C. It is not true that a bank will only approach the reserve bank if all other banks are experiencing the same liquidity problem when facing a shortage of cash reserves.
When a bank experiences a shortage of cash reserves, it can approach the central bank, such as the reserve bank, to address the liquidity issue. The central bank acts as the lender of last resort and provides funds to banks facing temporary liquidity shortages, regardless of whether other banks are experiencing similar problems. The central bank's role is to ensure the stability and smooth functioning of the financial system, and it assists individual banks as needed to maintain liquidity and prevent systemic disruptions. when facing a shortage of cash reserves. approach the reserve bank if all other banks are experiencing the same liquidity problem.
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Golf ball workers in japan earn $12 per hour, while gold ball workers in the Philippines earn $4 per hour on average. Assume these workers in Japan are 4 times more productive than workers in the Philippines. what happens given free trade and zero transaction costs?
a. workers in japan will have their wages to $4 per hour
b. workers in the Philippines wages increase to $12 per hour
c. workers in the Philippines wages decrease to $3 per hours (Supposed Answer)
d. workers in japan will have their wages fall to $8 per hour
e. none of the above will happen
The correct answer is:
e. none of the above will happen given free trade and zero transaction costs
Given free trade and zero transaction costs, wages will not be equalized between workers in Japan and the Philippines. While the productivity of workers in Japan may be higher than workers in the Philippines, it does not necessarily mean that wages will equalize.
In a competitive market, wages are determined by the interaction of supply and demand. The wages of workers in each country will be influenced by factors such as labor market conditions, skills, education, labor regulations, and other factors specific to each country. Even with free trade, wages will still be influenced by these factors.
Therefore, it is incorrect to assume that workers in Japan will have their wages reduced to $4 per hour or that workers in the Philippines will see their wages increase to $12 per hour. The wage levels will be determined by various factors in each country's labor market and may not necessarily equalize due to differences in productivity.
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EFG is preparing a budget for the first quarter of 20X3. The next step in the budget process is to
prepare a cash collection plan and a cash payment plan. For this purpose, the following
information is collected.
Customers typically pay 60% the month the service is provided, 30% the following month, and
10% the following month after receiving the service.
Actual service revenue for 20X2 and expected service revenue for 20X3 are: Nov 20X2,
$120,000; Dec 20X2, $110,000; Jan 20X3, $140,000; Feb 20X3, $160,000; Mar 20X3,
$190,000.
Purchases of landscape supplies (direct materials) pay 40% one month of purchase and 60% the
following month. Actual purchases in 20X2 and expected purchases in 20X3 are: December
20X2, $21,000; January 20X3, $20,000; February 20X3, $22,000; March 20X3, $25,000.
Required:
a) Prepare the following schedules for each month in the first quarter of 20X3 and for the
quarter in total:
i. Expected collections from clients.
ii. Expected payments for landscaping supplies.
b) Determine the following balances at March 31, 2013:
i. Accounts receivable.
ii. Accounts payable.
c) Which budget is the first one that must be completed in the master budgeting process and
why?
d) Does a not-for-profit agency need to budget? Why or why not?
A budget is a tool that helps not-for-profit agencies in fulfilling their mission by facilitating their long-term income planning , monitoring, and evaluation of the organization's activities. Therefore, not-for-profit agencies need to budget.
Schedules for each month and quarter: Expected collections from clients: November 20X2 $72,000; December 20X2 $66,000; January 20X3 $84,000; February 20X3 $96,000; March 20X3 $114,000; Quarter 1 $360,000Expected payments for landscape supplies: November 20X2 $- ; December 20X2 $8,400; January 20X3 $12,000; February 20X3 $13,200; March 20X3 $15,000; Quarter 1 $48,600b) Balances at March 31, 2013:i. Accounts receivable = $117,600.ii. Accounts payable = $40,920. Calculations: Accounts receivable: Accounts receivable on March 31, 20X3 = February 20X3 collections + March 20X3 collections = ($96,000 x 40%) + ($114,000 x 60%) = $38,400 + $68,400 = $106,800Add January's 20X3 balance of $84,000 x 40% = $33,600
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Émile Durkheim's ideas about socicty can best be described as a. functionalist b. conflict theorist c. symbolic interactionist d. rationalist 4.3 Social Constructions of Reality 10. Mary works full-time at an office downtown while her young children stay at a neighbor's house. She"s just learned that the childeare provider is leaving the country. Mary has succumbed to pressure to volunteer at her chureh, plus her ailing mother-in-law will be moving in with her next month. Which of the following is likely to occur as Mary tries to balanee her cxisting and new responsibilities? a. Role strain b. Self fulfilling prophecy c. Statis conflict d. Status strain 11. According to Peter Berger and Thomas Luckmann, weicty is hased on a. habitual actions. b. status c. instifutionalization d. Fole performance
Émile Durkheim's ideas about society can best be described as functionalist. Mary is likely to experience role strain as she tries to balance her existing and new responsibilities. According to Peter Berger and Thomas Luckmann, society is based on institutionalization.
Émile Durkheim was a prominent sociologist who is often associated with the functionalist perspective in sociology. Functionalist theory emphasizes the interdependence and functions of different parts of society. Durkheim's ideas revolved around the notion that society is held together by shared beliefs, values, and norms, which he referred to as collective conscience. He argued that social institutions, such as education, religion, and family, serve specific functions in maintaining social order and promoting solidarity.
Durkheim believed that social facts exist independently of individual consciousness and exert a significant influence on individuals' behavior. These social facts shape individuals' actions, beliefs, and attitudes through socialization processes. Durkheim emphasized the importance of social integration and the ways in which individuals are connected to society. He argued that individuals who are well-integrated into social groups and have a strong sense of belonging are less likely to experience social problems.
Durkheim's functionalist perspective also emphasized the positive functions of deviance in society. He argued that deviant behavior, although considered outside the norm, serves a purpose by clarifying moral boundaries and reinforcing social norms. Durkheim's work laid the foundation for understanding social order and cohesion, highlighting the role of social institutions and collective consciousness in maintaining stability.
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.Data collected on the yearly registrations for a Six Sigma seminar at the Quality College are shown in the following table:
Year:1 Registration: 4
Year: 2 Registration: 6
Year: 3 Registration: 4
Year: 4 Registration: 5
Year: 5 Registration: 10
Year: 6 Registration: 8
Year: 7 Registration: 7
Year: 8 Registration: 8
Year: 9 Registration: 12
Year: 10 Registration: 14
Year: 11 Registration: 15
A. Develop a 3 year moving average to forecast registrations from year 4 to year 12.
B. Estimate demand again for years 4 to 12 with a 3 year weighted moving average in which registrations in the most recent year are given a weight of 2 and registrations in the other 2 years are given a weight of 1.
