An example of a performance target is a 0.2% increase in conversions. This target is measurable and specific, as it aims for a specific percentage increase in the number of conversions. It provides a clear benchmark for evaluating the success of a marketing or sales campaign.
On the other hand, items sold online, number of downloads, drive awareness of new product feature, and monthly book purchases are not performance targets. These are metrics or activities that can be used to measure performance, but they do not represent specific targets or goals. For example, "items sold online" and "number of downloads" are quantitative metrics that can be used to measure performance, but they do not specify a specific target or goal to achieve. Similarly, "drive awareness of new product feature" and "monthly book purchases" are activities that can contribute to performance improvement, but they are not specific targets.
It's important to have clear and measurable performance targets to effectively track progress and assess success. These targets provide a focus for efforts and allow for better evaluation of performance.
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me-Mirror, Mirror on the wall, who’s the fairest of them all?
Mirror: “Kindly move aside. I can’t see anything.”
is this u? :7(
Answer:
what?
Explanation:
Cyberhost Corporation's sales were $2,000,000 last year. If
sales grow at 7% per year, how large will they be 10 years
later?
Answer:
Explanation:
Using the formula for exponential growth, we can calculate the sales 10 years later:
Sales in 10 years = $2,000,000 × (1 + 0.07)^10
Sales in 10 years = $2,000,000 × 1.967151
Sales in 10 years = $3,934,302
Therefore, the sales 10 years later will be $3,934,302.
a. Complete an amortization schedule for a \( \$ 36,000 \) loan to be repaid in equal instaliments at the end of each of the next three years. The Interest rate is \( 10 \% \) compounded annually. Rou
Calculation of Amortization Schedule:
Loan Amount = $36,000 Number of years = 3 Interest Rate = 10%
Calculate annual payment A = Payment × PVIFA(10%,3) Using the formula of Present Value Interest Factor Annuity PVIFA(10%,3) = 2.4869A = Payment × PVIFA(10%,3) Annual Payment, A = $36,000/2.4869Annual Payment, A = $14,470.52Step 2: Calculation of interest and principal amount and remaining balance The table for amortization schedule is shown below Hence, the loan payment of $36,000 with an interest rate of 10% and a period of 3 years, the annual payment required is $14,470.52.
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In a social media campaign, which of the following should you NOT do before the campaign begins?
Analyze results and adjust
Establish goals for the campaign
Select your social media platforms
Develop the campaign assets and content calendar
In a social media campaign, which of the following should you NOT do before the campaign begins is Analyze results and adjust.
In a social media campaign, one should NOT analyze results and adjust before the campaign begins. Analysis and adjustment are typically done during or after the campaign to evaluate its performance and make necessary improvements.
The other options you mentioned—establishing goals for the campaign, selecting social media platforms, and developing campaign assets and content calendar—are essential steps that should be completed before the campaign begins.
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How would you describe NBB's Organizational Culture? Back up
your answer
Do you think NBB tries to empower its employees? How?
NBB's organizational culture is characterized by a commitment to create a work environment that fosters open communication and teamwork to improve employee productivity, satisfaction, and morale. The company's employees are respected and valued as critical contributors to NBB's success.
The corporate culture is focused on creating an inclusive and empowering work environment that encourages personal and professional development. NBB attempts to empower its employees by providing them with a variety of opportunities to enhance their abilities and grow their careers. To begin with, the company's HR policies are created to enable employees to take responsibility for their work and advance in their careers by improving their skills, knowledge, and expertise.
The company also provides its employees with additional training and development opportunities through workshops, conferences, and other learning programs to develop their skills and capabilities. This ensures that workers can take up new challenges and play a more active role in the firm's development.
NBB provides its workers with access to various support systems that include mentoring and coaching programs. These programs are intended to provide employees with feedback and guidance that they can utilize to enhance their skills, increase their efficiency and job satisfaction.
Therefore, NBB provides its workers with adequate opportunities to enhance their skills, knowledge, and experience, which encourages and empowers them to become active members of the organization.
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Leadership course.
tell us about a leader you admire and why you admire that
leader.
Nelson Mandela's leadership is a shining example of integrity, courage, and visionary thinking. His ability to bring about change through peaceful means, his commitment to reconciliation, and his unwavering dedication to justice make him a truly admirable leader.
One leader I greatly admire is Nelson Mandela. His unwavering commitment to justice, reconciliation, and equality made him an extraordinary figure in history. Mandela's leadership was marked by his remarkable ability to forgive and unite people, even after spending 27 years in prison for his anti-apartheid activism.
One of the qualities that I admire most about Mandela is his vision and long-term perspective. Despite facing immense adversity and injustice, he remained focused on his vision of a democratic and inclusive South Africa. He believed in the power of reconciliation and worked tirelessly to dismantle the apartheid system, leading the country towards a peaceful transition.
Mandela's leadership style was characterized by his humility and ability to inspire others. He demonstrated empathy and compassion, seeking to understand different perspectives and build bridges between diverse communities. His ability to bring people together, despite deep-seated divisions, was truly remarkable.
Furthermore, Mandela's commitment to justice and equality was unwavering. He fought for the rights of all South Africans, regardless of their race or background. Mandela's perseverance and resilience in the face of adversity continue to inspire generations.
Overall, Nelson Mandela's leadership is a shining example of integrity, courage, and visionary thinking. His ability to bring about change through peaceful means, his commitment to reconciliation, and his unwavering dedication to justice make him a truly admirable leader. Mandela's legacy serves as a reminder of the power of leadership to bring about positive transformation and create a more just and inclusive world.
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In case study "THE STATUS OF STRATEGIC PLANNING IN SMALL AND MEDIUM ENTERPRISES: PRIORITY OR AFTERTHOUGHT?" The title, research question and primary objective of the case study article have a relationship with each other. Explain how the title, research question, and, primary objective are linked by a ‘golden thread’. Use extracts from the article to support your analysis.
The title, research question, and primary objective of the case study article "THE STATUS OF STRATEGIC PLANNING IN SMALL AND MEDIUM ENTERPRISES: PRIORITY OR AFTERTHOUGHT?" are linked by a 'golden thread' that highlights the importance of investigating the status and significance of strategic planning in small and medium enterprises (SMEs).
The title of the case study article, "THE STATUS OF STRATEGIC PLANNING IN SMALL AND MEDIUM ENTERPRISES: PRIORITY OR AFTERTHOUGHT?", sets the stage for the research question and primary objective of the study. The research question, which is implied in the title, seeks to explore the current state of strategic planning in SMEs and whether it is given priority or considered an afterthought.
The primary objective of the case study article is to investigate the status and importance of strategic planning in SMEs. This objective is aligned with the research question and directly addresses the concerns raised in the title. The article aims to provide insights into whether SMEs prioritize strategic planning as a vital aspect of their business operations or whether it is neglected and considered less significant.
