The technique to derive a consensus among a panel of experts who make predictions about future developments is Delphi Technique.
This is a method used to achieve consensus among panel experts, who are often geographically dispersed, on complex topics. The Delphi technique is useful when experts need to come to an agreement about what will happen in the future. It is accomplished by developing and administering questionnaires to panel experts, then summarizing the responses, and redistributing the questionnaire to the experts until consensus is reached. The fact-finding technique for collecting information in face-to-face, phone, e-mail, or instant messaging is Interviewing. It is a technique used to gather information from people who have knowledge of a topic, event, or subject. It is accomplished by using direct communication, such as face-to-face meetings, telephone calls, email, or instant messaging.
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From the following information, prepare a Flexible budget of David & Co. Ltd. $. Direct materials 90,000 Factory costs (80% fixed) 12,000 Direct Labour 60,000 Admn. costs (60% fixed) 18,000 Direct cost 30,000 Sales costs (50% fixed) 6,000 Machinery expenses 15,000 Sales at Rs. 3 per unit 3,00,000 Power 15,000 Total Production is sold in the year. Further, the factory is working at 60% capacity. You have to assume the following. (a) Direct materials and wages Increase by 10% and 5% followings (b) Capacity will be 80%
The flexible budget for David & Co. Ltd. is as follows: Direct materials: $99,000 Factory costs: $12,000 Direct labor: $66,000 Administrative costs: $19,800 Direct cost: $33,000 Sales costs: $6,600 Machinery expenses: $15,000Power: $18,750Sales revenue: $360,000
A flexible budget is a useful tool that adjusts budgeted amounts based on changes in activity levels. In this case, we are given information about David & Co. Ltd.'s costs and sales, and we need to prepare a flexible budget based on certain assumptions. First, we need to consider the increase in direct materials and wages by 10% and 5% respectively. This means the direct materials cost would increase to $99,000 (90,000 + 10%) and the direct labor cost would increase to $66,000 (60,000 + 5%). Next, we need to account for the change in capacity. The factory is working at 60% capacity, but we have to assume it will operate at 80% capacity. Since most of the factory costs are fixed (80%), they will remain the same at $12,000. The administrative costs, which are 60% fixed, would increase to $19,800 (18,000 + 60% of 18,000).The direct cost would increase to $33,000 (30,000 + 10% of 90,000 + 5% of 60,000).The sales costs, which are 50% fixed, would increase to $6,600 (6,000 + 50% of 6,000).The power expenses would increase to $18,750 (15,000 + 25% of 15,000) since the factory is operating at a higher capacity. Lastly, the sales revenue remains the same at $360,000 as it is based on the number of units sold at a fixed price.
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Question 2: Bond valuation is more complicated than determining present value of simple future cash flows. Why? Provide an example of present value bond calculation when you are several years past the issuing of the bond. For example, it is the beginning of year 4 on a 10 year corporate bond. 100 words please
Bond valuation is more complicated than determining the present value of simple future cash flows because bondtypically involve periodic coupon payments and a final principal repayment at maturity.
The coupon payments represent a series of cash flows over the life of the bond, and the timing and amount of these payments can vary depending on the bond's terms. Additionally, the bond's value is influenced by market factors such as interest rates, credit risk, and the bond's specific features.
For example, let's consider a 10-year corporate bond that was issued four years ago. At the beginning of year 4, the bond has six years remaining until maturity. To calculate the present value of the bond, you would need to discount the remaining coupon payments and the principal repayment at maturity back to the present using an appropriate discount rate, considering factors such as prevailing interest rates and the bond's credit risk. The present value calculation would take into account the remaining cash flows and the time value of money to determine the fair value of the bond at the beginning of year 4.
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why does the divine coincidence simplify the job of policy
making, in what situation will it prevail,and why?
The divine coincidence simplifies the job of policy making because central banks can focus solely on targeting inflation, without worrying about trade-offs between inflation and output stabilization. It will prevail when there is a strong alignment between inflation and output gaps, often under a New Keynesian framework. This occurs when shocks to the economy are primarily driven by demand-side factors, leading to a proportional response in both output and inflation.
