According to the given information, Cost of Goods Manufactured Schedule
Direct Materials:
Raw Materials Inventory (October 31): $38,000
Raw Materials Purchases: $184,500
Total Direct Materials: $222,500
Direct Labor: $82,000
Manufacturing Overhead:
Indirect Materials: $17,500
Indirect Labor: $48,000
Factory Supplies: $10,800
Factory Utilities: $10,200
Repairs – Factory Equipment: $4,500
Depreciation – Factory Equipment: $16,800
Rent – Factory Equipment: $47,000
Property Tax on Factory: $5,500
Total Manufacturing Overhead: $151,000
Total Manufacturing Costs: $455,500
Cost of Goods Sold Schedule
Finished Goods Inventory (October 31): $72,550
Cost of Goods Manufactured: $455,500
Total Cost of Goods Available for Sale: $528,050
Finished Goods Inventory (November 30): $68,800
Cost of Goods Sold: $459,250
Income Statement
Sales: $1,350,000
Cost of Goods Sold: $459,250
Gross Profit: $890,750
Operating Expenses:
Advertising Expense: $54,000
Depreciation – Office Equipment: $2,400
Office Supplies Expense: $1,600
Other Administrative Expenses: $72,000
Sales Commissions: $40,500
Salaries: $325,000
Total Operating Expenses: $495,500
Net Operating Income: $395,250
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a. Calculate the amount of service revenue earned as of December 31. b. Prepare the adjusting journal entry required at December 31. Question 13 (3 points) On November 20, ACME Corporation received $8,000 cash in advance from various customers for services starting December 1 . At December 31,$2,700 of those services had not yet been provided. ACME Corporation has a December 31 year-end and adjusted its accounts annually. REQUIRED: a. Calculate the amount of service revenue earned as of December 31. b. Prepare the adjusting journal entry required at December 31 .
A. Calculation of service revenue earned as of December 31 is as follows:
On November 20, ACME Corporation received $8,000 cash in advance from various customers for services starting December 1. By December 31, $2,700 worth of services had not yet been performed, leaving $5,300 of services that had been performed.
The amount of service revenue earned as of December 31 is $5,300.
B. The adjusting journal entry required at December 31 is as follows:
As ACME Corporation received $8,000 in advance, it would record this transaction under Unearned Service Revenue. Since $5,300 has already been provided, ACME must adjust its accounts by reclassifying $5,300 from Unearned Service Revenue to Service Revenue.
According to the accrual basis of accounting, revenue must be recognized when earned rather than when received. Therefore, the adjusting journal entry for service revenue earned for the year would be:
December 31 Service Revenue $5,300
Unearned Service Revenue $5,300
Service revenue that has been earned will be debited and Unearned service revenue will be credited.
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MFB Bhd. (MFB) manufactures cables and has a factory and four offsite storage locations for finished goods. MFB's year end was 30 November 2021. The final audit is almost complete and the financial statements and audit report are due to be signed next week. Revenue for the year is RM55 million and profit before taxation is RM5.6 million. The following cases have occurred subsequent to the year end. No amendments or disclosures have been made in the financial statements. Case 1 - Defective cables MFB undertakes extensive quality control checks prior to dispatch of any cables. Testing on 3 December 2021 found that a batch of cables produced in November 2021 was defective. The cost of this batch was RM1.85 million. In its current condition it can be sold at a scrap value of RM0.3 million. The costs of correcting the defect are too significant for MFB's management to consider this an alternative option. Case 2 - Explosion An explosion occurred at the smallest of the four offsite storage locations on 20 December 2021. This resulted in some damage to inventory and property, plant and equipment. MFB's management has investigated the cause of the explosion and believes that they are unlikely to be able to claim on their insurance. Management of MFB has estimated that the value of damaged inventory and property, plant and equipment was RM0.7 million and it now has no scrap value. Case 3 - Unauthorisation payment It was discovered authorization had not been gained for the purchase of land with a cost of RM715,000 on 19 September 2021. The officer in charge of the purchase claimed that the management of MFB has conveyed their agreement with the purchase in the management team monthly meeting on 20 November 2021, but the audit team has not been furnished with such minutes of meeting even after numerous requests. Case 4 - Inconsistency accounting method The audit team also has also raised concern on the inconsistent application of depreciation policy on some of the PPE, which has resulted in some of the PPE appeared to be inadequately provided for depreciation. Discussion with the management of MFB revealed that the management is aware of the issue, but their justification of doing so is to alleviate the adverse effect towards the company's profit. Furthermore, the management has made it clear that all changes on the depreciation policy have been disclosed in the notes to the account. Case 5 - Under estimation In the previous years, the company purchased several landed properties and rent them out as a source of their rental income. The properties have been revalued at the year-end in accordance with FRS 140 - Investment Property. As at 30 November 2021, the properties have been recognised on the balance sheet at a fair value of RM6.3 million, and the total assets are RM115.2 million. An external valuer has been appointed to determine fair value for each property. However, it has come to your knowledge that the valuer has just recently established its service in October 2021. Required: a. Explain whether the financial statements for each of the above cases require amendment. (10 marks) b. Describe audit procedures that should be performed in order to form a conclusion on any required amendment.
a. Explanations as to whether the financial statements for each of the cases require amendment are presented below.
b. Descriptions of the audit procedures to form a conclusion on any required amendment are also presented below:
Explanations as to whether the financial statements for each of the above cases require amendmenta. Explanation of whether the financial statements for each of the above cases require amendment:
1. Defective cables: The financial statements should be amended to reflect the RM1.85 million cost of the defective cables and the RM0.3 million scrap value. This will result in a loss of RM1.55 million being recognized in the income statement.
2. Explosion: The financial statements should be amended to reflect the RM0.7 million loss in inventory and property, plant, and equipment. This will result in a loss of RM0.7 million being recognized in the income statement.
3. Unauthorization payment: The financial statements should be amended to reflect the RM715,000 cost of the land purchase that was made without proper authorization. This will result in an increase in assets of RM715,000 and a decrease in retained earnings of RM715,000.
4. Inconsistency accounting method: The financial statements should be amended to correct any inconsistencies in the application of the depreciation policy. This will result in an adjustment to the carrying value of the affected assets, which will impact the income statement and balance sheet.
