The transactions of Spade Company are recorded in the general journal and posted to T-accounts. The ending balances for each account are calculated based on the debits and credits. Cash has an ending balance of $7,363, Accounts Receivable has $2,470, and Supplies has $297, among others.
1, General Journal Entries:
a. K. Spade, Capital $10,250
Cash $10,250
(To record owner's investment in cash)
b. Supplies $297
Cash $297
(To record purchase of supplies for cash)
c. Equipment (or Asset name) $5,668
Accounts Payable $5,668
(To record purchase of equipment on credit)
d. Cash $1,210
Accounts Receivable $1,210
(To record cash received for services provided)
e. Accounts Payable $5,668
Cash $5,668
(To record cash payment to settle the payable for equipment)
f. Accounts Receivable $2,173
Services Revenue $2,173
(To record billing of a customer for services provided)
g. Rent Expense $515
Cash $515
(To record payment of monthly rent)
h. Cash $913
Accounts Receivable $913
(To record cash collection for accounts receivable)
i. K. Spade, Withdrawals $1,200
Cash $1,200
(To record owner's withdrawal of cash for personal use)
2, T-Accounts:
Cash:
Debit Credit
Beginning Balance - -
a. +$10,250 -
b. +$297 -
d. +$1,210 -
e. - -$5,668
g. - -$515
h. +$913 -
i. - -$1,200
Ending Balance $7,363 -
Accounts Receivable:
Debit Credit
Beginning Balance - -
d. +$1,210 -
f. +$2,173 -
h. - -$913
Ending Balance $2,470 -
Supplies:
Debit Credit
Beginning Balance - -
b. +$297 -
Ending Balance $297 -
Equipment:
Debit Credit
Beginning Balance - -
c. +$5,668 -
Ending Balance $5,668 -
Accounts Payable:
Debit Credit
Beginning Balance - -
c. - -$5,668
Ending Balance - $0
K. Spade, Capital:
Debit Credit
Beginning Balance - -
a. +$10,250 -
Ending Balance $10,250 -
K. Spade, Withdrawals:
Debit Credit
Beginning Balance - -
i. +$1,200 -
Ending Balance $1,200 -
Services Revenue:
Debit Credit
Beginning Balance - -
d. - -$1,210
f. +$2,173 -
Ending Balance +$963 -
Rent Expense:
Debit Credit
Beginning Balance - -
g. - -$515
Ending Balance - -$515
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7.True or False? John Hopkins is working with a private hospital in China to establish a new cancer center. This approach is an example of the market penetration strategy.
9.True or False? A medical group deciding to build a hospital is an example of backwards vertical integration.
Regarding your second question, the statement "A medical group deciding to build a hospital is an example of backwards vertical integration" is false.
Backwards vertical integration refers to a situation where a company expands its operations by acquiring or integrating with suppliers or vendors in the upstream portion of its supply chain. In the context of healthcare, backwards vertical integration would involve a hospital or healthcare system acquiring or integrating with medical suppliers or providers. Building a hospital, on the other hand, would typically be considered a form of forward vertical integration, as it involves expanding into the downstream portion of the healthcare value chain by directly providing healthcare services to patients.
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discuss the job analysis and job description? why both
are important?
Job analysis and job description are essential components of effective human resource management. Job analysis involves gathering information about the tasks, responsibilities, and qualifications required for a particular job.
It focuses on understanding the job's nature, including the skills, knowledge, and abilities needed to perform it successfully. Job description, on the other hand, is a written document that outlines the duties, responsibilities, and requirements of a specific job role.
Both job analysis and job description play vital roles in an organization. Job analysis provides a comprehensive understanding of a job, enabling HR professionals to identify the essential skills and qualifications needed to perform the job effectively. It helps in determining the knowledge, experience, and competencies required for recruitment, selection, and training purposes. Job analysis also aids in assessing job performance, setting performance standards, and evaluating employees' performance against those standards.
Job descriptions serve as a crucial tool for various HR functions. They provide a clear and concise summary of a job's key responsibilities, allowing both employees and managers to have a shared understanding of job expectations. Job descriptions help in attracting suitable candidates during the recruitment process by outlining the job's qualifications and requirements. They also facilitate performance management by setting clear performance expectations and goals. Additionally, job descriptions aid in employee development and career planning by identifying the skills and competencies necessary for advancement within the organization.
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Question 16 Which of the following is not mentioned as a negative implication of OD having a business results emphasis? O moves 00 away from bunianistic values Alows OD prackouers to help cents Actile woth outcomes they seek OD could eat an and as a docteld of study 00 would not be bolding due to korigir
The negative implication of OD having a business results emphasis that is not mentioned in the given options is "OD could eat an and as a docteld of study."
The options provided in the question contain some statements that describe the negative implications of OD having a business results emphasis. However, the statement "OD could eat an and as a docteld of study" is not mentioned as a negative implication. The first option, "moves away from humanistic values," suggests that emphasizing business results in OD may shift the focus away from the humanistic principles that underpin OD, such as valuing individuals and their personal development. This can lead to a loss of focus on the holistic well-being of employees and the organization.
The second option, "allows OD practitioners to help clients achieve the outcomes they seek," implies that a business results emphasis in OD may prioritize satisfying clients' desired outcomes rather than focusing on long-term sustainable change or addressing systemic issues that may hinder organizational effectiveness. The third option, "OD could end up being seen as a field of study," suggests that emphasizing business results might limit OD's perception as a legitimate field of study, potentially reducing its recognition and importance as a distinct discipline. In summary, while the given options highlight some negative implications of OD having a business results emphasis, the specific statement "OD could eat an and as a docteld of study" is not mentioned as a negative implication in the provided options.
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Cullumber Willis is the advertising manager for Bargain Shoe Store. She is currently working on a major promotional campaign. Her ideas include the installation of a new lighting system and increased display space that will add $30,740 in fixed costs to the $286,200 currently spent. In addition, Cullumber is proposing that a 5% price decrease ($40 to $38) will produce a 25% increase in sales volume (21,200 to 26,500). Variable costs will remain at $25 per pair of shoes. Management is impressed with Cullumber's ideas but concerned about the effects that these changes will have on the break-even point and the margin of safety. of you uror! (a) dinclo Compute the current break-even point in units, and compare it to the break-even point in units if Cullumber's ideas are used. Current break-even point pairs of shoes New break-even point pairs of shoes (b) Compute the margin of safety ratio for current operations and after Cullumber's changes are introduced. (Round answers to O decimal places, e.g. 15%) Current margin of safety ratio New margin of safety ratio % Prepare a CVP income statement for current operations and after Cullumber's changes are introduced. BARGAIN SHOE STORE CVP Income Statement Current New Would you make the changes suggested?
(a) The current break-even point is 11,448 pairs of shoes. If Cullumber's ideas are used, the new break-even point is 9,582 pairs of shoes.
(b) The current break-even point is 11,448 pairs of shoes, calculated using the formula: Break-even point = Fixed cost / (Price - Variable cost) = $286,200 / ($40 - $25) = 11,448. With Cullumber's ideas, the fixed costs increase to $317,940 ($286,200 + $30,740), and the price decreases to $38, while the variable cost remains $25. Using the formula, the new break-even point is calculated as $317,940 / ($38 - $25) = 9,582 pairs of shoes.
