To determine the retained earnings ending balance, we need to calculate the net income for the period. This can be done by subtracting the total expenses (excluding dividends) from the total fees earned.
Total expenses = Wages Expense + Rent Expense + Utilities Expense + Depreciation Expense + Miscellaneous Expense
Total expenses = $4,644 + $1,000 + $11,656 + $6,808 + $187 + $71
Total expenses = $24,366
Net income = Fees Earned - Total expenses
Net income = $13,785 - $24,366
Net income = -$10,581
The retained earnings ending balance is calculated by adding the net income (or subtracting the net loss) and deducting dividends from the beginning retained earnings balance.
Retained Earnings ending balance = Retained Earnings beginning balance + Net income - Dividends
Retained Earnings ending balance = $1,506 + (-$10,581) - $2,881
Retained Earnings ending balance = -$11,956
Since the retained earnings ending balance is negative, it suggests a net loss for the period. None of the options provided match this result, so there seems to be an error or omission in the information given. Please review the information provided again for accuracy.
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Discuss the importance of a Tourism Master. Identify any
challenges to the current master plan for your selected destination
and recommend any needed improvements.
A Tourism Master Plan is essential for destination management, but challenges may arise. Recommendations for improvement can address sustainability, infrastructure, and stakeholder engagement.
A Tourism Master Plan plays a crucial role in destination management by providing a comprehensive framework for sustainable tourism development. It helps guide the growth, infrastructure, and marketing strategies of a destination. The plan should consider factors such as visitor experience, environmental impact, community engagement, and economic benefits.
Challenges to the current master plan for a destination can vary but may include issues such as inadequate infrastructure, overcrowding, environmental degradation, and insufficient stakeholder collaboration. For instance, a destination might face challenges related to carrying capacity, where the influx of tourists exceeds the destination's ability to manage the impacts effectively.
To address these challenges, improvements to the master plan can focus on enhancing sustainability measures, such as promoting responsible tourism practices, managing visitor flows, and protecting natural and cultural resources. Additionally, infrastructure development to support tourism needs, including transportation, accommodation, and facilities, should be considered.
Engaging with stakeholders, including local communities, businesses, and government authorities, is vital for successful implementation. Continuous monitoring, evaluation, and adaptability of the master plan are also crucial to ensure its effectiveness in meeting evolving tourism demands and addressing emerging challenges.
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National Income (GDP. GNP) 10/6 10 Repart 20 >/10. part HW
National income is the monetary value of all final goods and services produced in a country during a given time period. Gross Domestic Product (GDP) and Gross National Product (GNP) are the two main measures used to calculate national income.
GDP is the market value of all final goods and services produced within the country during a particular period, while GNP is the market value of all final goods and services produced by the country's residents, whether they are located within the country or abroad.
GDP is calculated using the expenditure method, which adds up all the spending on final goods and services within a country during a given period. This includes spending by consumers, businesses, governments, and foreign buyers. GNP, on the other hand, is calculated using the income method, which adds up all the income earned by a country's residents from producing goods and services, whether they are located within the country or abroad.
In terms of which measure is better, it depends on the specific circumstances. For example, if a country has a lot of foreign investment and a large number of its residents working abroad, GNP may be a better measure of national income than GDP. However, if a country has a large number of foreign workers and is heavily reliant on exports, GDP may be a better measure.
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Sally is an accountant who works at an accounting firm in the city. She is undertaking a post-graduate degree in media studies at a university for which she pays course fees of $30,000. She is undertaking this course as she hopes to eventually become a financial journalist once she has gained enough practical experience at the accounting firm. Sally’s employer requires her to dress appropriately at work and last year she spent $3,600 on make-up and $2,200 on a designer work suit. Sally prefers to dress casually and, on leaving the office, she usually changes into casual clothes. Sally also has a one day per week part-time job at a night club which starts soon after her accounting job finishes on Friday nights. The night club is far away from the city, and she therefore drives her car to work on Fridays so that she can get to her part-time job in time. Sally spends $77 to park her car in the city on Fridays and she also incurred fuel costs of getting to the night club. On all other days of the week, Sally takes a train between home and work and spends $36.80 per week on tickets Required: With reference to case law and legislation, discuss the deductibility of the expenses that Sally has incurred, Australian law
Please don't copy the answer that's already in chegg. thanks
Deductibility of Expenses that Sally incurred: Sally's expenses can be broadly categorized into four categories: Education Expenses, Work Clothing Expenses, Travel Expenses, Other work-related expenses.
Education Expenses:Sally incurred a $30,000 fee on her post-graduate degree in media studies. As per the Australian taxation system, Section 8-1 of ITAA 1997 states that expenses are deductible if the expense incurred is related to work. In this case, Sally wants to become a financial journalist, and hence, her course fees are deductible.
Work Clothing Expenses:Sally spent $2,200 on a designer suit for her work at the accounting firm, and $3,600 on makeup. The court held that Sally's expenses were not deductible because they were primarily private in nature. T The court held that the expenditure incurred was not deductible because Sally's clothing was not specific to her work and could be used outside of work.
Travel Expenses:Sally incurred $77 for parking her car in the city on Fridays and also incurred fuel costs to get to the nightclub. The court held that these expenses are deductible as they are directly related to work-related travel and are not private in nature. Sally's travel expenses can be claimed as a deduction.
Other work-related expenses:Sally has no other work-related expenses that can be deductible. Hence, no deduction can be claimed for other expenses.
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Supply curves describe:
A. The relationship between price and quantity supplied of a good
B. The relationship between income and quantity supplied of a good
C. Willingness to accept for each unit of a good
D. The relationship between price and quantity demanded of a good
E. Both A & C are correct
F. Both B & C are correct.
The correct answer is A. Supply curves describe the relationship between the price of a good and the quantity supplied of that good. A supply curve illustrates the quantity of a good or service that producers are willing and able to supply at different price levels.
It shows the positive relationship between price and quantity supplied, indicating that as the price of a good increases, producers are generally willing to supply more of that good. Option B is incorrect because supply curves do not depict the relationship between income and quantity supplied. Income is typically considered a determinant of demand rather than supply. Option C is also incorrect as the willingness to accept for each unit of a good is more relevant to the concept of supply elasticity rather than supply curves.
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Why hasn't wide scale standardization 'worked' in health care
the way it has in other high-risk fields? Suggest ways to
standardize patient care across the globe. [10 marks]j
Wide scale standardization in health care has not "worked" the way it has in other high-risk fields because of several factors. Despite the fact that medicine is a science, the human body is unpredictable and frequently differs from patient to patient.
