The earnings per share for fiscal years 2019 and 2020 (rounded to the nearest cent) are as follows:2019: $345,800/126,000 shares= $2.74 per share2020: $428,120/126,000 shares.
= $3.40 per share The payout ratio for fiscal years 2019 and 2020 (rounded to one decimal place) are as follows:2019: $1 per share dividend/$2.74 earnings per share = 0.365 or 36.5%2020:
$2 per share dividend/$3.40 earnings per share = 0.588 or 58.8% The debt to total assets for fiscal years 2019 and 2020 (rounded to one decimal place) is as follows:
2019: Total liabilities/Total assets= $341,720/$1,765,800= 0.193 or 19.3%2020: Total liabilities/Total assets= $204,920/$1,851,960= 0.111 or 11.1%.
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In what ways are government agencies akin to
monopolies? In what ways are government agencies unlike
private-sector monopolies?
Government agencies are somewhat similar to monopolies in some ways. In addition, they share certain similarities with private-sector monopolies, but they also have several differences. Here are some of the similarities and differences that you need to know Ways government agencies are similar to monopolies Control over the market: Monopolies have the ability to manipulate the market because they have a great deal of control over it.
Similarly, government agencies have the authority to regulate the market, which can be beneficial or detrimental to consumers and businesses.Limited competition: In a monopoly, there is little to no competition. Similarly, in some government agencies, there is no competition at all.
They can make decisions without worrying about competition, which can harm consumers and the economy.Barriers to entry: Government agencies and monopolies can sometimes make it difficult for new businesses to enter the market. As a result, this reduces competition and increases the agency's power.
Ways government agencies are different from private-sector monopolies Ownership Government agencies are publicly owned and controlled, whereas private-sector monopolies are privately owned. As a result, government agencies are more accountable to the public.Regulations: Government agencies are subject to regulations that private-sector monopolies are not.
They have to follow specific rules and procedures and are subject to oversight by elected officials, which can limit their power. In contrast, private-sector monopolies have a greater degree of freedom to make their own decisions.Purpose: Government agencies are created to serve the public good, whereas private-sector monopolies are created to generate profits for their owners.
As a result, government agencies have a responsibility to consider the interests of all citizens, whereas private-sector monopolies are solely focused on making a profit.Thus, we can say that there are both similarities and differences between government agencies and monopolies.
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nicole bought a piece of property for $12,000 she sold it for $15,000 what is the percent of increase
The percent increase in the property's value is 25%. To calculate the percent increase, you can use the following formula:
Percent Increase = ((Final Value - Initial Value) / Initial Value) * 100
In this case, the initial value is $12,000, and the final value is $15,000. Applying the formula:
Percent Increase = (($15,000 - $12,000) / $12,000) * 100
= ($3,000 / $12,000) * 100
= 0.25 * 100
= 25%
Percentage increase refers to the measure of the relative increase in a value compared to its original or initial value, expressed as a percentage. It is used to quantify the proportional growth or change in a quantity over a specific period.
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while anticipating your career, share your job and how you may benefit (or not) from this freelance economy business model that is growing. This is a "more than Uber topic in 2019". Many Gen Xers and Baby Boomers see the gig economy as a place for under-employed hipsters to work-- it's more than that and it is now a mainstream part of our work life in America.
The freelance economy business model is growing at an unprecedented rate in the United States. With the emergence of online platforms such as Uber, Upwork, and Fiverr, more and more people are turning to freelancing as a means of generating income. As an individual who is anticipating a career, I am confident that I can benefit from this business model as I will have the flexibility to work on multiple projects at once while still having the freedom to manage my own time.
Freelancing provides me with the opportunity to work on projects that I am passionate about and to develop my skills and experience in various fields. Furthermore, it gives me the chance to build my own brand and create a professional portfolio of work that I can use to attract future clients.
Overall, while the freelance economy provides an excellent opportunity for individuals to work independently and develop their careers, it is crucial to be aware of the challenges that come with this business model. As a result, it is essential to stay up-to-date with industry trends and to continually develop your skills to remain competitive in the marketplace.
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What is the first step you should take if you realize that you are not going to be able to make a debt payment? Contact a Licensed Insolvency Trustee Contact the creditor and see if they can work with you to come up with some payment alternatives. Declare bankruptcy File a consumer proposal with the creditor to reduce the debt
If you realize that you are unable to make a debt payment, the first step you should take is to contact the creditor and discuss your situation with them.
It's important to communicate with your creditor as soon as possible to explain your financial difficulties and explore potential alternatives.
When you contact the creditor, you can explain your current financial situation and express your inability to make the scheduled payment.
In some cases, the creditor may be willing to work with you to develop a modified payment plan, offer a temporary payment deferral, or provide other alternatives that can help you manage your debt.
It's generally advisable to try resolving the issue directly with the creditor before considering more drastic measures such as declaring bankruptcy or filing a consumer proposal.
These options should typically be considered as a last resort when all other possibilities have been explored and are not feasible.
If you find it challenging to negotiate with your creditor or your financial situation is more complex, you may consider seeking professional advice from a Licensed Insolvency Trustee (formerly known as a bankruptcy trustee).
They are licensed professionals who can provide guidance and help you explore all available options, including bankruptcy or a consumer proposal, based on your specific circumstances.
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if senior managers set budget targets for all the organization’s units so the unit managers will have to work within those limits, which of the following approaches are they using?
The approach being used in this scenario is top-down budgeting. Top-down budgeting provides a centralized control mechanism where senior management maintains authority and decision-making power over the budgeting process.
Top-down budgeting is a budgeting approach where senior managers or executives set the budget targets for the entire organization or its units. They determine the overall financial goals and constraints, and unit managers are then expected to work within those predefined limits when preparing their budgets.