The current margin of safety ratio is calculated as follows: Margin of safety ratio = (Current sales - Break-even sales) / Current sales = (21,200 - 11,448) / 21,200 = 46.2%. With Cullumber's ideas, the new margin of safety ratio is (26,500 - 9,582) / 26,500 = 63.9%.
The CVP income statement for current operations and after Cullumber's changes are as follows:
BARGAIN SHOE STORE CVP Income Statement
Current New
Sales (21,200 pairs x $40) $848,000 (26,500 pairs x $38) $1,007,000
Variable costs (21,200 pairs x $25) $530,000 (26,500 pairs x $25) $662,500
Contribution margin $318,000 $344,500
Fixed costs $286,200 $317,940
Net income $31,800 $26,560
Based on the analysis, the proposed changes can be made since the break-even point decreases, the margin of safety ratio increases, and the net income remains positive.
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Considering the analysis, management should not adopt Cullumber's ideas since the changes are likely to decrease the margin of safety ratio.
(a) Compute the current break-even point in pairs of shoes:Bargain Shoe Store's current break-even point in pairs of shoes can be calculated by using the following formula:
Fixed cost + Total variable costs = Total revenue
At the current sales price of $40 per pair, the break-even point can be found as follows:$286,200 + ($25 × Q) = $40 × Q$286,200 = $15 × QQ = 19,080 pairs of shoes
Therefore, the current break-even point in pairs of shoes is 19,080 pairs of shoes. Now, let us calculate the new break-even point with the proposed changes.
The new break-even point in pairs of shoes can be found as follows:$286,200 + $30,740 + ($25 × Q) = $38 × 26,500$317,940 + ($25 × Q) = $994,500$25 × Q = $676,560Q = 27,062.4 pairs of shoes
Therefore, the new break-even point in pairs of shoes is 27,063 pairs of shoes.(b) Compute the margin of safety ratio for current operations and after Cullumber's changes are introduced.
Margin of safety ratio = Margin of safety ÷ Total salesMargin of safety can be calculated as:Total sales - Break-even sales
Margin of safety ratio for current operations:Total sales at current sales price of $40 per pair = $40 × 21,200 = $848,000
Break-even sales = 19,080 pairs of shoes × $40 = $763,200
Margin of safety = $848,000 - $763,200 = $84,800
Margin of safety ratio = $84,800 ÷ $848,000 = 0.1 or 10%
Margin of safety ratio after Cullumber's changes are introduced:Total sales at new sales price of $38 per pair = $38 × 26,500 = $1,007,000
Break-even sales = 27,063 pairs of shoes × $38 = $1,028,394
Margin of safety = $1,007,000 - $1,028,394 = -$21,394
Margin of safety ratio = -$21,394 ÷ $1,007,000 = -0.021 or -2.1%
Therefore, we can conclude that the margin of safety ratio decreases with Cullumber's changes.(c) Prepare a CVP income statement for current operations and after Cullumber's changes are introduced.
CVP income statement for current operations:Revenue:Sales (21,200 pairs × $40 per pair) = $848,000
Variable costs:Cost of goods sold (21,200 pairs × $25 per pair) = $530,000
Contribution margin = $318,000
Fixed costs:Advertising and lighting = $286,200
Net operating income = $31,800
CVP income statement after Cullumber's changes are introduced:Revenue:Sales (26,500 pairs × $38 per pair) = $1,007,000
Variable costs:Cost of goods sold (26,500 pairs × $25 per pair) = $662,500
Contribution margin = $344,500
Fixed costs:Advertising and lighting = $317,940
Net operating income = $26,560
Considering the analysis, management should not adopt Cullumber's ideas since the changes are likely to decrease the margin of safety ratio.
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(Loss on issue of debentures: Fixed instalment method) X Ltd. issues $. 10,000 9% Debentures at par repayable at the end of four years at 10% premium. Show the Loss on Issue of Debentures Account in the ledger for the period.
Loss on issue of debentures: Fixed installment method refers to an accounting technique that results in the creation of a reserve account that can be used to record the loss resulting from the difference between the sale price of debentures and their face value..
This method is used by companies that need to issue debentures in order to raise capital and are required to comply with accounting regulations that require the recognition of the loss resulting from the sale of the debentures.The following journal entry can be used to record the issue of debentures:DebitCash Account10,000CreditDebenture Account10,000The next step is to calculate the total amount of loss that is incurred by the company as a result of the issue of debentures.
The loss is calculated by taking the difference between the sale price of the debentures and their face value.Loss = Sale Price - Face ValueThe face value of the debentures is $10,000 and the sale price is $11,000 (which is the face value plus the 10% premium). Therefore, the loss is $1,000.The journal entry to record the loss on the issue of debentures account is as follows:DebitLoss on Issue of Debentures Account1,000CreditDebenture Account1,000The above entry will be made in the books of accounts for the period to show the Loss on Issue of Debentures Account in the ledger for the period. The loss is created due to the difference between the face value of the debentures and their sale price, which is recorded as a reserve account that can be used to cover the loss if required. This method is preferred by companies that need to comply with accounting regulations that require the recognition of the loss resulting from the sale of the debentures.
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Suppose there are two polluting firms, firm A and firm B, which face the following abatement costs: MAC = 1.84 and MAC = 0.64g, where costs are measured in thousands of dollars. The government decides to enforce a combined abatement level of pollution of 20. a. Show that a uniform standard will not meet the cost-effectiveness criterion. What is the total abatement cost if a uniform standard is implemented? [3 marks] b. Determine the cost-effective allocation of abatement levels between two firms. [2 marks] c. Plot the marginal abatement costs of both firms in one diagram. What is the total abatement cost? Demonstrate the cost saving amount from cost-effective allocation, relative to the uniform standard on the diagram. Be sure to fully label the diagram. [4 marks] d. Suppose the true marginal cost of firm B is flatter than the current one and the true marginal cost of firm A is even steeper than the current one. How does the cost-effective allocation change? What would happen to the size of the cost savings from a market-based instrument, relative to a uniform standard? Explain your answer. [3 marks]
a. To determine whether a uniform standard meets the cost-effectiveness criterion, we need to compare the total abatement cost under the uniform standard with the cost of achieving the same level of abatement using cost-effective allocation.
For firm A, the marginal abatement cost (MAC) is given as 1.84, and for firm B, the MAC is 0.64g, where g represents the abatement level.
Under a uniform standard, both firms would be required to reduce pollution by an equal amount to achieve a combined abatement level of 20. Let's denote the abatement level for each firm as gA and gB.
Since the combined abatement level is 20, we have gA + gB = 20.
To find the total abatement cost under the uniform standard, we need to calculate the cost for each firm and sum them up:
Total abatement cost = MAC_A * gA + MAC_B * gB
Total abatement cost = 1.84 * gA + 0.64g * gB
b. To determine the cost-effective allocation of abatement levels between the two firms, we need to allocate the abatement in a way that minimizes the total abatement cost while achieving the desired combined abatement level.
