The standard price is $6 per pound.
To find the standard price, we need to calculate the price per pound of the materials. The quantity variance measures the difference between the actual quantity used and the standard quantity allowed, multiplied by the standard price. In this case, the company used 8900 pounds of materials, exceeding the standard by 400 pounds.
We can calculate the quantity variance as follows:
Quantity Variance = (Actual Quantity - Standard Quantity) × Standard Price
Given that the quantity variance is $2700 unfavorable, we can set up the equation:
$2700 = (8900 - Standard Quantity) × Standard Price
Since the company exceeded the standard by 400 pounds, we can rewrite the equation as:
$2700 = (8900 - 400 - Standard Quantity) × Standard Price
Simplifying further, we have:
$2700 = (8500 - Standard Quantity) × Standard Price
Now, we know that the company used 8900 pounds of materials and the quantity variance is $2700 unfavorable. By rearranging the equation, we can solve for the standard price:
Standard Price = $2700 / (8500 - Standard Quantity)
By substituting the values into the equation, we can find the standard price per pound of materials. However, to determine the exact value of the standard price, we would need the specific value of the standard quantity allowed, which is not provided in the question. Therefore, we cannot calculate the exact standard price.
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What is the main difference between plain woven fabric and carpet
thickness test procedures?
The main difference between plain woven fabric and carpet thickness test procedures is that the carpet thickness test procedures need to be carried out in different ways and on different machines to measure the thickness of carpets,
Carpet thickness test procedures are distinct from those used for plain woven fabric. The thickness of carpets is tested using different machines and methods. For example, a Tufting Gauge is utilized to measure the pile height of the carpet. A measuring scale or micrometer, as well as a gauge, are also used to measure the pile thickness of the carpet.
On the other hand, the thickness test procedure for plain woven fabric can be performed on the same machine used to produce the woven fabric, utilizing a thickness gauge or measuring scale. To gauge the thickness of plain woven fabric, a load of a particular weight is placed on the fabric and the thickness is measured at the time of compression.
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A firm produces output according to a production function: Q = F(K,L) = min {6K,6L}. a. How much output is produced when K = 2 and L = 3? b. If the wage rate is $35 per hour and the rental rate on capital is $25 per hour, what is the cost-minimizing input mix for producing 12 units of output? capital? Labor? c. How does your answer to part b change if the wage rate decreases to $25 per hour but the rental rate on capital remains at $25 per hour?
a. To determine the output when K = 2 and L = 3, we substitute the values into the production function: Q = min {6K, 6L}Q = min {6(2), 6(3)} = min {12, 18} = 12 units of output.
b. To find the cost-minimizing input mix for producing 12 units of output, we compare the cost of using different combinations of capital (K) and labor (L) inputs. The cost of using each input is determined by multiplying the input quantity by its respective rate.Given the wage rate of $35 per hour and the rental rate on capital of $25 per hour, we want to find the input mix that minimizes cost while producing 12 units of output. Since the production function is Q = min {6K, 6L}, we need to consider the minimum of the two inputs.When Q = 12, we have two possibilities:If 6K < 6L, then 6K = 12, which implies K = 2. The cost of capital is $25 per hour, so the cost of using capital is (2)(25) = $50If 6L ≤ 6K, then 6L = 12, which implies L = 2. The cost of labor is $35 per hour, so the cost of using labor is (2)(35) = $70Comparing the costs, we see that the cost of using capital is lower ($50) than the cost of using labor ($70). Therefore, the cost-minimizing input mix for producing 12 units of output is to use 2 units of capital (K) and 0 units of labor (L).c. If the wage rate decreases to $25 per hour while the rental rate oncapital remains at $25 per hour, the cost comparison between capital and labor inputs changes.Considering the same scenario of producing 12 units of output, we compare the costs:If 6K < 6L, then 6K = 12, which implies K = 2. The cost of capital remains at $25 per hour, so the cost of using capital is (2)(25) = $50.If 6L ≤ 6K, then 6L = 12, which implies L = 2. The wage rate is now $25 per hour, so the cost of using labor is (2)(25) = $50.In this case, both the cost of using capital and the cost of using labor are equal at $50. Therefore, the cost-minimizing input mix for producing 12 units of output would be to use 2 units of capital (K) and 2 units of labor (L) since they have the same cost.
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State whether the following statements are true or false and explain your answer in each case in
no more than 3 lines. (6 questions, 5 points each, 30 points total)
1) A seller will always get identical revenue whether she runs an English auction or a first price
sealed bid auction
2) With one dimensional policy space and any type of preference structure, the social choice following a majority voting system will select the outcome most preferred by the median voter.
3) With the right set of endowments, any Pareto Efficient allocation can be achieved as a competitive general equilibrium.
4) In repeated games, cooperation becomes harder to achieve as the players become more
patient (i.e. the discount factor becomes higher).
5) When prospective employees are able to signal their ability, employers are no better off. employees with lower productivity are definitely worse off, and even employees with higher productivity might be worse off.
6) Under a Rawlsian social welfare function, a society with one million poor people with a utility of 10, has the same social welfare as a society with 999,999 rich people with a utility of 1000 and one poor person with a utility of 10.
1) false. English auction, the seller earns the second-highest bid.
2) True; 3) true: 4) false: 5) false: 6) false.
1) The statement is false. A seller will not always get identical revenue whether she runs an English auction or a first price sealed bid auction. In a first price sealed bid auction, the seller earns the highest bid whereas in an English auction, the seller earns the second-highest bid.
2) The statement is true. With one dimensional policy space and any type of preference structure, the social choice following a majority voting system will select the outcome most preferred by the median voter.
3) The statement is true. With the right set of endowments, any Pareto Efficient allocation can be achieved as a competitive general equilibrium.
4) The statement is false. In repeated games, cooperation becomes easier to achieve as the players become more patient (i.e. the discount factor becomes higher).
5) The statement is false. When prospective employees are able to signal their ability, employers are better off because they can better differentiate between high and low productivity employees. Employees with lower productivity are worse off, but employees with higher productivity are better off due to the ability to signal their ability.
6) The statement is false. Under a Rawlsian social welfare function, a society with one million poor people with a utility of 10, has a lower social welfare than a society with 999,999 rich people with a utility of 1000 and one poor person with a utility of 10.
Rawlsian social welfare function is based on the idea that welfare should be maximized for the worst-off member of society, not on the total utility of society.
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Questions 1. Explain in your own words what is happening in the above case? 2. Why do people commit tax fraud? 3. Which "law" is the accountant in the above case referring to? 4. Suggest what can the
Tax fraud is a serious offense with severe penalties. It is important for individuals to seek lawful ways to minimize their tax liabilities and consult with legitimate tax professionals to ensure compliance with tax laws and regulations.