The divine coincidence simplifies the job of policy-making for several reasons:
Policy Alignment: In the presence of the divine coincidence, policymakers can pursue a single policy objective, such as maintaining price stability through inflation targeting. By effectively managing inflation, they can indirectly influence output stability. This simplifies decision-making by allowing policymakers to focus on a single goal.Reduced Trade-offs: When the divine coincidence prevails, there is a reduced need for policymakers to make trade-offs between price stability and output stability. Traditional policy frameworks often required policymakers to make difficult choices between combating inflation or stimulating economic growth. The divine coincidence eliminates the need for such trade-offs, making policy implementation less complex.Clear Guidance: The alignment of price stability and output stability under the divine coincidence provides clearer guidance for policy actions. Policymakers can use inflation as a reliable indicator to guide their decisions, setting clear targets and implementing appropriate monetary policy measures to maintain price stability. This simplifies the communication of policy intentions and enhances transparency.It is important to note that the divine coincidence does not prevail in all economic situations. It typically occurs when the economy operates near its potential output and when there are no significant supply-side constraints. In such situations, changes in aggregate demand are more likely to impact both inflation and output simultaneously, creating the conditions for the divine coincidence to prevail.
However, during periods of supply shocks, structural imbalances, or other factors that disrupt the correlation between inflation and output, the divine coincidence may not hold. In these situations, policymakers face the challenge of addressing both inflation and output stability separately, requiring a more nuanced and targeted approach to policy-making.
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Lou Barlow, a divisional manager for Sage Company, has an opportunity to manufacture and sell one of two new products for a five-year period. His annual pay raises are determined by his division?s return on investment (ROI), which has exceeded 18% each of the last three years. He has computed the cost and revenue estimates for each product as follows:
As the ROI is greater than 18%, the investment would be a lucrative one, and there would be no significant risk of incurring losses or reducing the ROI.
The decision of whether to manufacture and sell product X or product Y would be based on the higher return on investment that each product promises to offer in five years. If we are to compute the return on investment for both products, we would get the following:
ROI for product X = (Gross profit on product X / Cost of manufacturing and selling product X) × 100%ROI for product Y = (Gross profit on product Y / Cost of manufacturing and selling product Y) × 100%
To arrive at the gross profit of each product, we would subtract the cost of manufacturing and selling each product from its expected revenue.
Gross profit for product X = $2,600,000 – ($1,200,000 + $1,250,000) = $150,000Gross profit for product Y = $2,400,000 – ($900,000 + $1,100,000) = $400,000
Substituting the values we obtained in the formula for ROI for both products, we would get:
ROI for product X = ($150,000 / $2,450,000) × 100% ≈ 6.1%
ROI for product Y = ($400,000 / $2,400,000) × 100% ≈ 16.7%
As seen above, the expected ROI for product Y is greater than that of product X. Thus, Lou Barlow should manufacture and sell product Y over product X if he wants to ensure a higher return on investment and secure annual pay raises.
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1. Having been set different priorities by different stakeholders, a manager realises they need to maximise functions f and g where f(x,y)=9-x, g(x, y) =9-(1-x)² - y². The manager believes that one
The manager aims to maximize functions f and g, where f(x, y) = 9 - x and g(x, y) = 9 - (1 - x)² - y². The optimization process involves finding the values of x and y that maximize these functions.
Supporting explanation: To maximize function f(x, y) = 9 - x, the manager needs to minimize the value of x since the function is inversely proportional to x. On the other hand, to maximize function g(x, y) = 9 - (1 - x)² - y², the manager needs to find the values of x and y that minimize the terms (1 - x)² and y², respectively.
By setting different priorities, the manager should consider the trade-off between maximizing f and g based on the given functions. The optimal values of x and y can be determined by solving the optimization problem or using techniques such as calculus, depending on the specific requirements and constraints of the situation.
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-1.0 SO 40 Que shen 4.) Assume that you've been hired by the surgeon general of the United States to study the determinants of smoking behavior and that you estimate the following cross-sectional model based on data for all 50 states (standard errors in parentheses): 10 C₁ = 100 9.0E + 1.01; (6.20) (3.0) (1.0) 1.0 0.04T; - 3.0V; + 1.5R; (0.04) (1.0) (0.5) 1.0 - 3.0 t = - 3.0 3.0 R² = .40 N = 50 (states) where: C₁ = the number of cigarettes consumed per day per person in the ith state E, the average years of education for persons over 21 in the ith state (1) = the average income in the ith state (thousands of dollars) the tax per package of cigarettes in the ith state (cents) the number of video ads against smoking aired on the three major networks in the ith state. V R₁ the number of radio ads against smoking aired on the five largest radio networks in the ith state a. Develop and test (at the 5-percent level) appropriate hypotheses for the coefficients of the variables in this equation. two-sidled-tects b Douc oor to have any irrelevant variables? Do you appear to
a. Hypothesis Testing: Without the specific coefficient estimates and standard errors, it is not possible to determine the hypotheses or conduct hypothesis testing for the coefficients in the given equation. b. Irrelevant Variables: Without the specific coefficient estimates and standard errors, it is not possible to determine the presence of irrelevant variables in the model. c. Final Equations: The final equation for the given model is C₁ = 100 + 9.0E + 1.01(1) - 3.0V + 1.5R.
