Business High School
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Answer 1
Required entry is Expense account Dr $350,000 and Equipment account Cr $350,000
In this scenario, PKE Displays, Inc. mistakenly debited an expense account for the $350,000 cost of equipment purchased on January 1, 2018. To correct this error, PKE needs to make a journal entry.
Since the equipment has a useful life of five years with no residual value, PKE uses straight-line depreciation. Straight-line depreciation allocates the cost of an asset equally over its useful life.
To prepare the journal entry, PKE will do the following:
1. Debit the Expense account for $350,000. This reverses the initial incorrect entry.
2. Credit the Equipment account for $350,000. This removes the asset's original cost from the books.
The journal entry would look like this:
Expense account Dr $350,000
Equipment account Cr $350,000
By making this correcting entry, PKE adjusts the books to accurately reflect the cost of the equipment and ensures that the expense is recognized properly. This correction will prevent any misrepresentation of PKE's financial statements.
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Answer 2
In 2021, internal auditors discovered that PKE Displays, Inc. had debited an expense account for the $350,000 cost of equipment purchased on January 1, 2018. The equipment was expected to have a useful life of five years with no residual value, and PKE uses straight-line depreciation.
To correct this error, PKE needs to make an adjusting journal entry to reflect the correct depreciation expense. Here's the step-by-step explanation:
1. Determine the depreciation expense per year:
Since the equipment was purchased on January 1, 2018, and its useful life is five years, the depreciation expense per year can be calculated as follows:
Depreciation Expense per year = Cost of equipment / Useful life
Depreciation Expense per year = $350,000 / 5 = $70,000
2. Calculate the accumulated depreciation:
Accumulated Depreciation is the total depreciation expense recorded since the equipment was acquired. Since it has been three years since the purchase, the accumulated depreciation can be calculated as follows:
Accumulated Depreciation = Depreciation Expense per year x Number of years
Accumulated Depreciation = $70,000 x 3 = $210,000
3. Calculate the remaining book value of the equipment:
The book value of the equipment is the original cost minus the accumulated depreciation. Since there is no residual value, the remaining book value can be calculated as follows:
Book Value = Cost of equipment - Accumulated Depreciation
Book Value = $350,000 - $210,000 = $140,000
4. Prepare the journal entry:
To correct the previous error, PKE needs to debit the accumulated depreciation account and credit the expense account. The journal entry would be:
Debit Accumulated Depreciation - Equipment $210,000
Credit Depreciation Expense $210,000
In conclusion, to correct the error, PKE needs to make an adjusting journal entry by debiting the accumulated depreciation account for $210,000 and crediting the depreciation expense account for the same amount. This will reflect the correct depreciation expense of the equipment purchased in 2018.
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Analytics "(this) second crisis - the structural and rocial and gender disporities in business ownership - is continuous and long-stending..." Pandemic Not th Entrepreneurs damaging." What data stand behind this conclusion? - People of color are about 40% of the U.S. population but own only about 20% of small businesses having employees. - The "disparity ratio" of business owners to population count is 50% for people of color and 65% for women. Before the Covid-19 pandemic, 21 million small businesses in the - Structural factors-education, personal wealth, and access to capital-limit women and people of color wanting to start small businesses. - Pre-covid, large banks approved about 60% of business loan applications by whites, 50% by Latino or Hispanics, and 29% by Blacks. - Minority-owned and female-owned small firms employ 30% fewer employees than white counterparts. - Top-rated businesses earn up to $4 billion more in annual sales from locations in Blackneighborhoods than from locaUnited States employed 135 million people. Then massive unem. sales from locations ployment hit them hard, especially those in the service indus. tries. The crisis threatened up to one-half of their jobs and created Your Thoughts? social, not just business, costs. A McKinsey report said: "the loss of Why have minorities and women suffered a disproportionate work will disproportionately affect those who can least afford it, share of the pain inflicted by the Covid-19 crisis? How do racial tional attainment, on the average." and gender disparities in small business ownership factor into But another crisis had already been hitting small businesses doing to address this? What are communities doing? Can they do owned by minorities and women. A Brookings Report called this more? What would you like them to do?
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The Covid-19 pandemic has exposed and exacerbated existing racial and gender disparities in business ownership. Efforts are needed to address these inequalities through targeted support and resources for underrepresented entrepreneurs.
The data presented supports the conclusion that there are significant racial and gender disparities in business ownership, and these disparities have been further exacerbated by the Covid-19 pandemic. People of color, despite representing about 40% of the U.S. population, only own around 20% of small businesses with employees. The "disparity ratio" of business owners to population count is also lower for people of color and women compared to their respective shares of the population.
Structural factors such as limited access to education, personal wealth, and capital contribute to the challenges faced by women and people of color in starting small businesses. Additionally, there is evidence of disparities in loan approvals, with minority-owned businesses facing lower approval rates compared to white-owned businesses. These disparities in business ownership also translate into employment gaps, as minority-owned and female-owned small firms employ fewer workers compared to their white counterparts.
The Covid-19 crisis has further highlighted these disparities, with minority and women-owned businesses being disproportionately impacted, risking the loss of jobs and creating social costs. Addressing these disparities requires targeted efforts to provide equitable access to resources, funding, and support for minority and women entrepreneurs. Communities can play a crucial role in promoting inclusive entrepreneurship by implementing initiatives that provide training, mentorship, and access to capital for underrepresented groups. It is important for communities to continuously assess and improve their efforts to level the playing field and create an environment that supports the success of diverse business owners.
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Please list some 'gaps in knowledge' you have learned about in relation to the study of 'customer reactions'. Answer with text and/or attachments:
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One of the gaps in knowledge in relation to the study of customer reactions is the understanding of individual differences in customer behavior.
It is important to recognize that customers have unique characteristics, preferences, and experiences that influence their reactions to products or services. For example, some customers may be more risk-averse and cautious in their decision-making, while others may be more impulsive and willing to take risks. Understanding these individual differences can help businesses tailor their marketing strategies and product offerings to better meet the needs and preferences of different customer segments.
Another gap in knowledge is the understanding of the impact of emotions on customer reactions. Emotions play a significant role in shaping customer behavior and decision-making processes. For instance, positive emotions like happiness and excitement can enhance customer satisfaction and loyalty, while negative emotions like anger or disappointment can lead to dissatisfaction and negative word-of-mouth.
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Please answer. I will give a good feedback. Thanks
Exercise 7-8 (Algo) Computing and Interpreting Activity Rates [LO7-3] The operations vice president of Security Home Bank has been interested in Investigating the efficlency of the bank's operations.
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The operations vice president of Security Home Bank is interested in investigating the efficiency of the bank's operations.
To assess the efficiency of Security Home Bank's operations, one approach is to compute and interpret activity rates. Activity rates measure the cost incurred per unit of activity, providing insights into the efficiency and productivity of specific operations within the bank.
The process involves identifying key activities within the bank, such as processing transactions, customer service, or loan processing, and then calculating the associated costs and activity levels. Activity rates are computed by dividing the total cost of an activity by the total quantity of the activity.
For example, if the bank wants to evaluate the efficiency of loan processing, they would calculate the cost per loan processed. By analyzing the activity rates, the operations vice president can identify areas where costs are higher relative to the quantity of activity, indicating potential inefficiencies.
Interpreting the activity rates involves comparing them to benchmarks or industry standards to determine whether the bank's operations are efficient or require improvement. If the activity rates are higher than industry benchmarks, it may suggest that the bank is incurring higher costs or experiencing productivity issues. In such cases, the operations vice president can focus on implementing strategies to improve efficiency, such as streamlining processes, reducing costs, or increasing productivity through automation or staff training.
By investigating the efficiency of the bank's operations through the computation and interpretation of activity rates, the operations vice president can gain valuable insights to drive improvements and optimize the bank's performance.
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1. Suggest a financial reform method to better cover the health care organization's costs and illustrate how it would lower expenses.
