a. Ending inventory cost = $1,862 and Cost of sales = $2,185
b. Ending inventory cost = $1,724.79 and Cost of sales = $2,067.65
a) FIFO method: Date Transaction Units Unit cost Total Cost1 April Beginning inventory12$37$4447 AprilPurchase45$32$1,4409 AprilSale35$37$1,29514 AprilPurchase52$38$1,976
Total quantity109Total cost$5,155
Ending inventory = 109 - 35 - 25 = 49 units.
Ending inventory cost = 38 × 49 = $1,862
Cost of sales = 35 × 37 + 25 × 38 = $2,185
b) Weighted average method :Date Transaction Units Unit cost Total Cost1 April Beginning inventory12$37$4447
AprilPurchase52$38$1,97630 AprilSale25$35.21$880.25
Total quantity: 109
Total cost: $4,845.30
Ending inventory = 109 - 35 - 25 = 49 units Ending inventory cost
= $1,724.79
Cost of sales = 35 × 34.23 + 25 × 35.21 = $2,067.65,
Therefore, the ending inventory and cost of each sale under the FIFO method is: Ending inventory = 49 units Ending inventory cost = $1,862Cost of sales = $2,185The ending inventory and cost of each sale under the weighted average method is :Ending inventory = 49 units Ending inventory cost = $1,724.79Cost of sales = $2,067.65
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Governments in Australia and around the world are considering implementing a minimum price (aka price floor) on alcohol. Your task is to use the Economic way of thinking learnt in class to formally explain the effect of the minimum price. You will need to consider the external effects (negative externalities) of alcohol consumption, the price elasticity of demand, and taxation (an alternative way of reducing alcohol production/consumption). To simplify analysis, please assume that alcohol is a single homogenous good. That is, do not differentiate between different types of alcohol and packaging (wine, beer, casked wine, spirits etc.).
Suppose that changing climate increases the price of hops (an input in the production of alcohol). How will this affect the market for alcohol? Assuming that the price floor or tax on alcohol sales is operating, what does the government need to do in order to maintain an efficient level of alcohol consumption?
The changing climate growing the charge of hops will raise production expenses and alcohol prices. Assuming a fee floor or tax on alcohol sales is in the region, the authorities ought to do not to forget poor externalities, and the price elasticity of demand, and alter the fee floor or tax charge to preserve an efficient degree of alcohol intake.
When changing climate increases the price of hops, an entry into the production of alcohol, will affect the market for alcohol through the following methods:
Increase in Production Costs: With higher hop expenses, the value of producing alcohol will rise for producers. This boom in production charges might also lead to decreased profitability for alcohol manufacturers.Increase in Alcohol Prices: To preserve their profit margins, alcohol producers may additionally bypass the extended manufacturing expenses to purchasers in the shape of higher alcohol fees. This growth in costs could affect the call for alcohol.Assuming that a fee ground or tax on alcohol sales is already in operation, the government could need to take into account the following factors to keep an efficient degree of alcohol intake:
External Effects (Negative Externalities) of Alcohol Consumption: Alcohol intake is related to negative external results, such as improved healthcare fees, injuries, social problems, and productiveness losses. The authorities need to account for these terrible externalities whilst figuring out the green level of alcohol consumption.Price Elasticity of Demand: The government should consider the rate elasticity of demand for alcohol. If alcohol has an inelastic demand (customers are much less responsive to price adjustments), a price floor might be extra powerful in reducing alcohol consumption in comparison to a tax. On the other hand, if alcohol has a notably elastic call (customers are more attentive to price changes), a tax is probably extra powerful in lowering intake.To preserve an efficient stage of alcohol intake, the authorities may want to bear in mind the following actions:
Adjust the Price Floor: If a charged floor is in location, the authorities can alter the minimal fee of alcohol to mirror the changing charges of manufacturing. By raising the charge ground, the government can ensure that alcohol manufacturers can cowl their multiplied costs, while also influencing consumer behavior by making alcohol much less low cost.Modify Taxation: The authorities can adjust the tax charge on alcohol to account for modifications in production charges and outside results. By growing taxes, the authorities can reduce alcohol consumption by making it greater high-priced for consumers. However, the government ought to cautiously consider the price elasticity of call to make sure that the tax does now not disproportionately burden decrease-earnings people or cause unintended results.Overall, the authorities' intention is to balance the financial considerations, including manufacturing prices, outside effects, and customer behavior, to preserve an efficient degree of alcohol intake in the face of converting market situations.
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In your first post, answer the following:
As a leader, how important is it that people who are hired have
the same values as the firm? Could there be a situation in which
this matters or not? Explain
It is important that people who are hired have the same values as the firm because shared values contribute to a cohesive and aligned organizational culture, leading to better teamwork, employee engagement, and overall organizational success.
When individuals align with the values of the firm, they are more likely to demonstrate commitment, loyalty, and a strong work ethic, which can positively impact productivity and performance. Additionally, shared values promote a sense of belonging and common purpose, fostering a positive work environment and reducing conflicts or misunderstandings.
However, there may be situations where hiring individuals with different values can be beneficial. Diversity in perspectives and experiences can bring fresh ideas, creativity, and innovation to the organization. In certain industries or contexts, having a diverse range of values can help the firm cater to a broader customer base and adapt to changing market demands. It is crucial for leaders to strike a balance between ensuring alignment with core values and embracing diversity to capitalize on its benefits.
