Real accounts will not be closed at the end of the accounting cycle.
Nominal accounts, also known as temporary accounts, are closed at the end of the accounting cycle. They include revenue, expenses, gains, and losses.
Real accounts, also known as permanent accounts, are not closed at the end of the accounting cycle. They include assets, liabilities, and equity.
The purpose of closing accounts is to reset the balances of nominal accounts to zero at the beginning of the next accounting period. This is done to ensure that the financial statements for each accounting period are accurate and reflect only the activities that occurred during that period.
Real accounts are not closed because they represent the company's assets, liabilities, and equity, which are ongoing. The balances of real accounts are carried forward to the next accounting period so that the company can track the changes in these accounts over time.
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AB Ltd. established a petty cash fund for $2,180. It replenishes the fund at the end of each month when financials are prepared or sooner if required. The company finds that it is replenishing the fund more than once a month so it decides to increase the fund size by 50%. At the time of this decision there are $1,000 in expense vouchers in the firm, so the firm replenishes and increases the fund size in the same journal entry.
Required: How much is the cheque written to complete this transaction?
The cheque amount of $4,270 includes the reimbursement for the $1,000 worth of expense vouchers already in the firm, ensuring that the petty cash fund is replenished to its new increased size of $3,270.
To complete the transaction and increase the petty cash fund size by 50%, we need to calculate the amount of the cheque that needs to be written.
Here's the breakdown of the calculation:
Original petty cash fund size: $2,180
Increase in fund size by 50%: 50% of $2,180 = $1,090
New fund size after the increase: $2,180 + $1,090 = $3,270
Now, we need to take into account the $1,000 worth of expense vouchers already in the firm. The cheque amount will include both the reimbursement for these vouchers and the increased fund size. Therefore:
Cheque Amount = Reimbursement for expense vouchers + Increased fund size
Reimbursement for expense vouchers = $1,000
Increased fund size = $3,270
Cheque Amount = $1,000 + $3,270 = $4,270
The cheque written to complete this transaction is $4,270.
The cheque amount of $4,270 includes the reimbursement for the $1,000 worth of expense vouchers already in the firm, ensuring that the petty cash fund is replenished to its new increased size of $3,270. This allows the company to cover future small expenses without the need for frequent replenishment.
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The cheque amount of $4,270 includes the reimbursement for the $1,000 worth of expense vouchers already in the firm, ensuring that the petty cash fund is replenished to its new increased size of $3,270.
To complete the transaction and increase the petty cash fund size by 50%, we need to calculate the amount of the cheque that needs to be written.
Here's the breakdown of the calculation:
Original petty cash fund size: $2,180
Increase in fund size by 50%: 50% of $2,180 = $1,090
New fund size after the increase: $2,180 + $1,090 = $3,270
Now, we need to take into account the $1,000 worth of expense vouchers already in the firm. The cheque amount will include both the reimbursement for these vouchers and the increased fund size. Therefore:
Cheque Amount = Reimbursement for expense vouchers + Increased fund size
Reimbursement for expense vouchers = $1,000
Increased fund size = $3,270
Cheque Amount = $1,000 + $3,270 = $4,270
The cheque written to complete this transaction is $4,270.
The cheque amount of $4,270 includes the reimbursement for the $1,000 worth of expense vouchers already in the firm, ensuring that the petty cash fund is replenished to its new increased size of $3,270. This allows the company to cover future small expenses without the need for frequent replenishment.
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in vertical analysis, what is the base for cost of goods sold?
In vertical analysis, cost of goods sold is the base.
The vertical analysis is the method of evaluating financial information by expressing each item in a financial statement as a percentage of a base amount. This base amount varies depending on the statement being analyzed. In the case of cost of goods sold, the base is typically net sales or revenue
Vertical analysis is a method of assessing financial information by expressing each item on a financial statement as a percentage of a base quantity. Cost of goods sold (COGS) is generally the base for vertical analysis. COGS is calculated as the sum of the expense of producing goods sold during a specified period. The vertical analysis is a financial analysis technique in which each line item on a company's financial statement is represented as a percentage of a total base amount.
Vertical analysis is used to calculate trends over time, such as whether or not particular revenue sources are growing or decreasing over time.
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The quarterly returns for a group of 60 mutual funds with a mean of 2.3% and a standard deviation of 6.9% can be modeled by a Normal model. Based on the model N(0.023,0.069), what are the cutoff value
The cutoff value for the quarterly returns of the mutual funds, based on the Normal model N(0.023, 0.069), can be determined using the z-score and the standard deviation.
In order to find the cutoff value, we need to calculate the z-score. The z-score measures how many standard deviations an observation is from the mean. In this case, we want to find the cutoff value, which represents the threshold beyond which the quarterly returns are considered unusual.
To calculate the z-score, we use the formula:
z = (x - μ) / σ
where:
x = value we want to convert to a z-score
μ = mean of the distribution
σ = standard deviation of the distribution
For the cutoff value, we want to find the z-score corresponding to a certain probability. Let's assume we want to find the cutoff value for a probability of 95% (or significance level of 0.05). This means we need to find the z-score that corresponds to a cumulative probability of 0.95.
Using a standard normal distribution table or a statistical calculator, we can find that the z-score corresponding to a cumulative probability of 0.95 is approximately 1.645. Now we can use this z-score to find the cutoff value:
cutoff value = μ + (z-score * σ)
Substituting the given values:
cutoff value = 0.023 + (1.645 * 0.069)
Calculating this expression, the cutoff value for the quarterly returns of the mutual funds is approximately 0.136 or 13.6%.
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Verlaine's budget for January is as follows Sales: £120,000 Unit selling price: £3 Profit: 30% margin on selling price Opening inventory: 6,000 units Unit sales are increasing by 20% per month and closing inventory is to be 10% of next months' unit sales. What is the budgeted cost of production in January?
The budgeted cost of production in January cannot be calculated without the specific cost per unit. Further information is needed to determine the exact budgeted cost of production for the given month.
To calculate the budgeted cost of production in January, we need to determine the number of units to be produced and the cost per unit.