1. In the above case, a client has approached an accountant seeking advice on minimizing their tax liabilities. The accountant suggests creating false invoices and inflating expenses to reduce the client's taxable income. This amounts to tax fraud, as the accountant is suggesting illegal methods to evade taxes.
2. People commit tax fraud for various reasons. One primary motive is financial gain. By underreporting income or inflating deductions, individuals can reduce their tax obligations and keep more money for themselves. Some may view it as a way to level the playing field, believing that others are also engaging in fraudulent activities. Additionally, complex tax laws and loopholes make it easier for individuals to exploit gaps in the system, which can further incentivize tax fraud.
3. The "law" that the accountant in the above case is referring to is likely a specific provision within the tax code or regulations that they believe can be exploited. It could be a provision related to deducting business expenses or reporting income from specific sources. However, it's important to note that the accountant's interpretation of the law is incorrect, as they are suggesting fraudulent activities.
4. Committing tax fraud is illegal and carries severe consequences. Engaging in such activities can lead to criminal charges, substantial fines, and even imprisonment. Additionally, tax authorities often conduct audits and investigations to identify fraudulent activities. Instead of resorting to illegal means, individuals should consult with legitimate tax professionals who can help them navigate the tax system within the boundaries of the law.
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Question 5. On 1 January 2021 Corgi Ltd issued a £5m convertible bond at nominal value. There were no issue costs. The bond is redeemable at par on 1 January 2024 or bond holders can convert their bond into ordinary shares, with a nominal value of £1. The terms of the conversion are 2 shares for every £100 of bond. The coupon rate on the bond is 10%, payable annually in arrears. Bonds issued by similar entities without the conversion rights bear interest at 15%. Page 5 of 6 Required a) Explain, including calculations, how the issue of the bond would be accounted for by Corgi at 1 January 2021. You should also state the journal entry at this 12 marks date. b) Explain why the bond will be remeasured to amortised cost at 31 2021, rather than to fair value, December 4 marks c) Show the journal entries for the year end remeasurement, stating position of each entry in the appropriate financial statement. clearly the 6 marks d) Explain simply what an expected credit loss is, how it is measured and why an expected credit loss adjustment is not required at 31 December 2021. 3 marks Note: Provide answers to the nearest £ Total 25 marks
Corgi Ltd issued a £5m convertible bond on 1 January 2021. The bond can be redeemed in cash on 1 January 2024 or converted into ordinary shares. The accounting treatment involves recognizing the bond liability and equity components separately.
Corgi Ltd would account for the issuance of the bond on 1 January 2021 by recognizing liability for the bond and an equity component for the conversion feature. The liability is calculated by discounting the future cash flows (principal and interest) at a market interest rate of 15%. The difference between the proceeds and the liability represents the equity component. The journal entry would debit Cash for £5m, credit Bond Liability for the discounted liability amount, and credit Convertible Bond Equity for the remaining balance.
The bond will be remeasured to amortized cost at 31 December 2021 instead of fair value because it is classified as a financial liability measured at amortized cost under IFRS 9. The fair value option is not applicable in this case. Remeasuring the bond to amortized cost involves calculating the interest expense using the effective interest method and adjusting the carrying amount of the bond for any or amortization impairment.
No expected credit loss adjustment is required at 31 December 2021 because Corgi Ltd has not experienced any credit loss events or indicators of impairment. An expected credit loss represents the estimated amount of loss arising from default or non-payment by a debtor. It is measured based on the probability of default, the amount recoverable, and the time value of money. As there are no indications of credit loss at the reporting date, no adjustment is necessary.
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Your Company wants to raise $10.0 million by issuing 25- year zero
coupon bonds. If the yield to maturity on the bonds will be 5% (
annual compunded APR), what total face value amount of bonds must
yo
To raise $10.0 million by issuing 25-year zero-coupon bonds with a yield to maturity of 5% (annual compounded APR), the company needs to generate a total face value amount of approximately $25.29 million.
The formula to calculate the total face value of zero-coupon bonds is given by:
Total Face Value = Principal Amount / (1 + Yield)^(Number of Years)
In this case, the company wants to raise $10.0 million, so the principal amount is $10.0 million. The yield to maturity is 5% (annual compounded APR), which can be converted to a decimal by dividing it by 100, resulting in 0.05. The number of years is 25.
Plugging in the values into the formula:
Total Face Value = $10,000,000 / (1 + 0.05)^(25)
Calculating the right side of the equation:
(1 + 0.05)^(25) ≈ 2.6532977068
Substituting the value back into the formula:
Total Face Value ≈ $10,000,000 / 2.6532977068 ≈ $3,771,964.77
Therefore, to raise $10.0 million, the company needs to generate a total face value amount of approximately $25.29 million.
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What could be the major problem in exploiting inbound and outbound logistics functions? Pertaining to globalization and Covid-19. (15 Marks) Need the answer to be as long as possible please.
The major problem in exploiting inbound and outbound logistics functions in the current globalized world is the Covid-19 pandemic. The pandemic has led to disruptions in supply chains, increased costs, and increased competition, which has made it difficult for businesses to maintain their profitability.
In today's globalized world, inbound and outbound logistics functions have become critical for businesses to ensure their success. Inbound logistics refers to the movement of raw materials and goods from suppliers to manufacturers, while outbound logistics refers to the movement of finished products from manufacturers to customers. However, with the recent outbreak of the Covid-19 pandemic, businesses have faced a number of challenges when it comes to exploiting these functions.
One of the major problems faced by businesses is disruptions to supply chains. Due to the pandemic, many countries have imposed restrictions on the movement of goods, which has led to delays and shortages in the supply of raw materials and finished products. This has made it difficult for businesses to meet the demands of their customers, which has resulted in lost sales and revenue.
Another problem is increased costs. With the pandemic, businesses have had to invest in additional safety measures to protect their workers and customers, which has increased their operating costs. In addition, transportation costs have increased due to the restrictions on the movement of goods, which has made it difficult for businesses to maintain profitability.
Another problem is increased competition. With the pandemic, many businesses have been forced to shut down, which has resulted in increased competition for the remaining businesses. This has made it difficult for businesses to maintain their market share, and has resulted in reduced profitability.
In conclusion, the major problem in exploiting inbound and outbound logistics functions in the current globalized world is the Covid-19 pandemic. The pandemic has led to disruptions in supply chains, increased costs, and increased competition, which has made it difficult for businesses to maintain their profitability. However, by adapting to the new normal and investing in technology and innovation, businesses can overcome these challenges and ensure their success in the future.
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Review Fortune magazine's "Most Admired" American companies for 1959, 1979, 1999, and the most current year. (The issue normally appears in August each year.) Which companies have remained on the top throughout this period? Which ones have disappeared? What do you think led to the survival or demise of these companies?
