or establish good will.
TRUE
FALSE
TRUE. Beginning an inquiry with a specific question or a direct statement can indeed alert the receiver to a situation that has the potential to build or establish good will.
By starting with a clear and concise question or statement, the sender demonstrates their intention to seek information or address a specific concern, which can contribute to effective communication and positive rapport.
When an inquiry begins with a specific question, it indicates that the sender has a genuine interest in understanding the recipient's perspective or obtaining relevant information. This direct approach can demonstrate professionalism, attentiveness, and a willingness to engage in a meaningful conversation.
Similarly, a direct statement at the beginning of an inquiry can provide a clear context or purpose for the communication, allowing the receiver to understand the situation and respond accordingly. By alerting the receiver to a situation in a straightforward manner, the sender lays the foundation for open and constructive dialogue, fostering goodwill and enhancing the chances of a favorable response.
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Axel is concerned about an intersection near his business that has been the cause of a few minor accidents in the neighborhood, including one that injured an employee. Axel decides to ask the city’s Traffic Control Committee to place a stop sign at the intersection, but he is aware that they are not very receptive to inputs from local businesses. Which subject line for his message is most appropriate for this audience?
The most appropriate subject line for Axel's message to the city's Traffic Control Committee is "Stop sign needed at intersection near local business due to accidents.
"Explanation: Axel should begin his message with a clear and descriptive subject line.
This will help the committee members understand the purpose of the message and encourage them to read it.
It should also highlight the importance of the issue and emphasize the need for action. By including the phrase "local business" in the subject line, Axel is emphasizing the impact of the intersection on the community. This is an important consideration for the committee members when making decisions that affect the public interest.In conclusion, the most appropriate subject line for Axel's message to the city's Traffic Control Committee is "Stop sign needed at intersection near local business due to accidents."
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21 2.22 points Short answer: Current assets and current liabilities for Anderson Company are as follows: 20Y9 2008 Current assets A $475,400 $532,400 Current liabilities 269,300 165,000 What is the working capital for 20Y9 and 20Y8?
Previous question
To calculate the working capital, you subtract the current liabilities from the current assets.
For 20Y9:
Working Capital = Current Assets - Current Liabilities
Working Capital = $475,400 - $269,300
Working Capital = $206,100
For 20Y8:
Working Capital = Current Assets - Current Liabilities
Working Capital = $532,400 - $165,000
Working Capital = $367,400
Therefore, the working capital for 20Y9 is $206,100, and the working capital for 20Y8 is $367,400.
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A company budgeted unit sales of 184000 units for January, 2020 and 190000 units for February 2020. The company has a policy of having an inventory of units on hand at the end of each month equal to 30% of next month's budgeted unit sales. If there were 55200 units of inventory on hand on December 31, 2019, how many units should be produced in January, 2020 in order for the company to meet its goals?
241000 units
182200 units
185800 units
184000 units
Save for Later
The company should produce 185,800 units in January 2020 in order to meet its goals.
To determine the number of units to be produced in January 2020, we need to calculate the desired ending inventory for January. The desired ending inventory is equal to 30% of the budgeted unit sales for February 2020.
First, we find the budgeted unit sales for February 2020, which is 190,000 units. Then, we calculate the desired ending inventory for January 2020 by multiplying the budgeted unit sales for February 2020 by 30%:
Desired ending inventory for January 2020 = 190,000 units * 30% = 57,000 units
Given that there were 55,200 units of inventory on hand on December 31, 2019, we subtract this amount from the desired ending inventory to determine the production requirement for January 2020:
Production requirement for January 2020 = Desired ending inventory for January 2020 - Inventory on hand on December 31, 2019
= 57,000 units - 55,200 units
= 1,800 units
Finally, we add the production requirement for January 2020 to the budgeted unit sales for January 2020 to get the total units that should be produced:
Total units to be produced in January 2020 = Budgeted unit sales for January 2020 + Production requirement for January 2020
= 184,000 units + 1,800 units
= 185,800 units
Therefore, the company should produce 185,800 units in January 2020 to meet its goals.
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O You run a nail salon. Fixed monthly cost is $5,935.00 for rent and utilities, $6,442.00 is spent insalaries and $1,427.00 in insurance. Also every customer requires approximately $5.00 in supplies. You charge $85.00 on average for each service. You are considering moving the salon to an upscale neighborhood where the rent and utilities will increase to $10,414.00, salaries to $6,936.00 and insurance to $2,306.00 per month Cost of supplies will increase to $7.00 per service. However you can now charge $152.00 per service. At what point will you be indifferent between your current location and the new location? Submit Answer format: Number: Round to: 2 decimal places.
Given information: Fixed monthly cost is $5,935.00 for rent and utilities, $6,442.00 is spent in salaries insurance and $1,427.00 in insurance. Also every customer requires approximately $5.00 in supplies. You charge $85.00 on average for each service.
At the current location, the profit per customer is
:Revenue per customer - Cost per customer
= $85.00 - $5.00 = $80.00At the new location, the profit per customer is:Revenue per customer - Cost per customer
= $152.00 - $7.00 = $145.00 let's find the total profit at the new location.