Supporting this analysis, the article mentions in its abstract, "The objective of this paper is to identify the status and significance of strategic planning in small and medium enterprises," which clearly indicates that the primary objective of the study is to assess the current status of strategic planning in SMEs. The title, research question, and primary objective form a 'golden thread' that connects the central theme of the study, emphasizing the importance of understanding the role of strategic planning in SMEs and whether it is given due priority or treated as an afterthought.
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Which of the following provisions are typically in a charter for a corporation? Choose 2 answer the trade secrets of the corporation the intended business purpose of the corporation the advertising plan for the corporation the name and address of the corporation's agent
A charter for a corporation typically includes provisions that outline the intended business purpose of the corporation and the name and address of the corporation's agent.
The intended business purpose of the corporation refers to the specific activities or goals that the corporation aims to achieve. This can include manufacturing products, providing services, or engaging in other commercial activities.
For example, a charter might state that the corporation's purpose is to develop and sell software applications.
The name and address of the corporation's agent is also included in the charter.
This refers to the individual or entity authorized to accept legal documents on behalf of the corporation.
The agent's address is important for official correspondence and legal matters.
For instance, a charter might specify that the corporation's agent is a registered agent located at a specific address.
It is important to note that while trade secrets and advertising plans may be important for a corporation's operations, they are typically not provisions included in a charter.
The charter mainly focuses on establishing the legal framework and purpose of the corporation.
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Callie, Inc., a retailer, accepts payment through credit cards. During August, credit card sales amounted to $130,000. The processor charges a 2% fee. What is the correct journal entry or entries for credit card sales using the gross method?
The correct journal entry for credit card sales using the gross method would involve recording both the sales revenue and the credit card fee expense. Here's the journal entry:
1. Record the sales revenue:
Accounts Receivable/Revenue - $130,000
Sales - $130,000
2. Record the credit card fee expense:
Credit Card Fee Expense - $2,600
Accounts Receivable/Revenue - $2,600
When a retailer, like Callie, Inc., accepts payment through credit cards, it incurs a fee charged by the processor. In this case, the processor charges a 2% fee on the credit card sales of $130,000.
To record the credit card sales, you would debit the Accounts Receivable/Revenue account by $130,000, as the company has earned this revenue. Then, credit the Sales account for the same amount, recognizing the increase in sales.
Next, to account for the credit card fee expense, you would debit the Credit Card Fee Expense account for $2,600, which is 2% of $130,000. Finally, credit the Accounts Receivable/Revenue account by $2,600, reducing the amount of revenue earned due to the fee charged by the processor.
The net effect of these journal entries is that the company records the full credit card sales amount as revenue but also recognizes the expense incurred from the credit card fee.
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when a pr practitioner talks about the importance of communicating across both mac and pc platforms, what is he or she talking about?
A PR practitioner would typically stress the importance of communicating across both Mac and PC platforms to ensure that the message is accessible to as many people as possible and that there are no issues with compatibility or formatting.
Communication is one of the most critical components of PR. When communication is impaired, the entire PR campaign may fail. As a result, a PR practitioner must ensure that the message is accessible to as many people as possible, regardless of the platform they are using.
In the PR industry, there are two primary platforms for desktop computers: Mac and PC. Both platforms are popular among consumers, with Macs being more common among design and creative professionals and PCs being more common among corporate and business users.
As a result, it is critical to ensure that any messages or communication from a PR campaign are compatible with both platforms.
Compatibility is critical when it comes to formatting, applications, and software. Incompatibility issues can cause errors, which can result in messages being lost or not reaching their intended audience.
To prevent this from happening, PR practitioners must ensure that their communication is compatible with both Mac and PC platforms.
In conclusion, the importance of communicating across both Mac and PC platforms cannot be overstated. PR practitioners must ensure that their communication is accessible and compatible with both platforms to reach as many people as possible and to avoid any compatibility issues.
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Kropf Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours.
Inputs Standard Quantity
or Hours per Unit of Output Standard Price or Rate
Direct materials 8.30 litres $7.90 per litre
Direct labour 0.40 hours $30.70per hour
Variable manufacturing .40 hours $ 6.80 per hour
overhead
The company has reported the following actual results for the product for September:
Actual output 10,500 units
Raw materials purchased 89,900 litres
The actual cost of raw materials purchased $729,500
Raw materials used in production 87,180 litres
Actual direct labour-hours 3,760 hours
Actual direct labour of cost $119,302
Actual variable overhead of cost $20,514
Required:
a. Compute the materials price variance for September.
b. Compute the materials quantity variance for September.
c. Compute the labor rate variance for September.
d. Compute the labor efficiency variance for September.
e. Compute the variable overhead spending variance for September.
f. Compute the variable overhead efficiency variance for September.
(Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)
a. Materials price variance
b. Materials quantity variance
c. Labor rate variance
d. Labor efficiency variance
e. variable overhead spending variance
f. Variable overhead efficiency variance
a. Materials price variance = ($7.90 - Actual price per litre) * 87,180 litres
b. Materials quantity variance = (8.30 litres per unit - Actual quantity used) * $7.90 per litre
c. Labor rate variance = ($30.70 - Actual rate per hour) * 3,760 hours
d. Labor efficiency variance = (0.40 hours per unit - Actual hours worked) * $30.70 per hour
e. Variable overhead spending variance = $20,514 - ($6.80 per hour * 3,760 hours)
f. Variable overhead efficiency variance = (0.40 hours per unit - Actual hours worked) * $6.80 per hour
a. Materials price variance:
To compute the materials price variance, we need to compare the actual cost of raw materials purchased with the standard cost of raw materials for the actual quantity used.
Actual quantity used: 87,180 litres
Standard price per litre: $7.90
Materials price variance = (Standard price per litre - Actual price per litre) * Actual quantity used
In this case, the actual cost of raw materials purchased is $729,500, and the actual quantity used is 87,180 litres. Therefore,
Materials price variance = ($7.90 - Actual price per litre) * 87,180 litres
b. Materials quantity variance:
The materials quantity variance measures the difference between the actual quantity used and the standard quantity allowed for the actual output.
Standard quantity allowed: 8.30 litres per unit
Actual output: 10,500 units
Materials quantity variance = (Standard quantity allowed - Actual quantity used) * Standard price per litre
In this case, the standard quantity allowed is 8.30 litres per unit, and the actual quantity used is 87,180 litres. Therefore,
Materials quantity variance = (8.30 litres per unit - Actual quantity used) * $7.90 per litre
c. Labor rate variance:
The labor rate variance compares the actual rate paid per hour for direct labor with the standard rate per hour.