C. Graph the original data and the 2 forecasts. Which of the two forecasting methods seems better?
A. A 3-year moving average to forecast registrations from year 4 to year 12 are:
Year 4 = 4.67; Year 5 = 5.00; Year 6 = 6.33; Year 7 = 7.67; Year 8 = 8.33; Year 9 = 7.67; Year 10 = 9.00; Year 11 = 11.33
B. The estimated demand using a 3-year weighted moving average are:
Year 4 = 4.33; Year 5 = 5.00; Year 6 = 6.80; Year 7 = 7.00; Year 8 = 7.33; Year 9 = 7.17; Year 10 = 8.67; Year 11 = 10.33
C. To graph the original data and the two forecasts, we can plot the years on the x-axis and the registrations on the y-axis.
A. To develop a 3-year moving average, we calculate the average of the registrations for the current year and the two previous years.
Year 4: (4 + 6 + 4) / 3 = 4.67
Year 5: (6 + 4 + 5) / 3 = 5.00
Year 6: (4 + 5 + 10) / 3 = 6.33
Year 7: (5 + 10 + 8) / 3 = 7.67
Year 8: (10 + 8 + 7) / 3 = 8.33
Year 9: (8 + 7 + 8) / 3 = 7.67
Year 10: (7 + 8 + 12) / 3 = 9.00
Year 11: (8 + 12 + 14) / 3 = 11.33
B. To estimate demand using a 3-year weighted moving average, we assign weights to the registrations, with the most recent year receiving a weight of 2 and the other two years receiving a weight of 1.
Year 4: (4 * 1 + 6 * 1 + 4 * 2) / (1 + 1 + 2) = 4.33
Year 5: (6 * 1 + 4 * 2 + 5 * 2) / (1 + 2 + 2) = 5.00
Year 6: (4 * 2 + 5 * 2 + 10 * 1) / (2 + 2 + 1) = 6.80
Year 7: (5 * 2 + 10 * 1 + 8 * 1) / (2 + 1 + 1) = 7.00
Year 8: (10 * 1 + 8 * 1 + 7 * 2) / (1 + 1 + 2) = 7.33
Year 9: (8 * 1 + 7 * 2 + 8 * 2) / (1 + 2 + 2) = 7.17
Year 10: (7 * 2 + 8 * 2 + 12 * 1) / (2 + 2 + 1) = 8.67
Year 11: (8 * 2 + 12 * 1 + 14 * 1) / (2 + 1 + 1) = 10.33
C. To graph the original data and the two forecasts, we can plot the years on the x-axis and the registrations on the y-axis. By comparing the patterns and trends of the original data with the two forecasts, we can determine which forecasting method seems better suited for predicting future registrations.
Please note that without the registration data for Year 12, we cannot provide the forecast for that year. However, based on the available data, we can analyze the performance of the two forecasting methods for the years provided.
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ANSWER EACH QUESTION
Suppose the tax rates for single wage earners are:
00000 - 19999 = 0%
20000 - 49999 = 16%
50000 - 79999 = 24%
80000 - 119999 = 40%
120000 and above = 60%
SHOW ALL YOUR WORK (half credit for answers without work)
Calculate the marginal tax rate (MTR) and average tax rate (ATR) for a person earning $5,000 and one earning $60,000.
Is this tax system progressive, regressive, or proportional? How did you come to this answer?
Under what two circumstances can the MTR = ATR?
You earn $1,500,000. What is your MTR and ATR? Why might this negatively impact your incentive to add to your income?
Compare the total taxes for the $60,000 and the $1.5m income earner. What are some reasons that the lower income earner would feel that the tax system is unfair? Do the same for the higher income earner.
For a person earning $5,000, the marginal tax rate (MTR) is 16% and the average tax rate (ATR) is also 16%. For a person earning $60,000, the MTR is 24% and the ATR is 19.3%.
To calculate the marginal tax rate (MTR), we need to find the tax rate applicable to the next dollar earned. For an income of $5,000, the tax rate falls within the range of 0% as the income is below $20,000, so the MTR is 0%. The average tax rate (ATR) is calculated by dividing the total tax paid by the income.
For an income of $5,000:
Tax = $5,000 * 0% = $0
ATR = ($0 / $5,000) * 100% = 0%
For an income of $60,000:
Tax = ($20,000 * 0%) + ($40,000 * 16%) = $6,400
ATR = ($6,400 / $60,000) * 100% = 10.7%
The tax system described is progressive because the tax rates increase as income rises. The MTR increases as income increases, indicating that higher-income earners face a higher tax burden compared to lower-income earners.
The MTR can be equal to the ATR under two circumstances:
1. When there is a single tax rate applied to all income levels (proportional tax system). In this case, every dollar earned is taxed at the same rate, resulting in both MTR and ATR being equal.
2. When the marginal tax rate remains constant throughout all income levels and the average tax rate is calculated by dividing the total tax paid by the total income.
For an income of $1,500,000:
Tax = ($20,000 * 0%) + ($30,000 * 16%) + ($50,000 * 24%) + ($40,000 * 40%) + ($1,360,000 * 60%) = $782,400
ATR = ($782,400 / $1,500,000) * 100% = 52.2%
The MTR for an income of $1,500,000 is 60%, which is the highest tax rate in the system. The high MTR combined with a relatively high ATR of 52.2% might negatively impact the incentive to add to one's income. The individual may feel discouraged to earn additional income due to the significant portion that would go towards taxes.
For a lower-income earner, such as the one earning $60,000, they might feel the tax system is unfair compared to the higher-income earner. The higher-income earner benefits from a lower MTR of 60% (compared to the top rate of 24% for $60,000 income) and may feel the system favors the wealthy. On the other hand, the higher-income earner might argue that they pay a significantly higher amount in total taxes, indicating a higher burden compared to the lower-income earner. Factors like progressivity, fairness, and individual perspectives contribute to perceptions of fairness in the tax system.
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In a Q system, the demand rate for strawberry ice cream is normally distributed, with an average of 310 pints per week. The lead time is 6 weeks. The standard deviation of weekly demand is 16 pints. Refer to the standard normal table for z-values. a. The standard deviation of demand during the 6-week lead time is 39 pints. (Enter your response rounded to the nearest whole number.) b. The average demand during the 6-week lead time is pints. (Enter your response as an integer)
According to the information provided, the standard deviation of demand during the 6-week lead time is approximately 39 pints. The average demand during the 6-week lead time is approximately 1860 pints.
a. To calculate the standard deviation of demand during the 6-week lead time, we need to multiply the standard deviation of weekly demand (16 pints) by the square root of the number of weeks in the lead time (6 weeks).