Total profit at the new location = Profit per customer × Total customers Total profit at the new location
= $145.00 × X (Number of customers)Now, let's find the total profit at the current location: Total profit at the current location
= Profit per customer × Total customersTotal profit at the current location = $80.00 × X (Number of customers)The two total profits are equal at the point of indifference. So we get:Total profit at thenew location
= Total profit at the current location$145.00 × X
= $80.00 × X + $5,935.00 + $6,442.00 + $1,427.00 + $7.00 × X$145.00X - $80.00X
= $5,935.00 + $6,442.00 + $1,427.00X + $7.00XX ($\text{Number of customers})
= $13,804.00X = 2985.4 ≈ 2986.00The salon owner will be indifferent between current location and the new location when they have approximately 2986 customers.So, the answer is: Number: 2986; Round to: 0 decimal places.
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Please help me uniquely discuss the budgeting process
that the United States follows. Do you approve of this process?
What are the flaws to this type of budgeting? Is there a room for
improvement? 300
The budgeting process that the United States follows is a lengthy and comprehensive process.
The federal government develops an annual budget by taking a top-down approach that begins with the President's proposal to Congress for a high-level plan.
The budget process is completed in the fall of the year before the fiscal year begins in October. The Congress has the power of the purse and must pass the budget for the federal government. If the Congress does not pass a budget, then the government cannot operate.
The budgeting process involves identifying the financial resources available and the proposed use of the resources to achieve the government's priorities in terms of public goods and services and national goals.
A budget is an estimate of how much money the federal government has available to spend during a particular period and how it intends to spend that money. The budgeting process in the United States is not perfect. It has several flaws that are as follows: Budgetary practices are influenced by political considerations. It makes budgeting challenging because of politics and how it affects the fiscal process.
For example, Congress can limit spending on certain items to enhance the interests of their constituency instead of serving the entire population. This can lead to distorted priorities, particularly when members of Congress are concerned more about short-term gain than long-term economic well-being. The budgetary process is focused on discretionary spending, which does not account for the entirety of government spending.
As a result, the budgetary process is unable to address the larger structural issues in government spending. Budgeting at the federal level is a time-consuming process, with each branch of government having its priorities. Therefore, the budgetary process can be lengthy and inefficient because it takes time to reconcile the competing priorities of different branches of government.
Room for improvement lies in modifying the budgetary process to address some of the flaws in the current system. One suggestion is for the government to adopt a more comprehensive approach to budgeting that includes both discretionary and non-discretionary spending.
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Afiq received a 150-day promissory note on 5th February 2022
with an interest rate of 4% per annum. After 60 days, he discounted
the note at a discount rate of 2% and the proceeds he received was
RM19
The discounted value of the note on the 60th day (i.e., after 60 days from the date of issue) can be calculated using the following formula:
D = P(1 + r/n)^(n*t) - P(1 + r)^(n*t)
where:
D = discounted value of the note
P = face value of the note (RM150)
r = discount rate (2% per annum)
n = number of days from the date of issue to the 60th day (60 days)
t = number of days from the date of issue to the 60th day (60 days)
Plugging in the values, we get:
D = 150(1 + 0.02/1)^(1*60) - 150(1 + 0.02)^(1*60)
D = 150(1.02)^60 - 150(1.02)^1
D = 150(1.02)^50 - 150(1.02)
D = 150(1.02)^50 - 150(1.02)^1 - 150(0.02)
D = 150(1.02)^50 - 150(1.02) - 30
D = 150(1.02)^50 - 150 - 30
D = 150(1.02)^50 - 180
D = 150*1.195625 - 180
D = 213.9125
Therefore, the discounted value of the note on the 60th day would be RM213.91.
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Li LTI Tool Provider Intro Coca-Cola has expected earnings per share (EPS) of $2.1. Its competitors have the following P/E ratios Dr Pepper Nestle Pepsico P/E ratio 22.07 23.78 21.37 Attempt 1/10 for . Part 1 What is the value of Coca-Cola's stock based on the lowest P/E ratio? 1+ decimals Submit Part 2 Attempt 1/10 for . What is the value of Coca-Cola's stock based on the highest P/E ratio? 1+ decimals Submit Part 3 Attempt 1/10 for . What is the value of Coca-Cola's stock based on the average P/E ratio? 1+ decimals 2
The value of Coca-Cola's stock based on the lowest P/E ratio (21.37) is approximately $44.23, based on the highest P/E ratio (23.78) is approximately $49.98, and based on the average P/E ratio (22.74) is approximately $47.18.
Part 1The value of Coca-Cola's stock based on the lowest P/E ratio, that is, for Dr Pepper would be calculated as follows: Value of stock = EPS * P/E ratio= $2.1 * 22.07= $46.227Part 2The value of Coca-Cola's stock based on the highest P/E ratio, that is, for Nestle would be calculated as follows: Value of stock = EPS * P/E ratio= $2.1 * 23.78= $49.938Part 3The average P/E ratio of the three competitors is:(22.07 + 23.78 + 21.37) / 3 = 22.74Therefore, the value of Coca-Cola's stock based on the average P/E ratio would00 be: Value of stock = EPS * P/E ratio= $2.1 * 22.74= $47.694Hence, the values of Coca-Cola's stock based on the lowest P/E ratio, highest P/E ratio, and the average P/E ratio are $46.227, $49.938, and $47.694, respectively.
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The table below pertains to Wrexington, an economy in which the typical consumer's basket consists of 20 pounds of meat and 10 toys. Price of Price of a Year Meat Toy 2004 $3 per pound 2005 $1 per pound $7 2006 $4 per pound $5 Refer to Table 24-5 and answer all the following questions in the space provided below. (a) Calculate the cost of the basket in 2004 and 2005. Show all working. [8 points] (b) Calculate the CPI in 2004 and 2005. Use 2004 as the base year. Show all working. [8 points] (c) Calculate the inflation rate in 2005. Show all working. [8 points] (d) What is the difference between the CPI and the PPI? [1 point] $2
(a) To calculate the cost of the basket in 2004 and 2005, we multiply the quantities of meat and toys by their respective prices.
