Closing entries are made to transfer temporary account balances to permanent accounts. In this way, the company's balance sheet reflects only the permanent balances. The process of closing the books is usually performed at the end of the fiscal year, so the accounts can start fresh with zero balances at the start of the new fiscal year.
For the closing entries of Schefter Corporation, the first step is to transfer the credit balances of the revenue account to the income summary account, as follows:
Sales revenue $492,000
Gain on sale of investments 8,000
Income Summary $500,000
The second step is to transfer the debit balances of the expense account to the income summary account, as follows:
Cost of goods sold 284,000
Salaries expense 80,000
Insurance expense 12,000
Interest expense 4,000
Advertising expense 10,000
Depreciation expense 20,000
Income tax expense 30,000
Income Summary $440,000
The third step is to transfer the balance of the income summary account to the retained earnings account, as follows:
Income Summary $60,000
Retained Earnings $60,000
The four steps for closing entries are:
Close the revenue account(s) by transferring the credit balance(s) to income summary.
Close the expense account(s) by transferring the debit balance(s) to income summary.
Close the income summary account by transferring the balance to the retained earnings account.
Close the dividends account by transferring the debit balance to the retained earnings account.
The final step is to transfer the balance of the dividends account to the retained earnings account, as follows:
Dividends 4,000
Retained Earnings 4,000
The closing entries for Schefter Corporation are complete.
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Pando Inc. is a fast food restaurant which offers 4 main types of sandwiches: Pando – classic (C), Pando – premium (P), Pando – exotic (E), and Pando – ultimate (U). Every day, the restaurant operates for 10 hours and it is expecting to sell 500 sandwiches. And from the past data, 30% of the demand is for C, 20% is for P, 45% is for E, and 5% is for U. There are up to five steps in the process of making sandwiches, listed below with activity times. 80% of customers want their sandwich toasted, no matter which sandwich is ordered. Processing Time Table Step Classic Premium Exotic Ultimate Prepare bread .75 minutes .75 minutes 1.5 minutes 1.5 minutes Prepare meat .5 minutes .8 minutes 1.5 minutes 1.5 minutes Toast .5 minutes .5 minutes .75 minutes .75 minutes Wrap .5 minutes .5 minutes 1 minute .5 minutes Checkout .5 minutes .5 minutes .5 minutes .5 minutes Suppose that there is one worker at each step. Answer the following questions. 1. Defining one flow unit as one minute of work, what is the capacity per day for the worker at "Toast" step? Round your answer to the nearest integer. Your answer is . 2. Defining one flow unit as one minute of work, what is the demand rate per day for the worker at "Toast" step? Round your answer to the nearest integer. Your answer is . 3. The implied utilization rate for the worker at "Toast" step is . Ignore the percentage sign and round your answer to the nearest integer. For example, if your answer is 43.21%, input 43. 4. The implied utilization rate for the worker at "prepare bread" step is . Ignore the percentage sign and round your answer to the nearest integer. For example, if your answer is 43.21%, input 43. 5. The implied utilization rate for the worker at "prepare meat" step is . Ignore the percentage sign and round your answer to the nearest integer. For example, if your answer is 43.21%, input 43. 6. The implied utilization rate for the worker at "Wrap" step is . Ignore the percentage sign and round your answer to the nearest integer. For example, if your answer is 43.21%, input 43. 7. Worker at which step is the bottle neck resource? Input 1 for the worker at "prepare bread" step; input 2 for the worker at "prepare meat" step; input 3 for the worker at "toast" step; input 4 for the worker at "wrap" step; and input 5 for the worker at "checkout" step. Your answer is . 8. The manager expects a demand increase for all sandwiches due to a promotion. The daily total demand is estimated at 600 sandwiches under this promotion. The demand distribution among the four types of sandwiches also shifts to 25%, 25%, 40%, and 10% for C, P, E, and U sandwiches. Other parameters stay the same. The implied utilization rate for the worker at "Toast" becomes . Ignore the percentage sign and round your answer to the nearest integer. For example, if your answer is 43.21%, input 43. 9. Under the new demand distribution, worker at which step is the bottle neck resource? Input 1 for the worker at "prepare bread" step; input 2 for the worker at "prepare meat" step; input 3 for the worker at "toast" step; input 4 for the worker at "wrap" step; and input 5 for the worker at "checkout" step. Your answer is .
1. The capacity per day for the worker at "Toast" step is 460 sandwiches, which can be calculated using the formula: Capacity = (60 / Processing time) x Number of workers = (60 / 0.5) x 1 x 0.8 x 10 = 460 (rounded to nearest integer).
2. The demand rate per day for the worker at "Toast" step is 400 sandwiches, which can be calculated by multiplying the expected daily demand (500) by the percentage of sandwiches that are toasted (80%) and the percentage of toasted sandwiches that require toasting at the "Toast" step (50% for all sandwich types): Demand rate = 500 x 0.8 x 0.5 = 400.
3. The implied utilization rate for the worker at "Toast" step is 87%, which can be calculated using the formula: Utilization rate = (Demand rate / Capacity) x 100% = (400 / 460) x 100% = 86.96% (rounded to nearest integer).
4. The implied utilization rate for the worker at "prepare bread" step is 96%, which can be calculated using the formula: Utilization rate = (Demand rate / Capacity) x 100% = (500 x 0.3 / (60 / 0.75) x 1 x 10) x 100% = 96.15% (rounded to nearest integer).
5. The implied utilization rate for the worker at "prepare meat" step is 79%, which can be calculated using the formula: Utilization rate = (Demand rate / Capacity) x 100% = (500 x 0.3 / (60 / 0.8) x 1 x 10) x 100% = 79.17% (rounded to nearest integer).
6. The implied utilization rate for the worker at "Wrap" step is 105%, which can be calculated using the formula: Utilization rate = (Demand rate / Capacity) x 100% = (500 x 0.3 / (60 / 1) x 1 x 10) x 100% = 105% (rounded to nearest integer).
7. The bottleneck resource is the worker at "Wrap" step, as their utilization rate is greater than 100%.
8. Under the new demand distribution, the implied utilization rate for the worker at "Toast" becomes 108%, which can be calculated using the formula: Utilization rate = (Demand rate / Capacity) x 100% = (600 x 0.25 x 0.5 / (60 / 0.5) x 1 x 0.8 x 10) x 100% = 108% (rounded to nearest integer).
9. Under the new demand distribution, the bottleneck resource is still the worker at "Wrap" step, as their utilization rate remains greater than 100%.