Standard deviation of demand during the 6-week lead time = 16 pints * sqrt(6) ≈ 39 pints (rounded to the nearest whole number).
b. The average demand during the 6-week lead time can be calculated by multiplying the average weekly demand (310 pints) by the number of weeks in the lead time (6 weeks).
Average demand during the 6-week lead time = 310 pints * 6 = 1860 pints.
Therefore, the standard deviation of demand during the 6-week lead time is approximately 39 pints, and the average demand during the 6-week lead time is 1860 pints.
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Which type of market research agency is it usually accepted as being best for
recruiting when conducting international market research?
a. A domestic agency with competent foreign staff
b. A global agency with offices around the world
c. A local agency in the market under investigation
d. A domestic agency with overseas associate companies
e. There is no best option
The local agency in the market under investigation is usually accepted as being the best for recruiting when conducting international market research.(C)
When conducting international market research, a local agency in the market under investigation is usually accepted as being the best for recruiting. This is because the local agency has extensive knowledge and experience in the local market, which can be very beneficial when recruiting participants for the study.
They have local expertise in finding the right people, speaking the right language, and understanding the local culture and customs.
The local agency can also help in finding the right locations for the research, as well as in the translation of questionnaires, transcripts, and other research materials.Answer: C. A local agency in the market under investigation.
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Assess the role of third parties (e.g., realtors, attorneys) in real estate negotiations.
Third parties such as realtors and attorneys play crucial roles in real estate negotiations. Here's an assessment of their roles.
1. Realtors: Realtors act as intermediaries between buyers and sellers. They assist both parties in finding suitable properties or potential buyers. Their expertise lies in market knowledge, property valuation, and negotiation skills. Realtors help buyers by providing property listings, arranging showings, and representing them during negotiations.
2. Attorneys: Attorneys provide legal guidance throughout the real estate transaction process. They review contracts, ensure legal compliance, and protect their client's rights. They also negotiate terms and conditions, resolving any legal disputes that may arise. Having an attorney involved ensures that the transaction adheres to local laws and regulations, reducing the risk of potential legal issues.
In summary, realtors and attorneys are essential third parties in real estate negotiations. Realtors bring market knowledge and negotiation skills, facilitating the buying or selling process. Attorneys provide legal guidance, ensuring compliance and protecting the interests of their clients. Both parties contribute to a successful and secure real estate transaction.
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Apocalyptica Corp. pays a constant $14 dividend on its stock. The company will maintain this dividend for the next 36 years and will then cease paying dividends forever. If the required return on this stock is 16 percent, the current share price is $
Apocalyptica Corp. pays a constant dividend of $14 on its stock and plans to maintain this dividend for the next 36 years before ceasing dividend payments. The current share price is $ 87. 50.
To calculate the current share price, we can use the formula for the present value of a perpetuity. A perpetuity is a stream of constant cash flows that continues indefinitely. In this case, the constant cash flow is the dividend of $14.
The formula for the present value of a perpetuity is:
Present Value = Cash Flow / Required Return
In this case, the cash flow is $14 (the dividend) and the required return is 16 percent. Plugging these values into the formula, we get:
Present Value = $14 / 0.16
Simplifying the equation, we find:
Present Value = $87.50
Therefore, the current share price of Apocalyptica Corp.'s stock is $87.50. This value represents the present worth of the perpetuity of $14 dividends per year for the next 36 years, discounted at a required return of 16 percent.
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Question 7 1.5 pts The method of analysis in which the researcher uses the sample data to generalize the survey results to a broader research sample is called O Descriptive statistics (Summarization)
The method of analysis in which the researcher uses the sample data to generalize the survey results to a broader research sample is called Descriptive statistics.
Descriptive statistics involves the summarization and presentation of data to provide a clear and concise understanding of the sample characteristics. It helps in organizing, describing, and interpreting the collected data to draw meaningful conclusions.
To generalize survey results, researchers often use descriptive statistics to summarize the key findings and characteristics of the sample. This includes measures such as mean, median, mode, standard deviation, and percentages.
These measures provide a snapshot of the data and offer insights into the central tendency, variability, and distribution of the variables under investigation.
By analyzing the survey data using descriptive statistics, researchers can identify patterns, trends, and relationships within the sample. This information can then be used to make inferences or generalizations about the broader population or research sample that the survey represents.
It is important to note that while descriptive statistics can provide valuable insights into the sample, they do not prove causation or establish relationships between variables. Instead, they serve as a means to summarize and describe the data in a meaningful and easily interpretable manner.
In summary, descriptive statistics is the method of analysis used to summarize and generalize survey results to a broader research sample. It aids in understanding the characteristics of the sample and provides insights that can be applied to a larger population.
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What takes place in the Scrum process? Explain in detail with an
example.
The Scrum process is a widely used framework that is utilized for software development. The Scrum process takes place in a series of time-bound events which consist of Sprints, Daily Stand-Ups, Sprint Reviews, Sprint Retrospectives, and Backlog Grooming sessions. These events are meant to facilitate communication between the different members of the Scrum team, which includes the Product Owner, the Scrum Master, and the Development Team.
The main objective of these events is to build a product that meets the client's requirements and is of high quality. One example of the Scrum process is as follows:
Let us assume that we have a development team that is working on an e-commerce website for a client. The client has requested that the website must be completed within 12 weeks.
In the Scrum process, we would start with a Sprint Planning session that would take place at the beginning of the week. During this session, the team would review the client's requirements and decide what features to develop during the Sprint. Once the Sprint Planning is complete, the team would work on the development of the website during the week. At the end of each day, the team would have a Daily Stand-Up meeting, which is a 15-minute meeting where each member of the team gives a brief update on the work they have completed, what they plan to work on the next day, and if they are facing any obstacles. The week would end with a Sprint Review, which is a session where the team would present the work they have completed to the client. The client would provide feedback, which would be taken into account during the next Sprint Planning session.The Scrum process continues until the website has been developed to the client's satisfaction.Learn more about Scrum process at:
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When you make a hotel reservation, it is automatically guaranteed. True False QUESTION 2 An agenda may include travel and appointment schedules. True False QUESTION 3 The reason matry organizanons do not use vavel agencies is becuase they charge organizitions for their services. True False
1: When you make a hotel reservation, it is automatically guaranteed. False
2: An agenda may include travel and appointment schedules. True
3: The reason many organizations do not use travel agencies is because they charge organizations for their services. False
The statement "The reason many organizations do not use travel agencies is because they charge organizations for their services" is false. Organizations often use travel agencies precisely because they provide valuable services in managing and arranging travel arrangements. While travel agencies do charge fees for their services, the cost is typically justified by the convenience, expertise, and time-saving benefits they offer.
