It is true that independently owned firms that take title to the goods they handle are known as the wholesalers.
They typically purchase goods in large quantities from manufacturers or other suppliers, and then sell them in smaller quantities to retailers or other businesses. Wholesalers may also provide additional services such as warehousing, delivery, and financing to their customers. Unlike brokers or agents, wholesalers own the products they sell and bear the risk of any unsold inventory. They play an important role in the distribution chain, helping to connect producers and manufacturers with retailers and other end customers. Overall, wholesalers serve as a vital link in the supply chain, providing a range of goods and services that help businesses to operate efficiently and effectively.
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Sales Transactions
Journalize the following merchandise transactions, using the net method under a perpetual inventory system.
a. Sold merchandise on account, $19,150 with terms 2/10, n/30. The cost of the goods sold was $11,490. If an amount box does not require an entry, leave it blank.
Accounts Receivable Sales Cost of Goods Sold Inventory
feedback
(a) When the perpetual inventory system is used, two entries are recorded each time a sale is made. In the first entry, accounts receivable and the sale are recorded, less the discount. A second entry records the cost of the merchandise sold and the reduction of inventory on hand.
b. Received payment less the discount. If an amount box does not require an entry, leave it blank.
Cash Accounts Receivable
(a) Journal entry for the sale of merchandise on account, $19,150 with terms 2/10, n/30, and a cost of goods sold of $11,490:
Accounts Receivable $18,757.00 ($19,150 - $393 discount)
Sales $18,757.00 ($19,150 - $393 discount)
Cost of Goods Sold $11,490.00
Inventory $11,490.00
(b) Journal entry for the receipt of payment less the discount:
Cash $18,367.06 ($18,757 - $390 discount)
Accounts Receivable $18,757.00
In the first transaction, the merchandise was sold on account for $19,150 with terms of 2/10, n/30. This means that the customer can receive a 2% discount if they pay within 10 days, otherwise, the full amount is due within 30 days. The cost of the goods sold was $11,490.
To record this transaction, we need to make two entries. The first entry debits accounts receivable and credits sales for the amount of the sale less the discount ($19,150 - $393 = $18,757). We then debit the cost of goods sold and credit inventory for the cost of the merchandise sold ($11,490).
In the second transaction, the customer pays their account within the discount period, so they receive a 2% discount. The payment received is $18,757 - $390 = $18,367.06.
To record this transaction, we need to make one entry. We debit cash for the amount received less the discount ($18,757 - $390 = $18,367.06) and credit accounts receivable for the full amount of the payment ($18,757).
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Which of the following types of variables sampling plans have a tendency to select higher-dollar items for examination?
a. different estimation
b. mean-per-unit estimation
c. monetary unit sampling
d. ratio estimation
Ratio estimation sampling plans have a tendency to select higher-dollar items for examination. This is because ratio estimation involves selecting items based on their relative size or value compared to other items in the population.
The higher the dollar value of an item, the more likely it is to be selected for examination under a ratio estimation sampling plan. This approach is useful when the items in the population vary significantly in value or when there is a concern that a small number of high-value items could skew the results of the sampling plan.
By selecting items based on their relative value, ratio estimation can help ensure that the sample accurately reflects the overall characteristics of the population being studied.
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You have just won a cash award of $500 for academic excellence. Select one:
a. The substitution effect of this award will be larger than its income effect.
b. The income effect of this award will be larger than its substitution effect.
C. The substitution and income effects will be of identical size.
d. It is impossible to know whether the substitution effect is larger than the income effect or vice versa.
This is because the cash award of $500 for academic excellence increases your overall income, leading to a more significant impact on your spending habits.
This is because the terms "substitution effect" and "income effect" are typically used in economics to describe changes in consumer behavior in response to changes in prices or income. In this case, there is no price change involved and the award is a one-time addition to income, so it is not clear how these concepts would apply. The award is simply an additional source of income, which could have various effects on the recipient's behavior depending on their individual preferences and circumstances. Your answer: b. The income effect of this award will be larger than its substitution effect.This is because the cash award of $500 for academic excellence increases your overall income, leading to a more significant impact on your spending habits. The substitution effect, on the other hand, refers to the change in consumption patterns due to a change in relative prices of goods, which is not directly related to the cash award in this scenario.
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The income effect and substitution effect are economic concepts that help explain how consumers respond to changes in income and relative prices. When you win a cash award of $500 for academic excellence, both the income effect and the substitution effect will come into play.