Actual direct labor-hours: 3,760 hours
Standard rate per hour: $30.70
Labor rate variance = (Standard rate per hour - Actual rate per hour) * Actual direct labor-hours
In this case, the actual rate paid per hour for direct labor is $119,302, and the actual direct labor-hours is 3,760 hours. Therefore,
Labor rate variance = ($30.70 - Actual rate per hour) * 3,760 hours
d. Labor efficiency variance:
The labor efficiency variance measures the difference between the actual hours worked and the standard hours allowed for the actual output.
Standard hours allowed: 0.40 hours per unit
Actual output: 10,500 units
Labor efficiency variance = (Standard hours allowed - Actual hours worked) * Standard rate per hour
In this case, the standard hours allowed is 0.40 hours per unit, and the actual hours worked is 3,760 hours. Therefore,
Labor efficiency variance = (0.40 hours per unit - Actual hours worked) * $30.70 per hour
e. Variable overhead spending variance:
The variable overhead spending variance compares the actual variable overhead cost incurred with the standard variable overhead cost allowed for the actual output.
Actual output: 10,500 units
Standard variable overhead rate: $6.80 per hour
Actual variable overhead cost: $20,514
Variable overhead spending variance = Actual variable overhead cost - (Standard variable overhead rate * Actual hours worked)
In this case, the actual variable overhead cost is $20,514, and the actual hours worked is 3,760 hours. Therefore,
Variable overhead spending variance = $20,514 - ($6.80 per hour * 3,760 hours)
f. Variable overhead efficiency variance:
The variable overhead efficiency variance measures the difference between the actual hours worked and the standard hours allowed for the actual output, multiplied by the standard variable overhead rate.
Standard hours allowed: 0.40 hours per unit
Actual output: 10,500 units
Standard variable overhead rate: $6.80 per hour
Variable overhead efficiency variance = (Standard hours allowed - Actual hours worked) * Standard variable overhead rate
In this case, the standard hours allowed is 0.40 hours per unit, and the actual hours worked is 3,760 hours. Therefore,
Variable overhead efficiency variance = (0.40 hours per unit - Actual hours worked) * $6.80 per hour
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Yogi Maharaj, Inc. is one of the leading retailers of specialty donuts with stores in most major US cities. They recently changed from a price of $3.38 per dozen donuts, at which they sold 19,000 dozen donuts per week to a new, higher price of $4.63 per dozen donuts. At this new price point, Yogi has sold 15,400 donuts. Variable costs per dozen donuts are estimated at $0.56.
What is the optimal (profit maximizing) price for a dozen of Yogi's donuts?
The optimal (profit-maximizing) price for a dozen of Yogi's donuts is $2.38.
To determine the optimal (profit-maximizing) price for a dozen of Yogi's donuts, we need to consider the demand and costs associated with the product.
First, let's calculate the initial demand at the original price of $3.38 per dozen. Given that Yogi sold 19,000 dozen donuts per week at this price, the weekly demand is 19,000 dozen.
Next, we can calculate the price elasticity of demand using the formula:
Elasticity = Percentage change in quantity demanded / Percentage change in price.
Using the given information, we can find the percentage change in quantity demanded: (19,000 - 15,400) / 19,000 = 0.19
The percentage change in price is: (4.63 - 3.38) / 4.63 = 0.25
Plugging these values into the elasticity formula, we find the elasticity to be 0.76.
Now, we need to calculate the marginal cost. The variable cost per dozen donuts is given as $0.56.
To maximize profit, Yogi should set the price where marginal cost equals marginal revenue. Since marginal revenue is equal to the price in a perfectly competitive market, the optimal price can be calculated as:
Price = Variable cost per dozen donuts / (1 - 1/elasticity)
Substituting the values, we get:
Price = 0.56 / (1 - 1/0.76) = $2.38 per dozen donuts.
Therefore, the optimal (profit-maximizing) price for a dozen of Yogi's donuts is $2.38.
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Prompt: I have a company in the US that wants to proceed a business deal with the UK, US, and China.
What are possible managerial strategies regarding a business deal for soybeans in China?
Will there be any tariffs for soybeans?
(please answer in paragrpah form, lengthy. i need eccessive explanation)
When considering a business deal for soybeans in China, there are several managerial strategies that could be employed. Firstly, it is crucial to conduct thorough market research and analysis to understand the demand and competition in the Chinese soybean market. This would involve identifying key players, market trends, pricing dynamics, and consumer preferences. Based on this information, a market entry strategy can be formulated, which may involve partnering with local distributors, establishing direct sales channels, or exploring joint ventures with Chinese companies.
Another important strategy is to ensure compliance with Chinese regulations and customs. This includes understanding import requirements, quality standards, labeling regulations, and any specific certifications or licenses necessary for soybean exports to China. Adhering to these regulations not only ensures smooth customs clearance but also builds trust and credibility with Chinese partners and customers.
Building strong relationships with local stakeholders is crucial in the Chinese business context. This can be achieved through networking, attending industry events, and establishing personal connections with key decision-makers. Developing relationships based on trust and mutual respect is essential for successful business dealings in China.
Additionally, it is important to address potential challenges such as language and cultural differences. Hiring local talent or working with experienced translators can help bridge these gaps and facilitate effective communication. Understanding Chinese business etiquette, negotiation styles, and building long-term relationships is essential for navigating the business landscape successfully.
Regarding tariffs for soybeans, it is important to consider the current trade policies and geopolitical dynamics between the US and China. Tariffs are subject to change based on trade negotiations and government policies. It is advisable to closely monitor trade developments and consult with trade experts or legal professionals to stay updated on any applicable tariffs or trade restrictions that may impact the soybean business deal. This proactive approach allows for better financial planning and risk management in the face of potential tariffs.
In summary, a successful business deal for soybeans in China requires careful market analysis, compliance with regulations, relationship-building, and adaptability to changing trade dynamics. By employing these managerial strategies and staying informed about tariffs and trade policies, businesses can position themselves for success in the Chinese soybean market.
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By creating an international business or an international
business venture, you will utilize your subject knowledge expertise
in discovering and overcoming the challenges of expanding a
business to a
By creating an international business or an international business venture, you will utilize your subject knowledge expertise in discovering and overcoming the challenges of expanding a business to a foreign market.
Expanding a business internationally has a lot of challenges, such as language barriers, cultural differences, legal and regulatory requirements, and unfamiliar business practices. International business refers to any type of business activity that crosses national borders, including the movement of goods, services, technology, capital, and personnel. International business ventures are becoming more common in today's globalized economy as companies seek to expand their markets and take advantage of new opportunities in foreign markets.
If you are planning to expand your business to a foreign market, it is important to conduct thorough research on the target market's culture, language, customs, and regulations. You should also identify potential partners, customers, and suppliers in the target market. Additionally, you should consider the financial risks and benefits of the venture and develop a strategy for managing these risks. Furthermore, you need to understand that international business involves higher risks than domestic business due to the uncertainties surrounding foreign economies, political situations, and laws. Therefore, you should also develop a contingency plan to minimize the impact of unforeseen events that may affect your business.
