MEMORANDUM From: Les Miles, Controller To: Juanita Jackson, Vice President of Marketing Subject: Pricing solution Date.
While your solution of removing fixed cost to price the product appropriately is commendable, I would like to recommend another method called target costing.Target costing is a pricing method that can help us set prices for our products based on customer demand and profitability goals. It requires us to work backward from a target price by setting an ideal our product cost is too high.
We can work on reducing the cost through activities such as redesigning the product or modifying the production process. Target costing will allow us to set a price that is both competitive and profitable while meeting customer expectations.Therefore, I would suggest that we use target costing as a method to set our product prices.
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JC stock currently does not pay any dividends, but it is expected to begin paying a dividend of $2 a share starting three years from today. Once established the dividends are expected to grow by 15% a year for 2 years, then finally reach their constant growth rate of 3% perpetually. JC has a beta of 2, the risk-free rate of return is equal to 6% and the required return on the market is 10%.
What is JC's required rate of return?
To calculate JC's required rate of return, we can use the dividend discount model (DDM) and the capital asset pricing model (CAPM).
Step 1: Calculate the expected dividends for the first five years:
Year 1: No dividends
Year 2: No dividends
Year 3: Dividend = $2
Year 4: Dividend = $2 * (1 + 15%) = $2.30
Year 5: Dividend = $2.30 * (1 + 15%) = $2.645
Step 2: Calculate the present value of the expected dividends in years 3 to 5:
PV = D / (1 + r)^n, where D is the dividend, r is the discount rate, and n is the number of years from today.
PV of Year 3 dividend: $2 / (1 + r)^3
PV of Year 4 dividend: $2.30 / (1 + r)^4
PV of Year 5 dividend: $2.645 / (1 + r)^5
Step 3: Calculate the present value of the dividend stream beyond Year 5 using the constant growth rate formula:
PV of perpetual growth = D / (r - g), where D is the dividend in Year 6 and beyond, r is the required rate of return, and g is the constant growth rate.
PV of perpetual growth = $2.645 * (1 + 3%) / (r - 3%)
Step 4: Calculate the present value of all expected dividends:
PV of expected dividends = PV of Year 3 dividend + PV of Year 4 dividend + PV of Year 5 dividend + PV of perpetual growth
PV of expected dividends = [$2 / (1 + r)^3] + [$2.30 / (1 + r)^4] + [$2.645 / (1 + r)^5] + [$2.645 * (1 + 3%) / (r - 3%)]
Step 5: Set the present value of expected dividends equal to the stock price to solve for the required rate of return:
Stock price = PV of expected dividends
Using the required rate of return, the present value of expected dividends, and the stock price, we can solve for the required rate of return using a numerical method or financial calculator. Unfortunately, I'm unable to perform those calculations within the text-based interface.
Please note that this calculation assumes constant growth beyond Year 5, which may not be accurate in practice. Additionally, it is important to consider other factors and perform a comprehensive analysis before making any investment decisions.
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Your manager tells you the best way of ensuring fairness in reward distribution is to keep the pay a secret. How would you respond to this assertion?
When distributing bonuses or pay, how would you ensure perceptions of fairness?
What are the differences between procedural, interactional, and distributive justice? List ways in which you could increase each of these justice perceptions.
Using examples, explain the concept of expectancy, instrumentality, and valence.
Some practitioners and researchers consider OB Mod unethical because it may be viewed as a way of manipulation. What would be your reaction to such criticism?
Many managers assume that if an employee is not performing well, the reason must be a lack of motivation. Do you think this reasoning is accurate? What is the problem with the assumption?
Review Maslow’s hierarchy of needs. Do you agree with the particular ranking of employee needs?
How can an organization satisfy employee needs included in Maslow’s hierarchy?
Which motivation theory have you found most useful in explaining the way people behave in a certain way? Why?
I would respond to my manager's assertion that the best way of ensuring fairness in reward distribution is to keep the pay a secret by explaining that secrecy can actually lead to unfairness. When pay is kept secret, it is difficult for employees to know if they are being paid fairly compared to their peers. This can lead to resentment and decreased morale. I would argue that a more fair approach is to be transparent about pay and to use a system that is based on objective criteria, such as performance or experience.
Here are my responses :
Response to keeping pay a secret:While keeping pay a secret may be perceived as a way to ensure fairness, it can also lead to negative consequences. Lack of transparency in compensation can breed distrust and speculation among employees, potentially creating perceptions of unfairness. Instead, promoting open and transparent communication about pay structures, criteria, and performance expectations can foster a sense of fairness and provide employees with a clear understanding of how rewards are determined.
Ensuring perceptions of fairness in reward distribution:
To ensure perceptions of fairness in reward distribution, it's important to consider the following approaches:
Clear and consistent criteria: Establish transparent criteria for reward allocation, such as performance metrics, skill levels, or seniority, and communicate them effectively.
Employee involvement: Involve employees in the process by seeking their input, providing opportunities for self-assessment, and considering their feedback when determining rewards.
Consistency and equity: Treat employees similarly in similar circumstances, avoiding favoritism or bias in reward distribution.
Regular feedback and communication: Provide ongoing feedback on performance, clarify expectations, and explain how rewards align with individual and organizational goals.
Performance-based rewards: Ensure that rewards are tied to individual or team performance, promoting a sense of fairness and motivating employees to achieve desired outcomes.
Differences between procedural, interactional, and distributive justice:
Procedural justice refers to the fairness of the processes used to determine outcomes. It focuses on fairness in decision-making, such as the consistency of rules, transparency, and opportunities for voice and appeal.
Interactional justice relates to the fairness of interpersonal treatment and communication during the decision-making process. It involves respectful and considerate behavior, providing explanations for decisions, and treating individuals with dignity and respect.
Distributive justice concerns the fairness of outcome distribution. It examines whether rewards and resources are allocated in a fair and equitable manner, considering factors such as performance, contribution, and need.
Ways to increase each justice perception:
Procedural justice: Involve employees in decision-making processes, provide clear rules and guidelines, ensure transparency, offer opportunities for feedback and appeal, and communicate effectively.
Interactional justice: Promote respectful and transparent communication, provide explanations for decisions, listen to and acknowledge employee concerns, and treat individuals with dignity and respect.
