A general ledger is a collection of numbered accounts used by a firm to record its financial activities and provide financial reports. The general ledger and journal of Crowne Business Services Co. during the period April 2–30 are as follows
What is a journal in business?A firm essentially keeps a journal, which is a succinct record of all transactions; journal entries describe how transactions influence accounts and balances. The information in journal entries hence serves as the foundation for all financial reporting, and there are several versions to suit different corporate requirements. The journal is made up of unedited accounting entries that list business transactions in chronological order. Five essential accounting items—assets, liabilities, owner's capital, revenues, and expenses—are tracked in the general ledger, which is more formally formatted.
General Ledger
Account : Cash #11
Balance
Date Item Post Ref Debit Credit Debit credit
Apr.1 Balance 17240
Apr.5 A/R 12070 29310
Apr.15 A/R 8930 38240
Apr.19 A/R 7520 45760
Apr.20 A/R 2710 48470
Apr.30 Fee Earned 18950 67420
REVENUE JOURNAL
Accounts Receivable Dr.
Account Debited Post. Ref.
Date Invoice No.
Fee Earned Cr
Apr.2 793 Ohr Co. ✔ 7520
Apr.6 794 Pinecrest Co. ✔ 2710
Apr.13 795 Shilo ✔ 4040
Apr.16 796 Pinecrest Co. ✔ 8430
Apr.22 797 Mendez co. ✔ 11100
Apr.30 Total 33800
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You receive a text alert that you must fertilize 14 more acres in the next hour before it begins to rain. what should you do?
If you have received a text alert that you must fertilize 14 more acres in the next hour before it begins to rain, the first thing you should do is assess whether or not it is possible to complete the task within the given time frame.
You can estimate how much time it typically takes to fertilize an acre and then multiply that by the number of acres remaining to determine if it is feasible to finish in one hour.
If you determine that it is possible to complete the task within the given time frame, you should immediately begin fertilizing the acres. However, if you estimate that it will take more than an hour to complete the task, it is important to prioritize the most important acres to fertilize based on factors such as the crops grown in that area and the impact of the fertilizer on the yield.
In any case, it is important to work quickly and efficiently to maximize the area covered within the given time frame. If necessary, you can also consider asking for help from colleagues or bringing in additional equipment to help speed up the process.
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The reduction (or even elimination) of assignable variation in
operational processes (i.e., variation due to defective inputs, or
mistakes in the process...) is one of the main tasks of good
operations management.
True or False?
The statement "The reduction (or even elimination) of assignable variation in operational processes (i.e., variation due to defective inputs, or mistakes in the process...) is one of the main tasks of good operations management" is true. This is because good operations management is concerned with controlling and improving the quality of the products and services produced by the organization.
One way of achieving this is by reducing the variation in the operational processes that produce these products and services. There are many sources of variation in operational processes, such as differences in input materials, variations in the environment, machine settings, and human error.
Assignable variation refers to the variation that is not random, but rather is caused by a specific factor or cause that can be identified and eliminated. This type of variation can be controlled and reduced by analyzing the process and identifying the causes of the variation. This is an important task of good operations management, as reducing assignable variation can lead to improvements in product quality, increased efficiency, and reduced costs. In conclusion, the statement that the reduction of assignable variation in operational processes is one of the main tasks of good operations management is true.
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identify the issue, identify and discuss the rule of law and then applying the facts of the case to the rule of law to reach a conclusion.
Mrs. Terry sees a cashmere sweater she likes in Peters Department Store but notices that it is slightly soiled. Alice, the sales clerk, agrees to mark it down from $55 to $40, which she has no authority to do. Mrs. Terry consents, asks that the sweater be delivered, and promises to pay cash on delivery. The manager of Peters sees the item being wrapped, corrects the bill, and sends it out to Mrs. Terry. On seeing her sweater accompanied by a bill for $55, Mrs. Terry calls and is told by Peters that Alice had no authority to knock down the price and that she should either pay the bill or return the sweater. What legal arguments should each side make?
Issue: Whether Mrs. Terry is obligated to pay the original price of $55 for the cashmere sweater or the reduced price of $40 offered by Alice, who had no authority to do so.
Rule of Law: The general rule of law is that an agent without actual or apparent authority to sell a product cannot bind their principal to a sale. In this case, Alice had no actual or apparent authority to sell the sweater for a reduced price, and therefore Peters Department Store is not obligated to sell the sweater for the reduced price.
Application of Facts: Mrs. Terry saw a cashmere sweater she liked in Peters Department Store that was slightly soiled. Alice, the sales clerk, agreed to mark it down from $55 to $40, even though she had no authority to do so. Mrs. Terry agreed to purchase the sweater at the reduced price, asked that the sweater be delivered, and promised to pay cash on delivery. The manager of Peters Department Store saw the item being wrapped, corrected the bill, and sent it out to Mrs. Terry for the original price of $55. Upon seeing the sweater and the bill for $55, Mrs. Terry called Peters Department Store and was told that Alice had no authority to knock down the price, and that she should either pay the bill or return the sweater.
