When traveling to a new home, there are several costs that you may incur: cost of lodging, the mileage on your vehicle, the cost of meals, and the cost of storage for your household goods.By planning and budgeting for these expenses,you can ensure a smooth transition to your new home.
Cost of lodging refers to the expenses associated with staying in a hotel or temporary accommodation while traveling to your new home. It includes the cost of the room, taxes, and any additional fees.Mileage on a vehicle: If you use your own vehicle to transport your household goods to your new home, you may incur mileage expenses.For example, if you drive 500 miles to reach your new home and your vehicle has an average fuel consumption of 25 miles per gallon, you would need approximately 20 gallons of fuel for the trip.
Cost of meals: While traveling to your new home, you may need to purchase meals along the way.For example, if you estimate that each meal will cost around $10 and you'll need three meals per day for a three-day trip, you can expect to spend around $90 on meals.Cost of storage: If you need to store your household goods temporarily before moving into your new home, you may incur storage costs.It's important to consider these factors and compare prices to find the most suitable and cost-effective option.
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Fill in the missing words. (Seroll through the dropdown to see all potential answers) For a bicycle manufacturer, a vendor who provides three models of padded seats would be a providing a Another company providing rubber to the wendor that makes wheels for the bicycle mancifacturer would be a 2nd tier suppliet Other parts of the bicycle supply chain include the distribution cenfer and a retail stere. both providing a If a customer can pick the seat model, frame color. and handlebar style, the design is and
The bicycle supply chain encompasses a variety of different elements, including manufacturers, vendors, distributors, and retail outlets. The relationship between each of these entities is crucial for ensuring that bicycles are produced and delivered efficiently.
For a bicycle manufacturer, a vendor who provides three models of padded seats would be providing a component. This is because padded seats are one of many individual parts that are used to build a complete bicycle. Other common components include wheels, handlebars, and frames.
Another company providing rubber to the vendor that makes wheels for the bicycle manufacturer would be a second-tier supplier. This is because the company is not directly involved in the production of the bicycle, but rather provides materials that are used to create one of its components.
Other parts of the bicycle supply chain include the distribution center and a retail store. Both of these entities play a crucial role in getting the bicycle from the manufacturer to the end consumer.
The distribution center is responsible for storing and transporting bicycles and components, while the retail store is responsible for selling the bicycles to customers. If a customer can pick the seat model, frame color, and handlebar style, the design is customizable.
This means that the customer has the ability to choose from a variety of different options to create a bike that meets their specific needs and preferences.
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The price of Microsoft is $36 per share and that of Apple is $40 per share. The price of Microsoft increases to $41 per share after one year and to $46 after two years. Also, shares of Apple increase to $47 after one year and to $57 after two years. If your portfolio comprises 100 shares of each security, what is your portfolio return in year 1 and year 2? Assume no dividends are paid. A. 13.42%,20.45% B. 11.84%,19.6% C. 15.79%,17.05% D. 15%,15.34%
Portfolio return in year 1 and year 2 when the price of Microsoft increases to $41 per share after one year and to $46 after two years, and shares of Apple increase to $47 after one year and to $57 after two years. B. 11.84%,19.6%
Explanation: The price of Microsoft per share after one year = $41
The price of Microsoft per share after two years = $46
The price of Apple per share after one year = $47
The price of Apple per share after two years = $57
For year 1:Return for Microsoft shares = [(41–36)/36]×100 = 13.88%
Return for Apple shares = [(47–40)/40]×100 = 17.5%
Total return for year 1 = (100 × 0.1388)+(100 × 0.175) = 13.42%
For year 2:Return for Microsoft shares = [(46–36)/36]×100 = 27.78%
Return for Apple shares = [(57–40)/40]×100 = 42.5%
Total return for year 2 = (100 × 0.2778)+(100 × 0.425) = 19.6%
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Copy and paste the following questions into a Microsoft Word document. Answer each question with a minimum of two to three (2−3) sentences. Some prompts will require substantially more than that to fully respond. Be thorough when addressing each item, and be sure to answer each part of the prompt. You should use only your textbook to support this activity. Please do not use an Internet search engine. 1. Briefly describe the two methods for recording and writing-off bad debts. 2. What accounts are debited and which are credited when recording a bad debt using the direct write-off method? 3. What accounts are debited and which are credited under the allowance method? 4. Describe the three options for estimating bad debt under the allowance method. 5. What does the Accounts Receivable Turnover ratio tell us, and how is it calculated? 6. How do you compute interest for a partial year?
Two methods for recording and writing off bad debts are direct write-off method and the allowance method.
The direct write-off method recognizes bad debts expense only when an account is judged to be worthless.
The allowance method records bad debts expense by estimating uncollectible accounts at the end of each period.
Under the direct write-off method, the account receivable is debited and bad debts expense is credited when recording a bad debt.
The accounts that are debited under the allowance method are bad debts expense and the allowance for doubtful accounts.
The accounts that are credited are accounts receivable.
The three options for estimating bad debt under the allowance method are percentage-of-receivables basis, aging of receivables basis,
and specific identification basis.
The Accounts Receivable Turnover ratio tells us how frequently accounts receivable is collected throughout the year.
It is calculated by dividing the net sales by the average accounts receivable during the period.
To compute interest for a partial year,
you will need to determine the total interest for the entire year.
This is done by multiplying the principle amount by the interest rate.
The interest for a partial year is then calculated by multiplying the annual interest rate by the fraction of the year that the money is borrowed for.
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A company manufactures houschold items sold at trade shows. The iterns, classified as either Tables or Frames, are manufactured on a common assembly line. Although different direct materials are used, the direct labeuc cost is the same for each product line: The plant-wide rate for allocating manufacturing overhead to its products is no longer acceptable. The production manager has heard about activity-based costing and has assembled some information for use in changing the cost system to a cost driver concept. With the help of the accounting department, the manager has been able to establish the following relationships between production costs and some of the indirect manufacturing activities for luly, along with the production data for the two product lines: Direct costs: Submission Instructions: Using activity-based costing determine the total production cost of each of the two product lines for July and the cost per unit, assuming all units started were completed.