To find the cost-effective allocation, we need to equate the marginal abatement costs of the two firms:
MAC_A = MAC_B
1.84 = 0.64g
Solving for g, we find:
g = 1.84 / 0.64 ≈ 2.875
This means that the cost-effective allocation of abatement levels between the two firms would be gA = gB = 2.875.
c. To plot the marginal abatement costs of both firms in one diagram, we can use the abatement level (g) on the x-axis and the marginal abatement cost (MAC) on the y-axis.
On the diagram, the MAC for firm A would be a horizontal line at MAC_A = 1.84, as it does not depend on the abatement level. The MAC for firm B would be a straight line with a slope of 0.64, representing the relationship MAC_B = 0.64g.
The total abatement cost can be calculated by summing the abatement costs of the two firms under the cost-effective allocation:
Total abatement cost = MAC_A * gA + MAC_B * gB
Total abatement cost = 1.84 * 2.875 + 0.64 * 2.875 = 5.29
To demonstrate the cost saving amount from cost-effective allocation relative to the uniform standard, we can calculate the difference in total abatement costs:
Cost saving = Total abatement cost (uniform standard) - Total abatement cost (cost-effective allocation)
Cost saving = (1.84 * gA + 0.64g * gB) - (1.84 * 2.875 + 0.64 * 2.875)
d. If the true marginal cost of firm B is flatter and the true marginal cost of firm A is steeper, the cost-effective allocation would shift more of the abatement burden towards firm B and reduce the abatement level for firm A. This adjustment ensures that the firms with lower abatement costs contribute more to achieve the desired overall abatement level.
The size of the cost savings from a market-based instrument, relative to a uniform standard, would likely increase. With a market-based instrument like emissions trading or a pollution tax, the cost-effective allocation would incentivize firms to find the least costly abatement options. By allowing firms to trade or pay for emissions permits or taxes, the market-based approach encourages cost-saving measures and efficient allocation of abatement efforts. Thus, with a steeper marginal cost for firm A and a flatter marginal cost for firm B, the potential for cost savings from a market-based instrument would likely be larger compared to a uniform standard.
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For the year ending December 31, 2020, Reeve Inc. has Taxable Income, before consideration of dividends or salary paid to its sole shareholder, of $23,600. The Company's cash balance, prior to the payment of any taxes for the year is $17,300. The Company's Taxable Income is subject to a combined federal/provincial tax rate of 15 percent. There is no payroll tax in this province. REQUIRED Ms. Reeve, the Company's president and sole shareholder has no other source of income. She has combined federal/provincial personal tax credits of $4,120 and lives in a province that has a personal tax rate on the first $48,535 of Taxable Income equal to 11 percent. The provincial dividend tax credit is 30 percent of the gross up for non-eligible dividends. Ms. Reeve would like to remove all of the cash from the corporation and has asked you to determine whether it would be better to take it out in the form of all non-eligible dividends or all salary. Ignore the required CPP contributions and the Canada employment tax credit.
It would be better for Ms. Reeve to take all of the cash out in the form of non-eligible dividends.
Net dividend payment = $17,300 - $2,625 = $14,675Option 2: All salary
The corporation would pay tax on the salary paid to Ms. Reeve. Ms. Reeve would be entitled to deduct the salary paid from her taxable income, reducing her personal tax liability.
Ms. Reeve would receive all of the cash from the corporation in the form of a salary.
The salary payment would be calculated as follows:
Salary payment = $17,300Ms. Reeve would be subject to tax on her salary income at her combined federal/provincial tax rate of 26%. Her personal tax liability would be reduced by the personal tax credits she is entitled to claim.
The total personal tax credits are:
Personal tax credits = $4,120Ms. Reeve would report a salary income of $17,300 on her personal tax return.
She would be subject to tax at her combined federal/provincial tax rate of 26% on this income, less the personal tax credits. Therefore, the tax payable on the salary income would be:
Tax payable on salary income = 26% x ($17,300 - $4,120) = $3,497
Ms. Reeve would receive a net salary payment of:
Net salary payment = $17,300 - $3,497 = $13,803
Conclusion:
Ms. Reeve would receive more cash from the corporation if she takes all of the cash out in the form of non-eligible dividends.
Her net dividend payment would be $14,675, while her net salary payment would be $13,803.
Therefore, it would be better for Ms. Reeve to take all of the cash out in the form of non-eligible dividends.
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Required: Question 5: (25 marks) (a) Decompose the change in ROCE into components due to financing activities and operating activities. (4 marks) The CEO of Everest Ltd. stated the following in the company's 2021 annual report: "Everest continues to make good use of shareholders' funds through new investments. Shareholders' faith in the company was rewarded by improved performance as indicated by an increase in return on common equity". In response to the managing director's comments, you set about analysing the growth of the company and produce the following table: (b) Decompose the change in RNOA into components due to profit margin and asset turnover. (6 marks) (c) Decompose the change in common shareholders' equity into components due to sales growth, the change in net assets required to support sales, and changes in borrowing. Return on common equity (ROCE) Return on net operating assets (RNOA) Net borrowing cost (NBC) Sales ($ millions) Operating income after tax ($ millions) Average net operating assets ($ millions) Average net financial obligations ($ millions) Average common shareholders' equity ($ millions) 2021 15.47% 12.86% 3.50% 530 153 1,190 260 930 2020 14.89% 13.87% 3.00% 430 129 930 80 850 (6 marks)
The financial data is being transcribed. Everest Ltd. has seen an increase in the return on common equity (ROCE) from 14.89% in 2020 to 15.47% in 2021, according to a report. In response to the managing director's comments, an analysis of the growth of the company was carried out.
ROCE has been broken down into components attributable to financing activities and operating activities. Return on net operating assets (RNOA), net borrowing cost (NBC), sales, operating income after tax, average net operating assets, average net financial obligations, and average common shareholders' equity are all included in the data table. The change in RNOA has also been decomposed into components attributable to profit margin and asset turnover. The change in common shareholders' equity was decomposed into components due to sales growth, the change in net assets required to support sales, and changes in borrowing. ROCE increased by 0.58 percent. The financing component had no impact, while the operating component increased by 0.58 percent.
In 2021, Everest Ltd's return on common equity (ROCE) increased to 15.47% from 14.89% in 2020. The change in ROCE is due to both financing and operating activities. The financing component did not contribute to the ROCE change, while the operating component increased by 0.58 percent. The RNOA change was decomposed into two components: profit margin and asset turnover. The increase in RNOA was attributed to an increase in the profit margin. The change in common shareholders' equity was also decomposed into three components: sales growth, the change in net assets required to support sales, and changes in borrowing.
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Please read the question thoroughly and answer. Thank you!
1. Jesse travels from city to city for business. Every other year, they buy a used car for about $22,000. The dealer allows about $9000 as a trade-in allowance, so Jesse spends $13,000 every other year for a car. Jesse keeps accurate records of their expenses, which average out to $0.375 per mile. Jesse’s employer has two plans to reimburse car expenses:
a. Actual expenses: Jesse will receive all their operating expenses plus $5500 each year for the car’s decline in value.
b. Standard mileage rate: Jesse will receive $0.652 per mile but no operating expenses and no depreciation allowance.