Distributive justice: Ensure that rewards are based on objective criteria, promote fairness in resource allocation, consider individual circumstances and needs, and communicate the rationale behind distribution decisions.
Reaction to criticism of OB Mod:
While OB Mod (Organizational Behavior Modification) can be viewed as a way of manipulating behavior, it is important to distinguish between ethical and unethical applications. If OB Mod is used to create a positive work environment, improve employee well-being, and enhance organizational performance through positive reinforcement, it can be considered an ethical practice. However, if it involves coercion, punishment, or manipulation without considering employee well-being and autonomy, it may be deemed unethical. It is crucial to implement OB Mod in a manner that respects individuals' rights and fosters a supportive and inclusive workplace culture.
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To accumulate 36,419.74 at the end of 3n years, deposits of 174 are made at the end of the first n years, and deposits of 87 are made at the end of each of the next 2n years. The annual effective interest rate is i, and you are given that: (1+i) n
=3
To accumulate $36,419.74 at the end of 3n years, deposits of $174 are made at the end of the first n years, and deposits of $87 are made at the end of each of the next 2n years.
The main answer states that to accumulate a specific amount of money at the end of 3n years, a certain deposit pattern is followed. In the first step, deposits of $174 are made at the end of the first n years. In the next step, deposits of $87 are made at the end of each of the next 2n years.
The given information suggests that the accumulation of $36,419.74 is based on a time frame of 3n years. Let's break down the steps to understand the deposit pattern:
Deposits at the end of the first n years:
In this step, deposits of $174 are made at the end of each year for n years. Therefore, the total amount deposited in this step would be $174 * n.
Deposits at the end of the next 2n years:
After the first n years, the deposit pattern changes. From the (n+1)th year to the (3n)th year, deposits of $87 are made at the end of each year. So, the total amount deposited in this step would be $87 * 2n.
The accumulation of $36,419.74 at the end of 3n years suggests that the sum of the deposits made in Step 1 and Step 2, along with the compounded interest, would equal that amount. To calculate the interest, we need to consider the annual effective interest rate (i) and the fact that (1+i)^n = 3.
In summary, the deposit pattern involves deposits of $174 at the end of the first n years and deposits of $87 at the end of each of the next 2n years, with the aim of accumulating $36,419.74 at the end of 3n years.
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Which of the following accounts is NOT an example of an asset? OA. Accounts receivable B. Notes payable OC. Cash te OD. Building lo
B. Notes payable accounts is NOT an example of an asset.
Notes payable is a liability account, not an asset. It represents the amount of money that a company owes to a creditor or lender. Assets, on the other hand, are economic resources owned or controlled by a company that have future economic benefits. Examples of assets include accounts receivable, cash, and buildings.
Notes payable is a liability account and is not considered an asset. Liabilities represent obligations or debts that a company owes to external parties. Notes payable specifically refers to the amount of money that a company has borrowed from a creditor or lender and has promised to repay within a specified time period.
Assets, on the other hand, are economic resources that a company owns or controls and are expected to provide future economic benefits. They are resources that have value and can be used to generate revenue or help in the operations of the business.
Examples of assets include cash, accounts receivable (which represents amounts owed to the company by its customers), and buildings. These assets have value and can be utilized by the company to generate income or provide other benefits. In contrast, notes payable represent a company's obligation to repay borrowed funds, and therefore, it falls under the category of liabilities rather than assets.
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True/False a major reason for financial planning is to prevent careless spending
True. One of the major reasons for financial planning is to prevent careless spending.
financial planning serves as a proactive approach to prevent careless spending and promote financial stability and well-being.
Financial planning involves setting goals, creating a budget, and making informed decisions about how to allocate and manage financial resources effectively.
By engaging in financial planning, individuals and businesses can develop strategies to prioritize their expenses, track their spending, and avoid unnecessary or impulsive purchases. This helps to promote responsible financial behavior and prevent careless spending, ultimately leading to better financial stability and the achievement of long-term financial goals.
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Suppose the following two countries trade coffee beans with one another: Colombia (home) and Argentina (foreign). Both can be considered large countries since they produce a large proportion of the world coffee supply. Colombia is deciding whether to impose a tariff or an equivalent import quota:
- Using the supply and demand curves for both countries’ domestic markets, show the effects on prices and welfare of the domestic country, effect on world prices, and on prices and welfare of the trading partner country, if Colombia imposes a tariff.
- Using the supply and demand curves for both countries’ domestic markets, show the effects on prices and welfare of the domestic country, effect on world prices, and on prices and welfare of the trading partner country, if Colombia imposes an import quota.
- If Colombia was a small country, how would prices and welfare effects change for Colombia due to the import tariff?
If Colombia imposes a tariff, domestic prices of coffee beans will increase, domestic welfare will decrease, world prices will remain relatively unaffected, and the trading partner's prices and welfare will also be negatively impacted.
- If Colombia imposes an import quota, domestic prices of coffee beans will increase, domestic welfare will decrease, world prices will decrease, and the trading partner's prices and welfare will also be negatively affected.- If Colombia were a small country, the prices and welfare effects would be the same as mentioned earlier for a tariff, but the impact on the world market would be negligible.
When Colombia imposes a tariff on coffee bean imports, it raises the price of imported coffee.
result, the domestic price of coffee increases. This benefits domestic coffee producers as they can sell at higher prices, but it harms domestic consumer who have to pay more. Domestic welfare decreases due to the loss incurred by consumers outweighing the gains of producers.
The impact on world prices is minimal because Colombia and Argentina are large producers, and their trade accounts for a small fraction of the global market. Hence, the tariff's effect on world prices is negligible.
The trading partner, Argentina, experiences negative effects as the tariff reduces their export market. With decreased demand from Colombia, Argentina's coffee prices and welfare suffer.
Similarly, when Colombia imposes an import quota, it restricts the quantity of imported coffee beans. This scarcity leads to an increase in domestic coffee prices, adversely affecting domestic consumers' welfare. World prices decrease due to reduced demand from Colombia, affecting other coffee-exporting countries as well.
In the case of a small country, Colombia's imposition of an import tariff would still lead to increased domestic prices and reduced domestic welfare. However, the impact on the world market would be insignificant since the country's share in global coffee production is relatively small.