In summary, while hiring individuals with shared values is generally important for organizational alignment and success, there can be situations where diversity in values can bring unique advantages. Leaders must carefully consider the specific needs and goals of their firm when determining the level of importance placed on values alignment during the hiring process.
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Which of the following statements is correct regarding the formation of a unilateral contract? a. A unilateral contract may be formed without consideration. b. A unilateral contract does not require performance. c. Only one party to a unilateral contract makes a promise. d. Only one party to a unilateral contract receives a benefit or suffers a detriment.
The statement that is correct regarding the formation of a unilateral contract is c. Only one party to a unilateral contract makes a promise. The correct option is c.
A unilateral contract is a legally binding agreement in which one party makes a promise in exchange for the other party's performance. In this type of contract, only one party to the contract makes a promise. The other party is responsible for performing an act or refraining from doing something.
In exchange for that performance, the party making the promise agrees to provide something of value.In a unilateral contract, consideration is not required, which means that the party who makes the promise is not required to give anything in exchange for the performance. However, the party performing the act or refraining from doing something is still entitled to receive the reward or benefit promised.
For example, if a person offers a reward for finding their lost dog, they have made a unilateral contract. The person who finds the dog and performs the act of returning it will receive the reward promised by the person who made the promise. The correct option is c.
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Drawing on the module material, explain the differences between outsourcing and offshoring. Discuss whether either outsourcing or offshoring, or both of them, can be used to discuss business practices in the case study
Outsourcing and offshoring are both business strategies that involve the delegation of certain tasks or processes to external entities. However, they differ in terms of the nature and location of the activities being delegated.
Outsourcing refers to the practice of contracting out specific business functions or tasks to external service providers. It involves the transfer of responsibility for the execution and management of those tasks to a third-party vendor. The outsourced tasks can be performed either domestically or internationally, depending on the location of the service provider. The key focus of outsourcing is to leverage external expertise, reduce costs, and improve efficiency by allowing specialized vendors to handle non-core activities.
Offshoring, on the other hand, specifically refers to the relocation of business processes or activities to a different country. It involves the transfer of operations from the home country to a foreign country, often one with lower labor costs or other favorable economic factors. Offshoring can involve various business functions such as manufacturing, customer support, IT services, or back-office operations. The primary objective of offshoring is typically to achieve cost savings, access global talent pools, or tap into emerging markets.
Alternatively, if the company has decided to relocate its production facilities or other operations to a foreign country, it can be seen as an example of offshoring. This could involve setting up manufacturing plants or call centers in a different country to take advantage of lower labor costs or access specific markets. Offshoring can bring advantages such as cost savings or access to specialized skills, but it also presents challenges related to cultural differences, logistics, and managing global operations.
Therefore, both outsourcing and offshoring can be relevant concepts to discuss business practices in the case study, depending on the specific strategies and decisions made by the company.
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Give two reasons that a firm may not rely solely on competitive
bidding when choosing a supplier?
A firm may not rely solely on competitive bidding when choosing a supplier due to the following two reasons:1. Inadequate information: The primary reason why a firm may not rely solely on competitive bidding when choosing a supplier is because of inadequate information.
Competitive bids are frequently placed on low-cost, low-quality goods, and they may lack detailed information about the supplier, which may not be helpful to the purchasing firm. As a result, businesses are encouraged to look beyond competitive bidding in order to gain a better understanding of the supplier's capabilities and reputation.2. Lack of attention to long-term goals: Competitive bidding may not be helpful for businesses that place a strong emphasis on long-term relationships with suppliers. Since competitive bidding is focused on finding the lowest price, it may not reflect a supplier's potential to offer additional benefits to a business.
Furthermore, if a firm focuses solely on competitive bidding, it may miss out on other critical factors such as reliability, quality, and service, which are critical for maintaining a good supplier relationship.
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The economic question of "_____ to produce" is about decisions related to the mix of factor inputs (land, labor, capital...) used to produce goods and services.
The economic question of "what to produce" is about decisions related to the mix of factor inputs (land, labor, capital...) used to produce goods and services.
This decision is made by a company after taking into consideration factors such as availability of resources, production costs, and demand for the product. The decision about what to produce is fundamental to the success of a business. This is because the choice of what goods and services to produce directly affects the amount of revenue the business can generate. Companies often use market research to determine the demand for different goods and services.
Based on the information gathered, they can make informed decisions about what to produce, how much to produce, and what prices to charge.There are several other factors that businesses consider when deciding what to produce. For example, they may consider the cost of production, the availability of resources, the potential for growth, and the competition in the market. Ultimately, the goal is to produce goods and services that are in demand, cost-effective, and profitable. So therefore Tthe economic question of "what to produce" is about decisions related to the mix of factor inputs (land, labor, capital...) used to produce goods and services.
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Section 548 of the Bankruptcy Code defines as fraudulent certain
transfers made, or obligations incurred, within what specified time
period?
12 months
9 months
6 months
3 months
1month
Transfers made or obligations incurred within the specified time period of one year are defined as fraudulent under Section 548 of the Bankruptcy Code.
Can you explain the timeframe within which transfers are considered fraudulent according to Section 548 of the Bankruptcy Code?In bankruptcy proceedings, Section 548 of the Bankruptcy Code identifies transfers made or obligations incurred within a specific time period as potentially fraudulent. This time period is set at one year prior to the bankruptcy filing. It means that any transfers or obligations made within the 12 months leading up to the filing of the bankruptcy petition may be scrutinized for potential fraudulent intent.
