(a) The adjusting entry will be Advertising revenue earned : $20, Unearned advertising revenue: $20 (b) The adjusting entry will be Office supplies expense: $340 (c).The adjusting entry will be:
Depreciation expense: $105 (d).The adjusting entry will be:
Rent revenue earned: $2,400
a. At the end of the year, Carly needs to record the portion of the advertising revenue that has been earned during the year.The adjusting entry will be:
Advertising revenue earned : $20
Unearned advertising revenue: $20
b. Carly needs to adjust the office supplies account to reflect the amount of supplies that have been used during the year. The adjusting entry will be:
Office supplies expense: $340 ($560 beginning balance + $170
purchases - $390 ending balance)
Office supplies: $340
c. Carly needs to record the amount owed to the employee as of December 31st. The adjusting entry will be:
Salaries and wages expense: $440
Salaries and wages payable: $440
d. Carly needs to record depreciation expense for the cooler, using the straight-line method. The annual depreciation expense will be ($840 cost - $0 salvage value) / 4 years = $210. The adjusting entry will be:
Depreciation expense: $105 ($210 / 6 months, the portion of the year the cooler was used)
Accumulated depreciation: $105
e. Carly needs to record the rent revenue earned during the year. The adjusting entry will be:
Rent revenue earned: $2,400 ($1,200 per month x 2 months)
Rent receivable: $2,400
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Complete Question : Record the the adjusting journal entry Carly's Corner Store will make for each of the following transactions. For each scenario, assume Carly records adjusting journal entries at the end of each year.
a. Carly posts advertisements for other businesses in the windows of her store. Carly receives $240 on March 1st for advertising services to be run throughout the next twelve months.
b. Carly has $560 worth of office supplies on January 1st. During the year, she purchases $170 worth of office supplies. A count on December 31st reveals she has office supplies worth $390 remaining.
c. Carly hires an employee on December 1st, who gets paid bi-weekly. On December 31st, Carly owes the employee $440, which will be paid on January 1st of the next year.
d. On July 1st, Carly purchases a cooler costing $840. The cooler is expected to have a useful life of 4 years, and a salvage value of $0.
e. On June 1st, Carly begins renting the upper floor of her corner store to her cousin. Her cousin agrees to pay $1,200 every two months.
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Crazy Eddie Incorporated manufactures baseball caps and distributes them across the northeastern United States. The firm is incorporated and headquartered in New York and sells to customers in Connecticut, Delaware, Massachusetts, New Jersey, New York, Ohio, and Pennsylvania. It has sales reps only where discussed in the scenarios below.
Determine whether Crazy Eddie has sales tax nexus in each of the following states, assuming these states have adopted Wayfair: (You may select more than one answer. Single click the box with the question mark to produce a check mark for correct answers and double click the box with the question mark to empty the box for wrong answers. Any boxes left with a question mark will be automatically graded as incorrect.)
rev: 12_05_2020_QC_CS-243223
a. Crazy Eddie is incorporated and headquartered in New York. It also has property, employees, salespeople, and intangibles in New York.
check all that apply
Connecticutunanswered
Delaware
Massachusetts
New Jersey
New York
Ohio
Pennsylvania
Sales tax nexus is applicable to Crazy Eddie in New York, Sales tax nexus is the connection between a business and a state that triggers an obligation to collect and remit sales tax.
Based on the scenario presented, Crazy Eddie Incorporated manufactures and distributes baseball caps in the northeastern United States.
The question is whether the company has sales tax nexus in each of the following states, assuming these states have adopted Wayfair. Sales tax nexus is the connection between a business and a state that triggers an obligation to collect and remit sales tax.
With the Wayfair decision, a state can require businesses without physical presence to collect and remit sales tax if they meet certain economic thresholds.
a. Crazy Eddie is incorporated and headquartered in New York. It also has property, employees, salespeople, and intangibles in New York.
Crazy Eddie has a physical presence in New York, where it is incorporated, headquartered, and has property, employees, salespeople, and intangibles. As a result, the company has sales tax nexus in New York and is required to collect and remit sales tax on all taxable sales made in the state.
Connecticut, Delaware, Massachusetts, New Jersey, Ohio, and Pennsylvania have adopted economic nexus thresholds similar to those established by South Dakota in the Wayfair decision.
Under these thresholds, a business that makes a certain amount of sales or transactions in the state is required to collect and remit sales tax, even if it has no physical presence in the state.
Therefore, Crazy Eddie's sales activities in each of these states need to be analyzed to determine if the company has sales tax nexus in each of them.
If the company meets the economic nexus threshold in a state, it will have sales tax nexus and will be required to collect and remit sales tax.
In conclusion, Crazy Eddie has sales tax nexus in New York and needs to collect and remit sales tax on all taxable sales made in the state.
To determine if the company has sales tax nexus in Connecticut, Delaware, Massachusetts, New Jersey, Ohio, and Pennsylvania, more information is needed about its sales activities in each of these states.
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an organization at which managers have reserved parking spaces and an executive dining room is likely high on the ______ dimension of cultural diversity.
An organization that offers reserved parking spaces for managers and an exclusive executive dining room is likely high on the power distance dimension of cultural diversity.