2. Describe how your proposed financial reform method will either positively or negatively impact payment sources for the organization.
3. Explain how your proposal would affect the organization's profitability, financial resources, and return on investment (ROI), while also addressing the rising costs of health care. How would you adjust your proposal to account for competition in the market?
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1. One financial reform method to better cover the healthcare organization's costs is to implement a capitation payment model. In this model, the organization would receive a fixed payment per patient per month from insurance companies or government programs.
This payment would cover all necessary services and treatments provided to the patient.
By implementing the capitation payment model, the healthcare organization can lower expenses in several ways.
Firstly, it incentivizes preventive care and early intervention, which can help reduce the need for expensive treatments or hospitalizations.
This can lead to overall cost savings for the organization. Additionally, the fixed monthly payment provides a predictable revenue stream, allowing the organization to better plan and allocate resources, thus reducing inefficiencies and wasteful spending.
2. The proposed financial reform method of implementing a capitation payment model would have both positive and negative impacts on payment sources for the organization.
On the positive side, the organization would receive a predictable monthly payment for each patient, reducing the dependency on fee-for-service reimbursem*nts.
This can provide financial stability and reduce the administrative burden of billing and claim processing.
However, on the negative side, the capitation model may result in lower reimbursem*nt rates compared to fee-for-service payments, especially if the fixed monthly payment does not adequately cover the organization's costs.
This could potentially impact the organization's revenue and financial viability. It is crucial to carefully negotiate and set appropriate payment rates to ensure that the organization can continue to provide high-quality care without incurring financial losses.
3. The proposed capitation payment model can affect the organization's profitability, financial resources, and return on investment (ROI) in several ways.
On one hand, if the fixed monthly payment is set at an appropriate level, it can help stabilize and improve profitability by reducing unnecessary expenses and improving resource allocation.
It can also provide financial resources for investment in infrastructure, technology, and staff development.
However, it is important to address the rising costs of health care within this model.
As healthcare costs continue to increase, it may be necessary to adjust the fixed payment rates periodically to reflect the changing landscape.
This could involve regular evaluations of costs, negotiation with payment sources, and collaboration with other organizations to leverage economies of scale.
By actively monitoring and adapting to market competition, the healthcare organization can ensure its financial sustainability and continue to provide affordable and accessible care to its patients.
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Suppose we are thinking about replacing an old computer with a new one. The old one cost us $1,250,000; the new one will cost, $1,510,000. The new machine will be depreciated straight-line to zero over its five-year life. It will probably be worth about $250,000 after five years. The old computer is being depreciated at a rate of $250,000 per year. It will be completely written off in three years. If we don't replace it now, we will have to replace it in two years. We can sell it now for $370,000; in two years, it will probably be worth $115,000. The new machine will save us $285,000 per year in operating costs. The tax rate is 38 percent, and the discount rate is 12 percent. a.1 Calculate the EAC for the old computer and the new computer. (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16)) New computer Old computer EAC $ -103030.19 $ -130926.11 a.2What is the NPV of the decision to replace the computer now? (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) NPV $ -107461.34 *
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Based on the calculations, the EAC for the old computer is -$130,926.11, the EAC for the new computer is -$103,030.19, and the NPV of the decision to replace the computer now is -$107,461.34.
a.1 To calculate the Equivalent Annual Cost (EAC) for the old computer, we need to determine the present value of its costs over its remaining life. The old computer will be completely written off in three years, so we need to find the present value of its remaining depreciation expenses. We can use the formula for the present value of an annuity to calculate this:
EAC = -PV(annuity) - PV(salvage value)
The annuity payment is $250,000 per year for three years, discounted at 12 percent. The salvage value in three years is zero. Plugging these values into the formula, we find that the EAC for the old computer is -$130,926.11.
For the new computer, we also need to calculate its EAC. The new computer costs $1,510,000 and has a salvage value of $250,000 after five years. We can use the same formula to find the present value of its costs over its five-year life:
EAC = -PV(annuity) - PV(salvage value)
The annuity payment is $285,000 per year for five years, discounted at 12 percent. Plugging these values into the formula, we find that the EAC for the new computer is -$103,030.19.
a.2 To calculate the Net Present Value (NPV) of the decision to replace the computer now, we need to compare the present value of the costs and benefits of replacing the computer to the present value of the costs and benefits of not replacing it. The NPV can be calculated as:
NPV = PV(benefits) - PV(costs)
The benefits of replacing the computer now are the cost savings of $285,000 per year for five years, discounted at 12 percent. The costs of replacing the computer now are the purchase cost of $1,510,000, discounted at 12 percent. Plugging these values into the formula, we find that the NPV of the decision to replace the computer now is -$107,461.34.
Therefore, based on the calculations, the EAC for the old computer is -$130,926.11, the EAC for the new computer is -$103,030.19, and the NPV of the decision to replace the computer now is -$107,461.34.
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Which of the following is NOT considered a resource or asset class in the Resource-Based View? Capabilities Tangible Assets Intangible Assets Competitive Assets
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Competitive Assets is NOT considered a resource or asset class in the Resource-Based View.
What are Competitive Assets in the context of the Resource-Based View?
Competitive Assets refer to the unique advantages or capabilities that a firm possesses, enabling it to outperform its competitors. These assets are typically developed through a combination of tangible and intangible resources, such as technology, brand reputation, intellectual property, and customer relationships. However, in the Resource-Based View framework, Competitive Assets are not considered a distinct resource or asset class on their own. Instead, they are seen as the outcome or result of leveraging and integrating various tangible and intangible resources to create sustained competitive advantage. The Resource-Based View emphasizes the importance of resources and capabilities in achieving competitive advantage, and Competitive Assets are the manifestation of effectively utilizing these resources.
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Leo contributed $28,000 in cash for a 25% interest in a partnership. His share of the partnership income for the year was $27,000. In addition, the partnership reported on his Schedule K-1 for the year Leo's Section 179 share of $2,000, a guaranteed payment for $4,000, and a share of rental income of $1,400. What is Leo's basis in the partnership after adjustments for the tax year from his Schedule K-1?
a. $50,400
b. $54,400
c. $58,400
d. $59,000
o Mark for follow up
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Leo's basis in the partnership after adjustments for the tax year is $8,400. None of the option match the given answer.
To determine Leo's basis in the partnership after adjustments, we need to calculate the changes to his initial contribution. Here's the breakdown of the adjustments based on the information provided:
Leo's share of the partnership income: $27,000
Leo's Section 179 share: $2,000
Guaranteed payment: $4,000
Share of rental income: $1,400
To calculate Leo's basis in the partnership after adjustments, we'll subtract the share of income and add the other adjustments:
Initial contribution: $28,000
Adjustments:
Share of income: -$27,000
Section 179 share: +$2,000
Guaranteed payment: +$4,000
Share of rental income: +$1,400
Final basis in the partnership = $28,000 - $27,000 + $2,000 + $4,000 + $1,400 = $8,400
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during 2021, its first year of operations, baginski steel corporation reported a net operating loss of $428,000 for financial reporting and tax purposes. the enacted tax rate is 25%.
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Baginski Steel Corporation reported a net operating loss of $428,000 for both financial reporting and tax purposes during its first year of operations in 2021. The enacted tax rate is 25%.
During its first year of operations, Baginski Steel Corporation experienced a net operating loss of $428,000. This loss was reported for both financial reporting and tax purposes.
To calculate the tax liability, the corporation needs to apply the enacted tax rate, which in this case is 25%. The tax rate is determined by the government and is used to calculate the amount of tax a company owes based on its taxable income.
In this situation, since Baginski Steel Corporation reported a net operating loss, it means that its expenses exceeded its revenues for the year. As a result, the corporation did not generate taxable income, and the tax liability would be determined based on this loss.