Fraudulent transfers typically refer to those made with the intention to hinder, delay, or defraud creditors. By including this provision in the Bankruptcy Code, the law aims to prevent individuals or entities from intentionally disposing of assets or incurring obligations to avoid their financial responsibilities.
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a. When current account is in deficit, what can we say about the output produced by an economy (Y) and aggregate expenditure of an economy (E)? Briefly explain.
b. Given the following information, what can we say about the relationship between national saving (S) and domestic investment (Id)? Briefly explain. Exports of goods and services = $100 billion Imports of goods and services = $200 billion Net income inflows (profits, dividends and income repatriated by American companies and individuals who are abroad minus profits, dividends and income paid to foreign countries) = $50 billion Net unilateral transfers = -$10 billion
a. When current account is in deficit, we can say that the output produced by an economy (Y) is greater than its aggregate expenditure (E). b. Since imports of goods and services ($200 billion) are greater than exports of goods and services ($100 billion), the current account is in deficit.
A current account deficit happens when an economy is spending more on imports of goods and services, income payments to foreign residents, and transfer payments to foreigners than it is earning from the sale of exports of goods and services, income receipts from foreign residents, and transfer payments from foreigners. The balance of payments is made up of a current account and a capital account, which must balance each other out. A current account deficit is offset by a surplus in the capital account, indicating that domestic investment exceeds national savings.
b. Since imports of goods and services ($200 billion) are greater than exports of goods and services ($100 billion), the current account is in deficit. Net income inflows ($50 billion) and net unilateral transfers (-$10 billion) have no effect on the current account balance, which is calculated as exports - imports.
A current account deficit means that the economy is consuming more than it is producing, necessitating an increase in borrowing from foreigners. The amount of borrowing from foreigners is equivalent to the gap between national savings and domestic investment. As a result, when the current account is in deficit, national savings (S) is less than domestic investment (Id).
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In a computerized accounting system, transactions recorded on a general journal are posted at the end of the month.
a. True
b. false
The given statement -" In a computerized accounting system, transactions recorded on a general journal are posted at the end of the month." is False because:
Computerized accounting systems refer to software programs that are used for recording, processing, storing and analyzing financial data.
The computerized accounting system is used to handle all the transactions of an organization. In a computerized accounting system, the transactions are recorded in a general journal, and they are posted automatically to the relevant accounts.
Posting to the accounts is done at the same time the transaction is recorded in the general journal. Transactions that are recorded on a general journal in a computerized accounting system are posted automatically to the relevant accounts immediately after they are recorded.
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Analyse the financial management vision and mission of shorpite holdings
Shorpite Holdings is a global financial services provider that deals in several segments of the financial industry. The company has a solid vision and mission statement that guides the organization to attain its long-term goals. Let's analyse the financial management vision and mission of Shorpite Holdings below:
Vision Statement: Shorpite Holdings aims to be the premier global financial services provider that delivers superior returns to all stakeholders.Mission Statement: Shorpite Holdings' mission is to provide innovative, reliable, and timely financial solutions to its clients while optimizing shareholder value. It strives to achieve sustainable growth and profitability through prudent risk management and adherence to the highest ethical standards. Shorpite Holdings is a company with a clear vision of being the premier global financial services provider that delivers superior returns to all stakeholders. The company's mission statement reinforces the vision, focusing on providing innovative, reliable, and timely financial solutions to clients while optimizing shareholder value. The organization's approach to risk management and adherence to ethical standards promotes sustainable growth and profitability for the company and its stakeholders.The main answer to the question is that the financial management vision and mission of Shorpite Holdings aim to provide innovative, reliable, and timely financial solutions to its clients while optimizing shareholder value. The organization seeks to achieve sustainable growth and profitability through prudent risk management and adherence to the highest ethical standards. A thorough analysis of the company's vision and mission affirms that the company's goals and objectives guide its operations towards achieving its long-term targets.
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Suppose an increase in the price of Good Y from $350 to $360 causes the quantity demanded to decrease from 14,000 to 13,500. (a) Calculate the current price elasticity of demand for Good Y. (You can use either the simple formula or the midpoint formula). (b) Is the demand for Good Y currently elastic or inelastic?
Price Elasticity of Demand -1.29 and The demand for Good Y is responsive to changes in price, showing elasticity.
To calculate the price elasticity of demand for Good Y, we can use the midpoint formula:
(a) Price Elasticity of Demand = (Percentage Change in Quantity Demanded) / (Percentage Change in Price)
Price of Good Y initially (P1) = $350
Price of Good Y after the increase (P2) = $360
Quantity demanded initially (Q1) = 14,000
Quantity demanded after the decrease (Q2) = 13,500
Percentage Change in Quantity Demanded = [(Q2 - Q1) / ((Q1 + Q2) / 2)] * 100
= [(13,500 - 14,000) / ((14,000 + 13,500) / 2)] * 100
= [-500 / 13,750] * 100
= -3.64%
Percentage Change in Price = [(P2 - P1) / ((P1 + P2) / 2)] * 100
= [(360 - 350) / ((350 + 360) / 2)] * 100
= [10 / 355] * 100
= 2.82%
Price Elasticity of Demand = (-3.64% / 2.82%)
≈ -1.29
(b) The demand for Good Y is currently elastic because the price elasticity of demand is greater than 1 (-1.29). This indicates that a 1% increase in price leads to a more than proportionate decrease (1.29%) in quantity demanded.