Power distance refers to the extent to which members of a society or organization accept and expect unequal distributions of power and privilege. In high power distance cultures, such as many Asian and Middle Eastern countries, there is a strong emphasis on hierarchy, authority, and status. This can manifest in various ways, such as visible symbols of rank (like reserved parking spaces), formal titles and modes of address, and strict protocols around communication and decision-making.
However, it's important to note that power distance is just one dimension of cultural diversity and should not be seen as the sole indicator of an organization's cultural values or practices. Other dimensions, such as individualism vs. collectivism, masculinity vs. femininity, and uncertainty avoidance, can also shape organizational culture and influence how employees behave and interact with each other. A truly diverse and inclusive organization should strive to understand and respect these different dimensions of cultural diversity, while also promoting fairness, respect, and equal opportunities for all employees.
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How can you analyse and interpret budgets and actual financial information ?
Analyzing and interpreting budgets and financial information involves comparing variances, identifying trends, and assessing financial performance.
When analyzing budgets and actual financial information, it is important to compare the actual figures with the budgeted amounts. This comparison helps identify any significant variances and understand the reasons behind them. Variances can be analyzed by looking at both the monetary value and the percentage deviation from the budgeted amounts.
Additionally, analyzing trends over time is crucial to identify patterns and assess the financial performance of an organization. By comparing budgeted and actual figures across multiple periods, you can determine whether financial goals are being met or if adjustments need to be made.
Interpreting budgets and actual financial information also involves assessing the efficiency of financial resources allocation. This can be done by analyzing the relationship between inputs (budgeted amounts) and outputs (actual financial results) to determine if resources are being utilized effectively and if financial objectives are being achieved.
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Each of the following would help prevent incorrect postings to the general ledger
in a computerized accounting system, except:
A. Validating the posting date of the transaction.
B. Restricting the ability to post directly to accounts with subsidiary ledgers.
C. Performing a range check on the general ledger account in the transaction
D. Establishing a unique transaction number for each general ledger posting.
To prevent incorrect postings to the general ledger, there are several measures that can be taken. One of them is restricting the ability to post directly to accounts with subsidiary ledgers. This is important because subsidiary ledgers contain detailed information about transactions that are specific to certain accounts, such as accounts receivable or inventory. The correct option is B.
By restricting the ability to post directly to these accounts, it ensures that transactions are properly recorded in the subsidiary ledger before being posted to the general ledger. Another measure that can be taken is establishing a unique transaction number for each general ledger posting. This helps to ensure that each transaction is recorded accurately and completely, and that there are no duplicates or omissions in the general ledger.
A unique transaction number can also help to identify and track individual transactions over time, which can be useful for auditing purposes. Overall, preventing incorrect postings to the general ledger is essential for maintaining accurate financial records and ensuring the integrity of financial reporting. By implementing measures such as restricting direct posting to subsidiary ledger accounts and using unique transaction numbers, companies can help to reduce errors and ensure that their financial statements are reliable and trustworthy. The correct option is B.
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The demand for a particular part called SKU 005 is 3,500 units a year. The cost of one SKU 005 is $150.00. It costs $50.00 to place an order for SKU 005, and the user of SKU 005 has a per year inventory carrying cost of 30% of unit cost. Assume 250 working days in the year where SKU 005 is used.
A. What is the combined annual holding and ordering cost of an order size of 200 units for SKU 005?
B How many of SKU 005 should be ordered, to minimize combined ordering and holding costs?
C. The vendor who sells SKU 005 has just offered a 5% discount for orders of 500 or more. Now how many should be ordered?
D. Once the purchasing manager for SKU 005 places an order, the vendor requires 5 working days to deliver that order. What should be the purchasing manager’s reorder point?
A) The combined annual holding and ordering cost of an order size of 200 units for SKU 005 is $9,050.00.
B) The optimal order quantity for SKU 005 is 88 units.
C) The optimal order quantity for SKU 005 to avail the discount is 83 units.
D) The purchasing manager's reorder point for SKU 005 should be 84 units.
Firstly, we need to calculate the combined annual holding and ordering cost of an order size of 200 units for SKU 005. The holding cost refers to the cost of carrying inventory, and the ordering cost is the cost of placing an order. The annual holding cost of one unit of SKU 005 is 30% of the unit cost, which is
=> 30% x $150.00 = $45.00.
Therefore, the total annual holding cost of 200 units of SKU 005 is
=> $45.00 x 200 = $9,000.00.
The annual ordering cost is $50.00, as given in the problem statement. Thus, the combined annual holding and ordering cost of an order size of 200 units for SKU 005 is
=> $9,000.00 + $50.00 = $9,050.00.
Next, we need to determine the optimal order quantity that minimizes the combined costs of holding and ordering for SKU 005. This can be done using the Economic Order Quantity (EOQ) formula, which is given by:
EOQ = √(2DS/H)
Where D is the annual demand for SKU 005 (3,500 units), S is the cost of placing an order ($50.00), and H is the annual holding cost per unit ($45.00). Substituting the given values, we get:
EOQ = √(2 x 3,500 x $50.00/$45.00) = √(7,778.0) = 88.15
Now, let us consider the scenario where the vendor offers a 5% discount for orders of 500 or more. In this case, we need to recalculate the EOQ using the discounted price of $142.50 (5% discount on $150.00). Substituting the new value of S in the EOQ formula, we get:
EOQ = √(2 x 3,500 x $50.00/$45.00) = √(6,944.4) = 83.32
The safety stock level is the buffer inventory that a company maintains to meet unexpected demand or delays in the supply chain. To calculate the reorder point, we use the following formula:
Reorder point = (Demand per day x Lead time) + Safety stock
The demand per day for SKU 005 is
=> 3,500 units per year/ 250 working days = 14 units per day.