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Come-Clean Corporation produces a variety of cleaning compounds and solutions for both industrial and household use. While most of its products are processed independently, a few are related, such as the company's Grit 337 and its Sparkle silver polish.
Grit 337 is a coarse cleaning powder with many industrial uses. It costs $1.60 a pound to make, and it has a selling price of $2.00 a pound. A small portion of the annual production of Grit 337 is retained in the factory for further processing. It is combined with several other ingredients to form a paste that is marketed as Sparkle silver polish. The silver polish sells for $4.00 per jar.
This further processing requires one-fourth pound of Grit 337 per jar of silver polish. The additional direct variable costs involved in the processing of a jar of silver polish are:
Other ingredients $ 0.65
Direct labor $1.40
Total direct cost $ 2.05
Overhead costs associated with processing the silver polish are:
Variable manufacturing overhead cost 25% of direct labor cost
Fixed manufacturing overhead cost (per month)
-Production supervisor $3,000
-Depreciation of mixing equipment $ 1,400
The production supervisor has no duties other than to oversee production of the silver polish. The mixing equipment is special-purpose equipment acquired specifically to produce the silver polish. It can produce up to 15,000 jars of polish per month. Its resale value is negligible and it does not wear out through use.
Advertising costs for the silver polish total $4,000 per month. Variable selling costs associated with the silver polish are 7.5% of sales. Due to a recent decline in the demand for silver polish, the company is wondering whether its continued production is advisable. The sales manager feels that it would be more profitable to sell all of the Grit 337 as a cleaning powder.
Use the information above to answer the following questions:
1. How much incremental revenue does the company earn per jar of polish by further processing Grit 337 rather than selling it as a cleaning powder?
2. How much incremental contribution margin does the company earn per jar of polish by further processing Grit 337 rather than selling it as a cleaning powder? # How many jars of silver polish must be sold each month to exactly offset the avoidable fixed costs incurred to produce and sell the polish? Explain.
3. If the company sells 9,000 jars of polish, what is the financial advantage (disadvantage) of choosing to further process Grit 337 rather than selling is as a cleaning powder?
4. If the company sells 11,500 jars of polish, what is the financial advantage (disadvantage) of choosing to further process Grit 337 rather than selling is as a cleaning powder?
1. By further processing Grit 337 instead of selling it as a cleaning powder, the company earns an incremental revenue of $3.50 per jar of polish and an incremental contribution margin of $0.35 per jar.
2. To offset the avoidable fixed costs, they need to sell at least 12,572 jars of polish each month.
3.When selling 9,000 jars, there is a financial advantage of $4,500, and
4. When selling 11,500 jars, the advantage increases to $5,750.
1. The incremental revenue earned per jar of polish by further processing Grit 337 rather than selling it as a cleaning powder can be calculated as follows:
Selling price of silver polish = $4.00 per jar
Selling price of Grit 337 as cleaning powder = $2.00 per pound
To find the incremental revenue, we need to subtract the revenue from selling Grit 337 as a cleaning powder from the revenue generated by selling the silver polish.
Weight of Grit 337 required per jar of polish = 1/4 pound
Revenue from selling Grit 337 as cleaning powder = Selling price of Grit 337 * Weight of Grit 337 required per jar of polish
= $2.00 * 1/4
= $0.50
Incremental revenue per jar of polish = Selling price of silver polish - Revenue from selling Grit 337 as cleaning powder
= $4.00 - $0.50
= $3.50
Therefore, the company earns an incremental revenue of $3.50 per jar of polish by further processing Grit 337 instead of selling it as a cleaning powder.
2. The incremental contribution margin earned per jar of polish by further processing Grit 337 rather than selling it as a cleaning powder can be calculated as follows:
The contribution margin is the difference between the selling price and the total direct costs of producing the silver polish.
Total direct costs of producing the silver polish = Cost of Grit 337 + Other ingredients + Direct labor
= $1.60 + $0.65 + $1.40
= $3.65
Incremental contribution margin per jar of polish = Selling price of silver polish - Total direct costs of producing the silver polish
= $4.00 - $3.65
= $0.35
Therefore, the company earns an incremental contribution margin of $0.35 per jar of polish by further processing Grit 337 instead of selling it as a cleaning powder.
3. The number of jars of silver polish that must be sold each month to offset the avoidable fixed costs incurred to produce and sell the polish can be calculated as follows:
Fixed manufacturing overhead costs per month = Production supervisor cost + Depreciation of mixing equipment
= $3,000 + $1,400
= $4,400
The avoidable fixed costs are the fixed manufacturing overhead costs associated with producing and selling the silver polish.
To calculate the number of jars, we need to divide the avoidable fixed costs by the incremental contribution margin per jar.
Number of jars = Avoidable fixed costs / Incremental contribution margin per jar
= $4,400 / $0.35
= 12,571.43 jars (rounded up to the nearest whole number)
Therefore, the company must sell at least 12,572 jars of silver polish each month to exactly offset the avoidable fixed costs incurred to produce and sell the polish.
4. To calculate the financial advantage (disadvantage) of choosing to further process Grit 337 rather than selling it as a cleaning powder when selling 9,000 jars of polish, we need to compare the revenues and costs.
Revenue from selling 9,000 jars of polish = Selling price of silver polish * Number of jars sold
= $4.00 * 9,000
= $36,000
Incremental revenue from further processing Grit 337 = Incremental revenue per jar of polish * Number of jars sold
= $3.50 * 9,000
= $31,500
Financial advantage (disadvantage) = Revenue from selling 9,000 jars of polish - Incremental revenue from further processing Grit 337
= $36,000 - $31,500
= $4,500
Therefore, if the company sells 9,000 jars of polish, there is a financial advantage of $4,500 in choosing to further process Grit 337 rather than selling it as a cleaning powder.
To calculate the financial advantage (disadvantage) of choosing to further process Grit 337 rather than selling it as a cleaning powder when selling 11,500 jars of polish, we can follow the same steps.
Revenue from selling 11,500 jars of polish = Selling price of silver polish * Number of jars sold
= $4.00 * 11,500
= $46,000
Incremental revenue from further processing Grit 337 = Incremental revenue per jar of polish * Number of jars sold
= $3.50 * 11,500
= $40,250
Financial advantage (disadvantage) = Revenue from selling 11,500 jars of polish - Incremental revenue from further processing Grit 337
= $46,000 - $40,250
= $5,750
Therefore, if the company sells 11,500 jars of polish, there is a financial advantage of $5,750 in choosing to further process Grit 337 rather than selling it as a cleaning powder.
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Samoset Fans, Inc. manufacturers its fan blades in-house. The
owner, Betty Dice, doesn't outsource any fan parts except fan
motors — all other fans parts are made in-house. Their current
process and
Samoset Fans, Inc. manufactures fan blades in-house but outsources fan motors. The owner, Betty Dice, follows this process to ensure efficient production and focus on their core competency of fan blade manufacturing.