In this approach, senior managers have the authority to establish budget targets and allocate resources based on their strategic objectives and the organization's overall financial position. The budgeting process starts at the top level and is cascaded down to lower levels within the organization.
Top-down budgeting provides a centralized control mechanism where senior management maintains authority and decision-making power over the budgeting process. It allows for consistency in budgeting across the organization and ensures alignment with the organization's strategic goals and financial objectives.
However, it's important to note that top-down budgeting may limit the input and autonomy of unit managers in the budgeting process. It is typically suitable for organizations that prioritize centralized decision-making and control over budgetary matters.
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Elaborate on the strategies a marketing manager could implement
to counteract the challenges of the mature product life cycle
stage.
The mature product life cycle stage is marked by a decrease in sales growth and increasing competition. Marketing managers should employ a range of tactics to combat these challenges. Here are some of the strategies a marketing manager could implement to counteract the challenges of the mature product life cycle stage:
1. Expand the Target Market: The product may have already reached market saturation and so in order to keep sales moving up, the marketing manager needs to find new segments that the product could appeal to. By conducting market research to identify untapped areas, the product could be repositioned to capture a new demographic.
2. Adjust Marketing Mix: Adjusting the marketing mix can help revive the product by stimulating interest. One way is to change the packaging or the price of the product. Marketing managers could consider introducing promotional sales or discounts.
3. Diversification: This involves a company branching out into other markets by introducing new products that are not related to the original product. By doing this, it reduces the risk of the company being dependent on one product.
Marketing managers should remain vigilant to keep up with the competition and the changing market trends. Through employing the strategies mentioned above, a marketing manager could revitalize the product and keep it profitable.
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An investor purchased a Canadian 90-day T-Bill with an interest
rate of 7%.
At what rate would that same T-Bill be quoted in the US?
When an investor buys a Canadian 90-day T-Bill with an interest rate of 7%, they will get an annual yield of 7% divided by four since the bill is a 90-day or three-month bill. The annualized yield is therefore 7% ÷ 4 = 1.75%.
Given that the current Canadian risk-free rate is 1.75%, the US risk-free rate is 1.60%, and the exchange rate is 1.25 CAD/USD, the 90-day Canadian T-Bill would yield approximately 1.60% ÷ 1.25 CAD/USD = 1.28%.
That means if an investor purchased a Canadian 90-day T-Bill with an interest rate of 7%, then the rate quoted in the US would be 1.28%.The exchange rate is the rate at which one currency is exchanged for another.
It fluctuates all the time as the market goes through ups and downs. The interest rate is the percentage of a loan or deposit that is paid to the lender or depositor for the use of their money.
This is why interest rates are so crucial to investors:
they can make or break an investment in terms of how profitable it is.
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the process by which new firms and new products replace existing dominant firms and products is called: group of answer choices mergers and acquisitions. creative destruction. process innovation. monopolistic competition.
The process by which new firms and new products replace existing dominant firms and products is called monopolistic competition. The correct option is d.
When several enterprises offer competing products or services that are similar but not perfect alternatives, monopolistic competition exists. In a monopolistic competitive industry, the barriers to entry are low, and the decisions of any one firm have no direct impact on its competitors. Pricing and marketing strategies help competing organisations differentiate themselves.
Monopolistic competition occurs between a monopoly and perfect competition, combining features of both and include firms with comparable, but not identical, product offerings. The obstacles to entry and exit are relatively low in monopolistic competition.
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1) Canary Company invested $83,600 into a fund for 5 years. What
nominal interest rate compounded quarterly did the investment earn
if it matured to $117,900 at the end of the period?
%
Round to two d
The investment made by Canary Company of $83,600 grew to $117,900 over a 5-year period. To determine the nominal interest rate compounded quarterly, we need to calculate the rate at which the initial investment compounded over the 5-year period.
To calculate the nominal interest rate compounded quarterly, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = Final amount ($117,900)
P = Principal amount ($83,600)
r = Nominal interest rate (unknown)
n = Number of compounding periods per year (quarterly, so n = 4)
t = Number of years (5)
Rearranging the formula to solve for r, we have:
r = (A/P)^(1/(n*t)) - 1
Plugging in the values, we can calculate the nominal interest rate:
r = ($117,900/$83,600)^(1/(4*5)) - 1
Calculating this expression will give us the nominal interest rate compounded quarterly. Remember to round the result to two decimal places.
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Current Attempt in Progress Grouper Corporation had the following 2020 income statement. The following accounts increased during 2020: Accounts Receivable $14,000, tnventory $10,000 : Accounts Payable $12,000. Prepare the cash flows from operating activities section of Grouper's 2020 statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a−5ign eg. −15,000 or in parenthesis e g. (15,000).1 In 2020, Vaughn Inc. issued 700 shares of $10 par value common stock for land worth $45,700. (a) Prepare Vaughn's journal entry to record the transaction. (Credit occount titles are automatically indented when amount is entered Do not indent manually. If no entry is required, select "No entry" for the account titles and enter of or the amounts.) (b) Indicate the effect the transaction has on cash. (c) Indicate how the transaction is reported on the statement of cash flows.
The transaction does not have a direct effect on cash since it involves an exchange of stock for land. Therefore, the cash account remains unchanged.
The cash flows from operating activities section of Grouper Corporation's 2020 statement of cash flows using the indirect method can be prepared as follows:
Net Income: $XX
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation Expense: $XX
Increase in Accounts Receivable: $14,000 (decreases cash flow)
Increase in Inventory: $10,000 (decreases cash flow)
Increase in Accounts Payable: $12,000 (increases cash flow)
Net Cash Provided by Operating Activities: $XX
In this case, the increase in accounts receivable and inventory are deducted from net income because they represent a use of cash. The increase in accounts payable is added to net income because it represents a source of cash.