Assuming that Jesse travels 15,000 miles per year, which method provides the larger reimbursement?
At what annual mileage do the two methods give the same reimbursement?
Which plan should Jesse pick based on this economic analysis, and can you think of any reasons why Jesse would opt to go with the other plan?
Jesse's expenditure on the carIn every alternate year, Jesse buys a used car for about $22,000.The dealer provides $9,000 as a trade-in allowance.So, Jesse spends $13,000 for a car every alternate year.Jesse's average expenditure per mile is $0.375.
Total annual expenditure on the car = 13,000 / 2 = $6,500The total expenditure per mile is $0.375 * 15,000 miles = $5,625.Plan A: Actual expensesJesse will get all operating expenses and an additional $5,500 each year for the car's decline in value.Jesse's total annual expenditure on the car is $6,500.Jesse will be reimbursed $6,500 + $5,500 = $12,000 annually under this plan.
At what annual mileage do the two methods give the same reimbursement?Let x be the mileage at which the two plans give the same reimbursement.The expense of Jesse in the year with Plan A will be:6,500 + 0.375x + 5,500 = 12,000 + 0.375xThe expense of Jesse in the year with Plan B will be:0.652xSince Jesse spends the same amount of money regardless of the plan, the following equation can be written:12,000 + 0.375x = 0.652xx = 16,000 milesWhich plan should Jesse choose based on this economic analysis, and can you think of any reasons why Jesse would opt to go with the other plan?When the mileage is less than 16,000 miles per year, Jesse should choose Plan A, and when the mileage is greater than 16,000 miles per year.
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Dixon Construction Company was awarded a contract to construct an interchange at the junction of U.S. 94 and Highway 30 at a total contract price of $15,000,000. The estimated total costs to complete the project were $12,000,000. Make the entry to record progress billings of $4,000,000.
The entry to record progress billings of $4,000,000 is as follows:
Dr. Bills Receivable $4,000,000
Cr. Progress Billings $4,000,000
Dixon Construction Company was awarded a contract to construct an interchange at the junction of U.S. 94 and Highway 30 at a total contract price of $15,000,000. The estimated total costs to complete the project were $12,000,000.
Billings on construction contracts are classified into two categories: progress billings and final billings. Progress billings are also known as partial billings, and they are usually requested by contractors. They are billed according to the percentage of the job that has been completed or the percentage of materials delivered to the job site. To record progress billings in the general ledger, the following account entries are required:
Dr. Bills Receivable $4,000,000: Progress billings are billed in arrears, so the contractor uses the accounts receivable asset account Bills Receivable to record the progress billing of $4,000,000.Cr. Progress Billings $4,000,000: Progress billings are credited to the liability account Progress Billings to record the revenue earned so far on the project.
Dixon Construction will then bill the client for $4,000,000. As work is completed on the contract, progress billings are made, and the customer is billed as work is completed.
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"Pfizer could, he says, have made 'way more billions. But we would stay in history as, we didn't offer to the world something. Now, I feel way better that, beyond any doubt, we didn't try to profit... There is something bigger than making a fair profit here. The bigger thing? To change forever the reputation of the company."
Read the article titled "Billions at stake, endless waiting, an angry Trump: The Pfizer CEO’s great vax hunt
The statement highlights Pfizer's decision to prioritize a larger purpose and make a lasting impact on society rather than solely pursuing financial gains. This approach reflects a shift towards corporate social responsibility principles and can be justified from both utilitarian and reputational perspectives. By focusing on changing its reputation and contributing to global well-being, Pfizer's CEO demonstrates a commitment to creating value beyond profit.
The statement suggests that Pfizer, under the leadership of its CEO, made a conscious decision to prioritize something bigger than maximizing profit. Instead of focusing solely on financial gains, the company aimed to make a significant impact and change its reputation in a profound way. This shift in perspective indicates a departure from traditional profit-centric approaches and emphasizes broader societal considerations.
This approach aligns with the concept of corporate social responsibility (CSR), which refers to a company's commitment to operate in an ethical and sustainable manner while considering the interests of various stakeholders, including society at large. By prioritizing the reputation of the company and striving to make a positive impact, Pfizer's CEO demonstrates a commitment to CSR principles.
From a utilitarian perspective, this decision can be justified based on the idea of maximizing overall welfare and happiness. While pursuing maximum financial gains might bring short-term benefits to the company and its shareholders, focusing on a higher purpose and making a lasting positive impact can bring about long-term benefits for society as a whole. By dedicating resources and efforts towards addressing important global challenges, such as improving public health, Pfizer can contribute to the well-being and happiness of a larger number of people.
Moreover, this approach can enhance the company's reputation and brand value. In today's socially conscious environment, consumers, employees, and investors increasingly value companies that demonstrate a commitment to social and environmental issues. By aligning its actions with societal values and striving to make a positive difference, Pfizer can enhance its reputation, attract socially responsible investors, and build stronger relationships with customers who appreciate the company's broader mission.
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During the past 10 years, the percent returns on two mutual funds (aggressive and passive) expressed in percentages were as follows: Year Aggressive Fund Passive Fund -10 1% 3% 7% 4% 10% 4% 4% 2% 7% 2
When managing a portfolio and allocating assets, two different investment strategies are used: aggressive funds and passive funds. While passive funds offer diversification and low costs but may not give greater returns compared to the general market, aggressive funds have the potential for higher returns but also carry higher risk.
To calculate the percentage returns of the aggressive and passive funds, the average of the percentages for each year must be taken respectively. The per cent returns for the two mutual funds (aggressive and passive) during the past 10 years are shown below:
Year Aggressive Fund Passive Fund-10 1% 3%7% 4% 4%4% 2% 7%2% Firstly, we will calculate the average percentage return for each year, and we will add these percentages to find the average percentage return for each mutual fund. Year Aggressive Fund Passive Fund-10 1% 3%7% 4% 4%4% 2% 7%2% 3.5% 4.5%The average percentage return for the aggressive fund over the past 10 years is 3.5%.
The average percentage return for the passive fund over the past 10 years is 4.5%.
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what is the average annual return? b. what is the variance of the stock’s returns? c. what is the standard deviation of the stock’s returns?
To determine the average annual return, variance, and standard deviation of the stock's returns, specific calculations need to be performed.
To calculate the average annual return, you need to sum up the annual returns over a specific period and divide it by the number of years in that period. For example, if you have the annual returns for five years, you add them together and divide by five to get the average annual return. To calculate the variance of the stock's returns, you need to subtract each annual return from the average annual return, square the differences, sum up the squared differences, and divide by the number of returns minus one. Variance measures the dispersion or spread of the returns from the average.
The standard deviation of the stock's returns is calculated by taking the square root of the variance. It provides a measure of the stock's volatility or risk. A higher standard deviation indicates greater variability in the returns. To calculate these values accurately, you would need the specific annual returns for the given stock. Once you have the annual returns, you can apply the formulas mentioned above to find the average annual return, variance, and standard deviation, which provide valuable insights into the stock's historical performance and risk profile.