The Fortune magazine "Most Admired" American companies list provides a valuable insight into the changing landscape of business over time and highlights the importance of staying ahead of the curve in a competitive market.
The companies that have remained on the top throughout this period include names like General Electric, IBM, Johnson & Johnson, Coca-Cola, Procter & Gamble, and Walmart. These are all established companies with strong brand recognition, innovative products, and a proven track record of success.
On the other hand, there are also companies that have disappeared from the list, such as Enron and Lehman Brothers. These companies faced a variety of challenges, including financial mismanagement, ethical scandals, and a failure to adapt to changing market conditions.
In terms of what led to the survival or demise of these companies, it can be attributed to a combination of factors. The companies that have remained successful have consistently invested in innovation, built strong relationships with customers, and stayed ahead of industry trends. Conversely, companies that have disappeared have often failed to adapt to changes in the market, made poor strategic decisions, or faced internal issues such as fraud or corruption.
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Based on save on foods make BCG matrix please i need fully
detail answer. Please detail make sure based on save on foods
BCG matrix is a strategic tool used to evaluate the performance of a business's product lines. This matrix determines which business units or products a company should continue investing in and which ones it should dispose of. The BCG matrix was designed by the Boston Consulting Group, and it has two primary components: relative market share and market growth rate.
Save-On-Foods is a retail company that operates in the grocery and food industry. It offers fresh produce, dairy, meat, and seafood, along with a variety of prepared meals, bakery products, and home essentials. The company can use the BCG matrix to evaluate its product lines and determine which ones to invest in further and which ones to discontinue.
Here's how the BCG matrix can be applied to Save-On-Foods:
1. Cash Cow (High Market Share, Low Market Growth)
Save-On-Foods' cash cow products are the ones that have a high market share and low market growth. These are the products that are mature and generate a steady flow of cash for the company. Save-On-Foods can use this cash flow to fund the growth of other product lines.
Examples of Cash Cow products at Save-On-Foods include:
Dairy products, fresh produce, bakery products, and meat.
2. Stars (High Market Share, High Market Growth)
Save-On-Foods' Star products are the ones that have a high market share and high market growth. These are the products that are performing well in the market and have the potential to generate more revenue for the company. Save-On-Foods should invest in these products further to maintain their high market share.
Examples of Star products at Save-On-Foods include:
Prepared meals, home essentials, and seafood.
3. Question Marks (Low Market Share, High Market Growth)
Save-On-Foods' Question Mark products are the ones that have low market share but high market growth. These are the products that have the potential to grow in the future, but they require more investment from the company to achieve this growth. Save-On-Foods should invest in these products and try to increase their market share.
Examples of Question Mark products at Save-On-Foods include:
Organic and specialty products.
4. Dogs (Low Market Share, Low Market Growth)
Save-On-Foods' Dog products are the ones that have low market share and low market growth. These are the products that are not performing well in the market, and the company should consider discontinuing them.
Examples of Dog products at Save-On-Foods include:
Products that have low demand and do not generate enough revenue for the company.
In conclusion, Save-On-Foods can use the BCG matrix to evaluate its product lines and determine which ones to invest in further and which ones to discontinue. The company's Cash Cow products are the ones that generate a steady flow of cash for the company, while the Star products have the potential to generate more revenue in the future.
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Which is true? O None is true. M1 is part of M2, and M2 is part of M3. M1 is part of M2, but M2 is not part of M3. M1 is not part of M2, but M2 is part of M3. According to the concept of the liquidity trap: O at very low interest rates people would simply hold their money. O at very low interest rates people would put their money in the bank. people will lend out their money no matter what the interest rate happens to be. at very high interest rates people would simply hold their money. In the classical model, the velocity of circulation of money: decreases when interest rates rise. increases when the inflation rate increases. increases as nominal GDP increases. O is a constant. O increases when interest rates rise. The classical quantity theory of money states that: O increases in the stock of money result in proportionate increases in the price level. increases in the stock of money result in greater increases in the price level. money is a medium of exchange necessary for the efficient functioning of the economy. decreases in the stock of money increase the price level. Money performs its job as a standard of deferred payment very well: O in the long run. o in neither the short run nor the long run. O in both the short and long run. in the short run
M1 is part of M2, but M2 is not part of M3. According to the concept of the liquidity trap, at very low interest rates people would simply hold their money. In the classical model, the velocity of circulation of money is a constant.
The classical quantity theory of money states that increases in the stock of money result in proportionate increases in the price level. Money performs its job as a standard of deferred payment very well in the long run.
M1, M2, and M3 are different measures of the money supply, where M1 represents the most liquid form of money, M2 includes M1 along with additional financial assets, and M3 includes M2 along with other less liquid assets.
The concept of the liquidity trap suggests that at very low interest rates, people may prefer to hold onto their money rather than investing or spending it. This is because the opportunity cost of holding money is low when interest rates are close to zero.
The velocity of circulation of money refers to the speed at which money changes hands in the economy. In the classical model, it is assumed to be constant, indicating a stable relationship between the money supply and nominal GDP.
The classical quantity theory of money asserts that changes in the money supply will have proportional effects on the price level. An increase in the stock of money will lead to a proportionate increase in the overall price level in the economy.
Money's effectiveness as a standard of deferred payment is believed to hold true in the long run. It serves as a reliable medium for conducting transactions and facilitating economic exchanges over an extended period.
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Syazwan and his partner Sharmila have formed a new limited partnership, Syazwan & Sharmila Security Consultants (3SC). 3SC consults with corporations to determine their security needs. Syazwan and Sharmila have hired you to design a database management system to help them manage their business. Due to a recent increase in business, 3SC has decided to automate its client tracking system. You and your team have done a preliminary analysis and come up with the following set of classes, attributes, and business rules :
Consultant
There are two types of consultants; (a) the business consultant determines security needs and estimates the actual services to be performed, and (2) the technical consultants perform services according to the specifications developed by the business consultants. Attributes of business consultant are the following: Employee ID (identifier), Name, Address (which is composed of Street, City, State, and Zip Code), Telephone, Date of Birth, Age, Business Experience (which is composed of Number of Years, Type of Business [or businesses], and Degrees Received). Attributes of technical consultant are the following: Employee ID (identifier), Name, Address (which is composed of Street, City, State, and Zip Code), Telephone, Date of Birth, Age, Technical Skills, and Degrees Received.
Customer
Customers are businesses that have asked for consulting services. Attributes of customer are Customer ID (identifier), Company Name, Address (which is composed of Street, City, State, and Zip Code), Contact Name, Contact Title, Contact Telephone, Business Type, and Number of Employees.