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0) Assume two nations: Vietnam and US, and two commodities: clothing and wheat. There is only one factor of production: labour. The following table presents the number of units produced per hour of labour in each nation: 10. If a nation exports twice as much of a differentiated product that it imports, its intraindustry (T) index is equal to a. 1.00
b. 0.75
c. 0.67
d. 0.25
In general, intraindustry trade is the trade of goods and services between countries that are in the same industry sector and engage in trade in similar kinds of goods and services. Therefore, if a nation exports twice as much of a differentiated product that it imports, its intraindustry (T) index is equal to 0.67.
However, the given table doesn't show what products are being imported and exported, which limits our ability to answer the question more precisely. Nonetheless, the following discussion and calculations can give you a better understanding of the concept and the answer to the question. Suppose Vietnam produces clothing with a labor hour of 2 units and wheat with 6 units, while the United States produces clothing with 4 units and wheat with 3 units per hour.
This table summarizes the data: The intra-industry trade index (T) formula for one differentiated product can be written as:
T = (1 - (X - M) / (X + M))
where X is exports and M is imports. In our case, since the country is exporting twice as much as it is importing, we can assume that X = 2M, which means that T = 0.67.
We can calculate the intra-industry trade index for each commodity as follows: For clothing:
T = (1 - (2 - 1) / (2 + 1))
= (1 - 1/3)
= 2/3
= 0.67
For wheat:
T = (1 - (4 - 2) / (4 + 2))
= (1 - 2/3)
= 1/3
= 0.33
Hence, the answer is c. 0.67.
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As an engineering manager, you have an open position looking for a qualified professional engineer with a minimum of 5 -years working experience therefore you describe your requirements to an HR manager to assist with the short listing of candidates by defining the following: 1.1 A professional engineer (2) 1.2 Knowledge/Experience of soft skills and their importance [2] 1.3 Knowledge of technical skills [4] 1.4 Good understanding of legislation and legal requirements of corporate operations. List any 4. [4] 1.5 Good understanding of corporate governance requirements and applications. Elaborate. [4] 1.6 Experience/knowledge in drafting business plans and marketing plans. Provide a practical example. [4] 1.7 Good financial experience/knowledge in generating budgets, and profit. Provide a practical example. [4] 1.8 Experience/knowledge in generating KPI's and delivering on them. Provide a practical example of fundamentals in measuring performance and its progress. [4] 1.9 Understanding and knowledge of Employment Equity No. 55 of 1998. Provide a purpose of the act. [4] 1.10 Knowledge and understanding of professional contracts and contracts negotiations. Define the term and name any two professional contracts. (4) 1.11 Knowledge and understanding of Bids and Tenders. List any 3 approvals required and any 3 strategies to be adopted. (6)
1.1 A professional engineer:
A professional engineer is an individual who has completed a recognized engineering program, obtained relevant engineering work experience, and has passed a professional engineering examination or met other licensure requirements.
They are typically registered or licensed by a professional engineering association or regulatory body. A professional engineer has the necessary qualifications and expertise to design, analyze, and oversee engineering projects, ensuring they meet safety, quality, and ethical standards.
1.2 Knowledge/Experience of soft skills and their importance:
Soft skills are non-technical skills that are valuable for effective communication, collaboration, leadership, and problem-solving. In the context of an engineering manager role, it is important for candidates to have strong soft skills. These skills include:
1) Communication:
The ability to convey information clearly and effectively, both verbally and in writing, to team members, stakeholders, and clients.
2) Leadership:
The ability to inspire and motivate a team, provide guidance, delegate tasks, and make decisions.
3) Collaboration:
The ability to work effectively with others, fostering teamwork, resolving conflicts, and building positive relationships.
1.3 Knowledge of technical skills:
A qualified professional engineer should possess a strong foundation of technical skills relevant to their engineering discipline. The specific technical skills required may vary depending on the nature of the engineering role and industry. Some examples of technical skills for an engineering manager could include:
- Proficiency in engineering software and tools related to the discipline (e.g., CAD software, simulation tools, project management software).
- Strong knowledge of engineering principles, theories, and methodologies applicable to the specific field.
- Familiarity with industry standards, codes, and regulations relevant to the engineering discipline.
- Ability to analyze and interpret technical data, drawings, and specifications.
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It is found by an organisation that it is getting a large amount of enquiries from its customers about its approach to handling privacy. It is taking far too long and too much effort for its employees to answer the enquiries of customers. A more efficient way to reduce the effort and time dealing repeatedly with these questions is to provide answers to these commonly asked questions from customers.
In this scenario, the organization should provide answers to commonly asked questions from its customers as a more efficient way to reduce the effort and time dealing repeatedly with these questions.
If an organization is receiving a large amount of inquiries from its customers about its approach to handling privacy and it is taking far too long and too much effort for its employees to answer the enquiries of customers, a more efficient way to reduce the effort and time dealing repeatedly with these questions is to provide answers to these commonly asked questions from customers.
A well-organized FAQ section can significantly reduce the amount of time and effort required to handle customer inquiries by offering the information customers seek in an easily accessible format. Furthermore, by providing customers with self-service options, the organization will be able to streamline its customer service and lower its costs.
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which of the following are reasons why a bank may establish a multinational operation? group of answer choices low marginal and transaction costs home nation information services, and prestige growth, and risk reduction all of the above
The correct answer is "all of the above" as all of these reasons contribute to why a bank may establish a multinational operation.
The reasons why a bank may establish a multinational operation include low marginal and transaction costs, home nation information services, prestige growth, and risk reduction. Let's break down each of these reasons:
1. Low marginal and transaction costs: By operating in multiple countries, a bank can take advantage of economies of scale and spread its costs over a larger customer base. This can help reduce per-unit costs and increase profitability.
2. Home nation information services: A bank with multinational operations can access valuable information about different markets, economies, and industries. This information can be used to make informed decisions and offer better services to customers.
3. Prestige growth: Expanding internationally can enhance a bank's reputation and brand image. It demonstrates the bank's ability to compete on a global scale and attract international customers. This can lead to increased market share and revenue growth.
4. Risk reduction: Diversifying operations across different countries can help mitigate risks associated with economic fluctuations, regulatory changes, and political instability. If one market experiences a downturn, the bank can rely on other markets to offset potential losses.
Therefore, the correct answer is "all of the above" as all of these reasons contribute to why a bank may establish a multinational operation.
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To qualify for the charitable income tax deduction, a gift cannot be made to a(n):
A. Religious charity.
B. Private school.
C. Individual.
D. Library.
To qualify for the charitable income tax deduction, a gift cannot be made to an Individual.
When it comes to qualifying for the charitable income tax deduction, certain criteria must be met. While donations to religious charities, private schools, and libraries are generally eligible for the deduction, gifts made to individuals are not. The charitable income tax deduction is designed to incentivize and reward contributions to recognized charitable organizations and causes that benefit the public good.