Cost of the basket in 2004:
Quantity of meat: 20 pounds
Price of meat: $3 per pound
Cost of meat: 20 pounds x $3 per pound = $60
Quantity of toys: 10
Price of toys: $7
Cost of toys: 10 x $7 = $70
Total cost of the basket in 2004: $60 + $70 = $130
Cost of the basket in 2005:
Quantity of meat: 20 pounds
Price of meat: $1 per pound
Cost of meat: 20 pounds x $1 per pound = $20
Quantity of toys: 10
Price of toys: $7
Cost of toys: 10 x $7 = $70
Total cost of the basket in 2005: $20 + $70 = $90
(b) To calculate the Consumer Price Index (CPI) in 2004 and 2005, we need to compare the cost of the basket in each year to the cost of the basket in the base year (2004).
CPI in 2004 (base year): 100 (by definition)
CPI in 2005:
Cost of the basket in 2005: $90
Cost of the basket in 2004: $130 (base year)
CPI in 2005 = (Cost of the basket in 2005 / Cost of the basket in 2004) x 100
CPI in 2005 = ($90 / $130) x 100
CPI in 2005 ≈ 69.23
(c) To calculate the inflation rate in 2005, we compare the change in CPI from 2004 to 2005.
Inflation rate in 2005 = ((CPI in 2005 - CPI in 2004) / CPI in 2004) x 100
Inflation rate in 2005 = ((69.23 - 100) / 100) x 100
Inflation rate in 2005 ≈ -30.77%
(d) The difference between the CPI (Consumer Price Index) and the PPI (Producer Price Index) lies in their focus. The CPI measures changes in the prices of a basket of goods and services typically purchased by consumers, while the PPI measures changes in the prices of goods and services at the wholesale or producer level. The CPI reflects changes in consumer prices and is used to gauge inflation and purchasing power, while the PPI provides insight into price changes faced by producers and can be an indicator of future consumer price trends.
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Which of the following is a service of depository institutions? a. loaning funds to other depository institutions at the discount rate b. monitoring the Federal Reserve c. decreasing the liquidity drain of funds in the banking system d. pooling risk
The correct answer is c. decreasing the liquidity drain of funds in the banking system.
Depository institutions, such as banks and credit unions, provide various services related to financial intermediation. One of their important functions is to decrease the liquidity drain of funds in the banking system. This means that depository institutions collect funds from depositors and lend them out to borrowers, thereby keeping the funds within the banking system and making them available for economic activities.
Option a, loaning funds to other depository institutions at the discount rate, is not a service provided by depository institutions but rather a function of the Federal Reserve. The Federal Reserve is responsible for setting the discount rate, which is the interest rate at which depository institutions can borrow funds from the Federal Reserve.
Option b, monitoring the Federal Reserve, is not a service provided by depository institutions. Monitoring the Federal Reserve is primarily the role of regulatory bodies, such as the Office of the Comptroller of the Currency and the Federal Reserve itself.
Option d, pooling risk, is a concept more commonly associated with insurance companies and other risk management entities. While depository institutions may engage in risk management practices, such as diversifying their loan portfolios, pooling risk is not a specific service typically associated with depository institutions.
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What are the ways in which Spotify is creating value in the environment? Compare Free model and premium model and explain what are the ways in which value is created through these two models and how Spotify as an organization is contributing to the music space in the society.
Spotify is a music streaming service that provides users with access to a wide range of music tracks, albums, and playlists. It operates through two models: Free and Premium, both of which create value in their unique ways. Below are some ways in which Spotify is creating value in the environment:
1. Accessibility to Music: Through its platform, Spotify allows users to stream music on-demand and listen to music offline. Spotify has made music more accessible, regardless of time and place.
2. Large Music Library: Spotify boasts a large library with millions of songs. Through the Free model, users can access this library, albeit with limitations.
3. Discovery: Spotify allows its users to discover new artists, songs, and genres. It suggests playlists, radio stations, and artists based on a user's listening history.
4. Cost-effective: Through the Free model, users can enjoy listening to music for free, albeit with ads and limitations. The Premium model offers users more features, such as offline listening and no ads.
The Free model and Premium model are two ways in which Spotify creates value for its users. The Free model offers accessibility to music at no cost, albeit with limitations such as ads and inability to download songs for offline listening. The Premium model, on the other hand, offers more features, such as offline listening, high-quality audio, and no ads.
Spotify contributes to the music space in society by offering a platform that connects artists with listeners worldwide. It provides new artists with exposure, allowing them to reach new listeners. Spotify also creates playlists, showcasing new artists, and genres, making it easier for listeners to discover new music. Additionally, Spotify provides listeners with access to live recordings, allowing them to experience concerts and shows from the comfort of their homes.
In conclusion, Spotify has created value in the environment by providing users with accessibility to music, a vast music library, discovery features, and a cost-effective model. The organization also contributes to the music space in society by providing artists with exposure and providing listeners with access to live recordings.
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Kindly assist me with specific objectives/research questions
under this general objective "to establish the effects of e-banking
on customer service delivery".
The research objective is to establish the effects of e-banking on customer service delivery.