Conclusion: In this case, Peters Department Store is not obligated to sell the cashmere sweater for the reduced price offered by Alice because she had no actual or apparent authority to do so. Peters Department Store corrected the bill to reflect the original price of $55 and sent it out to Mrs. Terry. Mrs. Terry is obligated to pay the original price of $55 for the sweater if she wishes to keep it or return it to Peters Department Store if she does not want to pay that amount.
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Discuss the impact of information technologies on the change in Rolls-Royce’s business model.
The advent of information technologies has greatly impacted Rolls-Royce's business model.
With the use of data analytics, machine learning, and artificial intelligence, Rolls-Royce has transformed its business from being solely focused on the manufacturing of jet engines to becoming a provider of total solutions to its customers.
By gathering data from sensors in its engines, Rolls-Royce can monitor the performance of its products in real-time, enabling predictive maintenance, reducing downtime, and increasing efficiency.
Additionally, Rolls-Royce has developed new revenue streams by offering services such as Power-by-the-Hour, which allows airlines to pay for the time that their aircraft spend in the air rather than for the engines themselves.
The integration of information technologies has allowed Rolls-Royce to increase customer value and create new business opportunities.
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Which of the following is an example of a company's standard operating procedure? A. a general recommendation that all employees leave their work machines in good order B. a compulsory practice of employees cleaning their work areas at the end of each day C. an informal code of conduct prescribing that employees help each other if time permits D. a suggestion by the technical department to save all work-related files on D drive E. a recommendation by the HR department that employees wear formal clothes during the week
A compulsory practice of employees cleaning their work areas at the end of each day is an example of a company's standard operating procedure. The correct answer is B. "a compulsory practice of employees cleaning their work areas at the end of each day".
A standard operating procedure (SOP) is a set of step-by-step instructions or guidelines that help employees carry out routine operations in a consistent and efficient manner. SOPs are typically mandatory and are designed to ensure that all employees are following the same procedures in order to maintain quality control and compliance with regulations.
In this case, option B is an example of a SOP because it is a compulsory practice that all employees are required to follow. Options A, C, D, and E are not examples of SOPs because they are general recommendations, informal codes of conduct, or suggestions, rather than mandatory procedures.
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Based on the given information from PA12-4 (pp.603-604) in your textbook, complete the following Statement of Cash Flows using the Indirect Method Notes: -place negative amounts or balances in parentheses/brackets. Example: (100) -when entering the amounts or balances, omit or do not include the dollar sign and penny value or decimal point -use comma to separate numbers/amounts/balances greater than 999. Example: 1,850 Heads Up Company Statement of Cash Flows For the Year Ended, December 31
Heads Up Company Statement of Cash Flows For the Year Ended, December 31
Cash Flows From Operating Activities:
Net Income (Loss): $(24,000)
Adjustments to Reconcile Net Income (Loss) to Net Cash Flows:
Depreciation Expense: 7,000
Decrease (Increase) in Accounts Receivable: (1,500)
Decrease (Increase) in Inventory: 2,500
Decrease (Increase) in Prepaid Expenses: 500
Increase (Decrease) in Accounts Payable: 4,500
Increase (Decrease) in Accrued Expenses: 2,500
Net Cash Provided by Operating Activities: $10,500
Cash Flows From Investing Activities:
Purchase of Fixed Assets: (25,000)
Net Cash Used in Investing Activities: $(25,000)
Cash Flows From Financing Activities:
Payment of Cash Dividends: (6,000)
Proceeds From Issuance of Common Stock: 10,000
Repayment of Long-Term Notes Payable: (5,000)
Net Cash Provided (Used) by Financing Activities: $ (1,000)
Net Change in Cash: $(15,500)
Cash at Beginning of Year: 22,500
Cash at End of Year: $7,000
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Imagine you work for a large manufacturing company and are having trouble with your coworkers. You hear two coworkers gossiping and saying negative things about you. One even accuses you of stealing. Write a scenario to explain how you would handle the situation.
You overheard two coworkers chatting and they are complaining about you . Although accused of stealing by one It can be damaging to your credibility or reputation to be accused of wrongdoing at work. Allegations of sexual harassment may give rise to accusations.
Is my coworker liable for my false accusations?Legal action is not necessary in response to a single untrue charge. Nonetheless, you now have right to ask for restitution for these damages if the false report leads to bodily injury, including loss of your work and harm to your reputation.
What should you do if someone at work complains about you?Avoid making a snap decision. It will be unexpected to learn that a complaint has been made. Wait until you're provided the specifics before responding or even attempting to make no sense of it.
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Audrey worked a part-time job during college to help pay for various expenses. She also set aside $220 each month and invested it into the stock market. During that time, the stock market returned 8.9% annually. If she did this each month for the four years she was in college, how much will her account be worth when she graduates? Enter your answer as a numerical value (no labels), rounded to the nearest dollar.
Audrey's account will be worth approximately $11,935 when she graduates.
Audrey invested $220 each month for 4 years, which is equivalent to 48 months.