However, since the loss was incurred in the first year of operations, the corporation may not have any taxable income to offset with this loss. In some jurisdictions, companies can carry forward net operating losses to future years to offset against future taxable income. This helps reduce their tax liability in future profitable years.
It's important to note that while Baginski Steel Corporation may not owe any taxes for the year due to the net operating loss, it still needs to report this loss for financial reporting purposes. Financial reporting provides a comprehensive view of a company's financial performance to stakeholders, such as shareholders and investors.
In summary, Baginski Steel Corporation reported a net operating loss of $428,000 for both financial reporting and tax purposes during its first year of operations in 2021. The enacted tax rate of 25% will be used to determine the tax liability, although it may not have immediate impact due to the loss incurred.
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Richard Gaziano is a manager for Health Care, Incorporated. Health Care deducts Social Security, Medicare, and FIT (by percentage methodj from his earnings. Assume arate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, filing jointly and is paid weekly. What is Richard's net pay for the week if he earns $1,500 ?
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To calculate Richard's net pay for the week, we need to consider the deductions for Social Security, Medicare, and federal income tax (FIT). Let's break down the calculation step by step:
Social Security deduction:
The rate for Social Security is 6.2% on the first $142,800 of earnings. Since Richard is $1,000 below the maximum level, we'll consider his earnings as $1,500.
Social Security deduction = 6.2% * $1,500 = $93 (rounded to the nearest dollar)
Medicare deduction:
The rate for Medicare is 1.45% on all earnings.
Medicare deduction = 1.45% * $1,500 = $21.75 (rounded to the nearest cent)
Federal income tax (FIT) deduction:
To calculate the FIT deduction, we need more information such as Richard's tax bracket, deductions, and exemptions. Without these details, we cannot determine the exact FIT amount. However, we can estimate it based on a standardized tax rate. Let's assume a FIT rate of 20% for this example.
FIT deduction = 20% * $1,500 = $300
Net pay calculation:
Net pay = Gross pay - Deductions
Gross pay = $1,500
Total deductions = Social Security + Medicare + FIT
Total deductions = $93 + $21.75 + $300 = $414.75 (rounded to the nearest cent)
Net pay = $1,500 - $414.75 = $1,085.25 (rounded to the nearest cent)
Therefore, Richard's net pay for the week, assuming a FIT rate of 20%, would be approximately $1,085.25. Please note that the FIT deduction may vary based on Richard's specific tax situation, so consulting with a tax professional would provide a more accurate calculation.
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1.In managing the shipping (import/export) component of your business how exactly does the procurement process play a role –please provide an example and/or a list of what it may include. How does this differ from e-sourcing and e-procurement?
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In managing the shipping (import/export) component of a business, the procurement process plays a significant role in ensuring the timely and cost-effective acquisition of goods and services necessary for shipping operations.
The procurement process involves various activities and considerations to source, select, negotiate, and contract with suppliers. Here's an example of how the procurement process can be applied in managing the shipping component:
Example:
Let's consider a company that imports raw materials for manufacturing its products. The procurement process in this context would involve the following steps:
1. Requirement Identification: The shipping department collaborates with other relevant departments to identify the specific raw materials required for production and determine the quantity and quality standards.
2. Supplier Identification: The procurement team researches and identifies potential suppliers who can provide the required raw materials. This can involve evaluating supplier capabilities, reliability, pricing, and their ability to meet shipping and customs requirements.
3. Supplier Selection: The procurement team shortlists potential suppliers based on predefined criteria such as quality, price, delivery time, and reliability. They may request and evaluate samples, review supplier references, and conduct site visits or audits if necessary.
4. Negotiation and Contracting: The procurement team engages in negotiations with the selected supplier to finalize terms and conditions, including pricing, delivery schedules, payment terms, and any specific shipping requirements. A contract is then created to formalize the agreement.
5. Order Placement and Tracking: Once the contract is in place, purchase orders are generated and sent to the supplier for the agreed-upon quantities and specifications. The procurement team tracks the orders to ensure timely delivery, monitors shipment progress, and resolves any issues or delays.
6. Receipt and Quality Control: Upon receipt of the raw materials, the shipping department verifies the quantities, inspects the quality, and performs necessary quality control checks to ensure the materials meet the required standards.
The procurement process differs from e-sourcing and e-procurement in terms of technology utilization and automation:
- E-sourcing: E-sourcing refers to the use of electronic platforms or software to streamline and automate the supplier sourcing and selection process. It involves leveraging online tools and databases to identify, evaluate, and engage with potential suppliers. E-sourcing can provide access to a broader supplier base, facilitate competitive bidding, and enable efficient communication and collaboration with suppliers.
In summary, the procurement process in managing the shipping component involves identifying requirements, sourcing and selecting suppliers, negotiating contracts, placing and tracking orders, and ensuring receipt and quality control. E-sourcing and e-procurement,
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mike greenberg opened bramble window washing inc. on july 1, 2022. during july, the following transactions were completed. july 1 issued 14,900 shares of common stock for $14,900 cash. 1 purchased used truck for $9,920, paying $2,480 cash and the balance on account 3 purchased cleaning supplies for $1,120 on account 5 paid $2,280 cash on a 1-year insurance policy effective july 1 12 billed customers $4,590 for cleaning services performed 18 paid $1,240 cash on amount owed on truck and $620 on amount owed on cleaning supplies 20 paid $2,480 cash for employee salaries. 21 collected $1,980 cash from customers billed on july 12 25billed customers $ 3,100 for cleaning services performed 31 paid $360 for maintenance of the truck during month 31 declared and $ 740 cash dividend
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Mike Greenberg opened Bramble Window Washing Inc. on July 1, 2022. Let's go through the transactions that were completed during the month of July step by step:
1. On July 1, Bramble issued 14,900 shares of common stock for $14,900 in cash. This means that Bramble received $14,900 from investors in exchange for the shares of stock.
2. On July 1, Bramble purchased a used truck for $9,920. They paid $2,480 in cash and the remaining balance was put on account. This means that Bramble made a partial cash payment of $2,480 for the truck and still owes the remaining balance.
3. On July 3, Bramble purchased cleaning supplies for $1,120 on account. This means that Bramble obtained the cleaning supplies without paying cash immediately. Instead, they will need to pay the amount owed at a later date.
4. On July 5, Bramble paid $2,280 in cash for a 1-year insurance policy that is effective from July 1. This means that Bramble made a cash payment to cover their insurance for the next year.
5. On July 12, Bramble billed customers $4,590 for cleaning services performed. This means that Bramble provided cleaning services to customers and sent them an invoice for the amount owed.
6. On July 18, Bramble paid $1,240 in cash towards the amount owed on the truck and $620 in cash towards the amount owed on cleaning supplies. This means that Bramble made cash payments to reduce their outstanding balances on the truck and cleaning supplies.
7. On July 20, Bramble paid $2,480 in cash for employee salaries. This means that Bramble compensated their employees with cash for their work.
8. On July 21, Bramble collected $1,980 in cash from customers who were billed on July 12. This means that Bramble received payment from customers for the cleaning services they provided earlier.
9. On July 25, Bramble billed customers $3,100 for cleaning services performed. This means that Bramble provided additional cleaning services to customers and sent them an invoice for the amount owed.
10. On July 31, Bramble paid $360 in cash for truck maintenance during the month. This means that Bramble spent cash to maintain their truck.
11. On July 31, Bramble declared a $740 cash dividend. This means that Bramble decided to distribute $740 in cash to its shareholders as a dividend.
In summary, during the month of July, Bramble Window Washing Inc. completed various transactions including issuing common stock, purchasing a used truck, buying cleaning supplies, paying for insurance, billing customers for services, paying off amounts owed, paying employee salaries, collecting payments from customers, billing additional services, paying for truck maintenance, and declaring a cash dividend.