Location
Customers can have multiple locations. Attributes of location are Customer ID (identifier), Location ID (which is unique only for each Customer ID), Address (which is composed of Street, City, State, and Zip Code), Telephone, and Building Size.
Service
A security service is performed for a customer at one or more locations. Before services are performed, an estimate is prepared. Attributes of service are Service ID (identifier), Description, Cost, Coverage, and Clearance Required.
Additional Business Rules
In addition to the classes outlined previously, the following information will need to be stored in tables and shown in the model. These may be classes, but they also reflect a relationship between more than one class:
Estimates, which have characteristics of Date, Amount, Business Consultant, Services, and Customer
Services Performed, which have characteristics of Date, Amount, Technical Consultant, Services, and Customer
You may also assume the following:
A customer can have many consultants providing many services. You wish to track both actual services performed as well as services offered.
Therefore, there should be two relationships between customer, service, and consultant, one to show services performed and one to show services offered as part of the estimate. From the case study given above, build Class Diagram (DRAW IN TABLE)
Class Diagram:
+---------------------+
| Consultant |
+---------------------+
| - Employee ID |
| - Name |
| - Address |
| - Telephone |
| - Date of Birth |
| - Age |
+---------------------+
^
|
|
|
+---------------------+ | +---------------------+
| BusinessConsultant | | | TechnicalConsultant |
+---------------------+ | +---------------------+
| - Business Experience| | | - Technical Skills |
+---------------------+ | +---------------------+
|
|
|
+---------------------+
| Customer |
+---------------------+
| - Customer ID |
| - Company Name |
| - Address |
| - Contact Name |
| - Contact Title |
| - Contact Telephone |
| - Business Type |
| - Number of Employees
+---------------------+
^
|
|
|
+---------------------+
| Location |
+---------------------+
| - Customer ID |
| - Location ID |
| - Address |
| - Telephone |
| - Building Size |
+---------------------+
^
|
|
|
+---------------------+
| Service |
+---------------------+
| - Service ID |
| - Description |
| - Cost |
| - Coverage |
| - Clearance Required|
+---------------------+
^ ^
| |
| |
| |
+---------------------+ +---------------------+
| Estimates | | ServicesPerformed |
+---------------------+ +---------------------+
| - Date | | - Date |
| - Amount | | - Amount |
+---------------------+ +---------------------+
| |
| |
v v
+---------------------+ +---------------------+
| Business Consultant | | Technical Consultant|
+---------------------+ +---------------------+
| - Services | | - Services |
+---------------------+ +---------------------+
| |
| |
v v
+---------------------+ +---------------------+
| Customer | | Customer |
+---------------------+ +---------------------+
| - Services | | - Services |
+---------------------+ +---------------------+
Determine the class diagram?The class diagram depicts the entities and their relationships based on the given information. There are four main classes: Consultant, Customer, Location, and Service. The Consultant class has two subclasses: Business Consultant and Technical Consultant.
The Customer class represents businesses that require consulting services. The Location class represents the multiple locations of a customer. The Service class represents the security services provided.
The diagram includes relationships between the classes. A customer can have multiple consultants providing various services, so there are two relationships between Customer, Service, and Consultant classes. One relationship represents services performed, and the other represents services offered as part of the estimate.
The Estimates and Services performed classes capture additional information related to the estimates and services provided, such as dates and amounts. The Business Consultant and Technical Consultant classes maintain the relationship with the Estimates and Services performed classes, indicating their involvement in the respective activities.
Overall, the class diagram provides a visual representation of the entities, their attributes, and the relationships among them, facilitating the design of the database management system for 3SC.
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please answer 2/3 of the following. thank you!
7. What's the difference between primary and secondary market research? What can you typically learn from each of these? 8. What is a Minimal Viable Product? How does the entrepreneur use one or more
What's the difference between primary and secondary market research? What can you typically learn from each of these?
Primary market research involves collecting new data directly from potential customers or target audience through surveys, focus groups, interviews, or observations. This type of research is tailored to specific research objectives and can provide detailed insights into customer preferences, needs, behaviors, and attitudes.
Secondary market research, on the other hand, gathers existing data that has already been collected and analyzed by others, such as government agencies, industry associations, research firms, or academic studies. This type of research can help entrepreneurs identify trends, benchmark against competitors, and understand the broader market context.
What is a Minimal Viable Product? How does the entrepreneur use one or more?
A Minimal Viable Product (MVP) is a basic version of a product that entrepreneurs create with the minimum set of features needed to test their assumptions and validate their business idea. The goal of an MVP is to get early feedback from real customers to determine whether the product solves a problem that they are willing to pay for.
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Briefly describe the aim of the 'Value Chain' framework in strategic analysis. Outline the different roles that primary and supporting activities play in the firm's value chain. Reflect about the limitations of a value chain analysis as compared to an industry analysis. Critically evaluate the usefulness of the Value Chain framework in high technology company such as Microsoft or Apple
The aim of the 'Value Chain' framework in strategic analysis is to identify and analyze the activities within a company's operations that create value for customers. It helps in understanding how a firm can gain a competitive advantage by optimizing its internal activities. The value chain consists of primary activities, which are directly involved in the creation and delivery of the product or service, and supporting activities, which provide the necessary infrastructure and resources to support the primary activities.
Primary activities include inbound logistics (procurement, receiving, and warehousing), operations (manufacturing, assembly, or service provision), outbound logistics (order processing, distribution, and delivery), marketing and sales (promoting and selling the product or service), and customer service (after-sales support and assistance). Supporting activities comprise infrastructure (company-wide functions like finance, planning, and quality control), human resource management (recruiting, training, and development), technology development (research and development, innovation), and procurement (sourcing and purchasing materials).
While a value chain analysis helps in understanding a company's internal operations and how they create value, it has limitations compared to an industry analysis. A value chain analysis primarily focuses on internal activities and may not consider external factors such as industry dynamics, market trends, and competitive forces. An industry analysis provides a broader perspective by examining the external environment and identifying opportunities and threats that may impact the company's value chain.
The Value Chain framework is particularly useful for high technology companies like Microsoft or Apple. These companies rely heavily on technology development and innovation, which are critical components of their value chain. By analyzing the technology development activity, they can assess their research and development capabilities, identify opportunities for innovation, and stay ahead in the market. Additionally, primary activities such as marketing and sales play a crucial role in creating demand for their high-tech products. The Value Chain framework enables these companies to understand and optimize their activities to deliver value to customers and maintain a competitive edge in the fast-paced high-tech industry.