The income effect refers to how the increase in your purchasing power from the $500 award may lead you to consume more goods and services overall. This could result in increased demand for normal goods as you now have more money to spend. The substitution effect, on the other hand, refers to changes in the relative prices of goods and services. As a result of the cash award, you may be inclined to substitute more expensive goods for cheaper ones, depending on your preferences and the perceived value of these goods. Without more information on your preferences and the price levels of goods and services you consume, it is impossible to know whether the substitution effect is larger than the income effect or vice versa (option d). Both effects will impact your consumption behavior, but the magnitude and direction of each effect will depend on individual factors and circumstances.
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hat are enlarging their natural domains, they have established themselves as supreme adapters in an era when the capability to adjust to the environmen
It is mentioned that these entities are enlarging their natural domains and have established themselves as supreme adapters in an era where adjusting to the environment is crucial.
This suggests that these entities possess the ability to adapt and thrive in various conditions, which is a significant advantage in today's constantly changing world.
This adaptability may be due to various factors such as genetic mutations or behavioral changes. Regardless of the reason, the ability to adapt allows these entities to survive and even thrive in conditions that may be unfavorable for other organisms. This adaptability also highlights the importance of being able to adjust to changing environments in order to survive and succeed in the long term.
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jeffrey has won a lottery and has elected to take a $10,000 per month payment. at the beginning of the year, jeffrey deposits the first payment of $10,000 in an account that pays 7.6% interest annually, compounded continuously. at the very beginning of each month, he deposits another $10,000. how much will he have at the very end of the year?
Jeffrey will have the amount of money =$134,925 at the very end of the year.
How to determine the amount of money at the end of the yearUsing the formula for continuously compounded interest, we can calculate the amount that Jeffrey will have at the end of the year.
We first need to calculate the interest rate per month, which is 7.6% / 12 = 0.6333% per month.
Next, we can use the formula A = Pe⁽t⁾
[tex]A = Pe {}^{rt} [/tex]
to calculate the amount, where A is the final amount, P is the principal, e is the constant 2.71828, r is the interest rate per period, and t is the number of periods.
For Jeffrey, P = $10,000 and r = 0.006333.
The number of periods is 12, since he is depositing money every month for a year.
A = $10,000 x e⁽⁰·⁰⁰⁶³³³ˣ¹²⁾ˣ¹² = $134,925.
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you are evaluating a project for the ultimate recreational tennis racket, guaranteed to correct that wimpy backhand. you estimate the sales price of the ultimate to be $300 per unit and sales volume to be 1,000 units in year 1; 1,250 units in year 2; and 1,325 units in year 3. the project has a three-year life. variable costs amount to $200 per unit and fixed costs are $50,000 per year. the project requires an initial investment of $150,000 in assets which will be depreciated straight-line to zero over the three-year project life. the actual market value of these assets at the end of year 3 is expected to be $25,000. nwc requirements at the beginning of each year will be approximately 10 percent of the projected sales during the coming year. the tax rate is 21 percent and the required return on the project is 10 percent. what will the free cash flow for this project be in year 3?
The free cash flow for this project be in year 3 is $47,465.07.
To calculate the free cash flow in year 3, we need to determine the operating cash flow, change in net working capital (NWC), and capital spending.
1. Operating cash flow (OCF) in year 3:
Revenue: 1,325 units * $300 = $397,500
Variable costs: 1,325 units * $200 = $265,000
Fixed costs: $50,000
Depreciation: ($150,000 - $25,000) / 3 years = $41,667
Operating income (EBIT) = Revenue - Variable costs - Fixed costs - Depreciation
OCF = ($397,500 - $265,000 - $50,000 - $41,667) * (1 - 0.21 tax rate)
OCF = $41,833 * 0.79 = $33,048.07
2. Change in NWC:
Year 2 NWC: 1,250 units * $300 * 10% = $37,500
Year 3 NWC: 1,325 units * $300 * 10% = $39,750
Change in NWC = $39,750 - $37,500 = $2,250
3. Capital spending:
Year 3 capital spending = $25,000 (market value) - $41,667 (depreciation) = -$16,667
Free Cash Flow (FCF) in year 3 = OCF - Change in NWC - Capital spending
FCF = $33,048.07 - $2,250 - (-$16,667)
FCF = $47,465.07
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savings mart is a national retail chain. to entice the company to open a mega store in its jurisdiction, the city of populationville donated a 20-acre tract of land to be used for construction. the land was originally purchased by the city for $250,000 three years ago. the appraisal value at the time of the donation was $300,000. for what amount should savings mart record the donated land? multiple choice $250,000 $300,000 $0; donated assets are not recorded. $275,000
The correct answer is $300,000. When a company receives a donated asset, it should be recorded at its fair market value, which in this case is the appraisal value of $300,000.