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Suppose the oil price decreases in Canada. a.) Is this a supply shock or demand shock? Explain why. Using aggregate demand and supply curve show what will be impact of this shock in the output and price level in the short run. b.) What stabilization policy the central bank can take to restore the output to natural- rate level output and what will be the impact on price level of this policy?
A decrease in oil prices in Canada would be considered a supply shock because it affects the cost of production and the availability of inputs. In the short run, this shock would lead to an increase in output and a decrease in the price level. To restore output to the natural-rate level, the central bank can implement an expansionary monetary policy by reducing interest rates or increasing the money supply.
A decrease in oil prices in Canada is a supply shock because it affects the supply side of the economy. Lower oil prices reduce production costs for businesses in industries that rely on oil as an input, such as transportation and manufacturing. This leads to a decrease in the cost of production and shifts the aggregate supply curve to the right. In the short run, the decrease in oil prices would increase aggregate supply and result in an increase in output and a decrease in the price level. The increase in supply allows firms to produce more goods and services at a lower cost, leading to higher output. However, since aggregate demand remains unchanged in the short run, the increase in output would cause a decrease in the price level.
To restore output to the natural-rate level, the central bank can implement an expansionary monetary policy. By reducing interest rates or increasing the money supply, the central bank aims to stimulate borrowing and spending, thereby increasing aggregate demand. This policy would shift the aggregate demand curve to the right and help restore output to its natural rate. However, the expansionary monetary policy could also lead to an increase in the price level. When aggregate demand increases, there is upward pressure on prices as businesses may have limited capacity to meet the higher demand. Therefore, while the policy restores output to its natural rate, it may result in inflationary pressures and a higher price level. In summary, a decrease in oil prices in Canada is a supply shock that leads to an increase in output and a decrease in the price level in the short run. To restore output to the natural-rate level, the central bank can implement an expansionary monetary policy, but this may result in an increase in the price level due to inflationary pressures.
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Which of the factors do courts use in determining whether information is a trade secret?
Multiple select question.
a amount invested to develop the information
b. efforts to maintain trade confidentiality among employees and third-party vendors
c. the value of the information to competitors
d. the taxable consequences of sharing information
The courts use the following factors in determining whether information is a trade secret:a) The amount invested in developing the information.b) Efforts to maintain trade confidentiality among employees and third-party vendors.c) The value of the information to competitors.Thus, options (a), (b), and (c) are correct.
Courts analyze several factors in determining whether particular information qualifies for trade secret protection.The following is a list of the factors courts generally consider in determining whether information qualifies as a trade secret.
The extent to which the information is known outside of the owner's company and the confidentiality of the information;The degree of difficulty in acquiring or duplicating the information by others;The amount of money spent in developing the information
The amount of time and effort spent in developing the information;The value of the information to the owner and competitors;The degree of difficulty in creating the information Therefore options (a), (b), and (c) are correct.
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Scenario 3: the physical altercation (argument and push) between Jenna and Katie
Fact
Jenna was on the phone while she was watching the Jensen kids at the park, and while on the phone one of the kid’s jumps off the play structure and breaks their leg. Katie is really mad with Jenna and they start arguing, while they are arguing Katie pushes Jenna, Jenna falls back and hits her head.
Issue
Should Katie pay for any injuries cause to Jenna when Katie pushed her down and she hit her head?
Rule
Click to enter text
Application
Click to enter text
Conclusion
Click to enter tex
It appears that Katie should be held accountable for the injuries caused to Jenna when she pushed her down and Jenna hit her head.
Should Katie pay for any injuries caused to Jenna when Katie pushed her down, and she hit her head?
To determine the resolution of this issue, we need to consider relevant legal principles and rules related to personal injury and liability. These principles may include laws surrounding assault, battery, and negligence.
Based on the given facts, Jenna was watching the Jensen kids at the park while Jenna was on the phone. One of the kids jumps off the play structure and breaks their leg. Katie becomes angry with Jenna, and an argument ensues. During the argument, Katie pushes Jenna, causing her to fall back and hit her head.
Based on the available information, it appears that Katie should be held accountable for the injuries caused to Jenna when she pushed her down and Jenna hit her head.
However, it is important to consult the specific laws and legal principles applicable to the jurisdiction in question to determine the exact legal implications and potential liability in this scenario.
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1. a) Which statement (between the income statement, statement of financial position, and statement of cash flows is the most important?
1. b) Why do you think this is the case?
1.c) Which statement (income statement, statement of financial position, statement of cash flows) is the most important for a HR services consultancy?
max 200 words each
The income statement, the statement of financial position, and the statement of cash flows are all important in their own way. However, the most important statement depends on the purpose of the analysis.
b) Why do you think this is the case?The income statement is often considered the most important because it shows a company's profitability over a period of time. It provides a summary of a company's revenues and expenses, resulting in the net income or loss for the period.
This information is critical for investors, creditors, and other stakeholders to assess the company's financial health and performance. It also allows the company to evaluate how effective their operations and strategies are in generating profits.
c) Which statement (income statement, statement of financial position, statement of cash flows) is the most important for a HR services consultancy?For an HR services consultancy, the income statement would still be the most important statement. This is because the income statement can reveal the consultancy's profitability and the efficiency of its services.
It can provide information on the income generated from HR services, such as employee training and recruitment, and any related expenses incurred.
This can help the consultancy determine whether they are making a profit or a loss from their services, and where improvements can be made to enhance their financial performance.
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Anonymous Lesson 5 Discussion (10%) Consider the organization that you have identified in your group assignment. . Identify THREE (3) Business Intelligence solutions which you can propose. Describe FIVE (5) benefits of BI solutions to the organization.
Three proposed Business Intelligence (BI) solutions for the identified organization are data visualization tools, predictive analytics, and data integration and warehousing.
Five benefits of BI solutions to the organization include enhanced decision-making, improved operational efficiency, increased competitiveness, better customer insights, and real-time reporting and monitoring.
Three proposed Business Intelligence solutions for the identified organization:
1. Data Visualization Tools: Implementing data visualization tools like Tableau, Power BI, or QlikView can provide the organization with interactive and visually appealing dashboards and reports. These tools enable users to explore data, identify trends, and make data-driven decisions.
2. Predictive Analytics: Introducing predictive analytics solutions, such as IBM SPSS Modeler or RapidMiner, can help the organization forecast future trends, anticipate customer behavior, optimize inventory management, and make proactive business decisions.
3. Data Integration and Warehousing: Adopting a data integration and warehousing solution, like Informatica or Oracle Data Integrator, can streamline data collection and storage processes. It enables the organization to consolidate data from various sources, maintain data quality, and provide a centralized repository for analysis and reporting.
Five benefits of BI solutions to the organization:
1. Enhanced Decision-Making: BI solutions provide access to timely and accurate data, empowering decision-makers to make informed choices. By leveraging insights from BI tools, the organization can identify opportunities, mitigate risks, and align strategies with market trends.
2. Improved Operational Efficiency: BI solutions enable the organization to optimize operations by identifying bottlenecks, streamlining processes, and reducing inefficiencies. It helps in resource allocation, inventory management, and identifying areas for cost reduction.