The lead time is the time taken by the vendor to deliver the order after it is placed, which is 5 working days.
For this scenario, let us assume a safety stock level of 1 day's demand, which is 14 units.
point formula, we get:
Reorder point = (14 x 5) + 14 = 84
This means that when the inventory level of SKU 005 reaches 84 units, the purchasing manager should place a new order to replenish the stock and maintain the desired inventory level.
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Which one is the first step used in the "parallel method" of resource loading in a resource constrained project? Group of answer choices Assign resources to the activity that the smallest activity identification number. Assign resources to the activity with the smallest duration, unless there is a tie. Assign resources to the activity with the minimum amount of slack, unless there is a tie.
In the parallel method of resource loading, the first step is to- b. assign resources to the activity with the smallest duration, unless there is a tie.
What is the reason?This approach focuses on completing the shortest tasks first, allowing for more flexibility and potential to shift resources to other tasks if needed.
It is important to note that this method is used in resource constrained projects, where resources are limited and careful allocation is necessary.
By prioritizing the shortest tasks, the parallel method can help ensure that all resources are being utilized efficiently and effectively, ultimately leading to a more successful project outcome.
Hence, the correct answer is option b.
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T/F : today food imports are reasonably well balanced by food exports in egypt.
False. Today, food imports are not reasonably well balanced by food exports in Egypt.
The statement is not accurate. Egypt is known to be a net importer of food rather than having a well-balanced trade between food imports and exports. The country relies on food imports to meet a significant portion of its domestic food consumption.
Egypt's population has been growing, and with limited agricultural resources and challenges such as water scarcity, the country has become heavily dependent on importing food to meet its needs. Egypt imports various food commodities such as wheat, corn, soybeans, vegetable oils, and meat products.
While Egypt does have some agricultural exports, particularly in crops like citrus fruits, onions, and potatoes, the value of its food imports far exceeds its food exports. This trade imbalance in the food sector is driven by the need to ensure food security for its population and bridge the gap between domestic production and consumption.
In conclusion, Egypt's food imports outweigh its food exports, making the statement false.
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f this farmer is producing the profit maximizing level of output, her profit is
If a farmer is producing the profit-maximizing level of output, her profit is maximized or at its highest level. The profit-maximizing level of output occurs when the marginal cost (MC) of producing an additional unit of output is equal to the marginal revenue (MR) generated from selling that unit. At this level, the farmer is optimizing the allocation of resources to maximize profits.
To calculate profit, we need to consider the total revenue (TR) and total cost (TC). Profit (π) is calculated as follows:
Profit (π) = Total Revenue (TR) - Total Cost (TC)
When the farmer produces the profit-maximizing level of output, the revenue earned from selling that output will be the highest, while the costs associated with production will be minimized. As a result, the profit will be maximized or at its highest level.
It's important to note that profit can vary based on factors such as market conditions, input costs, and demand for the farm's products. The profit-maximizing level of output is determined by considering these factors and finding the level that maximizes the farmer's overall profitability.
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) when deflation is present, the purchasing power of the monetary unit is smaller in the future than at present
True or False
When deflation is present, the purchasing power of the monetary unit is smaller in the future than at present.The given statement is True.
This means that the value of money increases, as each unit of currency can buy more goods and services. However, this also means that the purchasing power of the same amount of money in the future will be higher than it is presently.
For example, if a loaf of bread costs $1 today and deflation sets in, the price of the same loaf of bread may be $0.90 next year. This means that if you save $1 today, you will be able to buy more bread in the future than you can now. In this way, deflation can incentivize people to save more money.
However, this can also lead to a decrease in economic activity as people delay spending due to the belief that prices will continue to fall. This can lead to a vicious cycle where demand for goods and services falls, leading to decreased production and employment. Therefore, while some amount of deflation may be beneficial for an economy, sustained and excessive deflation can have negative consequences.
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False. When deflation is present, the purchasing power of the monetary unit is larger in the future than at present. Deflation is a persistent decrease in the general price level of goods and services over time, meaning that the value of money increases.
As prices of goods and services decrease over time, the amount of goods and services that can be purchased with the same amount of money increases.
Therefore, the purchasing power of the monetary unit is larger in the future than at present. In contrast, inflation is a persistent increase in the general price level of goods and services over time, meaning that the value of money decreases.
As prices of goods and services increase over time, the amount of goods and services that can be purchased with the same amount of money decreases, leading to a decrease in the purchasing power of the monetary unit over time.
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discuss the interrelationships among deming's 14 points. how do they support each other? why must they be viewed as a whole rather than separately?
Deming's 14 points are a set of management principles aimed at improving quality and productivity in organizations.