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On January 1, 2010, Bart Company purchased equipment at a cost of $135,000. The equipment was estimated to have a useful life of 5 years and a salvage value of $15,000. Bart uses the sum of the years' digits method of depreciation. What should the accumulated depreciation be on December 31, 2012? Select one: O a. $108,000 b. $84,000 O c. $72,000 0.d. $54,000 O e. $96,000 Wheeler Corporation constructed a building at a cost of $20,000,000. The weighted average accumulated expenditures were $8,000,000, actual interest was $1,200,000, and avoidable interest was $800,000. If the salvage value is $1,200,000, and the useful life is 40 years, depreciation expense for the first full year using the straight line method is Select one: a. $475,000 O b. $490,000 c. $500,000 d. $520,000 e. $670,000
According to the sum-of-the-years-digits method of depreciation, the denominator of the fraction used to allocate deprecation is the sum of the digits of the years of the useful life.
Therefore, the sum of the digits of the 5-year useful life is 15 (1 + 2 + 3 + 4 + 5). Using the sum-of-the-years'-digits method of depreciation, the first year's depreciation will be: [(5-1 + 1) / 15] × ($135,000-$15,000) = $24,000.The second year's depreciation is computed as: [(5-2 + 1) / 15] × ($135,000-$15,000) = $21,600. The third year's depreciation can be calculated as: [(5-3 + 1) / 15] × ($135,000-$15,000) = $19,200. Therefore, the accumulated depreciation on December 31, 2012 is:$24,000 (first-year depreciation) + $21,600 (second-year depreciation) + $19,200 (third-year depreciation) = $64,800.
For the second problem, the depreciable cost of the building is $20,000,000 (cost) - $1,200,000 (salvage value) = $18,800,000. The straight-line depreciation rate is computed by dividing the depreciable cost by the useful life. The straight-line depreciation rate is therefore:$18,800,000 ÷ 40 = $470,000. In the first year, the depreciation expense is the same as the straight-line depreciation rate because no fraction of a year is involved. Therefore, the depreciation expense for the first full year using the straight-line method is: $470,000.
Therefore, the accumulated depreciation on December 31, 2012 is $64,800, and the depreciation expense for the first full year using the straight-line method is $470,000.
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Which statement concerning the ease of entry into retailing is correct?
A) Ease of entry into retailing contributes to the need for effective stockholder relations.
B) Ease of entry is reflected in high market shares for leading firms.
C) Investment per worker in retailing is significantly greater than that of manufacturing establishments.
D) Ease of entry generates a high degree of competition.
Option D) Ease of entry generates a high degree of competition is the correct statement concerning the ease of entry into retailing.
Here's why. Retailing is a business model that necessitates a lot of work. It necessitates stocking up on goods that customers will want to buy and displaying them in an appealing manner. Retailers must also develop a robust marketing strategy to entice clients to visit their store, and they must be equipped to provide excellent customer service. All of these responsibilities may make it appear that entry into retailing would be challenging, yet the opposite is true.The ease of entry into retailing generates a high degree of competition. Setting up a retail store, regardless of size, is relatively simple and cost-effective. As a result, small-scale retailers with little or no previous business expertise or education can compete with larger, more established retailers. This ease of entry produces competition between retailers, lowering product pricing and improving the consumer's purchasing experience. Even though this ease of entry makes it challenging for retailers to stand out from the crowd, it also generates opportunities for retailers to establish themselves in the market by providing superior products and customer service. Therefore, ease of entry into retailing is advantageous in some respects, but it also produces tough competition.
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Suppose you borrow $30,000 from a bank. The terms of the loan
are 17 years with an interest rate of 12%. What are the annual loan
payments at the end of the year to the bank?
Enter your response below
The annual loan payments at the end of the year to the bank for a $30,000 loan with a 17-year term and 12% interest rate can be calculated using the amortization formula.
To determine the annual loan payments, we can use the amortization formula, which calculates the fixed payment amount required to pay off a loan over a specified period with a given interest rate.
The formula for calculating the annual loan payment amount is:
Loan Payment = Loan Amount / Present Value Factor
In this case, the loan amount is $30,000, and the term is 17 years. The interest rate is 12%. To find the present value factor, we can use the present value of an annuity formula: Present Value Factor = (1 - (1 + interest rate)^(-term)) / interest rate
Plugging in the values, we have:
Present Value Factor = (1 - (1 + 0.12)^(-17)) / 0.12
After calculating the present value factor, we can determine the annual loan payment:
Loan Payment = $30,000 / Present Value Factor
By substituting the values into the equation, we can find the annual loan payment amount.
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profit from processing further deaton corporation manufactures products a, b, and c from a joint process.
The profit from processing further for Deaton Corporation depends on the individual profitability of products A, B, and C. A cost-benefit analysis for each product needs to be conducted to determine which product(s) to focus on and which product(s) to process further.
Joint process manufacturing is when a single process generates multiple products. In this case, Deaton Corporation is manufacturing products A, B, and C from a joint process. The profitability of each product will depend on the cost of production and the selling price.
To determine the profit from processing further for Deaton Corporation, a cost-benefit analysis needs to be conducted for each product. The cost-benefit analysis should consider the cost of production for each product, which includes direct costs such as labor, materials, and overhead costs, as well as indirect costs such as administrative and selling expenses. Additionally, the selling price for each product needs to be analyzed to determine the revenue generated. Once the costs and revenue are calculated for each product, the profitability of each product can be determined. If the profit margin for a particular product is higher than the others, then it may make sense for Deaton Corporation to process further and focus on that product. On the other hand, if the profit margin for all products is relatively similar, then Deaton Corporation may need to process all products further to generate more revenue and profit.
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Which of the following formulas determine cost of goods sold in a merchandising entity Beginning inventory - Ending inventory - Purchases = Cost of goods sold a O Beginning inventory - Purchases + Ending inventory = Cost of goods sold.b O Beginning inventory + Purchases - Ending inventory = Costs of goods sold.co Beginning inventory + Purchases + Ending inventory = Cost of goods sold.d O
The correct formula for determining cost of goods sold in a merchandising entity is:
Beginning inventory + Purchases - Ending inventory = Cost of goods sold
Beginning Inventory: It represents the value of inventory that the company had at the beginning of the accounting period. This includes the cost of all goods available for sale but not yet sold.
Purchases: It represents the cost of additional inventory purchased during the accounting period. This includes the cost of goods acquired from suppliers or manufacturers to replenish the inventory.
Ending Inventory: It represents the value of inventory that remains unsold at the end of the accounting period. It includes the cost of goods that were not sold during the period and are still held in inventory.
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"Don't cry over spilled milk"- Evaluate this equation in the light of the concept of "Sunk Cost". As a manager of a large corporation would you evaluate the 'Principal-Agent Problem" by putting yourself 'in the shoes' of the owners of the company? If you are manager of a company which has a lead product that has "unit elasticity" (price elasticity of demand value is 1), then how would you strategize to increase your sales revenue? Will a pricing strategy be more effective or product quality improvement strategy be more effective in sales revenue growth efforts when the product is having unit price elasticity of demand (price elasticity of demand value =1)? Please explain.