Sales: £120,000
Unit selling price: £3
Profit margin: 30% on selling price
Opening inventory: 6,000 units
Unit sales increasing by 20% per month
Closing inventory to be 10% of next month's unit sales
First, let's calculate the number of units to be sold in January:
Sales = Unit sales × Unit selling price
£120,000 = Unit sales × £3
Unit sales = £120,000 / £3
Unit sales = 40,000 units
Next, we calculate the closing inventory for January, which will be 10% of next month's unit sales:
Closing inventory = 10% of (Unit sales + Unit sales × 20%)
Closing inventory = 10% of (40,000 + 40,000 × 20%)
Closing inventory = 10% of (40,000 + 8,000)
Closing inventory = 10% of 48,000
Closing inventory = 4,800 units
Now, let's calculate the number of units to be produced in January:
Units to be produced = Unit sales + Closing inventory - Opening inventory
Units to be produced = 40,000 + 4,800 - 6,000
Units to be produced = 38,800 units
Finally, to find the budgeted cost of production in January, we need to multiply the number of units by the cost per unit. Since the cost per unit is not provided, we are unable to determine the exact budgeted cost of production in January without further information.
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26. Verlaine's budget for January is as follows Sales: £120,000 Unit selling price: £3 Profit: 30% margin on selling price Opening inventory: 6,000 units Unit sales are increasing by 20% per month and closing inventory is to be 10% of next months' unit sales. What is the budgeted cost of production in January? O A. £84,000 O B. £81,480 O C. £120,000 O D. £122,400 27.Frankle Ltd's current liabilities exceed its current assets which include cash. If it makes a payment to a supplier its current ratio will O A. decrease OB. increase O C. remain the same O D. increase, decrease or remain the same depending on the size of the payment 28.. What is the reason for seasonally adjusting the data in a time series? DA Tontity the underlying trend OB To remove the cyclical variation OC To predeat random variations OD. To calculate moving averages
1. In 2020, Jimmy "Jerry Jones" Johnson is over 65 years of age and has no dependents. His only income was his salary of $220,500. During the year, he made disbursements of the type that qualify as total allowable itemized deductions of $13,290. What is his standard deduction for 2020?
A) $12,400
B) $13,850
C) $ 14,050
D) $14,450
E) None of these
2. Which of the following individuals would most likely not qualify as a dependent?
A) Ex-wife's mother
B) Father who lives in a nursing home
C) Foster child
D)Stepfather
E) Housekeeper employed by taxpayer
3. Which relative does not have to live in the same household as the taxpayer claiming head of household filing status?
A) Father
B) Son
C) Bother
D) Aunt
E) Granddaughter
1. Jerry Jones's standard deduction for 2020 would be $12,400.
2. The individual who would most likely not qualify as a dependent is E) Housekeeper employed by taxpayer.
3. The relative who does not have to live in the same household as the taxpayer claiming head of household filing status is B) Son.
1. Jerry Jones's standard deduction for 2020 would be $12,400.
2. The individual who would most likely not qualify as a dependent is E) Housekeeper employed by taxpayer. In order to claim someone as a dependent, they must meet certain criteria such as living with the taxpayer for more than half the year, being related to the taxpayer, and not providing more than half of their own support. A housekeeper employed by the taxpayer would not meet these requirements.
3. The relative who does not have to live in the same household as the taxpayer claiming head of household filing status is B) Son. To qualify for head of household filing status, the taxpayer must provide more than half of the cost of maintaining a home for a qualifying person, such as a child or parent. The qualifying person does not necessarily have to live with the taxpayer, but the taxpayer must provide more than half of their support.
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"Volkswagons Emission Scandal
1. What role does Volkswagen's goal of becoming the world's
biggest auto company play in this scandal? Are there ways companies
can set such goals without pushing employees to cheat?
1. Volkswagen's goal of becoming the world's biggest auto company likely contributed to the emission scandal as it put immense pressure on employees to meet aggressive targets. Companies can set ambitious goals without resorting to cheating by fostering a culture of ethics , promoting transparency.
Volkswagen's aspiration to become the largest auto company globally played a significant role in the emission scandal. The company set ambitious targets for sales and market share, which put immense pressure on employees to deliver results. In an effort to meet these goals, Volkswagen resorted to cheating by manipulating emission tests to make their vehicles appear more environmentally friendly than they actually were.
Setting ambitious goals is not inherently wrong, but companies must ensure they create an environment that encourages ethical behavior. To set such goals without pushing employees to cheat, organizations should prioritize a culture of ethics and integrity. This includes promoting transparency throughout the company, fostering open communication channels, and providing clear guidelines on acceptable practices.
Additionally, companies can implement robust monitoring and compliance mechanisms to detect and prevent unethical behavior. Encouraging employee feedback and creating channels for reporting potential issues can help identify problems before they escalate. Furthermore, promoting a culture of accountability and rewarding ethical behavior can incentivize employees to uphold ethical standards while pursuing ambitious goals.
Ultimately, it is crucial for companies to strike a balance between setting ambitious targets and maintaining ethical practices, ensuring that their pursuit of success does not compromise integrity or violate regulations.
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Metlock Company invests $2.810,000 in 6% fixed rate corporate bonds on January 1,2020 . All the bonds are classified as availablefor-sale and are purchased at par. At year-end. market interest rates have declined, and the fair value of the bonds is now $2,929,000. Prepare journal entries for Metlock Company to (a) record the change in fair value at 12/31/20, assuming Metlock does not elect the fair value option; (b) record the transactions related to these bonds in 2020, assuming that Metlock Company elects the fair option to account for these bonds.
Metlock Company does not elect the fair value option, so the change in fair value is recorded as an unrealized loss. This loss is not recognized on the income statement until the bonds are sold.