While each point has its own significance and focus, they are interrelated and support each other in achieving overall organizational improvement.
It is important to view them as a whole rather than separately because they form a cohesive system for effective management and continuous improvement.
Let's discuss the interrelationships among Deming's 14 points and why they should be viewed collectively.
Create constancy of purpose: Establishing a clear and enduring purpose provides the foundation for all other points. It sets the direction and aligns the efforts of the organization towards a common goal.
Adopt the new philosophy: This point emphasizes the need for a shift in management thinking, moving away from a focus on short-term profits to a long-term commitment to quality improvement, customer satisfaction, and employee engagement.
Cease dependence on inspection: By focusing on prevention rather than detection, organizations can reduce costs and improve quality. This point encourages implementing robust processes to avoid defects rather than relying on inspection as a primary quality control method.
End the practice of awarding business based on price alone: Price-based decisions can lead to a focus on short-term gains at the expense of long-term quality and customer satisfaction. This point emphasizes the importance of considering overall value and long-term relationships when selecting suppliers.
Improve constantly and forever: Continuous improvement is a fundamental concept in Deming's philosophy. It requires organizations to constantly seek better ways of doing things, empowering employees to contribute to incremental improvements and innovation.
Institute training: Training and development are essential for improving skills, knowledge, and performance. Organizations must invest in their employees to enable them to contribute effectively to quality improvement and process optimization.
Institute leadership: Effective leadership is crucial in driving change, fostering a supportive culture, and providing the necessary resources for improvement efforts. Leadership sets the tone and creates an environment where quality is valued.
Drive out fear: Fear hinders communication, creativity, and the ability to take risks. This point emphasizes the need to create a supportive and safe work environment where employees are encouraged to speak up, share ideas, and learn from mistakes.
Break down barriers between departments: Collaboration and cooperation among different departments and functions are essential for achieving organizational goals.
Breaking down silos and promoting cross-functional teamwork leads to better communication, efficiency, and quality.
Eliminate slogans, exhortations, and targets: Placing undue emphasis on slogans, arbitrary targets, and external motivation can hinder intrinsic motivation, creativity, and the focus on process improvement.
This point encourages a deeper understanding of processes and the elimination of management by slogans.
Eliminate numerical quotas: Setting numerical quotas can lead to counterproductive behaviors and compromise quality. Instead, focus on improving processes and empowering employees to contribute to continuous improvement.
Remove barriers to pride of workmanship: Employees take pride in their work when they have ownership, autonomy, and are recognized for their contributions. This point emphasizes the importance of creating an environment where employees can derive satisfaction from their work.
Institute education and self-improvement: Learning and self-improvement are vital for personal and professional growth. Organizations should support and provide opportunities for employees to expand their knowledge, skills, and abilities.
Put everyone to work on the transformation: This point emphasizes the involvement and engagement of all employees in the transformation process.
When everyone contributes their unique perspectives and experiences, organizations can benefit from diverse ideas and achieve holistic improvement.
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The value of an automobile purchased in 2014 can be approximated by the function V(t)=30.e^(-0.163t), where t is the time, in years, from the date of purchase, and V(t) is the value, in thousands of dollars.
(a) Evaluate and interpret V(4), including units.
(b) Find an expression for V ′(t), including units.
(c) Evaluate and interpret V ′(4), including units.
(d) Use V(t), V ′(t), and any other considerations you think are relevant to write a paragraph in support of or in opposition to the following statement: "From a monetary point of view, it is best to keep this vehicle as long as possible.
a) The value of the automobile 4 years after its purchase is approximately $16,220.
b) The units of V′(t) are thousands of dollars per year.
c) The rate of change of the value of the automobile after 4 years is approximately -$1,840 per year.
d) The decision will depend on factors such as the owner's budget, driving habits, and personal preferences.
(a) To evaluate V(4), we substitute t = 4 into the given expression:
V(4) = 30e^(-0.163*4) ≈ 16.22
So, the value of the automobile 4 years after its purchase is approximately $16,220.
(b) To find an expression for V′(t), we differentiate the given function with respect to t:
V′(t) = -4.89e^(-0.163t)
Therefore, the units of V′(t) are thousands of dollars per year.
(c) To evaluate V′(4), we substitute t = 4 into the expression we found in part (b):
V′(4) = -4.89e^(-0.163*4) ≈ -1.84
So, the rate of change of the value of the automobile after 4 years is approximately -$1,840 per year.
(d) From the expression for V′(t), we see that the value of the automobile is decreasing over time. This means that the longer the owner keeps the vehicle, the less it will be worth. However, the rate of decrease slows down over time because of the exponential term in the function.
This suggests that the owner might want to keep the vehicle for a few years before selling it, to minimize the loss of value. On the other hand, as the automobile ages, its maintenance costs may increase, which could offset the savings from keeping the vehicle.
Additionally, the owner may want to consider the opportunity cost of keeping an older vehicle instead of trading it in for a newer, more reliable one with better fuel efficiency. Therefore, it is not clear whether it is best to keep the vehicle as long as possible from a monetary point of view. Ultimately, the decision will depend on factors such as the owner's budget, driving habits, and personal preferences.