5. Under estimation: If the external valuer's lack of experience raises concerns about the reliability of the valuation, the financial statements should be amended to reflect a more conservative valuation of the investment properties. However, if the auditor is satisfied with the valuer's credentials and work performed, no amendment is required.
b. Audit procedures that should be performed in order to form a conclusion on any required amendment:
1. Defective cables: The auditor should review the quality control procedures followed by MFB and assess whether they were adequate in identifying and preventing defective cables. The auditor should also assess the appropriateness of the decision not to correct the defect and whether it was made in accordance with relevant accounting standards.
2. Explosion: The auditor should assess the cause of the explosion and review MFB's insurance policy to determine whether the loss is covered. If the auditor agrees with management's assessment that the loss is not covered by insurance, the auditor should assess the appropriateness of the loss estimate provided by management.
3. Unauthorization payment: The auditor should review MFB's authorization process for capital expenditures and determine whether the purchase of land without proper authorization is a material weakness in internal control. The auditor should also review the minutes of the management team meeting to determine whether the purchase was actually authorized.
4. Inconsistency accounting method: The auditor should assess whether the inconsistency in the application of the depreciation policy is material and whether the disclosures in the notes to the account are sufficient. The auditor should also assess whether the justification provided by management is reasonable and whether it is consistent with relevant accounting standards.
5. Under estimation: The auditor should assess the credentials and work performed by the external valuer and determine whether the valuation of the investment properties is reliable. The auditor should also assess whether the fair value disclosed in the financial statements is reasonable given the valuer's lack of experience.
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Based on the nature, the products can be classified into goods and services. However, regardless of whether the end product is a good or service, all activities that happen within the scope of organization are often viewed as a set of operations. Mr. Quarts and his team are expert in marketing but they want to open a manufacturing firms producing textile and garments in Arusha. They decided to consult you as MBA graduate studied Operations Management for advice on decisions they will make to ensure the plant is in operations in order to attain competitive advantage and become sustainable in this industry.
REQUIRED:
i. Describe Operations Management using Input- Process Output Model
ii. By giving examples, describe A ny F ive (5) critical decisions that Operations M anagers must have to
make in their organizations .
iii. Advise them on characteristics that will determine the sustainability of a this new plant distinctive competency:
iv. Explain why Operations Management(OM) decisions are strategic decisions
i. Operations Management is the process of converting inputs into outputs using various resources such as labor, machines, and materials. It involves planning, organizing, controlling, and supervising activities to produce goods and services that meet customer needs.
The Input-Process-Output (IPO) model provides a framework for understanding the basic elements of operations management, which include inputs such as raw materials, machines, and labor; the process of transforming inputs into outputs; and outputs such as finished goods or services.
ii. Operations Managers must make critical decisions in their organizations, including decisions related to product design, process design, capacity planning, quality control, and inventory management.
For example, product design decisions may involve selecting the right materials and designing products that are easy to manufacture and meet customer needs. Process design decisions may involve determining the most efficient way to transform inputs into outputs, such as using lean manufacturing techniques.
Capacity planning decisions may involve forecasting demand and determining the optimal level of resources needed to meet that demand.
Quality control decisions may involve implementing quality control processes to ensure that products meet customer expectations. Inventory management decisions may involve determining the optimal level of inventory to hold in order to meet demand while minimizing costs.
iii. Sustainability in manufacturing requires a focus on reducing waste and improving efficiency, as well as investing in technology and innovation.
To achieve distinctive competency, the plant should focus on producing high-quality products that meet customer needs while minimizing waste and maximizing efficiency. They should also focus on implementing sustainable practices, such as reducing energy consumption and using environmentally friendly materials.
iv. Operations Management decisions are strategic decisions because they impact the overall performance of the organization.
These decisions determine the effectiveness and efficiency of the production process, which in turn affects the ability of the organization to meet customer needs and achieve competitive advantage.
Strategic decisions related to operations management can include selecting the right technology, investing in training and development, and implementing quality control processes to improve the overall quality of products and services.
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which of the following is not one of the benefits top-level executives at both lafarge and holcim hoped to realize through the integration of their operations? a. increasing market share in europe b. creating the most balanced and diversified portfolio in their market c. generating well over $1 billion in annual cost savings d. melding holcim's marketing strengths with lafarge's innovation capabilities
The following is not one of the benefits of top-level executives at both Lafarge and Holcim hoped to realize through the integration of their operations: increasing market share in Europe.
The motive behind the integration of their operations was to further strengthen their market presence, diversify their product offerings, reduce costs, and optimize the efficiency of their operations.
The benefits of top-level executives at both Lafarge and Holcim hoped to realize through the integration of their operations are given below:
Creating the most balanced and diversified portfolio in their market. In the European market, the integration of Lafarge and Holcim is likely to create the most balanced and diversified portfolio. By combining Holcim's dominant position in the emerging markets and Lafarge's strong presence in the mature markets, they plan to create an unparalleled global network of cement plants, R&D centers, distribution systems, and other assets. Generating well over $1 billion in annual cost savings: The integration of Lafarge and Holcim is expected to generate annual cost savings of more than $1 billion, primarily through increased purchasing power, streamlined logistics, and shared services. This will make their operations more efficient and provide a competitive advantage over rivals. Melding Holcim's marketing strengths with Lafarge's innovation capabilities: The integration of Lafarge and Holcim aims to combine the marketing expertise of Holcim with Lafarge's cutting-edge innovation capabilities, resulting in a best-in-class approach to the market. This will enable them to provide superior value to their customers, which will result in higher sales and profits. Increasing market share in Europe.The motive behind the integration of their operations was to further strengthen their market presence, diversify their product offerings, reduce costs, and optimize the efficiency of their operations.
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How would you ensure that all data collected were routinely
analyzed and synthesized?
To ensure that all data collected is routinely analyzed and synthesized, it is essential to establish a clear and structured data management plan. Here are some steps that can be taken to achieve this:
Define data collection methodsEstablish a data storage systemDevelop data analysis planAssign roles and responsibilitiesEstablish a timelineRegularly review progressExplanation of the steps to ensure that all data collected is routinely analyzed and synthesized:
Define data collection methods: Determine the data collection methods that will be used, such as surveys, interviews, observations, or secondary data sources. Establish protocols for data collection, including quality control measures to ensure data accuracy and completeness.Establish a data storage system: Develop a system for storing data that is secure, accessible, and organized. Consider using cloud-based storage or a database management system to facilitate data sharing and collaboration.Develop data analysis plan: Develop a plan for analyzing the data, including the software or tools that will be used, and the criteria for data synthesis. Define the analysis process and establish protocols for data cleaning, transformation, and normalization.Assign roles and responsibilities: Clearly define the roles and responsibilities of team members involved in data collection and analysis. Ensure that team members are trained and have the necessary skills to perform their tasks effectively.Establish a timeline: Develop a timeline for data analysis and synthesis, taking into account the project's objectives and the volume and complexity of the data. Ensure that milestones are established and met to avoid delays.Regularly review progress: Review progress regularly to ensure that data is being collected and analyzed according to the established plan. Establish protocols for data validation and verification to ensure that the results are reliable and valid.Learn more about data collected:
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Help
(Stock dividends)
In the spring of 2016, the CFO of HTPL Distributing Company decided to distribute a stock dividend to its shareholders.Specifically, the CFO proposed that the company pay 0.050.05 shares of stock to the holders of each share of common stock such that the holder of 1,000 shares of stock would receive an additional 5050 shares of common stock. a. If the firm had total net income for the year of $ 12 comma 000 comma 000$12,000,000 and had 21 comma 000 comma 00021,000,000 shares of common stock outstanding before the stock dividend, what was the firm's earnings per share?