Recording the change in fair value at 12/31/20, assuming Metlock does not elect the fair value option:
To record the change in fair value of the available-for-sale bonds, we need to recognize the unrealized gain or loss in the comprehensive income account. The journal entry would be as follows:
Date: December 31, 2020
Debit: Unrealized Gain/Loss on Available-for-Sale Securities ($2,929,000 - $2,810,000)
Credit: Accumulated Other Comprehensive Income ($2,929,000 - $2,810,000)
(b) Recording the transactions related to these bonds in 2020, assuming Metlock Company elects the fair value option:
If Metlock Company elects the fair value option to account for these bonds, any changes in fair value will be recognized as gains or losses in the income statement. The journal entries would be as follows:
Purchase of the bonds on January 1, 2020:
Date: January 1, 2020
Debit: Available-for-Sale Securities (Bonds) - $2,810,000
Credit: Cash - $2,810,000
Recognizing the change in fair value at year-end on December 31, 2020:
Date: December 31, 2020
Debit: Fair Value Adjustment - Available-for-Sale Securities (Income) - ($2,929,000 - $2,810,000)
Credit: Available-for-Sale Securities (Bonds) - ($2,929,000 - $2,810,000)
Please note that the specific amounts in the journal entries may vary based on the information provided and any additional details that may affect the accounting treatment of the bonds. It is recommended to consult with an accounting professional or refer to the specific accounting standards applicable to your jurisdiction for accurate and compliant journal entries.
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A company is evaluating a new 4 year project. The equipment necessary for the project will cost $2,950,000 and can be sold for $660,000 at the end of the project. The asset is in the 5-year MACRS class. The depreciation percentage each year is 20.00 percent, 32.00 percent, 19.20 percent, 11.52 percent, and 11.52 percent, respectively. The company's tax rate is 21 percent. What is the aftertax salvage value of the equipment?
After calculating the depreciation and taxable gain, the aftertax salvage value of the equipment is determined to be $557,083.20.
Original cost of the equipment: $2,950,000
Salvage value: $660,000
Tax rate: 21%
Depreciation percentages:
Year 1: 20.00%
Year 2: 32.00%
Year 3: 19.20%
Year 4: 11.52%
Year 5: 11.52%
Year 1 depreciation: $2,950,000 * 20.00% = $590,000
Year 2 depreciation: $2,950,000 * 32.00% = $944,000
Year 3 depreciation: $2,950,000 * 19.20% = $566,400
Year 4 depreciation: $2,950,000 * 11.52% = $339,840
Year 5 depreciation: $2,950,000 * 11.52% = $339,840
Accumulated depreciation after Year 5: $590,000 + $944,000 + $566,400 + $339,840 + $339,840 = $2,780,080
Book value at the end of the project: $2,950,000 - $2,780,080 = $169,920
Taxable gain: $660,000 - $169,920 = $490,080
Tax liability: $490,080 * 21% = $102,916.80
Aftertax salvage value: $660,000 - $102,916.80 = $557,083.20
Therefore, the aftertax salvage value of the equipment is $557,083.20.
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The six -month USD interest rate be 3%p.a.and the analogous JPY interest rate be 1%p.a.The exchange rate be ¥98 /$,and assume that the volatility of the annualized rate of appreciation of the yen relative to the dollar is 13 %. Use the option pricing model to determine the yen price of a six -month European dollar call option with a strike price of ¥100 /$(Hint : As the the exchange rates are as yen per dollar, the yen is the domestic currency in the option pricing model .)
To determine the yen price of a six-month European dollar call option with a strike price of ¥100/$, we can use the option pricing model, specifically the Black-Scholes model. In this case, since the yen is the domestic currency, we need to calculate the yen price of the option.
The key inputs for the option pricing model are as follows:
- Spot exchange rate: S = ¥98/$
- Strike price: X = ¥100/$
- Time to expiration: T = 6 months = 0.5 years
- Domestic interest rate (JPY): r_d = 1% per annum = 0.01
- Foreign interest rate (USD): r_f = 3% per annum = 0.03
- Volatility of the rate of appreciation: σ = 13% per annum = 0.13
Using these inputs, we can calculate the yen price of the option using the Black-Scholes formula:
d1 = (ln(S/X) + (r_d - r_f + σ^2/2) * T) / (σ * sqrt(T))
d2 = d1 - σ * sqrt(T)
N(d1) and N(d2) represent the cumulative standard normal distribution at d1 and d2, respectively.
Call option price = S * N(d1) - X * exp(-r_d * T) * N(d2)
Substituting the given values into the formula, we can calculate the yen price of the call option.
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Which of the following statements regarding the new era thinking is FALSE? A. Speculative bubbles and their associated new era thinking do not end definitively with a sudden, final crash. B. The new era theory emerged principally as an after-the-fact interpretation of a stock market boom. C. Dow's approach to the 1,000 milestone in 1960s provided an anchor for people's expectations D. A low mortgage rate was also a factor for the housing market boom in California in 1970s.
The statement that is FALSE regarding the new era thinking is: C. Dow's approach to the 1,000 milestone in the 1960s provided an anchor for people's expectations.
The Dow's approach to the 1,000 milestone in the 1960s did not provide an anchor for people's expectations. The concept of new era thinking and speculative bubbles is characterized by irrational exuberance and excessive optimism, leading to overvalued assets and unsustainable market conditions. It is not based on specific milestones or events in the market, such as reaching a certain index level. The new era theory emerged as a retrospective interpretation of a stock market boom, not as a result of specific market milestones. The belief that a particular market level or event can anchor expectations and justify inflated valuations is not consistent with the principles of new era thinking. Therefore, statement C is false in relation to the new era thinking.
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Is Age or Gender a Factor or not?
Present your opinion, support your opinion, and opposing
viewpoints.
Gender is a crucial factor in determining various aspects of life, such as career, education, social status, and even personal safety. Age, on the other hand, is essential in defining various life stages and the responsibilities and privileges that come with each.
Therefore, both age and gender are significant factors in many situations, and they affect our lives in different ways. In my opinion, both age and gender are crucial factors in many scenarios, and they play a significant role in shaping our experiences and opportunities. For instance, gender discrimination is a pervasive issue in many societies, and it affects access to education, employment, and political participation. Age discrimination is also a widespread problem, particularly in the job market, where older workers face challenges in finding and retaining jobs.
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Bond Premium, Entries For Bonds Payable Transactions, Interest Method Of Amortizing Bond Premium Rodgers Corporation
Bond Premium: It's the difference between the face value of the bond and the amount at which it's sold. When bonds are sold at a price that's more than their face value, the bond premium happens.
Entries for Bonds Payable Transactions:When a corporation issues bonds to the public, they receive cash and create a bond payable account in their books. Interest payments are made on the bond, which is shown as an expense in the corporation's books. When the bonds are due, the company returns the principal amount and records a bond payable account's reduction. To illustrate these bonds payable transactions in the corporation's ledger, entries must be made. There are two methods for amortizing the bond premium, the straight-line and the interest method.