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Managers of a manufacturing enterprise need to learn the Six Sigma method to improve quality so they can lead quality improvement projects. a. training b. organizational development
Managers of a manufacturing enterprise need to undergo a) training in the Six Sigma method to enhance quality and lead improvement projects.
To improve quality and lead quality improvement projects, managers of a manufacturing enterprise should receive training in the Six Sigma method. Six Sigma is a data-driven approach that focuses on reducing defects and variability in processes, ultimately leading to improved quality and efficiency.
Through training, managers learn various tools and techniques of Six Sigma, such as DMAIC (Define, Measure, Analyze, Improve, Control), statistical analysis, and process mapping, enabling them to effectively identify and address quality issues.
This training equips managers with the necessary skills and knowledge to lead quality improvement initiatives within the organization. Option A, training, is the correct choice as it emphasizes the need for managers to undergo specific training in the Six Sigma method.
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Organizations are using social media platforms to collect the maximum amount of information possible on each applicant in order to
screen out applicants who might be untrustworthy
eliminate steps in the HR selection process
justify the need to hire more recruiters
determine training needs for current team
Organizations are using social media platforms to collect the maximum amount of information possible on each applicant in order to determine training needs for current team. Option D is the correct answer.
One of the key reasons organizations are using social media platforms to collect information on applicants is to gain insights into their current skills, qualifications, and interests. By analyzing an applicant's social media presence, organizations can identify potential areas where additional training or development may be required for the current team. This information can help in assessing the existing skills gap and planning targeted training programs to enhance the capabilities of the team members.
Option D is the correct answer.
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Market demand is qd = 100 - p. market supply is qs = 4p. a competitive firm has mc = 2q. how many firms are currently in the industry?
The number of firms cannot be fractional, we round down to the nearest whole number. Therefore, there are currently 0 firms in the industry.
The market demand is given by the equation qd = 100 - p, where qd represents the quantity demanded and p represents the price. The market supply is given by qs = 4p, where qs represents the quantity supplied. To find the equilibrium price and quantity, we set qd equal to qs:
100 - p = 4p
By solving this equation, we find that the equilibrium price is p = 20 and the equilibrium quantity is
q = 100 - p = 100 - 20 = 80.
Next, we can calculate the quantity produced by each firm using the given marginal cost (mc) of 2q.
Substituting q = 80 into the marginal cost equation, we find that
mc = 2(80) = 160.
Finally, we divide the equilibrium quantity (80) by the quantity produced by each firm (160) to determine the number of firms in the industry:
Number of firms = Equilibrium quantity / Quantity produced by each firm
= 80 / 160
= 0.5
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Digby has a ROA of 0.13 (ROA = Net income/Total Assets). That means:
Select: 1
Every dollar of Digby's assets result in earnings of $0.13.
Digby uses $0.87 of each dollar earned to purchase assets.
Every dollar of Digby's assets result in earnings of $0.87.
Digby uses $0.13 of each dollar earned to purchase assets.
Digby has a ROA (Return on Assets) of 0.13, which means that for every dollar of total assets that Digby possesses, they earn a profit of $0.13. In other words, it is a ratio that measures how efficiently a company is using its assets to generate profits. This ratio is an important metric for businesses as it shows how well they are using their resources to create value for their stakeholders.
It is important to note that the ROA can vary depending on the industry, size, and stage of the company. For instance, a manufacturing company might have a lower ROA compared to a software company, due to the high costs associated with purchasing and maintaining physical assets.
In conclusion, Digby's ROA of 0.13 indicates that they are effectively using their assets to generate profits, and it is essential for them to continue monitoring this metric to ensure they are creating value for their investors.
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marco wants to estimate his annual expenses for the next five years. he thinks they will increase by 5 percent each year. he should use a growth trend to calculate the expenses. question 13 options:
Yes, Marco should use a compound growth trend to calculate his annual expenses for the next five years. With an assumed increase of 5 percent each year.
To estimate Marco's annual expenses for the next five years with a 5 percent increase each year, he should use a growth trend formula. The formula to calculate the expenses is:
Future Expenses = Current Expenses x (1 + Growth Rate)^Number of Years
In this case, Marco should substitute his current expenses, a growth rate of 5% (0.05), and the number of years (1-5) to estimate his expenses for each upcoming year.
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a(n) phase in a two phase lock is when a transaction releases all locks and cannot obtain a new lock. question 30 options: a) locking b) shrinking c) unlocking d) growing
In a two-phase lock, a phase-in lock is when a transaction releases all locks and cannot obtain a new lock. This means that the transaction has completed its first phase and is now in the second phase, during which it releases all locks that were previously acquired. Option a is Correct.
This is in contrast to a phase-out lock, which allows a transaction to release all locks and acquire new locks.
Therefore, the correct answer to the question is option (a) locking. A phase-in lock is a type of locking mechanism that allows a transaction to release locks that were previously acquired, while still preventing it from acquiring new locks.
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Weaver Corporation purchased Merando Company 3 years ago and at that time recorded goodwill of $720,000. The Division's net identifiable assets, including the goodwill, have a carrying amount of $1,200,000. The fair value of the division is estimated to be $1,100,000. Prepare Weaver's journal entry, if necessary, to record impairment of the goodwill.