Activity-based costing (ABC) is an accounting technique that identifies and assigns overhead costs to particular activities based on their use of resources.
As a result, ABC gives a more accurate cost of products, services, and customers than conventional costing techniques that only assign direct labor and materials to goods.
The total production cost of each of the two product lines for July and the cost per unit using activity-based costing are given below:
Activity Pool Cost Driver Total Cost per Month Tables Frames Total Cost per Month Total Direct Labor Hours 40,000 60,000 100,000 10 8 Direct Labor Hours per Unit 8 6 780,000 720,000 1,500,000 93,750 75,000
Machining Machine Hours 12,000 8,000 20,000 2 2 Machine Hours per Unit 3 1 80,000 40,000 120,000 6,000 2,000 Setup Setup Hours 6,000 6,000 12,000 1 1 Setups per Batch 3 2 Total 1,506,250 802,000 2,308,250
Using the above table, we can calculate the total production cost of Tables and Frames product lines for the month of July as follows:
Tables Product Line:
Total Production Cost for Tables =[tex]10 x 8 x $10 + 2 x 3 x $2 + 3 x $1 =$800 + $12 + $3 =$815[/tex]
Total Cost per Unit for Tables = $815 / 8 = $101.88
Frames Product Line:
Total Production Cost for Frames [tex]$815 / 8 = $101.88[/tex][tex]= 8 x 6 x $10 + 2 x 1 x $2 + 2 x $1 =$480 + $2 + $2 =$484[/tex]
Total Cost per Unit for Frames [tex]= $484 / 6 = $80.67[/tex]
Therefore, the total production cost of each of the two product lines for July and the cost per unit, assuming all units started were completed using activity-based costing has been calculated above.
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A trader is considering purchasing several Arrow-Debreu securities which all have the same maturity time, but provide a payoff of $1 at all possible states of the maturity time. The trader thinks that this is a very clever investment plan, and is possibly an arbitrage opportunity because it ensures there is always a payoff of $1. Here we investigate the trader's investment plan using a two-step binomial pricing model. Assume that the return on an investment over one time-step is constant R and the risk-neutral probability of the upstate is π. (a) In a two-step binomial pricing model, how may different ArrowDebreu securities must the trader purchase in order to always receives $1 at maturity. Explain your answer. (b) In a two-step model, derive a formula for the total premium of all the Arrow-Debreu securities (that is, derive formulas for the premiums of each Arrow-Debreu security and then add them together). (c) Given your answer in Question (2b), describe a portfolio which is a replicating portfolio of the sum of all Arrow-Debreu securities. Confirm that this portfolio is a replicating portfolio by showing that at each node it equals the sum of all ArrowDebreu securities. (d) Does the trader have a 'very clever' investment plan and is it an arbitrage opportunity? Explain why or why not. In your answer, discuss whether or not your conclusions would change if we considered a general N-step binomial pricing model.
(a) In a two-step binomial pricing model, the trader must purchase 4 different Arrow-Debreu securities to always receive $1 at maturity.
Since there are 3 possible states at the maturity time, and each Arrow-Debreu security provides a payoff of $1 for each state, the trader needs to purchase a security for each possible combination of up and down states. Therefore, the trader would purchase the following securities: $1/(1 + R), $1/(1 + R), $1/(1 + R), and $1/(1 + R).(b) The premium for each Arrow-Debreu security can be calculated using the following formula
: Pi = 1 / [(1 + R) ^ (2 - i)], where i = 1, 2, 3, 4. Therefore, the total premium of all Arrow-Debreu securities can be calculated by adding the premiums of each security, which is: P = P1 + P2 + P3 + P4 = 1 / (1 + R) + 1 / [(1 + R) ^ 2] + 1 / [(1 + R) ^ 2] + 1 / [(1 + R) ^ 3].(c) A replicating portfolio of the sum of all Arrow-Debreu securities is a portfolio of one stock and one bond. The stock has a price of $1 and pays out $1 at maturity if the stock price increases, while the bond pays $1 at maturity regardless of the stock price.
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A diesel service provider offers a client the following credit term: 10/20 net 40 . If the client buys R500000 worth of goods and settles her account within 20 days after the date of purchase, calculate how much this client will pay.
If the client settles the account within 20 days, they will pay R450,000.
The credit term 10/20 net 40 can be interpreted as follows:
The first number (10) represents the discount percentage the client can take if the account is settled within a specified period.The second number (20) represents the number of days within which the client needs to make the payment to be eligible for the discount.The third number (40) represents the maximum number of days within which the client must pay the full amount without any discount.In this case, the client purchases R500,000 worth of goods. If the client settles the account within 20 days, they will be eligible for the discount.To calculate how much the client will pay, we need to determine the discount and subtract it from the total amount.
Discount amount = R500,000 * (10/100) = R50,000
The client will pay the total amount minus the discount:
Total payment = R500,000 - R50,000 = R450,000
Therefore, if the client settles the account within 20 days, they will pay R450,000.
It's important to note that the discount terms may vary depending on the agreement between the diesel service provider and the client. The specific terms and conditions mentioned in the credit agreement will dictate the actual amount the client needs to pay.
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Consider a society consisting of two people. Kenji earns an income of $90,000 per year and Lucia earns an income of $35,000 per year. The government is considering a redistribution plan that would impose a 20% tax on Kenji's income and give the revenue to Lucia.
Without any incentive distortion, Kenji would retain $72,000 and Lucia would end up with $53,000. However, let us assume that since Kenji will not receive all the income he earns, he decides to work less and earn an income of only $80,000, of which 20%×$80,000=$16,00020%×$80,000=$16,000 will be owed in taxes.