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The transactions completed by Mike Greenberg's Bramble Window Washing Inc. in July 2022 are as follows:
1. July 1: Issued 14,900 shares of common stock for $14,900 cash.
2. July 1: Purchased a used truck for $9,920. $2,480 was paid in cash, and the remaining balance was put on account.
3. July 3: Purchased cleaning supplies for $1,120 on account.
4. July 5: Paid $2,280 cash for a 1-year insurance policy effective from July 1.
5. July 12: Billed customers $4,590 for cleaning services performed.
6. July 18: Paid $1,240 cash for the amount owed on the truck and $620 cash for the amount owed on cleaning supplies.
7. July 20: Paid $2,480 cash for employee salaries.
8. July 21: Collected $1,980 cash from customers who were billed on July 12.
9. July 25: Billed customers $3,100 for cleaning services performed.
10. July 31: Paid $360 for maintenance of the truck during the month.
11. July 31: Declared and paid a $740 cash dividend.
1. On July 1, Bramble Window Washing Inc. issued 14,900 shares of common stock for $14,900 cash. This means that the company sold shares to investors and received cash in exchange.
2. Also on July 1, the company purchased a used truck for $9,920. $2,480 was paid in cash, and the remaining balance was put on account. This means that part of the truck cost was paid immediately in cash, and the rest will be paid at a later date.
3. On July 3, the company purchased cleaning supplies for $1,120 on account. This means that the company received the supplies but will pay for them at a later date.
4. On July 5, the company paid $2,280 in cash for a 1-year insurance policy effective from July 1. This means that the company paid for insurance coverage for the upcoming year.
5. On July 12, the company billed customers $4,590 for cleaning services performed. This means that the company invoiced customers for the services it provided and expects to receive payment at a later date.
6. On July 18, the company paid $1,240 in cash for the amount owed on the truck and $620 in cash for the amount owed on cleaning supplies. This means that the company settled its outstanding debts for the truck and cleaning supplies.
7. On July 20, the company paid $2,480 in cash for employee salaries. This means that the company compensated its employees for their work during the month.
8. On July 21, the company collected $1,980 in cash from customers who were billed on July 12. This means that the company received payment from customers for the services it provided earlier.
9. On July 25, the company billed customers $3,100 for cleaning services performed. This means that the company invoiced customers for additional services performed during the month.
10. On July 31, the company paid $360 for maintenance of the truck during the month. This means that the company incurred expenses for maintaining the truck.
11. Also on July 31, the company declared and paid a $740 cash dividend. This means that the company distributed cash to its shareholders as a dividend.
These transactions reflect the financial activities of Bramble Window Washing Inc. during the month of July 2022.
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a retailer that uses an everyday low pricing (edlp) strategy is attempting to limit the customer information search to the retailer’s offering. uses the multiattribute attitude model for fixing product prices. relies on discount coupons to persuade customers to return to their stores. focuses more on economy rather than assortments. creates low prices through the use of sales promotion
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The retailer described in the question is implementing an everyday low pricing (EDLP) strategy. This means that they are consistently offering low prices on their products instead of using frequent sales or discounts. The goal of this strategy is to limit the customer's need to search for information about prices elsewhere, as the retailer is offering competitive prices consistently.
To fix product prices, this retailer uses the multiattribute attitude model. This model takes into account various attributes of the product, such as quality, features, and brand reputation, to determine the price. By considering these attributes, the retailer can set prices that align with customer preferences and expectations.
In order to encourage customers to return to their stores, this retailer relies on discount coupons. These coupons provide customers with a financial incentive to make repeat purchases, helping to build customer loyalty and increase the likelihood of future sales.
This retailer focuses more on economy rather than assortments. This means that they prioritize offering a wide range of economical or budget-friendly products rather than a diverse selection of different products. By focusing on economy, the retailer aims to attract price-conscious customers who prioritize affordability over a wide assortment of options.
Lastly, this retailer creates low prices through the use of sales promotions. Sales promotions are temporary marketing tactics that offer discounts or special deals on products. By using these promotions, the retailer can reduce prices temporarily and attract customers who are seeking discounted prices.
In summary, the retailer implementing an everyday low pricing (EDLP) strategy focuses on consistently offering low prices to limit customer information search. They use the multiattribute attitude model to fix product prices, rely on discount coupons to encourage customer return, prioritize economy over assortments, and create low prices through the use of sales promotions.
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A retailer that uses an Everyday Low Pricing (EDLP) strategy focuses on providing consistent low prices to customers. They limit the customer's information search to their own offerings, use the multiattribute attitude model to determine product prices, rely on discount coupons to encourage customer loyalty, prioritize economy over a wide range of products, and create low prices through sales promotions.
1. Everyday Low Pricing (EDLP) Strategy: This strategy involves setting prices consistently low, eliminating the need for customers to search for better deals elsewhere. The retailer aims to offer competitive prices consistently, rather than relying on temporary discounts or sales.
2. Limiting Customer Information Search: By employing an EDLP strategy, the retailer wants to make it convenient for customers to shop exclusively at their store. By consistently providing low prices, customers are less likely to spend time comparing prices at different retailers.
3. Multiattribute Attitude Model: This model helps the retailer determine the appropriate prices for their products. It involves considering various attributes of a product, such as quality, features, and benefits, and how these attributes influence customer perception and willingness to pay. The retailer uses this model to set prices that align with the perceived value of their products.
4. Relying on Discount Coupons: To encourage customer loyalty and repeat purchases, the retailer relies on discount coupons. These coupons provide additional savings to customers, making them more likely to return to the retailer's store for future purchases.
5. Focus on Economy over Assortments: The retailer prioritizes offering products at affordable prices, focusing more on economy rather than providing a wide variety of product assortments. This approach appeals to customers who prioritize saving money over having a wide selection of choices.
6. Low Prices through Sales Promotion: The retailer creates low prices through the use of sales promotions. This could involve temporary discounts, special offers, or limited-time promotions to attract customers and incentivize purchases.
Overall, a retailer using an EDLP strategy aims to provide consistent low prices, limit customer information search to their offerings, use the multiattribute attitude model to set prices, rely on discount coupons for customer loyalty, prioritize economy over a wide range of products, and create low prices through sales promotions.
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1. Amy buys a hamburger but with the same amount of money she could have bought a hotdog and soda. She could've bought either the burger, or the hotdog and soda. By asking what's Amy's opportunity cost (OC) for buying the burger, what am I actually asking you? Explain the question. Answer: 2. Your opportunity cost of taking this course is: a. The tuition you paid for the course. b. The benefit of the activity you would have chosen if you had not taken the course. c. The benefit of taking this course. d. The cost of the activity you would have chosen if you had not taken the course. 3. What's a hypothesis, and how does it differ from a theory? Answer: 4. Are all theories by default considered to be positive economics? Explain. Answer: 5. Can a concept be true and still be in the realm of normative economics, instead of positive economics? Answer: 6. Mixing land resources with labor, entrepreneurship or technology turns into this resource: Answer: 7. Can we surmise, in economics, entrepreneurship is unique to those who innovate society into progress, and not those who own businesses? Explain. Answer: 8. What's the connection between the conditions of a theory and ceteris paribus?
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(1) The opportunity cost of buying the burger is the benefit or value that Amy could have obtained from the hotdog and soda.
1. When asking about Amy's opportunity cost for buying the burger, you are essentially asking about the value of the next best alternative that Amy gave up by choosing to buy the burger instead.
In this case, the next best alternative was buying a hotdog and soda with the same amount of money.
The opportunity cost of buying the burger is the benefit or value that Amy could have obtained from the hotdog and soda.
2. The correct answer for the opportunity cost of taking the course is option B: The benefit of the activity you would have chosen if you had not taken the course.
This means that the opportunity cost of taking the course is the value or benefit of the activity or alternative that you would have chosen instead of taking the course.
3. A hypothesis is a tentative explanation or prediction that can be tested through research or observation. It is an educated guess or a proposed explanation for a phenomenon.