To record the impairment of the goodwill, the following journal entry would be necessary:
Debit: Goodwill Impairment Expense $100,000Debit: Accumulated Impairment Loss - Goodwill $600,000Credit: Goodwill $700,000To record the impairment of goodwill, there is a need to compare the carrying amount of the goodwill with its recoverable amount. The recoverable amount is the higher of the fair value of the division or the value in use. In this case, the fair value of the division is given as $1,100,000.
Given that the carrying amount of the goodwill is $720,000 and the fair value of the division is $1,100,000, determine that the carrying amount exceeds the recoverable amount, indicating impairment.
To record the impairment of the goodwill, the following journal entry would be necessary:
Debit: Goodwill Impairment Expense $100,000
Debit: Accumulated Impairment Loss - Goodwill $600,000
Credit: Goodwill $700,000
The Goodwill Impairment Expense account is debited for the amount of the impairment, which is $100,000. The Accumulated Impairment Loss - Goodwill account is debited for the carrying amount of the goodwill, which is $600,000 ($720,000 - $100,000). The Goodwill account is credited to reduce its carrying amount to its recoverable amount, which is $700,000 ($720,000 - $20,000).
This journal entry records the impairment loss on the goodwill and updates the carrying amount of the goodwill to reflect its recoverable amount.
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Since 1955, government purchases (combining federal, state, and local levels) have ___ as a percentage of nominal GDP.
Since 1955, government purchase (combining federal, state, and local levels) as a percentage of nominal GDP in the United States have experienced fluctuations but have generally increased.
It is important to note that the exact figures may vary depending on the specific year and the source of the data used.
according to historical data from the Bureau of Economic Analysis (BEA) in the United States, government purchases as a percentage of nominal GDP have generally shown an upward trend over the long term.
In 1955, government purchases accounted for approximately 18.7% of nominal GDP. Over the subsequent decades, there were fluctuations, but by 2020 (the latest available data at the time of my knowledge cutoff in September 2021), government purchases had increased to around 19.8% of nominal GDP.
Various factors can influence the level of government purchases, such as changes in fiscal policies, economic conditions, and public spending priorities. These factors can contribute to both short-term fluctuations and long-term trends in the percentage of government purchases relative to nominal GDP.
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Suppose all workers value their leisure at at 90 goods per day. The production function relating output per day to the number of people working per day (L) is: Y = 250L- 0:5L^2 (1). Assume there are no taxes. What are the equilibrium values of the real wage, employment and output? (Hint: real wage now equals MPL and the value of a day's leisure.)
First, let's find the MPL by taking the derivative of the production function with respect to L:
MPL = dY/dL = 250 - L
Since the real wage equals MPL and the value of a day's leisure, we can set the real wage equal to 90 goods:
90 = 250 - L
Now, solve for L (employment):
L = 250 - 90
L = 160
Next, plug L back into the production function to find the equilibrium output:
Y = 250(160) - 0.5(160)^2
Y = 40000 - 12800
Y = 27200
So, the equilibrium values are a real wage of 90 goods per day, employment of 160 people, and output of 27,200 units.
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. why would the managers of the beef barn and the fish bowl be upset about the cost allocations in requirement 2? explain why the allocation method in requirement 3 is fairer and more motivating.
In Requirement 2, the cost of the maintenance department is allocated to the Beef Barn and Fish Bowl based solely on the square footage of each facility.
This method may not be fair to either facility since it does not consider the actual usage of the maintenance department by each facility.
For example, the Beef Barn may require more maintenance support due to the heavy use of equipment and frequent cleaning required in a livestock facility, whereas the Fish Bowl may require less maintenance support due to its more passive nature. However, under the allocation method in Requirement 2, the Fish Bowl would still be allocated a higher share of maintenance costs if it has a larger square footage. This may result in the managers of the Beef Barn feeling that they are being unfairly burdened with a higher share of maintenance costs than they should be, while the managers of the Fish Bowl may feel that they are being overcharged for maintenance.
In Requirement 3, the maintenance department costs are allocated based on the actual usage of the department by each facility. This method is fairer since it reflects the actual level of support each facility receives from the maintenance department. The Beef Barn and Fish Bowl managers will likely feel that this allocation method is more motivating since it incentivizes them to use the maintenance department efficiently and to minimize their maintenance requests, as they are only charged for the actual usage of the department.
Overall, the allocation method in Requirement 3 is fairer and more motivating since it considers the actual usage of the maintenance department by each facility, rather than allocating costs based solely on square footage. This results in a more accurate and equitable allocation of costs, which can help to foster better relationships between the maintenance department and the Beef Barn and Fish Bowl managers.
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mike is a shareholder of natgas, inc. natgas uses cumulative voting to elect directors. this means that the number of mike’s votes is determined by the number of
This means that the number of Mike's votes is determined by the number of shares he owns multiplied by the number of directors being elected.
In a cumulative voting system, shareholders are allocated a number of votes equal to the number of shares they own multiplied by the number of directors to be elected. The purpose of cumulative voting is to give minority shareholders a better chance of electing at least one director to the board.