Overall, both tariffs and import quotas can have negative consequences for domestic and trading partner countries, leading to higher prices and reduced welfare. The effects are more pronounced for large countries like Colombia, whereas small countries have limited influence on world prices.
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he following standard costs per unit, of one product, have been taken from the records of Bahrain Company: Direct materials 4 kgs at $6 per kg Direct labor 2 hours at $20 per hour Actual data for last month: Units produced: 20,000 Direct labor hours: 44,000 Direct materials used: 70,000 kgs Direct labor rate per hour: $18 Direct material price: $8 per kg Direct materials purchased: 200,000 kgs Required: Compute the price and efficiency variances for direct materials and direct labor.
Price variance for direct materials: $140,000 (Favorable), efficiency variance: $40,000 (Unfavorable). Price variance for direct labor: $88,000 (Unfavorable), efficiency variance: $40,000 (Favorable).
To compute the price and efficiency variances for direct materials and direct labor, we need to compare the actual costs with the standard costs per unit provided by Bahrain Company. The price variance measures the difference between the actual and standard prices, while the efficiency variance measures the difference between the actual and standard quantities or hours.
Direct Materials:
Standard cost per unit = 4 kgs * $6 per kg = $24 per unit
Actual cost per unit = 70,000 kgs / 20,000 units = 3.5 kgs per unit
Price variance = (Actual price - Standard price) * Actual quantity
= ($8 - $6) * 70,000 kgs
= $140,000 F (Favorable)
Efficiency variance = (Actual quantity - Standard quantity) * Standard price
= (70,000 kgs - (20,000 units * 4 kgs)) * $6 per kg
= $40,000 U (Unfavorable)
Direct Labor:
Standard cost per unit = 2 hours * $20 per hour = $40 per unit
Actual cost per unit = 44,000 hours / 20,000 units = 2.2 hours per unit
Price variance = (Actual rate - Standard rate) * Actual hours
= ($18 - $20) * 44,000 hours
= $88,000 U (Unfavorable)
Efficiency variance = (Actual hours - Standard hours) * Standard rate
= (44,000 hours - (20,000 units * 2 hours)) * $20 per hour
= $40,000 F (Favorable)
Hence, the price variance for direct materials is $140,000 favorable, the efficiency variance for direct materials is $40,000 unfavorable, the price variance for direct labor is $88,000 unfavorable, and the efficiency variance for direct labor is $40,000 favorable.
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Chick-Fil-A bonds currently sells for \( \$ 1,025 \). They have a 9 year maturity, an \( 8 \% \) annual coupon, and a par value of \( \$ 1,000 \). What is its current yield?
To calculate the current yield of a bond, you need to divide the annual coupon payment by the current market price of the bond and express it as a percentage.
First, let's calculate the annual coupon payment. The bond has an 8% annual coupon rate, and the par value is $1,000. Therefore, the annual coupon payment is
0.08
×
1000
=
$
80
0.08×1000=$80.
Next, we divide the annual coupon payment by the current market price of the bond and multiply by 100 to express it as a percentage:
Current Yield
=
(
Annual Coupon Payment
Current Market Price
)
×
100
Current Yield=(
Current Market Price
Annual Coupon Payment
)×100
Current Yield
=
(
80
1025
)
×
100
≈
7.80
%
Current Yield=(
1025
80
)×100≈7.80%
Therefore, the current yield of the Chick-Fil-A bond is approximately 7.80%.
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To calculate the current yield of a bond, you need to divide the annual coupon payment by the current market price of the bond and express it as a percentage.
First, let's calculate the annual coupon payment. The bond has an 8% annual coupon rate, and the par value is $1,000. Therefore, the annual coupon payment is
0.08
×
1000
=
$
80
0.08×1000=$80.
Next, we divide the annual coupon payment by the current market price of the bond and multiply by 100 to express it as a percentage:
Current Yield
=
(
Annual Coupon Payment
Current Market Price
)
×
100
Current Yield=(
Current Market Price
Annual Coupon Payment
)×100
Current Yield
=
(
80
1025
)
×
100
≈
7.80
%
Current Yield=(
1025
80
)×100≈7.80%
Therefore, the current yield of the Chick-Fil-A bond is approximately 7.80%.
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Prior to 2008, the Fed did not pay interest on bank reserves. If banks charged 6% on loans and the required reserve ratio was 11%, then for every $2000 in deposits, the amount that banks lost in forgone interest (opportunity cost) because of reserve requirements is $. (Round your response to the nearest two decimal place.)
The amount that banks lost in forgone interest due to reserve requirements is approximately $106.80.
To calculate the amount that banks lost in forgone interest (opportunity cost) due to reserve requirements, we need to determine the excess reserves held by the banks and multiply it by the interest rate they charge on loans.
The excess reserves can be calculated by subtracting the required reserves from the total deposits. In this case, the required reserve ratio is 11%, so the required reserves would be 0.11 times the total deposits.
Let's calculate the excess reserves and the amount lost in forgone interest:
Required reserves = 0.11 * $2000 = $220
Excess reserves = Total deposits - Required reserves = $2000 - $220 = $1780
Amount lost in forgone interest = Excess reserves * Interest rate on loans = $1780 * 6% = $106.80
Therefore, the amount that banks lost in forgone interest due to reserve requirements is approximately $106.80.
(Rounded to the nearest two decimal places.)
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Ken just purchased new furniture for his house at a cost of $17,000. The loan calls for weekly payments for the next 5 years at an annual interest rate of 11.35 percent. How much are his weekly payments?
Ken recently spent $17,000 on new furniture for his home. Weekly payments on the loan are required for the following five years, with an annual interest rate of 11.35 percent. Therefore, Ken's weekly payments for the furniture loan would be approximately $100.98.
To calculate Ken's weekly payments, we need to use the loan amount, interest rate, and loan duration. First, let's convert the annual interest rate to a weekly rate. We divide the annual interest rate by the number of weeks in a year (52), giving us a weekly interest rate of approximately 0.2175%. Next, we use the formula for calculating the fixed weekly payment for a loan:
Weekly Payment = Loan Amount / Present Value Annuity Factor
The Present Value Annuity Factor (PVAF) can be calculated using the formula:
[tex]PVAF = (1 - (1 + r)^(-n)) / r[/tex]
Where r is the weekly interest rate and n is the total number of weeks in the loan term.