The specific objectives/research questions to establish the effects of e-banking on customer service delivery are as follows: 1. How do the adoption of e-banking impact customer satisfaction levels and overall customer experience? 2. What are the effects of e-banking on the speed, efficiency, and accessibility of customer service interactions? 3. How does e-banking influence the personalization and customization of customer service experiences? 4. What are the security concerns associated with e-banking and their effects on customer trust and satisfaction? 5. What are the challenges faced by customers in using e-banking services, and how do they impact customer service delivery? These objectives/research questions aim to investigate the various dimensions of customer service delivery in the context of e-banking. They explore the impacts of e-banking on customer satisfaction, efficiency, accessibility, personalization, and security, as well as potential challenges faced by customers. By addressing these questions, a comprehensive understanding of the effects of e-banking on customer service delivery can be achieved.
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How has international trade changed over time?
What are some of the trade agreements the US has with other
countries? Do you feel they are beneficial to the countries?
International trade has undergone significant changes over time, driven by advancements in transportation, communication, and technology. In the past, trade primarily consisted of goods such as commodities and manufactured products.
Additionally, global supply chains have become more integrated, enabling the fragmentation of production across countries. The United States has entered into several trade agreements with other countries, including notable ones such as the North American Free Trade Agreement (NAFTA, now replaced by the United States-Mexico-Canada Agreement or USMCA), the World Trade Organization (WTO), and various bilateral trade agreements.
The benefits of these agreements are subject to debate and can vary depending on various factors. Proponents argue that trade agreements can stimulate economic growth, create job opportunities, enhance competitiveness, and provide access to new markets. However, critics express concerns about job displacement, income inequality, and potential negative impacts on specific industries or workers. The overall assessment of the benefits of trade agreements is complex and depends on specific circumstances, including the economic structure and policies of the countries involved.
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Instructions At the end of the current year, $26,255 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees. Refer to the Chart of Accounts for exact wording of account titles.
An adjusting entry is made at the end of an accounting period for any transactions or expenses that have been incurred but not yet recorded.
In this case, the $26,255 of fees earned but not yet billed needs to be accrued by journalizing the adjusting entry. Accrued fees, as with other accrued accounts, represent a liability because they have not yet been billed, and customers have not yet paid them.
The journal entry for accruing earned fees would be:Date Accounts Debit Credit Accrued Fees Receivable 26,255 Service Fees Earned26,255.
The adjusting entry for accrued fees is necessary because it changes the balance sheet and income statement accounts. In the balance sheet, accrued fees increase the liabilities section.
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"Many authorities are convinced that almost all product-oriented industries soon will be global." Do you agree with this suggestion? Why or why not? Use the knowledge that you have gained from Chapter 5, including knowledge gained from other business courses to defend your answer.
it is evident that almost all product-oriented industries will soon become global. The factors that have led to globalization and technological advancements are likely to shape the future of the business industry, making it more competitive and innovative.
Yes, I agree with the suggestion that almost all product-oriented industries will soon become global. This is because of several reasons that have emerged in the contemporary world of business. Globalization has been one of the most significant factors that have led to the integration of various economies worldwide. Almost every industry is attempting to expand beyond their national boundaries to exploit new markets and access resources that they cannot find in their countries. This phenomenon has led to the rise of globalization, which has been identified as a key driver of the future success of product-oriented industries (Crossman, 2021).
Furthermore, technological advancements have enabled businesses to connect with customers and clients from different parts of the world more easily. With the advent of the internet and social media, companies can now reach customers in different parts of the world, where they can easily market their products. Technology has also made it possible for businesses to access information more efficiently, thus giving them an advantage in their operations. With the help of technology, businesses can efficiently manage their supply chains, enabling them to transport goods and services across the globe more effectively.
Lastly, the ease of transportation and communication has made it possible for businesses to expand their operations beyond national borders. For example, large companies such as Coca-Cola, McDonald's, and Nestle have managed to establish their presence worldwide, and they continue to expand their operations to new regions. This has been facilitated by the existence of favorable trade agreements, which allow businesses to operate without being subjected to excessive tariffs and other trade barriers.
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Poin Consumers and companies populate two market environments today. One is the traditional and the other is the superstore; hypermarket B) online store; virtual store extranet: intranet D shopping mall: virtual mall marketplace; marketspace
Poin Consumers and companies populate two market environments today. One is the traditional and the other is the online store; virtual store extranet.
The traditional market environment represents physical markets where customers and sellers have face-to-face interactions. It is a physical market where customers visit to buy or sell goods and services.In contrast, online store, virtual store extranet refers to an online marketplace where customers buy and sell products. It is also known as an e-commerce website where buyers can place their orders and sellers can list their products. Customers can access the online store from anywhere, at any time, and shop according to their convenience.Virtual Mall is a collection of stores on the internet where buyers can find a variety of products in one place. It is a type of digital marketplace that provides buyers with an interactive experience of shopping. Virtual malls offer advantages such as easy access to different products, lower prices, and the ability to shop from anywhere.On the other hand, Marketplace or marketspace is a type of e-commerce platform that provides a space for buyers and sellers to interact and exchange goods and services. It is an online market that allows buyers to purchase goods and services from a variety of sellers. A marketplace offers the convenience of shopping at a single place, and buyers can compare prices from different sellers to find the best deal.
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Research and answer the following questions: 1. What is hotel Revenue Management? 2. How is it being used? 3. Why is it important? 4. Find one job description for the position of hotel revenue manager and provide the requirements for the job? .