According to Generally Accepted Accounting Principles (GAAP), donated assets should be recorded at their fair value at the time of the donation. In this case, the fair value of the land at the time of the donation was appraised to be $300,000. Therefore, Savings Mart should record the donated land at $300,000, which represents the current value of the asset.The fact that the land was originally purchased by the city for $250,000 three years ago is not relevant to the recording of the donated land by Savings Mart.
The purpose of recording donated assets at fair value is to ensure that the company's financial statements reflect the true economic value of its assets. In this case, the true economic value of the land is $300,000 at the time of the donation, which is the amount that Savings Mart should record the land.
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In which of the two city states could women own property and why was this a good idea?
Women were allowed to own property in Sparta, one of the two major city-states in ancient Greece. This was a unique aspect of Spartan society that set it apart from most other Greek city-states at the time.
In Sparta, women were expected to be physically strong and healthy in order to bear healthy children who would grow up to be strong warriors for the city-state. This required them to engage in athletic activities and to participate in public life to a greater extent than women in other Greek city-states.
The ability to own property was one aspect of this broader cultural emphasis on female strength and independence.
Allowing women to own property in Sparta was a good idea for several reasons. Firstly, it helped to support the Spartan military system by enabling women to contribute to the economy and to provide for their families in the absence of their husbands, who were often away on military campaigns.
Secondly, it gave women greater social and economic autonomy, which was seen as desirable in Spartan society. Finally, it helped to promote gender equality and challenged traditional patriarchal structures that were prevalent in most other Greek city-states.
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Consider standard upward sloping supply and downward sloping demand curves. Suppose the market for sugar is in equilibrium at
$3per pound. This means Select an answer and submit.. a) all remaining producers will require more than $3 to produce additional sugar. b) all remaining consumers value sugar at more than $3
c) the benefit of the last pound of sugar exceeds $3
d) the cost of the last pound of sugar is less than $3
.
It is given that the market for sugar is in equilibrium at $3per pound. This means that all remaining consumers value sugar at more than $3. So, the correct answer would be B.
This is because in an equilibrium state, the price of a good reflects the willingness of both producers and consumers to engage in a transaction.
At $3 per pound, the demand for sugar is equal to the supply of sugar. This means that all consumers who are willing to pay more than $3 per pound have already purchased sugar, and all producers who can profitably produce sugar at less than $3 per pound have already done so.
Therefore, any remaining sugar would only be purchased by consumers who value sugar at more than $3 per pound, and any additional sugar production would require a price greater than $3 per pound to incentivize producers.
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It takes four consecutive quarters of decline in the GDP for economists to consider the economy to be
True
False
True. When the GDP (Gross Domestic Product) of a country experiences a decline for four consecutive quarters, economists consider it to be in a recession.
This is because GDP is a measure of the total value of goods and services produced in a country, and a decline in GDP indicates that the economy is producing less than it did in the previous quarters.
However, it is important to note that a decline in GDP for one or two quarters does not necessarily indicate a recession. Sometimes, these declines are just part of the normal economic cycle and can be followed by periods of growth. So, four consecutive quarters of decline in the GDP is the standard used by economists to determine if the economy is truly in a recession.
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Which of these items should never be included on a résumé sent to U.S. companies?
A) Home address
B) Volunteer activities
C) Marital status
D) Military service
E) Language skills
When submitting a résumé to U.S. companies, it is essential to provide relevant and professional information. Among the options given, the item that should never be included on a résumé is C) Marital status.
In the U.S., it is not appropriate to include personal information such as marital status, age, or race on a résumé, as it can lead to discrimination or bias during the hiring process. Companies are required to adhere to Equal Employment Opportunity (EEO) laws that prohibit discrimination based on such factors.
The other items listed can be beneficial to include on a résumé when they are relevant to the job or showcase your skills and experience:
A) Home address - While it is becoming less common to include a full home address, providing your city and state can still be useful for employers to determine your location and availability for the position.
B) Volunteer activities - These experiences can demonstrate your commitment to community service and showcase transferable skills, making you a well-rounded candidate.
D) Military service - This information can highlight your dedication, discipline, and skills developed during service, which can be valuable assets in a civilian job.
E) Language skills - Being multilingual is often an advantage in today's globalized job market, so listing language skills can make you more competitive as a candidate.
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A $30,000.00 invoice indicating a string discount of 30, 20, and 5 would, assuming all discounts are taken, give the producer a net selling price of Select one: a. $21,000.00 b. $16,800.00 c. $15,960.00. d. $13,500.00
The invoice indicates a string discount of 30, 20, and 5. This means that the discounts will be applied in a specific order, one after the other. To calculate the net selling price of the invoice, we need to apply the discounts in the order they are given. This is important because applying the discounts in a different order could result in a different net selling price.