With the redistribution plan, Kenji will take home an income of
The solution is:With the redistribution plan, Kenji will take home an income of $64,000 per year.Taxable income = $80,000 Tax payable = 20% * $80,000 = $16,000.
After the 20% tax on Kenji's income and giving the revenue to Lucia, Kenji will end up with an income of $64,000 and Lucia will get an additional $16,000. As Kenji's income reduces to $80,000, his tax liability would also reduce to $16,000 ($80,000 * 20%).
Therefore, the net income after the tax would be $80,000 - $16,000 = $64,000. Thus, Kenji's income after the redistribution plan would be $64,000.
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inaya corporation has net cash flow from financing activities for the last year of $45 million. the company paid $200 million in dividends last year. during the year, the change in notes payable on the balance sheet was $50 million and change in common and preferred stock was $0. the end-of-year balance for long-term debt was $375 million. calculate the beginning-of-year balance for long-term debt. (enter your answer in millions of dollars.)
To calculate the beginning-of-year balance for long-term debt, we need to analyze the net cash flow from financing activities and the change in notes payable.
Start with the end-of-year balance for long-term debt, which is given as $375 million.Next, consider the change in notes payable on the balance sheet, which is $50 million. A positive change indicates an increase in notes payable, while a negative change indicates a decrease. In this case, the change is positive, so it means that the company acquired an additional $50 million in notes payable during the year.
To find the net change in long-term debt, we need to subtract the change in notes payable from the end-of-year balance:Net Change in Long-Term Debt = End-of-Year Balance - Change in Notes PayableThe net change in long-term debt represents the total increase or decrease in long-term debt during the year. In this case, we know that the net cash flow from financing activities was $45 million, which indicates an increase in financing activities.
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Which of the following will be addressed with a debit to retained earnings?
During 2022, a company switches from LIFO to FIFO to account for its inventory. FIFO inventory is higher than LIFO inventory at December 31, 2021.
During 2022, a company switches from straight line to double declining balance for its equipment. Accumulated depreciation would have been higher if double declining balance had been used in previous years.
During 2022, a company discovers that it had double-counted $1 million in sales revenue in 2021.
During 2022, a company discovers that it had overstated its 2020 ending inventory.
The following circumstance will be resolved with a debit to retained earnings: A business learns in 2022 that $1 million in sales income from 2021 was twice counted.
A corporation must reduce the retained earnings when it learns that it double-counted sales income in a prior period in order to correct the error. Retained earnings are the total profits or losses a corporation has experienced over the years. In order to fix the issue, the retained earnings in 2022 must be decreased by a debit entry because the double-counted sales revenue unfairly inflated the retained earnings in 2021. By compensating for the overstatement of revenue in the prior period, this adjustment makes sure that the financial statements accurately reflect the company's financial status.
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each the following ideas of Adam Smith a. Division of Labour b. Theory of market price c. Theory of wages d. Theory of profit and interest e. Theory of economic growth
Adam Smith was a prominent economist who laid the groundwork for many contemporary economic theories. Smith's major ideas have had a significant influence on the development of contemporary economic theory.
The following is a summary of Adam Smith's major ideas:
a. Division of Labor The Division of Labor, according to Adam Smith, is a critical concept in the development of economic progress. He argued that it would boost productivity, raise the standard of living, and promote innovation.
b. Theory of Market PriceSmith proposed the idea of the 'invisible hand' in The Theory of Moral Sentiments and The Wealth of Nations, claiming that it guides the market's growth and ensures that it runs efficiently.
c. Theory of WagesAdam Smith regarded labor as a crucial component of the economy. According to him, wages should be determined by supply and demand.
d. Theory of Profit and InterestAdam Smith distinguished between profit and interest. He claimed that profit is a reward for a business owner's entrepreneurial skill and risk-taking, whereas interest is a return on investment.
e. Theory of Economic Growth Adam Smith believes that a nation's economic growth is influenced by its capacity to accumulate capital, which is aided by specialization and productivity increases.
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In a present worth analysis of certain equipment, one alternative has a net present worth of +$400, based on a six-year analysis period that equals the useful life of the alternative. A 10% interest rate was used in the computations. The alternative device is to be replaced at the end of the six years by an identical item with the same cost, benefits, and useful life. Using a 10% interest rate, compute the net present of the alternative equipment for the 12-year analysis period.
The net present worth of the alternative equipment for the 12-year analysis period is $0.
The Net Present Worth (NPW) is the difference between the present value of cash inflows and the present value of cash outflows. It is used to determine whether an investment or project is profitable or not.
To compute the net present worth of the alternative equipment for the 12-year analysis period, we can use the following steps:
Step 1: Find the present worth of the alternative device for the first six years using the given data. The NPW of the alternative equipment for six years is +$400.
This means that the present value of cash inflows is greater than the present value of cash outflows by $400.
It can be represented mathematically as: NPW6 = PWF6 × (B – C) Where, NPW6 = Net Present Worth for the first six years PWF 6 = Present Worth Factor for six years at 10% interest rate B = Benefits C = CostsNPW6 = 400, B = C, and i = 10%NPW6 = PWF6 × (B – C)400 = PWF6 × (0)PWF6 = 400/0 = undefined.
Therefore, PWF6 is undefined, and we cannot calculate the present worth for the first six years.
Step 2: Find the present worth of the alternative device for the next six years using the present worth factor for six years.
We know that the alternative device will be replaced by an identical item with the same cost, benefits, and useful life at the end of the six years.
Hence, the present worth of the alternative device for the next six years will be the present worth of the identical item. The present worth factor for six years is 0.55839 at 10% interest rate.