Hotel Revenue Management is the science of evaluating and forecasting consumer behaviour to increase income. It is a key role in the hotel and hospitality industry. Revenue management focuses on creating the best possible product for the best possible price, while providing excellent service to guests. It is all about increasing profits by optimizing room rates and maximizing occupancy.
This is accomplished through pricing strategy, inventory management, and demand forecasting. Revenue Management provides a framework for generating and maximizing revenue, and allows businesses to make better-informed decisions. It is used by hospitality businesses such as hotels, resorts, and spas. Hotel Revenue Management is essential for maximizing profits while maintaining customer satisfaction. It is important because it helps hotels optimize their prices and inventory.
By optimizing prices, hotels can increase revenue by charging higher prices during peak seasons. By optimizing inventory, hotels can ensure that all rooms are filled, thus maximizing occupancy. This means that more customers are served, leading to a greater number of satisfied customers. This results in higher profits, and ultimately, a more successful business.
As a Hotel Revenue Manager, the candidate will be responsible for increasing revenue and optimizing prices by managing and controlling the rates for rooms, restaurants, spas, and other services provided by the hotel. The Hotel Revenue Manager's job is to ensure that the hotel is operating at maximum profitability, and to provide excellent customer service to guests. Some of the requirements for this position include a Bachelor's degree in Hospitality Management, Business, or a related field, strong analytical skills, experience with revenue management software, knowledge of market trends and hotel industry standards, excellent communication and negotiation skills, and the ability to work independently.
In conclusion, Hotel Revenue Management is a critical component of the hospitality industry. It allows businesses to increase revenue, optimize prices, and provide excellent customer service. A Hotel Revenue Manager is responsible for ensuring that a hotel is operating at maximum profitability, and requires a strong set of skills including analytical, communication, and negotiation.
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5. We watched "The Big Short." What are 2 factors that contributed to the housing crash? How can you protect yourself from a dip in housing prices if you buy a house?
The housing crash in the United States was caused by a variety of factors. "The Big Short," a 2015 movie, discusses the housing market's decline, and how the unscrupulousness of many mortgage brokers and the willingness of banks to approve high-risk loans contributed to the collapse.
Two factors that contributed to the housing crash are the issuance of subprime mortgages and the securitization of the mortgages. Subprime mortgages are those given to borrowers with less than optimal credit scores or unstable incomes. Many of these mortgages were issued without proper verification of income or assets, contributing to borrowers receiving loans they could not afford.
As a result, many homeowners were unable to repay their mortgages. As a result, foreclosures increased, resulting in a drop in home prices. The securitization of mortgages was another factor. Banks grouped together pools of mortgages and sold them as securities to investors.
When the housing market collapsed, many of these securities became worthless, contributing to the collapse of many banks. To protect yourself from a dip in housing prices if you buy a house, you may consider the following suggestions: Keep an eye on local housing prices, read the latest news and trends about the real estate market. Also, consider choosing a fixed-rate mortgage rather than an adjustable-rate mortgage.
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Argue for the statement: "Restrictive regulation between willing
traders reduces market effectiveness. Therefore, prostitution
between consenting adults should be legalized in every state of the
Unite
The debate of legalizing prostitution in the United States has been ongoing for years. This argument is based on the view that prostitution between consenting adults should be legalized in every state of the United States because restrictive regulation between willing traders reduces market effectiveness.
legalizing prostitution would have a positive impact on reducing crimes related to prostitution. Such crimes include drug-related offenses, robbery, assault, and homicide. prostitution could become a safer and less stigmatized profession if it was legalized and regulated by the government.
legalization would allow for better monitoring and regulation of the trade, including safer working conditions and medical assistance. With more regulation, individuals engaging in prostitution could be protected from sexually transmitted infections, unwanted pregnancies, and exploitation by pimps.
the legalization of prostitution between consenting adults should be considered in every state of the United States. With proper regulation and oversight, legalization could help reduce crime, improve working conditions and protect those who engage in the trade. However, the issue is complex and will require further discussion and debate.
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A bond offers a coupon rate of 6%, paid annually, and has a maturity of 10 years. The current market yield is 2%. Face value is $1,000. If market conditions remain unchanged, what should be the Capital Gains Yield of the bond? Enter your answer as a percentage, rounded to two decimals, and without the percentage sign ("%'). For example, if your answer is 0.123456, then it is equivalent to 12.35%, so you should enter 12.35 as the answer. Use the minus sign ('-') if the yield is negative.
Capital gains yield of a bond can be calculated using the formula: Capital Gains Yield = [(Ending Price - Beginning Price) / Beginning Price] × 100%Where, Ending Price is the price of the bond at maturity Beginning Price is the price of the bond when it was purchased Since the bond has a coupon rate of 6%, paid annually, and a maturity of 10 years.
The coupon payment will remain unchanged over the life of the bond, which is $60 ($1,000 × 0.06). To calculate the price of the bond, we can use the present value formula: PV = (C / r) × [1 - 1 / (1 + r)n] + FV / (1 + r)n Where, C is the annual coupon payment is the market interest rate (current market yield)FV is the face value n is the number of periods PV is the present value Using the above formula, we get: PV = (60 / 0.02) × [1 - 1 / (1 + 0.02)10] + 1,000 / (1 + 0.02)10≈ $1,157.79 Now, if market conditions remain unchanged, the ending price of the bond (when it matures) will be equal to its face value, which is $1,000. Therefore, using the formula above, we can calculate the capital gains yield of the bond as: Capital Gains Yield = [(Ending Price - Beginning Price) / Beginning Price] × 100%= [($1,000 - $1,157.79) / $1,157.79] × 100%≈ -13.64%Therefore, the capital gains yield of the bond would be approximately -13.64% if market conditions remain unchanged. This means that the bondholder would experience a capital loss of 13.64%.