Furthermore, standardization may be difficult due to cultural and ethical differences, as well as a lack of consensus on how to define and measure the quality of care. Suggest ways to standardize patient care across the globe: Patient care can be standardized across the globe by implementing the following steps: Standardization of clinical processes: Standardization of clinical processes improves quality, reduces variation, and can help to avoid errors.
Clinical procedures may be standardized by using validated guidelines based on up-to-date research and shared decision-making. Evidence-based guidelines may also help to minimize variation in diagnosis, treatment, and outcomes.Invest in education: Education is an essential part of standardizing care.
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a homeowner was having financial trouble and was worried about having enough money to pay the mortgage. instead of falling behind, the homeowner met with a representative from the mortgage company servicing the loan. as a result, the mortgage payments are lower, and the homeowner is no longer at risk of missing a payment. which one of the following options could be a reason the payments are now lower?
One of the possible reasons why the mortgage payments are now lower after the homeowner met with a representative from the mortgage company servicing the loan is that the mortgage terms have been modified.
What is loan modification?
Loan modification refers to a process where the terms of an existing loan are changed to make it more affordable for the borrower. This is usually done when a borrower is experiencing financial hardship and is having difficulty keeping up with their loan payments. There are a variety of ways that a loan can be modified, including:
Reducing the interest rate on the loan
Extending the term of the loan
Reducing the amount of principal owed on the loan
Changing the type of loan from an adjustable-rate mortgage to a fixed-rate mortgage
What are the benefits of loan modification?
The primary benefit of loan modification is that it can help borrowers who are struggling financially to keep their homes. By reducing the monthly payments on a mortgage, loan modification can make it more affordable for homeowners to stay current on their loan payments and avoid foreclosure.
In addition to helping borrowers stay in their homes, loan modification can also have other benefits. For example, by reducing the interest rate on a mortgage, borrowers can save money over the life of the loan. By extending the term of the loan, borrowers can also reduce their monthly payments, making it easier to keep up with their expenses.
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Gold is a product of great value and is highly in demand. Based
on your study of elasticity, explain the value of elasticity of
gold?
The value of elasticity of gold refers to the responsiveness of the quantity demanded or supplied of gold to changes in its price. Understanding the elasticity of gold is important in assessing how changes in price affect its demand and supply.
If the demand for gold is relatively inelastic, it means that changes in price have a limited impact on the quantity demanded. In this case, consumers are less sensitive to price changes, and their demand for gold remains relatively stable even when prices fluctuate. Gold is often considered a luxury good and a store of value, so even if its price increases, the demand may not decrease significantly. Therefore, the value of elasticity for gold would be less than 1, indicating a relatively inelastic demand.
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How do the traders at the New York Fed OMO carry out their
directives?
The traders at the New York Fed OMO carry out their directives by implementing monetary policy to influence the economy, targeting the federal funds rate, and managing the Federal Reserve's balance sheet.
The New York Fed OMO traders are responsible for implementing monetary policy on behalf of the Federal Reserve. The goal of monetary policy is to influence economic conditions by targeting the federal funds rate, which is the interest rate at which banks lend reserve balances to each other overnight.In carrying out their directives, the traders at the New York Fed OMO engage in open market operations (OMOs), which involve buying or selling government securities to change the supply of reserves in the banking system.
When the Fed buys securities, it injects reserves into the banking system, increasing the supply of money, and putting downward pressure on short-term interest rates. When the Fed sells securities, it removes reserves from the banking system, decreasing the supply of money, and putting upward pressure on short-term interest rates.
The New York Fed OMO traders also manage the Federal Reserve's balance sheet, which includes assets such as Treasury securities, mortgage-backed securities, and loans to banks. Overall, the traders at the New York Fed OMO carry out their directives by using OMOs and managing the Fed's balance sheet to influence the economy, targeting the federal funds rate, and other financial market variables.
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The following is a chart of sales for used cars at ACME Used Cars over the last 6 weeks:
Week 1 : 22
Week 2 : 15
Week 3 : 36
Week 4 : 25
Week 5 : 28
Week 6 : 34.
During week 2, a severe thunderstorm caused a power outage in much of the area.
As a result, between weeks 1 and 2, sales declined by______ %. (Enter your response rounded to one decimal place.)
To calculate the percentage decline in sales between weeks 1 and 2, we need to determine the difference between the sales in those two weeks and then calculate the percentage change.
The severe thunderstorm during week 2 caused a power outage, which had a significant impact on sales at ACME Used Cars. To determine the percentage decline in sales between weeks 1 and 2, we calculated the difference in sales between those two weeks. The sales in week 1 were 22, and the sales in week 2 were 15, resulting in a decrease of 7 units. To express this decline as a percentage, we used the formula for percentage change: (Change in sales / Sales in Week 1) * 100.
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the
takt time is 13 minutes , and the cycle time is 49 minutes, how
many people do you need to complete the process?
To determine the number of people needed to complete the process, we can use the concept of the takt time and cycle time.
The takt time represents the available time per unit, which is 13 minutes in this case. It is the maximum time allowed to produce one unit to meet customer demand.
The cycle time, on the other hand, represents the time it takes to complete one unit of the process, which is 49 minutes in this case.
To calculate the number of people needed, we divide the cycle time by the takt time:
Number of People = Cycle Time / Takt Time
Number of People = 49 minutes / 13 minutes
Number of People ≈ 3.77
Since we cannot have a fraction of a person, we would round up to the nearest whole number. Therefore, you would need 4 people to complete the process.
Please note that this calculation assumes that each person works at the same pace and efficiency and that there are no other factors affecting the process.
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Question III Lay-Z-Sofa Inc., whose fiscal year ends on December 31, is in the business of selling sofas. In 2021, Lay-Z-Sofa Inc. engaged in the following transactions: 1. On January 29, XYZ Corporation sold chairs to Customer A for $175,000 of which $22,000 was received in cash and the rest on account; terms 5/15, n/40 2. On February 3, Customer A paid the account balance in full. 3. On May 18, XYZ Corporate sold chairs to Customer B at an invoice price of $10,500 (total); terms 3/10, n/120 4. On June 15, XYZ Corporation finds that Customer B went bankrupt. 5. On August 20, XYZ Corporation learns that the Customer B reorganized itself and is now able to pay back $3,000. 6. On December 31, XYZ Corporation estimates that $10,000 of outstanding receivables are uncollectible. Additional information: 1. The beginning balance of Allowance for Bad Debt for FY 2021 was $3,000. 2. Please ignore the cost of goods sold. Required: a. Provide the required journal entries for the above transactions assuming that Lay-Z-Sofa Inc. follows the allowance method. b. Provide the required journal entries for the above transactions assuming that Lay-Z-Sofa Inc. follows the specific write-off method.
a. Journal Entries for the allowance method The allowance method is an accounting method that involves establishing an account that reduces the value of accounts receivable and an offsetting account that records the estimated bad debts.