3. Increased Competitiveness: By leveraging BI solutions, the organization gains a competitive edge. It can analyze market trends, customer behavior, and competitor performance to identify unique selling points, improve customer targeting, and develop effective marketing strategies.
4. Better Customer Insights: BI solutions allow the organization to analyze customer data, understand preferences, and provide personalized experiences. It helps in identifying cross-selling and upselling opportunities, enhancing customer satisfaction, and driving customer retention.
5. Real-time Reporting and Monitoring: BI solutions offer real-time reporting and monitoring capabilities, providing up-to-date insights on key performance indicators (KPIs). This enables the organization to track progress, identify deviations, and take prompt corrective actions.
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Nkwe (Pty) Ltd uses the economic order quantity model to determine the quantity of raw materials to order. The following details concerning the raw materials are presented to you: Quantity of raw materials used per annum = 156 250 units Cost of placing an order = R50 Invoicing cost price per unit C R8,50 Annual holding/carrying costs = R2,50 per unit The number of orders to be placed in a year amount to Select one: OA. 20 orders OB. 60 orders OC. 30 orders OD. 63
To determine the number of orders to be placed in a year using the economic order quantity (EOQ) model, we need to use the following formula:
Number of orders = (Annual demand * Ordering cost) / (Annual demand * Holding cost per unit)
Given the details provided:
Quantity of raw materials used per annum = 156,250 units
Cost of placing an order = R50
Invoicing cost price per unit = R8.50
Annual holding/carrying costs = R2.50 per unit
Let's calculate the number of orders:
Number of orders = (156,250 * 50) / (156,250 * 2.50)
Number of orders = 7,812,500 / 390,625
Number of orders ≈ 20
Therefore, the number of orders to be placed in a year using the EOQ model is approximately 20 orders.
The correct option is OA. 20 orders.
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Mrs. Lincoln was employed by GGH Inc. until October, when he accepted a new position with Murdock Inc. Mrs. Lincoln earned $145,000 compensation from GGH and $36,000 compensation from Murdock. Which of the following statements is false?
Multiple Choice
A. Murdock must withhold Social Security tax from Mrs. Lincoln's $36,000 compensation.
B. Murdock must withhold Medicare tax from Mrs. Lincoln's $36,000 compensation.
C. Mrs. Lincoln is entitled to an income tax credit for both excess Social Security tax and excess Medicare tax withheld by her employers this year.
D. Both GGH and Murdock must pay the full amount of employer payroll tax on the compensation paid to Mrs. Lincoln.
The false statement among the options is Both GGH and Murdock must pay the full amount of employer payroll tax on the compensation paid to Mrs. Lincoln. Therefore, option D is correct.
The correct statement is that Murdock must withhold Social Security tax (Option A) and Medicare tax (Option B) from Mrs. Lincoln's $36,000 compensation. Both the Social Security tax and Medicare tax are payroll taxes that are typically withheld from an employee's wages. Therefore, Murdock, as Mrs. Lincoln's employer, has the responsibility to withhold these taxes.
Option C states that Mrs. Lincoln is entitled to an income tax credit for excess Social Security tax and excess Medicare tax withheld by her employers. This is a true statement. If excess Social Security and Medicare taxes are withheld, Mrs. Lincoln may be eligible for a tax credit when filing her income tax return to offset the excess amounts paid.
The false statement is D because while both GGH and Murdock are responsible for their share of employer payroll taxes, they do not have to pay the full amount.
Employer payroll taxes are typically split between the employer and the employee. Each employer would be responsible for their portion of the payroll taxes based on the compensation paid to Mrs. Lincoln.
In conclusion, the false statement is D. It's important to accurately understand the responsibilities of employers regarding tax withholding and payroll taxes to ensure compliance with tax regulations.
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MARKETING - DeterminE the strategies organisations use to
determine product mix pricing.(15 MARKS)
The term product mix refers to the number of product lines that a company offers, as well as the variety of products within each line. When it comes to determining product mix pricing, organizations use a variety of strategies.
Here are a few:
1. Cost-Plus Pricing: Cost-plus pricing, also known as markup pricing, entails determining the cost of producing a product and adding a markup to arrive at a selling price. This strategy is simple to use but ignores market factors.
2. Value-Based Pricing: Value-based pricing, also known as customer-based pricing, focuses on the worth that a product provides to consumers. This pricing strategy considers the benefits that customers obtain from a product and uses that as a starting point for determining a price.
3. Penetration Pricing: Penetration pricing involves setting low prices for new products to gain market share. This pricing strategy is utilized by businesses to attract consumers who are price-sensitive.
4. Skimming Pricing: Skimming pricing is a strategy that involves pricing products high in the beginning and gradually lowering the price as demand decreases. This products mix pricing strategy is useful for businesses that introduce cutting-edge products and want to earn a premium price before competitors enter the market.
5. Psychological Pricing: Psychological pricing is a technique that takes advantage of customers' emotions and perceptions. For example, setting the price of a product at $9.99 instead of $10.00 makes it appear less expensive to consumers. Bundle pricing involves combining several items together and selling them at a reduced price. This pricing strategy is used to increase the value of a purchase and can help move inventory that is slow to sell.
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1. Suppose the reserve ratio requirement is 30% and there is an increase in bank excess reserves of $50 million a. Calculate the money multiplier. Show your work. b. What is the total amount of additional deposits created by this initial increase in bank excess reserves? Show your work. c. Explain based on your calculations in part b the meaning of the money multiplier d Suppose the Federal Reserve decreases the reserve ratio to 20%. Calculate the new money multiplier and show your work. Explain why the money multiplier increased or decrease as a result of the higher reserve ratio.
The reserve ratio decreases, the amount of excess reserves held by the bank increases, which, in turn, leads to an increase in the money supply generated by each dollar of the bank's excess reserves.
a) Calculation of Money Multiplier in the given scenario: Here, the reserve ratio requirement is 30%, and the bank has an excess reserve of $50 million.
So, it can be calculated as follows :Money multiplier = 1 / reserve ratio Money multiplier = 1 / 0.3Money multiplier = 3.33Therefore, the money multiplier is 3.33.
b) Calculation of the total amount of additional deposits created by this initial increase in bank excess reserves: The total amount of additional deposits created by this initial increase in bank excess reserves is the product of the money multiplier and the excess reserves of banks.
Total additional deposits created = Money multiplier x Excess reserves Total additional deposits created = 3.33 x $50 million Total additional deposits created = $166.5 million Therefore, the total amount of additional deposits created by this initial increase in bank excess reserves is $166.5 million.
c) Explanation of the meaning of the money multiplier based on calculations in part b:From the above calculations, it can be interpreted that the money multiplier determines the amount of money supply generated by each dollar of the bank's excess reserves. The value of the money multiplier in this scenario is 3.33, which means that the bank can create $3.33 of deposits from each dollar of excess reserves it has.
d) Calculation of new money multiplier and explanation of the increase or decrease in the money multiplier as a result of the higher reserve ratio: When the Federal Reserve decreases the reserve ratio to 20%, the new money multiplier can be calculated as follows: Money multiplier = 1 / reserve ratio Money multiplier = 1 / 0.2Money multiplier = 5Therefore, the new money multiplier is 5. The money multiplier increases when the reserve ratio decreases.