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OUTLINE AND REQUIREMENTS In this assignment, you will assume the role of a management consultant, who has the role of conducting a strategic analysis of a company located in Pakistan and providing the company with recommendations to expand operations internationally. You are required to conduct a strategic analysis of the business or organization and the country. This should include application of various strategic frameworks and use relevant data/ information to analyze and draw relevant conclusions. Your assignment should include an analysis the company, its products, target market, its pricing and also the analysis of the host country (country where you want to take the business internationally). Group photo is compulsory at the company's head office/office premises and it should be included in the report. Recommended issues to discuss in the major assignment. These are recommended issues only. You may combine some of these issues, leave some out if they are not relevant, or add other issues if appropriate. 1. Executive summary (cover page, summarizing the main points of your strategic analysis, as below
The purpose of this strategic analysis is to assess the feasibility and potential for expanding operations of a company located in Pakistan into international markets. The analysis includes an examination of the company, its products, target market, pricing strategy, and a comprehensive analysis of the chosen host country for international expansion.
1. Introduction:
- Briefly introduce the company and its current operations in Pakistan.
- Provide an overview of the objective of the strategic analysis and the importance of expanding internationally.
2. Company Analysis:
- Analyze the company's strengths, weaknesses, opportunities, and threats (SWOT analysis).
- Assess the company's core competencies and competitive advantage.
- Evaluate the company's financial performance and stability.
- Discuss the company's products, their uniqueness, and market positioning.
- Analyze the company's target market and customer segments.
3. Pricing Strategy:
- Examine the company's current pricing strategy in the domestic market.
- Assess the competitiveness of the pricing strategy and its alignment with the company's objectives.
- Analyze pricing strategies used by competitors in the domestic and international markets.
- Develop recommendations for an effective pricing strategy in international markets.
4. Host Country Analysis:
- Identify and justify the selection of the host country for international expansion.
- Analyze the host country's economic, political, legal, and cultural environment.
- Assess the potential demand and market size in the host country.
- Evaluate the competitive landscape and potential barriers to entry in the host country.
- Discuss the host country's infrastructure and business environment.
5. Recommendations:
- Based on the analysis conducted, provide recommendations for the company's international expansion strategy.
- Discuss the entry mode options (e.g., exporting, licensing, joint venture, etc.) and their suitability.
- Propose a marketing strategy and distribution channels for the target market.
- Highlight potential risks and challenges in the international expansion and suggest mitigation strategies.
- Outline an implementation plan and timeline for the international expansion.
6. Conclusion:
- Summarize the key findings of the strategic analysis.
- Reinforce the significance and benefits of international expansion for the company.
- Emphasize the potential for growth and success in the selected host country.
7. Appendix:
- Include relevant supporting data, charts, and graphs.
- Provide the group photo taken at the company's head office/office premises.
It is important to note that while the above outline provides a structure for the strategic analysis, the specific details and depth of analysis may vary depending on the company and the chosen host country. The report should be well-researched, supported by data and information, and provide clear and actionable recommendations for the company's international expansion.
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Overhead is applied to jobs at the rate of $10 per machine hour. By July 31, Jobs 86 and 88 were completed. Jobs 82 and 86 were sold. Job 87 remained in process. On July 1, the balance in Finished Goods was $49,000 (consisting of Job 82 for $25,600 and Job 84 for $23,400).
Prull prices its jobs at cost plus 20%. During July, variable marketing expenses were 4% of sales, and fixed marketing expenses were $1,275; administrative expenses were $3,900. (Round all amounts to the nearest dollar.)
The total cost of Jobs 86 and 88 is $39,000 and the total sales of Jobs 82 and 86 is $45,000.
How to calculate the valueThe following table shows the costs of Jobs 86 and 88:
Job Direct Materials Direct Labor Overhead Total Cost
86 $10,000 $5,000 $5,000 $15,000
88 $12,000 $6,000 $6,000 $24,000
The total cost of Jobs 86 and 88 is $39,000.
The following table shows the sales of Jobs 82 and 86:
Job Sales
82 $20,000
86 $25,000
The total sales of Jobs 82 and 86 is $45,000.
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the first group of students thinks the increase in the price of hamburgers is due to the fact that the price of beef, an important ingredient for making hamburgers, has increased.
The first group of students believes that the increase in the price of hamburgers is attributed to the rise in the price of beef, which is a key ingredient in making hamburgers. This explanation suggests a direct relationship between the price of beef and the price of hamburgers.
The reasoning behind their belief is logical. When the cost of beef rises, it increases the cost of production for hamburger patties, leading to higher prices for hamburgers. Beef is a primary input in hamburger production, and any change in its price will likely affect the final product's price.
However, it's important to note that the price of hamburgers can be influenced by various factors, not just the cost of beef. Other factors may include labor costs, transportation expenses, demand and supply dynamics, and even market competition.
While the increase in beef prices is a reasonable explanation for the rise in hamburger prices, it might not be the sole factor contributing to the price increase. An in-depth analysis would require considering other potential factors and examining the specific market conditions.
The first group of students attributes the increase in the price of hamburgers to the rise in the price of beef, which is a crucial ingredient for making hamburgers. While this explanation holds merit, it's important to consider other factors that could also contribute to changes in hamburger prices.
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Propose areas for innovation to Starbucks Coffee by covering using Technology. at least two innovate ideas
In conclusion, technology has played an important role in Starbucks' success, and it has helped the company to grow and expand. By incorporating these two innovative ideas, Starbucks can take its technology use to the next level and continue to improve the customer experience and drive growth. 1. Mobile ordering and payment , 2. Automated inventory management are the two innovative ideas.