It can be represented mathematically as: NPW12 = PWF6 × PWF6 × (BC)Where, NPW12 = Net Present Worth for 12 yearsPWF6 = Present Worth Factor for six years at 10% interest rate B = Benefits C = CostsNPW12 = PWF6 × PWF6 × (B – C)NPW12 = 0.55839 × 0.55839 × 0NPW12 = 0.
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Why is the history of social media over the last 20 years relevant to marketers working in this medium?
Social media marketers are always searching for the next big thing. What are a couple possibilities you see?
Social media has proven destructive to its users in many cases. How can marketers using social media avoid contributing the the medium's negative effects?
The history of social media over the last 20 years is relevant to marketers working in this medium as it offers insight into how it has evolved over time and how consumers use it. This information can be useful in developing marketing strategies and campaigns that resonate with users.
Additionally, it allows marketers to stay up to date on current trends and best practices, which can help them to create more effective campaigns.Some possible next big things in social media could be the rise of new platforms that offer unique features or capabilities, such as augmented reality or virtual reality. Additionally, the continued growth of video content on social media, particularly live streaming, is likely to be a major trend in the coming years.
To avoid contributing to the negative effects of social media, marketers should be mindful of their impact on users and strive to create content that is both engaging and responsible. This can include avoiding controversial or polarizing topics, using appropriate language and tone, and avoiding clickbait or misleading content. Additionally, marketers should be transparent about their intentions and avoid using deceptive tactics to gain followers or engagement.
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The AJL Fund has a front-end load of 5%, a back-end load of 3% and an expense ratio of 1%. NAV of the fund at the beginning of the year (t=0) is $20.
During the year, the fund paid out dividend distributions of $0.60 to investors. Assume the stocks in the AJL Fund went up by 10% during the year.
What is the NAV at year end (at t=1)?
1. $21.33
2. $21.78
3. $22.00
4. $22.38
5. None of the above
A front-end load is a fee paid to purchase a mutual fund. It is a percentage of the investment and is deducted from the invested amount. A back-end load is a fee paid to exit a mutual fund before a specified time limit. In this case, the AJL Fund has a front-end load of 5%, a back-end load of 3%, and an expense ratio of 1%.
NAV of the fund at the beginning of the year (t=0) is $20.The calculation of the NAV at year-end (at t=1) is shown below: Starting NAV (at t=0) = $20Front-end load =[tex]5% of $20 = 5% × $20 = $1.00[/tex] Invested amount =[tex]$20 - $1.00 = $19.00[/tex] Dividend distribution to investors = $0.60Invested amount after dividend distribution = $19.00 - $0.60 = $18.40The fund's stock went up by 10%.
Therefore, the increase in the fund's NAV is calculated as follows:Increase in NAV [tex]= 10% of $18.40 = 10% × $18.40 = $1.84[/tex]Back-end load = 3% of the invested amount = 3% × $18.40 = $0.55Expense ratio = 1% of the invested amount = 1% × $18.40 = $0.18Total deductions = [tex]$1.00 + $0.55 + $0.18 = $1.73NAV[/tex] at year-end (at t=1) = Starting NAV - Front-end load - Back-end load - Expense ratio + Increase in [tex]NAV= $20.00 - $1.00 - $0.55 - $0.18 + $1.84= $20.11[/tex]Therefore, the NAV at year-end (at t=1) is $20.11. Option 5 (None of the above) is the correct answer.
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(T/F) measuring transportation cost per order would be appropriate for the operations perspective of the balanced score card. true
According to the information we can infer that it is true that measuring transportation cost per order would be appropiate for the operations perspective of the balanced score card.
Is the statement true or false?Measuring transportation cost per order can be considered appropriate for the operations perspective of the balanced scorecard. The operations perspective focuses on efficiency, productivity, and cost-related metrics to evaluate the performance of operational processes within an organization.
Transportation cost per order is a relevant metric in this context as it provides insights into the efficiency and cost-effectiveness of the transportation process in fulfilling customer orders.
By tracking and analyzing transportation costs per order, organizations can identify areas for improvement, optimize logistics and supply chain operations, and ultimately enhance operational performance from an efficiency and cost perspective.
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Teal Mountain Sporting Goods Inc. has been experiencing growth in the demand for its products over the last several years. The last two Olympic Games greatly increased the popularity of basketball around the world. As a result, a European sports retailing consortium entered into an agreement with Teal Mountain's Roundball Division to purchase an increasing number of basketballs and other accessories over the next five years. To meet the quantity commitments of this agreement, Teal Mountain had to increase its manufacturing capacity. A real estate firm found an available factory close to Teal Mountain's Roundball manufacturing facility, and Teal Mountain agreed to purchase the factory and used machinery from Encino Athletic Equipment Company on October 1, 2019. Renovations were needed to convert the factory for Teal Mountain's manufacturing use. The terms of the agreement required Teal Mountain to pay Encino $50,000 when renovations started on January 1,2020 , with the balance to be paid as renovations were completed. The overall purchase price for the factory and machinery was $450,000. The building renovations were contracted to Malone Construction at $112.500. The payments made as renovations progressed during 2020 are shown below. The factory began operating on January 1, 2021. On January 1, 2020, Teal Mountain secured a $562,500 line of credit with a 12% interest rate to finance the purchase cost of the factory and machinery and the renovation costs. Teal Mountain drew down on the line of credit to meet the payment schedule shown above; this was Teal Mountain's only outstanding loan during 2020. Bob Sprague, Teal Mountain's controller, will capitalize the maximum allowable interest costs for this project, which he has calculated to be $23,000. Teal Mountain's policy regarding purchases of this nature is to use the land's appraisal value for book purposes and prorate the balance of the purchase price over the remaining items. The factory had originally cost Encino $350,000 and had a carrying amount of $50,000, while the machinery originally cost $137,500 and had a carrying amount of $40,000 on the date of sale. The land was recorded on Encino's books at $50,000. An appraisal, conducted by independent appraisers at the time of acquisition, valued the land at $330,000, the factory at $133,000, and the machinery at $57,000. Angie Justice, chief engineer, estimated that the renovated factory would be used for 15 years, with an estimated residual value of $20,000. Justice estimated that the productive machinery would have a remaining useful life of 5 years and a residual value of $2,000. Teal Mountain's depreciation policy specifies the 200% declining-balance method for machinery and the 150% declining-balance method for the factory. Half a year's depreciation is taken in the year the factory is placed in service and half a year's depreciation is allowed when the property is disposed of or retired. (a) Determine the amounts to be recorded on the books of Teal Mountain Sporting Goods Inc. as at December 31, 2020, for each of the following assets acquired from Encino Athletic Equipment Company: (1) land, (2) factory, and (3) machinery. (1) Land $ (2) Factory (3) Machinery Totals
The answer is as follows: (1) Land $330,000, (2) Factory $119,600, and (3) Machinery $102,900.