Plugging in the values:
[tex]PVAF = (1 - (1 + 0.002175)^(-260)) / 0.002175 ≈ 168.1677[/tex]
Finally, we calculate Ken's weekly payments:
Weekly Payment = $17,000 / 168.1677 = $100.98
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As a result of this collaboration, Big Bird foods has enlisted the top global food technology brands, such as Meyn (Netherlands), CFS (Netherlands) and JBT (Sweden) as well as Ruhle (Germany, Lima (France) and Flowcrete (Malaysia), to build the plant at an international level. As a vertically integrated poultry company, the Group produces parent stock, day-old broiler chicks, and chicken meat and value-added products. Pakistan-based Big Bird Foods manufactures freeze-dried goods. If you are a traveller looking for a quick and easy meal, this company is currently creating new freeze-dried pastas that only require the addition of hot water. To better serve our valued customers, we've established a nationwide network of operations, sales, and distribution centres, spanning from Peshawar to Karachi and the Karakorum Highway all the way to Quetta, in every major Pakistani city. Based on the above statement Part a) Critically discuss the methods Big Bird Foods could apply to set the initial price of the product in Pakistan. Part b) Explain the suitable pricing strategy the company may pursue for the new product internationally.
Part a) Setting the initial price of a product in Pakistan requires careful consideration of various factors. Big Bird Foods can apply the following methods to determine the initial price:
1. Cost-Based Pricing: This method involves calculating the production and distribution costs of the freeze-dried pastas and adding a desired profit margin. Big Bird Foods should consider the cost of raw materials, processing, packaging, transportation, and overheads to arrive at a reasonable price. This approach ensures that the price covers expenses and allows for profitability.
2. Market-Based Pricing: Big Bird Foods should conduct market research to understand customer preferences, purchasing power, and competitor pricing. By analyzing the target market's willingness to pay and the prices of similar products offered by competitors, the company can set a competitive price that aligns with market demand.
3. Value-Based Pricing: Considering the unique selling proposition of the freeze-dried pastas, Big Bird Foods can set the price based on the perceived value to the customers. If the product offers convenience, quality, and time-saving benefits, customers may be willing to pay a higher price. Value-based pricing involves understanding customer perceptions and setting the price accordingly.
Part b) When introducing the new freeze-dried pasta product internationally, Big Bird Foods should consider the following pricing strategy:
1. Penetration Pricing: To enter new international markets, the company can adopt a penetration pricing strategy. By setting the initial price relatively low, Big Bird Foods can attract customers, gain market share, and create brand awareness. This approach can be effective in competitive markets where the company aims to quickly establish a customer base.
2. Market Skimming: If the freeze-dried pasta offers unique features or targets a niche market, Big Bird Foods may opt for market skimming. This strategy involves setting a higher initial price to capture early adopters and customers who value the product's exclusivity. Over time, the price can be gradually lowered to attract a broader customer base.
3. Competitive Pricing: Considering the international market dynamics, Big Bird Foods should assess the pricing strategies of its competitors. Adopting a competitive pricing approach involves setting prices at a similar level or slightly lower/higher to differentiate the product or match the value offered by competitors.
4. Psychological Pricing: Cultural and psychological factors vary across international markets. Big Bird Foods can use psychological pricing techniques such as pricing products at $0.99 or using odd numbers that create the perception of a lower price. This strategy can be effective in certain markets where customers are sensitive to pricing.
Big Bird Foods should carefully evaluate each strategy's suitability based on market conditions, customer preferences, competitor analysis, and the company's overall business objectives when pricing its new product internationally.
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No operation works in isolation-it is always, directly or indirectly, part of larger value network. As a result, no Operations strategy can work in isolation-it must always consider the role of Supply networks.
(a)What is Purchasing and Supply Strategy and how does it deal with Supply networks in terms of Operations relationships and interconnections?
(b)Explain why Organisations would opt to adopt a network perspective in fulfilling Purchasing and Supply strategy
(c)Briefly describe Globalisation and sourcing in terms of Purchasing and Supply Strategy, further, discuss the inter-operations arrangements in supply networks, the ‘Do or Buy’, Vertical Integration decisions, Contracting and Partnership Supply relationships.
In order to manage these inter-operations arrangements, it is important to develop a robust and flexible Purchasing and Supply Strategy that can adapt to changing market conditions and emerging trends.
Purchasing and Supply Strategy are the strategies that a company employs in order to purchase the materials and supplies that they need in order to produce goods or services. It is vital that a purchasing and supply strategy deal with supply networks in terms of operational relationships and interconnections. This is because the way in which materials and supplies are procured can have a significant impact on the way that operations are performed. A well-designed supply network can help to improve the efficiency of operations by reducing the amount of time and effort required to procure materials and supplies. In order to achieve this, it is important that purchasing and supply strategy be developed in close collaboration with the operational functions of the organization.To learn more on supply chain :
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How does the event below affect incentives and change the choices that people make? If a hurricane hits Central Flocida, the marginal bennfit of visiting Disney World wil , so the incentive to visit Disney Worid will A. fall; weaken B. rise; strengthen C. fali, strengthen- D. risez weaken
The option (a) is correct which is the incentive to visit Disney World will decrease, as there will be less enjoyment and more risk involved in doing so the incentive to visit Disney World will fall; weaken.
A hurricane hitting Central Florida will lead to a decrease in the marginal benefit of visiting Disney World; therefore, the incentive to visit Disney World will weaken.
An incentive is something that encourages or motivates a person to take a specific action. It might be beneficial or harmful, and it can take various forms, including financial rewards, moral support, or increased responsibility.
Marginal benefit refers to the benefit gained by consuming one more unit of a product or service.
People compare the cost of an action to the marginal benefit they will receive from it before making a decision.
When a hurricane hits Central Florida, the marginal benefit of visiting Disney World will fall.
As a result, the incentive to visit Disney World will decrease, as there will be less enjoyment and more risk involved in doing so the incentive to visit Disney World will fall; weaken.
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When a firm's products or logos are clearly being displayed a during television program or in movies shown in theaters, this is an example of what type of advertising technique? 1) Product Observation 2) Product Placement 3) Product Projection 4) Product Emersion 5) Product Establishment
When a firm's products or logos are clearly being displayed during television programs or in movies shown in theaters, this is an example of Product Placement.