Technology is everywhere, and the food industry is one that has been incorporating technology to boost efficiency, convenience, and customer service. Starbucks has been one of the industry leaders in innovation, and it has demonstrated a commitment to using technology in all aspects of the business.
Here are two areas where Starbucks can innovate further using technology:
1. Mobile ordering and payment: As part of its digital strategy, Starbucks introduced mobile ordering and payment in 2015, which has become popular with its customers. However, the process has been slow at times due to congestion during peak hours. A possible solution to this issue would be to use predictive analytics to anticipate when and where customers are likely to place their orders and to staff the stores accordingly. This would reduce wait times and improve the customer experience. Another approach could be to use artificial intelligence (AI) and machine learning to predict customer behavior and preferences, allowing the company to offer personalized product recommendations and promotions. Starbucks has already begun to use AI in its mobile app to suggest drinks to customers based on their order history.
2. Automated inventory management: As Starbucks continues to expand globally, keeping track of inventory becomes more challenging. One area where the company can use technology is automated inventory management. By incorporating the Internet of Things (IoT), Starbucks could have sensors on its products, which would keep track of product usage and inventory levels. This would help to ensure that products are always available and reduce wastage and associated costs. With predictive analytics, the company could forecast inventory levels based on previous usage and customer behavior, and make adjustments accordingly. By using AI, Starbucks could analyze customer behavior and preferences and tailor its inventory to meet their needs.
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Sweeney Corporation had the following income statement for March 2014:
Sales (20,000 units) $1,800,000
Variable expenses $1,200,000
Contribution margin $600,000
Fixed expenses $300,000
Operating income $300,000
What is Sweeney's break-even point in sales dollars?
A. $900,000
B. $300,000
C. $1,800,000
D. $1,600,000
Sweeney Corporation's break-even point in sales dollars is A) $900,000.
To calculate Sweeney Corporation's break-even point in sales dollars, we need to determine the sales level at which the company's operating income is zero. In other words, it's the point where total sales revenue equals total expenses.
Given:
Sales = $1,800,000
Variable expenses = $1,200,000
Contribution margin = $600,000
Fixed expenses = $300,000
Operating income = $300,000
At the break-even point, the contribution margin should be equal to fixed expenses.
Contribution margin = Fixed expenses
$600,000 = $300,000
Now, let's calculate the break-even point in units:
Break-even point (in units) = Fixed expenses / Contribution margin
Break-even point (in units) = $300,000 / ($1,800,000 - $1,200,000)
Break-even point (in units) = $300,000 / $600,000
Break-even point (in units) = 0.5
To find the break-even point in sales dollars, we multiply the break-even point in units by the sales price per unit:
Break-even point (in sales dollars) = Break-even point (in units) * Sales price per unit
Break-even point (in sales dollars) = 0.5 * $1,800,000
Break-even point (in sales dollars) = $900,000
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Problem #1 Daniel Charon is the loan officer of the Georgian Bay Bank, which has a loan of $540 000 outstanding from Regional Delivery Service Ltd., a company specializing in the delivery of products of all types on behalf of smaller companies. Georgian Bay's collateral on the loan consists of 20 small delivery trucks, each with an average original cost of $45 000. Charon is concerned about the collectability of the outstanding loan and whether the trucks still exist. He therefore engages public accountant Susan Virms to count the trucks, using registration information held by Charon. Virms is engaged because she spends most of her time auditing used automobile and truck dealerships and has extensive specialized knowledge about used trucks. Charon requests that Virms issue a report stating the following: • Which of the 20 trucks are parked in Regional's parking lot on the night of June 30 • The condition of each truck, using the categories "poor," "good," and "excellent" • The fair market value of each truck using the current "blue book" for trucks, which states the approximate wholesale prices of all used truck models based on the "poor," "good," and "excellent" categories REQUIRED a. Identify which aspects of this narrative fit each of the following parts of the definition of auditing: (1) Information (2) Established criteria (3) Accumulates and evaluates evidence (4) Competent, independent person (5) Report of results b. Identify the greatest difficulties Virms is likely to face doing this assurance engagement.
The aspects of auditing in this scenario include: (1) Information provided by the loan officer about the loan (2) Established criteria such as the "blue book" for truck values, (3) Accumulation and evaluation of evidence by the independent accountant, (4) Competence and independence of the accountant, and (5) Reporting of results by the accountant.
How does this narrative relate to auditing?a. According to the narrative, the aspects of auditing can be identified as follows:
(1) Information: The loan officer, Daniel Charon, provides information about the outstanding loan and collateral in the form of 20 small delivery trucks.
(2) Established criteria: The established criteria in this case would be the "blue book" for trucks, which provides the approximate wholesale prices of used truck models based on different categories of condition.
(3) Accumulates and evaluates evidence: The public accountant, Susan Virms, accumulates and evaluates evidence by physically counting the trucks in Regional's parking lot and assessing their condition based on her specialized knowledge and experience.
(4) Competent, independent person: Susan Virms is described as a public accountant with extensive specialized knowledge about used trucks. She is independent of the Georgian Bay Bank and is engaged specifically for this assurance engagement.
(5) Report of results: Daniel Charon requests that Susan Virms issue a report that includes information on which trucks are parked in Regional's parking lot, their condition, and their fair market value. The report would summarize the results of her examination and provide the necessary information to assess the collectability of the loan.
b. The greatest difficulties Virms is likely to face doing this assurance engagement include:
1. Access to the parking lot: Virms may face difficulties gaining access to Regional's parking lot to physically count the trucks. She would need cooperation and permission from the company or its representatives to conduct the examination.