b. After paying the stock dividend, what was the firm's earnings per share?
c. If you owned 1,000 shares of stock before the stock dividend, how many dollars of earnings did the firm earn from your 1,000-share investment? After the stock dividend waspaid, how many dollars of earnings did the firm earn on your larger share holdings? What effect would you expect from the payment of the stock dividend on your total investment in the firm?
a. To calculate the earnings per share before the stock dividend, we divide the total net income of the firm by the number of shares outstanding:
Earnings per share before the stock dividend = $12,000,000 / 21,000,000 = $0.57 per share
b. After the stock dividend, the total number of shares outstanding will increase by 0.05 shares for each share owned, so the new number of shares outstanding will be:
New number of shares outstanding = 21,000,000 + (0.05 * 21,000,000) = 22,050,000
To calculate the new earnings per share, we divide the total net income of the firm by the new number of shares outstanding:
Earnings per share after the stock dividend = $12,000,000 / 22,050,000 = $0.54 per share
c. Before the stock dividend, the earnings of the firm from your 1,000-share investment would be:
Earnings from 1,000 shares = 1,000 shares x $0.57 per share = $570
After the stock dividend, you would own 1,000 + (0.05 * 1,000) = 1,050 shares. The earnings from your larger share holdings would be:
Earnings from 1,050 shares = 1,050 shares x $0.54 per share = $567
The payment of the stock dividend would not affect the total earnings of the firm or the total value of your investment in the firm. However, the total number of shares outstanding would increase, so the value of each share would decrease proportionally. Therefore, the value of your investment per share would decrease, but the total value of your investment would remain the same.
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The Sterling Tire Company’s income statement for 20XX is as
follows:
STERLING TIRE COMPANY
Income Statement
Year ended December 31, 20XX
Sales (20,000 tires
at $80 each)
$1,600,000
Less: Variable costs (20,000 tires at $55) : 1,100,000
Contribution margin 500,000
Less: Fixed costs 300,000
Earnings before interest and taxes (EBIT) 200,000
Interest expense 75,000
Earnings before taxes (EBT) 125,000 Income tax expense (30%) 37,500 Earnings after taxes (EAT) $ 87,500
Given this income statement, compute the following: a. Degree of operating leverage. (Round the final answer to 2 decimal places.) DOL____. b. Degree of financial leverage. (Round the final answer to 2 decimal places.)
The Degree of operating leverage, given Sterling Tire Company’s income statement is 2. 5.
The Degree of financial leverage, would be 1. 6.
How to find the Degree of operating leverage ?The Degree of Operating Leverage for Sterling Tire Company’s income statement can be found by the formula:
= Contribution margin / EBIT
= 500, 000 / 200, 000
= 2. 5
How to find the Degree of Financial Leverage ?The Degree of Financial Leverage can be found by the formula:
= EBIT / ( EBIT - Interest )
= 200, 000 / ( 200, 000 - 75, 000 )
= 1. 6
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The Ford Motor Company has investing $6 billion to build a "world car," the midsize Mondeo. The car was designed in the U.S., Germany, and the United Kingdom to be adaptable to any market in the world. Ford is a(n) _____ company
The Ford Motor Company has investing $6 billion to build a "world car," the midsize Mondeo. The car was designed in the U.S., Germany, and the United Kingdom to be adaptable to any market in the world.The Ford Motor Company is a multinational company.
This is because it operates and has investments in multiple countries, and is involved in the design, manufacturing, and marketing of automobiles on a global scale. The fact that the Mondeo was designed in the U.S., Germany, and the United Kingdom, and is meant to be adaptable to any market in the world, further supports the classification of Ford as a multinational company.multinational corporation (MNC), also called transnational corporation, any corporation that is registered and operates in more than one country at a time. Generally the corporation has its headquarters in one country and operates wholly or partially owned subsidiaries in other countries.
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is
Starbucks wide and flat or tall and thin and provide advantages and
disadvantages of this organisational structure to meet the
aims
The organizational structure of Starbucks is wide and flat. Advantages of this structure are it promotes collaboration and communication and enables innovation. Disadvantages are difficult management of resources, lack of accountability, and increased cost.
Starbucks has a wide and flat organizational structure. This structure allows the company to have more decentralized decision-making, as decisions can be made at a lower level of the organization. This type of structure is beneficial for Starbucks because it promotes collaboration and communication between different departments and teams within the organization. It also allows for more innovation and creativity as employees have greater freedom and flexibility to think outside the box.
On the other hand, it may lead to difficulty in managing the organization and resources in an effective manner, and it could result in a lack of accountability if there are not well-defined roles and responsibilities. Additionally, it can lead to increased costs as there may be more overhead due to additional team members and resources.
Note: The question is incomplete. The complete question probably is: Does Starbucks have wide and flat or tall and thin organizational structure. Provide advantages and disadvantages of this organizational structure to meet the aims of the organization.
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Consider the following aspects from an income statement
Items in income statement Amount
Net Sales 1000
Revenue from additional services 500
Wages 100
Rent 50
Cost of wages, raw materials, supplies & manufacturing 500
Utilities 10
Interest amount 100
Dividend 200
Consider Tax rate at 40% You need to recreate the income statement and calculate the increase in retained earnings.
What is the increase in retained earnings?
The increase in retained earnings is $244. Retained earnings represent a company's accumulated earnings that have not been paid out to shareholders as dividends. The increase in retained earnings can be calculated by subtracting the beginning balance of retained earnings.
Income statement is a financial statement that presents a company's revenue, expenses, and net income over a period of time. To recreate the income statement, we need to calculate the following: Total revenue: Net sales + Revenue from additional services = 1000 + 500 = 1500.