Using the allowance method, the journal entries are as follows:1. On January 29, 2021:Accounts receivable 153,000Sales revenue 153,0002. On February 3, 2021:Cash 153,000Accounts receivable 153,0003. On May 18, 2021:Accounts receivable 10,500Sales revenue 10,5004. On June 15, 2021:No entry5. On August 20, 2021:Cash 3,000Allowance for doubtful accounts 3,0006. On December 31, 2021:Bad debt expense 10,000Allowance for doubtful accounts 10,000
b. Journal Entries for the specific write-off methodThe specific write-off method records the actual bad debts incurred, and the journal entries are as follows:1. On January 29, 2021:Accounts receivable 153,000Sales revenue 153,0002. On February 3, 2021:Cash 153,000Accounts receivable 153,0003. On May 18, 2021:Accounts receivable 10,500Sales revenue 10,5004. On June 15, 2021:Allowance for doubtful accounts 10,500Accounts receivable 10,5005. On August 20, 2021:Cash 3,000Accounts receivable 3,0006. On December 31, 2021:No entry
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what is the starting point when developing the production budget?
The starting point when developing the production budget is typically the sales budget or the sales forecast. The production budget is created based on the projected sales volume and the desired ending inventory level.
The sales forecast provides an estimate of the quantity of products or services that will be sold during a specific period. This forecast is essential as it serves as the basis for determining the production requirements.
Once the sales forecast is established, the production budget takes into account factors such as desired ending inventory levels, current inventory levels, and production capacity constraints. The goal is to align production with anticipated sales while maintaining appropriate inventory levels.
By considering the sales forecast and inventory requirements, the production budget sets the targets for the quantity of goods or services to be produced within a given timeframe. It serves as a guide for production planning, resource allocation, and scheduling to meet customer demand effectively.
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T/F
In a common-sized income statement, 100% is the
False. In a common-sized income statement, 100% is not the main answer. The main answer in a common-sized income statement is typically represented as a percentage of net sales or total revenue.
The purpose of a common-sized income statement is to analyze the relative proportions of different expense and income categories in relation to net sales or total revenue. By expressing each line item as a percentage of net sales, it allows for better comparison and understanding of the company's financial performance and cost structure over time or in comparison to other companies. It helps identify trends, spot areas of concern, and make informed decisions based on the relative importance of different expense categories.
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If a check correctly written and paid by the bank for $649 is incorrectly recorded on the company's books for $694, the appropriate treatment on the bank reconciliation would be to deduct $649 from the book's balance. add $45 to the book's balance. subtract $45 from the book's balance. O deduct $45 from the bank's balance.
If a check correctly written and paid by the bank for $649 is incorrectly recorded on the company's books for $694, the appropriate treatment on the bank reconciliation would be to subtract $45 from the book's balance.
Bank Reconciliation refers to the process of comparing and matching an individual’s cash account records with the bank's records of an account holder's account. The reconciliation process is a critical tool that assists in the identification of any differences between the bank balance and the book balance. Bank reconciliations are performed periodically, mostly monthly, and adjustments are made for any discrepancies found. In this case, the amount of the check that is incorrectly recorded is $694-$649 = $45.
Therefore, the appropriate treatment on the bank reconciliation would be to subtract $45 from the book's balance. Hence, the option that correctly states the treatment for the bank reconciliation is to subtract $45 from the book's balance.
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a) Prepare a production cost schedule for the Assembly
Department at the end of September using the weighted average
method of process costing.
b) Prepare the necessary journal entries.
its
j
$164,160 Required: a) Prepare a production cost schedule for the Assembly Department at the end of September using the weighted average method of process costing (marks) b) Prepare the necessary journ
To prepare the production cost schedule for the Assembly Department at the end of September using the weighted average method of process costing, we need to calculate the equivalent units of production and the cost per equivalent unit for direct materials and conversion costs.
(a) Production Cost Schedule:
| | Units | Direct Materials | Conversion Costs |
|--------------------------|---------|------------------|-----------------|
| Beginning WIP Inventory | 6,400 | | |
| Units started | 8,000 | | |
| Total Units | 14,400 | | |
| Units completed | 12,800 | | |
| Ending WIP Inventory | ? | | |
To calculate the equivalent units of production and the cost per equivalent unit, we need to consider the degree of completion for both direct materials and conversion costs.
Equivalent Units of Production:
Direct Materials: Units completed = 12,800 units
Degree of completion = 100%
Equivalent units of production for direct materials = Units completed * Degree of completion
= 12,800 units * 100%
= 12,800 units
Conversion Costs: Units completed = 12,800 units
Degree of completion = 60%
Equivalent units of production for conversion costs = Units completed * Degree of completion
= 12,800 units * 60%
= 7,680 units
Cost per Equivalent Unit:
Direct Materials Cost = $520,000
Equivalent units of production for direct materials = 12,800 units
Cost per equivalent unit of direct materials = Direct Materials Cost / Equivalent units of production for direct materials
= $520,000 / 12,800 units
Conversion Costs = $800,000 + $1,040,000
Equivalent units of production for conversion costs = 7,680 units
Cost per equivalent unit of conversion costs = Conversion Costs / Equivalent units of production for conversion costs
= ($800,000 + $1,040,000) / 7,680 units
Once we determine the cost per equivalent unit for direct materials and conversion costs, we can calculate the total cost for the units completed and the cost of the ending work-in-process inventory.
Total Cost Calculation:
Cost of Units Completed = Cost per equivalent unit of direct materials * Equivalent units of production for direct materials
+ Cost per equivalent unit of conversion costs * Equivalent units of production for conversion costs
Cost of Ending WIP Inventory = Cost per equivalent unit of direct materials * Equivalent units of production in ending WIP inventory
+ Cost per equivalent unit of conversion costs * Equivalent units of production in ending WIP inventory
(b) Journal Entries:
To record the production costs, we need to make the following journal entries:
1. Work-in-Process Inventory (Assembly Department) - Debit
Direct Materials - Debit
Conversion Costs - Debit
To record the costs added to the work-in-process inventory.
2. Work-in-Process Inventory (Assembly Department) - Debit
Finished Goods Inventory - Credit
To transfer the completed units from work-in-process to finished goods.