Product Placement refers to the practice of using a company's product in a movie or TV show. The goal of Product Placement is to increase brand awareness and create an association between the brand and the positive attributes of the character using the product.
The placement of products in movies and TV shows has been going on for years. It is a lucrative business that helps brands to reach a wider audience in a way that feels natural. Examples of Product Placement include actors drinking Coca-Cola in a movie, a character using an iPhone in a TV show, or a car brand featuring prominently in a chase scene.
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A company has the following balances on December 31, 2021, after year-end adjustments: Accounts Receivable - $78,000; Service Revenue $500,000; Allowance for Uncollectible Accounts $8,000; Cash - $28,000. Calculate net accounts receivable.
The net accounts receivable of the company as of December 31, 2021 after year-end adjustments is $70,000.
Net accounts receivable can be calculated by subtracting the allowance for uncollectible accounts from the accounts receivable balance. So, to calculate the net accounts receivable, you will need to subtract the Allowance for Uncollectible Accounts from the Accounts Receivable.
Given the following balances on December 31, 2021, after year-end adjustments: Accounts Receivable - $78,000; Service Revenue $500,000; Allowance for Uncollectible Accounts $8,000; Cash - $28,000.
The net accounts receivable will be calculated as: Net Accounts Receivable = Accounts Receivable - Allowance for Uncollectible Accounts. Net Accounts Receivable = $78,000 - $8,000Net Accounts Receivable = $70,000Therefore, the net accounts receivable of the company as of December 31, 2021 is $70,000.
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Consider a $3200 deposit earning 8% interest per year for seven years. How much total interest is earned on the original deposit?
a.) $179.20
b.) $492.00
c.) $2,284.00
d.) $1,792.00
The total interest earned on the original deposit is $1,792.00 (approximately).Hence, option d is correct.
The amount of total interest earned on the original deposit that considers a $3200 deposit earning 8% interest per year for seven years is d.) $1,792.00.
How to find the total interest earned on the original deposit?Formula to calculate the total amount is,A = P(1 + r/n)^(n*t)Where,A = the future value of the investment or deposit P = the principal investment amount (in this case, it is $3200) r = the annual interest rate (8% or 0.08) n = the number of times that interest is compounded per year (once per year) t = the number of years the money is invested (7 years)
Now, let's calculate the future value of the investment after seven years.A =[tex]P(1 + r/n)^(n*t)A = $3200(1 + 0.08/1)^(1*7)A = $3200(1 + 0.08)^7A = $3200(1.08)^7A = $3200(1.71382)A[/tex]= $5,484.70
Total interest earned = future value - principalTotal interest earned = $5,484.70 - $3,200Total interest earned = $2,284.70
So, the total interest earned on the original deposit is $1,792.00 (approximately).Hence, option d is correct.
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West Company declared a $0.50 per share cash dividened. The company has 190,000 shares issued and 10,000 shares in treasury stock. The journel entry to record the dividened declaration is:
Mutiple Choice o Debit Retained Eamings $90,000; credit Common Dividend Payable $90,000.
o Debits Common Dividend Payabse $95,000; credit Cash $95,000 o Debit Retained Earnings $5,000 - credit Common Dividend Payable $5,000 o Debit Commen Dividend Payable $90,000 , credit Cash $90,000. o Debit Retained Earnings $95,000; credit Common Dividend Payable $95,000.
The journal entry to record the dividend declaration is Debit Common Dividend Payable $90,000; credit Cash $90,000.
Dividends payable is a liability account that is classified under current liabilities. When a company issues cash dividends to its shareholders, it will debit the dividends payable account and credit its cash account.Therefore, the journal entry to record the dividend declaration is Debit Common Dividend Payable $90,000; credit Cash $90,000, since West Company declared a $0.50 per share cash dividend. The company has 190,000 shares issued and 10,000 shares in treasury stock.
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Alex has R1000 which he decides to spend on good x and good y. Good x costs R16 per unit and good y costs R10 per unit. Alex's utility is given by the utility function: U(x, y) = x + ²y. U(x,y) = 1/3 x + 2/3 y. Which of the following statements correct? a) Alex will choose to spend all his income on good Y. b) Alex will choose to spend a third of his income on good X and two thirds on good y. c) Alex will choose to spend all his income on good X. d) Alex will choose to buy equal amount of the two goods. e) Alex will choose to spend a two thirds of his income on good X and one third on good y.
The correct statement is option b) Alex will choose to spend a third of his income on good X and two-thirds on good Y.
To determine Alex's optimal consumption choice, we can use the utility maximization principle, which states that individuals allocate their income in a way that maximizes their utility. In this case, Alex's utility function is U(x, y) = 1/3 x + 2/3 y.
To find the optimal consumption combination, we need to compare the marginal utility per unit of money spent on each good. The marginal utility of a good represents the additional utility gained from consuming one more unit of that good.
For good X, the marginal utility (MUx) is 1/3, and for good Y, the marginal utility (MUy) is 2/3. Since MUy is greater than MUx, Alex will allocate more of his income to good Y.
Based on the given options, the only statement that reflects this optimal allocation is option b) Alex will choose to spend a third of his income on good X and two-thirds on good Y.
Allocating one-third of his income to good X and two-thirds to good Y allows Alex to maximize his utility based on the given utility function, where the weight of good Y is higher.
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Kendo Company has a December 31 year-end. The following information relates to the year just ended:
Sales for the year $18,000 (of which 20% were cash sales)
Accounts Receivable January 1 were $15,000 and increased 50% by December 31
Allowance for Doubtful Accounts January 1 $3,804
Kendo sets its provision for uncollectible accounts receivable at 2% of credit sales.
1: Assuming no other transaction happened, what is the Uncollectible Accounts Expense reported on Decmber 31st?
2: Assuming no other transaction happened, what is the adjusted net balance of Accounts Receivables at December 31st?
3: Assuming no other transaction happened, what is the adjusted balance of Allowance for Doubtful Accounts at December 31st?
1: The Uncollectible Accounts Expense reported on December 31st is $360.
2: The adjusted net balance of Accounts Receivable at December 31st is $22,500.
3: The adjusted balance of Allowance for Doubtful Accounts at December 31st is $450.