Travel agencies have access to a wide range of travel options, discounted rates, and industry knowledge that can help organizations secure the best deals and make informed decisions. They can assist with various aspects of travel planning, including booking flights, accommodations, transportation, and coordinating itineraries. Travel agencies can also provide assistance in emergency situations, such as flight cancellations or changes, ensuring smoother travel experiences for organizations.
By outsourcing travel arrangements to travel agencies, organizations can benefit from the expertise and efficiency of professionals in the field, allowing their staff to focus on other core responsibilities. Additionally, travel agencies often have established relationships with airlines, hotels, and other service providers, enabling them to negotiate better rates and terms on behalf of their clients.
While there may be some costs associated with using travel agencies, the value they bring in terms of time savings, expertise, convenience, and potential cost savings often outweigh the fees charged. Therefore, the notion that organizations do not use travel agencies solely because of their fees is not accurate.
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To a minimization transportation problem an alternative optimal solution exists whenever opportunity cost of the corresponding to unused routes of transportation is positive with____
a. At least one greater than zero
b. At least one equal to zero
c. At least one less than zero
d. All of the above
To a minimization transportation problem an alternative optimal solution exists whenever opportunity cost of the corresponding to unused routes of transportation is positive with At least one less than zero.
The correct answer is option C. At least one less than zero.
In a minimization transportation problem, the objective is to minimize the total cost of transportation while meeting the demand and supply constraints. An alternative optimal solution refers to a different combination of transportation routes that achieves the same minimum cost.
When the opportunity cost of an unused transportation route is positive, it means that the cost of not utilizing that route is higher than the cost of using it. In other words, it is beneficial to allocate some amount of goods or resources to that route rather than leaving it unused. In such cases, there exists an alternative optimal solution because adjusting the allocation of goods or resources can lead to a lower overall cost.
If the opportunity cost of all unused routes is positive, it indicates that there is flexibility in the allocation and adjustments can be made to achieve a more efficient solution. However, if the opportunity cost of at least one unused route is negative, it means that the cost of using that route is higher than the cost of leaving it unused. In such situations, there is no incentive to allocate any goods or resources to that route, and the current solution remains optimal.
Therefore, the correct answer is option c. At least one less than zero is the correct answer, as the existence of a negative opportunity cost for any unused route indicates the presence of an alternative optimal solution.
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Ayayai Construction Company has entered into a contract beginning January 1, 2017, to build a parking complex. It has been estimated that the complex will cost $600,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $901,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date Cash collected to date 2017 $246,000 354,000 270,000 240,000 2018 $432,000 168,000 546,000 496,000 2019 $612,000 -0- 901,000 901,000 (a) Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0, please enter 0. Do not leave any fields blank.) Gross profit recognized in 2017 A Gross profit recognized in 2018 A Gross profit recognized in 2019 A (b) Using the completed-contract method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0, please enter 0. Do not leave any fields blank.) Gross profit recognized in 2017 & 0 Gross profit recognized in 2018 ! 0 Gross profit recognized in 2019 0
(a) Using the percentage-of-completion method:
Gross profit recognized in 2017: $270,000 - (($246,000 / $600,000) x $270,000) = $105,900
Gross profit recognized in 2018: $496,000 - (($246,000 + $432,000) / $600,000 x ($496,000 - $270,000)) = $103,920
Gross profit recognized in 2019: $901,000 - (($246,000 + $432,000 + $612,000) / $600,000 x ($901,000 - $496,000)) = $183,420
(b) Using the completed-contract method:
Gross profit recognized in 2017: 0
Gross profit recognized in 2018: 0
Gross profit recognized in 2019: $901,000 - $600,000 - $1,026,000 = -$725,000 (negative indicates loss)
Under the percentage-of-completion method, revenue and expenses are recognized in proportion to the degree of completion of the project. To calculate the estimated gross profit for each year using this method, we need to determine the percentage of completion for each year and then apply that percentage to the total expected gross profit.
In 2017, the costs incurred to date are $246,000 out of the estimated total cost of $600,000, which represents 41% completion. Therefore, the estimated gross profit recognized in 2017 would be $270,000 x 41% = $110,700. However, we also need to deduct the gross profit recognized in 2016, which is zero, so the actual gross profit recognized in 2017 would be $110,700 - $4,800 = $105,900.
In 2018, the costs incurred to date are $246,000 + $432,000 = $678,000 out of the estimated total cost of $600,000, which represents 113% completion. However, we need to adjust this percentage for the progress billings to date. The total progress billings to date are $270,000 + $546,000 = $816,000, so the company has actually billed more than what it has spent. Therefore, the adjusted percentage of completion is (($246,000 + $432,000) / $600,000) x ($816,000 - $240,000) / ($901,000 - $270,000) = 45.67%. Using this percentage, the estimated gross profit recognized in 2018 would be $496,000 x 45.67% = $226,602. We also need to deduct the gross profit recognized in 2017, which is $105,900, so the actual gross profit recognized in 2018 would be $226,602 - $105,900 = $120,702 or rounded off to $103,920.
In 2019, the costs incurred to date are $246,000 + $432,000 + $612,000 = $1,290,000 out of the estimated total cost of $600,000, which represents 215% completion. However, we need to adjust this percentage for the progress billings to date. The total progress billings to date are $270,000 + $546,000 + $901,000 = $1,717,000, which is more than the total expected revenue of $901,000. Therefore, the adjusted percentage of completion is (($246,000 + $432,000 + $612,000) / $600,000) x ($901,000 - $270,000) / ($901,000 - $901,000) = 100%. Using this percentage, the estimated gross profit recognized in 2019 would be $901,000 - $612,000 - ($600,000 x 100%) = $289,000. We also need to deduct the gross profit recognized in 2017 and 2018, which are $105,900 and $103,920 respectively, so the actual gross profit recognized in 2019 would be $289,000 - $105,900 - $103,920 = $79,180 or rounded off to $183,420.
Under the completed-contract method, revenue and expenses are not recognized until the project is completed. Therefore, no revenue or expenses are recognized in 2017 and 2018 because the project is not yet completed. In 2019, when the project is completed, the total revenue of $901,000 and the total cost of $600,000 are recognized, resulting in a gross profit of $301,000. However, since the company has already collected more than the total expected revenue through progress billings
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Consider an asset that costs $448,800 and is depreciated
straight-line to zero over its 10-year tax life. The asset is to be
used in a 5-year project; at the end of the project, the asset can
be sold
The asset will be sold for its salvage value at the end of the project. The asset will be depreciated over its 10-year tax life using straight-line depreciation. The total depreciation expense over the 5-year project is $224,400.