The amount to be recorded on the books of Teal Mountain Sporting Goods Inc. as at December 31, 2020, for each of the following assets acquired from Encino Athletic Equipment Company is given below:
(1) Land $330,000
Book value as per Encino's books = $50,000, Appraised value = $330,000)
(2) Factory $119,600
Purchase price = $350,000 - $50,000 + ($450,000 - $350,000) × $133,000 / ($133,000 + $57,000) = $119,600)
(3) Machinery $102,900
Purchase price = $137,500 - $40,000 + ($450,000 - $350,000) × $57,000 / ($133,000 + $57,000) = $102,900)
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A machine which costs RM 80,000 is depreciated at 10% per
year.Answer questions below:
Calculate the depreciation for four years.
Prepare the journal entry for Year 1
Year 1 journal entry: Debit Depreciation Expense - Machine for RM 8,000, Credit Accumulated Depreciation - Machine for RM 8,000.
To calculate the depreciation for four years, we can use the straight-line method. The machine costs RM 80,000 and is depreciated at 10% per year.
Depreciation per year = Cost of the machine × Depreciation rate
Depreciation per year = RM 80,000 × 10% = RM 8,000
Therefore, the depreciation for four years would be:
Depreciation for Year 1: RM 8,000
Depreciation for Year 2: RM 8,000
Depreciation for Year 3: RM 8,000
Depreciation for Year 4: RM 8,000
Journal entry for Year 1:
Debit: Depreciation Expense - Machine (an expense account) for RM 8,000
Credit: Accumulated Depreciation - Machine (a contra-asset account) for RM 8,000
This entry recognizes the depreciation expense of the machine for Year 1 and records it as an expense on the income statement. Simultaneously, it increases the Accumulated Depreciation account, which reduces the machine's carrying value on the balance sheet. This process reflects the decline in the machine's value over time due to depreciation.
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Please provide detail explanation for the below:-
1. Stimulus
2. Organism
3. Response
Please provide examples for related to airline industry.
in the context of the airline industry, stimuli can include factors like fuel prices, customer demand, competition, regulations, or technological advancements.
1. Stimulus: A stimulus refers to an external event or condition that triggers a response or reaction. It can be any sensory input, change in the environment, or action that elicits a response from an organism or system.
Example in the airline industry: In the airline industry, a stimulus could be an increase in fuel prices. When fuel prices rise, it becomes a significant cost factor for airlines, affecting their profitability and operational decisions. The increase in fuel prices serves as a stimulus that prompts airlines to respond by implementing fuel surcharges, optimizing flight routes, adopting fuel-efficient technologies, or adjusting ticket prices to offset the increased costs.
2. Organism: An organism refers to a living entity capable of carrying out basic life processes and responding to stimuli. It can be an individual, a group of individuals, or an organizational entity that possesses the characteristics of life, such as growth, reproduction, and response to the environment.
Example in the airline industry: In the airline industry, an organism could be an airline company itself. The airline company, as an organism, responds to various stimuli in its environment, such as changes in customer demand, market competition, government regulations, economic conditions, or technological advancements. The airline company adapts its strategies, operations, and services in response to these stimuli to ensure its survival and success in the industry.
3. Response: A response refers to the reaction or behavior exhibited by an organism or system in response to a stimulus. It is the outcome or action taken as a result of the stimulus.
Example in the airline industry: A response in the airline industry could be the introduction of new flight routes to cater to emerging market demands. If an airline identifies a growing market or an increase in passenger traffic from a specific region, it may respond by launching new flights to that destination. This response aims to capitalize on the market opportunity, attract more customers, and generate additional revenue for the airline.
Overall, in the context of the airline industry, stimuli can include factors like fuel prices, customer demand, competition, regulations, or technological advancements. Airlines, as organisms, respond to these stimuli by implementing various strategies, adjusting operations, introducing new services, or making other changes to adapt to the dynamic industry environment and achieve their business objectives.
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28. Purchasing Enormous State University's Business School is buying computers. The school has two models from which to choose, the Pomegranate and the iZac. Each Pomegranate comes with 400 GB of memory and 80 TB of disk space; each iZac has 300 GB of memory and 100 TB of disk space. For reasons related to its accreditation the school would like to be able to say that it has a total of at least 48,000 GB of memory and at least 12,800 TB of disk space. If the Pomegranate and the iZac cost $2,000 each, how many of each should the school buy to keep the cost as low as possible? [Hint: See Example 4.]
Given Information: Two models are available for purchase. Model Pomegranate has 400 GB memory and 80 TB disk space. Model iZac has 300 GB memory and 100 TB disk space.
The school wants to have at least 48,000 GB memory and 12,800 TB disk space. The cost of each model is $2000 each. The question is how many of each should the school buy to keep the cost as low as possible?Let the school purchase x Pomegranate and y iZac computers to meet its requirements.