2. Identifying the trucks: If the trucks are not clearly labeled or if there are similar trucks belonging to other companies in the parking lot, it may be challenging for Virms to accurately identify which trucks are specifically owned by Regional Delivery Service Ltd.
3. Assessing condition: Evaluating the condition of each truck as "poor," "good," or "excellent" is a subjective task that requires specialized knowledge and experience. Virms may face difficulties in determining the appropriate condition category for each truck, especially if there are variations or damages that affect their overall condition.
4. Determining fair market value: Using the "blue book" for trucks to determine the fair market value of each truck depends on accurate identification and assessment of their condition. Virms may encounter challenges in matching the trucks' characteristics to the available information in the "blue book" and determining the corresponding values.
5. Time constraints: Conducting a physical count of 20 trucks, assessing their condition, and determining their fair market value can be time-consuming. Virms may face pressure to complete the engagement within a specified timeframe, which could impact the thoroughness and accuracy of her work.
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Find 5 (at least) advantages that wireless technology offers in business. Explain with
your own words.
Find 5 (at least) disadvantages that wireless technology offers in business. Explain
with your own words.
Wireless technology has become an essential part of businesses nowadays. Wireless technology has made business communication, marketing, and operations more efficient. However, there are advantages and disadvantages of using wireless technology in business.
They can use wireless sensors to track inventory levels and production processes, which has made business operations more efficient.Disadvantages of wireless technology in business:
1. Security risks:Wireless technology has security risks. It is easier to hack into wireless networks than wired networks. Businesses must ensure that their wireless networks are secure to prevent cyber-attacks
.2. Interference:Wireless technology can be affected by interference from other wireless devices, which can cause network disruption and slow down business operations.
3. Limited bandwidth:Wireless technology has limited bandwidth. Businesses that require high-speed internet may face issues with wireless technology.4. Reliability:Wireless technology is not always reliable. It can be affected by weather conditions and physical obstructions, which can cause network disruption
.5. Maintenance:Wireless technology requires regular maintenance. It is essential to keep the wireless network updated to prevent security risks and ensure that it is functioning efficiently.In conclusion, wireless technology has both advantages and disadvantages in business.
However, businesses can benefit from wireless technology if they take steps to ensure that their wireless networks are secure and reliable.
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Mary Limited acquired the identifiable assets and liabilities of Joan Limited for $530 000. The items acquired, stated at fair value, are: equipment $296 000; inventories $160 000; accounts receivable $104 000; patents $60 000; accounts payable $80 000. On acquisition, Mary Limited needs to recognise:
Group of answer choices
gain on bargain purchase $10 000
gain on bargain purchase $170 000
goodwill of $10 000
goodwill of $10 000
Mary Limited needs to recognize a gain on bargain purchase of $170 000 and goodwill of $10 000.
A gain on bargain purchase is the excess of the acquisition price over the fair value of the acquired company's identifiable assets and liabilities. It is recognized by the acquirer in its statement of comprehensive income at the time of the business combination. Mary Limited acquired the identifiable assets and liabilities of Joan Limited for $530 000. The items acquired, stated at fair value, are: equipment $296 000; inventories $160 000; accounts receivable $104 000; patents $60 000; accounts payable $80 000. On acquisition, Mary Limited needs to recognize a gain on bargain purchase of $170 000 and goodwill of $10 000.
Assets are acquired for less than their fair market value in a bargain purchase. In a deal buy business mix, a corporate substance is obtained by one more for a sum that is not exactly the honest evaluation of its net resources.
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Please help it's urgent
Examples of common preventive control activities include: • Segregation of duties • Proper authorization to prevent improper use of organizational resources • Standardized forms Physical con
The statement 'Examples of common preventive control activities include: 1. Segregation of duties. 2. Proper authorization to prevent improper use of organizational resources. 3. Standardized forms. 4. Physical control over assets Computer passwords. 5. Computerized techniques such as transaction limits' is true.
Preventive control activities are activities that are designed to stop undesirable events from occurring. The objective of these control activities is to ensure that the company's systems are running as intended and that data is correct and complete. Preventive control activities may be used to avoid or prevent unauthorized access to systems, unauthorized manipulation of data, and unauthorized transactions.
Preventive controls may be classified into four categories, namely physical controls, administrative controls, technical controls, and detective controls. The examples of common preventive control activities include: segregation of duties, proper authorization to prevent improper use of organizational resources, standardized forms, physical control over assets, computer passwords, and computerized techniques such as transaction limits. Hence, the statement is true.
Note: The question is incomplete. The complete question probably is: Examples of common preventive control activities include: 1. Segregation of duties. 2. Proper authorization to prevent improper use of organizational resources. 3. Standardized forms. 4. Physical control over assets Computer passwords. 5. Computerized techniques such as transaction limits. Select one: True or False.
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On September 1, 2016, Dougherty Corp. accepted a six-month,
5.00%, $75,000.00 interest-bearing note from Rozelle Company in
payment of an account receivable. Dougherty’s year-end is December
31. Roz
1. The maker of the note receivable is Rozelle Company and the payee of the note is Dougherty Corp.
2. The maturity date of the note is March 1, 2015.
A note receivable is a promissory note given by one party (maker) to another party (payee) specifying a future date on which the maker promises to pay the payee a specific amount of money. From the given case, the maker of the note is Rozelle Company and the payee of the note is Dougherty Corp. The maturity date of the note is March 1, 2015. The note was accepted on September 1, 2014, and it is a 6-month note. Therefore, the maturity date of the note is March 1, 2015.