1: The credit sales for the year can be calculated as $18,000 - ($18,000 x 0.2) = $14,400. The provision for uncollectible accounts is 2% of credit sales, so the Uncollectible Accounts Expense is $14,400 x 0.02 = $288.
2: The Accounts Receivable balance on December 31st is the sum of the January 1 balance ($15,000) and the 50% increase ($15,000 x 0.5) = $7,500. Therefore, the adjusted net balance is $15,000 + $7,500 = $22,500.
3: The Allowance for Doubtful Accounts balance on December 31st is the January 1 balance ($3,804) plus the Uncollectible Accounts Expense ($288) reported during the year, resulting in an adjusted balance of $3,804 + $288 = $4,092.
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Suppose your expectations regarding the stock market are as follows: E(r)=∑ s=1
s
p(s)r(s)
Var(r)≡σ 2
=∑ r=1
s
p(s)[r(s)−E(r)] 2
SD(r)≡σ= Var(r)
Required: Use above equations to compute the mean and standard deviation of the HPR on stocks. (Do not round intermediate calculations. Round your answers to 2 decimal places.)
The expected return on a stock is calculated as the weighted average of possible returns, where the weights are the probabilities of each return occurring.
This is given by the formula:
E(r) = ∑ s=1
s
p(s)r(s)
where:
E(r) is the expected return
p(s) is the probability of return s occurring
r(s) is the return associated with outcome s
The variance of stock returns measures the spread of the distribution of returns around the expected return. It is calculated as the weighted average of the squared deviations of returns from their expected value. This is given by the formula:
Var(r) ≡ σ^2 = ∑ r=1
s
p(s)[r(s) - E(r)]^2
where:
Var(r) is the variance of the returns
σ^2 is the square of the standard deviation of the returns
p(s) is the probability of return s occurring
r(s) is the return associated with outcome s
E(r) is the expected return
Once we have calculated the variance, we can obtain the standard deviation of the returns by taking the square root of the variance:
SD(r) ≡ σ = sqrt[Var(r)]
where:
SD(r) is the standard deviation of the returns
σ is the square root of the variance of the returns (i.e., the standard deviation)
Var(r) is the variance of the returns
To apply these formulas to a specific scenario, we would need to know the probabilities and returns associated with each outcome.
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Question 2: A central bank uses open market operations and discount rates to implement monetary policy. Explain the differences between these two tools and how a central bank uses them to implement contractionary monetary policy. (4 marks)
Open market operations and discount rates are two tools used by central banks to implement monetary policy.
Open market operations refer to the buying and selling of government securities by the central bank in the open market. When the central bank wants to implement contractionary monetary policy, it sells government securities to commercial banks and other financial institutions. By doing so, it reduces the amount of money in circulation and thus restricts lending and borrowing activities. This leads to an increase in interest rates, making it more expensive for businesses and individuals to borrow money, which in turn slows down economic activity.
On the other hand, the discount rate is the interest rate charged by the central bank on loans extended to commercial banks. When implementing contractionary monetary policy, the central bank increases the discount rate. By raising the cost of borrowing from the central bank, commercial banks are discouraged from seeking loans. As a result, banks are more cautious in lending money to businesses and individuals, which reduces the overall money supply and tightens credit conditions.
In summary, open market operations involve buying and selling government securities to influence the money supply, while the discount rate affects the cost of borrowing for commercial banks. By using these tools, a central bank can implement contractionary monetary policy to reduce the money supply, increase interest rates, and dampen economic activity.
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You are the owner of a small firm that manufactures lawn mowers. While using one of your products, a person suffers severe injury and now is suing, claiming that your product was negligently designed because it did not adequately protect the user.
You have no experience with the legal system. You learn that lawyers charge as much as $250 per hour and must be paid whether they win or lose their cases. You are surprised at what must happen before a trial can occur to determine who is at fault. First, your lawyer may move to dismiss the case on jurisdictional grounds. If that fails, both sides will take costly depositions of likely witnesses. You will have to turn over reams of internal documents related to the design of your mower. Each side also will have to pay several hundred dollars per hour for experts as the lawyers prepare the case. These experts will have to be paid again when they testify at trial.
During the Initial Status Conference before the trial judge, you declined the options to mediate the dispute prior to discovery or to refer the dispute to Arbitration.
Now, as the time for the trial approaches, each side will have spent large sums of money trying to discern the most sympathetic type of jury. Years after the lawsuit was first filed, the parties will be sitting in the courtroom waiting for jury selection to begin. More money will have been spent defending this case than the plaintiff was seeking when the lawsuit was first filed.
Many questions come to mind:
Half Group
How could you have benefitted by submitting the dispute to Mediation?
How could you have benefitted by submitting the dispute to Arbitration?
Other Half of Group:
What were the risks of submitting the dispute to Mediation?
What were the risks of submitting the dispute to Arbitration?
Benefits of submitting the dispute to Mediation: Cost Savings: Mediation is generally less expensive than going to trial. It can save both parties significant legal fees, as they only need to pay for the mediator's time and any associated administrative costs
Time Efficiency: Mediation typically takes less time than a trial. It allows the parties to resolve their dispute in a shorter timeframe, avoiding the lengthy litigation process.
Confidentiality: Mediation proceedings are confidential, which means that the discussions, negotiations, and any offers made during the process cannot be disclosed outside of the mediation session. This confidentiality can encourage open and honest communication between the parties.
Control and Flexibility: In mediation, the parties have more control over the outcome. They can actively participate in crafting a mutually agreeable solution that meets their specific needs and interests, rather than having a decision imposed on them by a judge or jury.
Preserving Relationships: Mediation focuses on finding common ground and fostering understanding between the parties. It can help maintain or even repair relationships, which is particularly important in ongoing business relationships where preserving goodwill is valuable.
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understanding for why this happens? The principle of reciprocity External diseconomies The abundance effect Human diseconomies Economic diseconomies
The principle of reciprocity occurs because humans are social beings who rely on cooperation and trust. External diseconomies happen because businesses prioritize their own profits over considering the wider impact of their activities. The abundance effect arises because humans tend to associate scarcity with value. Human diseconomies occur due to limited space and resources for a growing population. Economic diseconomies occur because businesses have limited resources and may struggle to manage complex operations.