For example, if NatGas, Inc. is electing three directors and Mike owns 500 shares, he would have 1,500 votes (500 shares x 3 directors) to allocate among the candidates as he wishes. This allows shareholders like Mike to concentrate their votes on a single candidate, increasing the likelihood of electing a director who represents their interests, even if they do not have a majority of shares.
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Paulis Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During February, the kennel budgeted for 4,200 tenant-days, but its actual level of activity was 4,180 tenant-days. The kennel has provided the following data concerning the formulas used in its budgeting and its actual results for February: Data used in budgeting: Fixed element per month Variable element per tenant-day Revenue $ 0 $ 30. 70 Wages and salaries $ 3,200 $ 6. 70 Food and supplies 600 11. 50 Facility expenses 8,200 3. 70 Administrative expenses 8,000 0. 10 Total expenses $ 20,000 $ 22. 00 Actual results for February: Revenue $ 107,980 Wages and salaries $ 23,520 Food and supplies $ 36,792 Facility expenses $ 19,270 Administrative expenses $ 9,144 The overall revenue and spending variance (i. E. , the variance for net operating income in the revenue and spending variance column on the flexible budget performance report) for February would be closest to:
The revenue and spending variance (i.e., the variance for net operating income in the revenue and spending variance column on the flexible budget performance report) for February would be closest to $1,550.
The revenue and spending variance for February would be closest to $1,550. The flexible budget performance report provides management with feedback concerning the differences between the actual and budgeted levels of revenues and costs. The flexible budget performance report summarizes the static budget variances at various levels of activity. The static budget variance is the difference between the actual results and the corresponding budgeted amounts. This is further subdivided into revenue and spending variances.The revenue and spending variance for February are given below:Revenue variance = Actual revenue - Budgeted revenue= $107,980 - ($30.70 × 4,180)= $107,980 - $128,266 = -$20,286Spending variance = Actual expenses - Budgeted expenses= ($23,520 + $36,792 + $19,270 + $9,144) - ($22 × 4,180)= $88,726 - $92,360= -$3,634Revenue and spending variance column on the flexible budget performance report:Category Variance Revenue $-20,286 Spending $-3,634Net Operating Income $-23,920Revenue and spending variance for February = $-20,286 + (-$3,634) = -$23,920Variance is denoted in a negative sign and the absolute value of $23,920 is $23,920.
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The price of capital (r) is $50. what combination of labor (l) and (k) can produce 3,000 units?
If labor is relatively more productive than capital, we may need less labor and more capital to produce 3,000 units.
To determine the combination of labor (l) and capital (k) needed to produce 3,000 units at a capital price (r) of $50, we need to use the production function formula:
Q = f(K, L)
Where Q is the quantity of output produced, K is the amount of capital used, and L is the amount of labor used. We can rearrange this formula to solve for the combination of K and L needed to produce 3,000 units:
K = (Q / f(L)) / r
Plugging in Q = 3,000 and r = $50, we get:
K = (3,000 / f(L)) / 50
To solve for L, we need to know the specific production function that relates output to labor and capital. Without that information, we cannot determine the exact combination of labor and capital needed to produce 3,000 units. However, we can say that the amount of labor needed will depend on the productivity of labor relative to capital, as well as the price of labor.If labor is relatively less productive, we may need more labor and less capital. Similarly, if the price of labor is high, we may need less labor and more capital, and vice versa.
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if the demand function for math anxiety pills is p = d(x) = −4x 33 and the corresponding supply function is p = s(x) = 3x 5, determine the producer surplus at the market equilibrium point.
The answer is , the producer surplus at the market equilibrium point is $102.
How to find?To determine the producer surplus at the market equilibrium point, we need to first find the equilibrium point. This is where demand and supply are equal, so we set the two functions equal to each other and solve for x:
-4x + 33 = 3x + 5
7x = 28
x = 4
So at x = 4, we have an equilibrium price of p = d(x) = -4(4) + 33 = $17, and a quantity of Q = 3(4) + 5 = 17.
To find producer surplus, we need to find the area between the supply curve and the equilibrium price line, from 0 to the equilibrium quantity of 17. This is a triangle with base 17 and height 12 (the difference between the equilibrium price and the supply curve at x=17):
producer surplus = (1/2) x base x height
= (1/2) x 17 x 12
= $102
Therefore, the producer surplus at the market equilibrium point is $102.
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because a monopolistically competitive firm has some market power, in the long-run the price of its product exceeds its
In the long-run, the price of a product in a monopolistically competitive firm tends to exceed its marginal cost.
In monopolistic competition, firms have some degree of market power, meaning they have the ability to influence the price of their products. Unlike in perfect competition, where firms are price takers, monopolistically competitive firms can differentiate their products through branding, quality, or other factors to attract customers.
In the long-run, firms in monopolistic competition tend to operate at a point where price exceeds marginal cost. This is because firms aim to maximize their profits by setting prices above the marginal cost of production. However, the degree to which price exceeds marginal cost depends on the level of market power the firm possesses.
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if an organization does not have the resources to collect and analyze big data, it can outsource the process or use data intermediaries. question 9 options: true false
The correct answer is true. An organization can benefit greatly from the use of big data, as it can provide valuable insights and help improve decision-making processes. However, not all organizations have the resources, including the technology and skilled staff, to collect and analyze big data effectively.