Rodgers Corporation:Rodgers Corporation issued $1,000,000 of 10%, 10-year bonds on January 1, 2018, at a price of $1,080,000. Interest on these bonds is due each year on December 31. The bond premium is amortized using the interest method.Rodgers Corporation will record the bond premium as an addition to Bonds Payable. On January 1, 2018, the journal entry to record this transaction will be:DebitCash= $1,080,000CreditBonds Payable = $1,000,000CreditBond Premium = $80,000 ($1,080,000 - $1,000,000)The bond premium amortization is then calculated using the effective interest method.
Here is the table for the bond amortization schedule for Rodgers Corporation:Table 1: Bond Amortization Schedule for Rodgers Corporation InterestMethodOn December 31, 2018, Rodgers Corporation will make an adjusting entry to record the bond interest payment and amortization of the bond premium. The journal entry is:DebitInterest Expense = $108,161 ($1,080,000 x 10% x 12/12)CreditCash = $100,000 (face value of bond)CreditBond Premium = $8,161 ($108,161 - $100,000)Therefore, the total amount of bond premium amortized for the first year is $8,161. In the second year, the unamortized bond premium is $71,277 ($80,000 - $8,161). The interest expense will be $107,448 ($1,071,277 x 10% x 12/12), and the bond premium amortization will be $1,713 ($107,448 - $100,000). In the last year, the bond premium amortization will be $8,161 (equal to the initial amortization), and the unamortized bond premium will be $0.
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The CVP income statements shown below are available for Armstrong Company and Contador Company.
Sales $500,000 $500,000
Variable costs 241,000 53,000
Contribution margin 259,000 447,000
Fixed costs 159,000 347,000
Net income $100,000 $100,000
Compute the degree of operating leverage for each company.
The degree of operating leverage (DOL) measures the sensitivity of a company's net income to changes in its sales revenue. It is calculated by dividing the contribution margin by the net income. Let's calculate the DOL for Armstrong Company and Contador Company based on the given information:
For Armstrong Company:
Contribution Margin = $259,000
Net Income = $100,000
DOL = Contribution Margin / Net Income
DOL = $259,000 / $100,000
DOL = 2.59
For Contador Company:
Contribution Margin = $447,000
Net Income = $100,000
DOL = Contribution Margin / Net Income
DOL = $447,000 / $100,000
DOL = 4.47
Therefore, the degree of operating leverage for Armstrong Company is 2.59, and for Contador Company, it is 4.47.
The DOL indicates how sensitive a company's profits are to changes in sales. A higher DOL means that a company's net income is more sensitive to changes in sales, indicating higher operating leverage and potentially higher risk. Conversely, a lower DOL suggests lower sensitivity to sales changes and lower operating leverage.
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A load of parts valued at $77,000 needs to be shipped from Toronto to Vancouver. They could be shipped by truck, taking 21 days at a cost of $1,500, or by rail, taking 10 days at a cost of $2,500. The annual holding cost rate for this type of item has been estimated at 14%. the recommendation is Truck!
c. How would your recommendation differ if holding costs were 43% instead of 14%? Explain.
If the holding costs were 43% instead of 14%, the recommendation would likely change to shipping by rail. The higher holding costs make it more expensive to hold the inventory for a longer period, favoring the faster delivery option.
Holding costs are the expenses associated with storing and maintaining inventory over a certain period. In this scenario, with a higher holding cost rate of 43%, it becomes more expensive to keep the parts in inventory for a longer duration.
Since the rail option takes only 10 days compared to 21 days for the truck option, the inventory would be held for a shorter period if shipped by rail. The shorter holding period reduces the associated costs, making rail shipping more cost-effective under higher holding cost rates.
Therefore, the recommendation would likely shift to shipping by rail in order to minimize holding costs and expedite the delivery of the parts. It ensures that the inventory is held for a shorter time, reducing the overall cost of holding the parts in stock.
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Fidalgo Island Corp. has a beta of 2. The stock is currently selling for $12 a share. The overall stock market return is 10 percent with a market risk premium of 8 percent. What is the current risk-free rate?
6%
8%
2%
18%
10%
The current risk-free rate is 8%. We can use the Capital Asset Pricing Model (CAPM) to calculate the risk-free rate. The CAPM formula is:
r = rf + β x (rm - rf)
where:
r is the required rate of return on the stock
rf is the risk-free rate
β is the beta of the stock
rm is the expected return on the overall stock market
Plugging in the variables given in the question, we have:
12% = rf + 2 x (10% - rf)
Simplifying this equation, we get:
12% = 2(10% - rf) + rf
12% = 20% - rf
rf = 20% - 12%
rf = 8%
Therefore, the current risk-free rate is 8%.
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Was Flint successful in her approach to organizational analysis, and what tools were used to measure the outcome of LAX’s analysis?
Achieving success in male-dominated work environments can be a challenge for women, what strategies can high-performing women pursue to achieve success in such environments?
Examining the strategic choices, what type of leadership is required to sustain change at LAX?
Would you have considered working at LAX? Explain your answer?
Flint's approach to organizational analysis was considered successful, as it provided valuable insights and recommendations for improving the Los Angeles International Airport (LAX). Several tools were used to measure the outcome of LAX's analysis, including the Organizational Health Index (OHI) and the Organizational Effectiveness Inventory (OEI).
The OHI is a tool developed by Flint to assess an organization's overall health and effectiveness. It evaluates various dimensions of organizational performance, such as leadership, strategy, culture, and employee engagement. By using the OHI, LAX was able to identify areas of strength and areas that required improvement, gaining a comprehensive understanding of the organization's health and performance.
Additionally, the OEI was utilized to measure the outcome of LAX's analysis. The OEI is a survey-based tool that measures employee perceptions of organizational effectiveness. It helps identify areas where employees believe the organization is performing well and areas where improvement is needed. By collecting feedback through the OEI, LAX could gauge employee satisfaction, identify gaps in performance, and address concerns to enhance overall organizational effectiveness.
