From the question is called the definition of total quality management.
What is total quality management?The core definition of Total Quality Management (TQM) describes a management approach for long-term success through customer satisfaction. A TQM effort involves all members of an organization in improving the processes, products, services and culture in which they work. Total Quality Management (TQM) is a continuous process to identify and reduce or eliminate defects. It is used to streamline supply chain management, improve customer service, and ensure employee training.
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the property you own in your own name that can be transferred according to the terms of a will (or under intestate laws, if you have no valid will) is your ______ estate.
The property you own in your own name that can be transferred according to the terms of a will (or under intestate laws, if you have no valid will) is your whole estate.
In the absence of a will, who inherits?Children of a person who passes away without leaving a will inherit the entire estate if there is no surviving partner. No matter how much the estate is valued, this holds true. The estate will be equally split between the children if there are two or more of them.
Therefore, The question of who receives what when a person dies intestate is decided by law, whether it be through customary law, Islamic law, English law, or the Administration of Estate Law.
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After visiting with a career counselor and participating in an internship at a local accounting firm, Joe has decided to become an accountant He has finally reached which identity status
Identity achievement is the identity status reached by Joe when he decided to become an accountant.
Identity exploration and the subsequent comprehension of that identity's significance in one's own life are two steps in the cognitive process known as "identity achievement."
This can occur when an adult makes significant changes to their lives or careers. Examples of this include businessmen who decide to seek religious vocations in their middle years or someone who leaves a well-paying job to pursue art or a considerably lower-paying (but more personally fulfilling) job.
Identity attainment describes people who, following exploration, have taken a stand. It takes time to complete this process, and it rarely does so before the end of adolescence.
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b. prepare a purchases budget in units and dollars for october. do not use a negative sign with your answers. comfy cushions purchases budget for the month of october october november production requirements answer answer desired ending inventory answer raw materials requirements answer less beginning inventory answer purchase requirements (units) answer purchase requirements (in dollars) answer
Production requirements 42,000 (8,400*5) Desired to end inventory 13,250 (10,600*25%*5) Raw materials requirements 55,250 Less beginning inventory 10,500 Purchase requirements (units) 44,750 Purchase requirements (in dollars) $40,275 (44,750*$0.9).
A purchases budget contains the number of inventory that a corporation should purchase throughout every budget period. the number expressed within the budget is that the amount required to build sure|to confirm} that there's spare inventory readily available to satisfy client orders for products. At the only level, the purchase budget can merely match the precise number of units expected to be oversubscribed in the budget period.
However, there is a variety of extra issues which will make the purchases budget significantly a lot of complexes. The purchases budget is most ordinarily employed by a merchandiser or wholesaler, that doesn't manufacture their own goods. These entities generally combine purchases into product categories for budgeting purposes, instead of making an attempt to budget at the individual product level.
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company a income statement for the years ended december 31 year increase (decrease) year 2 year 1 amount % net sales $17,900,000 $14,600,000 cost of goods sold 13,532,400 6,467,800 gross profit 4,367,600 8,132,200 operating expenses 1,360,400 992,800 depreciation expense 787,600 787,600 inventory write-down 35,800 loss (litigation) 1,270,900 219,000 income before tax 912,900 6,132,800 income tax expense 268,500 1,752,000 net income $644,400 $4,380,800
Net Sales increased by $3,300,000, or 22.7%, from Year 1 to Year 2.
Cost of Goods Sold increased by $7,064,600, or 109.7%, from Year 1 to Year 2.
Gross Profit decreased by $3,764,600, or 46.3%, from Year 1 to Year 2.
Operating Expenses increased by $368,600, or 37.2%, from Year 1 to Year 2.
Depreciation Expense remained the same from Year 1 to Year 2.
Inventory Write-down decreased by $35,800 from Year 1 to Year 2.
Loss (Litigation) increased by $1,051,900, or 477.7%, from Year 1 to Year 2.
Income Before Tax decreased by $5,220,900, or 85.1%, from Year 1 to Year 2.
Income Tax Expense decreased by $1,483,500, or 84.7%, from Year 1 to Year 2.
Net Income decreased by $3,736,400, or 84.9%, from Year 1 to Year 2.
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a 90% interest in saxton corporation was purchased by palm incorporated on january 2, 2014. the capital stock balance of saxton corporation was $3,000,000 on this date, and the balance in retained earnings was $1,000,000. the cost of the investment to palm incorporated was $3,750,000.