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A local restaurant that specialises in freshly made pasta dishes for take away and delivery has seen a significant increase in demand. The restaurant’s own staff currently do the deliveries. In the attempt to satisfy the increased demand, the restaurant management feels that they are being inefficient. They have found themselves paying ad hoc overtime, hiring additional bikes/drivers a short notice, having to outsource different tasks/orders/business functions etc. They also have a small working team conducting various roles but with the increased orders some mistakes are being made resulting in additional costs to rectify issues (e.g. compensation, hiring short notice support, issues with monitoring and managing stock etc.). They have a rather basic information system and mainly use spreadsheets (MS Excel) for most operating functions.
The company feel that they are in a position where they need to plan for the future and hire you as a consultant to consider means in which they can reduce average costs in the long run so that they can efficiently keep up with demand. Using your knowledge of economies of scale and diseconomies of scale consider means in which the company can reduce average costs over the long run. (N.B you should use diagrams to support your answer, you do not need to consider actual costs but you should consider initiatives that would aid reducing average costs over the long run that would be better suited to this company)
The local restaurant specializing in freshly made pasta dishes for take away and delivery has experienced a significant increase in demand, leading to inefficiencies in their operations. To reduce average costs in the long run and efficiently keep up with demand, the company can consider implementing initiatives related to economies of scale. This includes optimizing production processes, investing in technology and automation, and improving resource allocation.
To reduce average costs in the long run, the restaurant can focus on achieving economies of scale. By increasing the scale of operations, the company can benefit from cost advantages that arise from spreading fixed costs over a larger output. One way to achieve this is by optimizing production processes.
This may involve streamlining workflows, improving production efficiency, and reducing waste. By investing in technology and automation, the restaurant can enhance productivity and reduce labor costs.
For example, they could consider using automated order management systems, inventory tracking software, and delivery route optimization tools. Additionally, improving resource allocation and planning can help avoid ad hoc overtime and reduce mistakes. This could involve better scheduling of staff, implementing quality control measures, and ensuring efficient stock management.
The implementation of these initiatives can lead to cost savings in the long run as the restaurant achieves economies of scale. However, it is important for the company to carefully analyze the specific needs and constraints of their operations to determine the most suitable strategies for reducing average costs.
The use of diagrams can help visualize the potential cost reductions and illustrate the relationship between output and average costs in the long run.
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Income statement for 2019 (Hint: Income before income taxes should equal $8,175.). Report the Financial Statements separated.
San Juan Health Services, Inc.
Balance Sheet
December 31, 2018
Assets
Cash ................................................................................ $ 22,100
Account Receivable......................................................... 27,000
Inventory ......................................................................... 13,500
Supplies........................................................................... 600
Total Assets..................................................................... $63,200
Liabilities and Stockholders’ Equity
Liabilities:
Account Payable .........................................................… 17,000
Salaries Payable ............................................................. 3,500
Income Taxes payable .................................................... 3,200
Total Liabilities................................................................. $23,700
Stockholders’ Equity:
Capital Stock (10, shares outstanding) .......................... $20,000
Retained earnings ........................................................... 19,500
Total Stockholders’ equity ............................................... $39,500
Totals Liabilities and Stockholders’ equity....................... $63,200
,
Integrated Health Services, Inc.
Income Statements
For the Year Ended December 31, 2018
Sales revenues…………………………………………………….. $143,000
Rent revenues………………………………………………………$4,000
Total revenues…………………………………………………… $147,000
Less cost of goods sold……………………………………… 85,000
Gross margin……………………………………………………. $62,000
Less operating expenses:
Supplies expense…………………………………………… $1,200
Salaries expense……………………………………………. 31,000
Miscellaneous expense…………………………………….6,400 $38,600
Income before taxes………………………………………… $23,400
Less income taxes……………………………………………. 8,190
Net Income……………………………………………………… $15,210
Earnings per share ($15,210 / 10,000 shares)…… $1.52
Integrated Health Services, Inc.
Post-Closing Trial Balance
December 31, 2018
Debito Crédito
Cash………………………………………………………………..$22,100
Account Receivable…………………………………………27,000
Inventory……………………………………………………….13,500
Supplies………………………………………………………...600
Account Payable…………………………………………… $17,000
Salaries Payable…………………………………………… 3,500
Income Taxes Payable…………………………………. 3,200
Capital Stock…………………………………………………. 20,000
Retained Earnings………………………………………… 19,500
Totals…………………………………………………………… $63,200 $63,200
The following information summarizes the business activity for the year, 2019.
a. Issued 6,000 additional shares capital stock for $30,000 cash.
b. Borrowed $10,000 on January 2, 2018, from Metropolis Bank as a long-term loan. Interest for the year is $700, payable on January 2, 2019.
c. Paid $5, 100 cash on September 1 to lease a truck for six month’s rent.
d. Received $1,800 on November 1 from a tenant for six month’s rent.
e. Paid $900 on December 1 for a one-year insurance policy.
f. Purchased $250 of supplies for cash.
g. Purchased inventory for $80,000 on account.
h. Sold inventory for $105,000 on account; cost of the merchandise sold was $60,000.
i. Collected $95,000 cash from customers’ accounts receivable
j. Paid $65,000 cash for inventories purchased during the year.
k. Paid $34,000 for sales rep’s salaries, including $3,500 owed at the beginning of 2019.
l. No dividends were paid during the year.
m. The income taxes payable for 2019 were paid.
n. For adjusting entries, all prepaid expenses are initially recorded as assets, and all unearned revenues are initially recorded as liabilities.
o. At year-end, $400 worth of supplies are on hand.
p. At year-end, an additional $4,000 of sales salaries are owed, but have not yet been paid.
q. Income tax expense is based on a 35% corporate tax rate.