At a yearly return of 8.9%, the monthly return rate is [tex](1 + 0.089)^(1/12) - 1 = 0.0072.[/tex]
Using the formula for the future value of an annuity:
[tex]FV = PMT x ((1 + r)^n - 1) / r[/tex]
where PMT is the monthly investment, r is the monthly interest rate, and n is the number of months:
[tex]FV = 220 x ((1 + 0.0072)^48 - 1) / 0.0072[/tex]
FV = $11,935
Therefore, her account will be worth approximately $11,935 when she graduates.
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Look for any recent (within last one year) union related new in
Canada. Read the article to analyze and discuss the impact of union
demands/issues on management practices of the concerned
employer.
One recent union-related news in Canada is the strike by workers at Vale's Sudbury operations, which began on June 1, 2021.
The United Steelworkers Local 6500 union members were demanding better wages, benefits, and improved job security. The strike lasted for over five months and ended on November 1, 2021, after the union and the company reached a tentative agreement.
The strike had a significant impact on Vale's operations, as production at the Sudbury mines was halted, affecting global nickel supply. The union's demands and issues highlighted the need for fair compensation, job security, and improved working conditions for workers in the mining industry.
The strike also highlighted the power of unions in influencing management practices and the impact of their demands on company operations.
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Sell or Process Further Calgary Lumber Company incurs a cost of $382 per hundred board feet (hbf) in processing certain "rough-cut" lumber, which it sells for $560 per hbf. An alternative is to produce a "finished-cut" at a total processing cost of $523 per hbf, which can be sold for $760 per hbf. a. Prepare a differential analysis dated March 15 on whether to sell rough-cut lumber (Alternative 1) or process further into finished-cut lumber (Alternative 2). Differential Analysis Sell Rough-Cut (Alt. 1) or Process Further into Finished-Cut (Alt. 2) March 15 Sell Process Further Differential Rough-Cut into Finished-Cut Effects (Alternative 1) (Alternative 2) (Alternative 2) Revenues, per 100 board ft. $ Costs, per 100 board ft. Profit (Loss), per 100 board ft. $ b. Determine whether to sell rough-cut lumber (Alternative 1) or process further into finished-cut lumber (Alternative 2). Sell rough-cut lumber. Process further and sell finished-cut lumber. Activate Windows
The differential analysis dated March 15 on whether to sell rough-cut lumber (Alternative 1) or process further into finished-cut lumber (Alternative 2) shows that it is more profitable to process further into finished-cut lumber.
Differential analysis is a technique used in managerial accounting to analyze the difference between two or more alternatives, and to identify the financial impact of choosing one alternative over another. It involves comparing the costs and benefits of different options, and then selecting the option that will result in the most favorable financial outcome.
The process of differential analysis involves identifying the relevant costs and benefits of each alternative, and then calculating the difference between them. These costs and benefits may include direct costs, such as labor and materials, as well as indirect costs, such as overhead and opportunity costs. Benefits may include increased revenue or cost savings.
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There are many new features and updates in PowerPoint.
Tell about some new feature in PowerPoint or something you used
before but found it easier to use in this version of PowerPoint.
Will you be using this new feature in the future?
Please answer this discussion in 50 words or more.
One new feature in PowerPoint is the ability to insert 3D models and animations.
This feature allows users to create more engaging and interactive presentations. Another update is the Presenter Coach, which uses artificial intelligence to provide feedback on presentation skills, such as pacing, tone, and use of filler words.
I found the new simplified ribbon interface to be easier to navigate and locate functions. Additionally, the ability to use the PowerPoint Designer feature to create professional-looking slides has been improved.
Overall, these updates make PowerPoint more user-friendly and efficient. I will definitely be using these new features in my future presentations to enhance the overall quality and impact.
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if the price elasticity of demand for labor is 0.1 and the wage increased from $10 to $15 an hour, what is the predicted decrease in the level of employment in percentage terms?
The expected fall in employment level in percentage terms is 5% if the salary rose from $10 to $15 an hour and the price elasticity of labor demand is 0.1.
What is the cause of the declining employment rate?The price elasticity of labor demand is defined as the ratio of the percentage change in wages to the percentage change in labor demand.
We foresee a negative correlation between the demand for labor and salaries. There is a loss in the demand for labor as wages rise, and a gain in that demand when wages decline.
Price elasticity of demand for labor = % change in the demand for labor / % change in wages
% change in the demand for labor = percentage change in wages x price elasticity of demand for labor
% change in wages = [($15 / $10) - 1] x 100 = 50%
% change in the demand for labor = 0.1 x 45.45 = 5%
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after obtaining an understanding of a client's financial reporting control activities, the auditor would next:
The auditor would next conduct tests of the client’s financial reporting control activities to determine the effectiveness of the controls. Tests may include inspection, observation, inquiry, reperformance, and analytical review.
The auditor would evaluate the design and implementation of the controls, including the accuracy and completeness of the related supporting documentation. The auditor would also assess the control environment and the level of competence among personnel responsible for the financial reporting process.
Additionally, the auditor would obtain evidence to determine the operating effectiveness of the controls, including the extent to which errors or irregularities are prevented or detected and corrected in a timely manner. Finally, the auditor would document the test results, including any control deficiencies identified.