Religious charities, private schools, and libraries are often classified as tax-exempt organizations under the Internal Revenue Service (IRS) guidelines. Donations made to these entities are typically considered eligible for the charitable income tax deduction, provided that they meet certain requirements and conditions set forth by the tax laws.
However, gifts made directly to individuals, regardless of the purpose or intent, do not qualify for the charitable income tax deduction. This is because the deduction is intended to support organizations and initiatives that serve broader charitable or public purposes, rather than benefiting individuals on a personal level.
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&J Industries is considering a new project. Prior to making this decision, the company hired a consultant, at a cost of $24,160, to determine the viability of this new project. The project will require $286,600 for the purchase of the new machine. There will be $11,000 in delivery charges and $1,550 will be spent on a technician to calibrate the machine. The plan is to set up the new machine on land that the company currently owns. The land was purchased many years ago for $10,000 and currently has a market value of $30,000.
The new project will require an additional $1,300 in inventory, $970 in accounts receivables and accounts payable is expected to increase by $1,000. The new machine belongs in a 30% CCA class. Because the industry is changing rapidly, the equipment will be obsolete in 5 years with no salvage value. The net working capital will return to its original levels at the end of the project. The project is expected to generate additional revenues of $40,200 and expenses are expected to increase by $4,720. The tax rate is 40% and the required rate of return is 10%.
What is the capital cost allowance in the first year?
The capital cost allowance (CCA) in the first year for the new machine belonging to a 30% CCA class can be calculated as follows:
Initial cost of the machine = $286,600
CCA rate for the machine = 30% of the initial cost = 0.30 * $286,600 = $85,980
The CCA claimed in the first year is limited to the undepreciated capital cost (UCC) at the beginning of the year, which is zero in this case since the machine is newly acquired. Therefore, the CCA in the first year will be equal to the CCA rate for the machine, which is $85,980.
The capital cost allowance (CCA) is a tax deduction that allows businesses to recover the cost of certain capital assets over time. In this case, the new machine belongs to a 30% CCA class, which means that 30% of the machine's initial cost can be claimed as CCA each year.
Since the machine is newly acquired, the undepreciated capital cost (UCC) at the beginning of the year is zero. Therefore, the CCA in the first year is equal to the CCA rate for the machine, which is calculated by multiplying the initial cost of the machine by the CCA rate (30%).
Hence, the CCA in the first year for the new machine is $85,980. This amount can be deducted from the company's taxable income, reducing its tax liability for the year.
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Case scenario:
Thomas faces an unhappy workforce. His front-line employees are complaining about pay
and are asking for an emotional labor raise. Thomas researches the issue to make sure he
drafts an appropriate strategic policy to address this issue.
Chris is one of the department managers in the Food Master store. He loves his job, but
sometimes he feels emotionally drained and cannot do it anymore. Chris finds it difficult to
deal with clients and keep his emotions in check. He knows he should greet every customer
with a smile, even if a customer begins a conversation with a complaint. He also faces
difficult customers who appear to never be satisfied however he feels his response options
are limited since the company has a "Client is First. Client is Right" policy.
This job causes him to exert a lot of emotional labor. When he comes home, he is exhausted
and feels helpless in the situation. He is thinking about requesting a move to another role in
the store leading other employees and dealing less with clients. He also thinks that he may
stay in his current position if his compensation reflects the additional emotional aspect of the
role. He wants to be fully compensated for the extra emotional labor he expends. He has
learned from a friend employed elsewhere that the employees in her company receive a
"frontline" bonus of $2.55 per hour. The higher rate is to compensate for the stress they face
when working in a frontline position and dealing with clients directly.
Low worker morale is always concerning for Thomas. Thomas meets with you and your team to
ask you what you think of the situation. In your expertise, you explain to Thomas that this is a
common issue and furthermore, the company doesn’t have any policies in place to help
guide the discussions. Thomas is afraid that this trend could affect the company in a
negative way and sales could suffer. He values the importance of a positive client experience
and he guards it. Thomas asks you for suggestions, and your team proposes the use of a
strategic pay plan that would include a policy for the emotional labor premium.
Thomas agrees that compensating for emotional labor is a good idea. However, before moving
in that direction he decides to check with some of his competitors on this subject matter. He
discovers that many companies add a premium to salaries to properly compensate for emotional labor.
Thomas thinks about it and decides he should move quickly on a new policy
before he loses any employees to his competitors. With the low unemployment rate in the
current economy, losing even one worker could set the company back significantly.
Employees like Chris are highly trained and highly sought after and finding a replacement
does not occur overnight. Thomas also realizes through his analysis that his company pays an
average rate that is lower than the industry average.
Thomas asks you for a quick turnaround on a report and new policy.
1. Highlight what could happen if the issue of compensation is not resolved properly
and identify the consequences for employees and for the company.
2. Design a strategic pay plan that ensures the highest level of satisfaction for
employees.
If the issue of compensation for emotional labor is not resolved properly, it can have significant consequences for both employees and the company. Employees like Chris may feel undervalued and unappreciated, leading to decreased motivation, job dissatisfaction and potentially higher turnover rates.
This can result in a loss of experienced and skilled workers, which can be costly and time-consuming to replace. For the company, a lack of proper compensation can lead to decreased employee morale, lower productivity and potentially a decline in customer satisfaction and loyalty. This in turn can negatively impact sales, reputation and competitiveness in the market.
To ensure the highest level of satisfaction for employees, a strategic pay plan should be designed that addresses the compensation for emotional labor. This plan should involve conducting market research to understand industry standards and competitors practices regarding emotional labor compensation.
The company can introduce an emotional labor premium that adequately reflects the additional demands and stresses faced by front-line employees. The pay plan should be transparent, fair, and clearly communicate the value placed on emotional labor. Providing training and support programs to enhance emotional resilience and coping strategies can also contribute to employee satisfaction and retention.
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Steve spends his disposable income on meals at restaurants (r) and paperback novels (n). His usual restaurant meal costs $25, and paperback books cost $8. When Steves monthly income is $240, he goes out to eat 8 times and purchases 5 books. When his income rises to $282, he goes out to eat 10 times and purchases 4 books. Calculate the income elasticity for each good, and determine what kind of good it is (inferior, normal necessity, or normal luxury).
Income elasticity refers to the percentage change in demand for a good or service caused by a 1% change in income. In this question, we are asked to calculate the income elasticity for each good and determine what kind of good it is.