Total expenses: Wages + Rent + Cost of wages, raw materials, supplies & manufacturing + Utilities + Interest amount = 100 + 50 + 500 + 10 + 100 = 760
Pre-tax income: Total revenue - Total expenses = 1500 - 760 = 740, Taxes: Pre-tax income x Tax rate = 740 x 0.4 = 296 and Net income: Pre-tax income - Taxes = 740 - 296 = 444. Retained earnings: Net income - Dividend = 444 - 200 = 244
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one could look at the number of employees, total assets, net worth, and valuation of a company to determine its: group of answer choices debt ratio profitability management practices size culture
One could look at the number of employees, total assets, net worth, and valuation of a company to determine its size.
Net worth is a financial term that refers to the difference between the assets and liabilities of a business or an individual. The difference between what you have and what you owe is known as net worth. Your net worth is the value of everything you possess, including your home, cars, savings, and investments, minus any outstanding debts you owe.
Valuation is the process of determining the current worth of a company, asset, or liability. It can be done by calculating the net present value of future cash flows or comparing it to similar assets or liabilities. In corporate finance, it is used to estimate the value of a company for investment or acquisition purposes. It is a critical component of the decision-making process for investors, shareholders, and management teams.
Therefore, to determine the size of a company, one could look at the number of employees, total assets, net worth, and valuation.
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In determining why, a firm becomes multinational there are many reasons. One reason is that the firm is a market seeker. Which of the following is NOT a reason why market-seeking firms produce in foreign countries?
A. To export to foreign markets
B. political safety and small likelihood of government expropriation of assets
C. All of the above are market-seeking activities.
D. Satisfaction of local demand in the foreign country
The correct answer is D. Satisfaction of local demand in the foreign country is not a reason why market-seeking firms produce in foreign countries
Market-seeking firms produce in foreign countries to export to foreign markets, take advantage of lower production costs, or gain access to political safety and a small likelihood of government expropriation of assets.
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item 17 modigliani and associates has forecasted the following payoffs from a project. outcome probability of outcome assumptions $ 0 20% pessimistic $ 3,500 60% moderately successful $ 6,000 20% optimistic what is the expected value of the outcomes? multiple choice $0 $3,300 cannot be determined. depends upon which prediction is correct. $3,700
The expected value of the outcomes is $3,300. So, the answer is option B: $3,300.
The expected value of the outcomes is:
E(V) = [(-$0) x 20%] + [$3,500 x 60%] + [$6,000 x 20%]
E(V) = [$0] + [$2,100] + [$1,200]
E(V) = $3,300
Expected Value is a statistical measure of the probable amount of money that an investor, in this case, can expect to gain or lose from an investment. It is calculated by multiplying the potential profit or loss of each outcome by its respective probability of occurring and then adding up the results to get the expected value.
Therefore, the expected value of the outcomes is $3,300. So, the answer is option B: $3,300.
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Case - Smith Imports Inc: The Purchasing Manager has asked you
to provide a recommendation on which supplier to use, and why.
Provide that here
Based on the search results, it appears that there are a few references to a potential case study involving Smith Imports Inc. The specific question you have provided is listed twice in the search results, but both times it appears to be incomplete.
Without additional information, it is difficult to provide a comprehensive answer to the question. However, based on the information available, it seems that the question may be seeking a recommendation on which supplier to use and why, possibly in the context of a purchasing decision for Smith Imports Inc. If you are able to provide additional details or context, I can try to provide a more tailored answer.
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Supervisors being assessed by their superiors or their
subordinates after a training would evaluate which of the four
criteria?
a) Learning.
b) Behavior.
c) Reactions.
d) Results.
The supervisors being assessed by their superiors or subordinates after training would evaluate all four criteria, which are learning, behavior, reactions, and results.
Learning refers to the acquisition of new knowledge and skills as a result of training. Behavior refers to the changes in the supervisor's actions and habits as a result of the training.
Reactions refer to the supervisor's immediate response and feedback to the training. Results refer to the impact of the training on the supervisor's job performance, such as increased productivity or improved quality of work.
All of these criteria are important for assessing the effectiveness of training and the supervisor's ability to apply what they have learned in their work. Evaluating all four criteria ensures a comprehensive assessment of the training's impact on the supervisor and their ability to improve their performance.
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At the terminal of Gotham City airport there are 10 arrival gates named A through J. Luggage of arriving flights is unloaded at these gates and moved to a passenger luggage pick-up point. The quantities of luggage arriving per day at gates A through J are 3600, 2500, 1800, 2200, 1000, 4500, 5600, 1400, 1600 and 1000, respectively. A pictorial representation of the terminal that shows gates' coordinates is given below: Gotham City airport terminal 20 15- Y 10 XD H 5 A. Terminal building WJ 10 20 25 Where should the passenger luggage pick-up point be located in order to minimize movement of luggage?
The optimal location for the passenger luggage pick-up point is at coordinates (15, 15). By locating the pick-up point at this position, the movement of luggage would be minimized because it is in the center of the arrival gates and therefore the same distance from all gates.
To illustrate, the distance between the pick-up point and gate A would be the same as the distance between the pick-up point and gate J (10 units). Similarly, the distance between the pick-up point and gate H would be the same as the distance between the pick-up point and gate W (10 units). Moreover, the distance between the pick-up point and gates X, Y and D would be 5 units.
Theoretically, the sum of the distances between the pick-up point and all 10 arrival gates would be the same for any position within the terminal building. Therefore, the pick-up point should be located at the point which is the same distance from all 10 gates, in order to minimize the movement of luggage. In this case, the point at coordinates (15, 15) is the optimal solution.
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I subscribe to the notion that there is no greater measure of success than one’s ability to help others succeed. My most personally gratifying moments have been the ones in which I taught a skill to someone else, whether it was martial arts, snowboardinging or fitness. I want my life’s work to make a much wider-reaching impact, however. This is what excites me about participating in Global Network week and gain a more well-rounded perspective on management, leadership, and the world of business.
I hold an undergraduate degree in applied management, which equipped me well for my leadership and management roles in the restaurant industry. These work experiences further drove home the importance of motivating a team to achieve collective goals — and, at times, the challenges of doing so. My time as a fitness and snowboarding instructor has taught me perseverance, patience, attention to detail, teamwork, and adaptability. There is no one size fits all approach to helping people learn and understanding this manages the expectation levels of myself and others while inspiring new and innovative ways of approaching and tailoring the classes and lessons I teach(taught?).