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Publishing Company A small publishing company produces a local weekly paper with a current circulation of 720,000 copies per year. The cost of maintaining the printing machinery, the premises and the employment of the full-time technician is estimated at £25,000 per annum. Other costs, which vary depending on the number of newspapers printed, are estimated at 1op per copy. The newspaper sells at 12 p per copy. The company requires certain information, in respect of the newspaper section which you manage.
a. You have been asked the following questions, which should form the appendices to the report you will be asked to produce in part b). 1. What are the annual costs of producing newspapers to meet the present circulation demand? 2. What is the present profit/loss situation? 3. What level of circulation would be required in order that the newspaper section of the company pays for itself? 4. Market research indicates that the paper's circulation will increase to approximately 1.0 million copies per year. What would the profit/loss situation for the newspaper section be in this case? 5. New technology will enable production costs to be reduced. Test runs indicate that when 100,000 papers are produced, total annual costs of
£30,000 would be incurred and when 50,000 papers are produced equivalent costs would be £26,00o per annum. What would the fixed maintenance costs and the costs per copy produced be if the 'new technology' was implemented? It is the Company's intention to allow the newspaper to run independently if annual profits from the newspaper exceed f.20,000. b. Write a one-page report on the situation for the Managing Director, on the basis of the information given and that required by the company
It should be noted that the company's intention is to allow the newspaper to run independently if annual profits from the newspaper exceed £20,000.
In response to the questions regarding the newspaper section of our company, the following information has been gathered:
The annual costs of producing newspapers to meet the present circulation demand of 720,000 copies per year is £89,000 (£25,000 fixed maintenance costs + £72,000 variable costs).Based on the current circulation and selling price of 12p per copy, the present profit/loss situation is a loss of £4,400.In order for the newspaper section to break even and pay for itself, a circulation of 2.08 million copies per year is required.With an anticipated increase in circulation to 1 million copies per year, the profit/loss situation would be a loss of £2,400.If the new technology is implemented, the fixed maintenance costs would be £13,000 (£30,000 for 100,000 papers - £26,000 for 50,000 papers) and the variable cost per copy produced would be 0.04p (£4,000 for 100,000 papers - £2,600 for 50,000 papers).learn more about annual profits here
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douglas promised to sell his car to eric and eric promised to pay douglas $3,000 for the car. the parties have not yet performed their respective promises. this contract may be classified as:
Douglas promised to sell his car to Eric and Eric promised to pay Douglas $3,000 for the car. The parties have not yet performed their respective promises. This contract may be classified as an executory contract.
An executory contract is an agreement between two or more parties in which the performance of one or more parties has yet to be completed. An agreement where each party still owes an action to the other is known as an executory agreement.
A contract that has not yet been executed or completed by either party is known as an executory contract. Both parties are still required to perform their obligations under an executory contract.
An example of an executory contract is a lease agreement in which the landlord is required to give the tenant access to the property and the tenant is required to pay rent to the landlord for that access. Until the lease has been signed and the tenant has paid the rent, the contract is not considered executed.
The contract in which Douglas promised to sell his car to Eric and Eric promised to pay Douglas $3,000 for the car is also an executory contract.
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Please think and put forward an example of a commercial project operating in the area where you live and discuss the concept of working capital and its importance to the project manager and the extern?
Working capital is the difference between a company's current assets and current liabilities or debts used in day-to-day operations.
What is the possessive noun for company's?
"Company's" is the possessive form of the single noun "company." In other words, it refers to something held by a single company. "Companies" is the plural version of the single word "company." This is true for more than one company. Companies is a plural form of the singular word company; so, if you are referring to more than one company, use the phrase companies. Use the word company's when referring to anything that belongs to a corporation.
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Fill in the blank. In addition to the product name, name and address of the manufacturer, amount of product in the package, and the ingredients panel, the____must list certain nutrients
In addition to the product name, name and address of the manufacturer, amount of product in the package, and the ingredients panel, the Nutrition Facts Panel must list certain nutrients
The majority all packaged foods must bear the nutrition information label, which identifies the nutrients and other substances in the food. Often, labels are built on official nutritional grading systems. The majority of countries now issue detailed dietary recommendations for purposes of general education.
Because the label identifies the quantity of calories, carbs, fat, fiber, protein, and vitamins for each serving of the item, comparing the nutritional worth of comparable products is made easier. Be careful to compare information from different makers of the same food goods as it may vary greatly.
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Your friend just got an unexpected $1,000 tax refund. She plans to put $800 towards paying off credit card debt, $100 toward her student loans, and use the remaining $100 to purchase a new grill for her deck. What's your friend's marginal propensity to consume (MPC)? MPC: By how much did she increase her net wealth? Change in net wealth: $
Your friend's marginal propensity to consume is 0.1 or 10% based on the expenses she incurred and the money she received.
Why does MPC range from 0 to 1?Due to the fact that the additional income might either be completely kept or eaten, MPC ranges between 0 and 1. If all additional income is spent, MPC will be equal to 1 since the change in consumption will be equal to the change in income. Alternatively then, if all of the income is saved, there will be no change in consumption, leaving MPC at 0.
The $100 spent on the new grill will be the only consumption.