Let's begin:When Steve's monthly income is $240, he goes out to eat 8 times and purchases 5 books. Thus, Steve's expenditure on food (r) is $200 (8 x $25) and his expenditure on books (n) is $40 (5 x $8). Steve's total expenditure (T) is the sum of his expenditure on food and books, i.e. T = $200 + $40 = $240.Using this information, we can calculate Steve's income elasticity for each good as follows:
Income elasticity of demand for food (r):Income elasticity = (% change in quantity demanded) / (% change in income)Income elasticity = [(10 - 8) / 8] / [(282 - 240) / 240]Income elasticity = 0.5Thus, the income elasticity for food is 0.5. Since this value is positive, we can conclude that food is a normal good.Income elasticity of demand for books (n):Income elasticity = (% change in quantity demanded) / (% change in income)Income elasticity = [(4 - 5) / 5] / [(282 - 240) / 240]Income elasticity = -1.2Thus, the income elasticity for books is -1.2.
Since this value is negative, we can conclude that books are an inferior good, i.e. Steve purchases fewer books when his income rises.Thus, Steve spends his disposable income on meals at restaurants (r) and paperback novels (n), which are normal and inferior goods respectively.
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what types of companies frequently do not pay dividends? multiple select question. unprofitable companies growth companies mature companies
The types of companies that frequently do not pay dividends include unprofitable companies, growth companies, and mature companies.
1. Unprofitable companies: These are companies that are not making a profit or are experiencing losses. Since their financial situation is not stable, they may choose not to pay dividends to shareholders in order to retain and reinvest the profits back into the business. This is often done to improve their financial position and become profitable in the future.
2. Growth companies: These companies prioritize using their profits for expanding their operations, investing in research and development, or acquiring other companies. They aim to increase their market share and generate higher returns for shareholders in the long term. As a result, they may not pay dividends in order to reinvest the profits back into the business for future growth opportunities.
3. Mature companies: These companies have already achieved a stable and mature stage in their business cycle. They may not pay dividends for various reasons, such as wanting to reinvest profits for expansion or to make acquisitions, or simply because they do not believe dividends are the most effective way to maximize shareholder value. Mature companies often have other ways to reward shareholders, such as stock buybacks or offering capital appreciation.
It's important to note that not paying dividends does not necessarily mean that a company is not successful or a good investment. Some companies may choose to reinvest profits into the business to drive future growth, which can result in higher stock prices and potential capital gains for shareholders. Additionally, companies may also face legal or financial restrictions that prevent them from paying dividends.
Overall, the decision to pay dividends or not depends on the specific circumstances and strategies of each company. It's important for investors to consider the overall financial health, growth prospects, and management's priorities when evaluating companies that do not pay dividends.
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What is the difference between a "shift in PPC" and. a "pivot in PPC"? What is the implication of a production possibility curve that is a straight line and downward sloping?
A "shift in PPC" and a "pivot in PPC" are two terms commonly used to explain changes in a production possibility curve. A shift in PPC is an alteration that occurs when an economy's production capacity changes.
A pivot, on the other hand, refers to a modification in the quantity of production that can be produced by transferring resources between two products in a given economy. The implication of a production possibility curve that is a straight line and downward sloping is that there is a limited amount of resources in the economy.
The straight line suggests that the resources are limited and can only be used to produce two goods; thus, the production possibility frontier is a straight line. The downward slope indicates that for every additional unit of one product produced, there must be a decrease in the production of the other item.
Hence, an economy must choose the best combination of two goods to produce. A production possibility curve that is a straight line and downward sloping has significant implications for an economy. For starters, it implies that an economy must choose the best combination of two goods to produce.
Second, it implies that an economy is resource-constrained, meaning that there is a limit to the number of goods it can produce. Finally, it implies that as an economy produces more of one product, it must give up some of the production of the other item, as resources are limited.
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1) One page Word Document titled "Written Exercise" responding to any two of the below questions. A response for each of the question should be no more than half a page of the Word document. We will review your response based on content, writing skills and readability.
How do you define professionalism?
What have you done to develop and maintain an effective working relationship with an executive?
Successful executive assistants have many tools at their disposal to help them recall past events, track updates and anticipate changes. What techniques do you use to stay on top of your work and that of your executive?
This position requires conviction and resiliency. What professional characteristics contribute to your success in these areas?
After reading the job description, what do you think are the core competencies for the position of a Senior Executive Assistant? Please explain how you possess these core competencies.
Professionalism is a combination of qualities that define an individual's competence and ability to act ethically in a given work setting.
For me, it involves an unwavering commitment to upholding high standards of behavior and delivering results that reflect a level of expertise, experience, and integrity. Professionalism also means taking ownership of my work, being accountable for my actions and outcomes, and treating others with respect, empathy, and consideration.
To develop and maintain an effective working relationship with an executive, I ensure open communication channels, provide regular updates on tasks, anticipate and prioritize needs, and maintain a high level of confidentiality. I focus on building trust with my executive by establishing shared goals and expectations, actively listening to their feedback, and proactively seeking solutions to challenges.
Successful executive assistants use many tools to stay on top of their work and that of their executives. One technique I use is creating and maintaining a detailed task list, which includes all upcoming tasks, deadlines, and meetings. I also use calendar reminders, sticky notes, and email flags to stay on top of priority items. In addition, I keep a running log of meetings, action items, and important discussions to ensure I can recall past events and follow up as necessary.
Other techniques I use include maintaining a clean and organized workspace, delegating tasks to other team members when appropriate, and attending relevant conferences or training to stay up-to-date with best practices in the industry. Professional characteristics that contribute to success in this role include strong communication skills, attention to detail, and a willingness to take on challenges and new responsibilities.
After reading the job description, the core competencies for the position of a Senior Executive Assistant include the ability to prioritize tasks, communicate effectively, manage confidential information, anticipate and address needs proactively, and work independently.
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Several months after the launch of the new cereal containing quinoa, the brand manager calls you into her office. She says, "There have recently been several cases of companies claiming their products are fair trade when they are not. We have been contacted by the media requesting verification that the quinoa in our cereal is certified fair trade. Because fair trade quinoa is not regulated by the government or any certifying body, there is currently no way to certify organic quinoa as fair trade. This is probably why there have been some unscrupulous companies taking advantage of this, causing confusion in the marketplace." She continues, "We need to decide how to address this media attention and consumer confusion around fair trade quinoa." Do not claim the quinoa in Healthy O's product is fair trade because there is no certification for this, and not claiming fair trade quinoa would easily and quickly take care of the media attention. Work with the co-op in Bolivia to establish a certification for fair trade quinoa. Work with the co-op in Bolivia to establish a certification for fair trade quinoa and work with the U.S. government to establish labeling requirements for fair trade quinoa.
Given the absence of certification for fair trade quinoa and the media attention surrounding it, the brand manager should not claim that the quinoa in Healthy O's cereal is fair trade. To address the situation and consumer confusion, two potential courses of action can be considered: working with the co-op in Bolivia to establish a certification for fair trade quinoa or working with the co-op in Bolivia and the U.S. government to establish labeling requirements for fair trade quinoa.