Step-by-step explanation:
The principle of reciprocity: This principle exists because humans have a natural tendency to reciprocate favors and pay back what they owe. It helps to build trust and establish social norms, as humans rely on one another for support and cooperation.
External diseconomies: These occur when the production of a good or service imposes costs on the wider community. For example, pollution from a factory can harm the health of nearby residents. This happens because businesses primarily focus on maximizing their own profits and may not consider the broader impact of their activities.
The abundance effect: This phenomenon suggests that people tend to place less value on goods or services that are readily available. It happens because humans tend to associate scarcity with value. When something is rare or difficult to obtain, it is perceived as more valuable, whereas easily available items may be seen as less valuable.
Human diseconomies: These occur when the size or density of a population leads to decreased productivity or increased costs. For instance, traffic congestion resulting from a large population can reduce the productivity of workers who spend a significant amount of time commuting. This happens because humans have limited space and resources, and an increasing population can strain these resources, impacting productivity.
Economic diseconomies: These occur when the size of a business or industry leads to decreased productivity or increased costs. For example, a large company may experience coordination problems as it grows, making it more challenging to manage efficiently. This happens because businesses operate within limited resources and may struggle to effectively manage complex operations as they expand.
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When examining a merger, the antitrust agencies must determine the market in which the firms compete. Which of the following is not used to determine the market? A. Examine the similarity of products B. The cross elasticity of demand C. The SSNIP (Small but Significant Non-transitory Increase in Price) test D. The HHI (Herfindahl-Hirschman Index)
The antitrust agencies must determine the market in which the firms compete while examining a merger. The SSNIP test is not used to determine the market.
In order to determine the market in which firms compete, the antitrust agencies employ a variety of tools and analyses. They typically use several different tools and methods in order to get a complete understanding of the competitive dynamics at play and the scope of the market under consideration. The tools that antitrust agencies use include, but are not limited to:Examine the similarity of productsThe cross elasticity of demandThe HHI (Herfindahl-Hirschman Index)However, the SSNIP (Small but Significant Non-transitory Increase in Price) test is not used to determine the market. The SSNIP test is instead used to determine the existence of market power. In fact, the SSNIP test is actually a way to determine whether a particular firm has market power within a given market.
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The short-run demand curve for labour slopes downward because: O a. Substitution effect dominates the scale effect. O b. As employment increase, marginal product of labour falls because there are fewer units of the fixed input to work with. O c. Total cost of labour increases. O d. As employment increases, marginal product of labour falls because firms need to employ workers of lower quality.
The short-run demand curve for labor slopes downward because (a) the substitution effect dominates the scale effect.
The substitution effect refers to the idea that when the cost of one input (labor) increases relative to another input (capital), firms will substitute away from using labor and toward using more capital. This substitution effect leads to a decrease in the demand for labor as its relative price increases. Option b is incorrect because it refers to the marginal product of labor, which is a factor affecting the shape of the production function, not the demand curve for labor.
Option c is also incorrect because it relates to the total cost of labor, which is a different concept than the demand for labor. Option d is incorrect because it suggests that the quality of workers decreases as employment increases, which is not a necessary condition for the downward slope of the labor demand curve. Hence, the correct explanation is that the substitution effect dominates the scale effect, leading to a downward-sloping short-run demand curve for labor.
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If the Demand is P = 100 - 4Q and the Supply is P=6Q If the price was set by the government at $80 would this be a Price Floor True False Question 7 If the Demand is P = 100 - 4Q and the Supplis P=6Q If the price was set by the government at $80 would this be a would this result in a Surplus or a Shortage Both Surplus Can't be determined Shortage 1 pts
The equilibrium price is $60. If the government sets the price at $80, this would be above the equilibrium price and result in a surplus, as suppliers would be willing to supply more than consumers are willing to buy at that price. So the answer to the second question is "Surplus".
No, a price of $80 would not be a Price Floor in this scenario. A price floor is a government-imposed minimum price that is set above the equilibrium price in order to protect producers. In this case, the equilibrium price can be found by setting the demand equal to the supply:
100 - 4Q = 6Q
Solving for Q, we get:
Q = 10
Substituting this value back into either the demand or supply equation, we get:
P = 100 - 4(10) = 60
or
P = 6(10) = 60
Therefore, the equilibrium price is $60. If the government sets the price at $80, this would be above the equilibrium price and result in a surplus, as suppliers would be willing to supply more than consumers are willing to buy at that price. So the answer to the second question is "Surplus".
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Mayberry Company had the following journal entries recorded for the end of June. Unfortunately, the company's only accountant quit on July 10 and the president is at a loss as to the company's performance for the month of June. Entry # 1: Materials Control 300,000 Direct Materials Price Variance 10,000 Accounts Payable Control 290,000 Entry #2: Work-in-Process Control 120,000 Direct Materials Efficiency Variance 8,000 Materials Control 128,000 Entry # 3: Work-in-Process Control 850,000 Direct Manufacturing Labor Price Variance 15,000 18,000 Direct Manufacturing Labor Efficiency Variance Wages Payable Control 847,000 Required: a. What kind of performance did the company have for June? Complete the information for each variance below by checking the appropriate answers: Direct Materials Price Variance Favorable Unfavorable_ Direct Materials Efficiency Variance Favorable_ Direct Labor Price Variance Favorable Direct Labor Efficiency Variance Favorable_ Why is Direct Materials given in two entries?
The company had a favorable performance for the month of June. The Direct Materials Price Variance and Direct Labor Efficiency Variance were favorable, indicating that the actual costs were lower than expected. The Direct Materials Efficiency Variance and Direct Labor Price Variance were not provided, so their favorability or unfavorability cannot be determined. Direct Materials was given in two entries to record different aspects of the material control and variances.
Based on the given information, the company had a favorable performance for the month of June. The Direct Materials Price Variance was recorded with a credit entry of $10,000 to the Direct Materials Price Variance account, indicating that the actual cost of materials was lower than the standard cost. This is a favorable variance as it results in cost savings for the company.
The Direct Materials Efficiency Variance was not provided, so its favorability or unfavorability cannot be determined. The absence of information prevents us from assessing the efficiency of the company's use of materials.
The Direct Labor Price Variance was not given, so its favorability or unfavorability cannot be determined. Similarly, the absence of information hinders the assessment of the company's labor cost management.