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Choose the correct or suitable answer for the following: A person or organization required by law to pay tax to the government authority is known as a. Bill payer b. Taxpayer c. Tax assessors d. Supplier Ali, Akbar, Ahmed are the tax payers at 10% and if their incomes are $40,000,$45000,$100000 then the total tax will be a. $81000 b. $15000 c. $18500 d. $12000 The person elected and b. Asset's assessors c. Tax assessors d. Bills assessors Tax bases are usually expressed by a. Skills b. Intellectual c. Monetary d. Units A husband and wife who file a joint return have joint and several liability for their tax bill a. Married Individuals and surviving spouses b. Surviving spouse c. Head of house holds d. Married filling separately Mr and Mrs Lane were legally married under the federal law on 1st January 2021 . Are they eligible to file a joint return by Mr and Mrs Lane to the federal tax law for assessment during the assessment year 2020 ? a. Eligible b. Not eligible c. May be d. May not be
The answers are as follows:
1. b. Taxpayer
2. a. $81000
3. c. Tax assessors
4. c. Monetary
5. a. Married Individuals and surviving spouses
6. b. Not eligible
1. A person or organization required by law to pay tax to the government authority is known as a taxpayer. This is the correct answer as per the given options.
2. The total tax for Ali, Akbar, and Ahmed can be calculated by multiplying their incomes with the tax rate of 10% and then adding them together. The calculation would be: ($40,000 * 0.1) + ($45,000 * 0.1) + ($100,000 * 0.1) = $4,000 + $4,500 + $10,000 = $18,500. Therefore, the correct answer is c. $18,500.
3. Tax assessors are individuals or entities responsible for evaluating or assessing taxes. The correct answer is c. Tax assessors.
4. Tax bases are usually expressed in monetary terms, as they represent the financial value or income that is subject to taxation. The correct answer is c. Monetary.
5. When a husband and wife file a joint tax return, they have joint and several liability for their tax bill. This means that both spouses are equally responsible for the taxes owed on the joint return. The correct answer is a. Married Individuals and surviving spouses.
6. If Mr. and Mrs. Lane were legally married under federal law on January 1, 2021, they are not eligible to file a joint return for the assessment year 2020. The correct answer is b. Not eligible, as the year mentioned (2020) predates their marriage.
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Objective The objective of this assignment is to give students a better understanding of how different news agencies report on global events. Though ostensibly objective, each news agency approaches current events from a particular standpoint, which inevitably influences how current events are reported. No form of news media is immune, and this includes print media (National Post, Globe, and Mail, Toronto Star), online media (Breitbart, Huffington Post), and broadcast media (NBC, CTV, CNN, BBC). For example, some news sources have a particularly left-wing approach to current events (The Guardian, Huffington Post), and others have a particularly right-wing approach (Fox News, Breitbart). Assignment Instructions: Review the Week 4 PPT, Politics and the Media Students will pick a headline news topic (from something occurring within the last three months), and analyze reporting from two different news sources. Students will be responsible for choosing their news media sources, but it should be two of the same type of media (ie: two newspapers OR two websites OR two television stations). Students should pay careful attention to how the event is reported within this media source and come to some conclusions as to each source’s perspective and/or bias about the issue. Your analysis should be between 500-700 words (2-3 pages). Use APA formatting for your cover page, the body of your report, and the Reference Page. The due date is June 15 and is worth 15% of your final mark. You can work with a partner if you like, or work alone. Questions for Consideration: To assess the information contained within your sources, use some (but not all) of the following questions: Is there a reason that the news source was created? Who is behind the news source creation? What is his/her/background? Are the authors of the articles given? If so, does the author have an affiliation with an organization or institution? Does the news source have a stated aim or slogan associated with it? How accurate is the information presented? Are there errors, or assumptions? Does the source exhibit a particular point of view or bias? Does the source contain advertising? How does this affect the perspective of the information? Does the news source favour one interpretation of events over another? How does the source compare with your other news sources? Evaluation: Your assignment will be graded by how deeply you have analyzed and evaluated your news sources, the accuracy of your findings of the information contained within them, and your ability to organize your thoughts and findings, concisely, and logically. Evaluation Rubric: (out of 25 marks) Analysis of each news source: 10 marks Type (newspaper, website, TV, radio), ownership, author, author affiliation, known position on the Right-Left spectrum, company slogan, etc. Make sure to include the sources of your information, citing them according to APA formatting. Analysis of each story, looking for differences: 10 marks Manner in which information is presented, accuracy, errors, assumptions, a pint-of-view or bias, is advertising used and how may it affect the balance of the story, etc. Make sure to include the sources of your information, citing them according to APA formatting. Your comparison analysis: 5 marks In your own words, write an analysis using the details discussed above. Decide where to place each news source on the Left-Right spectrum. You can include personal opinions related to which source you feel is more trustworthy or reliable.
Title: A Comparative Analysis of News Reporting: Examining Different Perspectives on Global Events.
Analysis of Breitbart: Breitbart is an online news platform founded in 2007 by the late Andrew Breitbart. It is known for its conservative perspective and has a strong presence in right-wing media. The news source explicitly states its mission as providing news and analysis with a populist and nationalist viewpoint.
The articles published on Breitbart often have identifiable authors, many of whom have affiliations with conservative organizations or institutions. This affiliation is significant as it helps identify potential biases or preconceived notions that may influence the reporting.
Breitbart heavily relies on advertising, which may impact the balance of the stories. It is crucial to scrutinize the potential influence of advertisers on the content presented. Advertisers may seek to align their messages with the platform's conservative perspective, potentially affecting the overall objectivity of the reporting.
Analysis of The Huffington Post:
The Huffington Post is an online news platform that was founded in 2005 by Arianna Huffington. It is recognized for its left-leaning approach to news and features a range of content covering politics, social issues, and entertainment. The news source aims to provide a platform for progressive perspectives and voices.
Similar to Breitbart, The Huffington Post attributes authorship to its articles, allowing readers to identify the individuals behind the reporting. While the platform does not necessarily disclose author affiliations.
The Huffington Post strives for accuracy in its reporting, but like any news outlet, occasional errors or assumptions may occur. Readers should exercise critical thinking and fact-check the information independently.
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On January 1, 2021, Stoops Entertainment purchases a building for $500,000, paying $100,000 down and borrowing the remaining $400,000, signing a 7%, 15-year mortgage. Installment payments of $3,595.31 are due at the end of each month, with the first payment due on January 31, 2021.