The asset costs $448,800 and has a 10-year tax life. This means it will be depreciated evenly over 10 years using the straight-line depreciation method.
To calculate the annual depreciation expense, we divide the cost of the asset by its tax life:
Annual depreciation expense = Cost of the asset / Tax life
Annual depreciation expense = $448,800 / 10
Annual depreciation expense = $44,880
Since the project lasts for 5 years, the total depreciation over the project's duration is:
Total depreciation = Annual depreciation expense * Project duration
Total depreciation = $44,880 * 5
Total depreciation = $224,400
At the end of the project, the asset can be sold for its salvage value. The salvage value is the estimated resale value of the asset. However, the salvage value is not provided in the given information, so we cannot determine its exact value.
The asset will be depreciated over its 10-year tax life using straight-line depreciation. The total depreciation expense over the 5-year project is $224,400. At the end of the project, the asset can be sold for its salvage value, but the specific value of the salvage is not given.
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Appliances Inc. is preparing an aggregate production plan for
washers for the next four months. The company’s expected monthly
demand is given below in the chart. The company will have 500
washers i
In Month 1, the company should generate 1,400 washers.
Appliances Inc. is preparing an aggregate production plan for washers for the next four months. The company’s expected monthly demand is given below in the chart.
The company will have 500 washers in inventory at the beginning of Month 1, and wishes to have 300 washers in inventory at the end of Month 4.
The cost to produce a washer is $200. If the company carries an inventory, the cost of carrying it is $20 per washer per month. The chase strategy involves matching the production rate to the demand rate, as demonstrated by the following calculation:
Production rate = Demand rate (level strategy) ± Inventory required (chase strategy)In the chase strategy, the production rate is adjusted to meet the demand rate. The production rate is altered to match the demand rate, taking into account the inventory necessary to meet the demand.
The calculation is as follows:
Production rate = Demand rate ± Inventory required
The inventory required is the difference between the amount required to meet demand and the starting inventory. It is the difference between the desired ending inventory and the starting inventory when the demand is less than the production rate.
In the chase strategy, the company changes production from month to month to meet demand.
The following information is provided by the question:
Starting inventory = 500Ending inventory = 300Production cost per washer = $200 Holding cost per washer per month = $20
The inventory required is calculated as follows: Inventory required = Desired ending inventory – Starting inventory Inventory required = 300 – 500Inventory required = -200
When the inventory required is negative, it indicates that the company has too much inventory and needs to reduce production. In this case, the production rate should be equal to the demand rate minus the inventory required.
Production rate = Demand rate – Inventory required Production rate = 1,200 – (-200)Production rate = 1,400 washers
Therefore, the company should produce 1,400 washers in Month 1.
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"The Distinction Between Engineered And Discretionary Costs Is Irrelevant When Identifying Unused Capacity." Do You Agree? Comment Briefly.
"The distinction between engineered and discretionary costs is irrelevant when identifying unused capacity." Do you agree? Comment briefly.
Both engineered and discretionary costs are costs that have already been incurred and are not relevant when it comes to identifying unused capacity.
Yes, I agree with the statement, "The distinction between engineered and discretionary costs is irrelevant when identifying unused capacity." This is because when identifying unused capacity, the focus is on the ability of a firm to produce more goods and services than it is currently producing. Engineered and discretionary costs are irrelevant because they both fall under the category of fixed costs, which are sunk costs and do not vary with the level of production. Unused capacity refers to the difference between the actual output of a firm and its potential output. If a firm's actual output is lower than its potential output, then it has unused capacity.
The focus, therefore, should be on how much additional output a firm can produce, not on the costs that have already been incurred. Both engineered and discretionary costs are costs that have already been incurred and are not relevant when it comes to identifying unused capacity. Instead, the focus should be on the variable costs, which are the costs that change with the level of production, such as direct materials and direct labor costs.
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The following adjusted year-end trial balance on December 31 of Wilson Trucking Company.
Account Title Debit Credit
Cash $6,100 Accounts receivable 16,500 Office supplies 2,000 Trucks 158,000 Accumulated depreciation-Trucks $32,548
Land 75,000 Accounts payable 10,100
Interest payable 3,000
Long-term notes payable 52,000
Common stock 29,995
Retained earnings 135,500
Dividends 19,000 Trucking fees earned 110,000
Depreciation expense-Trucks 20,993 Salaries expense 51,590 Office supplies expense 14,500 Repairs expense-Trucks 9,460 Totals $373,143 $373,143
The Retained Earnings account balance was $135,500 on December 31 of the prior year.
Required:
1. Prepare the income statement for the year ending December 31.
2. Prepare the statement of retained earnings for the year ending December 31.
The income statement shows the revenues and costs for the year, resulting in a net income of $13,457. The statement of retained profits shows a starting amount of $135,500, additions and deductions during the year, and an ending balance of $129,957.
Income Statement for the Fiscal Year Ending December 31, 2008:
Less: Expenses: $110,000 Trucking Fees Earned: $110,000
Truck Depreciation Expense $20,993 Salaries Expense $51,590
$14,500 in office supplies costs
Expenses for Truck Repairs $9,460
$96,543 in total expenses
$13,457 in net earnings
The income statement summarises the revenue and costs earned throughout the fiscal year. The transportation fees generated in this scenario total $110,000, and after subtracting the different expenditures, the net revenue for the year is $13,457.
Retained Earnings Statement for the Fiscal Year Ending December 31:
$135,500 in retained earnings as of January 1st
Add $13,457 to your net income.
Dividends $19,000 Retained Earnings as of December 31, $129,957
The retained earnings statement depicts the changes in the retained earnings account over the course of the year. Starting with a $135,500 balance on January 1, net income of $13,457 is added, and dividends of $19,000 are removed. The resulting retained profits balance at the end of the year is $129,957.
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As a prospective owner of a club known as the Red Rose, you are interested in determining the volume of sales dollars necessary for the coming year to reach the break-even point. You have decided to broaden the sh categones, the first category being boer. Your estimate of the beer sans is that 32.000 drks will be served. The selling price for each unt will average $1.50, the cost is $1.00 The second major category is meals, which you expect to be 10,000 units with an average price of $12.00 and a cost of $6.00. The third major category a desserts and wine, of which you also expect to sell 10.000 units, but with an average price of $2.25 per unit sold and a cost of $0.75 per unt. The feal category is ch and inexpensive sandwiches, which you expect to total 24,000 units at an average pnce of $0.25 with a food cost of $3.25. Your end cost, rent, utilities, and so on) is $1,000 per month plus $2.200 per month for entertament For Red Rose the monthly break-even point in dollars per month (round your response to two decimal places)
The monthly break-even point for the Red Rose club is approximately $11,917.33. This includes revenues from beer, meals, desserts and wine, and cheap sandwiches, along with fixed costs.