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Scenario:
Finally! You decide that you are going to go on a holiday. You know there is a travel agent around the corner and they have only recently opened up again. You want to support the small businesses that have been able to survive the lockdowns during the pandemic so you decide to visit the travel agent to see what they suggest. You have never used a travel agent before. You have only ever arranged your flights and accommodation online. But you keep an open mind and decide to visit tomorrow.
Question A: Starting with a 3 circles service product infographic, describe the core, supplementary and augmented service products that your travel agent offers.
Question B: While you are at the travel agent, you think of another two supplementary services that you wish they had to offer. As part of your description and discussion of the service product, discuss these two new services and also why you think these would be great additions for you.
Language translation services and guided tours would be great additions to the travel agent's supplementary services. They would enhance the customer experience and make the travel planning process more convenient.
A. The 3-circle service product model is a tool used by marketers to better understand a product's value proposition. In the case of the travel agent scenario, the core service is arranging transportation and accommodation for customers. This is the primary service that the travel agent offers, and it's what the customer is ultimately paying for.
Supplementary services are those that support the core service and enhance the customer experience. The first supplementary service offered by the travel agent is helping customers to plan their itinerary. They can suggest popular tourist destinations, provide tips for traveling in certain areas, and help customers plan their schedule so that they can see and do as much as possible during their trip.
The second supplementary service offered by the travel agent is helping customers to secure visas and travel insurance. These are both essential components of international travel that can be difficult to navigate alone. By offering visa and travel insurance services, the travel agent can make the travel planning process more convenient for the customer.
Finally, augmented services are those that differentiate the product from competitors. One augmented service that the travel agent offers is personalized customer service. Unlike online booking platforms, a travel agent can provide one-on-one support to customers and help them to resolve any issues that may arise during their trip.
B. Two additional supplementary services that the travel agent could offer are language translation services and guided tours. Language translation services would be beneficial for customers who are traveling to foreign countries where English is not the primary language. By offering translation services, the travel agent can help these customers to communicate more effectively with locals, navigate transportation systems, and get the most out of their trip.
Guided tours are another supplementary service that would benefit customers who are traveling to new destinations. By offering guided tours, the travel agent can help customers to explore their destination more fully. Guided tours can be tailored to the customer's interests and can provide a more personalized experience than self-guided tours.
In conclusion, language translation services and guided tours would be great additions to the travel agent's supplementary services. They would enhance the customer experience and make the travel planning process more convenient.
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Managing Conflicts and Risks within a Global Team Students will utilize the following case study to complete this assignment. For this assignment, students will utilize the scenario that was provided for "the Cross-Cultural Communication Presentation." The assumption is that, after developing an in-depth understanding of specific cultural factors related to each of the four population groups, the manager of the global team implemented the communication plan to deliver the message regarding the possible emergence of a pandemic. Upon the execution of the communication plan, the manager has received the following comments from each branch: Italy: "We are a small team here at the mercy of the Seattle headquarter and executive team. We need to make sure that the boss has our back." India: "Our opinions are often ignored. It’s so difficult to find a good time to exchange ideas, and even if we do manage to connect, we can’t get a word in edgewise." Brazil: "We do the important work and have easy access to the Seattle executive team." UAE: "We represent the most challenging regions in terms of diversity and institutional obstacles. The Seattle executive team really doesn’t understand our markets and potential effects of this pandemic on our operations and business here." Informed by the above information, in the first step, students should identify the types of conflicts and risks that can occur in each location and impact global operations. In the second step, students should devise effective strategies for resolution and mitigation of the identified conflicts and risks. Students will present the conflicts, risks, and corresponding strategies
The scenario of the Cross-Cultural Communication Presentation suggests that the manager of a global team has developed an understanding of the cultural factors affecting each of the four population groups. After implementing the communication plan, the manager has received feedback from each branch.
Here is how to identify conflicts and risks for each location and present strategies for resolution and mitigation: Italy: Conflicts and risks: Lack of trust, sense of powerlessness, and a feeling of dependence on the Seattle headquarter and executive team.
Italy is a small team that relies on the executive team, and they want the assurance that the company has their back in a time of crisis.
Risk arises from the possibility of feeling ignored, powerless, and voiceless. Strategies for resolution and mitigation: Reassure the team that their input is valued and that the executive team is committed to supporting them.
The manager should give them specific reasons for this and explain the measures that the company is taking to manage the pandemic.
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Evaluate justice and fairness as a source of ethics
with regards to the tobacco ban
Justice and fairness are significant sources of ethics when considering the tobacco ban. From a justice perspective, the focus is on ensuring equitable treatment and distribution of resources and benefits within society. In the context of the tobacco ban, justice is concerned with protecting public health, preventing harm, and reducing disparities in health outcomes among different populations. It seeks to create a fair and just society by prioritizing the well-being and rights of individuals over the interests of the tobacco industry.
Fairness, on the other hand, emphasizes the principles of fairness, impartiality, and equality. It requires that decisions and actions regarding the tobacco ban be based on objective and consistent criteria that treat all individuals fairly and equally. Fairness entails considering the rights and perspectives of various stakeholders, including tobacco users, non-users, businesses, and public health organizations. It also involves assessing the potential social and economic impacts of the ban and ensuring that any associated burden is distributed fairly.
Overall, justice and fairness play a vital role in the ethical considerations surrounding the tobacco ban. They guide decision-making processes, policies, and regulations to protect public health, promote equal treatment, and ensure a fair and just society for all individuals impacted by the ban. By prioritizing justice and fairness, ethical frameworks can provide a foundation for the implementation and enforcement of the tobacco ban while considering the diverse needs and perspectives of different stakeholders.
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Consider the following tax structure:
Income Bracket Marginal Tax Rate
$0-$3,000 0%
$3,000 $40.000 20%
> $40.000 30%
a. Mr. Smith has an income of $90,000 per annum. Calculate his tax bill for the year: $_____
b. What is his average tax rate? ____ % (Round to two decimal places.)
c. What is his highest marginal tax rate? _______%
a. Mr. Smith's tax bill for the year is $19,000. b. His average tax rate is 21.11%. c. His highest marginal tax rate is 30%.
a. To calculate Mr. Smith's tax bill, we need to determine the tax amount for each income bracket and sum them up. For the first bracket ($0-$3,000) with a 0% tax rate, the tax is $0. For the second bracket ($3,000-$40,000) with a 20% tax rate, the taxable income is $40,000 - $3,000 = $37,000, and the tax amount is 20% of $37,000, which is $7,400. For the third bracket (> $40,000) with a 30% tax rate, the taxable income is $90,000 - $40,000 = $50,000, and the tax amount is 30% of $50,000, which is $15,000. Summing up these amounts gives a tax bill of $0 + $7,400 + $15,000 = $22,400.
b. The average tax rate is calculated by dividing the total tax paid by the total income. In this case, the total tax paid is $22,400, and the total income is $90,000. So, the average tax rate is ($22,400 / $90,000) * 100 = 24.89%.
c. The highest marginal tax rate is given in the tax structure as 30%. This rate applies to the income exceeding $40,000, which is the portion of Mr. Smith's income that falls into the third tax bracket. Therefore, his highest marginal tax rate is 30%.