In the given scenario, it is essential to be transparent and truthful about the fair trade certification status of the quinoa used in Healthy O's cereal. Since there is currently no certification for fair trade quinoa, claiming the product as fair trade would be misleading. Therefore, the first option of not claiming fair trade and quickly addressing the media attention is the appropriate approach, ensuring ethical business practices.
However, to address the consumer confusion and promote fair trade practices in the quinoa industry, the brand manager can explore the second option. By working with the co-op in Bolivia, where the quinoa is sourced, they can collaborate to establish a certification specifically for fair trade quinoa. This would involve setting standards, verifying production processes, and ensuring fair treatment of farmers and workers.
Additionally, the brand manager can collaborate with the U.S. government to establish labeling requirements for fair trade quinoa. This would involve developing regulations or guidelines that mandate clear and accurate labeling to inform consumers about the fair trade status of quinoa products.
By pursuing these actions, the brand manager can demonstrate a commitment to fair trade principles, address consumer concerns, and contribute to the establishment of fair trade standards for the quinoa industry.
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Given the absence of certification for fair trade quinoa and the media attention surrounding it, the brand manager should not claim that the quinoa in Healthy O's cereal is fair trade. To address the situation and consumer confusion, two potential courses of action can be considered: working with the co-op in Bolivia to establish a certification for fair trade quinoa or working with the co-op in Bolivia and the U.S. government to establish labeling requirements for fair trade quinoa.
In the given scenario, it is essential to be transparent and truthful about the fair trade certification status of the quinoa used in Healthy O's cereal. Since there is currently no certification for fair trade quinoa, claiming the product as fair trade would be misleading. Therefore, the first option of not claiming fair trade and quickly addressing the media attention is the appropriate approach, ensuring ethical business practices.
However, to address the consumer confusion and promote fair trade practices in the quinoa industry, the brand manager can explore the second option. By working with the co-op in Bolivia, where the quinoa is sourced, they can collaborate to establish a certification specifically for fair trade quinoa. This would involve setting standards, verifying production processes, and ensuring fair treatment of farmers and workers.
Additionally, the brand manager can collaborate with the U.S. government to establish labeling requirements for fair trade quinoa. This would involve developing regulations or guidelines that mandate clear and accurate labeling to inform consumers about the fair trade status of quinoa products.
By pursuing these actions, the brand manager can demonstrate a commitment to fair trade principles, address consumer concerns, and contribute to the establishment of fair trade standards for the quinoa industry.
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Required information [The following information applies to the questions displayed below.] The following is financial information describing the six operating segments that make up Fairfield, Inc. (in thousands): Consider the following questions independently. None of the six segments have a primarily financial nature. What minimum revenue amount must any one segment generate to be of significant size to require disaggregated disclosure?
Disaggregated disclosure is a detailed financial statement of a company, that divides the financial results into small groups. To understand which segment of Fairfield, Inc.
requires the disaggregated disclosure, it is necessary to determine the minimum revenue amount that any one segment must generate to be of significant size. Here is how we can calculate it:According to FASB Accounting Standards Codification 280, Paragraph 20 (formerly SFAS No. 131, Disclosures about Segments of an Enterprise and Related Information), if the reported revenues are greater than or equal to 10% of the combined revenues of all operating segments, the segment must be reported separately.
Therefore, any one segment must generate at least 10% of the combined revenues of all operating segments to be of significant size to require disaggregated disclosure. The combined revenue of all operating segments of Fairfield, Inc. is 2,500,000 (200,000+350,000+300,000+400,000+700,000+550,000).10% of 2,500,000 is 250,000. Therefore, any one segment must generate at least 250,000 of revenue to be of significant size to require disaggregated disclosure.
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23 of 25 According to Keynesian economists, if people in the economy are not spending enough then the should step in to fill the gap. federal reserve markets federal government banks 24 of 25 When the govemment engages in expansionary fiscal policy by cutting taxes or increasing spending by selling government securities on the market, this can cause interest rates in the financial capital market to decrease. interest rates in the financial capital market to remain the same. interest rates in the financial capital market to increase. a recession. 25 of 25 Automatic stabilizers on the tax and spending side in the economy are known to offset approximately of any initial movement in the level of output. 20% 15% 10% 30%
Keynesian economics is the belief that a country's government should intervene in the economy to ensure stability.
The government's role is to stimulate economic activity in times of recession and restrain it in times of inflation. Therefore, if people in the economy are not spending enough then the federal government should step in to fill the gap. The government should spend more to create employment and boost the economy.
This is because according to Keynesian economics, in the event of an economic downturn, government intervention is necessary to create demand in the economy. When the government engages in expansionary fiscal policy by cutting taxes or increasing spending by selling government securities on the market, this can cause interest rates in the financial capital market to decrease.
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QUESTION ONE
[40]
Canny Limited is a company involved in the manufacture of aluminium cans. It purchases aluminium in bulk and, using machinery, converts bulk aluminium into cans. The majority of Canny customers are soft drink manufacturers and distributors The most recent summarised Financial Statements of Canny Limited are presented below:
Statement of Financial Position 31 March 2021
Notes
2020
2021
R million
R million
ASSETS
Non-current Assets
Property Plant and Equipment
442
398
Current Assets
200
180
Debtors
Stock
140
152
Bank
1
5
4
Total Assets
787
734
EQUITY AND LIABILITIES
2
80
80
Ordinary Share Capital
Retained income
Total Equity
266
210
346
290
Non-current Liabilities
3
100
100
Current Liabilities
Creditors
341
344
Total Equity and Liabilities
787
734
Additional information
Sales totalled R300 million in 2021 and R250 million in 2020. ⚫ Cost of Sales totalled R250 million in 2021 and R200 million in 2020.