Then, we can write:x : Pomegranatesy : iZacThe number of Pomegranates required for 48,000 GB of memory is :400 GB memory in one Pomegranate.∴
Number of Pomegranates required = (48,000 GB of memory) / (400 GB of memory per Pomegranate) = 120
Similarly, the number of iZac required for 48,000 GB of memory is:300 GB memory in one iZac.∴ Number of iZac required = (48,000 GB of memory) / (300 GB of memory per iZac) = 160
Therefore, the school needs to buy 120 Pomegranates and 160 iZac to meet its memory requirements.
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An electronics store buys its products from a wholesaler. For a particular brand of television, the store usually sells the television for 55% more than the cost of the television from the wholesaler. During a sale, the store sells the television for 25% more than the cost from the wholesaler. If the sale price of the television is $499, what is the usual price for the television, rounded to the nearest dollar? A. $773 B. $1,098 C. $619 D. 5907
The usual price for the television, rounded to the nearest dollar, is $619 .
Let's denote the cost of the television from the wholesaler as "x." According to the information given, the store usually sells the television for 55% more than the cost, which translates to a price of 1.55x. During a sale, the store sells the television for 25% more than the cost, which translates to a price of 1.25x.
We are given that the sale price of the television is $499, so we can set up the equation 1.25x = $499. Solving for x, we find x ≈ $399.20.
To find the usual price, we need to calculate 1.55x ≈ 1.55 * $399.20 ≈ $618.44. Rounding this to the nearest dollar, the usual price for the television is $619 (option C).
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Company A is a manufacturing company. The production process is divided into two production departments: Assembly and Finishing. There is one service department, the Canteen department, which is used by the production departments. The relevant informatic for the year ahead is as follows: Total Overheads all the departments: The following information is available about each department: Considering this information, which of the following statements is true? a. One labour hour has a cost of £260.1 in the assembly department. b. Total costs in the assembly department equal £459,800. c. One machine hour has a cost of £459.8 in the finishing department. d. None of the answers is true.
The statement that is true according to the given information is that the total costs in the assembly department equal £459,800. The statement "One labour hour has a cost of £260.1 in the assembly department" is not true as per the given information.
The overheads of all the departments combined are £9,300,000(i.e., 5,500,000+3,600,000+200,000).
The assembly department's overhead cost is £5,500,000, and it has 20,000 direct labour hours.
Thus, the overhead cost per labour hour is £5,500,000/20,000 = £275.
The total cost of the assembly department is the sum of its direct labour costs, direct material costs, and overheads, which equals £1,800,000 + £1,900,000 + £5,500,000 = £9,200,000.
Therefore, the total costs in the assembly department are equal to £459,800 (£9,200,000/20). The statement "One machine hour has a cost of £459.8 in the finishing department" is also not true as there is no information provided about the number of machine hours used by the finishing department. Hence, the correct option is b. One machine hour has a cost of £459.8 in the finishing department.
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Analyze the attractiveness of the industry in which Lyft
operates using Porter's five forces model. Pay close attention to
how appealing the Vietnamese business is.
Lyft operates in the ride-sharing industry, which is highly competitive. According to Porter's Five Forces Model, the ride-sharing industry's attractiveness can be analyzed as follows: Bargaining power of suppliers: In the ride-sharing industry, the suppliers are the drivers, and their bargaining power is low.
Since the cost of switching ride-sharing platforms is low, drivers can quickly switch to a different ride-sharing app that offers better incentives. Bargaining power of buyers: The bargaining power of riders is moderate.
Riders have the option of selecting between different ride-sharing platforms, and the switching cost is low.
However, riders have less bargaining power than drivers. Threat of new entrants: The threat of new entrants into the ride-sharing market is high. Companies like Uber and Grab have already entered the market, and it is easy for other companies to enter and compete with them.
Threat of substitutes: The threat of substitutes is low, as ride-sharing platforms are the primary mode of transportation for many people. Public transportation, taxis, and personal vehicles are substitutes, but they are not as convenient and cost-effective.
Competitive rivalry: The ride-sharing industry is highly competitive, and the competitive rivalry is intense. Lyft faces strong competition from Uber and Grab, which have larger market shares and are more established in the industry.
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Draw a use case diagram corresponding to this detailed use-case given below:
An insurance brokerage company has contracted you to build an application allowing clients to apply for life insurance online. This brokerage firm sells insurance policies on behalf of the life insurance company, (say LIC). A detailed use-case of the brokerage software is given below:
[10 Marks]
Apply for a life insurance
Main success scenario
Customer selects desired insurance plan.
System determines if client qualifies for selected plan.
Customer fills in the online application form.
Customer submits the application.
Validator checks that all fields are filled and the data is valid.
Payment processor authorizes transaction with bank.
Payment processor performs transaction with the bank.
System saves the approved application.
System notifies client and LIC of the new coverage.
Extensions
2a. client does not qualify, show an error message.
5a. data missing or invalid show an error message.
6a. payment authorization failed, show and error message
The use case diagram consists of the main use case "Apply for Insurance" and several extension use cases including "Qualification Check," "Application Validation," "Payment Authorization," and "Application Processing."
The use case diagram visually represents the interactions between the actors (customer, insurance brokerage company) and the system for the process of applying for life insurance online. The main use case "Apply for Insurance" captures the main success scenario, where the customer selects an insurance plan, fills in the application form, submits it, and the system saves the approved application while notifying the client and LIC.
The extension use cases handle specific scenarios and potential errors. "Qualification Check" extends the main use case to handle situations where the client does not qualify for the selected plan, displaying an error message. "Application Validation" extends the main use case to validate the application form, checking for missing or invalid data and showing an error message if necessary. "Payment Authorization" extends the main use case to handle the payment authorization process, ensuring a successful transaction and displaying an error message if authorization fails. "Application Processing" extends the main use case to include the steps of saving the application and notifying the client and LIC.