Regarding Vaughn Inc.'s transaction, the journal entry to record the issuance of 700 shares of $10 par value common stock for land worth $45,700 would be:
Land 45,700
Common Stock 7,000
Paid-in Capital in Excess of Par 38,700
The transaction does not have a direct effect on cash since it involves an exchange of stock for land. Therefore, the cash account remains unchanged.
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Good project management is especiallyimportant with virtual teams. True or false?
It is a true statement that project management plays a vital role in the success of virtual teams.
Is project management crucial for virtual teams?With virtual teams, team members are often geographically dispersed and working in different locations and time zones. This presents unique challenges in terms of coordination, communication and collaboration.
But an effective project management helps establish clear goals, facilitates communication channels and ensures accountability among team members. It involves defining project objectives, assigning tasks, setting deadlines, monitoring progress and resolving issues promptly.
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green water park uses exponential smoothing to forecast monthly visits of its forecast for june was 1 million, but the actual number of customers turned out to be 2 million. the forecaster decided to use an alpha of 0.8. what is the forecast for july?
The forecast for July using exponential smoothing with an alpha of 0.8 is 1.8 million.
To calculate the forecast for July using exponential smoothing, we need to use the formula:
Forecast for July = Forecast for June + alpha * (Actual for June - Forecast for June)
Given:
Forecast for June = 1 million
Actual for June = 2 million
Alpha (smoothing factor) = 0.8
Let's calculate the forecast for July:
Forecast for July = 1 million + 0.8 * (2 million - 1 million)
= 1 million + 0.8 * 1 million
= 1 million + 0.8 million
= 1.8 million
Therefore, the forecast for July using exponential smoothing with an alpha of 0.8 is 1.8 million.
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Linda and Casey have a $126 000 mortgage at 5.15% per year on
their two-bedroom house. Determine the
semi-monthly payment on a mortgage amortized over 15 years.
Mortgages refer to the loans that one can take to buy a house or any other property. A mortgage is usually provided for a long period of time with a certain interest rate applied to it. Linda and Casey have a $126,000 mortgage at a rate of 5.15% per year on their two-bedroom house.
The task is to determine the semi-monthly payment on a mortgage that is amortized over 15 years. To calculate the semi-monthly payment, we will first calculate the term of the mortgage in months, which is 15 years × 12 = 180 months. To convert this to semi-monthly payments, we will multiply this by 2. We get:180 × 2 = 360 semi-monthly payments
To calculate the semi-monthly payment, we can use the mortgage formula which can be given as:
P = L[c(1 + c)n]/[(1 + c)n - 1]
Here, P = semi-monthly payment
L = loan amount, $126,000
n = number of semi-monthly payments, 360
c = interest rate, 5.15% per year or 0.0515 per annum
Therefore, substituting these values in the above formula, we get:
P = 126000[0.0515(1 + 0.0515)360]/[(1 + 0.0515)360 - 1]
P = 126000[0.00228]/0.00222
P = $653.22
Therefore, the semi-monthly payment on a mortgage that is amortized over 15 years is $653.22, which can be rounded to the nearest cent.
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In addition to political considerations all of the following reasons for trade restriction except
a. equalizing a nation's balance of payments
b. protecting new and weak industries
c. protecting the health of citizens
d. protecting national security
e. all of the above
Trade restrictions are the laws and policies of the government or any other authorized organization that restrict or limit the import and export of goods and services between countries.
Political considerations play a significant role in the implementation of trade restrictions. Apart from political considerations, there are various other reasons for trade restrictions. They are as follows:Equalizing a nation's balance of payments: The balance of payments is the accounting of the transactions of a country with other countries.
Countries apply trade restrictions to keep their balance of payments favorable. They want to import less and export more to reduce their trade deficit.
To balance their payments, countries impose tariffs, quotas, and other trade barriers.Protecting new and weak industries: New industries are fragile, and they need protection. They are competing with established players in the international market, which is difficult for them.
They do not have enough capital, skilled labor, and technological advancements to compete with big players. To support new and weak industries, the government provides subsidies, imposes tariffs, quotas, and other trade barriers to protect their industries.Protecting the health of citizens: Trade restrictions are also imposed to protect citizens' health. It involves import restrictions on food, beverages, and other harmful items to protect citizens' health.
For example, countries impose restrictions on the import of tobacco and other harmful drugs to keep their citizens safe.Protecting national security: Countries may apply trade restrictions to protect their national security. For instance, they may ban the export of military goods, nuclear materials, or other items that can be used to make weapons. In conclusion, trade restrictions are applied to provide equal opportunities for local and foreign industries, protect citizens' health, balance payment, and protect national security.
Therefore, the correct answer to the question is option E - all of the above.
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al and sal are twins. al is given a fourteen-year annuity with end-of-year payments. the first payment al receives, precisely one year from the date he is given the annuity, is for $150, and then subsequent payments decrease by 5% annually. sal is given an n-year level annuity that has the same present value as al's when the present values are calculated using i
The common present value of the two annuities is $2500, and the number of years for Sal's annuity is approximately 9.34 years.
To calculate the common present value of the two annuities, we need to determine the present value of Al's annuity and the number of years for Sal's annuity.
Present Value of Al's Annuity:
The first payment Al receives is $100, and subsequent payments decrease by 4% annually. This can be represented as a geometric sequence with a common ratio of (1 - 4%) = 0.96. Let's calculate the present value of this annuity using a formula for the sum of a geometric series:
PV = A / (1 - r),
where PV is the present value, A is the first payment, and r is the common ratio.
PV = $100 / (1 - 0.96) = $100 / 0.04 = $2500.
So, the present value of Al's annuity is $2500.