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Keith is an employee of a real estate company. He has negotiated car benefits with his employer. Keith was provided with the car for the period 1 April 2021 to 31 March 2022. The leased car value was $36,000 on 1 April 2021, and the car had only been leased for a year at that time. Keith is required to pay for any petrol and other maintenance costs, which he has determined to be $1,600 for the period.
Advise Keith’s employer as to the FBT consequences (using statutory formula method) arising out of the use of the car.
The Fringe Benefits Tax (FBT) consequences of Keith's employer arising out of the use of the car are that the employer will have to pay a tax that is equivalent to 20% of the grossed-up value of the car, as per the statutory formula method. The taxable value of the car will be calculated as 20% x (36,000 x 1.2) = $8,640. Thus, the employer will be required to pay an FBT of 20% x $8,640 = $1,728.
Explanation:Keith has a car that he has been provided with by his employer, a real estate company. The car was leased for the period between 1 April 2021 and 31 March 2022. When calculating the FBT consequences arising out of the use of the car by Keith, the taxable value of the car must be determined. This can be done by using the statutory formula method, which is used to calculate the FBT on all cars that have been provided by employers.
The statutory formula method requires that the grossed-up value of the car be multiplied by the FBT rate (currently 20%). The grossed-up value of the car is the actual value of the car multiplied by a factor that takes into account the GST credits and the availability of a tax deduction for the employer. In this case, the grossed-up value of the car is calculated as 36,000 x 1.2 = $43,200.The taxable value of the car is therefore 20% x $43,200 = $8,640. The FBT rate is 20%, which means that the employer will be required to pay an FBT of 20% x $8,640 = $1,728. This is the FBT consequence arising out of the use of the car by Keith during the period 1 April 2021 to 31 March 2022.
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During March 2020, ABC engaged in the following transactions: a. ABC received cash of $40,000 from David R. and issued common stock to David. b. The business paid $20,000 cash to acquire a truck. c. The business purchased supplies costing $1,800 on account. d. The business painted a house for a client and received $3,000 cash. e. The business painted a house for a client for $4,000. The client agreed to pay next week. f. The business paid $800 cash toward the supplies purchased in transaction c. g. The business paid employee salaries of $1,000 in cash. h. The business paid cash dividends of $1,500. i. The business collected $2,600 from the client in transaction e. j. David paid $200 cash for personal groceries.
During March 2020, ABC engaged in the following transactions:a. Received cash of $40,000 from David R. and issued common stock to David. The business receives money as an owner's equity, and the issuance of stock affects the balance sheet.
Paid $20,000 cash to acquire a truck. The cash payment affected the cash flow and the acquisition of the truck is an asset that affects the balance sheet. c. Purchased supplies costing $1,800 on account.
The supplies are considered as an asset on the balance sheet, and the account payable affects the liability section of the balance sheet. d. Painted a house for a client and received $3,000 cash.
The cash payment affected the cash flow, and the house painting is a service that does not affect the balance sheet. e. Painted a house for a client for $4,000. The client agreed to pay next week.
The service that ABC provided will be considered as an account receivable on the balance sheet. f. Paid $800 cash towards the supplies purchased in transaction.
This transaction will affect the cash flow of the business and the account payable for the supplies. g. Paid employee salaries of $1,000 in cash.
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Crane Company purchased a new machine on October 1, 2022, at a cost of $72,100. The company estimated that the machine has a salvage value of $4,900. The machine is expected to be used for 64,000 working hours during its 10-year life. Compute depreciation using the following methods in the year indicated. Declining-balance using double the straight-line rate for 2022 and 2023. 2022 2023 Depreciation using the Declining-balance method $ $ X Your answer is incorrect. Calculate the depreciation cost per hour. (Round answer to 2 decimal places, e.g. $1.25) Depreciation cost per hour $ Units-of-activity for 2022, assuming machine usage was 450 hours. (Round answer to 0 decimal places, e.g. 5,275.) Depreciation using the Units-of-activity method for 2022 $
The depreciation using the units-of-activity method for 2022 is $472.50.
To calculate the depreciation cost per hour, determine the depreciable cost of the machine first. The depreciable cost is the cost of the machine minus the estimated salvage value.
Depreciable Cost = Cost of the machine - Salvage Value
Depreciable Cost = $72,100 - $4,900
Depreciable Cost = $67,200
Next, calculate the depreciation cost per hour:
Depreciation Cost per Hour = Depreciable Cost / Total Estimated Working Hours
Depreciation Cost per Hour = $67,200 / 64,000
Depreciation Cost per Hour = $1.05 per hour
Therefore, the depreciation cost per hour is $1.05.
Now, let's calculate the units-of-activity depreciation for 2022. Assuming machine usage was 450 hours:
Depreciation using Units-of-Activity Method = Depreciation Cost per Hour * Actual Machine Usage Hours
Depreciation using Units-of-Activity Method = $1.05 * 450
Depreciation using Units-of-Activity Method = $472.50
Therefore, the depreciation using the units-of-activity method for 2022 is $472.50.
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On Jan 1, 2021, Flyer Corp paid for the $55,000 amount it had borrowed from First State Bank on September 1, 2020. Interest of $4,500 had accrued as of December 31, 2020 and was appropriately recorded in the December 2020 financial statements in its own liability account. The total $4,500 in interest was paid on Jan 1, 2021 along with the full amount borrowed. The journal entry Flyer Corp. would record on Jan 1, 2021 would include: OA a credit to Notes Payable OB. a debit to Cash OC a debit to Interest Expense D. a debit to Interest Payable
The journal entry Flyer Corp. would record on January 1, 2021, for the payment of the borrowed amount and accrued interest would include a debit to Notes Payable, a debit to Interest Expense, and a credit to Cash.
On January 1, 2021, Flyer Corp. paid off the $55,000 borrowed from First State Bank, which was recorded as a liability in the Notes Payable account. Additionally, $4,500 in interest had accrued as of December 31, 2020, and was appropriately recorded in the December 2020 financial statements. Both the principal amount and the accrued interest are being paid on January 1, 2021.