MPC is:
= 100 / 1,000
= 10%
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West Bank has received a collection from South Bank, one ofits
overseas correspondent banks, for presentation to one ofits
customers. For whom is West Bank acting in thistransaction?
West Bank is acting as an intermediary bank in this transaction, receiving a collection from South Bank to be presented to one of its customers.
In international trade, correspondent banks are banks that have a relationship with each other to facilitate transactions between their respective customers. An intermediary bank, like West Bank in this case, acts as a go-between for two banks in different countries to ensure the successful completion of a transaction.
In this scenario, South Bank is using West Bank as its correspondent bank to present the collection to one of its customers in West Bank's country. West Bank will ensure that the collection is valid and meets all necessary requirements before presenting it to the customer for payment.
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What influences MNE to disperse or concentrate value activities?
explain reasoning with answers
A. Support activites B. risk differentiation c. primary
activities D. location advantages
What is the pr
MNEs may choose to concentrate or disperse their value activities based on factors such as the competitive advantage of support and primary activities in a location, the level of risk associated with value activities, and the location advantages of a particular country, such as market access or lower labor costs.
To explain the factors that influence multinational enterprises (MNEs) to disperse or concentrate value activities, you need to consider the following factors:
A. Support activities: These refer to the activities that are important for the success of other activities. Examples include accounting, human resource management, and procurement. If a country has a competitive advantage in support activities, MNEs may choose to locate some of their value activities there.
B. Risk differentiation: This refers to the extent to which the risks associated with value activities vary. MNEs may choose to disperse their value activities if the risks are high in a particular location. For example, if the cost of transport is high, MNEs may prefer to establish multiple locations closer to their customers.
C. Primary activities: These are the core activities that are directly involved in creating value. Examples include production, marketing, and sales. MNEs may choose to concentrate their value activities in a location where there is a competitive advantage in primary activities.
D. Location advantages: MNEs may choose to concentrate or disperse value activities based on the location advantages of a particular country.
For example, a country may have a large market that MNEs want to access. Alternatively, a country may have lower labor costs that make it attractive for MNEs to locate production activities there.
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Auto Lavage is a Canadian company that owns and operates a large automatic carwash facility near Quebec. The following table provides data concerning the company’s costs:
Fixed Cost
per Month Cost per
Car Washed
Cleaning supplies $ 0.40
Electricity $ 1,300 $ 0.08
Maintenance $ 0.10
Wages and salaries $ 4,600 $ 0.20
Depreciation $ 8,200 Rent $ 2,100 Administrative expenses $ 1,600 $ 0.01
For example, electricity costs are $1,300 per month plus $0.08 per car washed. The company expects to wash 8,200 cars in October and to collect an average of $5.90 per car washed.
The actual operating results for October appear below:
Auto Lavage
Income Statement
For the Month Ended October 31
Actual cars washed 8,300
Revenue $ 50,480
Expenses: Cleaning supplies 3,780
Electricity 1,926
Maintenance 1,060
Wages and salaries 6,600
Depreciation 8,200
Rent 2,300
Administrative expenses 1,582
Total expense 25,448
Net operating income $ 25,032
Required:
Complete the flexible budget performance report that shows the company’s activity variances and revenue and spending variances for October. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Omit the "$" sign in your response.)
Auto Lavage
Flexible Budget Performance Report
For the Month Ended October 31
Activity Variances Revenue and Spending Variances
Revenue $ (Click to select)FNoneU $ (Click to select)FNoneU
Expenses: Cleaning supplies (Click to select)FUNone (Click to select)NoneFU
Electricity (Click to select)FNoneU (Click to select)NoneFU
Maintenance (Click to select)UFNone (Click to select)UFNone
Wages and salaries (Click to select)FNoneU (Click to select)FUNone
Depreciation (Click to select)FUNone (Click to select)NoneUF
Rent (Click to select)UNoneF (Click to select)FUNone
Administrative expenses (Click to select)FNoneU (Click to select)FNoneU
Total expense (Click to select)NoneUF (Click to select)NoneFU
Net operating income $ (Click to select)UNoneF $ (Click to select)UNoneF
Variances in revenue and spending represent the discrepancies between the flexible budget and the actual outcomes. The company Lavage Rapide's revenue and spending variances for the month of August are computed as follows:
What is meant by budgeting?In order to accomplish the stated goals of the organization, it is a method of predicting the future inflows and outflows of an organization through forecasting the future sales, purchases, manufacturing, administrative expenses, etc. by performing a market study, demand and supply analysis, past performances, and so on. Static budget is another name for planning financial budget. The budgeted level of activity for the period, as well as the budgeted rates of revenue and cost per unit of activity, are used to produce a planning budget at the start of the budgeting period.