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Assume that an investor holds 100 shares of stock and writes a call (covered call) on the stock for a premium of $4. In other words, this investor writes a covered call. The call has an exercise price of $50. What is the total value of this covered call position at the maturity of the option if the stock price is $35?
A covered call strategy occurs when an investor owns the underlying asset or stock and sells a call option on that stock. A covered call writer, also known as the seller of the call option, receives a premium upfront and has the potential to earn a profit if the price of the underlying stock remains stable or decreases.
Assuming that an investor holds 100 shares of stock and writes a covered call on the stock for a premium of $4, the investor writes a call. The call has an exercise price of $50. The value of this covered call position at the maturity of the option if the stock price is $35 is as follows: The total value of this covered call position at the maturity of the option would be $3,500, and the option will not be exercised. The investor received $400 in premium and sold the option with a strike price of $50. Since the stock is currently trading at $35, the option is out of the money. As a result, the investor is not required to sell their shares at $50.
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ACME Incorporated redeemed $150,000 face value, 12% bonds on July 31 at 102 . The bond's amortized cost at the redemption was $127,500. Required: Prepare the journal entry to record the redemption of the bonds assuming the interest for the period has already been paid.
The redemption of bonds refers to the issuer's purchase of outstanding bonds from bondholders before maturity.
A redemption price is usually paid to bondholders to retire the bonds. The redemption price is typically greater than the face value of the bond, indicating that bondholders receive a premium for redeeming the bonds.
The journal entry to record the redemption of the bonds assuming the interest for the period has already been paid is as follows:
Dr. Bonds Payable (Face Value) $150,000
Dr. Premium on Bonds Payable (102% * $150,000 - $150,000) $3,000
Cr. Cash ($150,000 * 102%) $153,000
Cr. Loss on Redemption of Bonds ($153,000 - $127,500) $25,500
The Bonds Payable account is debited with the face value of the bond, which is $150,000. The Premium on Bonds Payable account is debited with $3,000, which is the difference between the redemption price and the face value of the bond. Cash account is credited with $153,000, which is the redemption price of the bond.
Finally, the Loss on Redemption of Bonds account is credited with $25,500, which is the difference between the redemption price of $153,000 and the bond's amortized cost of $127,500.
Thus, the journal entry to record the redemption of the bonds assuming the interest for the period has already been paid is as follows:
Dr. Bonds Payable $150,000
Dr. Premium on Bonds Payable $3,000
Cr. Cash $153,000
Cr. Loss on Redemption of Bonds $25,500
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Please answer the questions that follow:
Explain the obstacles with TQM implementation
Define quality costs and associated problems
What do you mean by Pareto principle, Poka yoke and 5s sigma approach
Total Quality Management (TQM) is a management approach that aims to produce top-quality products and services while reducing costs and improving customer satisfaction.
Some of the obstacles with TQM implementation include:
Pareto Principle
Pareto principle is the rule that states that 80% of the results come from 20% of the causes. This principle is useful in identifying the factors that are most important to the success of a process.
Poka Yoke
Poka Yoke is a mistake-proofing technique used to eliminate defects by identifying potential errors and preventing them from occurring.
5S Sigma Approach
5S Sigma approach is a methodology used to improve efficiency by eliminating waste and reducing variability in a process. The approach is based on five key principles: Sort, Set in Order, Shine, Standardize, and Sustain.
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true or false: technical accounting skills represent the only skills required of accounting professionals
False. Technical accounting skills are important for accounting professionals, but they are not the only skills required.
Accounting professionals need to possess a combination of technical, analytical, and soft skills to excel in their roles.
Technical accounting skills refer to the knowledge of accounting principles, standards, and practices. These skills involve understanding financial statements, bookkeeping, tax regulations, auditing, and other technical aspects of accounting. They are essential for performing tasks such as preparing financial reports, conducting audits, and ensuring compliance with accounting standards.
However, accounting professionals also require analytical skills to interpret financial data, identify trends, analyze business performance, and make informed decisions. They need to be able to analyze complex financial information, identify patterns, and provide valuable insights to support strategic decision-making.
So, while technical accounting skills form the foundation of an accountant's expertise, a well-rounded accounting professional should also possess analytical skills, soft skills, and the ability to adapt to changing requirements.
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James and Martha also run a small convenience store with their gas station. They sell fresh produce, which it obtains from local farmers. During the cherry season, demand for fresh cherries can be reasonably approximated by a normal distribution with a mean of 128 pounds per day and a standard deviation of 16.57 pounds per day. During the day, cherries can only be delivered once a day in the morning. Any excess cherry at the end of the day is salvaged and it turns out that an average cost of 45 cents per pound is incurred for any excess cherry. Using the single period inventory control model, the grocer finds out that the optimal order quantity is 148 pounds per day. a) What is the implied shortage cost per pound? b) Your answer from part (a) has been presented to Martha. She responds saying that the amount is too high and the actual unit shortage cost is far less. Does this suggest an increase or a decrease in the amount of cherries that should be ordered every day? Explain briefly (max 2 sentences please). c) Independent of part (a) and (b), if we assume that the marginal cost of being short is $2.15 /pound, what should be the optimal order quantity?
a) Implied Shortage Cost per pound = Cost per Pound of shortness/Order Quantity= 0.85 cents.
The shortage cost can be calculated by comparing the difference between the average cost of 45 cents and the price of each cherry to the optimal order quantity, which is 148 pounds. The result of this calculation is the implied shortage cost per pound, which is 0.85 cents.
b) As the actual unit shortage cost is lower than the implied shortage cost, this suggests that the amount of cherries ordered should be increased because the cost of not having enough cherries is lower than previously believed. When the actual unit shortage cost is lower than the implied shortage cost, it means that the cost of not having enough cherries is lower than previously believed. Therefore, the grocer should order more cherries to meet the increased demand.
c) The optimal order quantity = √[(2 × D × C0) ÷ Cm]= approximately 196 pounds. Cm represents the marginal cost of being short, which is $2.15/pound. C0 is the cost of excess or shortage, which is 45 cents/pound. D is the demand for cherries, which is 128 pounds/day. Using the formula, the optimal order quantity is about 196 pounds.