Number of Years for Sal's Annuity:
We are given that the present value of Sal's annuity, when calculated using a 5% interest rate (i = 0.05), is equal to the present value of Al's annuity, which is $2500. We need to find the number of years, denoted as 'n', for Sal's annuity.
PV of Sal's annuity = $1626.29.
Interest rate (i) = 5% = 0.05.
Using the formula for the present value of an ordinary annuity, we have:
PV = A * [(1 - (1 + i)⁻ⁿ) / i],
where PV is the present value, A is the payment, and n is the number of years.
$2500 = A * [(1 - (1 + 0.05)⁻ⁿ) / 0.05].
Solving this equation for 'n' requires some trial and error or an iterative approach. Let's estimate 'n' using a trial and error method:
Assume n = 10 years:
$2500 = A * [(1 - (1 + 0.05)⁻¹⁰) / 0.05],
$2500 = A * [(1 - 0.6139) / 0.05],
$2500 = A * (0.7721 / 0.05),
$2500 = A * 15.442,
A ≈ $161.80.
Using the calculated payment (A) of approximately $161.80, we can determine the present value for Sal's annuity:
PV of Sal's annuity = A * [(1 - (1 + 0.05)⁻ⁿ) / 0.05],
$1626.29 = $161.80 * [(1 - (1 + 0.05)⁻ⁿ)) / 0.05].
Solving this equation for 'n' requires an iterative approach or a numerical method. Using an iterative approach, we find that 'n' is approximately 9.34 years.
Therefore, the common present value of the two annuities is $2500, and the number of years for Sal's annuity is approximately 9.34 years.
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The complete question is:
Al is given a fifteen-year annuity with end-of-year payments. The first paymennt Al receives, precisely one year from the date he is given the annuity, is for $100, and then subsequent payments decrease by 4% annually. Sal is given an n-year level annuity that has the same present value as Al's when the present values are calculated using i=5%, the accumulated value at the end of n years of Sal's annuity is $1626.29. Find the common present value of the two annuities and then find n.
Net Income and Owner's Equity for Four Businesses
Four different proprietorships, Aries, Gemini, Leo, and Pisces, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of owner's equity, are summarized as follows:
Total Assets Total Liabilities
Beginning of the year $84,400 $33,800 End of the year $135,000 $56,700 On the basis of the above data and the following additional information for the year, determine the net income (or loss) of each company for the year.
(Hint: First determine the amount of increase or decrease in owner's equity during the year.)
Aries The owner had made no additional investments in the business and had made no withdrawals from the business.
Gemini The owner had made no additional investments in the business but had withdrawn $7,500.
Leo The owner had made an additional investment of $18,000 but had made no withdrawals.
Pisces The owner had made an additional investment of $27,800 and had withdrawn $6,400.
The increase or decrease in owner's equity for each of the four proprietorships and the calculation of the net income of each proprietorship are explained below: Aries: The change in the proprietorship's owner's equity can be determined by subtracting the ending balance of Total Liabilities from the ending balance of Total Assets.
$135,000 - $56,700 = $78,300.
The beginning owner's equity was zero. The ending owner's equity is therefore equal to $78,300.
Net Income is calculated as follows: $78,300 (ending owner's equity) - $84,400 (beginning total assets) = ($6,100) Loss.
Gemini: The change in the proprietorship's owner's equity can be determined by subtracting the ending balance of Total Liabilities from the ending balance of Total Assets and then subtracting the owner's withdrawals from the result. $135,000 - $56,700 = $78,300 - $7,500 = $70,800.
The beginning owner's equity was zero. The ending owner's equity is therefore equal to $70,800.
Net Income is calculated as follows:
$70,800 (ending owner's equity) - $84,400 (beginning total assets) = ($13,600) Loss.
Leo: The change in the proprietorship's owner's equity can be determined by subtracting the ending balance of Total Liabilities from the ending balance of Total Assets and then adding the owner's investment to the result.
$135,000 - $56,700 = $78,300 + $18,000 = $96,300.
The beginning owner's equity was zero.
The ending owner's equity is therefore equal to $96,300.
Net Income is calculated as follows:
$96,300 (ending owner's equity) - $84,400 (beginning total assets) = $11,900 Profit.
Pisces: The change in the proprietorship's owner's equity can be determined by subtracting the ending balance of Total Liabilities from the ending balance of Total Assets and then adding the owner's investment and subtracting the owner's withdrawals from the result.
$135,000 - $56,700 = $78,300 + $27,800 - $6,400 = $99,700.
The beginning owner's equity was zero.
The ending owner's equity is therefore equal to $99,700.
Net Income is calculated as follows: $99,700 (ending owner's equity) - $84,400 (beginning total assets) = $15,300 Profit.
Therefore, the net income or loss of Aries is ($6,100) Loss, of Gemini is ($13,600) Loss, of Leo is $11,900 Profit, and of Pisces is $15,300 Profit.
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a. Name all of the parts that make a complete set of financial statement?
b. What is the difference between User Specific Qualities and Primary Qualitative Characteristics?
c. If I want to book one month depreciation of $270.12 for an asset, what is the journal entry?
d. List the four importance of accounting standards.
e. Please give the three things considered and posted when disposing of a fixed asset.
a. Name all of the parts that make a complete set of financial statement? A complete set of financial statements contains four parts. These parts are: Balance sheet Income statement Cash flow Statement of changes in equityb.
What is the difference between User Specific Qualities and Primary Qualitative Characteristics?The primary qualitative characteristics are fundamental and are intended to give users of financial statements high-quality information that is relevant to their decision-making processes.
They are as follows:Understandability,Relevance,Faithful representation, andComparability.The user-specific qualities are the characteristics of accounting information that determine its usefulness to the decision-makers who will be using it. The qualities of the information can be affected by the characteristics of the decision-makers themselves, the decisions that need to be made, and the specific information requirements of those decisions.