.Net profit after tax totalled R56 million in 2021 and R40 million in 2020, The interest rate on the non-current liabilities was 8% per annum. This remained
unchanged during both the 2021 and 2020 financial years. The tax rate for both 2021 and 2010 remained unchanged at 28%
REQUIRED:
Discuss how the liquidity, solvency, profitability and long-term and total asset management of Canny has changed from 2020 to 2021. Limit your answer to two ratios per subsection where applicable
(40 Marks)
We may compute the pertinent ratios and compare them between the two years to analyse the changes in Canny Limited's liquidity, solvency, profitability, long-term and total asset management from 2020 to 2021. Considering the following options while keeping the response to two ratios per subsection:
1. The current ratio of current assets to current liabilities is 200/341 in 2020 and 180/344 in 2021, respectively. Between 2020 and 2021, the current ratio fell, signalling a minor fall in short-term liquidity. 2. The quick ratio is calculated as follows: (Current Assets - Stock)/(Current Liabilities) - 2020: (200 - 140)/341 = 0.174 - 2021: (180 - 152)/344 = 0.074 Additionally, the quick ratio dropped, showing a reduced capacity to fulfil urgent responsibilities devoid of using inventories. Solvency: 1. Non-current Liabilities / Equity (Debt-to-Equity Ratio) 2020: 100/266 = 0.376 2021: 100/210 = 0.476 The ratio of debt to equity grew, indicating increased financial leverage and presumably increased risk. EBIT / Interest Expense: 2020: (56 + 40)/(0.08 * 100) = 120; 2021: (56)/(0.08 * 100) = 70. 2. Interest Coverage Ratio: The ability to pay for interest costs out of earnings dropped, as indicated by the interest coverage ratio. Profitability: 1. Gross Profit Margin: 2020: (250 - 200)/250 = 0.2 or 20% - 2021: (300 - 250)/300 = 0.1667 or 16.67% The decline in the gross profit margin indicates that a smaller portion of sales were kept as gross profit. 2. Net Profit Margin: Net Profit After Tax/Sales (2020: 40/250 = 0.16 or 16%; 2021: 56/300 = 0.1867 or 18.67%) The rise in the net profit margin indicates higher sales profitability. Total Asset Management and Long-Term Planning: 1. Return on Assets (ROA): 2020 Net Profit After Tax / Total Assets: 40/787 = 0.0508 or 5.08% - 2021: 56/734 = 0.0762 or 7.62% The ROA increased, showing improved asset utilisation to produce profits. 2. The asset turnover ratio is calculated as follows: Sales / Total Assets: 2020: 250/787 = 0.3176 or 31.76%; 2021: 300/734 = 0.4087 or 40.87%. The asset turnover ratio went up, indicating better sales productivity from total assets. As a whole, Canny Limited saw a marginal drop in liquidity, a rise in solvency risk, an increase in profitability, and stronger long-term and total asset management in 2021 compared to 2020. But the rising debt-to-equity and falling interest coverage ratios raise questions about the company's ability to manage its debt and solvency.
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1. You are a leader of a team at work: What type of a leader would you like to be, one who gets involved and work with the team or one that tells his team what to do?
As a leader of a team at work, I would like to be a leader who gets involved and works with the team. This type of leader is commonly known as a participative leader. A participative leader shares leadership responsibilities with team members and involves them in decision-making. This type of leadership style is important because it leads to increased job satisfaction, improved performance, and greater commitment among team members.
Participative leaders work with their teams to achieve a common goal by facilitating discussions, listening to suggestions, and working collaboratively. They encourage their team members to participate in the decision-making process by giving them a voice. This approach fosters a sense of ownership and accountability among team members, which in turn leads to increased motivation and engagement.
In summary, as a leader of a team at work, I would like to be a participative leader who gets involved and works with the team. This type of leader encourages collaboration, fosters ownership, and empowers team members to take ownership of their work. It is an effective way to promote teamwork, improve performance, and increase job satisfaction.
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When a second independent, qualified individual provides the same information, the _____ improves.
A. Confirmative value
B. Verifiability
C. Completeness
D. Materiality
When a second independent, qualified individual provides the same information, the Verifiability improves.
Option B is correct .
When a second independent, qualified individual provides the same information, it enhances the verifiability of the information. This means that the information is more likely to be accurate and reliable since it has been confirmed by multiple sources.
What is Verifiability?Verifiability is defined as the ability to validate, check, or substantiate the information provided. It refers to the capacity to confirm that the information presented is genuine, accurate, and complete, allowing the financial information transparency and reliability to be improved.As per the question, when a second independent, qualified individual provides the same information, the Verifiability improves.
Therefore, Verifiability is a significant quality feature of the information contained in a company's financial statements that allows the information to be checked and validated by third parties.
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A new robot has a first cost of $380,000, and an annual operating cost of $88,000 in years 1 and 2 , increasing by $10000 per year thereafter. The salvage value of the system is $25,000 regardless of when the system is retired within its maximum useful life of 5 years. Using a MARR of 14% per year, determine the ESL and the respective AW value of the system ESL: a) 1 year b) 4 years c) 5 years d) 3 years AW value of system: a) $204,860 b) $336,284 c) $97,953 d) $496,200
A new robot costs $380,000 and has an annual operating cost of $88,000 in the first two years. It increases by $10,000 per year afterwards. The salvage value of the system is $25,000. Given a minimum attractive rate of return (MARR) of 14%, compute the equivalent service life (ESL) and the corresponding annual worth (AW) value of the system.
ESL: To find the equivalent service life (ESL), set up an equation that equates the present worth of the cost and the present worth of the savings, then solve for n (service life).Present Worth of Cost:PW cost = [tex]F + (A/F, i%, n)(P/A, i%,
n)PW cost = $380,000 + ($88,000/
\frac{1}{(1+0.14)^1} + $98,000/
\frac{1}{(1+0.14)^2} + $108,000/
\frac{1}{(1+0.14)^3} + $118,000/
\frac{1}{(1+0.14)^4} + $128,000/
\frac{1}{(1+0.14)^5})(P/A, 0.14,
n)PW cost = $380,000 + ($88,000/1.14 + $98,000/1.14² + $108,000/1.14³ + $118,000/1.14⁴ + $128,000/1.14⁵)(P/A, 0.14,
n)Present Worth of Savings: PW savings = $25,000 + (A/F, i%, n)(F/P, i%,
n)PW savings = $25,000 + ($10,000/
\frac{1}{(1+0.14)^1} + $10,000/
\frac{1}{(1+0.14)^2} + $10,000/$\[/tex]
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rue or false: social media allows marketers to have full control over the messages they produce
Social media allows marketers to have full control over the messages they produce which is false. On social media, the audience plays a significant role in shaping the spread and perception of messages.
Social media does not provide marketers with full control over the messages they produce. While marketers have the ability to create and publish content on social media platforms, the nature of social media introduces various factors that can influence how messages are received and shared.
On social media, the audience plays a significant role in shaping the spread and perception of messages. Users can engage with content by liking, commenting, sharing, or even modifying it. This means that once a message is released on social media, it can be amplified, altered, or interpreted differently by users, which may affect the overall impact and control of the original message.
Additionally, social media platforms themselves have algorithms and policies that determine the visibility and reach of content. Marketers must navigate these algorithms and comply with platform guidelines, which can influence the extent to which their messages are seen by the intended audience.
Therefore, while marketers have the ability to create and publish messages on social media, the control they have over the ultimate reception and dissemination of those messages is limited due to the participatory and dynamic nature of social media platforms.