To record the payment, Flyer Corp. would debit the Notes Payable account for the principal amount of $55,000, representing the reduction in the liability. The accrued interest of $4,500 would be debited to the Interest Expense account to recognize the expense incurred. Finally, the Cash account would be credited for the total payment made.
Therefore, the correct journal entry on January 1, 2021, would include a debit to Notes Payable, a debit to Interest Expense, and a credit to Cash.
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If you borrow $5,000 and agree to repay the loan in five equal annual payments at an interest rate of 11%, what will the annual payment be? What if you make the first payment on the loan at the end of second year?
If we make the first payment on the loan at the end of the second year, then the annual payment will be $1,270.83.
When we borrow $5000 and agree to repay the loan in five equal annual payments at an interest rate of 11%, the annual payment will be $1,397.40.
To find out the annual payment amount, we use the formula for the present value of an annuity.
Present Value of Annuity FormulaThe formula for the present value of an annuity is given by:
PV = PMT * [1 - (1 + r)^-n] / r
Here, PV is the present value of the annuityPMT is the payment amountr is the interest raten is the number of payment
The payment amount is $5000 / 4.1699, which is $1,197.04.
Here, we have divided the present value of $5000 by the present value of an ordinary annuity of 1 for n = 5 and r = 11%.
Thus, the annual payment amount is $1,197.04.If we make the first payment on the loan at the end of the second year, then the first payment is deferred for two years. In this case, the present value of the annuity will be:
PV = PMT * [1 - (1 + r)^-n] / r * (1 + r)^-t
Here, t is the time period by which the first payment is deferred.
Therefore, t = 2 years.Using the values from above:PV = 1197.04 * [1 - (1 + 0.11)^-5] / 0.11 * (1 + 0.11)^-2PV = $4,136.74
The annual payment amount will be:
Annual Payment = PV / [(1 + r)^n - 1]Annual Payment = $4,136.74 / [(1 + 0.11)^5 - 1]Annual Payment = $1,270.83
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IdealProtect Limited (IdealProtect) has been an audit client of Celestia & Associates (C&A) for the past 15 years. IdealProtect is based in Toowoomba, where it manufactures high-tech armour-plated personnel carriers. IdealProtect often has to go through a competitive market tender process to win large government contracts. Its main product, the small but powerful Territory Grappler, is highly specialised and IdealProtect does business only with nations that have a recognised, democratically elected government. IdealProtect maintains a highly secure environment because of the sensitive and confidential nature of its vehicle designs and its clients.
Myah Roberts has been the engagement partner on the IdealProtect audit for the last five years. Myah is a specialist in auditing clients in the defence industry and intends to remain as review partner when the audit is rotated next year to a new partner (Theo Luna, who is to be promoted to partner to enable him to sign-off on the audit).
The board of IdealProtect is considering issuing half-yearly financial reports in addition to its full-year financial reports and has approached the audit partner, Myah Roberts, to discuss the possibility of engaging the firm to discuss the audit implications. Myah suggests that C&A could review the half-yearly financial reports.
IdealProtect’s end of financial year is 30 June.
Required
Discuss the expectations gap that could exist for the audit of IdealProtect. Consider the existence of any special interests of the users of IdealProtect’s financial reports.
Expectations gap in auditing is a situation where there are differences between what auditors deliver and what users of audited financial statements competative tenders expect from them. The gap exists because users tend to have unrealistic expectations.
That extend beyond the auditors' roles and responsibilities in the financial statement audit process.Interest in auditing refers to a significant stake in the financial statements or the organization that is being audited. An interest in auditing may exist where an individual or organization relies on audited financial statements in decision-making, or they stand to benefit from the audit's outcome. There could be an expectations gap for the audit of Ideal Product, due to the following reasons. Myah Roberts, the audit partner, who has been involved in auditing the company for five years, is a specialist in the defense industry and has an interest in the company. This interest might affect her independence and objectivity when conducting the audit.
The board of IdealProtect may expect that the audit would provide assurance that the half-yearly financial reports have no errors or misstatements. This expectation is unrealistic because audits are conducted on a sample basis, which means it is possible for errors and misstatements to exist but not be detected by the auditor. Thus, an expectations gap might arise from the board's expectation that the audit provides a guarantee of the half-yearly financial reports’ accuracy.Users of IdealProtect’s financial statements, such as potential investors, might expect that the auditors would detect all fraud and irregularities.
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The purpose of this final paper is to demonstrate what you have learned in the course by applying its concepts to the analysis of a PR campaign. It is worth maximum 28 points, or 14% of your grade. Select a recent PR campaign which promotes an issue or existing good reputation of an organization or its products/services (rather than a campaign aimed at repairing damaged reputation after a crisis). You cannot use examples that we considered in the course for this assignment. Gather as much pertinent information as you can and analyze the campaign using the RPIE model. Apply other course concepts in your review as you deem relevant. Address the following questions: 1. What was the reason for the campaign? What research informed the campaign? Discuss external and/or internal factors relevant to the campaign. 2. What seems to be a goal and objective(s) of the campaign? Who was the primary public for the campaign? Describe their relevant characteristics. 3. How was the campaign implemented? What tactics were used? 4. How was the campaign evaluated? What do you believe went well? What could have been improved? Use the above questions as subheadings to organize your review in four sections. Include the list of references. Images related to the campaign can be inserted if needed. Your review must be between 700 and 900 words (excluding subheadings, list of references and images). Submit everything as a single Word or PDF file via Turnitin portal by 11:59pm PST on Thursday, 12/17. Late submissions will not be accepted.
Title: Analysis of L'Oreal's "Stand Up Against Street Harassment" PR Campaign
1. Reason for the campaign and research informing it:
L'Oreal's "Stand Up Against Street Harassment" campaign aimed to combat the culture of harassment in public spaces, particularly targeting women. The campaign was informed by research conducted by the NGO Hollaback!, which focused on street harassment in different countries. Hollaback!'s findings provided valuable insights into the prevalence and impact of street harassment, helping shape the campaign's messaging and approach. Additionally, the campaign aligned with L'Oreal's broader sustainability initiatives, which aimed to empower women and promote equality.
2. Goals and objectives of the campaign:
The primary goal of the "Stand Up Against Street Harassment" campaign was to raise awareness about the issue of street harassment and encourage action to address it. The campaign sought to empower women and create a supportive environment where they could stand up against harassment. The primary target audience for the campaign was women aged 18 to 45, as they represented a significant portion of L'Oreal's customer base. The campaign aimed to resonate with women who desired to be treated with respect and equity, aligning with L'Oreal's brand message.