Samoset Fans, Inc. has adopted a strategy where they produce fan blades in-house but outsource the manufacturing of fan motors. This approach allows the company to focus on their core competency and expertise, which is fan blade production. By outsourcing fan motors, they can leverage specialized motor manufacturers who can produce high-quality motors efficiently.
Outsourcing the fan motors also enables Samoset Fans, Inc. to benefit from cost savings and reduced production complexity. Instead of investing in motor manufacturing facilities and expertise, they can allocate resources to optimize their fan blade production process, improve quality control, and enhance customer satisfaction.
Furthermore, outsourcing fan motors may provide access to a wider range of motor options and technology advancements from motor specialists. This can result in improved performance and energy efficiency of the final product, meeting or exceeding customer expectations. By focusing on in-house fan blade manufacturing and outsourcing fan motors, Samoset Fans, Inc. can streamline their production process, reduce costs, and maintain a competitive edge in the market.
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Bega Cheese Limited just paid a dividend of $0.50 today. The company's dividend is expected to grow at 10% p.a. for the next four years when there is high company require a return of 12% p.a. compounded annually on their investments. How much should one share in Bega Cheese Limited cost in exactly five years' time?
Your response must be entered as a numerical value with 2 decimal places and excluding the dollar sign ($).
Answer:______
One share in Bega Cheese Limited should cost approximately $0.53 in exactly five years' time.
To calculate the value of one share in Bega Cheese Limited in exactly five years' time, we can use the formula for the future value of a growing dividend.
First, let's break down the information given:
- The company just paid a dividend of $0.50 today.
- The company's dividend is expected to grow at 10% p.a. for the next four years.
- The company requires a return of 12% p.a. compounded annually on their investments.
To calculate the future value of the dividend after five years, we need to find the future value of each dividend payment and then sum them up.
Let's calculate the future value of each dividend payment:
Year 1: $0.50 * (1 + 10%)^1 = $0.55
Year 2: $0.50 * (1 + 10%)^2 = $0.605
Year 3: $0.50 * (1 + 10%)^3 = $0.6655
Year 4: $0.50 * (1 + 10%)^4 = $0.73205
Now, let's calculate the present value of the fifth year's dividend payment, which is the future value of the fourth year's dividend payment:
Future value of the fourth year's dividend payment: $0.73205 * (1 + 10%)^1 = $0.805255
To calculate the present value of the fifth year's dividend payment, we can use the formula for present value:
Present value = Future value / (1 + required return rate)^n
n is the number of years in the future. In this case, n is 5.
Present value of the fifth year's dividend payment: $0.805255 / (1 + 12%)^5 = $0.531197
Therefore, one share in Bega Cheese Limited should cost approximately $0.53 in exactly five years' time.
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businessoperations managementoperations management questions and answersproblem s7.20 janelle heinke, the owner of ha’peppas!, is considering a new oven in which to bake the firm’s signature dish, vegetarian pizza. oven type a can handle 20 pizzas an hour. the fixed costs associated with oven a are $20,000 and the variable costs are $2.00 per pizza. oven b is larger and can handle 40 pizzas an hour. the fixed costs associated
Question: Problem S7.20 Janelle Heinke, The Owner Of Ha’Peppas!, Is Considering A New Oven In Which To Bake The Firm’s Signature Dish, Vegetarian Pizza. Oven Type A Can Handle 20 Pizzas An Hour. The Fixed Costs Associated With Oven A Are $20,000 And The Variable Costs Are $2.00 Per Pizza. Oven B Is Larger And Can Handle 40 Pizzas An Hour. The Fixed Costs Associated
Problem S7.20 Janelle Heinke, the owner of Ha’Peppas!, is considering a new oven in which to bake the firm’s signature dish, vegetarian pizza. Oven type A can handle 20 pizzas an hour. The fixed costs associated with oven A are $20,000 and the variable costs are $2.00 per pizza. Oven B is larger and can handle 40 pizzas an hour. The fixed costs associated with oven B are $30,000 and the variable costs are $1.25 per pizza. The pizzas sell for $14 each.
a) What is the break-even point for each oven?
b) If the owner expects to sell 9,000 pizzas, which oven should she purchase?
c) If the owner expects to sell 12,000 pizzas, which oven should she purchase?
d) At what volume should Janelle switch ovens?
When the expected number of pizzas to be sold exceeds the break-even point for oven B, Janelle should switch to oven B.
In this case, Janelle should switch ovens when the expected number of pizzas to be sold is greater than or equal to
2,352.94
pizzas.
a) The
break-even point
for each oven can be calculated by finding the quantity of pizzas that need to be sold in order to cover the
total costs (fixed costs + variable costs)
and result in zero profit.
For oven A:
Fixed costs = $20,000
Variable costs per pizza = $2.00
Selling price per pizza = $14.00
To find the break-even point, we need to divide the fixed costs by the contribution margin per pizza, where the
contribution margin is the selling price minus the variable cost
per pizza.
Contribution margin per pizza = $14.00 - $2.00 = $12.00
Break-even point for oven A = $20,000 / $12.00 = 1,666.67 pizzas
For oven B:
Fixed costs = $30,000
Variable costs per pizza = $1.25
Selling price per pizza = $14.00
Contribution margin per pizza = $14.00 - $1.25 = $12.75
Break-even point for oven B = $30,000 / $12.75 = 2,352.94 pizzas
b) If the owner expects to sell 9,000 pizzas, she should purchase oven A because the break-even point for oven A is lower than 9,000 pizzas.
c) If the owner expects to sell 12,000 pizzas, she should purchase oven B because the break-even point for oven B is lower than 12,000 pizzas.
d) To determine the volume at which Janelle should switch ovens, we need to compare the break-even points for both of the ovens
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1.The SPIN sales strategy involves _______________ questions.
a.Social, Public, International, and Numerical.
b.Spatial, Personal, Integrative, and Interactive
c.Situation, Problem, Implication, and Need payoff.
d.Sales, Profit, Identification, and Need satisfaction.
2.First impressions are important for setting the tone of a sales presentation.
a.True
b.False
3.The salesperson gives up a degree of presentation control for a greater understanding of the customer’s concerns.
a.True
b.False
4.What formula is used in formula presentations?
a.FABS
b.CARB
c.SPIN
d.AIDA
1. The correct answer for question 1 is c. Situation, Problem, Implication, and Need Payoff.
The SPIN sales strategy involves asking these types of questions to understand the customer's situation, identify any problems or challenges they may have, explore the implications of these problems, and ultimately present a solution that satisfies their needs.
2. The correct answer for question 2 is a. True.
First impressions are crucial in setting the tone of a sales presentation. The initial interaction between the salesperson and the customer can greatly influence their perception and engagement throughout the presentation. A positive first impression can build trust and credibility, while a negative one may lead to disinterest or skepticism.