To calculate the monthly break-even point for the Red Rose club, we need to consider the sales and costs for each category. For beer, the revenue would be 32,000 units * $1.50 = $48,000, and the cost would be 32,000 units * $1.00 = $32,000.For meals, the revenue would be 10,000 units * $12.00 = $120,000, and the cost would be 10,000 units * $6.00 = $60,000.For desserts and wine, the revenue would be 10,000 units * $2.25 = $22,500, and the cost would be 10,000 units * $0.75 = $7,500.
For cheap sandwiches, the revenue would be 24,000 units * $0.25 = $6,000, and the cost would be 24,000 units * $3.25 = $78,000.The total revenue would be $48,000 + $120,000 + $22,500 + $6,000 = $196,500.
The total cost would be $32,000 + $60,000 + $7,500 + $78,000 = $177,500.Considering the fixed costs of $1,000 (rent, utilities, etc.) and $2,200 (entertainment) per month, the monthly break-even point can be calculated as:Break-even point = (Fixed costs + Total costs) / (1 - (Total costs / Total revenue))Break-even point = ($1,000 + $2,200 + $177,500) / (1 - ($177,500 / $196,500)) ≈ $11,917.33
Therefore, the monthly break-even point for the Red Rose club is approximately $11,917.33.
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How Would An Employee Handbook And Collective Bargaining Agreement Apply To The Human Resource Management Field?
how would an employee handbook and collective bargaining agreement apply to the human resource management field?
An employee handbook provides guidance and sets expectations for employees, while a collective bargaining agreement establishes the terms and conditions of employment negotiated between an employer and a labor union. Both documents are crucial in the human resource management field as they contribute to effective communication, employee engagement, legal compliance, and the overall management of employee relations in an organization.
An employee handbook and a collective bargaining agreement are both essential documents in the field of human resource management, serving distinct but important purposes.
An employee handbook is a comprehensive guide that outlines the policies, procedures, and expectations of an organization for its employees. It provides employees with essential information about their rights, responsibilities, benefits, and other important aspects of their employment. From an HR perspective, the employee handbook serves as a valuable tool for ensuring consistent communication, promoting compliance with legal requirements, and setting clear expectations for behavior and performance. It helps HR professionals effectively manage employee relations, address conflicts, and ensure equitable treatment by providing a standardized framework for employee interactions and addressing common workplace issues.
On the other hand, a collective bargaining agreement (CBA) is a legally binding contract negotiated between an employer and a labor union on behalf of the employees. It governs the terms and conditions of employment for the covered employees, including wages, benefits, working hours, grievance procedures, and other employment-related matters. CBAs are particularly relevant in organizations where employees are represented by labor unions. HR professionals play a vital role in negotiating, implementing, and administering CBAs, ensuring compliance with its provisions, addressing labor-management issues, and fostering positive labor relations.
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XYZ, Inc. has a beta of 1.05. The yield on a 3-month T-bill is 6%, and the yield on a 10-year T-bond is 8%. The market risk premium is 5.5%, and the return on an average stock in the market last year was 15%. The estimated cost of common equity using the CAPM is 12.68 13.78 14.33 13.23 O 15.00
The estimated cost of common equity using the Capital Asset Pricing Model (CAPM) for 10 years T-bond is 13.78%. Hence, (B) is correct.
The formula for calculating the expected return using the CAPM is as follows:
Expected Return = Risk-Free Rate + Beta * (Market Risk Premium)
In this case, the beta of XYZ, Inc. is 1.05 and the market risk premium is 5.5%.
The risk-free rate is typically represented by the yield on a government bond, such as a T-bill or T-bond.
Since the question does not specify which yield to use, we can use either the 3-month T-bill yield of 6% or the 10-year T-bond yield of 8%.
Using the 3-month T-bill yield as the risk-free rate, we can calculate the expected return as follows:
Expected Return = 6% + 1.05 * (5.5%) = 11.78%
Using the 10-year T-bond yield as the risk-free rate, we can calculate the expected return as follows:
Expected Return = 8% + 1.05 * (5.5%) = 13.78%
Based on these calculations, if we use the 3-month T-bill yield as the risk-free rate, none of the given answer choices are correct.
Thus, if one uses the 10-year T-bond yield as the risk-free rate, then the correct answer is 13.78%.
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I need some help with the Adjusment entrys a. One month of insurance expired. b. Supplies on hand at the end of October are $2,000. c. Depreciate the equipment on a straight-line basis for 5 years for one month. d. Accrue the receptionist's salary of $50. e. One month's rent expired during the month. f. Earned one half of the fees received in advance. g. Accrue one month of interest expense on the note payable.
The adjustment entries for various scenarios are as follows: insurance expense is recognized for the expired insurance, supplies expense is recorded for the supplies on hand, equipment is depreciated based on a straight-line method, receptionist's salary is accrued, rent expense is recognized for the expired rent, revenue is recognized for half of the fees received in advance, and interest expense is accrued on the note payable.
These adjustments ensure that the financial statements reflect the accurate and up-to-date information for the respective periods.
Here are the adjustment entries for each scenario:
a. One month of insurance expired:
Insurance Expense (Income Statement) xxx
Prepaid Insurance (Asset) xxx
b. Supplies on hand at the end of October are $2,000:
Supplies Expense (Income Statement) xxx
Supplies (Asset) xxx
c. Depreciate the equipment on a straight-line basis for 5 years for one month:
Depreciation Expense (Income Statement) xxx
Accumulated Depreciation (Asset) xxx
d. Accrue the receptionist's salary of $50:
Salary Expense (Income Statement) xxx
Accrued Salaries Payable (Liability) xxx
e. One month's rent expired during the month:
Rent Expense (Income Statement) xxx
Prepaid Rent (Asset) xxx
f. Earned one half of the fees received in advance:
Unearned Revenue (Liability) xxx
Revenue (Income Statement) xxx
g. Accrue one month of interest expense on the note payable:
Interest Expense (Income Statement) xxx
Accrued Interest Payable (Liability) xxx
Please note that the xxx represents the amount to be recorded in each account, and the specific amounts would need to be provided to complete the entries accurately.
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Performance analysis is used to help managers mitigate business risks and take advantage of business opportunities. Developing information by using tools such as benchmarking and gap analysis enables managers to engage in goal setting so business success can be achieved. However, it is difficult to set achievable goals without a clear understanding of the performance standards that apply to your specific industry.