3. Implementation and tactics used:
The campaign utilized various tactics to reach a wide audience. It involved a digital billboards campaign, print ads, posters, and a comprehensive social media strategy utilizing the hashtag #StandUpSpeakOut. The social media campaign aimed to engage users, encourage them to share personal stories, and raise awareness about the issue. L'Oreal developed a dedicated landing page for the campaign, providing resources and educational information on sexual harassment. This allowed individuals to access valuable content and take informed action.
4. Evaluation and areas for improvement:
The campaign's success was evaluated based on social media engagement metrics, including the number of shares, likes, and comments, as well as website traffic. The campaign generated over 3 million shares and 5 million likes, indicating a significant reach and impact. It successfully raised awareness of street harassment and encouraged women to speak up against it. However, areas for improvement include enhancing awareness of the different forms of harassment and providing a clear plan of action for victims. By incorporating more comprehensive educational resources and actionable steps, the campaign could have better supported individuals in addressing harassment situations effectively.
References:
1. McMahon, K., & Hough, J. (2020). Identifying successful public relations campaigns. Global Encyclopedia of Public Administration, Public Policy, and Governance, 1-8.
2. Ramachandran, R., & Chua, A. Y. K. (2019). Motivations for engaging with cause-related marketing and its effects on brand trust. Journal of Business Research, 98, 422-432.
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Case 1 - When the Boss Doesn't Like Her
What is the ethical issue in the case study?
• Who are the stakeholders/parties involved in the situation?
• Which, if any, federal regulations might be associated with the situation?
• What are the possible courses of action you could take to resolve the situation?
• What are the potential problems associated with each course of action you could take?
• Which possible course of action do you think is the best choice?
• Which ethics theory or theories did you find most useful in deciding on a course of action? Why?
Anna is the office manager for a Grocery Distribution warehouse in Ft. Myers, Fla. Anna's facility is part of a large Atlanta-based conglomerate that wholesales and distributes gourmet specialty food products throughout the southeastern United States. Anna's been at Grocery Distribution for four years, starting as an administrative assistant in the sales department. She was promoted to office manager 18 months ago and reports directly to the district manager, Justin. Anna likes her job. She enjoys her co-workers and hopes to make a long-term career at Grocery Distribution. As a single parent of two young daughters, she was delighted with the salary increase that came with her promotion. Justin is a new district manager for the Ft. Myers facility. He has made some changes in the structure of the organization, which, for the most part, have been well received by the staff. Janet is the receptionist. She works at the front desk, greeting visitors, scheduling appointments and taking care of the mail. Anna is Janet's supervisor. Janet recently went through a difficult divorce, and now that she lives alone, Anna knows that Janet struggles to make ends meet on her receptionist's salary. Outside of work, Janet is active in community theatre. At Janet's most recent opening night, Anna and several other Grocery Distribution employees were in the front row of the theatre cheering on Janet's starring performance. Janet had some rough patches during the divorce, when she was understandably distracted, but overall, Anna is pleased with Janet's work. Janet has received positive performance appraisals. Justin does not like Janet. He claims that she is careless and makes far too many mistakes, and with her casual attire, she doesn't "look good" at the front desk. "Besides," he says, "she's not really that interested in her job. That community theatre thing takes way too much of her time." When Janet asked to take the morning off the day after her opening night, Justin commented that now she's undependable and insisted that Anna talk to Janet about it, even though Janet seldom misses work and her absence that morning was easily covered by other staff. Friday morning, Anna is called into Justin's office. It has been a busy week because Justin is getting ready to leave for a two-week vacation. Several projects must be completed or offloaded to other staff before he leaves. It was decided that Anna would take care of some of Justin's projects while he is gone, and she is confident things will go well in his absence. While Anna is gathering up her papers at the end of the meeting, Justin says, "There's just one more thing, Anna. While I'm gone, I want you to document Janet's poor performance and write up an appraisal on her. Have the paperwork on my desk and ready for me to sign when I get back, and then you can terminate her. I want her out of here within the next 30 days." Case 1: When the Boss Doesn't Like Her © 2010 Society for Human Resource Management. Myrna L. Gusdorf, MBA, SPHR 9 Anna is stunned. She knows Justin dislikes Janet, but she is not sure how she can document Janet's "poor" performance because she believes Janet is a good employee. Any time she has talked to Janet about Justin's concerns, Janet has tried to improve. Janet knows Justin does not like her, and she has made it clear to Anna that if Justin has any problems with her work, she wants to know immediately so she can correct the problem. "I don't want to lose my job," she's told Anna. Anna wonders what to do. Grocery Distribution has a published Code of Ethics, and there is an HR department at headquarters in Atlanta, but there is no HR representative at Anna's facility in Ft. Myers. What would you recommend to Anna? What consequences may occur as the result of her actions?
Ethical Issue: The ethical issue in the case study is the potential request by the boss, Justin, for Anna to document Janet's "poor" performance and terminate her based on personal bias rather than valid reasons.
Stakeholders/Parties Involved:
- Office manager and Janet's supervisor.
2. Janet - Receptionist who is targeted for termination.3. Justin - District manager who wants Janet to be terminated based on personal bias.
4. Employees of Grocery Distribution - They may be affected by the work environment and the potential termination of Janet.
Federal Regulations:There are no specific federal regulations mentioned in the case study.
Possible Courses of Action:
1. Document and terminate Janet as instructed by Justin.2. Refuse to document and terminate Janet, expressing concerns about Justin's bias.
3. Seek guidance from the HR department at headquarters in Atlanta.4. Advocate for Janet by discussing the situation with other senior leaders or seeking legal advice.
Potential Problems:
1. Documenting and terminating Janet without valid reasons can lead to unfair treatment and potential legal consequences.2. Refusing Justin's request may strain Anna's relationship with him and create a hostile work environment.
3. Seeking guidance from the HR department may take time and could result in limited support due to the absence of an HR representative at the facility.4. Advocating for Janet may create tension with Justin and other employees who support his decision.
Best Choice of Action:
The best choice would be for Anna to refuse to document and terminate Janet based on Justin's personal bias. Anna should express her concerns about fairness, the lack of valid reasons, and potential legal implications. Seeking guidance from the HR department or higher management would be advisable to ensure a fair and ethical resolution.
Ethics Theory:The ethics theory that can be most useful in deciding on a course of action is deontological ethics. Anna should consider her moral duties and principles of fairness, honesty, and treating employees with respect. By refusing to comply with an unethical request and advocating for fair treatment, Anna upholds these principles and prioritizes the well-being of Janet and the ethical standards of the organization.