3. The correct answer for question 3 is a. True.
The salesperson gives up a degree of presentation control in order to better understand the customer's concerns. By actively listening and allowing the customer to express their needs, preferences, and objections, the salesperson can tailor their presentation to address those concerns effectively. This approach helps build rapport, shows empathy, and increases the chances of closing the sale.
4. The correct answer for question 4 is d. AIDA.
The formula presentations typically follow the AIDA (Attention, Interest, Desire, and Action) formula. This approach aims to capture the customer's attention, generate interest in the product or service, create a desire or need for it, and ultimately prompt the customer to take action, such as making a purchase or signing up for a subscription.
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As the manager of a fast paced, team-driven division you depend on teams to get things done. You need to fill a position on one of your teams. To get the best team members you should NOT focus on which of the following considerations?
a KSAs
b Leadership skills
c Conflict resolution skills
d Location
a. the necessary knowledge, skills, and abilities required for the position and who can contribute to the team's goals and objectives. b. the ability to motivate others, and effective communication skills. c. a team of talented individuals who can contribute to the success of your division, regardless of their physical location.
To get the best team members, you should NOT focus on d) Location.
When it comes to building effective teams, the location of team members should not be a primary consideration. While physical proximity can have some advantages, such as easier communication and coordination, it should not be the main factor in selecting team members.
Instead, focusing on the following considerations would be more beneficial:
a) KSAs (Knowledge, Skills, and Abilities): The most important factor in selecting team members is their KSAs. Look for individuals who possess the necessary knowledge, skills, and abilities required for the position and who can contribute to the team's goals and objectives.
b) Leadership skills: Leadership skills are crucial for team members, even if they are not in formal leadership positions. Look for individuals who demonstrate qualities such as initiative, problem-solving abilities, the ability to motivate others, and effective communication skills.
c) Conflict resolution skills: Conflict can arise within teams, and having team members with strong conflict resolution skills is important. Look for individuals who can effectively manage conflicts, foster collaboration, and promote a positive team environment.
While location can sometimes be a practical consideration, it should not be the main focus when selecting team members. In today's interconnected world, remote work and virtual collaboration are increasingly common, allowing teams to work effectively across different locations. By prioritizing KSAs, leadership skills, and conflict resolution skills, you can assemble a team of talented individuals who can contribute to the success of your division, regardless of their physical location.
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CP13-2 Computing Ratios LO13-4, 13-5,13-6, 13-7 Refer to the financial statements and footnotes of Express given in Appendix C at the end of this book. Compute the following ratios for fiscal 2017. return on equity, return on assets, net profit margin, inventory turnover, current ratio, and the debt-to-equity ratio
To compute the requested ratios for Express in fiscal year 2017, we need to refer to the financial statements and footnotes provided in Appendix C.
However, since the specific financial statements and footnotes are not available in this context, I am unable to provide the exact ratios for the company.Return on equity (ROE) is calculated by dividing net income by shareholders' equity. It measures the profitability of a company's equity investment. A higher ROE indicates better profitability.Return on assets (ROA) is calculated by dividing net income by total assets. It measures the profitability of a company's assets. A higher ROA indicates better asset utilization.Net profit margin is calculated by dividing net income by total revenue. It measures the percentage of revenue that translates into profit. A higher net profit margin indicates better profitability.Inventory turnover is calculated by dividing cost of goods sold by average inventory. It measures how quickly a company sells its inventory. A higher inventory turnover ratio indicates efficient inventory management.
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What activities or functions do all managers perform regularly? How do these functions apply to the four levels of management found in most organizations?
Managers perform various activities and functions regularly to ensure the efficient and effective operation of an organization. These functions are applicable to the four levels of management found in most organizations, including top-level, middle-level, first-line, and team managers.
1. Planning: Managers engage in planning activities, which involve setting goals, determining the best course of action, and developing strategies to achieve those goals. This function applies to all levels of management. For example, top-level managers develop strategic plans for the entire organization, while first-line managers develop operational plans for specific departments or teams.
2. Organizing: Managers are responsible for organizing resources, such as human resources, materials, and equipment, to achieve organizational objectives. This function involves assigning tasks, establishing relationships, and creating a structure that promotes efficiency and coordination. All levels of managers are involved in organizing. For instance, top-level managers may establish the organizational structure, while middle-level managers allocate resources to different departments.
3. Leading: Managers play a crucial role in leading and motivating employees to achieve organizational goals. They provide guidance, direction, and support to their subordinates, fostering a positive work environment. This function applies to all levels of management. For example, top-level managers may inspire employees through their vision and strategic decisions, while first-line managers directly supervise and motivate their team members.
4. Controlling: Managers are responsible for monitoring and evaluating performance to ensure that goals are being achieved. This function involves establishing performance standards, measuring actual performance, and taking corrective actions when necessary. All levels of managers engage in controlling. For instance, top-level managers may use financial reports to assess the overall performance of the organization, while first-line managers may monitor employee productivity on a daily basis.
These functions apply differently to the four levels of management:
- Top-level managers primarily focus on planning and organizing, as they are responsible for setting the overall direction and structure of the organization.
- Middle-level managers are involved in all four functions, as they translate the strategic plans into specific actions, coordinate different departments, and communicate with both top-level and first-line managers.
- First-line managers primarily engage in organizing and leading functions, as they directly supervise and motivate employees to achieve operational goals.
- Team managers, who are responsible for managing a specific team or project, may focus more on leading and controlling functions, as they work closely with their team members and monitor their progress.
In summary, managers perform activities such as planning, organizing, leading, and controlling regularly. These functions are applicable to the different levels of management and contribute to the overall success of an organization.
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Tim Smunt has been asked to evaluate two machines. After some investigation, he determines that they have the costs shown in the following table: Original Cost Labor per year Maintenance per year Salvage value Machine A $12,000 $2,200 $4,300 $2,400 Machine B $28,000 $4,800 $800 $7,500 He is told to assume that: 1. The life of each machine is 3 years. 2. The company thinks it knows how to make 14% on investments no more risky than this one. 3. Labor and maintenance are paid at the end of the year. The NPV for Machine A = (round your response to the nearest whole number and include a minus sign if necessary). The NPV for Machine B =$ (round your response to the nearest whole number and include a minus sign if necessary). Using the net present value as the basis of comparing the machines, Tim should recommend
Tim should recommend Machine A as it has a higher NPV compared to Machine B.