To test the hypotheses for the coefficients of the variables in the given equation, we need to look at the t-statistics for each coefficient. The t-statistic is calculated by dividing the coefficient estimate by its standard error.
The estimated model is as follows:
C₁ = 100 + 9.0E + 1.01(1) - 3.0V + 1.5R
The standard errors are provided in parentheses next to each coefficient estimate.
To test the hypotheses, we can set up the following null and alternative hypotheses for each coefficient:
1. For the coefficient of E (average years of education):
Null hypothesis: The coefficient is equal to zero (β₁ = 0)
Alternative hypothesis: The coefficient is not equal to zero (β₁ ≠ 0)
2. For the coefficient of (1) (average income):
Null hypothesis: The coefficient is equal to zero (β₂ = 0)
Alternative hypothesis: The coefficient is not equal to zero (β₂ ≠ 0)
3. For the coefficient of V (tax per package of cigarettes):
Null hypothesis: The coefficient is equal to zero (β₃ = 0)
Alternative hypothesis: The coefficient is not equal to zero (β₃ ≠ 0)
4. For the coefficient of R (number of video ads against smoking):
Null hypothesis: The coefficient is equal to zero (β₄ = 0)
Alternative hypothesis: The coefficient is not equal to zero (β₄ ≠ 0)
We can calculate the t-statistics by dividing the coefficient estimates by their respective standard errors and compare them to critical values of the t-distribution at the desired significance level (5% in this case).
Regarding the presence of irrelevant variables, we can look at the t-statistics to assess the significance of each variable. If a coefficient's t-statistic is not statistically significant (p-value above 0.05), it suggests that the corresponding variable may not have a significant impact on the dependent variable (smoking behavior in this case) and could be considered an irrelevant variable.
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If low and stable inflation is beneficial, why does
the Central Bank target a positive rate?
Low and stable inflation is advantageous since it can reduce economic certainty and trigger higher interest rates, which can impede economic growth. The central bank, however, aims for a positive inflation rate to support economic expansion.
This is how it goes: The rate at which the cost of goods and services increases over time is known as inflation. The common consensus is that a low and stable inflation rate, often around 2%, is advantageous because it fosters a predictable environment where businesses and people can make decisions with greater assurance.
This in turn encourages stability and economic progress.However, the central bank normally aims for positive inflation because the economy needs a certain amount of inflation to expand.
Inflation can become too low, which can result in deflation, or falling prices. As a result, customers and businesses may put off purchases in expectation of further price reductions. Reduced economic activity and slower growth rates may result from this.
Contrarily, a high inflation rate motivates people to spend and invest, which might result in a faster rate of economic expansion.In conclusion, while low and stable inflation is advantageous, the central bank targets a positive inflation rate to encourage economic growth and stability.
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Please kindly explain what is market value in a few words and
make it short not lengthy. thank you......
Market value refers to the current price at which an asset, product, or service can be bought or sold in the open market.
Market value refers to the current price at which an asset, security, or product can be bought or sold in an open market. It represents the perceived worth or estimated value of an item based on the forces of supply and demand in the market. Market value is determined by various factors such as the asset's quality, condition, scarcity, utility, and prevailing economic conditions.
In the financial world, market value commonly refers to the value of publicly traded companies, known as market capitalization. It is calculated by multiplying the current market price of a company's shares by the total number of outstanding shares. Market value is an important metric for investors as it helps determine the relative size and worth of a company in the marketplace.