Positive motivation allows individuals to flourish and create and the lack thereof can incite struggle. I have felt the struggle of being guided by poor leadership, experiencing how much it can deplete us, greatly affecting our well-being. Empowered, motivated individuals are the foundation of impactful organizations, institutions, and communities. This e
Learning more about leadership, motivation, and decision-making will help me become a more effective mentor, manager, and leader in business and equip me with more ways to iimprove the quality of life on an individual level. I am confident that the program I'm seeking will build on the knowledge gained from my diverse experiences and contribute to the program in meaningful ways. Through… individual impact,,, society and I look forward to the opportunity to learn and grow from the exceptional leaders I will be surrounded by at GNW ***(i also want to tie the thesis back in) ????
I am motivated to participate in Global Network Week to gain a more well-rounded perspective. My diverse experiences have equipped me with the knowledge.
My undergraduate degree in applied management has equipped me well for my leadership and management roles in the restaurant industry, teaching me the importance of motivating a team to achieve collective goals. My time as a fitness and snowboarding instructor has further honed my skills in perseverance, patience, attention to detail, teamwork, and adaptability.
I am motivated to participate in Global Network Week to gain a more well-rounded perspective on management, leadership, and the world of business. By learning more about leadership, motivation, and decision-making, I am confident that I will become a more effective mentor, manager, and leader in business, and be able to help improve the quality of life on an individual level.
My diverse experiences have equipped me with the knowledge and skills necessary to contribute meaningfully to the program and to benefit from the exceptional leaders I will be surrounded by at GNW. My personal goal is to use my knowledge to help others succeed, which makes this opportunity even more gratifying.
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When the price of a haircut increases, a. the demand for haircuts increases. b. the demand curve for haircuts shifts. d. the quantity demanded for haircuts decreases. e. the quantity demanded for haircuts increases.
When the price of a haircut increases, the quantity demanded for haircuts decreases. The correct option is e.
The law of demand states that there is an inverse relationship between the price of a good and the quantity demanded for that good. This means that as the price of a good increases, the quantity demanded for that good decreases, and as the price of a good decreases, the quantity demanded for that good increases.
The demand curve for haircuts does not shift in this scenario, but rather there is a movement along the demand curve. The reason for this is that as the price of a good increases, consumers are less willing and able to purchase that good. This is because their income can only stretch so far, and they have to make trade-offs between different goods and services. When the price of a haircut increases, consumers may decide to spend their money on other things, such as food or clothing, which they view as more essential.
In the short run, a change in price will not significantly impact the supply of haircuts, as it takes time for barbers and hairdressers to adjust their prices and services. However, in the long run, an increase in price may incentivize more people to enter the hairdressing profession, which can increase the supply of haircuts and drive prices down again.
In conclusion, when the price of a haircut increases, the quantity demanded for haircuts decreases. This is because of the inverse relationship between the price of a good and the quantity demanded for that good, which is the law of demand. The demand curve for haircuts does not shift in this scenario, but rather there is a movement along the demand curve.
Thus, the correct option is e. the quantity demanded for haircuts increases.
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which of the following statements are true? check all that apply. the natural unemployment rate minus the structural unemployment rate equals the frictional unemployment rate. the actual unemployment rate is equal to the sum of the frictional plus structural plus cyclical unemployment rates. the actual unemployment rate is zero when the economy is operating at full employment.
There are two statements that are true. The statements that are true include the natural unemployment rate minus the structural unemployment rate equals the frictional unemployment rate. The actual unemployment rate is equal to the sum of the frictional plus structural plus cyclical unemployment rates.
The natural unemployment rate minus the structural unemployment rate equals the frictional unemployment rate: This statement is true. The natural unemployment rate is the rate of unemployment that occurs when the labor market is in equilibrium. It is the rate of unemployment that prevails when the economy is at full employment.
Structural unemployment is a long-term and persistent type of unemployment caused by changes in the structure of the economy. It arises from the mismatch between the skills of the workforce and the skills required by the employers. Frictional unemployment, on the other hand, is the short-term unemployment that arises due to the time lag between the job search and the job offer.
The actual unemployment rate is equal to the sum of the frictional plus structural plus cyclical unemployment rates: This statement is also true. The actual unemployment rate is the rate of unemployment that is actually observed in the economy. It is the sum of all types of unemployment.
Cyclical unemployment is the type of unemployment that arises due to the fluctuations in the business cycle. It is the unemployment that occurs when the economy is in a recession or a slowdown. Therefore, the actual unemployment rate is equal to the sum of frictional, structural, and cyclical unemployment rates.
The actual unemployment rate is zero when the economy is operating at full employment: This statement is false. The actual unemployment rate cannot be zero when the economy is operating at full employment. Full employment is the condition when all those who are willing and able to work are employed. However, there may still be some frictional and structural unemployment even at full employment.
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McGilla Golf has decided to sell a new line of golf clubs. The clubs will sell for $840 per set and have a variable cost of $440 per set. The company has spent $154,000 for a marketing study that determined the company will sell 58,000 sets per year for seven years. The marketing study also determined that the company will lose sales of 9,900 sets of its high-priced clubs. The high-priced clubs sell at $1,140 and have variable costs of $740. The company will also increase sales of its cheap clubs by 11,400 sets. The cheap clubs sell for $480 and have variable costs of $250 per set. The fixed costs each year will be $9,140,000. The company has also spent $1,150,000 on research and development for the new clubs. The plant and equipment required will cost $28,980,000 and will be depreciated on a straight-line basis. The new clubs will also require an increase in net working capital of $1,340,000 that will be returned at the end of the project. The tax rate is 38 percent, and the cost of capital is 10 percent.
Calculate the payback period. (Do not round intermediate calculations. Round your answer to 3 decimal places, e.g., 32.161.)
Calculate the NPV. (Do not round intermediate calculations. Round your answer to 2 decimal places, e.g., 32.16.)
Calculate the IRR. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Payback Period:
The payback period refers to the period of time which the cash inflows will equal the cash outflow. This is calculated by adding back the cash inflow until the difference is zero.McGilla Golf has decided to sell a new line of golf clubs. The clubs will sell for $840 per set and have a variable cost of $440 per set. The company has spent $154,000 for a marketing study that determined the company will sell 58,000 sets per year for seven years. The marketing study also determined that the company will lose sales of 9,900 sets of its high-priced clubs. The high-priced clubs sell at $1,140 and have variable costs of $740. The company will also increase sales of its cheap clubs by 11,400 sets. The cheap clubs sell for $480 and have variable costs of $250 per set. The fixed costs each year will be $9,140,000. The company has also spent $1,150,000 on research and development for the new clubs. The plant and equipment required will cost $28,980,000 and will be depreciated on a straight-line basis. The new clubs will also require an increase in net working capital of $1,340,000 that will be returned at the end of the project. The tax rate is 38 percent, and the cost of capital is 10 percent.