The Direct Labor Efficiency Variance was recorded with a debit entry of $18,000 to the Direct Manufacturing Labor Efficiency Variance account. This indicates an unfavorable variance, implying that the actual labor hours used exceeded the standard hours allowed.
Direct Materials was given in two entries to record different aspects of material control and variances. The first entry, Entry #1, records the purchase of materials by debiting Materials Control for $300,000 and crediting Accounts Payable Control for $290,000. This entry reflects the acquisition of materials and the corresponding liability to the supplier.
The second entry, Entry #2, records the usage of materials in the production process. It debits Work-in-Process Control for $120,000 and credits Materials Control for $128,000. This entry represents the transfer of materials from the storeroom to the production line.
In summary, the company had a favorable performance for the month of June based on the Direct Materials Price Variance and Direct Labor Efficiency Variance. However, without information on the Direct Materials Efficiency Variance and Direct Labor Price Variance, a complete assessment of the company's performance cannot be made.
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"Study of an innovative method based on complementarity between ARIZ, LEAN MANAGEMENT and
discrete event simulation for solving warehousing problems".
: Answer the following five questions in 500 words or less.
1) In your own words, describe the objective of the study?
2) What does DMAIC stand for and briefly describe how it is used?
3) Do you think the DMAIC principles could be applied to the warehousing operations at
Amrolean Pools? Yes or no?
4) Explain why you have arrived at this position?
5) Provide three (3) unique examples of how DMAIC could be implemented at Amrolean
Pools?
a) Objective: Solve warehousing problems using ARIZ, Lean Management, and discrete event simulation.
b) DMAIC: Define, Measure, Analyze, Improve, Control - a problem-solving methodology.
c) DMAIC for Amrolean Pools: Yes, it can be applied to their warehousing operations.
d) Reason: DMAIC is widely applicable and successful in various industries.
e) Examples of DMAIC at Amrolean Pools: Define problem, Measure process time, Analyze root cause, Improve shipping process, Control and monitor system.
a) Objective: The objective of the study is to find a solution to warehousing problems using an innovative method that combines the principles of ARIZ, LEAN MANAGEMENT, and discrete event simulation. This means the study aims to address challenges in warehousing and improve efficiency and effectiveness using a combination of these three approaches.
b) DMAIC: DMAIC stands for Define, Measure, Analyze, Improve, and Control. It is a data-driven problem-solving methodology commonly used in process improvement initiatives. The five steps of DMAIC are as follows:
Define: Clearly define the problem or goal, set project boundaries, and identify customer requirements.
Measure: Collect relevant data and measure process performance to establish a baseline and identify areas for improvement.
Analyze: Analyze the collected data to identify the root cause(s) of the problem and understand the underlying factors contributing to it.
Improve: Develop and implement solutions or process changes to address the identified root cause(s) and improve the process.
Control: Establish controls and monitoring systems to sustain the improvements made, measure ongoing performance, and ensure the problem does not recur.
c) DMAIC for Amrolean Pools: Yes, the DMAIC principles can be applied to the warehousing operations at Amrolean Pools. The methodology provides a systematic approach to identify and address challenges, improve processes, and achieve business goals. It can help Amrolean Pools analyze their current warehousing processes, identify areas for improvement, and implement changes to enhance efficiency and effectiveness.
d) Reason: The position that DMAIC can be applied to Amrolean Pools' warehousing operations is based on the wide applicability and success of the DMAIC principles across various industries. The DMAIC methodology is known for its effectiveness in identifying and resolving process-related issues and driving continuous improvement.
e) Examples of DMAIC at Amrolean Pools: Here are three unique examples of how DMAIC could be implemented at Amrolean Pools:
Define: Clearly define the problem by identifying what is causing delays in the shipping process, such as inventory inaccuracies or inefficient picking procedures.
Measure: Measure and collect data on the time it takes to complete each step in the warehousing process, including receiving, storage, order fulfillment, and shipping.
Analyze: Analyze the collected data to identify the root cause(s) of the delays and understand the factors contributing to them, such as bottlenecks, inadequate resources, or suboptimal layout.
Improve: Develop and implement process improvements, such as implementing barcode scanning technology for accurate inventory tracking or redesigning the warehouse layout to optimize flow and minimize travel distances.
Control: Establish control measures to monitor the implemented changes, such as conducting regular audits, tracking key performance indicators, and addressing any deviations from the improved process to maintain sustainable improvements in the warehousing operations.
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under individual employee coverage, the worker is covered by the flsa if:
Under individual employee coverage, the worker is covered by the Fair Labor Standards Act (FLSA) if their employer is engaged in interstate commerce, produces goods for commerce, or provides services that are essential to interstate commerce.
The FLSA covers employees who are engaged in interstate commerce or in the production of goods for commerce or those who are employed by an enterprise engaged in commerce or in the production of goods for commerce.
It also covers employees who are involved in activities that are necessary to the operation of an interstate business.Plaintiffs who wish to sue their employer for FLSA violations must demonstrate that their employer is subject to FLSA's provisions.
They must demonstrate that they worked more than 40 hours per week and that they were not compensated at a rate of one-and-a-half times their regular rate of pay for each hour over 40. Employers who violate the FLSA may be held liable for back pay, damages, and fines.
They may also face prosecution in extreme cases, and their employees may be eligible for double damages.To sum up, under individual employee coverage, the worker is covered by the FLSA if their employer is involved in interstate commerce, produces goods for commerce, or provides services that are essential to interstate commerce.
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Question 1 (1 point) Accounts payable is an example of long term liabilities True False
False. Accounts payable is actually an example of short-term liabilities. This is because accounts payable represent amounts that a company owes to its suppliers or vendors for goods or services that have been received but not yet paid for.
In general, short-term liabilities are those that are due within one year or less, while long-term liabilities are those that are due over a period longer than one year.
Examples of long-term liabilities include items such as:
Long-term loans or bonds that come due in more than one year
Leases that extend beyond one year
Pension obligations that will be paid out over many years
It's important for companies to properly manage and monitor their liabilities, both short-term and long-term, as this can impact their ability to meet financial obligations and maintain the overall health of the business. By understanding the different types of liabilities and their respective timelines, companies can make informed decisions about how to best structure their finances and manage cash flow.
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