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Show Me How Office 365 Print Item Net present value method The following data are accumulated by Geddes Company in evaluating the purchase of $160,000 of equipment, having a four-year useful life: Net Income Net Cash Flow Year 1 $40,000 $80,000 Year 2 20,500 - 60,500 Year 3 20,000 60,000 Year 4 6,000 46,000 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet a. Assuming that the desired rate of return is 6%, determine the net present value for the proposal. If required, round to the nearest dollar. Net present value b. Would management be likely to look with favor on the proposal? Yes the net present value indicates that the return on the proposal is greater ✓than the minimum desired rate of return of 6% Feedback Check My Work a. The net present value method compares the amount to be invested with the present value of the net cash inflows. b. If the present value of the cash inflows equals or exceeds the amount to be invested, the proposal is desireable. Previous Check My Work Next
a. To calculate the net present value (NPV) for the proposal, we need to discount the net cash flows to their present values using the desired rate of return of 6%.
Year 1:
Net Cash Flow: $80,000
Discounted Cash Flow: $80,000 / (1 + 0.06)^1 = $75,471
Year 2:
Net Cash Flow: -$60,500
Discounted Cash Flow: -$60,500 / (1 + 0.06)^2 = -$54,441
Year 3:
Net Cash Flow: $60,000
Discounted Cash Flow: $60,000 / (1 + 0.06)^3 = $51,046
Year 4:
Net Cash Flow: $46,000
Discounted Cash Flow: $46,000 / (1 + 0.06)^4 = $38,719
Net Present Value = Sum of Discounted Cash Flows - Initial Investment
Net Present Value = $75,471 - $54,441 + $51,046 + $38,719 - $160,000
Net Present Value = $50,795
b. Based on the net present value, management would likely look with favor on the proposal. The positive net present value of $50,795 indicates that the present value of the cash inflows exceeds the amount to be invested. This means that the proposal is desirable as it is expected to generate a return greater than the minimum desired rate of return of 6%.
In summary:
a. Net present value: $50,795
b. Yes, management would be likely to look with favor on the proposal.
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Calculate the current Ratio from the following particulars : Particulars $
Machinery 271000 Sundry Debtors 19,10,000 Short Term Investments 30,000 Debentures 2,10,000 Cash in hand 40,000 Expenses Outstanding 50,000 Prepaid Expenses 20,000 Sundry Creditors 50,000 Bills Payable 25,000 Stock 50,000
The current ratio of the given particulars is 4.14, indicating a strong ability to cover short-term liabilities with short-term assets.
The current ratio is a financial ratio that measures a company's ability to pay off its short-term liabilities using its short-term assets. It is calculated by dividing the total current assets by the total current liabilities. To calculate the current ratio, we need to identify the current assets and current liabilities from the given particulars. Current assets include sundry debtors, short-term investments, cash in hand, expenses outstanding, prepaid expenses, and stock. Adding these amounts, we have $19,10,000 + $30,000 + $40,000 + $50,000 + $20,000 + $50,000 = $21,00,000. Current liabilities include sundry creditors and bills payable. Adding these amounts, we have $50,000 + $25,000 = $75,000.Now, we can calculate the current ratio by dividing the total current assets by the total current liabilities: Current ratio = Total current assets / Total current liabilities = $21,00,000 / $75,000 = 4.14. Therefore, the current ratio of the given particulars is 4.14.
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two economies are identical, except that the level of capital per worker is higher in highland than in lowland. investment in lowland must be:
If two economies are identical, except that the level of capital per worker is higher in Highland than in Lowland, then the investment in Lowland must be increased.
This is because increasing the level of capital per worker in Lowland will help to increase productivity and output, which will then lead to economic growth and development.To increase the level of capital per worker in Lowland, the government can provide incentives to businesses and individuals to invest in the region. This can be done through tax breaks, subsidies, and other financial incentives that encourage businesses and individuals to invest in the region.
Additionally, the government can invest in infrastructure development, such as building roads, bridges, and other transportation links that make it easier for businesses and individuals to access the region.
Investment in human capital is also important. This can be done through education and training programs that help to improve the skills and knowledge of workers in the region. By investing in human capital, businesses and individuals will be better equipped to take advantage of the opportunities that come with increased investment in the region.
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Thad, a single taxpayer, has taxable income before the QBI deduction of $198,500. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports as a sole proprietorship). Durin
Thad's qualified business income (QBI) deduction is $19,850.
The QBI deduction is a deduction available to certain businesses, including sole proprietorships, partnerships, and S-corporations. It allows eligible taxpayers to deduct a portion of their qualified business income from their taxable income Assuming Thad's taxable income falls within the phase-out range, the deduction is calculated as follows: QBI Deduction = Qualified Business Income * Deduction Percentage QBI Deduction = $198,500 * 10% = $19,850.