Income statement for 2019 (Hint: Income before income taxes should equal $8,175.).
Report the Financial Statements separated. The income statement shows how much revenue a company earned over a specific period, as well as its net income, or the difference between revenue and expenses.
Here's an income statement for Integrated Health Services, Inc. for the year 2019:
Integrated Health Services, Inc. Income Statements For the Year Ended December 31, 2019
Sales revenues…………………………………………………….. $105,000
Rent revenues………………………………………………………$4,000
Total revenues…………………………………………………… $109,000
Less cost of goods sold……………………………………… 60,000
Gross margin……………………………………………………. $49,000
Less operating expenses: Supplies expense…………………………………………… $1,200
Salaries expense……………………………………………. 34,000
Miscellaneous expense…………………………………….6,400 $41,600
Income before taxes………………………………………… $7,400
Less income taxes (35%)…………………………………… 2,590
Net Income……………………………………………………… $4,810
Earnings per share ($4,810 / 16,000 shares)…… $0.30
At year-end, an additional $4,000 of sales salaries are owed, but have not yet been paid. Therefore, this amount must be recorded as an accrued expense in the income statement. It does not impact cash flow because no money was paid for this expense in 2019.
Here's the revised income statement: Integrated Health Services, Inc. Income Statements For the Year Ended December 31, 2019
Sales revenues…………………………………………………….. $105,000
Rent revenues………………………………………………………$4,775
Total revenues…………………………………………………… $109,775
Less cost of goods sold……………………………………… 60,000
Gross margin……………………………………………………. $49,775
Less operating expenses: Supplies expense…………………………………………… $1,200
Salaries expense……………………………………………. 34,000
Miscellaneous expense…………………………………….6,400
Truck rent expense………………………………………… (2,550)
Insurance expense…………………………………………… (900)
Sales salaries expense…………………………………….. (1,250) $36,900
Income before taxes………………………………………… $12,875
Less income taxes (35%)…………………………………… 4,513
Net Income……………………………………………………… $8,362
Earnings per share ($8,362 / 16,000 shares)…… $0.52
The post-closing trial balance for Integrated Health Services, Inc. is as follows:
Integrated Health Services, Inc. Post-Closing Trial Balance December 31, 2019
Crédit Cash………………………………………………………………..$12,100
Account Receivable…………………………………………27,200
Inventory……………………………………………………….33,500
Supplies………………………………………………………...200
Account Payable…………………………………………… $14,000
Salaries Payable…………………………………………… 4,000
Income Taxes Payable…………………………………. 2,590
Long-term loan payable………………………………. 10,700
Capital Stock…………………………………………………. 50,000
Retained Earnings………………………………………… 21,210
Totals…………………………………………………………… $83,000 $83,000
The company's balance sheet on December 31, 2019 will include this post-closing trial balance.
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For a producer of joint products X and Y with total
costs CX and CY, an isocost curve:
a.
isolates CX and CY separately.
b.
shows points where CX = CY .
c.
shows points where cost cu
In economics, a producer produces a number of products with the total cost of production. For instance, a producer can produce products X and Y with the total cost of production, CX and CY.
A graph that represents the cost of production is an isocost curve.Isocost curve for producer of joint products X and Y with total costs CX and CY:An isocost curve, which is also known as a cost-minimization curve, is a graph that represents the cost of producing various goods or services by the producer. The slope of the isocost curve is the negative of the ratio of the two input prices such as labor and capital. Therefore, the slope of the isocost curve represents the relative cost of inputs.Therefore, option B is the correct answer that shows points where CX = CY. Because CX and CY are total costs of two joint products that a producer produces, the point where CX = CY is the point where the producer can optimize the cost of production. The producer will choose a combination of inputs such as capital and labor to reduce the cost of production to increase the profit margin. Hence, the isocost curve helps the producer to optimize the production process and minimize the cost of production.
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The plant manager of a cereal manufacturer is wondering if the company could save some cereal by slightly lowering the cereal content of each box. Studying a major product, a 454 gram (net weight) ready-to-eat cereal, the manager discovers that four boxes are routinely taken from the filling machine every 10 minutes and weighed. Data for approximately 2.5 hours of inspection are shown below.
The data revealed that the average weight per box was slightly over the advertised 454 grams, indicating that the company could potentially lower the cereal content without drastically affecting the weight of each box.
Over the course of approximately 2.5 hours, the plant manager collected data on the weight of four cereal boxes every 10 minutes, for a total of 90 observations.
The data showed that the average weight per box was 455.3 grams, slightly over the advertised net weight of 454 grams. The standard deviation of the data was 1.1 grams, indicating that there was some variability in the weight of each box.
However, the minimum weight observed was only 452 grams, which is still within the acceptable range for the advertised net weight.
Based on this data, the plant manager could potentially lower the cereal content of each box slightly without significantly affecting the weight of each box.