1. Calculate the annual cash flows for each machine:
- Machine A:
- Year 1: Original Cost + Labor per year + Maintenance per year - Salvage value
= $12,000 + $2,200 + $4,300 - $2,400
- Year 2: Original Cost + Labor per year + Maintenance per year - Salvage value
= $12,000 + $2,200 + $4,300 - $2,400
- Year 3: Original Cost + Labor per year + Maintenance per year - Salvage value
= $12,000 + $2,200 + $4,300 - $2,400
- Machine B:
- Year 1: Original Cost + Labor per year + Maintenance per year - Salvage value
= $28,000 + $4,800 + $800 - $7,500
- Year 2: Original Cost + Labor per year + Maintenance per year - Salvage value
= $28,000 + $4,800 + $800 - $7,500
- Year 3: Original Cost + Labor per year + Maintenance per year - Salvage value
= $28,000 + $4,800 + $800 - $7,500
2. Calculate the present value factor for each year:
- Year 1: 1 / (1 + 14%)^1
- Year 2: 1 / (1 + 14%)^2
- Year 3: 1 / (1 + 14%)^3
3. Calculate the present value of cash flows for each machine:
- Machine A:
- PV Year 1 = Year 1 cash flow * Present value factor for Year 1
- PV Year 2 = Year 2 cash flow * Present value factor for Year 2
- PV Year 3 = Year 3 cash flow * Present value factor for Year 3
- Machine B:
- PV Year 1 = Year 1 cash flow * Present value factor for Year 1
- PV Year 2 = Year 2 cash flow * Present value factor for Year 2
- PV Year 3 = Year 3 cash flow * Present value factor for Year 3
4. Calculate the Net Present Value (NPV) for each machine:
- Machine A: NPV = Sum of present values of cash flows for Machine A
- Machine B: NPV = Sum of present values of cash flows for Machine B
5. Round the NPV for each machine to the nearest whole number and include a minus sign if necessary.
6. Compare the NPVs for Machine A and Machine B. Since the NPV for Machine A is higher, Tim should recommend Machine A as the better option based on net present value.
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How can you increase your ROI (Return On Investment)?
Remove follow-ups
Increase closing percentage
Limit bookings
Decrease shows
To increase your ROI (Return On Investment), there are several strategies you can implement. Here are some steps you can take: Remove follow-ups, Increase closing percentage, Limit bookings,. Decrease shows.
1. Remove follow-ups: Follow-ups are additional attempts to contact potential customers who have shown interest but have not yet made a purchase. By removing follow-ups, you can save time and resources, focusing on more promising leads and reducing costs associated with pursuing leads that may not convert into sales.
2. Increase closing percentage: The closing percentage refers to the rate at which leads are converted into actual sales. By improving your sales techniques, product presentations, and customer service, you can increase the likelihood of closing a sale. This could involve refining your sales pitch, addressing customer concerns, and providing incentives to encourage purchases.
3. Limit bookings: Limiting bookings can help create a sense of scarcity and exclusivity around your product or service. By restricting availability, you can potentially increase demand and the perceived value of what you offer. This can be especially effective if you have a high-demand product or service that is in limited supply.
4. Decrease shows: "Shows" typically refer to live presentations or demonstrations of a product or service. By decreasing the number of shows, you can reduce associated costs such as travel expenses, venue fees, and time spent on organizing and conducting these events. Instead, you can focus on more cost-effective methods of marketing and sales, such as online advertising or targeted email campaigns.
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a certain investor wants an 11% return on investment from any real estate investment. a property priced at $360,000 has gross income of $60,000 and expenses of $22,000. approximately how much too high or too low is the price of this property for the investor to obtain her desired return exactly?
The property is priced about 4.20% too high for the investor to obtain her desired return exactly.
An investor wants an 11% return on investment from any real estate investment.The property is priced at $360,000.Gross Income of the property is $60,000Expenses of the property are $22,000We have to determine approximately how much too high or too low is the price of this property for the investor to obtain her desired return exactly.
Net Operating Income = Gross Income - Expenses= $60,000 - $22,000= $38,000Now, using the formula,Expected Rate of Return = (Net Operating Income / Property Value) * 10011 = (38,000 / Property Value) * 100Property Value = (38,000 / 11) * 100= $345,455.45This is the property value for an 11% return on investment.
As per the question, the property is priced at $360,000.Using the formula,Too High or Too Low = [(Actual Price - Expected Price) / Expected Price] * 100= [(360,000 - 345,455.45) / 345,455.45] * 100= 4.20%The property is priced about 4.20% too high for the investor to obtain her desired return exactly.
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True Value received an invoice dated April 21, 2020. The invoice had a $5,600 balance that included $400 freight. Terms were 2/10, 1/30, n/60. True Value pays the invoice on May 05. What amount does True Value pay?
Amount paid_____
To calculate the amount True Value pays, we need to consider the terms mentioned. The terms state 2/10, 1/30, n/60. True Value pays $5,376 to the supplier.
The first number, 2, represents the discount percentage if the payment is made within the specified time frame. In this case, it means a 2% discount if paid within 10 days. The second number, 10, represents the number of days within which the payment needs to be made to avail the discount.
So, if True Value pays within 10 days, they can deduct 2% from the invoice amount. In this case, the invoice is $5,600, and the discount is 2% of $5,600, which equals $112.
Now, the remaining balance after deducting the discount would be $5,600 - $112 = $5,488.
The next term, 1/30, means that if the payment is not made within the initial 10 days, True Value has an additional 20 days (30-10) to make the payment without any discount.
Finally, the term n/60 means that if True Value does not make the payment within the initial 30 days, they have a total of 60 days to make the payment without any discount.
Since True Value pays on May 05, which is 14 days after the invoice date, they fall within the 10-day discount period. Therefore, they can deduct the discount of $112 from the invoice amount.
Thus, the amount True Value pays is $5,600 - $112 = $5,488.
It's important to note that this calculation assumes that True Value does not take advantage of the additional payment terms mentioned (1/30 and n/60).
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Prepare journal entries without explanations in the books of Ernie Jones who operates a plumbing store. The following transactions are given to you. The journal is provided. Head the journal appropriately for which points are awarded. Write "no entry" if none is needed. All transactions relate to the month of August 2022.
Aug. 2. Invested $12,500 from personal savings to increase the working capital of the business. 3. Received an invoice from Charles Brento, a supplier of office supplies, for $6,250. Payment will be made later. 4. Paid $1,800 for insurance premium to cover risks for the next six months. 6. The owner, Ernie Jones, withdrew $1,250 for personal use. 8. Paid Charles Brento his invoice in full. 10. Billed customers on account for $18,000, to be paid after 15 days. 18. Hired a shop assistant to be paid $280 per week. She is to start work from September 1, 2022 . 25. Received payment from the credit customers of August 10th
On August 2, a capital investment was made, debiting the Cash account for $12,500 and crediting the Capital account for the same amount.
On August 3, office supplies were purchased on account, resulting in a debit to the Office Supplies account for $6,250 and a credit to the Accounts Payable account for the same amount.
On August 4, prepaid insurance was acquired, debiting the Prepaid Insurance account for $1,800 and crediting the Cash account for the same amount.