Calculate the payback period. (Do not round intermediate calculations. Round your answer to 3 decimal places, e.g., 32.161.)
Calculate the NPV. (Do not round intermediate calculations. Round your answer to 2 decimal places, e.g., 32.16.)
Calculate the IRR. (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Payback Period:
The payback period refers to the period of time which the cash inflows will equal the cash outflow. This is calculated by adding back the cash inflow until the difference is zero.
The expression "payback time" alludes to how many years are expected to recover the underlying money-related cost. It is, as such, the time span that a machine, office, or other speculation has created sufficient overall gain to pay its venture costs.
To calculate the payback period, we need to determine how long it will take for the project's cash inflows to equal the initial investment.
Year 0 cash flow: -$40,470,000 ($28,980,000 + $1,340,000 + $9,140,000 + $1,150,000 - $154,000)
Year 1 cash flow: $18,320,000 [(58,000 - 9,900) x ($840 - $440) + 11,400 x ($480 - $250)]
Year 2 cash flow: $18,320,000
Year 3 cash flow: $18,320,000
Year 4 cash flow: $18,320,000
Year 5 cash flow: $18,320,000
Year 6 cash flow: $18,320,000
Year 7 cash flow: $18,320,000 + $40,260,000 ($1,140 - $740) x 9,900 x (1 - 0.38)
Cumulative cash flow at the end of year 3: -$5,510,000 (Year 0 cash flow + Year 1 cash flow + Year 2 cash flow + Year 3 cash flow)
Payback period = 3 + $5,510,000 / $18,320,000 = 3.300 years
To calculate the NPV, we discount each cash flow to its present value using a discount rate of 10 per cent and then sum them up.
NPV = -$40,470,000 + $18,320,000 / (1 + 0.1)^1 + $18,320,000 / (1 + 0.1)^2 + $18,320,000 / (1 + 0.1)^3 + $18,320,000 / (1 + 0.1)^4 + $18,320,000 / (1 + 0.1)^5 + $18,320,000 / (1 + 0.1)^6 + ($18,320,000 + $40,260,000) / (1 + 0.1)^7
NPV = $4,226,650.43
To calculate the IRR, we need to find the discount rate that makes the NPV equal to zero. We can use a financial calculator or spreadsheet software to solve for the IRR, which is found to be 16.03 per cent.
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Write a retirement plan which includes your age of retirement, the job you will have and income you earn, the amount of Social Security you can expect on retirement considering the age of retirement, as well as the retirement contributions you and your company make over the course of your career. Include all calculations used to formulate your response.
Answer:
I can provide an example retirement plan based on hypothetical values.
Retirement Plan Example:Age of Retirement: 65 years oldJob: Financial AnalystIncome: $100,000 per yearExpected Social Security Benefit at Retirement: $2,000 per month (based on current Social Security Administration estimates for someone retiring at age 65 with a $100,000 income)
Retirement Contributions:- Employee Contribution: 10% of salary- Employer Contribution: 5% of salaryAssumptions:- Retirement contributions are invested in a tax-advantaged retirement account with an average annual return of 7%.- Salary increases by 3% per year.- Inflation rate is 2% per year.Calculations:1. Calculate retirement contributions over the course of a 30-year career:
- Total employee contributions over 30 years = 10% x $100,000 x 30 years = $300,000- Total employer contributions over 30 years = 5% x $100,000 x 30 years = $150,000- Total retirement contributions over 30 years = $300,000 + $150,000 = $450,0002. Calculate retirement savings at age 65:
- Retirement savings at age 65 = $450,000 x (1 + 0.07)^30 = $2,550,050 (including investment returns)3. Calculate retirement income:
- Expected Social Security Benefit at Retirement = $2,000 per month = $24,000 per year- Retirement savings at age 65 = $2,550,050- Total retirement income = $24,000 + $2,550,050 = $2,574,0504. Adjust for inflation:
- To adjust for inflation, we can assume a 2% annual increase in retirement income.- Adjusted retirement income at age 65 = $2,574,050 / (1 + 0.02)^30 = $1,287,689 (in today's dollars)In summary, with a retirement plan that includes employee and employer contributions, expected Social Security benefits, and investment returns, someone retiring at age 65 with a $100,000 income could expect to have a retirement income of around $1.3 million (in today's dollars) based on these assumptions. However, it is important to note that retirement planning is a complex process and involves many variables, such as investment risk, taxes, and healthcare costs. It is recommended to seek professional financial advice when creating a retirement plan.
true/false. the theory of capabilities explains how companies must be stable enough to deliver value to customers yet resilient and flexible enough to shift focus when situations demand a different approach.
The given statement is false. According to the theory of dynamic capabilities, businesses must be stable enough to provide value to customers while being robust and flexible enough to change their emphasis when circumstances call for a different strategy.
What is dynamic capabilities?The capacity of a company to combine, develop, and reorganize its internal and external resources and competencies in order to respond to and reshape quickly changing business environments is known as its dynamic capabilities (Teece et al., 1997, 1990). Apart from functional, or zero-level, capabilities are dynamic capabilities. They are learned procedures that apply to the entire industry. In the car business, building an assembly plant is an illustration of such a procedure. It is a well-defined process with precedents and standards already in place. Capabilities come in three different categories: strategic, core, and foundational. By concentrating on fundamental or core talents, one cannot sustainably gain a competitive edge. The secret lies in strategic capabilities since they form the foundation of strategic advantage.To learn more about dynamic capabilities, refer to:
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The theory of capabilities explains how companies must be stable enough to deliver value to customers yet resilient and flexible enough to shift focus when situations demand a different approach. This statement is true because this theory emphasizes the importance of a company's ability to adapt to changing market conditions and customer needs in order to remain competitive and profitable.
Companies must have the capability to quickly and efficiently change their strategies and operations in response to external factors, while still maintaining stability and delivering value to customers.
By having strong capabilities in areas such as innovation, customer service, and operations, companies can remain resilient and flexible in the face of change.
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QUESTION 5
On 1January 2016, Hamududu bought a K100,000 5% bond for K95,000, incurring issues cost of
K2,000. Interest is received in arears. The bond will be redeemed at a premium of K5,960 over
nominal value on 31 December 2018. The effective rate of interest is 8%.