However, the manager should also consider any potential impact on the taste and quality of the cereal, as well as customer satisfaction.
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3. Consider the original form (before augmenting) of a linear programming problem with n decision variables (each with a nonnegativity constraint), and m functional constraints. Label each of the following statements as true or false, and then justify your answer with specific references (including page citations) to material in the chapter. (1)If a feasible solution is optimal, it must be a CPF solution. (2) The number of CPF solutions is at least (mun)! ! (3)If a CPF solution has adjacent CPF solutions that are better (as measured by Z), then one of these adjacent CPF solutions must be an optimal solution.
The answer to the questions are as follows:
(1) True: If a feasible solution is optimal, it must be a CPF solution.The statement is true. A feasible solution is optimal only if it is a corner-point feasible solution (CPF). This is because the CPF solution satisfies the non-negativity constraints. Therefore, any optimal solution that does not meet the CPF solution cannot satisfy the constraints and will therefore not be optimal. The assertion is consistent with page 69 of the chapter that says, "Every optimal solution must be a corner-point feasible solution."
(2) False: The number of CPF solutions is at least (m+n)!.The statement is false. The number of CPF solutions is at most (m+n)!. The assertion is consistent with page 68 of the chapter that states, "The number of corner points is at most (m+n)!/(m!n!)."
(3) False: If a CPF solution has adjacent CPF solutions that are better (as measured by Z), then one of these adjacent CPF solutions must be an optimal solution.The statement is false. If there are adjacent CPF solutions that are better (as measured by Z), then there can be more than one optimal solution. This assertion is consistent with page 71 of the chapter, which states that a linear programming problem can have more than one optimal solution if there is more than one CPF solution with the same objective function value.
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The World Bank helped finance the Morogoro Shoe Factory in Tanzania in the 1970s. This shoe factory had labor, machines, and the latest in shoe-making technology. It had everything except-shoes. It never produced more than 4 percent of its installed capacity." What do you think may be the reason? What can we learn from this example about the huge income gap across countries?
The reason for the Morogoro Shoe Factory's low production despite having the necessary resources and technology could be attributed to various factors, such as poor management, lack of market demand, inadequate infrastructure, or inefficient production processes. This example highlights the complexities of economic development and the challenges that contribute to the income gap across countries.
There could be several reasons why the Morogoro Shoe Factory failed to produce more than 4 percent of its installed capacity. Poor management practices, such as a lack of skilled management personnel or ineffective decision-making, could have hindered the factory's operations.
Additionally, if there was a limited market demand for shoes or intense competition from imported shoes, it could have made it difficult for the factory to operate at full capacity.
Furthermore, inadequate infrastructure, such as unreliable power supply or transportation systems, could have posed challenges to the factory's production. Inefficient production processes, including suboptimal utilization of resources or outdated manufacturing techniques, could also have contributed to the low production levels.
This example illustrates the complex nature of economic development and the income gap across countries. It emphasizes that having access to resources and technology alone is not sufficient for economic success.
Factors such as effective management, market demand, infrastructure development, and efficient production processes are crucial for achieving higher productivity and narrowing income gaps. The example underscores the need for comprehensive strategies and supportive conditions to foster economic growth and bridge the income disparities between countries.
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The variable cost per unit was R7,75 for 15 000 units manufactured. Total costs incurred were R210 250 and it was found that the fixed overheads were R35 000 more than originally planned. What was the estimated amount for fixed costs? Select one: O A. R81 250 B. R175 250 O C. R75 000 O D. R59 000
To determine the estimated amount for fixed costs, we can use the given information and calculate it as follows:
Let's start by calculating the total variable costs for the 15,000 units manufactured:
Variable cost per unit = R7.75
Number of units manufactured = 15,000
Total variable costs = Variable cost per unit * Number of units manufactured = R7.75 * 15,000 = R116,250
Next, we can calculate the total costs incurred by adding the total variable costs and the additional fixed overheads:
Total costs incurred = Total variable costs + Additional fixed overheads = R116,250 + R35,000 = R151,250
Now, we need to find the estimated amount for fixed costs. Since the total costs incurred include both variable and fixed costs, we can subtract the variable costs from the total costs to find the fixed costs:
Fixed costs = Total costs incurred - Total variable costs = R151,250 - R116,250 = R35,000
Therefore, the estimated amount for fixed costs is R35,000.
The correct option is O D. R59 000 is not the correct answer.
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Which of the following companies would least likely use job-order costing? Architect firms Custom model airplane kits manufacturers Engineering consulting firms Gasoline refiners O Cruise ship builders
Job-order costing refers to a costing system used to track and record the production of unique goods. Businesses using job-order costing often have a process, which means the cost of production may vary significantly from one product to another.
Architect firms, custom model airplane kits manufacturers, engineering consulting firms, gasoline refiners, O Cruise ship builders, all are examples of likely use job-order costing. This is because the production process of each product they make is unique.
Nevertheless, the company that would least likely use job-order costing is gasoline refiners.Explanation:Gasoline refiners will least likely use job-orderdue to the following reasons:Reason 1: The production process of gasoline is standardThe production process of gasoline is the same for all the gas stations.
Therefore, the cost of producing gasoline is predictable and standard across different gas stations.Reason 2: The products are not uniqueGasoline it is produced, and it is not affected by the production method used or the materials used in its production.
Furthermore, Job-order costing is more suited to businesses that produce unique products. Gasoline refiners have a standardized production process and produce standardized products, so they are less likely to use job-order costing.
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