Note: The question is incomplete. The complete question probably is: Notes Receivable. On September 1, 2014, Dougherty Corp. accepted a six-month, 7%, $45,000 interest-bearing note from Rozelle Company in payment of an account receivable. Dougherty’s year-end is December 31. Rozelle paid the note and interest on the due date. Required 1. Who is the maker and who is the payee of the note? 2. What is the maturity date of the note?
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business buying behavior is considered more rational than consumer behavior
true or false
Business buying behavior is considered more rational than consumer behavior. This statement is true.
Business buying is a complex process that is influenced by various factors such as competition, economic conditions, company policies, and more. Here are some key differences between business and consumer buying behavior:
Business buying behavior is more rational: Business buying decisions are based on a thorough analysis of available options, and they are more logical and rational in nature. In contrast, consumer buying behavior is more emotional, impulsive, and driven by personal preferences.Business buyers are more demanding:
Business buyers tend to be more demanding and have higher expectations than individual consumers. They require customized products, after-sales support, and long-term relationships with their suppliers.Business buying decisions are based on multiple criteria: Business buyers evaluate potential suppliers based on various criteria such as price, quality, delivery, reliability, and technical expertise. Consumer buying decisions are typically based on fewer criteria.Business buying is a formalized process:
Business buying follows a formalized process that involves several steps, including need recognition, supplier identification, proposal solicitation, supplier selection, order placement, and evaluation. Consumer buying is less formalized and often involves fewer steps.
Overall, business buying is a more complex process that involves a higher level of analysis and decision-making. It is more rational than consumer behavior, which is driven by emotions and personal preferences.
Business buying behavior is considered more rational than consumer behavior. This statement is true.
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The federal government currently uses many forms of taxation, both direct and indirect, to raise revenue. Would it not be more effective and less burdensome just to employ a single tax? What would you consider to be a more effective and efficient system of raising revenue?
The federal government uses many forms of taxation, both direct and indirect, to raise revenue.
Although there has been a debate over whether it would be more effective and less burdensome to just employ a single tax, this has not been concluded yet. Additionally, there are many benefits and drawbacks to each tax system that should be weighed before determining which one to use.A single tax, also known as a flat tax, would be an income tax with a fixed percentage. It would eliminate many of the complexities of the current tax system and would be easy to understand and enforce. It would, however, require a significant overhaul of the current system, and there is no guarantee that it would generate enough revenue to cover the government's expenses.In contrast, the current tax system, while complicated and cumbersome, is more effective in generating revenue. By employing a variety of direct and indirect taxes, the government is able to generate revenue from many sources. This diversification of revenue streams is essential for funding government operations and responding to economic changes.
In conclusion, it would be difficult to determine which tax system is more effective or efficient without weighing the benefits and drawbacks of each.
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Actually, I'm not a native speaker, please do not write in
cursive.
Thanks.
5. The following population multiple regression model with three independent variables is said to satisfy the assumption of the CLM model. y = Bo + B₁x₁ + B₂X₂ + B3X3 + U After estimation, you
The main answer is: The OLS estimates are BLUE. The Gauss-Markov theorem shows that in a multiple linear regression model, if the error terms are homoscedastic, uncorrelated, and have zero means, then the ordinary least squares (OLS) estimates are the best linear unbiased estimates (BLUE). The following population multiple regression model with three independent variables
Explanation:In statistics, the Gauss-Markov theorem is a fundamental theorem that describes the conditions under which the ordinary least squares (OLS) estimates are the best linear unbiased estimates (BLUE) of the parameters in a linear regression model.Generally, when you conduct multiple regression analysis with three or more independent variables, the assumption of the classical linear model (CLM) should be checked. The assumptions of the CLM include: linearity, homoscedasticity, normality of errors, and no autocorrelation of errors.
After estimating the population multiple regression model with three independent variables, we can use the Gauss-Markov theorem to determine if the OLS estimates are BLUE. If the error terms satisfy the Gauss-Markov assumptions (homoscedasticity, no autocorrelation, and zero means), then the OLS estimates are BLUE. The term "best" means that these estimates have the smallest variance among all possible linear unbiased estimates.
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would a binding price ceiling result in the production of the socially optimal quantity of the vaccine? explain.
No, a binding price ceiling would not result in the production of the socially optimal quantity of the vaccine.
A price ceiling is a government-imposed limit on how high the price of a good or service can be. When a price ceiling is set below the market equilibrium price, it creates a shortage because the quantity demanded exceeds the quantity supplied at the artificially low price. In the case of vaccines, a binding price ceiling would restrict the price at which vaccines can be sold, potentially causing the price to be below the equilibrium price that would balance supply and demand. This would lead to a shortage of vaccines in the market, as the quantity supplied by producers would be insufficient to meet the quantity demanded by consumers at a lower price. The socially optimal quantity of vaccines is determined by the intersection of the demand and supply curves, where the marginal benefit to society equals the marginal cost of production. However, with a binding price ceiling, the quantity supplied is lower than the socially optimal quantity. This means that some individuals who value the vaccine at a price higher than the ceiling would not be able to access it, resulting in an inefficient allocation of resources.