Therefore, Thad's QBI deduction is $19,850. It is important to note that the actual calculation may vary based on the specific tax laws and regulations in effect at the time.
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how a company handles its credit accounts, including methods of invoicing and collecting past-due accounts, is indicated by the company’s .
The term that fits in the blank is 'Accounts Receivable.'
The accounts receivable of a company is a record of the outstanding payments due from its clients for services or goods delivered but not yet billed or paid for. They are usually the amounts owed to a business by its customers and arise from sales or services provided on credit. The credit accounts that a company offers and the way it handles them are crucial because they are essentially providing interest-free loans to their clients. Companies need to ensure that they have a well-defined credit policy and the proper controls and procedures in place to handle their accounts receivable appropriately. Methods of Invoicing: Invoice generation: They should have a well-defined process for invoicing to make sure that all sales made are appropriately documented and recorded in the company's books. Invoice management: A company should have a method of monitoring its invoice process to ensure that it is effectively and efficiently processing its invoices and addressing issues that may occur, such as late payments. Accounts receivable automation: Automating the process of generating and sending invoices can save a lot of time and help improve the accuracy of records. Methods of Collecting Past-due accounts: Collection letters: A company can send a collection letter to its clients, asking for payment or requesting that the clients contact the company to make payment arrangements. Third-party collections: If the company is unable to collect the amount owed from the client, it may hire a third-party collections agency to collect the payment on its behalf. Legal action: If all other collection attempts have failed, the company can take legal action against the client to recover the unpaid amount. In summary, a company’s accounts receivable are an indication of how it manages its credit accounts, including methods of invoicing and collecting past-due accounts.
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5. List some of their top customers. 1. What do customers say about them? 6. How long have they been in the market? 7. They are best suited for what kind of company culture and values? 8. What kind of technology do they use? (Cloud, on-premises, etc.) 9. Referring back to your process (from last week's exercise), answer: 1. Do they support your process? (If you have no process in mind, assume an ATS module/process) 10. Do they support workflows? 11. Do they support multiple regulations/countries? 12. What is their current financial situation?
Some of the top customers of Taleo include Proctor & Gamble, Xerox, Dell, Starbucks, Oracle, HP, and General Electric.6. Taleo has been in the market for around 20 years.7. Taleo is best suited for companies that emphasize employee development and career growth.
The values that Taleo is most aligned with are innovation, integrity, and customer service.
8. Taleo uses a cloud-based technology.
9. Taleo is an ATS that helps automate the recruitment process. The software allows companies to manage applications, resumes, and candidate information all in one place. This system can integrate with HR management software to streamline the hiring process even further.
10. Taleo supports workflows, allowing recruiters and hiring managers to follow a step-by-step process when reviewing candidate information.
11. Taleo supports multiple regulations and countries. The software complies with EEO and OFCCP regulations in the US and similar requirements in other countries.
12. Oracle, the company that acquired Taleo in 2012, is financially stable with a strong balance sheet and positive cash flow.
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Consider the following statement:
"Demand management policies, such as fiscal and monetary policies do not matter for growth in the long run as economic growth mainly depends on productivity growth."
Do you agree with this statement?
No, I do not agree with this statement, "Demand management policies, such as fiscal and monetary policies do not matter for growth in the long run as economic growth mainly depends on productivity growth".
Demand management policies, including fiscal and monetary policies, play a significant role in promoting economic growth, both in the short run and the long run. While productivity growth is indeed a crucial factor in driving long-term economic growth, it is not the sole determinant.
Importance of Demand Management Policies: Demand management policies, such as fiscal policies (government spending and taxation) and monetary policies (interest rates, money supply), directly influence aggregate demand in an economy. By stimulating or moderating aggregate demand, these policies can have a substantial impact on economic growth. For example, during periods of economic recession, expansionary fiscal and monetary policies can help stimulate demand, leading to increased economic activity and growth. Conversely, during periods of inflation or overheating, contractionary policies can help manage demand and maintain stability.Relationship between Demand and Productivity Growth: There is an interplay between demand and productivity growth. Strong demand can create incentives for businesses to invest in innovation, research and development, and technological advancements, which can drive productivity growth over the long run. Likewise, productivity growth can enhance an economy's capacity to meet increasing demand and contribute to sustainable economic growth. Therefore, it is not a matter of either demand or productivity growth but rather recognizing the importance of both factors and their interconnectedness.Long-Term Growth Drivers: While demand management policies can have a more immediate impact on growth, productivity growth remains a crucial driver of long-term economic expansion. Enhancing productivity through investments in human capital, technology, infrastructure, and institutional frameworks is essential for sustained economic growth and improved living standards. However, the absence of effective demand management policies can limit the realization of an economy's productive potential.In conclusion, both demand management policies and productivity growth are integral to achieving long-term economic growth. Disregarding the importance of demand management policies would overlook their role in stabilizing the economy, stimulating investment and consumption, and providing an environment conducive to productivity growth.