The accounting approach of treating investments in affiliated corporations is known as the equity method. When an investment entity holds 20–50% of the voting stock of an affiliated firm and has a sizable amount of management control over that company, equity accounting is typically used.
Its goal is to guarantee that the profit and loss of the investee are appropriately reflected in the investor's records. The value of the investment rises with a recognized profit, while it falls with a recognized loss.
A purchase made with the intention of creating income or capital growth is known as an investment. An asset's value increasing over time is referred to as appreciation. When a person invests in a good, they do not intend to utilize it as a source of immediate consumption, but rather as a tool for future wealth creation.
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the period in which the premiums are paid toward the purchase of an annuity is called the period. the period when the annuity payments are made is called the period. the principal is the premium paid by the individual buying the annuity (called the ). interest is earned between the time annuities are , accruing tax free but paid for with after-tax dollars. if any portion of the principal and interest has not been returned, it is referred to as the benefit.
The period in which the premiums are paid toward the purchase of an annuity is called the accumulation period. The period when the annuity payments are made is called the distributive period.
The time period during which regular contributions are made to an investment or premium payments are made on an insurance product, like an annuity, intended to be utilised for retirement, is known as the accumulation period (or accumulation phase).
The few days between the date on which the Board of Directors declares a stock dividend (the "declaration date") and the "date of record," or the day on which a shareholder must own shares in order to be eligible for a dividend, are known as the "distribution period."
The period in which the premiums are paid toward the purchase of an annuity is called the accumulation period. The period when the annuity payments are made is called the distributive period.
The principal is the premium paid by the individual buying the annuity (called the annuitant).
Interest is earned between the time annuities are paid and distributed, accruing tax free but paid for with after-tax dollars.
If any portion of the principal and interest has not been returned, it is referred to as the survivorship benefit.
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which one of the following income statement and balance sheet items is least likely to spontaneously vary with the level of sales?
Accrued expenses on the income statement and balance sheet are most likely to change naturally with sales
What do you mean by accrued expenses?Unpaid expenses are those for which there are no invoices or other documents. They are classified as current liabilities. This means that it must be paid within 12 months and appear on the company's balance sheet.
Examples of accrued expenses are: A bonus, salary or wage paid. Unused vacation or sick leave. Future warranty payments, return or repair costs by the customer.
Are accrued expenses an asset?Accrued expenses are recorded on the company's balance sheet. A balance sheet shows what a company owns (“assets”) and what it owes (“liabilities”) as of a particular date, along with its equity. In the above example, all but liabilities are accrued expenses.
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FILL IN THE BLANK. the texas apartment association, the texas restaurant association, and the beer alliance of texas are all examples of______.
The Texas Apartment Association, Texas Restaurant Association, and the Texas Beer Alliance are the examples of Retail trade groups.
What are Retail Trade Groups?To meet consumer demand, millions of products are produced. These goods range in price from low-cost purchases to expensive things for daily use. Retail trading describes the sale of products to the final user. In a distribution channel, it typically happens at the end. Wholesalers purchase large amounts of things after they have been produced. Depending on the size of the business, the wholesalers may be used by the retail merchants or occasionally the producers themselves. The sale of finished goods and products to customers is known as "retail commerce" in the business world. Retail business owners buy the necessary products from wholesalers, who then procure them from manufactures. Additionally, they have the option to purchase the goods straight from the suppliers.
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the vals framework group of answer choices is a well-known personality assessment. involves applying cognitive learning theory to segments that have low awareness of a product. examines the intersection of psychology, demographics, and lifestyles. is a study on the hierarchy of needs. is a form of geodemographic segmentation.
The VALS framework examines the intersection of psychology, demography and lifestyle.
What is VALS Framework?The US VAL framework will help you to segment the addressable market into different groups based on customer psychometric measurement behavior. This framework explains how each customer will behave differently in terms of values, attitudes, and lifestyles, commonly referred to as VALs. The eight current types of VALS are: Innovator, thinker, achiever, tester, believer, striver, creator and survivor. After individuals are classified based on their lifestyle, the marketer determines how the marketing elements fit into their lives.
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colony corporation issued 3000 7% 5-year, $1,000 bonds dated january 1, 2022, at face value. interest is paid each january 1.