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The Paulson Company's year-end balance sheet is shown below. Its cost of common equity is 16%, its before-tax cost of debt is 9%, and its marginal tax rate is 25%. Assume that the firm's long-term debt sells at par value. The firm’s total debt, which is the sum of the company’s short-term debt and long-term debt, equals $1,126. The firm has 576 shares of common stock outstanding that sell for $4.00 per share.
The year-end balance sheet contains important financial information about a company, which includes a list of its assets, liabilities, and equity at the end of the fiscal year.
It is an essential tool for analyzing a company's financial performance and overall health. What is a balance sheet?A balance sheet is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time. It provides a snapshot of a company's financial position and helps investors and creditors assess its financial strength and stability.
A company's assets include anything that has value and can be converted into cash, such as cash and cash equivalents, accounts receivable, inventory, property, plant, and equipment, and long-term investments. Its liabilities include any obligations or debts that the company owes to creditors or other parties, such as accounts payable, accrued expenses, and long-term debt. Shareholders' equity is the residual interest in the company's assets after deducting its liabilities, which includes common stock and retained earnings.
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linda inc. is a calendar-year corporation. what is the original due date forthe corporate tax return? what happens if the original due date falls on a saturday
Linda Inc. is a calendar-year corporation. The original due date for the corporate tax return is March 15. If the original due date falls on a Saturday, the due date is extended to the next business day. In this case, since March 15, 2022 falls on a Tuesday, the original due date applies.
If the corporation needs more time to file its tax return, it can request an extension by filing Form 7004 by the original due date of the return. The extension will provide an additional six months to file the tax return, with a new due date of September 15.
However, it's important to note that an extension to file does not extend the time to pay any taxes owed. Any taxes owed must still be paid by the original due date of March 15 to avoid penalties and interest.
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Changes in the form of business organizations and ownerships
created a conflict of interest between many interested groups,
explain and how accounting solved this problem?
The history of business ownership and organization has always been characterized by a desire for continuous improvement and adaptation to new environments and conditions. As new business entities arose, they brought with them their own unique set of advantages, challenges, and limitations.
This transformation led to various stakeholders' conflict of interest since the formation of different businesses led to distinct objectives and goals being set by different business owners. As a result, in several ways, there has been a divergence of interests among the involved groups.Business ownership changes can occur as a result of several factors such as regulation, technology advancements, financial concerns, legal considerations, and competition. As the nature of business ownership and organization shifted, depending on their objectives and priorities.
Some of the primary sources of tension and conflicts of interest among stakeholders include the need for transparency and accountability, the identification and allocation of risks and rewards, and the sharing of profits and losses among different stakeholders.One way in which accounting resolved the conflicts of interest was by instituting a standard for accounting and financial reporting that all companies must follow. This standard enabled stakeholders to receive trustworthy, reliable information about the financial status of a business, allowing them to make informed decisions based on factual evidence.
Accounting also allows for the creation of financial statements that report the company's financial position, performance, and cash flow. The implementation of the Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) has been instrumental in reducing conflicts of interest between different stakeholders by providing a consistent approach to accounting practices.In conclusion, as business ownership and organization change, different stakeholders' interests conflict with one another.
Accounting practices and principles provide a consistent framework for financial reporting, enabling stakeholders to have a better understanding of a business's financial status and making informed decisions.
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Which of the following is not correct about the balanced scorecard?
A) profits and value created for shareholders are perspectives revealed on a balance scorecard
B) nonfinancial and operational indicators are reported on a balance scorecard
C) the balanced scorecard reveals information about the success of the company in its target market
D) the balance scorecard increases managements emphasis on short-term results
Among the given options, D) The balanced scorecard increases management's emphasis on short-term results is not correct.
The balanced scorecard is a strategic performance measurement framework that considers both financial and non-financial measures to evaluate the overall performance of a company. It provides a more comprehensive view of an organization's performance by incorporating multiple perspectives.
Options A, B, and C are correct statements about the balanced scorecard. Profits and value creation for shareholders are indeed perspectives revealed on a balanced scorecard, along with non-financial and operational indicators. The balanced scorecard also provides information about the company's success in its target market.
Option D, however, is not correct. The balanced scorecard is designed to provide a balanced view of a company's performance and encourages a long-term perspective. It helps organizations align their strategies and goals with their performance measures across various dimensions, rather than focusing solely on short-term results. The balanced scorecard aims to promote a more balanced and holistic approach to performance management, considering both financial and non-financial aspects.
The balanced scorecard actually promotes a balanced view and long-term perspective on performance management, rather than solely emphasizing short-term results.
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Mega Mike's Awesome Shop of Stuff has marked a sales budget for next month of 300,000. The Cost of goods sold is expected to be 75% of sales all units are for in the month following purchase. The beginning inventory is 101,000 and has a desired ending inventory of 12,000. Beginning accounts payable is 76,000. What are the purchases for next month. A. 140,000 b. 152,000 c. 136,000 d. 150,000
Mega Mike's Awesome Shop of Stuff has marked a sales budget the purchases for next month would be $136,000. The correct answer is c.
In the context of accounting and business, purchases refer to the acquisition of inventory or goods with the intention of reselling them or using them in the creation of new products. It represents the expense incurred by a company to purchase raw materials or inventory from suppliers.
Beginning inventory = $101,000
Desired ending inventory = $12,000
Cost of goods sold (75% of sales): $300,000 x 0.75 = $225,000
Purchases = Cost of goods sold + Desired ending inventory - Beginning inventory
Purchases = $225,000 + $12,000 - $101,000
Purchases = $136,000
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