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What is your perception of researchers and the role you believe they serve in the academic community? What kinds of mental and behavioral changes do you think you will need to make in order to become a successful researcher?
Researchers are professionals in academic communities who play a crucial role in advancing knowledge and driving progress. Their work entails conducting experiments, gathering data, analyzing it, and making conclusions. The researchers' main goal is to investigate their topics thoroughly and impartially while also generating new insights and increasing the quality of knowledge available.
The successful researcher has the ability to communicate their findings effectively to both academic and lay audiences. In addition, it is critical to be well-versed in current literature and research trends in order to stay on top of the field. Successful researchers must be knowledgeable about the methodologies, ethical considerations, and technological advancements that are relevant to their research topic. Becoming a successful researcher requires a variety of mental and behavioral changes. Researchers must have excellent critical thinking and analytical abilities, as well as strong organizational and time management skills. To be effective, researchers must develop sound judgment and an open mind to alternative perspectives while simultaneously challenging existing ideas. Researchers must also be adaptable and flexible, recognizing that research frequently necessitates unexpected or unplanned events that necessitate deviation from the original plan. Finally, perseverance, attention to detail, and excellent writing skills are all qualities of a successful researcher.
They must always be prepared to defend their conclusions and findings with convincing evidence while remaining open to new ideas and arguments. In conclusion, researchers have a significant role to play in the academic community, and becoming a successful researcher requires specific mental and behavioral changes, such as excellent critical thinking skills, adaptability, and perseverance.
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a) Category Management and Supplier Relationship Management may not pursue the same goals. Debate how Supplier Relationship Management and Category
Management should be aligned with each other.
b) Refer back to the organisation for Questions 1(b), 2 and 3(a). Show how the Bensaou Model of Supplier Relationship Management strategy can be applied to
the organisation.
a) Supplier Relationship Management (SRM) and Category Management (CM) are both vital procurement practices that are intended to enhance an organization's procurement procedures. SRM and CM, on the other hand, are not intended to achieve the same objectives.
CM is a procurement strategy that includes defining the procurement category and developing and executing a procurement strategy for that category. SRM, on the other hand, is a strategy that aids in the development and maintenance of long-term, collaborative supplier relationships. Organizations can align SRM and CM by aligning their procurement goals with their strategic objectives.
It is critical for businesses to establish procurement goals that align with their overall strategic goals and objectives. SRM can help to create and manage long-term supplier partnerships, which can aid in the development of innovative products and services, enhance supplier performance, and minimize supplier risks. CM, on the other hand, can help organizations optimize their procurement processes, improve supplier relationships, and minimize costs.
As a result, by aligning the procurement goals with the strategic goals and objectives, businesses can integrate the CM and SRM strategies and work together to create and maintain collaborative supplier relationships that meet the overall business objectives.
b) The Bensaou Model is a well-known approach for improving supplier relationship management. It aids businesses in developing and implementing an effective supplier relationship management strategy. It consists of five phases: identification, selection, negotiation, operation, and development. The Bensaou Model can be applied to the organization for Question 1(b), 2, and 3(a) in the following ways:
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what would be the best monthly goal to set for a sales employee who normally achieves $50,000 in sales in a month?
The best monthly goal to set for a sales employee who normally achieves $50,000 in sales in a month would depend on various factors such as the industry, the type of products or services being sold, the current market conditions, and the employee's past performance.
Setting a monthly sales goal can be a challenging task for managers and employers, as it requires balancing between pushing the salesperson to improve their performance and setting a goal that is realistic and achievable. Generally, a good approach is to set a goal that is slightly higher than the employee's current performance, but not too high that it becomes demotivating or unattainable.