The journal entries for bonds issuance of Colony corporation are:
January 1, 2022
Cash $3,000,000
Bonds Payable $3,000,000
Adjusting journal entry to record interest expense:
December 31, 2022
Interest Expense $210,000
Interest Payable $210,000
Journal entry to record interest paid:
January 1, 2023
Interest Payable $210,000
Cash $210,000
Let's disucss every transaction event
On January 1, 2022 Colony corportaion issued 3,000 bonds with interest rate of 7%, 5-years, and face value of $1,000. Hence the total bond values is:
Total bonds value = Number of Bonds issued x face value
Total bonds value = 3,000 x $1,000
Total bonds value = $3,000,000
Accrued interest expense
When adjusting its financial statements, Colony Corporation should record the interest expense for the year. The interest expense accrued at December 31, 2022 is:
Accrued Interets expense = Total bonds value x Interest rate
Accrued Interest expense = $3,000,000 x 7%
Accured Interest expense = $210,000
Payment of interest expense
On January 1, 2023 Colony corporation should pay the accrued interest expense recorded at December 31, 2022 which is $210,000.
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Complete Question:
Colony Corporation issued 3,000 75 5-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1.
a. Prepare the journal entry to record the sale of these bonds on January 1, 2022.
b. Prepare the adjusting journal entry on Decembe 31, 2022, to record interest expense.
c. Prepare the journal entry on January 1, 2023, to record interest paid.
Organizations strive to control employees' behavior by linking ______ systems to their control systems. a. disciplinary b. disincentive c. reporting
By connecting their incentive systems to their control systems, firms try to manage the behaviour of their workforce or strategic planning.
Strategic planning is the process of setting rules, procedures, and goals to increase a company's or organization's competitiveness. The basic objective of strategic management is to allocate personnel and resources efficiently to accomplish these objectives.
Strategic management is often thought to have both financial and non-financial advantages. A strategic management process enables a firm and its leadership to think about and make plans for the future, which is a major responsibility of a board of directors.
Strategic management determines the direction of the company and its workforce. In contrast to static strategic plans, competent strategic management continuously plans, monitors, and tests an organization's operations, boosting operational effectiveness, market share, and profitability.
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All of the following activities illustrate a risk response strategy designed to exploit an opportunity EXCEPT:
A. identify trigger condition
B. assign more or better resources
C. purchase insurance
D. give the project more visibility
With the exception of identifying trigger conditions, all of the ensuing steps demonstrate a risk response plan intended to take advantage of an opportunity.
What are the types of risk?Risk Types: There are several methods to classify the various dangers. Market risk, credit risk, operating risk, strategic risk, liquidity risk, and incident risk are just a few of the categories into which risks may be divided. One of the risks identified with the highest priority for every firm is financial risk.
How is risk measured?Employing statistical techniques that are historical predictors of investment risk and volatility, risk—or the probability of a loss—can be quantified. Standard deviation, Sharpe ratio, and beta are examples of commonly used risk management strategies.
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An improshare plan is a group-based incentive plan based on the number of hours a firm expects to take to reach a certain level of output.
True
False
A group-based incentive plan based on hours worked is called an improshare plan, it's true.
How does an incentive strategy work?An agreement wherein employees receive additional money as a means of boosting production. a three-year incentive program connected to long-term corporate goals. The business uses an incentive program to encourage performance.
What do incentives serve as a vehicle for?Offering incentives is a terrific approach to keep your staff motivated to perform their duties to the best of their abilities. They have something to strive for when there is something they can get if they attain a goal or accomplish something.
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At the start of the COVID-19 economic shutdown, the Congressional Budget Office projected the federal debt-to-GDP ratio would reach 108% by the end of 2021, an increase of 26 percentage points from their previous projection. The federal debt-to- GDP ratio reached a record 119.1 percent in early 1946, following World War II, but then quickly fell, reaching 31.1 percent in January 1981 45 45 45 45 45 5 45 45A 454 25 a. What lesson might the record-level debt and subsequent rapid decline following World War II hold for current debt projections? That in the context of an expanding economy, the debt will tend to become a smaller problem That if the federal government is to get its fiscal bouse in order, it will have to cut its spending dramatically That the current debt would not be a problem if it were incurred during war None. The two periods are so different that any effort to compare them will be misleading. b. What are the primary factors that will determine whether debt snowballs out of control or slowly melts? The absolute size of the debt. The nominal value of debt repayments. Whether federal deficits are incurred to finance economically valuable investments, e.g., infrastructure. How the growth rate of real GDP compares with interest rates,
The lesson that the record-level debt and subsequent rapid decline following World War II hold for current debt projections is that : in the context of an expanding economy, the debt will tend to become a smaller problem. Option A
The primary factors that would determine whether debt snowballs out of control or slowly melts are: Whether federal deficits are incurred to finance economically valuable investments, e.g., infrastructure. Option C
What is meant by debt financing?Debt financing is the process by which a business obtains a loan that will be repaid with interest at a later time. It could take the form of an unsecured loan or a secured loan. A business will take out a loan to pay for working capital or an acquisition.