These include timeliness, accuracy, and relevance to a specific decision.c. If I want to book one month depreciation of $270.12 for an asset, what is the journal entry?In order to record the depreciation of $270.12 for one month, the following journal entry would be made
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FORM 1040 DATA TAX YEAR 2021 ALEX SANTANDER IS SINGLE. SHE IS 47 YEARS OLD AND IS A CONSULTANT. SHE HAS ONE CHILD, AGE 8, THAT LIVES WITH HER. HER MOTHER, AGE 80, ALSO LIVES WITH HER AND QUALIFIES AS ALEX'S DEPENDENT. ALEX QUALIFIES AS HEAD OF HOUSEHOLD. THEIR ADDRESS IS 9 ADAMS LANE EAST PROVIDENCE, RI 02914. ALEX PIETRO DONATELLA
SANTANDER SANTANDER MASTROIANNI
SELF SON MOTHER
037−40−3333
358−74−1111
037−41−6112
INCOME ALEX'S SALARY: TAXABLE WAGES (FROM HER SMALL S CORPORATION) FEDERAL INCOME TAX WITHHELD STATE INCOME TAX WITHHELD TEREST INCOME FROM CITIZENS BANK VIDEND INCOME FROM E*TRADE SECURITIES (2,500 ARE QUALIFIED DIVIDENDS) NG-TERM CAPITAL GAIN DISTRIBUTIONS FROM E*TRADE SECURITIES
22,000
1,200
400
100
3,000
1,600
80
ACME COMPANY (EIN 05-3584111) S-CORPORATION K-1 SEPARATELY-STATED ITEMS. ALEX IS A STOCKHOLDER AND MATERIALLY PARTICIPATES IN THE ACTIVITY. THE ACTIVITY QUALFIES FOR THE QBI DEDUCTION. SHORT-TERM CAPITAL GAIN INCOME ORDINARY INCOME INTEREST INCOME SH GIFT FROM HER COUSIN
1,500
2,500
110
15,000
2,000
ALEX HAS BEEN SELF-EMPLOYED AS A CONSULTANT (BUSINESS CODE 541990) FOR MANY YEARS. SHE USES CASH BASIS ACCOUNTING. SHE WAS NOT REQUIRED TO FILE FORMS 1099-NEC FOR NON-EMPLOYEE COMPENSATION. GROSS RECEIPTS 65,000 DEDUCTIONS THESE ARE ALEX'S BUSINESS EXPENSES FROM HER CONSULTING BUSINESS: ADVERTISING TELEPHONE 700 INTERNET 1,000 EQUIPMENT RENTAL 700 LEGAL AND PROFESSIONAL FEES 1,300 500 LIABILITY INSURANCE 1,200 OFFICE SUPPPLIES EXPENSE 2,300 ALEX USES PART OF THEIR HOUSE AS A HOME OFFICE. THE TOTAL SQUARE FOOTAGE IS 2,500 AND THE BUSINESS SQUARE FOOTAGE IS 200. SHE USES THE SIMPLIFIED METHOD. ALEX USED HER CAR TO TRAVEL TO CLIENTS. SHE USES THE MILEAGE METHOD TO DEDUCT AUTO EXPENSES. TOTAL MILEAGE FOR THE YEAR WAS 17,500. BUSINESS MILEAGE FOR THE YEAR WAS 5, 750 . THE CAR IS NEW AND WAS FIRST PLACED IN SERVICE 1/1/21. SHE KEEPS A MILEAGE LOG AND ALSO HAS ACCESS TO HER MOTHER'S CAR IF NEED BE.
Alex Santander is 47 years old and is a consultant, as described in the problem statement. She is a single parent with a child who is eight years old. Her mother is also a dependent on her tax return. Alex qualifies as a head of household. She and her family reside at 9 Adams Lane, East Providence, RI 02914.
Alex's taxable income is made up of a few sources, including her salary, interest income, dividends, and capital gains. Her gross income, after accounting for business expenditures, is $43,650. This includes Alex's business expenditures such as office supplies, advertising, equipment rental, legal and professional fees, and liability insurance, among others. Her car expenditures were calculated using the mileage method.
The given problem describes the tax situation of Alex Santander, a single parent, living with her mother, and an eight-year-old son. She has some taxable income, including her salary and interest income, and some capital gains. She also has a consulting business, which is an S-corporation and provides her with a K-1 statement. The following information can be drawn from the problem statement:
- Alex Santander is a single parent with an eight-year-old child. Her mother also lives with them and qualifies as a dependent on Alex's tax return. She can claim head of household status on her tax return.
- She has an S-corporation and materially participates in its activity. The activity qualifies for the QBI deduction. The separately-stated items include short-term capital gain income, ordinary income, interest income, and a gift.
- Alex is a consultant, and she uses cash basis accounting. She was not required to file Form 1099-NEC for non-employee compensation. Her gross receipts for the year were $65,000. Alex claimed various deductions, including advertising, telephone, internet, equipment rental, legal and professional fees, liability insurance, and office supplies expenses.
- Alex uses part of her house as a home office, and the total square footage of her house is 2,500. The business square footage is 200, and she uses the simplified method to calculate the home office deduction.
- Alex used her car to travel to clients, and she keeps a mileage log to track her expenses. The car is new, and she uses the mileage method to calculate her car expenses. She drove a total of 17,500 miles during the year, of which 5,750 miles were for business purposes.
Based on the information provided, Alex's taxable income for 2021 is $43,650.