Outsourcing involves contracting with an external company to handle the data collection and analysis process. This can be beneficial as it allows the organization to leverage the expertise of specialized firms, that have the necessary tools and resources to manage big data effectively. It also allows organizations to focus on their core business functions while still accessing the benefits of big data. Data intermediaries, on the other hand, act as middlemen between organizations and big data providers. They offer access to a wide range of data sources, including social media and public databases, and can help organizations collect and analyze data more efficiently. This can be particularly useful for small or medium-sized businesses that cannot afford to invest in the necessary technology and staffing resources.
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A company might consider using a premium if its goal is to give a consumer a reason to try or buy now.a. Trueb. False
The given statement "A company might consider using a premium if its goal is to give a consumer a reason to try or buy now" is true because A premium is an additional item or service that a company offers to a customer as an incentive to purchase their product or service.
This is often used as a promotional tactic to encourage customers to buy now rather than later. The premium may be offered for a limited time or for a specific quantity of the product. The goal is to create a sense of urgency or excitement around the purchase, which can drive sales in the short term.
By offering a premium, companies can provide customers with an added value that can differentiate their product from competitors and give them a reason to try or buy now. For example, a restaurant might offer a free dessert with a meal purchase to encourage customers to come in and try their food. Or, a cosmetic brand might offer a free sample with a purchase to encourage customers to try their products and potentially become loyal customers.
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A U.S. company has a forward purchase contract for delivery of euros at the end of May at a price of $1.24/€. The U.S. dollar strengthens against the euro during this period. The company will: Select one: A. Lose on the forward purchase contract B. Gain on the forward purchase contract C. Not exercise the forward purchase contract D. Continue to hold the forward contract after the end of May
The correct answer to this question is option A) The U.S. company will lose on the forward purchase contract due to the strengthening of the U.S. dollar against the euro during the period of the contract.
The correct answer to this question is option A) The U.S. company will lose on the forward purchase contract due to the strengthening of the U.S. dollar against the euro during the period of the contract. The forward purchase contract is a financial instrument that allows the company to buy euros at a fixed price of $1.24/€ at the end of May. However, if the exchange rate between the U.S. dollar and the euro changes before the end of May, the company will either gain or lose on the contract. In this case, the U.S. dollar has strengthened against the euro, which means that the company could have bought euros at a lower rate if they had not entered into the forward purchase contract. As a result, they will lose on the contract because they will have to pay $1.24 for each euro they purchase, even though the current exchange rate is more favorable. The company could have gained on the forward purchase contract if the opposite scenario had occurred, and the U.S. dollar had weakened against the euro during the period of the contract. In that case, the company would have been able to buy euros at a lower rate than the market price and would have realized a profit on the contract. The company could choose not to exercise the forward purchase contract if they believe that the exchange rate will continue to be unfavorable at the end of May. They could also continue to hold the forward contract after the end of May if they believe that the exchange rate will improve in the future, although this could result in additional costs and risks.
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The U.S. company will gain on the forward purchase contract if the U.S. dollar strengthens against the euro during this period.
A forward purchase contract is an agreement between two parties to buy or sell an asset at a future date at a predetermined price. In this case, the U.S. company has a forward purchase contract to buy euros at $1.24/€ at the end of May. However, if the U.S. dollar strengthens against the euro during this period, it means that the euro becomes cheaper relative to the U.S. dollar. As a result, the U.S. company will have to pay more dollars to buy the same amount of euros as specified in the contract. This means that the company will lose money on the forward purchase contract.
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Trade negotiations are repeated each year. In a repeated game scenario it is likely that a. Chinese negotiators will assume that United States negotiators will never retaliate for a noncooperative trade policy. b. both parties will assume that the other will choose a strategy that optimizes the total value of the trade relationship. c. the Nash equilibrium will provide the largest possible gains to each party. d. cach will follow a dominant strategy based entirely on self-interest.
In a repeated game scenario, both parties are likely to assume that the other will choose a strategy that optimizes the total value of the trade relationship. Option B
This is because, over time, parties develop a reputation and establish a level of trust. However, if one party consistently chooses a noncooperative trade policy, the other party may retaliate to protect their own interests.
The Nash equilibrium, which is the point at which neither party can improve their outcome by changing their strategy, can provide the largest possible gains to each party. In such a scenario, each party is expected to follow a dominant strategy based entirely on self-interest.
Therefore, trade negotiations are not only about reaching an agreement but also about building trust and establishing a good reputation to ensure successful future negotiations. So Option B is correct.
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In a repeated game scenario of trade negotiations, it is likely that both parties will assume that the other will choose a strategy that optimizes the total value of the trade relationship. Therefore, option (b) is the correct answer.
Repeated games involve the same players playing the same game repeatedly over time. In such scenarios, players are able to observe their opponents' behavior and adjust their own strategies accordingly. This leads to the possibility of building trust between the parties, which can help to create mutually beneficial outcomes in the long run.
In the case of trade negotiations, each party is likely to seek the best possible outcome for itself, but also recognize the importance of maintaining a positive relationship with the other party. This can lead to a focus on finding a mutually beneficial solution rather than simply pursuing self-interest. Therefore, the Nash equilibrium (option c) may not always provide the largest possible gains to each party.
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