Debt financing is the process by which a business raises funds by offering investors debt instruments. Equity finance, which involves issuing stock to raise money, is the reverse of debt financing. When a company sells fixed income securities like bonds, bills, or notes, debt financing takes place.
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jones manufacturing sells a part to lear corporation. lear puts this part into a radio, which lear then sells to ford. from ford's point of view, jones manufacturing is a(n) supplier. (refer to chapter 1) group of answer choices echelon 1 echelon 2 tier 1 tier 2
Lear Corporation purchases a part from Jones Manufacturing. This component is integrated into a radio that Lear then sells to Ford. Ford, in Lear's opinion, is a (n)
Tier 2 (because in supply chain management, a supplier's supplier is referred to as tier 2).
The head company is Tier 1.
The distribution system or channels are Echelon 1 and 2.)
A corporation is a collection of people or a business that has been given legal status as a single entity by the state and is used for specific legal purposes. Early corporations were created with a charter. The majority of governments currently permit the registration of new corporations.
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Which of the following statements about the classifications of interest and dividends on the statement of cash flow are true? (Select all that apply.) Check All That Apply Under US GAAP, cash outflows for interest payments and cash inflows from interest and dividends received as classified as operating cash flows. Under US GAAP. cash outflows for interest and dividend payments and cash inflows from interest and dividends received as classified as operating cash flows. Under IFRS, Interest and dividends paid are classified as either operating or financing cash flows and interest and dividends received as classified as either operating or investing cash flows. Under IFRS, interest and dividends paid are classified as either operating or investing cash flows and interest and dividends received as classified as either operating or financing cash flows.
Under IFRS and US GAAP, the prerequisites must be met for interest and dividends to appear in cash flow statements:
Interest and dividends generated are classed both as operations or investment cash flows, depending on the IFRS definition of "interest and dividends" (C).
US GAAP: A. Operating cash flows are defined as cash outflows comprising interest payments and residual income for interest income received.
GAAP definition:
The Accounting Principles Board's accounting standard (GAAP) are an uniform set of accounting rules, standards, and processes (FASB). American public companies' accountants must follow GAAP while compiling their financial statements.
Ten basic concepts serve as the foundation for the rules-based standards framework known as GAAP. It usually stands in contrast to the IFRS, that are thought of as something of a guidelines benchmark. Due to IFRS's status as an increasingly uniform rule, significant initiatives have been taken to transition away from GAAP accounting.
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A paper manufacturer has built a plant that meets all government-mandated environmental regulations, but the plant still produces an unpleasant odor when it is being operated. Many residents in the area dislike the paper mill because of these unpleasant odors. This is an example of _________ externality. A. an environmental
B. a positive within-firm
C. a negative within-firm
The correct answer is A). an environmental. Even though a paper mill established a facility that complies with all environmental rules imposed by the government, the facility nonetheless emits an offensive stench when it is in use. Because of these offensive smells, the paper mill is disliked by many locals.
The fact that an income statement includes noncash items is one of the main differences between accounting income and cash flow. Depreciation stands out as the most crucial of these.
The project's effect on the company's future earnings uncertainty serves as a proxy for corporate risk.
Diversity is completely disregarded. The risk of a project to the company as opposed to its investors. Since the project is just one asset in the company's portfolio, there is some risk that can be reduced by diversification inside the company. This is known as within-firm risk.
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selected financial statement data for schmitzer inc. is shown below: 2021 2020 balance sheet: inventories 61,000 49,000 ratios: gross profit ratio for 2021 45 % inventory turnover ratio for 2021 4 what was the amount of net sales for 2021?
The amount of net sales for Schmitzer inc. for the year 2021 is $400,000 as per the given inventory and gross profit ratio
Financial ratios are a useful indicator of the financial health of a company and can also be used to compare the performance of a company over different periods or with different companies in the same or different industries.