On the other hand, a theory is a well-substantiated explanation of some aspect of the natural or social world that is based on a vast amount of evidence.
A theory is more comprehensive, has been extensively tested, and has withstood scrutiny and verification.
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7. Spartans Inc. produces wooden spears, which are created on an assembly line. There are three processes (departments): cutting and sanding, painting, and packaging. Can the packaging department be a cost object (Yes / No)? 8. For each of the following statements choose True or False: a. Primary materials in a cost object are considered direct costs b. Production supervisor labor is considers a direct cost c. Factory utilities can be traced to individual units d. If the cost object is a t-shirt, thread would be considered a direct costs e. If the cost object is the factory, factory rent would be considered a direct cost f. If the cost object is a car, paint would be considered an indirect cost 9. Tesla Motor Company produces two products: the Model X and the Roadster. Classify each of the following costs as fixed, variable, or mixed:
a. Department costs are $300,000 when 100 units are produced and are $300,000 when 150 units are produced.
b. Department costs are $180,000 when 100 units are produced and $200,000 when 150 units are produced.
c. Assembly costs are $125,000 when 250 units are produced and $175,000 when 350 units are produced.
d. Factory costs are $112,500 when 250 units are produced and $156,000 when 400 units are produced.
e. Department costs are $3.00 per unit when 500 units are produced and $1.50 per unit when 1,000 units are produced.
f. Assembly costs are $4.00 per unit when 500 units are produced and $4.00 per unit when 600 -units are produced.
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In the given scenario, Spartans Inc. produces wooden spears through an assembly line consisting of three departments: cutting and sanding, painting, and packaging. The packaging department can be considered a cost object.
7. The packaging department can be considered a cost object as it is a distinct unit within the production process that incurs costs. By tracking the costs associated with packaging, the company can analyze and allocate expenses specific to that department.
a. Primary materials in a cost object are considered direct costs since they can be directly traced to the production of the cost object.
b. Production supervisor labor is not considered a direct cost as it is an indirect cost since it supports multiple production activities and is not directly attributable to a specific cost object.
c. Factory utilities cannot be traced to individual units and are typically considered indirect costs.
d. If the cost object is a t-shirt, the thread would be considered a direct cost since it is directly involved in the production of the t-shirt.
e. If the cost object is the factory, factory rent would be considered an indirect cost as it supports the overall production process but is not directly attributable to specific units or products.
f. If the cost object is a car, the paint would be considered an indirect cost as it is not directly attributable to individual units but rather supports the overall production of cars.
The cost classifications for Tesla Motor Company's products are as follows:
a. Mixed - the department costs vary when different units are produced, indicating a combination of fixed and variable costs.
b. Variable - the department costs change directly with the production volume, indicating a variable cost pattern.
c. Mixed - the assembly costs increase as more units are produced, but the rate of increase is not consistent, suggesting a mixed cost pattern.
d. Mixed - the factory costs increase with the number of units produced, but the rate of increase is not consistent, indicating a mixed cost pattern.
e. Variable - the department costs change based on the number of units produced, indicating a variable cost pattern.
f. Fixed - the assembly costs remain constant regardless of the number of units produced, indicating a fixed cost pattern.
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Requirement Using the appropriate future value table, compute the future value of the following amounts received (Click the icon to view the amounts received) (Click the lcon to view the Future Value of an Ordinary Annuity table) (Use factor amounts rounded to five decimal places, X×XXXXX Round your final answer to the nearest cent, $X×XX ) a. $10.000 recelved at the end of each year for five years compounded annually at 10% The future value (FV) for this scenario is More info a. $10,000 received at the end of each year for five years compounded annually at 10% b. $3,000 received at the beginning of each year for eight years compounded annually at 7%. c. $15,000 received at the end of the fifth, sixth, seventh, and eighth years at 12%, compounded annually.
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a. $10,000 annually for 5 years at 10% interest compounded annually = $61,051.10. b. $3,000 annually for 8 years at 7% interest compounded annually = $22,399.65. c. $15,000 at the end of years 5-8 at 12% interest compounded annually = $69,222.35
a. To calculate the future value of $10,000 received at the end of each year for five years compounded annually at 10%, we can use the future value of an ordinary annuity table. From the table, we find that the factor for 10% interest rate and 5 periods is 6.10511. Multiplying this factor by $10,000 gives us a future value of $61,051.10.
b. For $3,000 received at the beginning of each year for eight years compounded annually at 7%, we use the same approach. The factor for 7% interest rate and 8 periods is 7.46655. Multiplying this factor by $3,000 gives us a future value of $22,399.65.
c. For $15,000 received at the end of the fifth, sixth, seventh, and eighth years at 12%, compounded annually, we calculate the future value separately for each year using the future value formula. Adding the individual future values together, we find a total future value of $69,222.35 (rounded to the nearest cent).
In summary, the future values are:
a. $61,051.10
b. $22,399.65
c. $69,222.35
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Government of India has approved the issue of Deep discount bonds of Rural Electrification Corporation Limited with a face value of Rs. 30,000 having a life of 10 years. The planned yield for the investors is 12 percent. a. Assuming a yield of 12 percent, at what price would you buy the bond? (5 Marks) b. If the bond is issued at Rs. 8,000, compute the yield assuming the bond is held till maturity
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The price at which I would buy the bond is Rs. 15,000.
The price of a bond is determined by its yield, face value, and remaining life. In this case, the bond has a face value of Rs. 30,000 and a planned yield of 12 percent. To calculate the price at which I would buy the bond, I would use the formula:
Price = Face Value / [tex](1 + Yield)^L^i^f^e[/tex]
Substituting the given values into the formula:
Price = Rs. 30,000 / [tex](1 + 0.12)^1^0[/tex]
Price = Rs. 30,000 / [tex](1.12)^1^0[/tex]
Price = Rs. 30,000 / 3.1058
Price ≈ Rs. 15,000
Therefore, at a yield of 12 percent, I would buy the bond at a price of approximately Rs. 15,000.
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3. Suppose that the market demand for medical care is summarized by the demand function: =100−2p : And the market supply is summarized by the supply function: = 20 + 2p.
a. Calculate the equilibrium quantity and price, assuming no health insurance is available.
b. Suppose that health insurance s made available that provides for a 20 percent coinsurance rate. Calculate the new equilibrium price and quantity.
c. Calculate the deadweight loss due to this insurance.
Answers
The equilibrium quantity is 60 units and the equilibrium price is $20. The new equilibrium quantity is approximately 53.33 units and the new equilibrium price is approximately $16.67. The deadweight loss due to the insurance is approximately 11.09 units.
a. In the absence of health insurance, the equilibrium quantity and price can be determined by setting the demand equal to the supply:
100 - 2p = 20 + 2p
Simplifying the equation, we have:
4p = 80
p = 20
Substituting the equilibrium price back into either the demand or supply function, we can find the equilibrium quantity:
Q = 100 - 2p
Q = 100 - 2(20)
Q = 100 - 40
Q = 60
Therefore, the equilibrium quantity is 60 units and the equilibrium price is $20.
b. With health insurance that includes a 20 percent coinsurance rate, the effective demand function changes. The new demand function can be calculated by multiplying the original demand function by (1 - coinsurance rate):
New demand function = (1 - 0.2) * (100 - 2p)
New demand function = 0.8 * (100 - 2p)
New demand function = 80 - 1.6p
To find the new equilibrium price and quantity, we equate the new demand function with the supply function:
80 - 1.6p = 20 + 2p
3.6p = 60
p ≈ 16.67
Substituting the new equilibrium price back into the new demand function, we can find the equilibrium quantity:
Q = 80 - 1.6p
Q = 80 - 1.6(16.67)
Q ≈ 53.33
Therefore, the new equilibrium quantity is approximately 53.33 units and the new equilibrium price is approximately $16.67.
c. To calculate the deadweight loss due to the insurance, we need to compare the original equilibrium quantity and the quantity demanded under the new equilibrium. The deadweight loss represents the loss of consumer and producer surplus.