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a statistic related to the sample size of a survey that suggests the numerical degree to which the survey may or may not reflect the actual opinions of the broader public is the
The statistic that relates to the sample size of a survey that suggests the numerical degree to which the survey may or may not reflect the actual opinions of the broader public is the margin of error.
The sample size is a measure of the total number of people who participate in a survey.
A sample size of 1,000 or more is generally sufficient to achieve a margin of error of plus or minus three percentage points,
which is often the desired level of accuracy for public opinion polls.
The margin of error (MOE) is the difference between the sample mean (or proportion) and the population mean (or proportion) in statistical inference.
The MOE gives us an idea of how much confidence we have in our results,
and it helps us to determine the validity of our conclusions.
A high margin of error indicates that the survey is less reliable and that the results are more likely to be inaccurate.
A margin of error of plus or minus 3% is a common standard for political polls.
For example,
if a political poll shows that 50% of the electorate supports a particular candidate,
the margin of error is plus or minus 3%,
which means that the true level of support for the candidate is likely to be between 47% and 53%.
the margin of error is a crucial statistic that provides us with an idea of how well the sample represents the population and how confident we can be in our results.
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7
Exercise 2-22 (Algo) Reversing entries [Appendix 2B]
10 points
The following transactions occurred during December 31, 2021, for the Microchip Company.
1. On October 1, 2021, Microchip lent $115,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022.
2. On November 1, 2021, the company paid its landlord $5,400 representing rent for the months of November through January.
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Print
Prepaid rent was debited. 3. On August 1, 2021, collected $10,800 in advance rent from another company that is renting a portion of Microchip's factory. The $10,800 represents one year's rent and the entire amount was credited to deferred rent revenue.
References
4. Depreciation on office equipment is $4,050 for the year.
5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $7,550. The company records
vacation pay as salaries expense.
6. Microchip began the year with $1,850 in its asset account, supplies. During the year, $6,200 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,100 remain on hand.
Required:
1. & 2. If Microchip's accountant employed reversing entries for accruals, prepare the adjusting entries at the end of 2021 for only those entries that would be reversed.
3. Prepare the appropriate reversing entries at the beginning of 2022.
Complete this question by entering your answers in the tabs below.
Req 1 and 2
Req 3
Reversing Entry at the beginning of 2022 Interest Payable $2,300, Interest Expense $2,300 at Loan Transaction. Reversing Entry at the beginning of 2022 Prepaid Rent $1,800 and Rent Expense $1,800 at Prepaid Rent. Reversing Entry at the beginning of 2022 Rent Revenue $10,800 and Deferred Rent Revenue $10,800 at Deferred Rent Revenue.
To prepare the required adjusting and reversing entries, let's go through each transaction:
Loan Transaction:
The loan transaction involves the accrual of interest on the note. Since reversing entries are employed, we need to reverse the accrued interest at the end of the year and then adjust it at the beginning of the next year.
Adjusting Entry at the end of 2021:
Interest Expense $2,300
Interest Payable $2,300
Reversing Entry at the beginning of 2022:
Interest Payable $2,300
Interest Expense $2,300
Prepaid Rent:
The prepaid rent transaction involves the recognition of rent expense over the months of November through January. Since reversing entries are employed, we need to reverse the prepaid rent at the end of the year and then adjust it at the beginning of the next year.
Adjusting Entry at the end of 2021:
Rent Expense $1,800
Prepaid Rent $1,800
Reversing Entry at the beginning of 2022:
Prepaid Rent $1,800
Rent Expense $1,800
Deferred Rent Revenue:
The deferred rent revenue transaction involves the recognition of earned rent revenue over the year. Since reversing entries are employed, we need to reverse the deferred rent revenue at the end of the year and then adjust it at the beginning of the next year.
Adjusting Entry at the end of 2021:
Deferred Rent Revenue $10,800
Rent Revenue $10,800
Reversing Entry at the beginning of 2022:
Rent Revenue $10,800
Deferred Rent Revenue $10,800
Note: The remaining transactions (depreciation, vacation pay, and supplies) do not require reversing entries.
Please note that reversing entries are optional and are typically used to simplify the accounting process in the subsequent period. The decision to use reversing entries depends on the company's accounting policies and practices.
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How is a tariff defined? as a subsidy on exports as a legal limit on exports as a tax on imports as a subsidy on imports
Tariff is defined as a tax imposed on goods and services that are imported into a country. It is one of the trade barriers used by governments to protect their local industries from foreign competition. The main answer in 3 lines: A tariff is a tax on imported goods and services. It is used to protect local industries from foreign competition. Tariffs are a form of trade barrier that can limit imports.
Tariffs are taxes on imported goods and services that are collected by a country's government. The amount of the tariff is usually a percentage of the value of the imported product and is set by the government. Tariffs are used to make imported products more expensive than local products, which can help protect local industries from foreign competition.
Tariffs can also be used as a source of revenue for the government. Importers pay the tariff when they bring goods into the country, and this revenue is used to fund government programs. However, tariffs can also increase the cost of imported goods for consumers, which can hurt low-income families who rely on these products.
Additionally, tariffs can spark trade wars with other countries, which can be harmful to the global economy.In conclusion, a tariff is a tax on imported goods and services that is used to protect local industries from foreign competition and can also be a source of revenue for the government.
Tariffs are a form of trade barrier that can limit imports and increase the cost of imported goods for consumers.
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