The fair value of the bond was as follows:
31/12/ 2016 K110,000
31/12/2017 K104,000
Required, explain with calculations, how the bond will been accounted for over relevant years
(30 marks
The fair value of bond at the end of the first year is K110,000, resulting in a fair value gain of K12,667.
What is fair value gain?Fair value gain refers to an increase in the value of an asset that is recognized as a result of changes in the market value of that asset. It typically applies to assets that are marked-to-market, such as financial instruments, which are revalued regularly based on current market prices. The fair value gain can result from a variety of factors, such as changes in interest rates, market volatility, or supply and demand conditions. It is important to note that fair value gains are not realized gains, meaning that the asset has not been sold, and the gain is only on paper until the asset is actually sold. Fair value gains are often used as a performance metric for investment portfolios, as they provide insight into how well the portfolio is performing relative to the market. However, it is important to consider the potential risks and uncertainties associated with fair value accounting when interpreting fair value gains.
Fair value gain= K110,000 - K97,333
= K12,667
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Use the graphs provided to predict what will happen to the equilibrium price and quantity of oranges if the following events take place Instruction: Depict how this event will affect the market of oranges by dragging the appropriate curve in the graph a. A study finds that a daily glass of orange juice reduces the risk of heart disease. Market for oranges P* Q* Quantity (oranges/week) reset Equilibrium price will increase and equilibrium quantity will decrease. Equilibrium price will decrease and equilibrium quantity will increase. Equilibrium price will increase and equilibrium quantity will increase. Equilibrium price will decrease and equilibrium quantity will decrease. b. The price of grapefruit falls drastically. Market for oranges Q* Quantity (oranges/week) reset Equilibrium price will decrease and equilibrium quantity will increase Equilibrium price will increase and equilibrium quantity will decrease. Equilibrium price will increase and equilibrium quantity will increase. Equilibrium price will decrease and equilibrium quantity will decrease c. Suppose the wage paid to orange pickers rises. Market for ora nges Quantity (oranges/week) reset What will happen to the equilibrium price and quantity of oranges? Equilibrium price will increase and equilibrium quantity will decrease Equilibrium price will decrease and equilibrium quantity will decrease. Equilibrium price will increase and equilibrium quantity will increase Equilibrium price will decrease and equilibrium quantity will increase. d. Suppose exceptionally good weather provides a much bigger than expected orange harvest. Market for oranges 0 Q* Quantity (oranges/week) reset What will happen to the equilibrium price and quantity of oranges? Equilibrium price will decrease and equilibrium quantity will increase Equilibrium price will decrease and equilibrium quantity will decrease. Equilibrium price will increase and equilibrium quantity will increase. Equilibrium price will increase and equilibrium quantity will decrease
Equilibrium price will increase and equilibrium quantity will increase.
Equilibrium price will decrease and equilibrium quantity will decrease.
Equilibrium price will increase and equilibrium quantity will decrease.
Equilibrium price will decrease and equilibrium quantity will increase.
a. A study finds that a daily glass of orange juice reduces the risk of heart disease.
The study will increase the demand for oranges as more people will want to consume orange juice to reduce the risk of heart disease. This will shift the demand curve to the right, resulting in a higher equilibrium price and quantity.
b. The price of grapefruit falls drastically.
The decrease in the price of grapefruit will make it a more attractive substitute for oranges, causing a decrease in the demand for oranges. This will shift the demand curve to the left, resulting in a lower equilibrium price and quantity.
c. Suppose the wage paid to orange pickers rises.
The increase in wages will increase the cost of production for orange growers, causing a decrease in the supply of oranges. This will shift the supply curve to the left, resulting in a higher equilibrium price and lower equilibrium quantity.
d. Suppose exceptionally good weather provides a much bigger than expected orange harvest.
The good weather will increase the supply of oranges, causing a shift in the supply curve to the right. This will result in a lower equilibrium price and higher equilibrium quantity.
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last year, eharbour signed a contract with the united states olympic committee and us sailing, the national governing body for the sport of sailing, to sponsor the us sailing team in the upcoming olympics. the marketing team hoped that sponsoring sailing at the olympics would be good publicity to promote eharbour software. unfortunately, the venue for the olympic games had to be moved to a country that is now known for multiple human rights violations, including treatment of women and certain ethnic groups. there is now a lot of bad publicity with the upcoming olympics. there have been articles appearing in newspapers and magazines demanding that corporate sponsors pull out from the upcoming olympics. some members of congress have called for sponsors to withdraw sponsorship of the olympics. discuss whether eharbour can withdraw sponsorship from the olympics without violating its existing contract with the united states olympic committee and us sailing. what defenses could eharbour assert in a breach of contract case? what are the consequences if eharbour decides not to withdraw its sponsorship? what recommendation would you give?
Poor human rights records does not allow eHarbour to withdraw from its existing contract with the US Olympic Committee and US sailing. eHarbour could be sued for breach of contract. The company could try to defend itself in a breach of contract case by claiming that the unforeseen event made performance difficult or impossible. However, this defense is likely to be ineffective since the contract did not contain a force majeure clause.
As a general principle, a contract cannot be discharged by an unforeseen event that makes performance difficult or impossible. When a contract has been entered into between parties, they both are bound by the terms and conditions mentioned in it. The same applies to eHarbour as well. It signed a contract with the United States Olympic Committee and US sailing, and now it is in a situation where it has to sponsor the US sailing team in the upcoming Olympics. Therefore, eHarbour is legally obligated to sponsor the sailing team.The fact that the Olympics had to be relocated to a country that has poor human rights records does not allow eHarbour to withdraw from its existing contract with the US Olympic Committee and US sailing.
In this case, eHarbour could be sued for breach of contract. The company could try to defend itself in a breach of contract case by claiming that the unforeseen event made performance difficult or impossible. However, this defense is likely to be ineffective since the contract did not contain a force majeure clause.The consequences of eHarbour's decision to withdraw its sponsorship from the Olympic Games would be severe. They would damage its reputation as a responsible corporate citizen and could hurt its sales. On the other hand, if eHarbour does not withdraw its sponsorship, it could face negative publicity and boycotts by consumers and advocacy groups. These groups could tarnish eHarbour's image by associating it with human rights abuses and discriminatory policies. Therefore, it is essential that eHarbour does not withdraw its sponsorship from the Olympic Games.