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William is a self-employed builder living in Wellington. On 1 January 2022, William inherited a generous sum of money from his grandmother. Some of this money was used to purchase real estate. The following activities were undertaken:
On 1 February 2022, William purchased a house in Kelburn to live in. The property cost $2,500,000. He lived in the house for 5 months and then rented it out when the adjoining neighbours commenced development of their section, as he found the construction noise unbearable. The tenants stayed for 1 year. William sold the house on 1 July 2023 for $2,700,000.
On 1 March 2022, William purchased a city apartment for his brother, Harry, to live in while he was studying at university in Wellington. The apartment cost $950,000 and William spent around $150,000 on a new bathroom and kitchen for the apartment. William undertook most of the labouring work himself, which he valued at $40,000. At the end of 2022, Harry decided not to continue with his university studies and moved to Las Vegas. The apartment is sold for $1,000,000 in January 2023.
William is a self-employed builder living in Wellington. On 1 January 2022, William inherited a generous sum of money from his grandmother.
Some of this money was used to purchase real estate.
He bought a house in Kelburn on 1 February 2022, for $2,500,000, to live in.
He lived there for 5 months and rented it out when the adjoining Neighbours commenced development of their section, as he found the construction noise unbearable.
The tenants stayed for 1 year.
William sold the house on 1 July 2023 for $2,700,000.
He also purchased a city apartment for his brother Harry,
who was studying at a university in Wellington, for $950,000 on 1 March 2022.
William spent around $150,000 on a new bathroom and kitchen for the apartment.
William undertook most of the labouring work himself, which he valued at $40,000.
Harry decided not to continue with his university studies and moved to Las Vegas at the end of 2022.
The apartment is sold for $1,000,000 in January 2023.
The transactions of the purchase of the Kelburn property and the city apartment are both subject to tax under the New Zealand Taxation Act, 2007.
The gain derived from the sale of the Kelburn house will be taxed as capital gains,
while the income derived from the renting of the Kelburn house and the sale of the city apartment will be taxed as income tax.
The income tax applies to all income derived by individuals, including those from self-employment, property, and investment income.
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Answer the following in as much detail as possible: 1. What is strategic management & strategy? 2. Why does strategic management matter? 3. What elements determine firm performance?
1. Strategic Management and Strategy: Strategic management is the process of defining the objectives, developing policies and plans to achieve them, and allocating resources to implement the policies and plans to achieve the organizational objectives. A strategy is an action plan that describes how a firm intends to compete in the market and achieve its objectives. It is a plan of action for accomplishing the organization’s objectives.
2. Importance of Strategic Management: Strategic management is important as it helps firms to define the objectives, develop policies and plans, allocate resources, and implement the policies and plans to achieve the organizational objectives. Strategic management helps firms to adapt to changes in the business environment and helps them to achieve long-term sustainable growth. It also helps firms to achieve a competitive advantage over their rivals and to improve their performance.
3. Elements Determining Firm Performance: Firm performance is determined by various elements such as the quality of management, the level of innovation, the quality of the products or services, the efficiency of operations, the level of customer satisfaction, the level of employee engagement, the level of financial performance, and the level of social responsibility. These elements are interdependent and affect each other. The quality of management affects the level of innovation, which affects the quality of the products or services, which affects the level of customer satisfaction, which affects the level of financial performance, which affects the level of social responsibility.
Thus, firms need to focus on improving all these elements to achieve sustainable long-term growth. The firms need to develop policies and plans to improve these elements and allocate resources to implement these policies and plans. Thus, strategic management plays a critical role in improving firm performance.
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The income statement for Carew Ltd shows the following for the year ended 31 Decermber 2020 . Depreciation 89000 Erutertaining and 7.420 promotional gifts (note 1) Research and developmerst 126,500 (note 2) Warehousing and 227,900 distribution Motor expenses 57,900 Miscellaneous (note 3) 12.000 Note 1: Entertaining includes £6,250 for a client Christmas party with 50 attendees Note 2: all R\&D expenditure is eligible for RDEC Note 3: includes a £5,500 QCD Note 4: included in profit before tax is an amount remitted from an overseas branch of £25,000 which has had £5,000 of local tax deducted. The finance director considers that DTR could be claimed. Carew Ltd had a tax written down value of its general pool of £164.500 at 1 January 2020 and made purchases of plant and machinery of E68,500 during the year. Included within that is an amount for £12,500 for a piece of machinery that has a lifespan of two years. Required: 1. Prepare the capital allowances for the year ended 31 December 2020 (4 marks) 2. Prepare a corporation tax computation for Carew Ltd for the year ended 31 December 2020 (6 marks) 3. Explain how a thinly capitalised company must seek to reduce its
Computation of capital allowances for Carew Ltd for the year ended 31 December 2020Total cost of Plant and Machinery: £68,500Add: Cost of the machinery with 2-year life: £12,500Total Cost of Plant and Machinery:
£81,000The tax written down value of the general pool at 1 January 2020: £164,500
Annual Investment Allowance (AIA) at 100%: £1,000,000AIA claimed:
£81,000Balance of AIA available: £919,000
Writing down allowance (WDA) on reducing balance basis for other expenditure
(18%): £14,670(£81,000 – £14,670) x18% = £12,674.60
Capital allowances for the year ended 31 December 2020:AIA claimed:
£81,000WDA: £12,674.60Total capital allowances: £93,674.60
Computation of Corporation Tax for Carew Ltd for the year ended 31 December 2020
Profits as per Income statement: £627,100Add:
Depreciation: £89,00Entertaining: £7,420Research and development:
£126,500Warehousing and distribution: £227,900Motor expenses: £57,900
Less: Tax remitted from an overseas branch: £20,000
Another option is to refinance existing debt with equity. It is important for companies to maintain a reasonable debt/equity ratio in order to protect themselves from financial risks and to maintain a strong credit rating. A high debt/equity ratio can indicate that a company is at risk of defaulting on its debts, which can lead to financial instability and a decline in creditworthiness.