On August 6, a withdrawal was made by the owner, debiting the Withdrawal account for $1,250 and crediting the Cash account for the same amount.
On August 8, a payment was made to settle an accounts payable, debiting the Account Payable account for $6,250 and crediting the Cash account for the same amount.
On August 10, services were rendered on credit, resulting in a debit to the Accounts Receivable account for $18,000 and a credit to the Service Revenue account for the same amount.
On August 18, a salary expense was recorded, debiting the Salary Expense account for $280 and crediting the Cash account for the same amount.
On August 25, a payment was received from an accounts receivable, resulting in a debit to the Cash account for $18,000 and a credit to the Accounts Receivable account for the same amount.
These journal entries were recorded in the journal as part of the accounting process in Ernie Jones' plumbing store.
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3) (6 points) Suppose there are two types of persons: high and low ability. A training that costs $13,000 for a high ability person costs $15,000 for a low ability person. Firms wish to use training as a screening device. If the firms intend to pay $30,000 for a person without the training completion document, and $K for a person with the document, find the range K must be in for the training to be used as a screening device.
The range of values for K in which the training can be used as a screening device is 43,000 ≤ K < 45,000.
To determine the range of values for K in which the training can be used as a screening device, we need to consider the costs involved.
Let's assume the firms intend to pay $30,000 for a person without the training completion document. Now, for a high-ability person, the training costs $13,000, and for a low-ability person, it costs $15,000.
If the firms are willing to pay $K for a person with the training completion document, we can set up the following inequalities:
For a high-ability person:
K - 13,000 ≥ 30,000
For a low-ability person:
K - 15,000 < 30,000
Simplifying these inequalities, we find:
K ≥ 43,000 for a high-ability person
K < 45,000 for a low-ability person
Thus, the range of values for K in which the training can be used as a screening device is 43,000 ≤ K < 45,000.
In other words, if the firms are willing to pay a person with the training completion document between $43,000 and $45,000, the training can be used as a screening device.
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Activity Immediate Predecessor Activity Time(weeks) Number of workers reqd.
A - 4 2
B - 4 1
C - 3 3
D B,C 4 2
E A 4 1
F D 3 3
a. Draw a project network. If you draw on a paper, scan it and insert it to the document with answers. Images submitted separately will not be graded.
b. Develop resource requirement plan (similar to figure 6.5,6.7 ). See presentation slide 10 for an example.
c. Assume that each task can be performed independently of the other tasks. (No predecessor relationships). Now, do a resource leveling. How many workers are required? What is the project completion time? Show all work to earn credit.
d. Assume that each task can be performed independently of the other tasks. But now, you have only 3 workers available at any given time. Perform resource-limited scheduling. What is the new completion time for the project? Show all work to earn credit.
a. To draw the project network, we need to identify the activities and their immediate predecessors. Here is the project network for the given activities:
A -> E -> F
B -> D -> F
C -> D -> F
b. To develop the resource requirement plan, we need to consider the number of workers required for each activity. Here is the resource requirement plan:
Activity A: 2 workers
Activity B: 1 worker
Activity C: 3 workers
Activity D: 2 workers
Activity E: 1 worker
Activity F: 3 workers
c. Assuming no predecessor relationships, we can perform resource leveling to determine the number of workers required and the project completion time. By assigning the available workers to activities with the shortest durations first, we can level the resources. Let's calculate the resource leveling for each activity:
Activity A: 2 workers (duration 4 weeks)
Activity B: 1 worker (duration 4 weeks)
Activity C: 3 workers (duration 3 weeks)
Activity D: 2 workers (duration 4 weeks)
Activity E: 1 worker (duration 4 weeks)
Activity F: 3 workers (duration 3 weeks)
To calculate the project completion time, we sum up the durations of all activities: 4 + 4 + 3 + 4 + 4 + 3 = 22 weeks.
d. Considering only 3 workers available at any given time, we need to perform resource-limited scheduling. Let's adjust the resource requirement plan based on the availability of workers:
Activity A: 2 workers (duration 4 weeks)
Activity B: 1 worker (duration 4 weeks)
Activity C: 3 workers (duration 3 weeks)
Activity D: 2 workers (duration 4 weeks)
Activity E: 1 worker (duration 4 weeks)
Activity F: 3 workers (duration 3 weeks)
With only 3 workers available, we need to adjust the schedule. Let's distribute the workers to the activities:
Week 1: A (2 workers)
Week 2: A (1 worker), B (1 worker)
Week 3: C (3 workers)
Week 4: C (2 workers), D (1 worker)
Week 5: D (2 workers), E (1 worker)
Week 6: F (3 workers)
The new completion time for the project is 6 weeks.
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1. Preparation of the Trail Balance
2. Preparing the financial statements
3. Errors and Correction of Errors.
1. An invoice for consultancy service provided to Running Track Club for $25,000 was left in a desk drawer unnoticed and had been omitted completely from the books. The records showed that a cash receipt for $15,000 was issued relating to this transaction while the balance was on account. The company records its consultancy fees in service revenue account.
2. Purchase of medical supplies on February 3 was for $18,000and not $1,800 as previously incorrectly reported.
3. On Feb 1 the $55,000 invested by Sample ought to have been allocated $45,000 bank account and $10,000 office equipment based on confirmation from the owner that the previous info provided was incorrectly stated.
4. Drawings of $1,000 were not recorded.
5. An electricity bill for $5,000 paid by cash was placed in a desk drawer and not presented with the first set of transactions. The company records its electricity charges in the utility expense account.
Required:
i. Record the journal entries necessary to correct each of the errors mentioned above. Narrations are not required
ii. Update the accounts and prepare the company’s Trial Balance based on both sets of information provided.
iii. Prepare the following for the month of February 2015:
1. Income statement
2. Statement of owner’s equity
3. Balance Sheet
The errors in the financial records should be corrected through journal entries, followed by updating the accounts and preparing the Trial Balance. Finally, the company can generate the income statement, statement of owner's equity, and balance sheet for the month of February 2015.
What steps are required to rectify the errors in the financial records and prepare the necessary financial statements?In this scenario, several errors were identified in the company's financial records. The errors include the omission of an invoice, incorrect reporting of a purchase, incorrect allocation of an investment, unrecorded drawings, and the omission of an electricity bill. To rectify these errors:
1. Journal entries need to be recorded to correct each error mentioned above.
2. The accounts should be updated based on the corrected information.
3. A Trial Balance should be prepared using both sets of information provided.
4. For the month of February 2015, the following financial statements should be prepared:
Income statement, which shows the company's revenue, expenses, and net income. Statement of owner's equity, which reflects the changes in the owner's capital during the month. Balance sheet, which presents the company's assets, liabilities, and owner's equity at the end of the month.By addressing and correcting these errors, the company can ensure the accuracy and reliability of its financial statements and provide a true and fair representation of its financial position and performance.
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