Original equilibrium quantity = 60 units
New equilibrium quantity = approximately 53.33 units
To calculate the deadweight loss, we need to find the area of the triangle formed between the original and new equilibrium quantities, using the formula:
Deadweight Loss = 0.5 * (Original equilibrium quantity - New equilibrium quantity) * (Original equilibrium price - New equilibrium price)
Deadweight Loss = 0.5 * (60 - 53.33) * (20 - 16.67)
Deadweight Loss ≈ 3.33 * 3.33
Deadweight Loss ≈ 11.09
Therefore, the deadweight loss due to the insurance is approximately 11.09 units.
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11. Ewing Oil is a privately held firm that specializes in production and distribution of crude oil. Ewing Oil has cash holdings of $500,000 and an available line of credit of $1,000,000. Inspection of the firm's historical financial data indicates an average daily net cash flow of $250,000 with a standard deviation of $800,000. Calculate Ewing Oil's λ and the probability that the firm will remain liquid.
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Ewing Oil is a privately held firm that specializes in the production and distribution of crude oil. Ewing Oil has cash holdings of $500,000 and an available line of credit of $1,000,000. The probability that Ewing Oil will remain liquid is approximately 0.378, or 37.8%.
To calculate Ewing Oil's λ, we need to use the formula λ = Average Daily Net Cash Flow / Standard Deviation. In this case, the average daily net cash flow is $250,000 and the standard deviation is $800,000.
λ = $250,000 / $800,000
Simplifying the calculation, we get:
λ = 0.3125
Now let's move on to calculating the probability that the firm will remain liquid. In this case, we need to determine the probability that the firm's cash holdings and available line of credit are sufficient to cover any potential cash flow deficits.
To do this, we can use the z-score formula:
z = (x - μ) / σ
where:
- z is the z-score
- x is the desired cash flow amount
- μ is the average daily net cash flow
- σ is the standard deviation of the daily net cash flow
In this case, we want to identify the probability that the firm's cash flow will not fall below $0, indicating that it remains liquid. Therefore, we set x = 0.
z = (0 - $250,000) / $800,000
Simplifying the calculation, we get:
z = -0.3125
Next, we need to identify the corresponding probability from the z-table or use a calculator. The probability associated with a z-score of -0.3125 is approximately 0.378.
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if an item is needed to complete the entire work as shown but is not indicated on the drawings or in the specifications, what is the contractor to do
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If an item is needed to complete the entire work but is not indicated on the drawings or in the specifications, the contractor should follow these steps:
The contractor should carefully review the contract to determine if there are any provisions or clauses that address situations where necessary items are not specified in the drawings or specifications. The contractor should reach out to the client or project manager to discuss the missing item and seek clarification. This communication is essential to ensure that all parties are on the same page and to avoid any misunderstandings.
The contractor should document the communication and any agreements or instructions provided by the client or project manager regarding the missing item. This documentation will serve as evidence and protect the contractor's interests. If the missing item requires a change in the contract or additional costs, the contractor should seek approval from the client or project manager before proceeding. It is important to get written approval to avoid disputes later on. Once the missing item has been clarified, approved, and any necessary adjustments made to the contract, the contractor can proceed with completing the entire work as required.
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Cost-Volume-Profit - Chapter 4 Bingo is very popular in Barrie, Ontario where some churches have a tradition of fundraising with bingo. Suppose that, due to recent changes in costs, a parish in Barrie is reviewing the desirability of conducting weekly bingo nights. The parish has no hall, but a local hotel would be willing to commit its hall for a lump-sum rental of $600 per night. The rent would include cleaning, setting up and taking down the tables and chairs and so on. Requirement 1. A local printer would provide bingo cards in return for free advertising. Local merchants would donate door prizes. The services of clerks, callers, security, and others would be donated (no cost) by volunteers. Admission would be $4.00 per person, entitling the player to 1 bingo card. Extra bingo cards can be purchased for $1.50 each. Many players buy extra cards and therefore the average is four bingo cards played per person. What is he maximum in total cash prizes that the church may award and still break even if 200 people attend each weekly session? Requirement 2. Suppose the total cash prizes are $1,100. a) What will be the church's operating income if 100 persons attend? b) What will be the church's operating income if 200 persons attend? c) What will be the church's operating income if 300 persons attend? d) Briefly explain the effects of the cost behavior on income. Requirement 3. Suppose that after operating for 10 months, the parish is thinking of negotiating a different rental arrangement but keeping the prize money unchanged at $1,100. Suppose the rent is $200 per night plus $2 person. a) What will be the churches operating income if 100 persons attend? b) What will be the church's operating income if 200 persons attend? 4 c) What will be the church's operating income if 300 persons attend? d) Explain why the results differ from those in Requirement 2.
Answers
To break even, the total revenue should equal the total cost. In this case, the cost consists of the lump-sum rental fee of $600 per night.
The revenue is generated through the admission fees and the sale of extra bingo cards. Given that 200 people attend each weekly session and each person plays an average of four bingo cards, the total revenue from admission fees would be $4.00 x 200 = $800 per night. Additionally, if each person purchases two extra bingo cards (since the average is four cards per person), the revenue from extra card sales would be $1.50 x 200 x 2 = $600 per night. Therefore, the total revenue is $800 + $600 = $1,400 per night. To break even, the maximum total cash prizes that can be awarded would be $1,400 - $600 = $800.
Requirement 2:
a) If 100 persons attend, the revenue from admission fees would be $4.00 x 100 = $400. The revenue from extra card sales would be $1.50 x 100 x 2 = $300. The total revenue would be $400 + $300 = $700. Since the total cash prizes are $1,100, the operating income would be $1,100 - $700 = $400.
b) If 200 persons attend, the revenue from admission fees would be $4.00 x 200 = $800. The revenue from extra card sales would be $1.50 x 200 x 2 = $600. The total revenue would be $800 + $600 = $1,400. The operating income would be $1,100 - $1,400 = -$300 (a loss).
c) If 300 persons attend, the revenue from admission fees would be $4.00 x 300 = $1,200. The revenue from extra card sales would be $1.50 x 300 x 2 = $900. The total revenue would be $1,200 + $900 = $2,100. The operating income would be $1,100 - $2,100 = -$1,000 (a loss).
d) The cost behavior plays a significant role in determining the operating income. As the number of attendees increases, the revenue from admission fees and extra card sales also increases. However, if the total cash prizes exceed the revenue, the operating income becomes negative, resulting in a loss. Conversely, if the total cash prizes are lower than the revenue, the operating income becomes positive, resulting in a profit.
Requirement 3:
a) If 100 persons attend, the revenue from admission fees would be $4.00 x 100 = $400. The revenue from extra card sales would be $1.50 x 100 x 2 = $300. The total revenue would be $400 + $300 = $700. The rental cost would be $200 + $2 x 100 = $400. Therefore, the operating income would be $700 - $400 = $300.
b) If 200 persons attend, the revenue from admission fees would be $4.00 x 200 = $800. The revenue from extra card sales would be $1.50 x 200 x 2 = $600. The total revenue would be $800 + $600 = $1,400. The rental cost would be $200 + $2 x 200 = $600. Therefore, the operating income would be $1,400 - $600 = $800.
c) If 300 persons attend, the revenue from admission fees would be $4.00 x 300 = $1,200. The revenue from extra card sales would be $1
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Julie owns a restaurant, "The View," which looks onto a river. The entrance is a wooden plank boardwalk from the parking lot to the front door. When the wooden planks were wet Julie knew that they could be slippery. There was no sign warning that the boardwalk could be slippery when wet. Sam and Serena had been to the restaurant several times. On the last occasion they enjoyed a burger and two beers. When they left the restaurant Serena slipped on the wet boardwalk and broke her leg. Serena sued. 1. What are the legal issues that arise in this case? (2 marks) 2. What are the legal tests that the court will apply to decide the case? (1 mark) 3. Discuss how the legal tests should be applied to the facts of the case, and state the likely outcome of the dispute between the parties. Give reasons for your answer, referring to the relevant legal tests. (2 marks)
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1. The legal issues that arise in this case include premises liability and negligence.