EHarbour should consider promoting its values of diversity and inclusivity during the Olympic Games. It should make a public statement in support of human rights and condemn any policies that are discriminatory or abusive. This way, the company can protect its reputation and demonstrate its commitment to social responsibility.
Question: Last year, eHarbour signed a contract with the United States Olympic Committee and US Sailing, the national governing body for the sport of sailing, to sponsor the US Sailing team in the upcoming Olympics. The marketing team hoped that sponsoring sailing at the Olympics would provide good publicity to promote eHarbour software. Unfortunately, the venue for the Olympic Games had to be moved to a country known for multiple human rights violations, including the mistreatment of women and certain ethnic groups. As a result, there is now a lot of bad publicity surrounding the upcoming Olympics. Articles have appeared in newspapers and magazines demanding that corporate sponsors pull out from the upcoming Olympics. Some members of Congress have called for sponsors to withdraw their sponsorship of the Olympics. In this context, discuss whether eHarbour can withdraw its sponsorship from the Olympics without violating its existing contract with the United States Olympic Committee and US Sailing. What defenses could eHarbour assert in a breach of contract case? What are the consequences if eHarbour decides not to withdraw its sponsorship? Based on this situation, what recommendation would you give to eHarbour?
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Of the seven key principles of the theory of constraints, which is the first principal? A. every capital investment must be viewed from the perspective of its global impact product margin B. the focus should be on balancing capacity, not on balancing flow C. the focus should be on balancing flow, not on balancing capacity D. maximizing the output and efficiency of every resource is required to maximize the throughput of the entire system
The first principle of the Theory of Constraints is the focus should be on balancing flow, not on balancing capacity. (option C)
This principle suggests that in order to maximize the throughput of a system, the focus should be on identifying and eliminating bottlenecks that are limiting the flow of production, rather than on increasing the capacity of non-bottleneck resources.
The Theory of Constraints is a management philosophy developed by Dr. Eliyahu Goldratt, which emphasizes the importance of identifying and managing constraints that limit the performance of a system. The other six principles of the theory are:
Every capital investment must be viewed from the perspective of its global impact on product margin.The throughput of a system is limited by its bottleneck.An hour lost at a bottleneck is an hour lost for the entire system.Inventory is needed only where there is a constraint.The level of output of a system is determined by its bottleneck.Every employee in a company can be viewed as a part of a value-adding chain.Learn more about Theory of Constraints here:
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Martin sells a stock investment for $26,000 on august 2, 2017. Martin's adjusted basis in the stock is $15,000.
a. If martin acquired the stock on november 15, 2016, calculate the amount and the nature of the gain or loss. $ long-term capital gain
b. If martin had acquired the stock on september 11, 2015, calculate the amount and nature of the gain or loss. $ long-term capital gain
The gain is the same in both scenarios as the holding period is more than one year in both cases.
a. Since Martin acquired the stock on November 15, 2016, and sold it on August 2, 2017, he held the stock for more than one year, and therefore, the gain or loss is considered long-term capital gain or loss. To calculate the gain, we subtract the adjusted basis from the selling price:
$26,000 (selling price) - $15,000 (adjusted basis) = $11,000 (long-term capital gain)
b. If Martin had acquired the stock on September 11, 2015, and sold it on August 2, 2017, he also held the stock for more than one year, and marginal cost therefore, the gain or loss is considered long-term capital gain or loss. To calculate the gain, we subtract the adjusted basis from the selling price:
$26,000 (selling price) - $15,000 (adjusted basis) = $11,000 (long-term capital gain)
Therefore, the gain is the same in both scenarios as the holding period is more than one year in both cases.
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procedures requiring that the recording of asset transactions be separated from the custody of those assets:
The accounting procedures that require that the recording of asset transactions be separated from the custody of those assets are called internal control.
Internal control refers to the accounting procedures designed by a company to ensure that financial transactions are processed in an accurate, secure, and efficient manner.
The following are the most common types of internal control procedures:
Separation of duties: Asset custody and asset recordkeeping should be separated to ensure that one person does not have complete control over a transaction's complete recording and processing.Monitoring of procedures: The accounting department should monitor accounting procedures to ensure that they are being followed appropriately.Authorization: Transactions should only be processed if authorized.Codes of conduct: A company should establish ethical and moral standards for employees to follow. This could include procedures for handling company resources, policies on inappropriate behavior, and so on.Security: A company should secure its assets to ensure that they are not lost, damaged, or stolen. This could include locking file cabinets or restricting access to sensitive data.The accounting department should regularly check internal controls to ensure that they are functioning correctly. They should look for any flaws in the system and make any necessary improvements. Companies that regularly review their internal controls are more likely to avoid fraud and other financial irregularities.
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In preparing its 2023 financial statements, Rosenbluth has determined that it must write off $89,760 of its recorded goodwill. How would I write this on a multiple-step income statement?
In preparing its 2023 financial statements, Rosenbluth has determined that it must write off $89,760 of its recorded goodwill.
The way to write this on a multiple-step income statement is to show this as a separate expense item that is presented in the income statement section between income from operations and income before income taxes.
This is presented as follows: Rosenbluth Company Income Statement For the Year Ended December 31, 2023Sales revenue $XXXCost of goods sold(XXX)Gross profit XXX Operating expenses:
Selling expenses(XXX)General and administrative expenses(XXX)Total operating expenses(XXX)Income from operations XXX Other income: Gain on sale of land XXX Interest income XXX Total other income XXX Other expenses:
Loss on sale of equipment(XXX)Goodwill impairment loss(89,760)Total other expenses(89,760)Income before income taxes XXX Income tax expense(XXX)Net income XXX
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entrepreneurs look at five basic ways of opportunity for business ideas. which is not one of those five? raising prices in an existing market producing a product more cheaply finding new ways to use existing technology developing a new market for an existing product
Raising prices in an existing market is not one of the five basic ways entrepreneurs look for business ideas.
The five ways are: producing a product more cheaply, finding new ways to use existing technology, developing a new market for an existing product, entering an existing market with a new product, and creating an entirely new market.
Producing a product more cheaply involves finding a way to produce the same product with fewer resources, whether it be labor, materials, or both. Finding new ways to use existing technology can be accomplished by applying a technology to a different problem or industry. Developing a new market for an existing product is creating a demand for a product where there was none previously. Entering an existing market with a new product is introducing a unique product or service to a market already in existence. Finally, creating an entirely new market is making a product or service that is completely new and has never existed before.
Raising prices in an existing market, however, does not involve creating a new product or service, or creating a new market. Therefore, it is not one of the five basic ways entrepreneurs look for business ideas.
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