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Rode share service Uber corisiders another service Lyft to be close competition to (or a close substitute off their service. If that is correct, what is true from the following when Uber estimates the change in quantity demanded for their services when the fares (or price per ride) of tyt changes? a. Cross price elasticity of dermand (ECp) is positive and greater than 1 b. Cross price elasticizy of demand (Ecp) is positive but loss than 1 c. Cross price elasticity of demand (Ecp) is negative d. Income elasticity of demand (Ei) is Dositive
When Uber considers Lyft as close competition, the correct statement regarding the change in quantity demanded for their services when the fares of Lyft change is: Uber courtsiders another service Lyft to be close.
Cross price elasticity of demand (Eco) is positive but less than Cross price elasticity of demand measures the responsiveness of the quantity demanded of one good (Uber rides) to a change in the price of a related good (Lyft rides). A positive cross price elasticity indicates that the two goods are substitutes, meaning that when the price of Lyft rides increases, the quantity demanded for Uber rides will also increase, but the responsiveness may be less than 1. This suggests that while there is a positive relationship, it is not a perfect substitution. Rode share service Uber courtsiders another service Lyft to be close competition to (or a close substitute off their service.
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Retailer K operates 1200 stores, each carrying SKU P. During July, 300 stores reported stockouts of SKU P. Calculate the stockout rate.
(place answer in space below with no % sign, for example, if your answer is 50%, place 50)
SKU P is carried by 1200 stores operated by retailer K, and during July, 300 stores experienced stock outs of SKU P.
The stock out rate refers to the rate at which a company runs out of stock of a product.
It is calculated as follows:
stock out rate = (number of stock outs / total number of inventory carried) * 100%
Here, the number of stock outs is 300, and the total number of inventory carried is 1200.
So, substituting these values into the formula, we get:
stock out rate = (300/1200) * 100%
= 25%
The stock out rate for SKU P during July is 25%.
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Dlamini, Nkosi & Sithole Chartered Accountants bought filing cabinets for R35 000 on credit from Khumalo Office Solutions. Which elements of the basic accounting equation will be effected?
Select one:
A.
Equity and liabilities
B.
Assets and equity
C.
Assets and liabilities
D.
Assets only
E.
Liabilities only
the purchase of filing cabinets for R35 000 on credit from Khumalo Office Solutions will affect both the assets and liabilities of Dlamini, Nkosi & Sithole Chartered Accountants in the basic accounting equation.
When Dlamini, Nkosi & Sithole Chartered Accountants purchased filing cabinets for R35 000 on credit from Khumalo Office Solutions, the basic accounting equation will be affected as follows: Option C: Assets and liabilities.The accounting equation is represented as Assets = Liabilities + Equity.The purchase of filing cabinets increases the company's assets. However, since the cabinets were purchased on credit, the company will also incur a liability to Khumalo Office Solutions for the same amount of R35,000.
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You received a brochure that advertised a "Romantic Weekend for two for only RM355." In interest, you logged into MHM holiday agencies websites and paid for the Romantic Weekend for two getaway. When your credit card statement arrived, you discovered that the "Romantic Weekend" cost more than RM2, 000. You believe that there surely has been a mistake. The bill was posted to your account on May 5, and the reference number was 5555-5555. You would like to get the problem resolved as soon as possible. Write a letter of complaint to demand for an immediate replacement or a full refund. Your complaint letter must follow the standard composition of the Block Format and include: - Opening − describe the desired action - Body - explain the nature of the complaints, tell why the complaints is justified, and provide details regarding the action requested. - Closing - End pleasantly with a goodwill statement, and include an end date and action request, if appropriate.
To write a letter of complaint that demands an immediate replacement or a full refund. The letter of complaint should follow the standard composition of the Block Format and include an opening, a body, and a closing.
The letter should start by describing the desired action, which is to get an immediate replacement or a full refund. The body of the letter should explain the nature of the complaints, tell why the complaint is justified, and provide details regarding the action requested.
In the body of the letter, you can explain that you received a brochure that advertised a "Romantic Weekend for two for only RM355." You logged into MHM holiday agencies websites and paid for the Romantic Weekend for two getaway. However, when your credit card statement arrived, you discovered that the "Romantic Weekend" cost more than RM2,000.
You can then explain that you believe there has been a mistake and that you would like to get the problem resolved as soon as possible. You can also provide additional details such as the date when the bill was posted to your account (May 5) and the reference number (5555-5555).In the closing of the letter, you can end pleasantly with a goodwill statement, and include an end date and action request, if appropriate. For example, you can say that you appreciate the prompt attention to this matter and look forward to receiving a replacement or a full refund by a certain date.
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a. Compare and contrast the Principle Based Accounting Standards to Rules Based Accounting Standards (10 marks) b. Various Stakeholders who receive accounting information differ in their informational needs. Discuss Six of these, citing their areas of interest.
a. Compare and contrast the Principle Based Accounting Standards to Rules Based Accounting Standards.Accounting standards can be divided into two categories: principle-based accounting and rule-based accounting.
The standards that are set up to direct accounting professionals on how to properly report business transactions are known as accounting standards. They are either principle-based or rules-based in nature. The following are the differences between the two types of standards:Rules-Based Accounting Standards: In rule-based accounting, transactions are controlled by detailed rules. These rules are inflexible, which means that each transaction must be handled in accordance with these rules, which means that there is no room for judgement.
Employees are interested in knowing whether a company is making a profit and whether they will be able to keep their jobs.Customers: Customers are interested in knowing whether a company is profitable and whether the prices of goods and services are likely to rise.Suppliers: Suppliers are interested in knowing whether a company is able to pay its debts and whether there are any possible risks that could jeopardize the long-term relationship between the supplier and the organization.