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In the event of a bankruptcy, common shareholders have a claim on assets before debtholders. True False
The given statement "In the event of a bankruptcy, common shareholders have a claim on assets before debtholders." is False.
In case of bankruptcy, debtholders, who are also creditors, have the first right on the company's assets. This is because they have a legal agreement with the organization that guarantees their repayment. It means, the debtholders have a prior claim to the company's assets over shareholders. The remaining assets (if any) will be given to the common shareholders for distribution.
In a bankruptcy situation, common shareholders are at the bottom of the hierarchy when it comes to getting paid. They have the last right to the company's assets after every other creditor and debtholder are repaid.
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convert "46113202.04" into 8,s complement
step by step more detailed answers please
The final 8's complement representation of "46113202.04" would be:
0101010011001011000110010.111111011
To convert the decimal number "46113202.04" into 8's complement, we need to follow these steps:
Step 1: Determine the range of values for the desired number representation. In this case, we'll assume a 9-digit representation (including the sign bit) with 8 digits for the integer part and 1 digit for the fractional part.
Step 2: Separate the integer and fractional parts of the decimal number. In this case, the integer part is "46113202" and the fractional part is "04".
Step 3: Convert the integer part into its 8's complement representation.
3a. Take the absolute value of the integer part: "46113202".
3b. Convert the absolute value into binary. In this case, the binary representation is "101011001101001110011010".
3c. Pad the binary representation with leading zeros to match the desired number of digits. Since we're using a 9-digit representation, we need to pad with 0s until we have 8 digits: "0101011001101001110011010".
3d. Invert all the bits in the padded binary representation. The result is the 8's complement representation of the absolute value: "1010100110010110001100101".
Step 4: Convert the fractional part into its 8's complement representation.
4a. Convert the fractional part into binary. In this case, the binary representation is "00000100".
4b. Pad the binary representation with leading zeros until we have 1 digit (for the fractional part): "000000100".
4c. Invert the single bit in the padded binary representation. The result is the 8's complement representation of the fractional part: "111111011".
Step 5: Combine the 8's complement representations of the integer and fractional parts, including the sign bit.
The sign bit will be "0" for positive numbers and "1" for negative numbers. Since the original decimal number is positive, the sign bit will be "0".
The final 8's complement representation of "46113202.04" would be:
0101010011001011000110010.111111011.
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For the production function q(K,L)=min{K,2L}, given the prices for K and L, which of the following statements is true? [1 point] (a) Marginal Cost Function is equal to the Average Cost Function (b) Marginal Cost Function is smaller than the Average Cost Function (c) Marginal Cost Function is greater than the Average Cost Function (d) Marginal Cost Function is twice as large as the Average Cost Function (e) None of the above
The production function given is q(K,L) = min(K,2L) and we are to identify the statement that is true given the prices for K and L. Let's solve this using calculus.The cost function can be defined as C(K,L) = w1K + w2Lwhere w1 and w2 are the prices of the two inputs
So, we have
q(K,L) = min(K,2L)
= C(K,L) = w1K + w2
Land let K be the variable, then K = min(K,2L)/w1 - w2/w1 * L
The short run cost function can be obtained by substituting K in the cost function.
C(L) = w1*min(K,2L)/w1 + w2L
= min(w1K,w1*2L) + w2L
When w1K is the smaller value, the first-order condition is w1 = 0.
When w1*2L is the smaller value, the first-order condition is
w1 = w2/2L
∴ L = w2/4w1
The cost function, in this case, is
C(L) = w1 * min(0, 2L) + w2 * L
= w2L
We cannot obtain the marginal cost function at the point where K changes from L to 2L when L is fixed. However, we can obtain the marginal cost for L = 0 and L > 0.Let's calculate the marginal cost function.
Marginal cost function for L = 0
∴ K = 0 = 0
Marginal cost function for L > 0 ∴ K = 2L = 2L
The cost function C(L) = w2L is linear, and it passes through the origin, so the average cost will be equal to the marginal cost.
Option (a) is the correct answer. have proved that option (a) is correct.
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On July 1, 2022, Sunland Company pays $20,500 to Ivanhoe Company for a 2-year insurance contract. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Ivanhoe Company. Ivanhoe uses the accounts Unearned Service Revenue and Service Revenue.
Journalizing is the process of recording financial transactions in a journal in chronological order. In this problem, on July 1, 2022, Sunland Company pays $20,500 to Ivanhoe Company for a 2-year insurance contract. Both companies have fiscal years ending on December 31. The journal entries for Ivanhoe Company are as follows:
1. On July 1, 2022:
Date Particulars Debit Credit
July 1, 2022 Cash $20,500 -
Unearned Service Revenue - $20,500
Explanation: This entry records the payment received for the 2-year insurance contract.
2. On December 31, 2022:
Date Particulars Debit Credit
Dec 31, 2022 Unearned Service Revenue $5,125 -
Service Revenue - $5,125
Explanation: This adjusting entry recognizes the insurance revenue earned for 6 months of 2022. Since the insurance contract is for 2 years, the revenue for one year is $20,500/2 = $10,250. As 6 months have passed since July 1, 2022, half of the annual revenue is recognized, which is $10,250/2 = $5,125.
Hence, the journal entry for the payment on July 1 and the adjusting entry on December 31 for Ivanhoe Company are presented above.
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A rate of return (RoR) is the net gain or loss of an investment over a specified time period, expressed as a percentage of the investment's initial cost. (a) Assume you borrowed RM 50000 at an interest rate of 1% per month, to be repaid in uniform monthly payments for 30 years. In the 163 rd payment, how much of it would be interest, and how much of it would be principal. (b) To become a successful engineer, Aziz would like to start an endowment at UNIKL that will provide scholarships of RM 10000 per year to 4 deserving engineering students beginning in year 6 and continuing indefinitely. If the university earns 10% per year on endowments funds, how much money should he donate now?
Assuming that you have borrowed RM 50000 at an interest rate of 1% per month to be repaid in uniform monthly payments for 30 years, the payment can be calculated by using the formula;
P = r(PV) / [1 - (1 + r)^(-n)]
Where P = Payment per period
r = Interest rate per period
n = Total number of periods
PV = Present value
The total number of periods is 30 x 12 = 360 months
The interest rate per month is 1/100 = 0.01
The present value is RM 50000
Substituting the given values into the above formula, we have;
P = 0.01(50000) / [1 - (1 + 0.01)^(-360)] = 443.21 RM
Hence, the total scholarship amount per year is;
Total scholarship amount = 4 x 10000 = 40000 RM
The present value of the endowment can be calculated by using the formula;
P = A / r = 40000 RM / 0.007974 = 5010786.77 RM
Aziz should donate RM 5010786.77 now.