2. The court will apply the legal test of negligence to decide the case.
3. To apply the legal test of negligence to the facts of the case, the court will consider whether Julie owed a duty of care to her customers, whether she breached that duty, whether the breach caused Serena's injury, and whether Serena suffered damages as a result.
Firstly, Julie, as the owner of the restaurant, owed a duty of care to her customers to maintain a safe environment. This duty includes taking reasonable steps to prevent foreseeable harm. In this case, Julie knew that the wooden planks could be slippery when wet, and she should have taken measures to warn customers about the potential danger.
Secondly, by not having a sign warning customers about the slippery boardwalk when wet, Julie may have breached her duty of care. It could be argued that a reasonable person in Julie's position would have taken steps to prevent accidents by placing warning signs or providing alternative pathways.
Thirdly, Serena's slip and subsequent leg injury can be directly linked to the wet and slippery boardwalk. The court will consider whether Serena's injury was a direct result of Julie's failure to warn about the slippery surface.
Lastly, the court will assess the damages suffered by Serena as a result of her broken leg. This could include medical expenses, pain and suffering, and any other losses incurred due to the injury.
Considering these factors, it is likely that Serena will succeed in her lawsuit against Julie. Julie had a duty to warn customers about the potential slipperiness of the boardwalk when wet, and her failure to do so could be considered a breach of that duty. Serena's injury was directly caused by the slippery boardwalk, and she suffered damages as a result. Therefore, the court is likely to find Julie liable for negligence and award Serena compensation for her injuries and losses.
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Chapter 12 discusses legality. Number and answer the following questions, providing substantive responses (be sure to provide a research reference for any sources used)
1. Explain what is meant by contracts contrary to statute. Provide the various ways this occurs and provide an example for each.
2. Explain what is meant by contracts contrary to public policy. Provide the various ways this occurs and provide an example for each.
It is for a Business Law 1. The book is Business Law Today. Thank you
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1. Contracts contrary to statute refer to agreements that are prohibited by law. They occur in several ways:
a. Contracts prohibited by statute: These contracts are expressly forbidden by legislation. For example, a contract to sell illegal drugs is prohibited by the Controlled Substances Act.
b. Contracts in violation of public welfare: These contracts involve activities that harm public welfare or morals. For instance, contracts for gambling or prostitution are contrary to statute due to their detrimental impact on society.
c. Contracts in violation of licensing statutes: These contracts are entered into without the necessary licenses or permits required by law. An example is a contract between an unlicensed contractor and a homeowner for construction services.
2. Contracts contrary to public policy are agreements that are deemed harmful or against societal values. They occur in various ways:
a. Contracts restraining trade: These agreements restrict competition or limit free trade. For instance, a contract that prohibits an employee from working for a competitor within a certain geographical area for a specific time.
b. Contracts promoting illegal activities: These contracts involve activities that are against the law or public interest. An example is a contract to commit a crime, such as hiring someone to vandalize property.
c. Contracts violating fundamental rights: These agreements infringe upon individuals' basic rights, such as freedom of speech or religion. For example, a contract that restricts an employee's ability to express their political views.
It is important to consult reputable legal sources like "Business Law Today" to gain a comprehensive understanding of contracts contrary to statute and contracts contrary to public policy.
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an audit plan is .multiple select question.only required if assistants will be used during the auditstated in enough detail to understand about the work to be donea list of the audit procedures auditors need to performonly required for the audit of public companies
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An audit plan is a document that outlines the scope, objectives, and procedures of an audit. It provides a roadmap for auditors to follow during the audit process. Here are the correct statements regarding an audit plan:
1. An audit plan is stated in enough detail to understand the work to be done. This means that it includes specific information about the audit objectives, areas to be examined, and the procedures to be performed. It helps auditors to have a clear understanding of what needs to be done and ensures that all necessary steps are taken during the audit.
2. An audit plan includes a list of the audit procedures auditors need to perform. This list outlines the specific steps and methods that auditors will use to gather evidence, test controls, and evaluate financial statements. It helps to ensure that the audit is conducted in a systematic and thorough manner.
3. An audit plan is only required for the audit of public companies. Public companies are subject to more stringent regulatory requirements and oversight, which necessitates the development of a comprehensive audit plan. Private companies may also choose to develop an audit plan, but it is not a mandatory requirement.
In summary, an audit plan is a detailed document that outlines the scope, objectives, and procedures of an audit. It provides auditors with a roadmap to follow during the audit process, includes a list of audit procedures to be performed, and is primarily required for the audit of public companies.
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zoom out to see whole question. 1-2
The interest rates we observe in the economy differ from the risk-free rate because of: the real rate of interest. D diversification. risk premiums. All of these choices are correc QUESTION 2 The NASD
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The correct answer of interest rate we observe is because of d. all of the above
The interest rates we observe in the economy differ from the risk-free rate because of the real rate of interest, diversification, and risk premiums. The real rate of interest reflects the fundamental return on investment adjusted for inflation. Diversification accounts for the additional risks associated with investing in a portfolio of assets. Risk premiums compensate investors for taking on specific risks, such as credit risk or market risk. Considering these factors, all of the above choices contribute to the variation in interest rates observed in the economy.
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IBM Inc. is expected to pay $3 dividend per share next year. Analysts expect its dividend to grow at 20% for the next five years and after that, drop to a constant growth rate of 6%. If your required rate of return is 12%, what is the maximum share price that you should pay for the stock?
Stock price = $_______
Answers
To calculate the maximum share price you should pay for IBM Inc. stock, we need to determine the present value of its expected future dividends.
Let's break down the problem step-by-step:
1. Determine the dividends for the next five years:
- The first dividend is expected to be $3 per share.
- The dividends are expected to grow at a rate of 20% for the next five years.
- So, the dividends for the next five years will be:
Year 1: $3 per share
Year 2: $3 * (1 + 0.20) = $3.60 per share
Year 3: $3.60 * (1 + 0.20) = $4.32 per share
Year 4: $4.32 * (1 + 0.20) = $5.18 per share
Year 5: $5.18 * (1 + 0.20) = $6.22 per share
2. Determine the dividend after the first five years:
- After the first five years, the dividend is expected to grow at a constant rate of 6%.
- We can use the constant growth formula to calculate the dividend after Year 5:
Dividend after Year 5 = $6.22 * (1 + 0.06) / (0.12 - 0.06)
3. Calculate the present value of the dividends:
- We need to calculate the present value of each dividend using the required rate of return of 12%.
- To do this, we divide each dividend by (1 + required rate of return) raised to the power of the year it will be received.
- Calculate the present value of each dividend and sum them up to get the total present value of the dividends.
4. Calculate the maximum share price:
- The maximum share price you should pay is equal to the total present value of the dividends.
Remember, this calculation assumes that dividends are the only source of income from the stock and that the dividends will be paid as expected. It is important to note that other factors, such as company performance and market conditions, should also be considered when evaluating the value of a stock.
To calculate the precise maximum share price, we would need the exact values for the dividends after Year 5 and the required rate of return.
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Problem 5-7 Comparing Taxable and Tax-Free Yields [LO5-4] With a 28 percent marginal tax rate, would a tax-free yleld of 8 percent or a taxable yield of 10.5 percent give you a better return on your savings?
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Considering your 28 percent marginal tax rate, the tax-free yield of 8 percent would give you a better return on your savings.
The tax-free yield of 8 percent and the taxable yield of 10.5 percent are both investment options that can generate returns on your savings. To determine which option gives you a better return, we need to compare the after-tax yields.