First, we determine the cost of goods sold using the data available for inventory turnover and ending inventory balances, as follows:
[tex]Inventory\ Turnover = \frac{Cost\ of\ Goods\ Sold}{\frac{Beginning\ Inventory + Ending\ Inventory}{2}}[/tex]
The above formula is the inventory turnover and gives an indication of the number of times the inventory of a company is sold.
Cost of goods sold = Inventory Turnover*(Beginning inventory + Ending inventory)/2
= 4*(49000 + 61000)/2
Cost of goods sold = $220000
Next, we use the calculated amount of cost of goods sold amounting to $220,000 and the gross profit ratio to determine the net sales:
Net sales = Cost of goods sold/100% - Gross profit Ratio
= 220000/100% - 45%
= 220000/0.55
= $400000
Note that the denominator used above (100% - 40%) is the cost of goods sold ratio, which is the proportion of the cost of goods sold of net revenues. Hence, dividing the cost of goods sold would yield the number of net sales of $400,000.
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Show diagrammaticall the impact of firms profit in short run demand for the product reduces
The impact on the firms profit in the short run would be that : Demand declines will result in lower equilibrium prices and, perhaps, lower firm outputs (in monopolistically competitive industries or monopolies), which would result in lower profits.
How does demand impact the profit of the firm in the short run?The firms Maximizes short-term profits By deciding to produce at the level where its marginal income and cost are equal, a company may optimize its earnings.
When marginal revenue is higher than marginal cost, the business may produce more product and increase profits. The corporation loses money when marginal revenue is lower than marginal cost, thus it must cut back on output to be profitable.
The amount of output the company picks where its marginal revenue and cost are equal to optimize profits.
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monopolistic competition normally consists of 25 to 75 firms rather than hundreds or thousands and involves which of the following characteristics?
Monopolistic competition typically consists of 25 to 75 firms, rather than hundreds or thousands, and includes: Small market share. No consent. Act independently
What is Monopolistic competition?When numerous businesses provide competing goods or services that are comparable but not exact alternatives, monopolistic competition occurs. Barriers to entry in a proprietary and highly competitive industry are low, and no single firm's decisions directly affect its competitors.
Examples of monopolistic competition: It's a restaurant business. hotels and pubs. General specialty store. Consumer services (Beautician).
Why is it called monopoly competition?In essence, what is called a competitive monopoly is that while firms compete with each other to some degree for the same group of customers, each firm's product is slightly different from all the other firms.
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FILL IN THE BLANK The ________ section of an informal proposal may include a request for approval or authorization, a reminder of key benefits, and a deadline beyond which the offer is invalid.
An informal proposal's conclusion section may include a request for permission or authorization, a reminder of major benefits, and a date after which the offer is no longer valid. Thus, the correct answer is conclusion.
What is the conclusion?The conclusion is the final paragraph of an academic essay. The conclusion should reiterate your response to the inquiry while also summarizing key themes. It has no novel concepts or information.
If your essay is lengthy, you may need two or three paragraphs to conclude. The last paragraph of your essay is the conclusion. A conclusion usually accomplishes one of two things, although it can do both: it summarizes the argument. Some educators predict that your conclusion will include no new information.
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compute conversion costs given the following data: direct materials, $356,900; direct labor, $194,700; factory overhead, $183,200 and selling expenses, $48,800.
The conversion cost for a company with following data : direct materials $356,900; direct labor $194,700; factory overhead $183,200 and selling expenses $48,800 is $377,900.
It is a production cost required to convert from raw materials into ready to sell products. The concept is used in cost accounting to derive the value of ending inventory, which is then reported in the balance sheet.
From the information given at the question, direct labor and manufacturing / factory overhead will influence the conversion cost. So, from here, we can assume that conversion cost is an expense for overhead and direct labor related to the conversion of raw materials into final products.
Now, let's calculate the conversion cost with the data given
Direct materials $356,900
Direct labor $194,700
Factory overhead $183,200
Selling expense $48,800
Conversion cost = Direct labor + Manufacturing overhead
= $194,700 + 183,200
= $377,900
Therefore, the conversion cost is $377,900.
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Consider a monopolistically competitive firm in a market in long-run a equilibrium. This firm is likely earning no economic profit since it is charging a price equal to its marginal cost. no economic profit since it is charging a price equal to it average total cost. a positive economic profit since it is charging a price above marginal cost. a positive economic profit since it is charging a price above its average total cost.