The first discount is 30%, which means that the producer will pay only 70% of the original price. This is equivalent to a 30% reduction in the price. To calculate the discounted price, we multiply the original price by 70%:
Discounted price = Original price x (100% - Discount %)
Discounted price = $30,000.00 x (100% - 30%)
Discounted price = $30,000.00 x 70%
Discounted price = $21,000.00
The second discount is 20%, which means that the producer will pay only 80% of the discounted price. This is equivalent to a 20% reduction in the price. To calculate the new discounted price, we multiply the discounted price by 80%:
New discounted price = Discounted price x (100% - Discount %)
New discounted price = $21,000.00 x (100% - 20%)
New discounted price = $21,000.00 x 80%
New discounted price = $16,800.00
The third and final discount is 5%, which means that the producer will pay only 95% of the new discounted price. This is equivalent to a 5% reduction in the price. To calculate the net selling price, we multiply the new discounted price by 95%:
Net selling price = New discounted price x (100% - Discount %)
Net selling price = $16,800.00 x (100% - 5%)
Net selling price = $16,800.00 x 95%
Net selling price = $15,960.00
Therefore, the correct answer is c. $15,960.00.
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Reference price is an important concept in pricing strategy. ______________ is what everyone else is paying for the product and _______________ is what you think you should pay, given your past experience and the buying situation.
Reference price is an important concept in pricing strategy. pricing strategy is what everyone else is paying for the product and product's price is what you think you should pay, given your past experience and the buying situation.
Reference price is a crucial aspect of pricing strategy. It is the price that consumers use as a benchmark for evaluating the fairness of a product's price. It is what everyone else is paying for the product and what they expect to pay. This can be influenced by various factors such as advertisements, promotions, and competitor pricing. It is also affected by the perceived value of the product in the market. Reference price plays a significant role in consumer behavior, as it can affect their willingness to buy a product.
On the other hand, the perceived price is the amount a customer thinks they should pay, given their past experiences and the buying situation. This is subjective and can be influenced by various factors such as income level, brand loyalty, and the quality of the product.
Perceived price can also be affected by other reference prices, such as the price of similar products or the cost of production. It is essential to consider the perceived price when setting prices for products. If the perceived price is too high, consumers may not be willing to buy the product.
In conclusion, reference price and perceived price are essential concepts in pricing strategy. Reference price influences consumers' expectations, and perceived price determines their willingness to pay for the product. Understanding these concepts can help businesses set competitive prices, attract customers, and increase sales. It is vital to consider both when developing pricing strategies.
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The general ledger of the Fly-Buy-Nite (FBN) Engineering Company contained the following account balances. Construct an income statement. What is the net income before taxes and the net profit (or loss) after taxes? FBN has a tax rate of 35%.amount ($1000s)Administrative expenses $2,750Subcontracted services 15,000Development expenses 900Interest expense 200Sales revenue 32,000Selling expenses 4,500
The general ledger of the Fly-Buy-Nite (FBN) Engineering Company contained the following account balances. FBN Engineering Company's net income before taxes is $8,650 and the net profit after taxes is $5,622.50.
Income Statement:
1. Sales revenue: $32,000
2. Cost of goods sold (Subcontracted services): -$15,000
3. Gross profit: $17,000 (Sales revenue - Cost of goods sold)
Expenses:
4. Administrative expenses: -$2,750
5. Development expenses: -$900
6. Selling expenses: -$4,500
7. Interest expense: -$200
Total expenses: -$8,350 (Sum of all expenses)
8. Net income before taxes: $8,650 (Gross profit - Total expenses)
9. Taxes (35%): -$3,027.50 (Net income before taxes * 0.35)
10. Net profit (or loss) after taxes: $5,622.50 (Net income before taxes - Taxes)
In summary, FBN Engineering Company's net income before taxes is $8,650 and the net profit after taxes is $5,622.50.
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The benefits associated with strategic alliances is that they provide broad access to:
Strategic alliances provide broad access to a range of benefits, including resources, knowledge, skills, technologies, and markets.
By forming strategic alliances with other companies, firms can leverage each other's resources, capabilities, and strengths to achieve their goals. For example, a strategic alliance with a company that has expertise in a particular market can help a firm enter that market more easily and quickly than if it were to go it alone. Similarly, an alliance with a company that has expertise in a particular technology or process can help a firm improve its operations and increase efficiency. Strategic alliances can also help companies reduce costs, share risks, and gain competitive advantage.
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According to the external control view of leadership, which of the following factors would not be considered an external factor that might positively or negatively affect a firm's success?
A. economic downturns
B. governmental legislation
C. outbreak of war
D. company employee morale
According to the external control view of leadership, all of the options listed (A, B, C, and D) would be considered external factors that might positively or negatively affect a firm's success.