Income Statement for August
Actual Budget Flexible Budget Variance
Actual cars washed 8,300 8,800
Revenue $50,080 $43,120 $40 U
Expenses:
Cleaning supplies $3,780 $7,040 $520 U
Electricity 1,926 2,520 $150 U
Maintenance 1,060 1,760 $500 U
Wages and salaries 6,600 7,640 $860 U
Depreciation 8,200 6,000 $0 None
Rent 2,300 8,000 $0 None
Administrative expenses 1,582 4,880 $70 U
Total expense $25,448 $37,840 $2,100 U
Net operating income $25,032 $5,280 $2,140 U
Data and Calculations:
Budgeted cars to wash in August = 9,000
Flexible budget = 8,800
Average price per car wash = $4.90
Total budgeted flexible revenue = $43,120 (8,800 x $4.90)
Fixed Cost Cost per Flexible
per Month Car Washed Budget
Cleaning supplies $0.40 $3,280 ($0.40 x 8,200)
Electricity $1,300 $ 0.15 $2,530 ($1,300 + $0.15 x 8,200)
Maintenance $0.10 $820 ($0.10 x 8,200)
Wages and salaries $4,600 $0.20 $7,060 ($4,600 + $.30 x 8,200)
Depreciation $8,200 $6,000
Rent $2,100 $8,000
Administrative expenses $1,600 $0.01 $1,682 ($1,600 + $0.01 x 8,200)
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What are the main rights of passenger under the Air passenger Bill of Rights?
Under the Air Passenger Bill of Rights, passengers have the following main rights:
Right to compensation in case of flight delay, cancellation, or overbookingRight to timely communication regarding flight status and any changesRight to adequate compensation in case of damage to baggageRight to reimbursement or rebooking in case of denied boarding due to overbooking or other reasonsRight to refunds and other remedies for unfair or deceptive practices by airlinesRight to be treated with respect and dignity by airline staff, including provision of basic necessities like food, water, and restroomsThe Air Passenger Bill of Rights is a set of guidelines aimed at ensuring fair treatment and compensation for passengers in case of disruptions or issues with their flights. It aims to ensure that airlines are held accountable for their actions and that passengers are not left stranded or mistreated.
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_________ is to influence behavior to achieve a social good or promote a social change
A.) telemarketing
B.) social marketing
C.) customer marketing
Starfax, Incorporated, manufactures a small part that is widely used in various electronic products such as home computers. Results for the first three years of operations were as follows (absorption costing basis):
Year 1 Year 2 Year 3
Sales $ 809,600 $ 647,680 $ 809,600
Cost of goods sold 586,960 404,800 627,440
Gross margin 222,640 242,880 182,160
Selling and administrative expenses 192,280 182,160 172,040
Net operating income (loss) $ 30,360 $ 60,720 $ \10,120\
In the latter part of Year 2, a competitor went out of business and in the process dumped a large number of units on the market. As a result, Starfax’s sales dropped by 20% during Year 2 even though production increased during the year. Management had expected sales to remain constant at 50,600 units; the increased production was designed to provide the company with a buffer of protection against unexpected spurts in demand. By the start of Year 3, management could see that it had excess inventory and that spurts in demand were unlikely. To reduce the excessive inventories, Starfax cut back production during Year 3, as shown below:
Year 1 Year 2 Year 3
Production in units 50,600 60,720 40,480
Sales in units 50,600 40,480 50,600
Additional information about the company follows:
The company’s plant is highly automated. Variable manufacturing expenses (direct materials, direct labor, and variable manufacturing overhead) total only $2.00 per unit, and fixed manufacturing overhead expenses total $485,760 per year.
A new fixed manufacturing overhead rate is computed each year based on that year's actual fixed manufacturing overhead costs divided by the actual number of units produced.
Variable selling and administrative expenses were $1 per unit sold in each year. Fixed selling and administrative expenses totaled $140,480 per year.
The company uses a FIFO inventory flow assumption. (FIFO means first-in first-out. In other words, it assumes that the oldest units in inventory are sold first.)
Starfax’s management can’t understand why profits doubled during Year 2 when sales dropped by 20% and why a loss was incurred during Year 3 when sales recovered to previous levels.
Required:
1. Prepare a variable costing income statement for each year.
2. Refer to the absorption costing income statements above.
a. Compute the unit product cost in each year under absorption costing. Show how much of this cost is variable and how much is fixed.
b. Reconcile the variable costing and absorption costing net operating income figures for each year.
5b. If Lean Production had been used during Year 2 and Year 3, what would the company’s net operating income (or loss) have been in each year under absorption costing?
In Solution 1, Fixed Expenses, Net Operating Income (Loss) 31560 -100000 31560
How to solveSolution 1:
Starfax, Inc.