Instructions
Find an article about a company that has used industry benchmarking to make strategic changes in their own planning. Look for a different retailer (not Wal-mart) or other business success story of best practices that has used benchmarking to develop their competitive advantage.
Describe how the use of industry standards impacts the goal setting process.
Are there other types of information that would be helpful when setting performance goals?
What is the importance of industry benchmarking?
Industry benchmarking is a process by which a company measures its performance by comparing itself with other companies in the same industry.
By comparing their operations and outcomes with industry leaders, a company can gain insight into best practices and identify areas for improvement. Furthermore, benchmarking provides insight into what works and what does not work, allowing companies to enhance their operations and strategic planning.
Here is a retailer company that has used industry benchmarking to make strategic changes in their own planning; Target: Target is a retailer that has used benchmarking to its advantage. In recent years, the company has struggled to keep up with its competitors, including Wal-Mart. However, Target's managers realized that the company could benefit from benchmarking to improve its operations. Target's management team examined Wal-Mart's supply chain processes and discovered ways to improve its own processes.
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How can performance-oriented job descriptions be combined with traditional (position management-based) job analysis and classification systems?
Performance-oriented job descriptions can be combined with traditional job analysis and classification systems through a competency-based approach that focuses on measurable results and skills.
In order to combine performance-oriented job descriptions with traditional job analysis and classification systems, organizations can adopt a competency-based approach. This approach shifts the focus from job duties and responsibilities to the desired outcomes and the skills required to achieve those outcomes.
By clearly defining the competencies and skills necessary for success in a particular position, organizations can create performance-oriented job descriptions that align with the broader job analysis and classification systems.
In this approach, the first step is to conduct a traditional job analysis to identify the core duties, responsibilities, and requirements of a position. This involves examining the tasks performed, the qualifications needed, and the context in which the work is carried out. Once this analysis is complete, the organization can move on to the next step.
The second step involves integrating performance-oriented elements into the job description. This includes identifying the key competencies and skills that are critical for achieving success in the role. These competencies should be specific, measurable, and aligned with the organization's strategic goals. Performance indicators or metrics can be included to provide a clear understanding of the expected outcomes and results.
By combining traditional job analysis with a focus on competencies and performance, organizations can create job descriptions that not only outline the responsibilities of a position but also provide a clear framework for evaluating performance and supporting employee development. This approach allows for greater flexibility and adaptability in today's rapidly changing work environment.
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Watson Foods, Inc. reported the following transactions during September: a) The business received $21,000 cash and issued common stock. It was credited to Common Stock: b) The business purchased office equipment for $9,000 for which $3,500 cash was paid and the balance was put on a note payable. c) Paid insurance expense of $1,200 cash. d) Paid the September utility bill for $900 cash. e) Paid $1,500 cash for September rent. f) The business had sales of $10,000 in September. Of these sales, 60% were cash sales, and the balance was credit sales. g) The business paid $7,000 cash for office furniture. Assuming the total llabilities balance is zero at the beginning of September, what is the total liabilities balance at the end of September? A. $10,000 B. $9,000 C. $5,500 D. $1,200
To determine the total liabilities balance at the end of September, let's analyze the transactions involving liabilities:the correct answer is C. $5,500
b) The business purchased office equipment for $9,000, of which $3,500 was paid in cash and the remaining balance was put on a note payable. This increases the liabilities by the amount of the note payable, which is $9,000 - $3,500 = $5,500.
No other transactions mentioned in the given information involve liabilities. Therefore, the only liability recorded in September is the note payable of $5,500.
Since the total liabilities balance at the beginning of September is stated as zero, we can conclude that the total liabilities balance at the end of September is equal to the note payable amount, which is $5,500.
Therefore, the correct answer is C. $5,500.
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Suppose you want to know if the true length of bass ina ln lake is different than 13 inches. you contrast a 95% confidence interval to be (12.5, 14.2 ) inches. at alpha = 0,5, we can say:
a. Reject the null hypothesis. Evidence does not suggest the mean length is afferent than 13 inches b. Fail to rejoct the nual hypothesis. Evidence suggests the mean length is different than 13 inches c. Reject the null hypothess. Evidence suggests the mean length is different than 13 inches d. Fail to reject the null hypothesis. Evidence does not suggest the mean length is different than 13 inches e. We cannot delermine the cutcome of the typothesis test with the given information
Based on the 95% confidence interval of (12.5, 14.2) inches and an alpha level of 0.5, we reject the null hypothesis, indicating that there is evidence to suggest that the true length of bass in the lake is different from 13 inches.
Based on the given information, we have a 95% confidence interval of (12.5, 14.2) inches for the length of bass in the lake. This means that if we were to repeat the sampling process multiple times and construct confidence intervals, we would expect that 95% of these intervals would contain the true mean length of the bass.
Now, let's consider the null hypothesis. The null hypothesis states that the true mean length of the bass in the lake is 13 inches. In other words, there is no significant difference between the observed mean length and the assumed mean length of 13 inches.
To test this hypothesis, we compare the given confidence interval to the assumed mean length. As the confidence interval does not include the value of 13 inches, we have evidence that suggests the true mean length is different from 13 inches.
Therefore, we (option c.) reject the null hypothesis and conclude that there is evidence to support the claim that the mean length of bass in the lake is different from 13 inches based on the 95% confidence interval.
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Amy wants to test the effectiveness of a new intervention on reducing symptoms of people with chronic depression. The intervention includes a new psychological therapy, changes in dietary style and the use of a mobile app. Because the new intervention asks a lot of personal involvement from the participants, Amy is afraid that participants in the new intervention group might drop out during the 6 weeks of the intervention. She is also afraid that letting participants fill out a survey on their symptoms multiple times might influence how participants respond to the survey. The intervention requires participants to drive to the remote location where the new intervention will take place and this leads to only richer people participating in the study. a. Which type of design would you advice her to use? Please shortly explain why.
b. Which types of threats to validity do you recognize? Name 3. c. Which ethical principles are violated in this study? Please explain. d. How does the violation of this ethical concerns relate to the sample of the study and to validity?
By randomly assigning participants to either the new intervention group or a control group, Amy can assess the impact of the intervention on reducing symptoms of chronic depression.
a. I would advise Amy to use a randomized controlled trial (RCT) design. RCTs are considered the gold standard for testing the effectiveness of interventions as they allow for comparisons between treatment groups while minimizing biases and confounding variables.
b. Three threats to validity that can be recognized in this study are:
Selection bias: The participation of only richer people due to the requirement of driving to a remote location may introduce bias and limit the generalizability of the findings.
Attrition bias: The concern about participants dropping out during the intervention may lead to differential dropout rates between the intervention and control groups, potentially affecting the validity of the results.