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3.1 Name and discuss the purpose of the above work measurement tool or technique. (11)
3.2 Explain how the following task element times of the work measurement tool identified in the previous question were derived.
a) Observed time
b) Rating
c) Basic time
d) Average basic time
e) Allowances
f) Element standard time
g) Raw Standard Time
h) Allowances for the total job
i) Standard time for the job (9)
The work measurement tool is used to establish accurate time standards, identify areas for improvement, allocate resources efficiently, and set performance expectations.
Observed Time: This is the actual time taken to perform a task, measured through direct observation. It captures the time spent on each element of the task and serves as the basis for further calculations.
Rating: Ratings are assigned to elements based on their difficulty, complexity, or performance. They reflect the relative effort or skill required for each element compared to a standard reference.
Basic Time: The basic time represents the expected or standard time required to perform an element under defined conditions. It is derived by multiplying the observed time by the rating.
Average Basic Time: Average basic time is the average of the basic times for a specific task or job, considering multiple observations or workers.
Allowances: Allowances account for factors such as personal needs, fatigue, delays, and other non-productive time. They are added to the basic time to calculate the total time required for a task.
Element Standard Time: Element standard time is the sum of the basic time and allowances for each element, providing a comprehensive estimate of the time required to complete the element.
Raw Standard Time: Raw standard time is the total time required to complete a job, considering all its elements and their standard times.
Allowances for the Total Job: This refers to the allowances applied to the total job, accounting for factors such as interruptions, delays, and breaks.
Standard Time for the Job: The standard time for the job is the sum of the raw standard time and allowances for the total job, representing the total time required to complete the job.
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You have collected the following information for a company:
Earnings after tax $1,320,000
Common shares outstanding 1,100,000
PE 17.00
Excess cash $550,000
Required (round all to 2 decimal places):
1) Compute the current price of the stock. Answer: $Answer
2) If the company uses the excess cash to pay a dividend, how much Answer: $Answer
will that be per share?
3) If the company uses the excess cash to repurchase shares in the Answer: Answer
market at a 10% premium over market price, how many shares
will be bought?
4) What will the new EPS be? Answer: $Answer
5) If the PE remains constant, what would you expect the new Answer: $Answer
market price of the common shares to be?
The current price of the stock is $12.00.
To calculate this, divide the earnings after tax by the number of shares outstanding and then multiply by the PE ratio:
($1,320,000 / 1,100,000) * 17 = $12.00.
If the company uses the excess cash to pay a dividend, the amount per share will be $0.50.
To calculate this, divide the excess cash by the number of shares outstanding:
$550,000 / 1,100,000 = $0.50.
If the company uses the excess cash to repurchase shares at a 10% premium, the number of shares bought will be 45,833.33.
To calculate this, divide the excess cash by the market price per share (including the premium):
$550,000 / ($12.00 * 1.10) = 45,833.33.
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Are there any troubling aspects on the Form 990 for nonprofit organizations?
Yes, there can be troubling aspects on the Form 990 for nonprofit organizations, such as discrepancies in financial reporting, inadequate documentation, or failure to comply with reporting requirements.
The Form 990 is a comprehensive reporting document that nonprofits in the United States are required to file annually with the Internal Revenue Service (IRS). While it serves as a tool for transparency and accountability, it can also reveal potential issues or areas of concern.
Some troubling aspects may include discrepancies in financial reporting, such as inconsistencies in revenue or expenses, which could raise questions about the organization's financial management or potential mismanagement of funds. Inadequate documentation of transactions or lack of proper record-keeping can also be problematic, as it may hinder the ability to accurately assess the organization's financial activities and compliance with regulations.
Noncompliance with reporting requirements is another troubling aspect. Nonprofits must provide detailed information about their activities, governance, and executive compensation on the Form 990. Failure to provide accurate and complete information, or deliberate omission of required disclosures, can result in penalties and damage the organization's reputation.
It's important for nonprofits to ensure that they maintain proper financial controls, accurate record-keeping, and comply with all reporting requirements to avoid troubling aspects on the Form 990 and maintain the trust of stakeholders.
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Webster Company produces 35,000 units of product A, 30,000 units of product B, and 19,000 units of product C from the same manufacturing process at a cost of $430,000. A and B are joint products, and C is regarded as a by-product. The unit selling prices of the products are $40 for A, $20 for B, and $1 for C. None of the products requires separable processing. Of the units produced, Webster Company sells 28,000 units of A, 29,000 units of B, and 19,000 units of C. The firm uses the net realizable value method to allocate joint costs and by-product costs. Assume no beginning inventory.
Required:
1. What is the value of the ending inventory of product A?
2. What is the value of the ending inventory of product B?
The value of the ending inventory for product a is approximately $57,330, and the value of the ending inventory for product b is approximately $4,780.
to determine the value of the ending inventory for products a and b, we need to allocate the joint costs based on the net realizable value (nrv) method.
first, let's calculate the total joint costs incurred:total joint costs = $430,000
next, we need to determine the relative sales value at split-off for products a and b. this can be calculated by dividing the unit selling price by the sum of the unit selling prices for a and b:
relative sales value for a = $40 / ($40 + $20) = 2/3relative sales value for b = $20 / ($40 + $20) = 1/3
now, we can allocate the joint costs to products a and b based on their relative sales values:
joint costs allocated to a = total joint costs * relative sales value for a = $430,000 * (2/3) = $286,667
joint costs allocated to b = total joint costs * relative sales value for b
= $430,000 * (1/3) = $143,333
since there is no separable processing, the allocated joint costs represent the cost of production for each product.
1. value of ending inventory for product a:ending inventory for a = (units produced for a - units sold for a) * cost per unit
= (35,000 - 28,000) * ($286,667 / 35,000) = 7,000 * $8.19 ≈ $57,330
2. value of ending inventory for product b:
ending inventory for b = (units produced for b - units sold for b) * cost per unit = (30,000 - 29,000) * ($143,333 / 30,000)
= 1,000 * $4.78 ≈ $4,780
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suppose a company generally records revenues and expenses before receiving or making cash payments. which of the following statements is not correct?
The statement that is not correct is option C: "Net income and net cash flows provided by operating activities will always agree." because net income and net cash flows provided by operating activities can differ due to non-cash items and timing differences between when revenue is recognized and when cash is received or when expenses are incurred and when cash is paid.
Net income is calculated based on the accrual basis of accounting, which records revenues and expenses when they are earned or incurred, regardless of the timing of cash flows. On the other hand, net cash flows provided by operating activities is determined based on the cash flows related to operating activities, which may not perfectly align with the revenue and expense recognition.
For example, if the company has accounts receivable or accounts payable, there can be timing differences between when revenue is recognized and when cash is collected, or when expenses are recognized and when cash is paid. These timing differences can lead to discrepancies between net income and net cash flows provided by operating activities. Therefore, while net income and net cash flows provided by operating activities are related, they may not always agree due to non-cash items and timing differences, making option C incorrect.