The external control view of leadership is a theoretical perspective that suggests that a leader's ability to control and influence their organization's success is limited by external factors such as the economy, government regulations, and societal trends. According to this view, while a leader can still influence the success of their organization, they are not fully in control of it due to these external factors. This perspective is in contrast to the internal control view of leadership, which suggests that a leader has more control over their organization's success through their own actions and decisions.
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The Coase theorem is the proposition that if property rights _____, only a small number of parties are involved and transaction costs are _____, then private transactions are _____ and the outcome is not affected by who has been assigned the property rights.exist; low; efficient
The Coase theorem states that if property rights exist, only a small number of parties are involved, and transaction costs are low, then private transactions are efficient and the outcome is not affected by who has been assigned the property rights.
The Coase theorem is an economic theory that suggests that if property rights exist and transaction costs are low, private transactions will be efficient, regardless of who is assigned the property rights.
This means that if two parties have a disagreement over the use of a resource, they can negotiate a mutually beneficial solution without the need for government intervention. In order for this to work, both parties must have a clear understanding of their property rights and the cost of reaching an agreement must be minimal.
For example, if a farmer and a factory owner are disputing the use of a river that flows through their properties, they can negotiate a solution that benefits both parties. If the transaction costs of negotiating an agreement are low, the farmer and the factory owner can reach an efficient outcome without the need for government intervention.
However, if transaction costs are high, it may be difficult for the parties to reach a mutually beneficial agreement, and government intervention may be necessary to resolve the dispute.
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matt's widget co. is suing elon mining co. today, the jury announced the outcome of the trial. there was also important news about the economy: we learned the gdp growth rate was 2.9%, instead of the expected 2.0%. you know that matt's widget co. has a capm beta of 1.1, the market return today was 3.9%, and the daily risk-free rate is 0.5%. there was no other news today and matt's widget co. had a stock return of 2% today. by how much did the jury announcement change matt's stock return today? hint: this question asks you to use an event study. calculate the expected return today (assuming no firm-specific news) using the capm. then compare the actual return to the capm expected return: the difference is due to the lawsuit announcement. enter your answer in % form without the % symbol (i.e., if your answer is 3.5%, type 3.5).
The jury announcement changed Matt's stock return today by -2.24%.
How to find the expected returnTo calculate the expected return for Matt's Widget Co. using the CAPM formula, we can use the following equation:
Expected Return = Risk-free Rate + Beta * (Market Return - Risk-free Rate)
Plugging in the values given:
Expected Return = 0.5% + 1.1 * (3.9% - 0.5%)
Expected Return = 0.5% + 1.1 * 3.4%
Expected Return = 0.5% + 3.74%
Expected Return = 4.24%
Now, we know that the actual stock return was 2%.
To find the impact of the jury announcement, we can compare the actual return to the expected return:
Impact of Jury Announcement = Actual Return - Expected Return
Impact of Jury Announcement = 2% - 4.24%
Impact of Jury Announcement = -2.24%
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Fairmount Food Group purchased Swissrose International Inc., market of several brands of specialty and food service cheese from ConAgra. The _____ will make Fairmount the largest U.S. importer and marketer of specialty and deli-style cheese.
a. joint venture
b. merger
c. voluntary union
d. acquisition
The correct answer to the question is d. acquisition. Fairmount Food Group has acquired Swissrose International Inc. from ConAgra, which will make them the largest U.S. importer and marketer of specialty and deli-style cheese.
This acquisition is a strategic move for Fairmount as it will enable them to expand their product line and reach a wider customer base. Swissrose is a well-known brand in the market of specialty and food service cheese, and this acquisition will provide Fairmount with access to their existing customer base, thereby increasing their market share. This move also reflects the growing demand for specialty cheeses in the U.S. market, and Fairmount is well-positioned to capitalize on this trend. With this acquisition, Fairmount can now offer a wider variety of high-quality specialty and deli-style cheese to its customers, which will help to drive growth and profitability for the company in the long run.
Overall, this acquisition is a significant step forward for Fairmount Food Group, and it will help to solidify their position as a leading player in the specialty and deli-style cheese market.
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________ are a type of limited-service wholesaler who does not carry inventory or handle a product. They typically operate in bulk industries, such as coal, lumber, and heavy equipment.
Drop-shippers are a type of limited-service wholesaler who does not carry inventory or handle a product. They typically operate in bulk industries, such as coal, lumber, and heavy equipment.
These wholesalers act as intermediaries between manufacturers and retailers, taking orders and arranging for delivery without physically handling the goods. This business model allows them to reduce overhead costs, as they do not need to maintain storage facilities or transportation infrastructure.