Variable costing Income statement
Year 1 Year 2 Year 3
Unit sales 50600 40480 50600
Sales revenue 809600 647680 809600
Variable expenses:
Variable Manufacturing expense (Units soldper unit) 101200 80960 101200
Variable Selling and administrative expense (Units soldper unit) 50600 40480 50600
Total variable expenses 151800 121440 151800
Contribution Margin 657800 526240 657800
Fixed expenses:
Fixed Manufacturing expense 485760 485760 485760
Fixed Selling and administrative expense 140480 140480 140480
Total Fixed expenses 626240 626240 626240
Net Operating Income (Loss) 31560 -100000 31560
Solution 2a:
Year 1 Year 2 Year 3
Variable Manufacturing expense 2.00 2.00 2.00
Fixed Manufacturing expense (485760/ units produced) 9.60 8.00 12.00
Unit Product Cost 11.60 10.00 14.00
Solution 2b:
Reconciliation of Variable costing and absorption costing Net operating Income (Losses)
Year 1 Year 2 Year 3
Variable Costing net operating income (loss) 31560 -100000 31560
Add (deduct) Fixed manufacturing overhead cost deferred in (released from) Year 2 and released in year 3 (Ending inventory *Fixed manufacturing expense per unit) 0 161920 -161920
Add (deduct) Fixed manufacturing overhead cost deferred in (released from) Year 3 and released in future under absorption costing (Ending inventory *Fixed manufacturing expense per unit) 0 0 121440
Absorption Costing net operating income (loss) 31560 61920 -8920
Solution 5b:
Absorption costing Income statement (Lean production)
Year 1 Year 2 Year 3
Sales revenue 809600 647680 809600
Variable expenses:
Variable Manufacturing expense 101200 80960 101200
Fixed Manufacturing expense [Year 2= (485760/5060040480)] 485760 388608 485760
Total variable expenses 586960 469568 586960
Contribution Margin 222640 178112 222640
Fixed expenses:
variable Selling and administrative expense 50600 40480 50600
Fixed Selling and administrative expense [Year 2= (140480/5060040480)] 140480 112384 140480
Total Fixed expenses 191080 152864 191080
Net Operating Income (Loss) 31560 25248 31560
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On June 1, Parker-Mae Corporation (a U.S.-based company) received an order to sell goods to a foreign customer at a price of 145,000 francs. Parker-Mae will ship the goods and receive payment in three months, on September 1. On June 1, Parker-Mae purchased an option to sell 145,000 francs in three months at a strike price of $1.12. The company designated the option as a fair value hedge of a foreign currency firm commitment. The option's time value is excluded in assessing hedge effectiveness, and the change in time value is recognized in net income. The fair value of the firm commitment is measured by referring to changes in the spot rate (discounting to present value is ignored). Relevant exchange rates and option premiums for the franc are as follows:
Date Spot Rate Put Option Premium
for September 1
(strike price $1.12)
June 1 $ 1.12 $ 0.020 June 30 1.06 0.072 September 1 0.98 N/A Parker-Mae Corporation must close its books and prepare its second-quarter financial statements on June 30.
Prepare journal entries for the foreign currency option, foreign currency firm commitment, and export sale.
What is the impact on net income in each of the two accounting periods?
What is the amount of net cash inflow resulting from the sale of goods to the foreign customer?
$129,464.29
Diary entries: Foreign exchange option premium on June 1 (OCI) $2,900
Cash $2,900 (To record the purchase of the foreign currency option)
June 30: Cost of the premium for a currency choice (OCI) $9,000
Liability for foreign exchange options (OCI): $9,000. (To record the change in fair value of the option)
$4,800 in foreign currency firm commitments
$4,800 in unrealized gains on foreign currency firm commitments
(To track the modification to the firm commitment's fair value)
1 September: 145,000 francs in accounts receivable
145,000 francs were made through export sales.
(To keep track of product sales)
Liability for foreign currency options (OCI): $19,800
OCI of $19,800 for foreign currency option premium expenditure (To record the expiration of the option)
influence on each period's net income:
No changes to net income as of June 1
June 30: A $9,000 rise in foreign currency option premium expenditure results in a net loss.
On September 1, export sales revenue increased net income by 145,000 francs ($1.12 x 145,000 francs), or $129,464.29
The sale of the items to the international client generated a net cash inflow of 145,000 francs, which will be received on September 1. The spot rate on September 1 will determine the dollar amount of the net cash inflow.
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A researcher wants to test the relationship between the number of years of formal education received (Xi) and the average weekly earnings (Y) (measured in hundred dollars) A report released by a government agency suggests that the average weekly earnings of individuals with no formal education is equal to $545. The researcher wants to test whether the average weekly earnings with no formal education is $545 or greater than that. He collects data from a sample of 150 individuals and estimates the following regression function: Y = 7.14+2.30X (2.45) (7.96)
where Ŷ is the predicted value of the weekly earnings for the I th individual and the standard errors for the coefficients appear in parenthesis. The t-statistic for the test the researcher wants to conduct will be __________
(Round your answer to two decimal places.)
At the 5% significance level, the researcher will__________ the null hypothesis that the average weekly earnings of individuals with no formal education is equal to $545 fail to reject reject
Here t-statistic the reasearcher wants to conduct = 2.30/7.96
= 0.29
The theory being tested won't be rejected by the researcher.
What is the t-statistic also known as?The abbreviation "t-statistic" stands for "hypothesis test statistic". In the field of statistics, Helmert and Luroth first derived the t-distribution as a posterior distribution in 1876. In Karl Pearson's 1895 paper, the t-distribution also appeared in a broader sense as the Pearson Type IV distribution.
The t-value calculates how much of a difference there is in comparison to the variation in your sample data. In other terms, T simply represents the computed difference in standard error units. The amount of evidence against the null hypothesis increases as T's magnitude increases.
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Here, the researcher wishes to perform a t-statistic = 2.30/7.96
= 0.29
The researcher won't rejected the hypothesis being tested.