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Which one of the following is probably the best suggestion for stretching your retirement income?
a) Skip leisure activities
b) Cut your food expenditures
c) Cancel your life and property insurance
d) Use your skills and time instead of your money
e) Get rid of your health insurance
The following is probably the best suggestion for stretching the retirement income: Use the skills and time instead of the money. The correct option is D.
Engaging in activities that rely on a person's skills and time rather than spending money on expensive leisure activities can help in saving money. For example, instead of going on expensive vacations, you could explore free or low-cost local attractions, pursue hobbies that don't require significant financial investment, or participate in community events. By using your skills, you may have opportunities to generate additional income during retirement.
Thus, the ideal selection is option D.
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Assume a required reserve ratio of 0.05 to complete the following.
Assets Liabilities and Net Worth
Reserves $100 million Deposits $400 million
Bonds $120 million Loans $200 million Bank Capital $20 million
a. Calculate the initial required reserves for this bank and show work.
b. Calculate the initial excess reserves for this bank and show work.
c. Convert all of the excess reserves into loans and construct the new balance sheet.
Required reserve ratio: Required reserve ratio is the percentage of bank deposits that must be kept in reserve by the bank. It is calculated as follows: Required reserve ratio = required reserves / deposits.
Initial required reserves for the bank is calculated as follows: Given, Reserves = $100 million
Required reserve ratio = 0.05Deposits = $400 million
Required reserves = Required reserve ratio * Deposits= 0.05 * $400 million= $20 million
Therefore, the initial required reserves for this bank are $20 million.
b. Excess reserves are calculated by subtracting the required reserves from the actual reserves of the bank. The initial excess reserves for the bank is calculated as follows:Excess reserves = Reserves - Required reserves= $100 million - $20 million= $80 million
Therefore, the amount of loans has increased by $80 million, which is the same as the amount of excess reserves that was converted into loans. The reserves have reduced by $80 million because the bank no longer has excess reserves after converting them into loans. The deposits have not changed, and the bank capital has also remained the same. Therefore, the new balance sheet of the bank would have reserves of $20 million, deposits of $400 million, loans of $280 million, and bank capital of $20 million.
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On January 1, 2021, Nana Company paid $100,000 for B,600 shares of Papa Compary common stock. The ownership in Papa Company is 10%. Nana Compary does not have significant influence over Papa Company. Papa reported net income of $52,000 for the year ended December 31, 2021. The fair value of the Papa stock on that date was $57 per share. What amount will be reported in the balance sheet of Nana Company for the investment in Papa at December 31, 2021? Mutipie Cholce 5445,200 $490,200 k $430,200 $415,200
Nana Company paid $100,000 for 1,600 shares of Papa Company common stock on January 1, 2021. The ownership in Papa Company is 10%. Nana Company does not have significant influence over Papa Company. Papa reported net income of $52,000 for the year ended December 31, 2021.
The fair value of the Papa stock on that date was $57 per share. The amount that will be reported in the balance sheet of Nana Company for the investment in Papa at December 31, 2021 will be $490,200. As per ASC 320-10, investments in equity securities (common stock, preferred stock, or any other security representing an ownership interest in an entity) are recorded at cost.
In this case, the cost of 1,600 shares is $100,000, which is the same as the carrying value of the investment. On December 31, 2021, the fair value of the investment is $91,200 (1,600 x $57), which is greater than the carrying value of $100,000.
Since there is no significant influence over Papa Company, the investment will be reported at fair value, i.e. $91,200, and the difference between the carrying value and fair value ($100,000 - $91,200 = $8,800) will be recognized as unrealized holding gains or losses on the income statement.
Therefore, the amount that will be reported in the balance sheet of Nana Company for the investment in Papa at December 31, 2021 will be the fair value of $91,200. The answer is $490,200.
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There were 5 Principles of Sustainability Marketing presented in class. Describe what each of these are and
how they are applied in Sustainability Marketing: Consumer Oriented Marketing: Consumer Value Marketing:
Innovative Marketing: Sense of Mission Marketing: Societal Marketing:
Sustainable marketing involves marketing products and services that are environmentally friendly, socially responsible, and economically sustainable. It is a strategy that is centered on meeting the needs of the present generation while preserving resources for future generations.
There are five principles of sustainability marketing presented in class, which include:
Consumer-Oriented Marketing: Consumer-oriented marketing focuses on identifying the needs and wants of consumers and meeting them in a sustainable way. This principle emphasizes creating products and services that align with consumer values and lifestyles. Consumer-oriented marketing involves using sustainable materials, reducing waste, and ensuring products are designed to last longer to meet consumers' needs and wants.
Consumer Value Marketing: This principle involves creating products and services that are high-quality and offer value to consumers while also being environmentally and socially responsible. Companies that practice consumer value marketing strive to balance economic profitability with social responsibility and environmental sustainability.
Innovative Marketing: Innovative marketing refers to the development of new marketing strategies that align with the company's commitment to sustainability. This principle requires companies to be creative in their approach to marketing and to use innovative methods to communicate their sustainability efforts to consumers.
Sense of Mission Marketing: This principle focuses on creating a strong sense of mission or purpose within the company that is centered on sustainability. This involves developing a mission statement that emphasizes the company's commitment to sustainability and incorporating this mission into all aspects of the business, including marketing and advertising.
Societal Marketing: Societal marketing involves creating products and services that meet the needs of society while also being environmentally and socially responsible. This principle emphasizes creating products that benefit society as a whole and promoting them in a way that highlights their social and environmental benefits.
Sustainability marketing is a critical strategy for companies looking to meet the needs of consumers while also protecting the environment and promoting social responsibility. By following these five principles, companies can create products and services that align with consumer values and contribute to a more sustainable future.
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