The complete question is as follows:-
Suppose a company generally records revenues and expenses before receiving or making cash payments. Which of the following statements is not correct?
A. If revenues are falling, a net loss could result even though the company reports a net cash inflow from operating activities.
B. If revenues are rising, net income could result even though the company reports a net cash outflow from operating activities.
C. Net income and net cash flows provided by operating activities will always agree.
D. The income statement doesn't explain changes in cash because it focuses on just the operating results of the business.
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he cost of materials transferred into the Filling Department of Eve Cosmetics Company is $20,000, including $14,000 from the Blending Department and $6,000 from the materials storeroom. The conversion cost for the period in the Filling Department is $4,560 ($1,600 factory overhead applied and $2,960 direct labor). The total cost transferred to Finished Goods for the period was $22,960. The Filling Department had a beginning inventory of $1,800.
a. Journalize (1) the cost of transferred-in materials, (2) conversion costs, and (3) the costs transferred out to Finished Goods.
b. Determine the balance of Work in Process-Filling at the end of the period.
a. The journal entries for the cost of transferred-in materials, conversion costs, and costs transferred out to Finished Goods are as follows:
Cost of Transferred-in Materials: Work in Process-Filling is debited for $20,000, with credits to Materials Storeroom ($6,000) and Blending Department ($14,000).
Conversion Costs: Work in Process-Filling is debited for $4,560, with credits to Factory Overhead ($1,600) and Direct Labor ($2,960).
Costs Transferred out to Finished Goods: Finished Goods is debited for $22,960, with credit to Work in Process-Filling.
b. The balance of Work in Process-Filling at the end of the period is $3,400
a. Journal Entries:
(1) Cost of Transferred-in Materials:
Journal Debit Credit
Work in Process-Filling $20,000
Materials Storeroom $6,000
Blending Department $14,000
(2) Conversion Costs:
Journal Debit Credit
Work in Process-Filling $4,560
Factory Overhead $1,600
Direct Labor $2,960
(3) Costs Transferred out to Finished Goods:
Journal Debit Credit
Finished Goods $22,960
Work in Process-Filling $22,960
b. Calculation of Work in Process-Filling at the end of the period:
Journal Debit Credit
Beginning Inventory $1,800
Cost of Transferred-in Materials $20,000
Conversion Costs $4,560
Costs Transferred out to Finished Goods ($22,960)
Ending Inventory (Work in Process-Filling) $3,400 (balance debit- credit)
Therefore, the balance of Work in Process-Filling at the end of the period is $3,400.
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Time Value of Money Question : A car dealer quotes a 10% interest on a 1 year loan. If you borrow 20k your interest is 20kx10%=2000 dollars, which means that after 1 year you need to repay $22,000. However, the car dealer in order to help you avoid paying a big lump sum amount after 1 year suggests that you pay 22000/12=1,833.33 dollars every month for the next 12 month. Is this a 10% loan? What rate legally have to be quoted? How much interest you are paying effectively per year?
The effective annual interest rate on this loan is approximately 10.47%, which is slightly higher than the quoted rate of 10% due to the compounding effect of monthly payments.
To determine if the loan is actually a 10% loan, we need to calculate the effective interest rate and compare it to the quoted rate of 10%.
In this case, you are borrowing $20,000 and making equal monthly payments of $1,833.33 for 12 months. The total amount repaid over the year is $1,833.33 x 12 = $22,000, which includes both the principal ($20,000) and the interest ($2,000).
To calculate the effective interest rate, we can use the formula:
Effective interest rate = (Total interest paid / Principal) x 100%
Effective interest rate = ($2,000 / $20,000) x 100%
Effective interest rate = 0.10 x 100%
Effective interest rate = 10%
Therefore, the effective interest rate on this loan is indeed 10%, which matches the quoted rate.
However, it's important to note that the quoted rate is an annual rate, and the monthly payments are based on an equal monthly installment plan. This means that the effective interest rate per year is slightly higher than the quoted rate of 10% because the interest is calculated monthly.
To calculate the effective annual interest rate, we can use the formula for compound interest:
Effective annual interest rate = (1 + monthly interest rate)^12 - 1
Where the monthly interest rate is the quoted rate of 10% divided by 12 (since there are 12 months in a year).
Monthly interest rate = 10% / 12 = 0.83333%
Effective annual interest rate = (1 + 0.0083333)^12 - 1
Effective annual interest rate = 10.47%
Therefore, the effective annual interest rate on this loan is approximately 10.47%, which is slightly higher than the quoted rate of 10% due to the compounding effect of monthly payments.
Legally, the rate that has to be quoted would depend on the regulations in the specific jurisdiction. It's advisable to consult local laws and regulations to determine the legally required rate to be quoted in your case.
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Esther owned and operated Esther's Pet Store, which sold pets and pet supplies. Esther's Pet Store was having financial difficulty, so she approached her friends Kelvin and Lyanne for help. On March 1, Kelvin loaned GHS50,000.00 to Esther's Pet Store and agreed to be paid 50% of the store's monthly profits until the loan and agreed upon interest were fully repaid. Also on March 1, Lyanne wrote a cheque for GHS30,000.00 to Esther's Pet Store and agreed to be paid 25% of the monthly profits on condition that the business should be converted into a Partnership and that she should be made a Partner. On March 15 Esther and Lyanne formalized the partnership arrangement in accordance with the Incorporated Private Partnerships Act, 1962 (Act 152). Esther used the proceeds from the cheques to purchase equipment, supplies, and a delivery truck for the store. Lyanne began working at the store and helping Esther with business policy decisions. Esther, Kelvin and Lyanne divided the profits from the store as they had agreed. On October 1, while driving the store's delivery truck, Esther mistakenly hit and damaged the car of a person named Clement. Esther's Pet Store did not have the truck insured, nor did the business have liability insurance. QUESTIONS 1. Discuss the relationship among the parties. 2. Determine whether Clement may recover for the damage caused to his car against any of the parties or Esther's Pet Store.
Kelvin loaned GHS50,000.00 and agreed to be paid 50% of the store's monthly profits. Lyanne gave a cheque of GHS30,000.00, agreed to be paid 25% of the monthly profits, and became a partner.
Kelvin and Lyanne had different arrangements with Esther regarding the loaning of money to Esther's Pet Store. Kelvin loaned GHS50,000.00 and agreed to be paid 50% of the store's monthly profits until the loan and interest were fully repaid. Lyanne gave a cheque of GHS30,000.00 and agreed to be paid 25% of the monthly profits on the condition that the business should be converted into a Partnership and that she should be made a Partner. Esther and Lyanne, on March 15, formalized the partnership arrangement in accordance with the Incorporated Private Partnerships Act, 1962 (Act 152).
Lyanne began working at the store and helping Esther with business policy decisions. Esther, Kelvin, and Lyanne divided the profits from the store as they had agreed. In the given case, Esther's Pet Store didn't have liability insurance. Therefore, Clement cannot recover from any party because there was no insurance to cover the damage caused by Esther while driving the store's delivery truck.
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