Consider a firm that operates monopolistically in a long-term equilibrium market. Given that it is charging a price equal to its average total cost, this company is probably not making any economic profit.
In the long term, a monopolistically competitive company never makes a profit. When a producer does not make any financial gains, the price is equal to the average total cost, or P = ATC.
Due to the freedom of entry and exit from the market, monopolistically competitive markets are similarly to perfectly competitive markets in that producers experience long-term economic losses. Therefore, option b is the correct answer.
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i would like to take a vacation at the end of this month; however, it is a busy time of year at our office. i would like to take a vacation at the end of this month, however it is a busy time of year at our office. i would like to take a vacation at the end of this month: however, it is a busy time of year at our office.
I would like to take a vacation at the end of this month; however, it is a busy time of year at our office. A) Use a semicolon to separate items in a series when one or more of the items containing internal commas is depicted in the mentioned sentence. As Semicolons are best used between two independent clauses.
A holiday (American English) or excursion (British English) is either a depart of absence from a regular process or an example of enjoyment travel faraway from domestic. human beings frequently take a vacation at some stage in particular holiday observances or for particular fairs or celebrations. vacations are regularly spent with buddies or own family.[1] vacations may consist of a particular experience or adventure, usually for the motive of endeavor or tourism. a person might also take an extended destroy from work, together with a sabbatical, gap yr, or professional damage. The concept of taking a holiday is the latest invention and has advanced thru the closing centuries.
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You own a portfolio consisting of the securities listed below. The expected return for each security is as shown. What is the expected return on the portfollo? Stock NumberPrice Expected of per Return 250 | S15 16 4% 100 24 5% O 10.86 percent O 12.09 percent O 11.41 percent 1176 percentO 11.23 percent
The expected return for each security is Expected Return = 11.41%
What is Expected Return?Value of Stock A = 250 shares * $15
Value of Stock A = $3,750
Value of Stock B = 300 shares * $27
Value of Stock B = $8,100
Value of Stock C = 500 shares * $38
Value of Stock C = $19,000
Value of Stock D = 100 shares * $9
Value of Stock D = $900
Total Value of Portfolio = $3,750 + $8,100 + $19,000 + $900
Total Value of Portfolio = $31,750
Weight of Stock A = $3,750/$31,750
Weight of Stock A = 0.1181
Weight of Stock B = $8,100/$31,750
Weight of Stock B = 0.2551
Weight of Stock C = $19,000 /$31,750
Weight of Stock C = 0.5984
Weight of Stock D = $900 /$31,750
Weight of Stock D = 0.0284
Expected Return = 0.1181 * 11.2% + 0.2551 * 16.4% + 0.5984 * 8.7% + 0.0284 * 24.5%
Expected Return = 11.41%
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the formula to compute cash receipts or cash payments for operating cash flows using the direct method is: multiple choice revenue or expense plus cash receipts minus cash payments revenue or expense plus or minus adjustments for changes in related balance sheet accounts cash receipts or cash payments plus adjustments for changes in related income statement accounts revenue or expense plus or minus adjustments for changes in related income statement accounts
The for-mula to compute cash receipts or cash pay-ments for operating cash flows usi-ng the direct method is: revenue or exp-ense plus or minus adjust-ments for changes in related bal-ance sheet accounts cash receipts or cash pay-ments.
Using the direct meth-od of reporting operating cash flows, the form-ula to compute cash receipts or cash paym-ents is revenue or expense plus or minus adjust-ments for changes in related bal-ance sheet accou-nts equals cash rece-ipts or cash pay-ments.
What Is Cash Flow From Operating Activities (CFO)?Cash flow from operating activities (CFO) indic-ates the amount of money a comp-any brings in from its on-going, regular busi-ness activities, such as manu-facturing and selling goods or pro-viding a service to cust-omers.
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suppose the market for used canoes has 100 sellers with canoes in good condition and 100 sellers with canoes in bad condition. there are an unlimited number of potential buyers. buyers are willing to pay $400 for canoes in good condition while the sellers value these canoes at $300. buyers are willing to pay $100 for canoes in bad condition while the sellers value these canoes at $50. only the sellers know the condition of their canoe.
The answers to the question a and b are : A) Both sorts of canoes should be sold at a reasonable price in order to achieve efficiency because there are both types of sellers and a limitless number of purchasers.
B) Buyers will buy more good condition canoes as they are more efficient to the customers and they will be sold at $400 as there are unlimited potential buyers, sellers has to maintain efficiency balance.