Consequently, drop-shippers can offer competitive pricing to their customers, helping to facilitate transactions in these large-scale industries. By specializing in specific sectors, they can also develop expertise and relationships that make them valuable partners for both suppliers and buyers in the market.
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posttesting of promotions______ . multiple choice question. allows for changes to be implemented for future use examines how effective promotions are compared to those of close competitors evaluates the impact and contribution of each toward achieving objectives prepares them for permanent storage in the company's database
The correct answer is: allows for changes to be implemented for future use.
Posttesting of promotions refers to the evaluation of promotional activities after they have been implemented in order to determine their effectiveness and to identify areas for improvement.
Posttesting allows marketers to adjust their promotional strategies and tactics based on actual results, which can help to improve future promotional campaigns.
During posttesting, marketers may examine how effective promotions are compared to those of close competitors and evaluate the impact and contribution of each toward achieving objectives.
However, the primary purpose of posttesting is to identify areas for improvement and to make changes that can be implemented in future promotional activities.
The final option, "prepares them for permanent storage in the company's database," is not necessarily a key objective of posttesting.
While the results of posttesting may be stored in the company's database for future reference, this is not the primary goal of the posttesting process.
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150. To be ready for career opportunities, successful people develop career plans and then take action to achieve those plans. True False
True. To be ready for career opportunities, successful people often develop career plans and then take action to achieve those plans. Career planning involves setting specific goals, identifying the necessary skills and knowledge.
A career plan is a set of goals and actions that an individual develops to guide their career path. It includes a self-assessment of skills, interests, and values, as well as research on career options and job market trends. Once a career plan is in place, individuals can take specific steps to achieve their goals, such as pursuing education or training, seeking mentorship or networking opportunities, and seeking out relevant work experiences. By being proactive and taking deliberate steps towards their career goals, successful people can position themselves for career opportunities and advancement.
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there are many reasons a company may diversify its business. with respect to that, consider the two following statements below and then choose the best answer. -- statement a: value creating diversification includes economies of scope and market power. -- statement b: employment risk is an example of an organizational incentive to diversify.
The best answer would be: Statement A is true, while Statement B is false.
Explanation:
Statement A is true because diversification can create value for a company through economies of scope and market power. Economies of scope arise when a company can share resources or capabilities across multiple businesses, resulting in cost savings and increased efficiency. Market power refers to a company's ability to influence prices or competition in a particular market, which can be achieved through diversification.
Statement B is false because employment risk is not an organizational incentive to diversify. Employment risk refers to the risk that employees may lose their jobs as a result of a company's diversification strategy. While this is a potential downside of diversification, it is not an incentive for a company to pursue diversification in the first place.
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which statement best summarizes the diagram? the higher the level of employee empowerment, the more skills employees need. employees who have high skill levels are less likely to be empowered than employees with lower skill levels. suggestion programs allow employees to be responsible for decision making and strategy. employees on cross-functional teams have a low level of decision-making authority.
The statement that best summarizes the diagram is that the higher the level of employee empowerment, the more skills employees need.
The statement that best summarizes the diagram is: "The higher the level of employee empowerment, the more skills employees need." This statement suggests that as employees are given more decision-making authority and responsibility, they need to possess a greater range of skills to perform effectively in their roles
.When someone is empowered, they have the ability to accomplish something ー and they know it, giving them the confidence needed to succeed. Employee empowerment refers to the manner in which companies provide their employees with anything and everything they need to succeed. This involves far more than simple resource allocation, however. Companies that are interested in empowering employees should act on the following:
Give employees a voice by regularly soliciting and acting on their feedback.Provide opportunities for employees to grow through more autonomy, additional responsibilities, or even an entirely new role.Recognize employees frequently to increase their engagement and confidence in their own abilities.And, of course, provide employees with the tools, training, and authority they need to excel.
A company’s leaders, HR professionals, and fellow employees all play key roles in establishing a supportive, empowered environment. All parties need to establish mutual trust, feel comfortable taking risks, and establish clear expectations and guidelines. Without this collaboration, truly empowering employees is impossible.
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Under the Sales Article of the U.C.C., which of the following oral contracts for the sale of goods valued at more than $500 is most likely to be unenforceable?However, there are several exceptions which could make an oral contract enforceable: (1) the goods are specially manufactured (2) the goods have been paid for and accepted or received and accepted ((3) the person admits in court to have contracted with the plaintiff (the contract is enforceable to the quantity admitted); or (4) one of the merchants sends a written confirmation to the other and receives no objection within 10 days after sending it
Oral contracts for the sale of goods valued at more than $500 are unenforceable unless they meet certain exceptions under U.C.C.