According to the sunk cost theory, decisions should not be based on previous costs because they have already been incurred and cannot be recouped. In light of this, the proverb "Don't cry over spilled milk" suggests that we should move forward and concentrate on the present and future rather than wasting time or resources worrying over something that has already happened.
To make sure that your activities as a manager of a major firm are in line with the interests of the owners, it is crucial to assess the Principal-Agent Problem by placing yourself in their position.
The Principal-Agent Problem occurs when the interests of the owners (principals) and the managers (agents) differ. It is important to ensure that the decisions made as a manager are in line with the goals of the owners to minimize this problem.
When the interests of the owners (principals) and the managers (agents) diverge, the Principal-Agent Problem arises. To lessen this issue, it is crucial to make sure that the managerial choices are consistent with the objectives of the owners.
A change in price has a proportionate effect on the quantity demanded if a lead product exhibits unit elasticity. A pricing strategy can be used to boost sales income by modestly lowering the product's price to attract additional purchases.
For unit elasticity, a price reduction approach might be successful because a lower price will result in more quantities being sought, which will improve sales income.
On the other side, as it is unlikely to raise the demand for the product, a plan for product quality improvement may not be as beneficial for unit elasticity. Instead, it might raise production costs, which would result in a smaller profit margin, which is undesirable.
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Explain the concepts of excess sensitivity and excess
smoothness that arise from the empirical literature on the
permanent income hypothesis. What could explain these
findings?
Excess sensitivity and excess smoothness are concepts that arise from the empirical literature on the permanent income hypothesis. Excess sensitivity refers to the higher sensitivity of consumption to temporary changes in income, while excess smoothness refers to the lower sensitivity of consumption to permanent changes in income.
The permanent income hypothesis posits that individuals base their consumption decisions on their expected lifetime income rather than their current income. However, empirical studies have shown that individuals exhibit excess sensitivity and excess smoothness in their consumption behavior.
Excess sensitivity implies that individuals' consumption is more responsive to temporary changes in income than predicted by the permanent income hypothesis. This can be attributed to liquidity constraints, where individuals may face limitations in accessing credit or adjusting their consumption in response to temporary income fluctuations.
On the other hand, excess smoothness refers to the lower sensitivity of consumption to permanent changes in income. This could be explained by credit market imperfections, where individuals may have limited borrowing opportunities to smooth consumption over time. Additionally, income uncertainty may lead individuals to be cautious and not fully adjust their consumption in response to permanent income changes.
Overall, these findings suggest that individuals' consumption behavior deviates from the predictions of the permanent income hypothesis due to factors such as liquidity constraints, credit market imperfections, and income uncertainty.
These concepts provide insights into the complexities of consumption decisions and have implications for understanding household behavior and economic policies.
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Mooncake Co. sells snowboards to customers. During the month of September, the company sold 115 snowboards. Mooncake uses a periodic inventory system. The following information is collected: Date Units of purchase Unit Cost Total Cost Sep -1 32 $100 $3,200 Sep-3 50 106 $5,300 Sep-19 25 107 $2,675 Sep-26 32 109 $3,488 139 $14,663 What is the cost of ending inventory if the company uses FIFO costing system? a. 2,400 b. 2,532 c. 2,616 d. None of the above Answer 2.ADD is a merchandising company, selling computers. During the first month of operation, it purchased inventory of $ 660,000 and sold the computers for $ 960,000. Ending inventory consists of computers worth $20,000. What’s the gross profit for the month? a. 300,000 b. 320,000 c. 280,000 d. 310,000 Answer 3. On I July 2020, Jordan Co., sells inventory on account to Polo Company for $10,000 terms 2/10, n/30. The cost of the inventory is $7,000. On July 5, Polo returns inventory of $500 to Jordan Co. The cost to Jordan is $350. What should be the journal entry to record the sales returns in the book of Jordan Co. if it uses Perpetual inventory system? a. Sales revenue 500 Accounts receivable 500 Inventory 350 COGS 350 b. Sales returns and allowances 500 Accounts receivable 500 COGS 350 Inventory 350 c. Sales returns and allowances 500 Accounts receivable 500 Inventory 350 COGS 350 d.Accounts receivable 500 Sales revenue 500 COGS 350 Inventory 350 Answer 4. on 2nd June 2020, the management of Sunlight Co. authorizes a write-off of the $7,700 balance owed by R. A. Furniture. The entry to record the write-off under the allowance method is: a. Accounts receivable-R.A Furniture 7,700 Cr cash 7,700 b. Allowance of doubtful account 7,700 Accounts receivable R.A. Furniture 7,700 c. Bad debts expense 7,700 Accounts receivable R.A. Furniture 7,700 d. Bad debts expense 7,700 Allowance for doubtful account 7,700 Answer 5. ABC Co. lends Higley Co. $15,000 on January 1, accepting a five-month, 6% annual interest note. If ABC presents the note to Higley Co. on June 1, the maturity date, ABC’s entry to record the collection is? a. Cash 15,375 Note receivable 15,375 b.Cash 15,900 Accounts receivable 15,900 c.Cash 15,375 Note receivable 15,000 Interest revenue 375 d.Cash 15,900 Note receivable 15,000 Interest revenue 900
B.is the correct answer: allowance for doubtful account $7,700, accounts receivable r.
1. cost of ending inventory (fifo): using the fifo (first-in, first-out) costing method, the cost of ending inventory is determined by assuming that the earliest purchases are the first ones to be sold.
calculation:
units sold: 115 sep-1 purchase: 32 units at $100 = $3,200
sep-3 purchase: 50 units at $106 = $5,300 sep-19 purchase: 25 units at $107 = $2,675
sep-26 purchase: 8 units (remaining from 32 units purchased) at $109 = $872 total cost of units sold: $3,200 + $5,300 + $2,675 + $872 = $12,047
cost of ending inventory: total cost of purchases - cost of units sold cost of ending inventory = $14,663 - $12,047 = $2,616
, the cost of ending inventory using the fifo costing system is $2,616. option c. 2,616 is the correct answer.
2. gross profit:
gross profit is calculated by subtracting the cost of goods sold (cogs) from the net sales.
calculation: net sales = $960,000
cogs = inventory purchased - ending inventory = $660,000 - $20,000
= $640,000 gross profit = net sales - cogs
= $960,000 - $640,000 = $320,000
, the gross profit for the month is $320,000. option b. 320,000 is the correct answer.
3. journal entry for sales returns (perpetual):
when a sales return occurs in a perpetual inventory system, the appropriate journal entry is as follows:
sales returns and allowances (contra-revenue) account: debit: sales returns and allowances - $500
credit: accounts receivable - $500
cost of goods sold (cogs) account: debit: cogs - $350
credit: inventory - $350
, b. is the correct answer: sales returns and allowances $500, accounts receivable $500, cogs $350, inventory $350.