A canoe is a lightweight, narrow water craft that is open on top and usually pointed at both ends. It is driven by one or more paddlers who are kneeling or sitting and facing the direction in which they are traveling.
Canoes are known as Canadian or open canoes to distinguish them from kayaks in British English, where the name "canoe" can also refer to a kayak.
Question:
suppose that in addition to good and bad canoes, there are also 100 sellers with canoes in great condition. Buyers are willing to pay $1000 for canoes in great condition while the sellers value these canoe before, only the sellers know the condition of their canoe.
a) Which canoes should sell to achieve efficiency?
b) Which canoes actually sell in the market, and at what prices?
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A buyer uses a perpetual inventory system, and on December 7, it contacts its supplier to report that some of the merchandise purchased on December 5 was defective. The seller offered to reduce the merchandise price by $400. The buyer agreed to keep the defective merchandise under those terms. Hote: Enter debits before credits. General Journal Debit Credit Date Dec. 7 Record entry Clear entry View general journal A buyer uses a perpetual inventory system, and it purchases merchandise on terms of FOB shipping point. On December 20, the shipping company sends an invoice for $125 to the party responsible for the freight charges, and cash payment is made immediately. Note: Enter debits before credits. General Journal Debit Credit Date Dec. 20 Record entry Clear entry View general journal
Record a $400 debit on accounts payable and a $400 credit on merchandise inventory, is the solution.
What class of account does the inventory of goods belong to?Goods inventories are included in asset accounts. Inventory of goods is a current asset on a retailer's balance sheet. A current asset is one that will provide revenue within a given accounting term, often a year.
How do you manage your product inventory?Put the balance of your merchandise inventory's closing inventory in the Balance Sheet Debit column. In the event of unearned revenue, enter the revenue account in the balance sheet credit column and the unearned revenue account in the income statement credit column.
The purchaser must record a debit of $400 on accounts payable and a credit of $400 for inventory of goods.
When you record a debit for accounts payable, you are reducing a liability.
Since inventory of goods is a current asset, recording a credit reduces it.
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a(n) __ allows money to be exchanged electronically more quickly and more economically than with paper checks.
Electronic Funds transfer (ETF) allows money to be exchanged electronically more quickly and more economically than with paper checks.
What is Electronic Funds transfer?A digital transfer of funds from one bank account to another is known as an electronic funds transfer (EFT), otherwise known as a direct deposit.
These transfers are conducted without the involvement of bank workers. It is a digital transaction, thus no paper documentation are required.
The most common tools for making these transaction used through banking channel are IMPS (Immediate payment service, National electronic fund transfer, real time gross settlement, unified payment interface through various payment bank application.
Thus Electronic Funds transfer (ETF) make easier way of transferring funds now a days.
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sunland photography reported net income of $96,000 for 2022. included in the income statement were depreciation expense of $6,900, patent amortization expense of $3,800, and a gain on disposal of plant assets of $3,700. sunland's comparative balance sheets show the following balances. accounts receivable accounts pavable 12/31/22 $20,400 8,300 12/31/21 $25,100 5,600 Calculate net cash provided by operating activities for Novak Photography. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Calculate net cash provided by operating activities for Novak Photography. (Show amounts that decrease cash flow with either a sign e.g.-15,000 or in parenthesis e.s. (15,000).) Novak Photography Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Patent Amortization Expense Gain on Disposal of Plant Assets Decrease in Accounts Receivable : 5000 Increase in Accounts Receivable $ Net Cash Provided by Operating Activities
The net cash provided by operating activities of Sunland photography is equal to $97200.
To calculate the net cash provided by operating activities for Sunland Photography for the year ended December 31, 2022, you need to start with the net income of $96,000 and make adjustments to reconcile the net income to net cash provided by operating activities. The adjustments include adding back depreciation expense of $6,900, patent amortization expense of $3,800, and subtracting the gain on disposal of plant assets of $3,700. Additionally, you need to consider the changes in accounts receivable and accounts payable during the year.
The net cash provided by operating activities for Sunland Photography for the year ended December 31, 2022 can be calculated as follows:
Net Income $96,000
Depreciation Expense $6,900
Patent Amortization Expense $3,800
Gain on Disposal of Plant Assets $3,700
Decrease in Accounts Receivable $(5,100)
Increase in Accounts Payable $2,700
= Net Cash Provided by Operating Activities $97,200
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