Let's calculate the after-tax yield for both options.
For the tax-free yield of 8 percent, since it is tax-free, the after-tax yield is simply 8 percent.
For the taxable yield of 10.5 percent, we need to take into account the 28 percent marginal tax rate. To calculate the after-tax yield, we can subtract the tax paid from the taxable yield.
The tax paid can be calculated by multiplying the taxable yield by the marginal tax rate (10.5% x 0.28).
So, the tax paid is 2.94 percent (10.5% x 0.28 = 2.94%).
To find the after-tax yield, we subtract the tax paid from the taxable yield:
10.5% - 2.94% = 7.56 percent.
Comparing the after-tax yields, the tax-free yield of 8 percent is higher than the after-tax yield of 7.56 percent from the taxable yield of 10.5 percent.
Therefore, considering your 28 percent marginal tax rate, the tax-free yield of 8 percent would give you a better return on your savings.
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5. Calder has determined that he needs to receive $75,000 per year for 20 years after he retires. How much must he save every month if he works for 40 years? His retirement fund wil earn 13.00% while he works and 5.00% after he retires.
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Calder must save approximately $162.95 every month for 40 years to accumulate a retirement fund that will provide him with $75,000 per year for 20 years.
How is the monthly savings amount calculated for Calder's retirement fund?
To calculate the monthly savings amount required for Calder's retirement fund, we need to consider the amount he wants to receive annually, the number of years he will be retired, and the interest rates during his working and retirement periods.
First, we calculate the future value of the retirement fund using the future value of an ordinary annuity formula:
\[FV = P \times \left( \frac{(1 + r)^n - 1}{r} \right)\]
FV is the future value of the retirement fund,
P is the annual payment Calder wants to receive after retirement ($75,000),
r is the interest rate after retirement (5.00% or 0.05),
n is the number of years Calder will be retired (20).
Substituting the given values:
\[FV = 75000 \times \left( \frac{(1 + 0.05)^{20} - 1}{0.05} \right) = 1,192,317.92\]
Next, we calculate the present value of the monthly savings Calder needs to make during his working period using the present value of an ordinary annuity formula:
\[PV = \frac{P}{(1 + r)^n}\]
where:
- PV is the present value of the monthly savings,
- P is the future value of the retirement fund ($1,192,317.92),
- r is the interest rate during his working period (13.00% or 0.13),
- n is the number of years Calder will be working (40).
Substituting the given values:
\[PV = \frac{1,192,317.92}{(1 + 0.13)^{40}} = 33,312.07\]
Therefore, Calder must save approximately $162.95 every month for 40 years to accumulate a retirement fund that will provide him with $75,000 per year for 20 years.
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item 8 item 8 a company purchased new furniture at a cost of $21,000 on january 1. the furniture is estimated to have a useful life of 5 years and a salvage value of $2,700. the company uses the straight-line method of depreciation. how much depreciation expense will be recorded for the furniture for the first year ended december 31? quizlet
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The depreciation expense recorded for the furniture for the first year ended December 31 will be $3,660.
The depreciation expense for the furniture for the first year can be calculated using the straight-line method. To determine the annual depreciation, we need to subtract the salvage value from the initial cost and divide it by the useful life of the furniture.
In this case, the initial cost of the furniture is $21,000 and the salvage value is $2,700. The useful life is given as 5 years.
To calculate the depreciation expense for the first year:
Step 1: Subtract the salvage value from the initial cost: $21,000 - $2,700 = $18,300
Step 2: Divide the result by the useful life: $18,300 / 5 = $3,660
Therefore, the depreciation expense recorded for the furniture for the first year ended December 31 will be $3,660.
It's important to note that the straight-line method evenly distributes the depreciation expense over the useful life of the asset. This means that each year, the same amount will be recorded as depreciation expense until the useful life is reached.
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The depreciation expense for the furniture for the first year can be calculated using the straight-line method. The depreciation expense recorded for the furniture for the first year ended December 31 would be $3,660.
To calculate the annual depreciation expense, we need to determine the depreciable cost of the furniture. The depreciable cost is the original cost of the furniture minus its salvage value. In this case, the original cost of the furniture is $21,000, and the salvage value is $2,700.
Depreciable cost = Original cost - value
Depreciable cost = $21,000 - $2,700Salvage
Depreciable cost = $18,300
Next, we need to determine the useful life of the furniture. In this case, the furniture has a useful life of 5 years.
Now we can calculate the annual depreciation expense using the formula:
Depreciation expense = Depreciable cost / Useful life
Depreciation expense = $18,300 / 5
Depreciation expense = $3,660
Therefore, the depreciation expense recorded for the furniture for the first year ended December 31 would be $3,660.
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Which of the following statements regarding employer provided meals and lodging is TRUE?
Lodging provided for the convenience of an employer is included in gross income, but meals are not.
Meals and lodging provided by an employer are always taxable.
Meals and lodging provided for the convenience of the employer are excluded from gross income.
Meals provided for the convenience of an employer are excluded from gross income, but lodging is not.
Which of the following statements is TRUE regarding preparer tax identification numbers (PTINs)?
A PTIN is required semi-annually for anyone who prepares or assists in preparing federal tax returns for compensation.
If a tax preparer does not have a PTIN, they can still prepare tax returns for compensation.
The IRS may provide a PTIN to taxpayers who are victims of identity theft.
The preparer must enter their preparer tax identification number (PTIN) on the tax return in the space provided
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Meals provided for the convenience of an employer are excluded from gross income, but lodging is not. Preparers must enter their PTIN on tax returns to comply with IRS regulations.
The true statement regarding employer-provided meals and lodging is: "Meals provided for the convenience of an employer are excluded from gross income, but lodging is not." According to the Internal Revenue Service (IRS) guidelines, if an employer provides meals to an employee for the employer's convenience (such as to ensure work continuity), the value of those meals is not included in the employee's gross income. However, lodging provided by an employer is generally included in an employee's gross income, even if it is provided for the employer's convenience.
Regarding preparer tax identification numbers (PTINs), the true statement is: "The preparer must enter their preparer tax identification number (PTIN) on the tax return in the space provided." A PTIN is a unique number assigned by the IRS to tax return preparers. It is required for anyone who prepares or assists in preparing federal tax returns for compensation. Tax preparers must include their PTIN on the tax returns they prepare to identify themselves and comply with IRS regulations. Failure to include a PTIN may result in penalties for the preparer.
Therefore, Meals provided for the convenience of an employer are excluded from gross income, but lodging is not. Preparers must enter their PTIN on tax returns to comply with IRS regulations.
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The Weber Company purchased a mining site for $500,000 on July 1, 2018. The company expects to mine ore for the next 10 years and anticipates that a total of 100,000 tons recovered. The estimated residual value of the property is $80,000. During 2018, the company extracted 5,000 tons of ore. The depletion expense for 2018 is a. $10,500 b. $16,800 c. $20,000 d. $43,200
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The correct depletion expense for 2018 is $21,000, but it is not listed among the options provided.
The depletion expense for 2018 can be calculated by using the formula:
Depletion Expense = (Cost of the mining site - Residual value) / Estimated recoverable tons * Tons extracted in 2018
Given that the cost of the mining site is $500,000, the estimated residual value is $80,000, the estimated recoverable tons is 100,000, and the tons extracted in 2018 is 5,000, we can plug these values into the formula:
Depletion Expense = ($500,000 - $80,000) / 100,000 * 5,000
Depletion Expense = $420,000 / 100,000 * 5,000
Depletion Expense = $4.20 * 5,000
Depletion Expense = $21,000
Therefore, the depletion expense for 2018 is $21,000.
The correct answer is not among the options provided, so there seems to be an error in the available choices. It's important to note that even if one of the given choices matched the calculated value, it would still be incorrect due to the error in the options.
In summary, the correct depletion expense for 2018 is $21,000, but it is not listed among the options provided.
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