4. write-off under allowance method: when a company decides to write off a specific account receivable using the allowance method, the entry is as follows:
allowance for doubtful accounts (contra-asset) account:
debit: allowance for doubtful accounts - $7,700 credit: accounts receivable - r.a. furniture - $7,700 a. furniture $7,700.
5. collection of a note receivable:
when a note receivable is collected on its maturity date, the entry is as follows:
cash account: debit: cash - $15,375 (principal amount + interest)
credit: note rece
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"Prevention of defects is better than testing for defects." - If you believe in this adage, briefly describe the various activities/initiatives you would undertake as: is the CEO of your organization • the Quality Manager . the Project Manager a Programmer to ensure the Quality of your software product or service. Support your answers with lucid examples. [4 marks]
Prevention of defects is better than testing for defects. This adage is vital in ensuring the quality of software products or services. Below are the various activities/initiatives that can be undertaken by the CEO, Quality Manager, Project Manager, and Programmer to ensure the Quality of software products or services.CEOAs the CEO, some of the activities/initiatives that can be undertaken are;Ensure that the company invests in a top-notch quality assurance program
Ensure that each employee is well trained in the company's quality program and their roleEnsure that the company has policies, procedures, and guidelines that meet industry standardsExample; investing in tools that can help in quality assurance programs, such as automation testing tools. Quality ManagerAs the Quality Manager, the following activities/initiatives can be undertaken;Ensure that there are quality policies, guidelines, and procedures that are implemented to prevent defectsEnsure that the Quality management system is well documented and implemented in all departmentsProvide training and support to the team in implementing quality policiesExample; Developing a quality management system based on ISO 9001.Project ManagerAs the Project Manager, some of the activities/initiatives that can be undertaken are;Ensure that the project is managed using a well-documented and well-structured project management methodologyEnsure that the project plan is comprehensive and covers all the required project phasesEnsure that all the requirements are captured, documented, and tested
Therefore, the CEO, Quality Manager, Project Manager, and Programmer should take the necessary measures to ensure that there are well-documented policies, procedures, and guidelines to prevent defects. They should also ensure that they invest in tools that can help in quality assurance programs, develop a project plan, manage the project using a well-structured project management methodology, and conduct regular code reviews and testing.
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TRUE/FALSE. The tendency for increases in government spending to cause decreases in private saving is known as the crowding out effect.
The statement "The tendency for increases in government spending to cause decreases in private saving is known as the crowding out effect" is true.
The crowding out effect refers to the tendency for increases in government spending to result in decreases in private saving. When the government increases its spending, it typically needs to finance it through borrowing or taxation.
This can lead to higher interest rates and reduced availability of funds for private investment. As a result, individuals and businesses may reduce their saving or borrowing for investment purposes, leading to a decrease in private saving. This phenomenon is often referred to as the crowding out effect.
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What are the main elements of modern logistical infrastructure:
a) warehouses and terminals;
b) transportation means and elements
of transport infrastructure (roads, bridges, railway links
etc.);"
Modern logistical infrastructure has become a critical aspect of business operations, especially with the advent of e-commerce and globalization.
This infrastructure is essential for ensuring the timely delivery of goods and services, managing inventory, and streamlining the supply chain process.There are two main elements of modern logistical infrastructure: warehouses and terminals, and transportation means and elements of transport infrastructure. Warehouses and Terminals:
Warehouses and terminals play a vital role in modern logistical infrastructure. They act as storage and distribution centers for goods and products. Warehouses and terminals can be classified into different types, depending on the nature of the goods they handle. For example, there are warehouses that handle perishable goods, such as food and medicine, and those that handle non-perishable goods, such as electronics and clothing. Transportation Means and Elements of Transport Infrastructure: Transportation means and elements of transport infrastructure are the second main element of modern logistical infrastructure. They include all the modes of transportation used to move goods from one point to another. The most common modes of transportation include road, rail, air, and sea transport. These transportation modes require well-developed transport infrastructure, such as roads, bridges, railway links, ports, and airports. In conclusion, the modern logistical infrastructure comprises two essential elements: warehouses and terminals and transportation means and elements of transport infrastructure. A well-developed logistical infrastructure is critical for businesses to achieve operational efficiency, cost savings, and better customer service.
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Naidoo Traders sells 8 000 small bags of Maize meal each year. The holding cost of each bag of Maize meal is R5. The cost of placing an order for inventory is estimated at R160. 2.1 Calculate the EOQ. 2.2 Calculate the number of orders that should be placed per annum N.B. Round off answers to the nearest whole number
The number of orders that should be placed per annum is approximately 35 orders.
To calculate the Economic Order Quantity (EOQ), we can use the following formula:
EOQ = √[(2 * Annual Demand * Cost per Order) / Holding Cost per Unit]
Given:
Annual Demand = 8,000 bags
Cost per Order = R160
Holding Cost per Unit = R5
2.1 Calculate the EOQ:
EOQ = √[(2 * 8,000 * 160) / 5]
EOQ = √[256,000 / 5]
EOQ = √51,200
EOQ ≈ 226.27 (rounded to the nearest whole number)
The Economic Order Quantity (EOQ) is approximately 226 bags.
2.2 Calculate the number of orders that should be placed per annum:
Number of Orders = Annual Demand / EOQ
Number of Orders = 8,000 / 226
Number of Orders ≈ 35.40 (rounded to the nearest whole number)
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find the absolute extrema of the function on the closed interval. g(x) = 2 sec x, − 6 , 3
The absolute maximum value of g(x) on the closed interval − 6 , 3 is 2, and the absolute minimum value of g(x) on the closed interval is -7.9976.
The given function is g(x) = 2 sec x, and the closed interval is − 6 , 3.We are required to find the absolute extrema of the function on the closed interval. To find the extrema of the function, we need to determine its critical points. The critical points of the function are the values of x that make g'(x) = 0 or undefined.Let's find g'(x) first:g(x) = 2 sec x g'(x) = 2 sec x tan x (Differentiating using the quotient rule)Now, we need to find the critical points of g(x):g'(x) = 2 sec x tan x = 0 sec x = 0 or tan x = 0x = π/2, 3π/2, 0The value of x = 0 makes the function undefined. We need to evaluate g(x) at the critical points x = π/2 and x = 3π/2 and at the endpoints of the closed interval x = −6 and x = 3. The table below shows the values of g(x) at each of these points: xg(x)−62.0000π/20.00003π/2−2.00003−7.9976Since g(x) is continuous on the closed interval − 6 , 3, and has only two critical points, the absolute maximum value of g(x) occurs at x = 3, while the absolute minimum value of g(x) occurs at x = π/2.Answer more than 100 words: Therefore, the absolute maximum value of g(x) on the closed interval − 6 , 3 is 2, and the absolute minimum value of g(x) on the closed interval is -7.9976. To sum up, the absolute extrema of the function g(x) = 2 sec x on the closed interval − 6 , 3 are as follows.Absolute maximum value = 2 at x = 3.Absolute minimum value = -7.9976 at x = π/2.