The Uniform Commercial Code (UCC) is a set of laws that governs commercial transactions in the United States. It was created to standardize laws related to the sale and transfer of goods, financing of commercial transactions, and other related topics. The UCC consists of nine articles, each addressing a different aspect of commercial law. These articles cover topics such as sales contracts, negotiable instruments, secured transactions, and leases. The UCC is adopted in some form by all 50 states in the US, although states can make modifications to the code. The UCC provides a framework for businesses to conduct transactions and resolve disputes in a standardized manner.
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The use of three probabilistic activity time estimates may reduce the need for:
a. probability reports to management.
b. additional computations.
c. crashing the project.
d. managing tradeoffs & addressing risks.
The use of three probabilistic activity time estimates may reduce the need for crashing the project. option c is correct.
Crashing a project refers to the process of shortening the project duration by increasing the amount of resources allocated to certain activities. This is typically done in response to a deadline that cannot be extended or a need to complete the project sooner. However, crashing a project can be expensive, as it often requires additional resources such as labor, equipment, or materials.
By using three probabilistic activity time estimates, which include the most likely, pessimistic, and optimistic time estimates for each activity, project managers can better estimate the amount of time required to complete each activity and the overall duration of the project. This can help them identify potential bottlenecks and areas where additional resources may be needed, which can reduce the need for crashing the project.
Additionally, by using probabilistic estimates, project managers can better manage tradeoffs and address risks. They can identify activities that are more likely to cause delays or problems and allocate resources accordingly. This can help them make more informed decisions about how to balance competing demands and priorities, which can ultimately improve project outcomes.
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Name four costs of doing business that are considered as overhead (operating expenses).
Here are four costs of doing business that are typically considered as overhead or operating expenses:
1. Rent or lease payments for office space or equipment.
2. Utilities such as electricity, water, and gas.
3. Insurance premiums for general liability, property, and worker's compensation.
4. Office supplies and equipment, including furniture, computers, and printers.
These costs are necessary for the day-to-day operations of a business but are not directly related to producing goods or providing services.
Four costs of doing business that are considered as overhead (operating expenses) include:
1. Rent or lease payments for office or retail space
2. Utility bills, such as electricity, water, and gas
3. Insurance premiums for business liability and property coverage
4. Salaries and wages for administrative staff and management
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Tracey Company has projected sales and production in units for the second quarter of the coming year as follows:
April May June
Sales........... 55,000 45,000 65,000
Production.... 65,000 55,000 55,000
Cash-related production costs are budgeted at $7 per unit produced. Production costs, 40% are paid in the month in which they are incurred and the balance in the following month. Selling and administrative expenses will amount to $110,000 per month. The accounts payable balance on March 31 totals $193,000, which will be paid in April.
All units are sold on account for $16 each. Cash collections from sales are budgeted at 60% in the month of sale, 30% in the month following the month of sale, and the remaining 10% in the second month following the month of sale. April 1, Accounts receivable on totaled $520,000 ($100,000 from February's sales and the remainder from March).
Required:
a. Prepare a schedule for each month showing budgeted cash disbursements for Tracey Company. (24 marks)
b. Prepare a schedule for each month showing Tracey Company’s budgeted cash receipts. (18 marks)
c. How to overcome low inventory turnover, explain and give 2 examples? (Word limit:200 words) (8 marks)
a. Schedule of budgeted cash disbursements:
April:
Production costs:
65,000 units produced x $7 per unit x 40% = $182,000 (paid in April)
65,000 units produced x $7 per unit x 60% = $273,000 (paid in May)
Selling and administrative expenses: $110,000
Accounts payable: $193,000
Total cash disbursements: $685,000
May:
Production costs:
55,000 units produced x $7 per unit x 60% = $231,000 (paid in May)
55,000 units produced x $7 per unit x 40% = $154,000 (paid in June)
Selling and administrative expenses: $110,000
Total cash disbursements: $495,000
June:
Production costs:
55,000 units produced x $7 per unit x 40% = $154,000 (paid in June)
55,000 units produced x $7 per unit x 60% = $231,000 (paid in July)
Selling and administrative expenses: $110,000
Total cash disbursements: $495,000
b. Schedule of budgeted cash receipts:
April:
Sales: 55,000 units x $16 per unit x 60% = $528,000
Collections from February sales: $100,000
Total cash receipts: $628,000
May:
Sales: 45,000 units x $16 per unit x 60% = $432,000
Sales: 55,000 units x $16 per unit x 30% = $264,000
Total cash receipts: $696,000
June:
Sales: 65,000 units x $16 per unit x 60% = $624,000
Sales: 45,000 units x $16 per unit x 30% = $216,000
Sales: 55,000 units x $16 per unit x 10% = $88,000
Total cash receipts: $928,000
c. Low inventory turnover means that a company is not selling its inventory quickly enough, which can lead to higher holding costs and potentially lower profits. Two ways to overcome low inventory turnover are:
Improve forecasting and demand planning: By accurately forecasting demand and adjusting production accordingly, a company can avoid overstocking or understocking inventory. This can help ensure that inventory is sold quickly and efficiently, leading to higher turnover.