What is another name for the t-statistic?The term "hypothesis test statistic" is referred to by the shorthand "t-statistic". The t-distribution was first derived as a posterior distribution in the area of statistics by Helmert and Luroth in 1876. The t-distribution also appeared in a broader context as the Pearson Type IV distribution in Karl Pearson's 1895 paper.
The t-value determines how different something is from the variance in your sample data. T merely denotes the calculated difference in standard error units, to put it another way. As T's magnitude rises, there is more evidence against the null hypothesis.
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The design of a product is primarily a functional exercise that
almost never involves concerns that go beyond operations.
True / False
The statement given "The design of a product is primarily a functional exercise that almost never involves concerns that go beyond operations." is false becasue the design of a product is not solely a functional exercise that only involves concerns related to operations. In fact, product design is a multifaceted process that encompasses a wide range of considerations, including functionality, aesthetics, usability, safety, environmental impact, and customer preferences.
While functionality is certainly an important consideration in product design, other factors such as the user experience, marketability, and manufacturability are also critical. Designers must consider how a product will be used, who will use it, and how it will be perceived in the marketplace. They must also take into account the materials, manufacturing processes, and supply chain logistics involved in producing the product.
In addition, product design must also consider social and ethical considerations, such as the impact of the product on the environment, the welfare of workers involved in the production process, and the safety of consumers who use the product.
Overall, the design of a product involves a complex and multifaceted set of considerations that go far beyond just functional concerns related to operations.
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1(a). You have a client that you have prepared their returns for the past 5 years with no issues. While you are preparing the client's 2021 returns, the client requests that a deduction is taken that will reduce the client's taxable income from $250,000 to $150,000 and their tax liability from $75,000 to $45,000 (assuming a flat 30% tax rate). After researching the issue for a few hours, you estimate that the position has an approximate 20-25% chance of success. How do you advise this client under Circular 230, accounting standards, and from a practical standpoint?
1(a). The advice would be: Under Circular 230, CPAs are required to meet the "reasonable basis" standard, while from an accounting standard the client must have sufficient evidence to support the deduction, and from a practical standpoint it is important to advise the client of the risks associated with taking the deduction.
Under Circular 230, CPAs are required to meet the "reasonable basis" standard when it comes to advising clients on tax issues. This means that a CPA must have a reasonable basis for any advice given, including a deduction for reducing the client's taxable income.
From an accounting standard, the client must have sufficient evidence to support the deduction. This includes receipts, invoices, contracts, and other documents that prove the validity of the deduction.
From a practical standpoint, it is important to advise the client of the risks associated with taking the deduction. While there is an approximate 20-25% chance of success, there is also a 75-80% chance of being denied the deduction. Depending on the consequences of a potential audit, it may be beneficial to the client to pay the higher tax liability of $75,000 in order to avoid a potential audit.
Ultimately, the decision to take the deduction rests with the client, but they must be advised of the risks associated with it.
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according to the capm, what is the expected market return given an expected return on a security of 12.5%, a stock beta of 1.9, and a risk-free interest rate of 3%? a) 6.6% b) 18.1% c) 5.7% d) 8%
According to the Capital Asset Pricing Model (CAPM), what is the expected market return when the expected return on a security is 12.5 percent, the stock beta is 1.9, and the risk-free interest rate is 3 percent. Answer: B. 18.1%
According to the CAPM, the expected market return is calculated by the formula Rm = Rf + β(Rm - Rf).
Where Rm is the expected return on the market,
Rf is the risk-free rate,
β is the beta of the stock.
In this situation, the expected market return is calculated by substituting the values.
Therefore, Rm = Rf + β(Rm - Rf)
Rm = 3% + 1.9(12.5% - 3%)
Rm = 3% + 1.9(9.5%)
Rm = 3% + 18.05%
Rm = 21.05%
Therefore, the expected market return given an expected return on a security of 12.5%, a stock beta of 1.9, and a risk-free interest rate of 3% is 21.05%. Answer: B. 18.1%
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Why do LLCs often have problems borrowing funds for business growth? Because the partners and directors of the LLC do not share responsibility for the debts of the LLC Because the members of the LLC are not personally liable for the debts and loans received by the LLC Because members of the LLC cannot legally authorize the business to create debt or to borrow money Because an LLC can only issue stock certificates to members of the company SAVE AND CONTINUE
A legal structure known as limited liability allows an organization's loss to be limited to the amount invested in a partnership. Because an LLC can only issue stock certificates to members of the company . Option D is correct .
How Does Limited Liability Work?Private assets of owners and investors are not at risk in the event of the company's failure. It is known as a "gesellschaft mit beschränkter Haftung" (GmbH) in Germany.
One of the greatest advantages of investing in publicly traded businesses is the limited liability feature. A shareholder can fully participate in a company's growth, but their liability is limited to the amount they invested, even if the company later goes bankrupt and still owes money. When an individual or a business operates with limited liability, assets belonging to the associated individuals cannot be seized in an effort to repay the company's debt obligations. Direct investments, like the purchase of company stock, are considered assets of the company in question and are subject to seizure in the event of bankruptcy.
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