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Which of the following would be true?
A. New York and Alabama will be better off if people are allowed to trade freely
B. If New York trades with Alabama, wages in NY will fall until they equal wages in AL (except for differences in cost of living).
C. If New York trades with Alabama, consumers in NY will be worse off.
D. New York would be better off if its state government imposed restrictions on imports from Alabam
Answer: A. New York and Alabama will be better off if people are allowed to trade freely.
Explanation:
This statement is generally true. Free trade allows for the specialization of production based on comparative advantage, leading to increased efficiency and economic growth. By engaging in trade, both New York and Alabama can benefit from access to a wider range of goods and services, increased market opportunities, and potential cost savings. Trade allows for the exchange of resources, encourages competition, and fosters economic development.
In summary, statement A is true, while statements B, C, and D are not necessarily true and may not accurately capture the complexities and potential benefits of trade between New York and Alabama.
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a. Explain the three criteria used to evaluate taxation as a means of government finance. (3 points) Apply these criteria to evaluate the adoption of a lump sum tax as opposed to a value-added tax in the UAE. (2 points) b. Give the government supply- and demand-side recommendations on how to address tax evasion.
a. The three criteria used to evaluate taxation as a means of government finance are as follows:Equity: A fair tax system is one in which taxpayers pay in proportion to their ability to pay.
This implies that the burden of taxation should be distributed in such a way that those with more ability to pay contribute more to the treasury. Efficiency: A tax system should be efficient in the sense that it does not result in deadweight loss or market inefficiencies. In other words, the administrative and compliance costs of a tax system should be as low as possible. Simplicity: A tax system should be simple and easy to understand for taxpayers.The adoption of a lump sum tax as opposed to a value-added tax in the UAE will be evaluated using the three criteria as follows:Equity: A lump-sum tax is regressive in nature, which means that low-income earners pay a higher proportion of their income in taxes than high-income earners. On the other hand, a value-added tax is more progressive in nature, as it is paid by consumers in proportion to the value of the goods and services they consume. Efficiency: A lump-sum tax is simple and easy to administer, but it is not efficient in the sense that it does not provide any incentive for individuals and firms to reduce their tax liability.
A value-added tax, on the other hand, is more efficient as it encourages businesses to be more productive and competitive. Simplicity: A lump-sum tax is simple and easy to understand, but it is not transparent as taxpayers are not aware of how much they are paying in taxes. A value-added tax is more transparent as taxpayers can see the amount of tax they are paying on the goods and services they consume.b. The government can implement the following supply- and demand-side recommendations to address tax evasion:Supply-side recommendations: Strengthen tax administration by investing in the capacity and capability of tax authorities. This can be done by hiring more staff, training existing staff, and providing them with the necessary equipment and technology. Increase the penalties for tax evasion to act as a deterrent to potential offenders. Simplify the tax system to reduce compliance costs and make it easier for taxpayers to comply with their tax obligations. Demand-side recommendations: Increase public awareness and education on the importance of paying taxes and the negative consequences of tax evasion. This can be done through media campaigns, workshops, and seminars. Provide tax incentives and benefits to taxpayers who comply with their tax obligations. This can include tax credits, deductions, and exemptions for businesses and individuals who pay their taxes on time. Strengthen the tax morale of citizens by ensuring that the tax system is seen as fair, efficient, and transparent.
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E9.4 (LO 1, 2) At the beginning of the current period, Rose Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubtful Accounts of $9,000 (credit). During the period, it had net credit sales of $800,000 and collections of $763,000. It wrote off as uncollectible accounts receivable of $7,300. However, a $3,100 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,000 at the end of the period. (Omit cost of goods sold entries.) Journalize receivables transactions. March 1 3 9 15 31 Sold merchandise on account to Dodson Company for $5,000, terms 2/10, n/30. Dodson Company returned merchandise worth $500 to Molina. Molina collected the amount due from Dodson Company from the March 1 sale. Molina sold merchandise for $400 in its retail outlet. The customer used his Molina credit card. Molina added 1.5% monthly interest to the customer’s credit card balance.
Instructions:
a. Prepare the entries to record sales and collections during the period.
b. Prepare the entry to record the write-off of uncollectible accounts during the period.
c. Prepare the entries to record the recovery of the uncollectible account during the period.
d. Prepare the entry to record bad debt expense for the period.
e. Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.
f. What is the net realizable value of the receivables at the end of the period?
a. Sales and collections during the period:
March 1:
Accounts Receivable 5,000
Sales Revenue 5,000
March 3:
Sales Returns and Allowances 500
Accounts Receivable 500
March 9:
Cash 4,900
Accounts Receivable 4,900
March 15:
Cash 400
Sales Revenue 400
b. Write-off of uncollectible accounts during the period:
March 31:
Allowance for Doubtful Accounts 7,300
Accounts Receivable 7,300
c. Recovery of the uncollectible account during the period:
March 31:
Accounts Receivable 3,100
Allowance for Doubtful Accounts 3,100
d. Entry to record bad debt expense for the period:
March 31:
Bad Debt Expense 25,000
Allowance for Doubtful Accounts 25,000
e. Ending balances in Accounts Receivable and Allowance for Doubtful Accounts:
Accounts Receivable: $199,000 ($200,000 - $500 + $400)
Allowance for Doubtful Accounts: $26,200 ($9,000 + $25,000 - $7,300 + $3,100)
f. Net realizable value of the receivables at the end of the period:
Net realizable value = Accounts Receivable - Allowance for Doubtful Accounts
Net realizable value = $199,000 - $26,200 = $172,800
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. As a positional source of power, visibility refers to how much discretion or freedom to exercise one’s judgment someone has on the job.
true or false
This statement is True. As a positional source of power, visibility refers to how much discretion or freedom to exercise one’s judgment someone has on the job. The answer is true.
Positional source of power is power that comes with the position or status one holds within an organization, such as being a manager or CEO. Positional power is based on the belief that certain people have the right to wield influence and make decisions based on their positions within an organization. Visibility is one of the sources of positional power. It refers to how much discretion or freedom to exercise one’s judgment someone has on the job.
Visibility is a measure of the extent to which an individual’s activities and contributions are observable by others. As a result, visibility enhances an individual's chances of being promoted to higher levels in the organization since the individual is considered a valuable asset to the organization.
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