Implement just-in-time (JIT) inventory management: JIT is a lean manufacturing approach where inventory is only ordered and received when it is needed for production or sale. This can help reduce holding costs and improve inventory turnover, as inventory is not sitting on shelves for long periods of time.
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In which of the following independent situations would the transaction most likely be characterized as a disguised sale?
Group of answer choices
Partner A contributes appreciated property to a Partnership, and three years later Partnership distributes $100,000 proportionately to all the partners.
B contributes property with a basis of $40,000 and a fair market value of $100,000 to Partnership in exchange for a 20% interest therein. The partnership agrees to distribute $40,000 to B in fifteen months, if partnership cash flows from operations exceed $200,000 at that time. The partnership does not expect to produce operating cash flows of over $100,000 for at least five years
C contributes appreciated property to Partnership. Thirty months later, he receives a distribution from the partnership of $30,000 cash. None of the other partners received a distribution. There was no agreement that Partnership would make the distribution, and C would have made the contribution whether or not the partnership made the distribution.
None of the above transactions will be treated as a disguised sale.
The transaction that is most likely to be characterized as a disguised sale is (B) where Partner B contributes property with a basis of $40,000 and a fair market value of $100,000 to Partnership in exchange for a 20% interest therein. The right answer is B).
The partnership agrees to distribute $40,000 to B in fifteen months if partnership cash flows from operations exceed $200,000 at that time. The partnership does not expect to produce operating cash flows of over $100,000 for at least five years.
In this transaction, Partner B is contributing property to the partnership and receiving a promise of a future cash distribution that is contingent upon the partnership's future operating cash flows. This promise of a future cash distribution creates a relationship between the contribution and the distribution that could be viewed as a sale rather than a contribution to capital.
Disguised sales occur when a partner contributes property to a partnership and, shortly thereafter, the partnership distributes cash or other property to the partner in a transaction that is economically equivalent to a sale.
The key factor is whether the transfer of property is made in anticipation of, or within two years of, a related distribution of cash or other property. If the transfer is made in anticipation of the distribution, the transaction may be characterized as a disguised sale.
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GL0701 (Algo) - Based on Problem 7-5A LO C2, C3, P4
The following selected transactions are from Lee Company.
Year 1
December 16 Accepted a $21,600, 60-day, 8% note in granting June Taylor a time extension on his past-due account receivable.
December 31 Made an adjusting entry to record the accrued interest on the Taylor note.
Year 2
February 14 Received Taylor’s payment of principal and interest on the note dated December 16.
March 2 Accepted a $7,000, 8%, 90-day note in granting a time extension on the past-due account receivable from Brown Company
March 17 Accepted a $15,000, 30-day, 8% note in granting Maria Gonzalez a time extension on her past-due account receivable.
April 16 Gonzalez dishonored her note.
31 Brown Company dishonored its note.
August 7 Accepted a $20,000, 90-day, 8% note in granting a time extension on the past-due account receivable of Garcia Company
September 3 Accepted a $11,400, 60-day, 10% note in granting Carlos Sanchez a time extension on his past-due account receivable.
November 2 Received payment of principal plus interest from Sanchez for the September 3 note.
November 5 Received payment of principal plus interest from Garcia for the August 7 note.
December 1 Wrote off the Gonzalez account against the Allowance for Doubtful Accounts
The Gonzalez account was written off against the Allowance for Doubtful Accounts, This means that the company has recognized that it is unlikely to receive the full amount of the past-due account receivable from Gonzalez and has decided to remove the account from its books as uncollectible.
The company reduces its accounts receivable and increases its allowance for doubtful accounts, which is a contra-asset account that represents the estimated amount of uncollectible accounts receivable.
Writing off an account does not mean that the company has given up on collecting the debt. Instead, it is a recognition of the reality that the debt is unlikely to be paid in the future. The company may still pursue collection efforts, such as hiring a collection agency or taking legal action, in an attempt to recover the debt.
The decision to write off an account is typically based on the company's assessment of the debtor's ability and willingness to pay, as well as any other relevant factors, such as economic conditions and industry trends. Writing off an account is a common practice in accounting and is necessary to accurately reflect the financial position of the company.
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