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: A Moving to another question will save this response. What is the consequence of a price floor in a competitive market? a. There is some transfer from producers to consumers b. There is dead-weight loss in the market c. Both a) and b) are true d. Neither a) nor b) is true A Moving to another question will save this response.
A price floor in a competitive market leads to both a transfer of wealth from producers to consumers and deadweight loss.
A price floor in a market with competition results in a transfer of wealth from producers to consumers as well as the incidence of deadweight loss. A price floor is a minimum price that the government or regulatory authority sets above the equilibrium price. When the price floor is greater than the equilibrium price, there is an oversupply of the good since there is more supply than demand. Deadweight loss results from this surplus, which is an indicator of market inefficiencies and a reduction in total welfare. Furthermore, producers are compelled to sell their products for more money, which results in a surplus being passed from producers to consumers. As a result, choices a) and b) are both correct.
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mythe, Inc. has four potentially dilutive securities Computation of the antidifution sequencing recorded the following Security Convertible Preferred Stock Stock Warrants Stock Options Convertible Bonds Increase in Income $40,000 $0 $0 $19,000 Increase in Common Shares 8,000 2,000 13,000 6,000 What is the correct order of entry into the EPS computation? (Round any calculations to the nearest cent) O A. convertible preferred stock, stock warrants, convertible bonds, stock options OB. convertible bonds, convertible preferred stock, stock warrants O C. stock options, stock warrants, convertible bonds, convertible preferred stock OD. stock options, convertible bonds, convertible preferred stock, stock warrants
The correct order of entry into the EPS (Earnings Per Share) computation for mythe, Inc. is: C. stock options, stock warrants, convertible bonds, convertible preferred stock.
When calculating diluted EPS, the potentially dilutive securities are considered in a specific order to determine their impact on the earnings per share. The order is determined based on the potential dilution each security can cause.
In this case, we have four potentially dilutive securities: Convertible Preferred Stock, Stock Warrants, Stock Options, and Convertible Bonds.
The order specified in option C reflects the correct sequencing for the EPS computation.
Stock options are considered first, followed by stock warrants, convertible bonds, and finally convertible preferred stock.
By following this order, we ensure that the most dilutive securities are accounted for first, providing a conservative estimate of the potential impact on earnings per share.
Therefore, the correct order of entry into the EPS computation for mythe, Inc. is stock options, stock warrants, convertible bonds, and convertible preferred stock, as stated in option C.
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if fixed costs are $420,000, the unit selling price is $40, and the unit variable costs are $20, what is the break-even sales (in units)? a.21,000 units b.30,175 units c.10,500 units d.21,000 units
Therefore, the correct answer is: a. 21,000 units
To calculate the break-even sales in units, we need to determine the number of units that need to be sold in order to cover the fixed costs.
The break-even point is the level of sales at which the company neither makes a profit nor incurs a loss. At this point, the total revenue equals the total cost, and the profit is zero.
The formula to calculate the break-even point in units is:
Break-even point (in units) = Fixed costs / (Selling price per unit - Variable costs per unit)
Given:
Fixed costs = $420,000
Unit selling price = $40
Unit variable costs = $20
Using the formula, we can calculate the break-even sales in units:
Break-even point (in units) = $420,000 / ($40 - $20)
Break-even point (in units) = $420,000 / $20
Break-even point (in units) = 21,000 units
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Nadal Athletic uses a periodic inventory system and has the following transaction related to its inventory for the month of August 2018: Date Transactions Units Cost per Unit Total Cost August 1 Beginning inventory 7 $130 $910 August 4 Sale ($150 each) 5 August 11 Purchase 9 120 1,080 August 13 Sale ($160 each) 7 August 20 Purchase 12 110 1,320 August 26 Sale ($170 each) 10 August 29 Purchase 12 100 1,200 $4,510 Required:1. Using FIFO, calculate ending inventory and cost of goods sold at August 31, 2018. (3 point)2. Using LIFO, calculate ending inventory and cost of goods sold at August 31, 2018. (3 point)3. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31, 2018. (3 point)4. Calculate sales revenue and gross profit under each of the three methods.(6 point) FIFO: LIFO: weighted-average cost:5. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? Explain. (2 point)6. If Pete's chooses to report inventory using LIFO, record the LIFO adjustment. (3 point)
FIFO
Ending inventory: 7 units * $130/unit = $910
Cost of goods sold: 22 units * $110/unit = $2,420
The LIFOEnding inventory: 2 units * $100/unit = $200
Cost of goods sold: 20 units * $110/unit = $2,200
Weighted-average cost
Ending inventory: 18 units * $112.75/unit = $2,029.50
Cost of goods sold: 4 units * $130/unit + 10 units * $120/unit + 8 units * $110/unit = $2,480.50
Sales revenue and gross profit
Method Sales revenue Cost of goods sold Gross profit
FIFO $3,570 $2,420 $1,150
LIFO $3,570 $2,200 $1,370
Weighted-average cost $3,570 $2,480.50 $1,089.50
FIFO provides a more meaningful measure of ending inventory because it reflects the cost of the most recently acquired inventory. This is because FIFO assumes that the first units bought are the first units sold.
LIFO adjustment
If Nadal Athletic chooses to report inventory using LIFO, it would need to record an adjustment of $220 for the difference between the FIFO cost of ending inventory ($910) and the LIFO cost of ending inventory ($200).
The adjustment would be recorded as follows:
Debit Cost of goods sold $220
Credit Inventory $220
This adjustment would reduce the cost of goods sold and increase the gross profit for the month of August.
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Carla Lopez deposits $1,800 a year into her retirement account. If these funds have average earnings of 7 percent over the 40 years until her retirement, what will be the value of her retirement account? Use Exhibit 1-B. (Round your discount factor to 3 decimal places and final answer to the nearest whole dollar.)
The value of Carla's retirement account will be $35,245 after 40 years of making annual deposits of $1,800 with an average earnings rate of 7 percent.
Carla Lopez deposits $1,800 into her retirement account annually. Assuming an average earnings rate of 7 percent over a period of 40 years until her retirement, we can calculate the value of her retirement account using the future value of an annuity formula.
First, we need to calculate the discount factor, which is given by the formula:
Discount factor = [1 - (1 + r)^(-n)] / r
Here, the annual payment is $1,800, the rate of return is 7 percent, and the time period is 40 years. Plugging in these values, we have:
Discount factor = [1 - (1 + 7%)^(-40)] / 7% = 19.5807
Now, we can calculate the future value of the annuity by multiplying the annuity payment ($1,800) by the discount factor:
Future value of annuity = Annuity payment x Discount factor = $1,800 x 19.5807 = $35,245
Therefore, the value of Carla's retirement account will be $35,245 after 40 years of making annual deposits of $1,800 with an average earnings rate of 7 percent.
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