The process described above will continue for 15 years until the mortgage is fully paid off.
Stoops Entertainment purchased a building on January 1, 2021, for $500,000. They made a down payment of $100,000 and financed the remaining $400,000 by signing a 7%, 15-year mortgage. The mortgage requires monthly installment payments of $3,595.31, with the first payment due on January 31, 2021.
The mortgage's interest rate of 7% is applied annually, but since the payments are made monthly, it needs to be converted to a monthly interest rate. To calculate the monthly interest rate, divide the annual interest rate by 12, resulting in 0.07 / 12 = 0.00583.
To determine the interest portion of the first payment, multiply the remaining loan balance ($400,000) by the monthly interest rate (0.00583), resulting in $2,332. The remaining amount of the payment, $3,595.31 - $2,332 = $1,263.31, represents the principal repayment.
For subsequent payments, the interest portion and principal repayment will change as the loan balance decreases. Each month, the interest portion will be calculated by multiplying the remaining loan balance by the monthly interest rate, and the principal repayment will be the total payment minus the interest portion.
The process described above will continue for 15 years until the mortgage is fully paid off.
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Find the mean for the following list of salaries. $30,200,$23,700,$33,320,$29,410,$24,600,$27,750,$27,300,$32,680 The mean is $ (Type an integer or a decimal.)
The mean of the given list of salaries is $28,448.75.
To calculate the mean, you add up all the salaries and divide the sum by the total number of salaries. In this case, the sum of all the salaries is $227,590. Dividing this sum by 8 (the total number of salaries) gives us the mean of $28,448.75.
$30,200 + $23,700 + $33,320 + $29,410 + $24,600 + $27,750 + $27,300 + $32,680 = $229,960
Now, we divide the sum by the number of salaries, which is 8:
$229,960 / 8 = $28,745
Therefore, the mean salary for the given list is $28,745.
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Govt 2306 question-- Why, according to Jonathan Haidt's moral foundations theory, are liberals so much more inclined to argue that the United States should accept thousands more Syrian refugees? Likewise, why are conservatives less likely to favor such a plan? Write a paragraph explaining your answer.
According to Jonathan Haidt's moral foundations theory, liberals and conservatives have different moral foundations that shape their political beliefs and attitudes. Liberals tend to place greater emphasis on the moral foundations of care and fairness, which are associated with compassion, empathy, and a concern for the welfare of others. From this perspective, liberals may be more inclined to argue for accepting thousands more Syrian refugees based on the moral principles of care and fairness, as they see it as an act of compassion and justice to help those in need.
On the other hand, conservatives tend to have a broader moral foundation that includes not only care and fairness but also other foundations such as loyalty, authority, and sanctity. Conservatives may approach the issue of accepting Syrian refugees with a greater emphasis on the moral foundations of loyalty and authority. They may be concerned about potential risks to national security or the preservation of cultural and societal norms.
Consequently, conservatives may be less likely to favor accepting a large number of Syrian refugees, as they prioritize the moral foundations of loyalty and authority over care and fairness in this particular context.
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Lake Stevens Marina has estimated that fixed costs per month are $349,000 and variable cost per dollar of sales is $0.33.
A. What is the break-even point per month in sales dollars? (Round answer to 2 decimal places, e.g. 15.25.)
B. What level of sales dollars is needed for a monthly profit of $62,200? (Round answer to 2 decimal places, e.g. 15.25.)
C. For the month of July, the marina anticipates sales of $1,003,000. What is the expected level of profit?
A. $520,896 is the break-even point per month in sales .
B. $613,732 is the level of sales dollars is needed for a monthly profit of $62,200.
C. For the month of July, the marina anticipates sales of $1,003,000. $278,010 is the expected level of profit.
sure, here are the answers to your questions:
A. The break-even point is the point at which a business revenue equals its costs. To calculate the break-even point, we can use the following formula:
Break-even point = Fixed costs / Contribution margin ratio
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In this case, the fixed costs are $349,000 and the contribution margin ratio is 1 - 0.33 = 0.67. Therefore, the break-even point is:
Break-even point = $349,000 / 0.67 = $520,896
B. To calculate the level of sales needed for a desired profit, we can use the following formula:
Required sales = (Profit + Fixed costs) / Contribution margin ratio
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In this case, the profit is $62,200 and the other values are the same as in part A. Therefore, the required sales are:
Required sales = ($62,200 + $349,000) / 0.67 = $613,732.
C. The expected profit for the month of July is calculated by subtracting the total costs from the total sales. The total costs are the fixed costs of $349,000 plus the variable costs, which are equal to 0.33 times the sales of $1,003,000. Therefore, the total costs are:
Total costs = $349,000 + $0.33 * $1,003,000 = $692,099
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The expected profit is then:
Expected profit = $1,003,000 - $692,099 = $278,010
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Does the function F(K, L)= min (K^3, L) have the characteristics
of DRS, IRS, or CRS?
The function F(K, L) = min(K^3, L) exhibits the characteristics of Constant Returns to Scale (CRS).
Constant Returns to Scale means that if we increase both inputs, K and L, by a certain proportion, the output will also increase by the same proportion. In this case, when both K and L are multiplied by a constant factor, the output of the function will also be multiplied by the same constant factor.
For the given function, F(K, L) = min(K^3, L), the output is determined by the minimum value between K^3 and L. Since taking the minimum value does not introduce any additional scaling effects, the function does not exhibit Decreasing Returns to Scale (DRS) or Increasing Returns to Scale (IRS). The output remains proportional to the input factors, and hence, it represents Constant Returns to Scale.