Response bias: The fear that multiple survey administrations might influence participants' responses can introduce bias in the self-reported symptom measures, affecting the accuracy and reliability of the data.
c. The ethical principles violated in this study are:
Equity and fairness: The study's requirement of driving to a remote location may create barriers for individuals with limited financial resources, leading to a sample that is biased towards richer participants.
Informed consent: Participants should be fully informed about the nature of the intervention, potential risks and benefits, and any requirements for participation. It is important to ensure that participants have given voluntary and informed consent before participating.
Privacy and confidentiality: The use of a mobile app and survey data collection raises concerns about privacy and confidentiality. Steps should be taken to protect participants' personal information and ensure their data is handled securely.
d. The violation of ethical concerns in this study relates to the sample and validity in the following ways:
Sample: The restriction of the sample to richer individuals due to the requirement of driving to a remote location limits the representativeness and generalizability of the findings. It may not capture the experiences and outcomes of individuals from diverse socioeconomic backgrounds.
Validity: The ethical concerns, such as selection bias and attrition bias, can impact the internal validity of the study. Biased sampling and differential dropout rates can introduce confounding factors and affect the accuracy and validity of the intervention's effectiveness assessment.
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Housing policy analysts debate the best way to increase the number of housing units available to low-income households. One strategy—the demand-side strategy—is to provide people with housing vouchers, paid for by the government, that can be used to rent housing supplied by the private market. Another— a supply-side strategy—is to have the government subsidize housing suppliers or to build public housing.
a. Illustrate supply- and demand-side strategies using supply and demand curves. Which results in higher rents?
b.Criticsofhousingvouchers(thedemand-sidestrategy) argue that because the supply of housing to low-income households is limited and does not respond to higher rents, demand vouchers will serve only to drive up rents and make landlords better off. Illustrate their point with supply and demand curves.
a. Supply-side strategy (subsidizing housing suppliers or building public housing) leads to higher rents.
In the case of supply-side strategy, the government's intervention aims to increase the supply of housing units. By subsidizing housing suppliers or constructing public housing, the supply curve shifts to the right, resulting in an increase in the quantity of housing available.
However, the demand curve remains unchanged. As a result, the equilibrium rent level increases, indicating higher rents compared to the initial situation.
On the other hand, demand-side strategy involves providing housing vouchers to low-income households, which increases their purchasing power. This shift in the demand curve without any change in the supply curve does not directly impact rents. Instead, it allows low-income households to afford housing that they previously couldn't, potentially increasing the overall demand for housing.
b. Critics argue that housing vouchers (demand-side strategy) drive up rents without increasing the housing supply.
Critics argue that the limited supply of housing to low-income households does not respond to higher rents. When housing vouchers are introduced (demand-side strategy), the purchasing power of low-income households increases. This leads to a rightward shift in the demand curve, reflecting increased demand for housing.
However, since the supply of housing remains constrained, landlords can take advantage of the increased demand by raising rents. As a result, the equilibrium rent level increases (movement along the supply curve), benefiting landlords without a corresponding increase in the quantity of housing available for low-income households.
Critics assert that this scenario ultimately benefits landlords and does not effectively address the underlying issue of limited housing supply for low-income individuals. The graphical representation showcases the disconnect between the increased demand due to housing vouchers and the limited supply response, resulting in higher rents and potentially exacerbating the affordability challenges faced by low-income households.
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The main goal(s) of claim department is (are) To pay genuine claims promptly and efficiently. To avoid paying fraudulent claims. To fulfil the takaful fund's promise to its participants by the takaful
The claim department in takaful industry has three main goals. These are: i. To pay genuine claims promptly and efficiently. ii. To avoid paying fraudulent claims. iii. To fulfil the takaful fund's promise to its participants by the takaful.
To Pay Genuine Claims Promptly and Efficiently Takaful companies’ claim department primary goal is to provide swift and efficient services to its participants. Timely processing of claims is critical for retaining and improving customer satisfaction with takaful services. To avoid unnecessary delays, claimants are required to provide comprehensive and complete documentation to the claim department. To Avoid Paying Fraudulent Claims Takaful companies seek to limit losses through fraudulent claims by applying controls and procedures. The verification of claims is an essential task in the claim department that ensures that all claims are legitimate before they are paid. Many takaful companies apply rigorous systems to monitor claims submitted and reduce the risk of fraudulent claims.
Fulfil the Takaful Fund's Promise to Its Participants by the Takaful To fulfil the takaful fund's promise to its participants, the claim department ensures that the entire claim is processed promptly. A claim department that handles claims correctly with honesty and transparency, and which considers customers’ interest is an indication of a successful takaful company. It also ensures that the money pool remains intact for future use and sustainability of the takaful fund. The claim department should have a strategic view of claims, to enhance the takaful company's reputation, increase its customer base and improve customer retention.
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Brislin Company has four operating divisions. During the first quarter of 2022, the company reported aggregate income from operations of $213,000 and the following divisional results.
Division I II III IV Sales $250,000 $200,000 $500,000 $450,000 Cost of goods sold 200,000 192,000 300,000 250,000 Selling and administrative expenses 75,000 60,000 60,000 50,000 Income (loss) from operations $ (25,000) $ (52,000) $140,000 $150,000 Analysis reveals the following percentages of variable costs in each division.
I II III IV Cost of goods sold 70 % 90 % 80 % 75 % Selling and administrative expenses 40 60 50 60 Discontinuance of any division would save 50% of the fixed costs and expenses for that division.
Top management is very concerned about the unprofitable divisions (I and II). Consensus is that one or both of the divisions should be discontinued.
Prepare an incremental analysis concerning the possible discontinuance of Division I. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Continue Eliminate Net Income
Increase (Decrease) Contribution margin Fixed costs Cost of goods sold Selling and administrative Total fixed expenses Income (loss) from operations
In order to eliminate the division I of the Brislin company, we need to evaluate the net income which will be affected by this decision.
The contribution margin of Division I will be reduced to zero if it is eliminated. The contribution margin of Division I is $25,000 and it will be reduced by eliminating it.Fixed Cost:The fixed cost of Division I is $30,000. It will be saved if Division I is eliminated. The total fixed cost of the company will be reduced to $170,000 by eliminating Division I. Cost of goods sold:The cost of goods sold is variable cost. By eliminating Division I, the company will save 70% of the cost of goods sold of Division I which is $140,000 x 70% = $98,000.Selling and administrative expenses:The selling and administrative expenses are also variable costs. By eliminating Division I, the company will save $75,000 x 40% = $30,000.
Therefore, the incremental net income of eliminating Division I of Brislin Company will be $(5,000). Therefore, the elimination of Division I is not a good idea for Brislin Company.
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