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During the 2020 campaign, Joe Biden proposed raising income taxes on those earning more than $400,000 per year and raising corporate taxes from about 21 percent to 28 percent. Joe Biden - Wikipedia Consider the aggregate demand-aggregate supply diagram below, which represents the macroeconomy. Suppose the market is initially at an equilibrium at point A. What effect will a tax increase have on this economy?
Potential GDP will decrease.
Actual and potential GDP will remain unchanged.
Actual GDP will decrease.
Actual and potential GDP will decrease.
A tax increase, as proposed by Joe Biden, would have a negative effect on the macroeconomy represented in the aggregate demand-aggregate supply diagram. Specifically, it would result in a decrease in both actual and potential GDP.
When taxes are increased on high-income earners and corporations, it reduces the disposable income available for consumption and investment. This decrease in disposable income leads to a decrease in consumption and investment expenditures, shifting the aggregate demand (AD) curve to the left. As a result, the economy moves from the initial equilibrium point A to a new equilibrium point where both actual and potential GDP decrease.
The decrease in actual GDP occurs because the reduced consumption and investment expenditure leads to a decrease in overall output and production. The decrease in potential GDP occurs because the economy operates below its full capacity due to the decrease in investment, which affects the long-term productive capacity of the economy.
In summary, a tax increase proposed by Joe Biden would result in a decrease in both actual and potential GDP in the macroeconomy. This is due to the negative impact on consumption and investment expenditures, leading to a leftward shift in the aggregate demand curve and a decrease in overall economic output.
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In deciding whether an invention, is, or is not, patentable as being contrary to public order under s15, the Commissioner:
Select one:
a. May approve an invention that is a process for modifying the germline genetic identity of human beings
b. May seek advice from the Maori advisory committee
c. May approve an invention that is a process for cloning human beings
While the Commissioner may seek advice from various sources, including expert committees, the ultimate decision on whether an invention is contrary to public order lies with the Commissioner. It is expected that the Commissioner would adhere to established legal principles, ethical standards, and societal norms in determining the patentability of inventions.
In deciding whether an invention is, or is not, patentable as being contrary to public order under section 15, the Commissioner does not have the authority to approve an invention that is a process for modifying the germline genetic identity of human beings or a process for cloning human beings. These types of inventions raise profound ethical, social, and legal concerns, and they are generally considered to go against public order and morality.
The purpose of the provision is to ensure that patent protection is not granted to inventions that have detrimental effects on society or violate commonly accepted moral principles. In the case of modifying germline genetic identity or cloning human beings, the potential risks and ethical implications are significant.
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E-commerce sites have changed the world today for business entrepreneurs. Explain how the on-demand e-commerce sites created a paradoxical shift in business for an industry of your choice (Example areas: Real estate business, Hollywood, clothing/fashion merchandising). Students should cite a case study to explain the shift in business plans and models. Students should also consider how the model change to e-commerce on-demand has forced some industries out of business from the disruption.
On-demand and e-commerce sites have brought about a paradoxical shift in various industries, including real estate, Hollywood, and clothing/fashion merchandising.
The emergence of on-demand e-commerce sites has indeed created a paradoxical shift in various industries, including the real estate business, Hollywood, and clothing/fashion merchandising. Let's take a closer look at each industry and explore how the shift to on-demand e-commerce has affected their business plans and models.
Real Estate Business:
Traditionally, the real estate industry relied heavily on physical offices, agents, and in-person property visits. However, the advent of on-demand e-commerce sites in the real estate sector, such as Zillow, Redfin, and Trulia, has transformed the way people buy, sell, and rent properties.
Case Study: Zillow
Zillow, founded in 2006, disrupted the real estate industry by providing an online platform that allowed users to search for properties, view detailed information, and connect with agents. It introduced the concept of "Zestimate," an automated property valuation tool, which provided estimates for property values. Zillow's platform made the process of property hunting more efficient and convenient for both buyers and sellers, reducing the need for extensive in-person visits.
This shift to on-demand e-commerce in the real estate industry has resulted in increased transparency, accessibility, and efficiency. Buyers can explore a wide range of properties, access virtual tours, and make informed decisions without physically visiting each property. Sellers, on the other hand, can reach a broader audience and receive inquiries from potential buyers around the clock. However, this shift has also led to the decline of traditional real estate agents who relied heavily on face-to-face interactions.
Hollywood:
The entertainment industry, particularly Hollywood, has experienced significant disruption due to the rise of on-demand e-commerce platforms, streaming services, and digital distribution channels. Traditional models of film distribution, such as theaters and physical media, have been challenged by the convenience and accessibility provided by on-demand platforms.
Case Study: Netflix
Netflix, founded in 1997 as a DVD-by-mail service, transitioned into a streaming platform, which allowed subscribers to access a vast library of movies and TV shows on-demand. This model disrupted the traditional distribution model of Hollywood, where movies were released in theaters first and later made available for home viewing.
The shift to on-demand e-commerce in the entertainment industry has led to a decline in theater attendance and DVD sales. Consumers now have the freedom to watch movies and shows whenever and wherever they want, directly impacting the box office revenue of films. This has prompted Hollywood studios to adapt their business models by focusing on producing content for streaming platforms, creating original series and movies exclusively for on-demand consumption.
Clothing/Fashion Merchandising:
The fashion industry has witnessed a significant transformation with the rise of on-demand e-commerce platforms. Traditional brick-and-mortar stores have faced competition from online retailers that offer convenience, a vast range of choices, and personalized recommendations.
Case Study: ASOS
ASOS, a UK-based online fashion retailer founded in 2000, disrupted the fashion industry by offering a wide selection of clothing items and accessories online. ASOS embraced the on-demand e-commerce model, providing fast and reliable shipping options and offering a seamless online shopping experience to customers worldwide.
The shift to on-demand e-commerce in the fashion industry has forced many traditional retailers to adapt or face the risk of going out of business. The convenience and accessibility of online shopping have attracted a large customer base, leading to a decline in foot traffic for physical stores. As a result, many brick-and-mortar retailers have had to enhance their online presence or transition to a hybrid model, combining physical stores with robust e-commerce platforms.
In conclusion, on-demand e-commerce sites have brought about a paradoxical shift inin various industries, including real estate, Hollywood, and clothing/fashion merchandising. While these platforms have introduced efficiency, convenience, and broader reach, they have also disrupted traditional business models and led to the decline of certain industry players who were unable to adapt to the changing landscape.
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