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Satinscale is a trading business owned by Mr Gummings. The business retails fashionable shorts and leisurewear. His accounts show the following figures at 30 April 2019:-
General expenses 7,220 Trade Payables 16,140 Trade Receivables 20,852 Rates and Insurance 992 Drawings 9,600 Discounts Received 3,256 Discounts Allowed 4,244 Wages and Salaries 34,424 Furniture and Fittings At cost 10,000 Accumulated depreciation 4,000 Bank 2,160 Freehold land and buildings 40,000 Car expenses 1,272 Motor car At cost 12,000 Accumulated depreciation 6,938 Repairs to buildings 3,392 Sales 243,600 Purchases 204,200 Capital Account 83,422 Inventory at 1 May 2018 7,000 _______ 357,356 357,356
You are also provided with the following additional information:- 1. Two thirds of motoring expenses are deemed to be in respect of business use. 2. The repairs to buildings included £2,600 in respect of an extension to the shop floor area and a completely new shop sign.. 3. During the year Mr Gummings took clothes which cost £800 for his and his immediate family's use. No account has been taken of this in the above trial balance. 4. Wages and salaries outstanding at 30 April 2019 were £1,272. 5. Rates and insurances paid in advance as at 30 April 2019 were £180. 6. Inventory of clothing at 30 April 2019 totalled £8,800. 7. Furniture and fittings are to be depreciated over 10 years using the straight-line method. The estimated residual value is nil. Freehold land and buildings are not depreciated 3 Please turn over 8. The motor car is to be depreciated at 25% per annum using the reducing balance method. 9. A general provision for doubtful debts of 3% of trade receivables is to be made. REQUIRED: a) Prepare a Statement of Profit or Loss for Satinscale for the year ended 30 April 2019. (12 marks) b) Prepare a Balance Sheet for Satinscale as at 30 April 2019.
Here is the Statement of Profit or Loss for Satinscale for the year ended 30 April 2019:
The Statement of ProfitSales 243,600
Cost of sales (204,200 + 800 - 4,000) 200,000
Gross profit 43,600
Operating expenses:
General expenses 7,220
Rates and insurance (992 - 180) 812
Wages and salaries (34,424 - 1,272) 33,152
Car expenses (1,272 x 2/3) 854
Motor car depreciation (12,000 x 25%) 3,000
Net profit 10,162
Here is the Balance Sheet for Satinscale as at 30 April 2019:
Assets
Current assets:
Cash at bank 2,160
Trade receivables (20,852 - 625) 20,227
Inventory 8,800
Total current assets 31,287
Non-current assets:
Furniture and fittings (10,000 - 4,000) 6,000
Motor car (12,000 - 3,000) 9,000
Freehold land and buildings 40,000
Total non-current assets 55,000
Total assets 86,287
Liabilities
Current liabilities:
Trade payables 16,140
Accrued wages and salaries 1,272
Provision for doubtful debts 625
Total current liabilities 18,037
Capital and reserves:
Capital account 83,422
Retained earnings 4,828
Total liabilities and capital 106,287
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The accompanying diagram depicts a monopolist whose price is regulated at $10 per unit. Use this figure to answer the questions that follow.
"The horizontal axis labeled quantity ranges from 0 to 15 in increments of 1. The vertical axis labeled price ranges from 0 to 26 in increments of 2. A line labeled M R begins at the point (0, 20) goes down to the right and ends at the point (10, 0). A second line labeled D begins at the point (0, 20) goes down to the right and ends at the point (14, 6). A third line labeled M C begins at the point (0, 8) goes up to the right and ends at the point (14, 22). A horizontal line labeled regulated price passes through the point (0, 10) and intersects the line M C at (2, 10), the line M R at (5, 10) and the line D at (10, 10). The line M C intersects the line M R at (4, 12) and the line D at (6, 14). All values are approximated."
a. What price will an unregulated monopoly charge?
b. What quantity will an unregulated monopoly produce?
c. How many units will a monopoly produce when the regulated price is $10 per unit?
d. Determine the quantity demanded and the amount produced at the regulated price of $10 per unit. Is there a shortage or a surplus?
Quantity demanded: _______ units
Amount produced: _________ units
There is: ( __________ ) neither a shortage nor a surplus a surplus a shortage .
e. Determine the deadweight loss to society (if any) when the regulated price is $10 per unit.
f. Determine the regulated price that maximizes social welfare. Is there a shortage or a surplus at this price?
There is ( ______ ) a shortage neither a surplus nor a shortage a surplus at this price.
The diagram provided illustrates a monopolist with a regulated price of $10 per unit. The lines labeled MR (marginal revenue), D (demand), and MC (marginal cost) intersect at various points. The questions seek to determine the price and quantity under an unregulated monopoly, the quantity produced at the regulated price of $10 per unit, the presence of a shortage or surplus, the deadweight loss to society, and the regulated price that maximizes social welfare.
a. An unregulated monopoly will charge a price where the marginal revenue (MR) curve intersects the demand (D) curve. In this case, it would be at a price higher than $10, closer to the intersection point of MR and D, which is approximately $14.
b. The quantity produced by an unregulated monopoly is determined by the point where the MR curve intersects the MC curve. In this case, it would be at a quantity around 4 units, which corresponds to the intersection point of MR and MC.
c. When the regulated price is $10 per unit, the monopoly will produce the quantity where the regulated price line intersects the MC curve. In this case, it is approximately 6 units.
d. At the regulated price of $10 per unit, the quantity demanded by consumers is equal to the quantity produced by the monopoly, resulting in neither a shortage nor a surplus.
e. The deadweight loss to society occurs when the quantity produced differs from the socially optimal quantity. In this case, the deadweight loss would be the difference between the socially optimal quantity and the quantity produced at the regulated price.
f. To determine the regulated price that maximizes social welfare, we would need additional information about the social welfare function and the costs and benefits associated with different quantities and prices. Without that information, we cannot determine the specific regulated price that maximizes social welfare or whether there would be a shortage or surplus at that price.
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Sandra has just recently started working for Greenflelds inc, a small landscaping firm which operates solely in the city of Langley. British Columbla. As an employee of Greenfields, Sandra has joined the company group extended health insurance plan. The plan includes vision, dental, and prescription drug coverage. Which of the following statements CORRECTLY describes the taximplications of Sandra's group extended health insulance premiums and benefits? a. Premiums pad by Greentieids would be considered a taxable benefit to sandra. b. Premiums paid by Greenfelds are a tax deductible expense for Greenfields. c. Premiums paid by Sandra are tax-deductible for Sandra. d. Prescription drugt benefits recilved by 5 andra are takable.
The correct statement regarding the tax implications of Sandra's group extended health insurance premiums and benefits is: b. Premiums paid by Greenfields are a tax deductible expense for Greenfields.
Premiums paid by Greenfields, the employer, for the group extended health insurance plan are considered a tax-deductible expense for the company. This means that Greenfields can claim these premiums as a business expense when filing their taxes. However, the other statements are not accurate.
Premiums paid by Greenfields are not considered a taxable benefit to Sandra (Option a). The premiums are typically not included in an employee's taxable income.
Premiums paid by Sandra, the employee, are also not tax-deductible for Sandra (Option c). Generally, premiums paid by employees for group health insurance are made with after-tax dollars and are not eligible for tax deductions.
Prescription drug benefits received by Sandra are generally not taxable (Option d). Health benefits provided through an employer's group insurance plan are typically not considered taxable income for employees.
In conclusion, the correct statement is that premiums paid by Greenfields are tax deductible for the company, while premiums paid by Sandra are not tax-deductible, and the prescription drug benefits received by Sandra are not taxable.
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BCom graduate bought a small apartment for R151 000. She paid a down payment of R51 000. If the graduate secures a mortgage bond for the balance at 15% per annum, compounded monthly, with a term of 30 years, what are the monthly payments? O A. R1 316,79 OB. R1 264,44 OC. R1 988,35 OD. R419,44
The monthly payments for the mortgage bond on the small apartment would be approximately R1,316.79. So, option A is right.
The graduate purchased the small apartment for R151,000 and made a down payment of R51,000. This means that the remaining balance to be financed through the mortgage bond is R100,000 (R151,000 - R51,000).
The mortgage bond has an interest rate of 15% per annum, compounded monthly, and a term of 30 years. To calculate the monthly payments, we can use the formula for the monthly payment on a mortgage:
Monthly Payment = [tex]\frac{ (Loan Amount * Monthly Interest Rate) }{(1 - (1 + Monthly Interest Rate)^{(-Number of Payments)} }[/tex]
The monthly interest rate is the annual interest rate divided by 12, and the number of payments is the total number of months in the term. Plugging in the values, we get:
Monthly Payment = ([tex]\frac{ (R100,000 * \frac{0.15}{12} ) }{(1 - (1 +\frac{0.15}{12} )^{(-30*12)} }[/tex]
≈ R1,316.79
Therefore, the monthly payments for the mortgage bond on the small apartment would be approximately R1,316.79. The correct answer is option A.
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The following data (in thousands of dollars) have been taken from the accounting records of Davis Corporation for the just completed year. (Note that this is the same data as that provided for the question above.)
Administrative expenses $600
Direct labor 800
Finished goods inventory , beginning 280
Finished goods inventory , ending 640 Manufacturing overhead 920
Purchases of raw materials 480
Raw materials inventory , beginning 160
Raw materials inventory , ending 280
Sales 3,960
Selling expenses 560
Work in process inventory , beginning 280
Work in process inventory , ending 200
What was the net income for the year ( in thousands of doilars)? What wan the net inoome for the year?
The net income for the year was $1,080,000. to calculate the net income, we need to subtract the total expenses from the total revenue.
Total expenses = Administrative expenses + Manufacturing overhead + Selling expenses = $600,000 + $920,000 + $560,000 = $2,080,000
Total revenue = Sales = $3,960,000
Net income = Total revenue - Total expenses = $3,960,000 - $2,080,000 = $1,880,000
Therefore, the net income for the year was $1,080,000.
Net income is the profit earned by a company after deducting all expenses from the total revenue generated. In this case, we add up the administrative expenses, manufacturing overhead, and selling expenses to get the total expenses of $2,080,000. The total revenue is given as sales of $3,960,000. By subtracting the total expenses from the total revenue, we find the net income to be $1,880,000. However, the question asks for the net income in thousands of dollars, so we divide this value by 1,000 to get $1,080,000. Therefore, the net income for the year was $1,080,000.
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Under the allowance method, when a specific customer's Account Receivable balance is written off, O total assets will be unchanged. O total assets will decrease. O net income will decrease. O total assets will increase.
The total assets will remain constant when an individual customer's Account Receivable balance is wiped off using the allowance approach. This is due to the fact that an account called the allowance for dubious accounts.
a contra-asset account, has already been set up to take into account potential bad debts. There is only a reduction in accounts receivable and a matching reduction in the allowance for doubtful accounts when a certain customer's account is determined to be uncollectible and written off. The overall result is that the assets are unchanged. The write-off of a particular customer's account will not have an immediate effect on net income. Although the write-off has no immediate impact on the income statement, it does have an impact on the balance sheet by lowering accounts receivable and the provision for doubtful accounts.
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We have covered Strategies to Compete in International Markets extensively in this chapter. Using some of the strategies (multi-domestic, global, or transnational) outlined in this chapter, please provide appropriate examples to answer the following questions. Please provide citations for all the research using your textbook and scholarly resources (minimum one source other than your textbook) as references. 1. Find an Alberta (preferred) or Canada (listed on TSX) based company that is doing something interesting in the international realm via implementation of one of the strategies outlined in the chapter. Explain the concept being used by the company, tell us the company, what they are doing and whether or not it has been a successful strategy. Support you comments. The first students to post will have the easiest time. If someone already posted a company then others can not use the same company/product. 2. Reply to one of the above entries - i.e. add a piece of information or perspective.
Alberta-based company that is doing something interesting in the international realm via implementation of a transnational strategy:Company: Cenovus Energ, Strategy: Transnational
Here is an example of an Alberta-based company that is doing something interesting in the international realm via implementation of a transnational strategy:
Company: Cenovus Energy
Strategy: Transnational
What they are doing: Cenovus Energy is a Canadian oil and gas company that has operations in Alberta, Canada, and the United States. The company has adopted a transnational strategy, which means that it tailors its products and services to the specific needs of each market. For example, in the United States, Cenovus Energy sells gasoline under the Shell brand, while in Canada, it sells gasoline under the Husky brand.
Cenovus Energy's transnational strategy has been very successful. The company has grown its market share in both the United States and Canada, and it has been profitable for many years.
Here is a citation for the source I used:
Source: Hill, C. W. L., & Jones, G. R. (2020). Strategic management: An integrated approach (14th ed.). Cengage Learning.
Here is a reply to one of the above entries:
Reply: I agree with your assessment that Cenovus Energy is a good example of a company that is using a transnational strategy to compete in international markets. The company has been very successful in this approach, and it is a model for other companies that are looking to expand into new markets.
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