To determine the best monthly goal for a sales employee who normally achieves $50,000 in sales in a month, the manager or employer should consider several factors such as: Industry: Different industries have varying sales cycles, competitive landscapes, and consumer behaviors. For example, a retail business may have higher sales goals during the holiday season, while a B2B service provider may have longer sales cycles and require more relationship-building efforts. Therefore, the monthly goal should align with the industry benchmarks and sales trends - Type of products or services: The complexity, price point, and demand of the products or services being sold can impact the sales goals. For instance, selling a high-end software product may require fewer transactions but higher revenue per sale, while selling a low-cost consumer good may require more transactions but lower revenue per sale.
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When using the aggregate demand-aggregate supply (AD-AS) model to illustrate growth and changes in the economy, which of the following things are considered? Social capital and goodwill. The speed of change from expansions to recessions. The efficiency of the capital and financial sector.
When using the AD-AS model to illustrate growth and changes in the economy, social capital and goodwill are not typically considered.
The model primarily focuses on the relationship between the aggregate demand for goods and services and the aggregate supply of those goods and services. The speed of change from expansions to recessions, however, is an important consideration when analyzing the model. This is because changes in aggregate demand or supply can occur rapidly, and the speed of these changes can impact the overall performance of the economy. Finally, the efficiency of the capital and financial sector is also a relevant consideration when using the AD-AS model. This is because the capital and financial sector plays a critical role in the allocation of resources within the economy, and can impact the overall level of aggregate supply and demand.
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Which statement provides an accurate definition for the 'theoretical' flow time of a process? O a. The sum of the flow times on the longest path in the network of activities O b. The average time it t
The theoretical flow time is the minimum possible time for production a part and it represents the lower limit to flow time.
The definition of theoretical flow time of a process is: the minimum time required to complete a process or series of processes assuming no interruptions or delays that will ensure optimal production times. The theoretical flow time is based on the sequence of the manufacturing process; however, it does not include factors such as delay in processing, interruption in production, machine breakdown, and changeover times. Therefore, this definition of the theoretical flow time of a process fits the statement: "the minimum time required to complete a process or series of processes assuming no interruptions or delays that will ensure optimal production times".
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royston inc is a large chemiocal company. it processes 150,000 pounds of ore at a cost of
Royston Inc. is a large chemical company that processes 150,000 pounds of ore at a cost of $100,000.
During the year, it manufactured and sold 12,000 units of its primary product. The company had $50,000 in fixed manufacturing overhead costs that were not allocated to products. In addition, it incurred $150,000 in selling and administrative expenses. The company is contemplating the addition of a new product line that will require an investment of $300,000 in equipment. The equipment will have no salvage value but is expected to have a useful life of 15 years. The company estimates that it will manufacture and sell 4,000 units of the new product annually for the next five years. The new product will sell for $300 per unit and require $100 per unit in variable costs and $20 per unit in direct fixed costs. The company’s tax rate is 30%.How long will it take for the new product to begin generating positive net income for Royston Inc.? In the situation provided above, let's begin by computing the income statement for Royston Inc. as it stands now: Sales: 12,000 × $1,200 = $14,400,000 Cost of goods sold: Direct materials: 12,000 × $100 = $1,200,000 Direct labor: 12,000 × $200 = $2,400,000 Manufacturing overhead: $50,000 × 12,000/150,000 = $4,000 Selling and administrative expenses: $150,000 Net income before taxes: $6,650,000 Taxes (30%): $1,995,000 Net income: $4,655,000Now, let's determine the new product's contribution margin per unit: Contribution margin per unit = Selling price per unit − Variable cost per unit − Direct fixed cost per unit = $300 − $100 − $20 = $180The company's total fixed costs are: $50,000 + $300,000 = $350,000. Therefore, its net income formula for the new product is: Net income = (Sales × Contribution margin percentage) − Fixed costs Sales = 4,000 × $300 = $1,200,000 Contribution margin percentage = Contribution margin per unit/Selling price per unit = $180/$300 = 0.6 Net income = ($1,200,000 × 0.6) − $350,000 = $80,000Now, we can determine how long it will take for the new product to begin generating positive net income for Royston Inc. by using the following formula:Break-even point (in units) = Fixed costs/Contribution margin per unit Break-even point (in units) = $350,000/$180 = 1,944 units (rounded up)We can see that Royston Inc. needs to sell 1,944 units of the new product to break even. Therefore, it will begin generating positive net income after the break-even point has been reached. To determine how long it will take to reach this point, we can divide the number of units that need to be sold to break even by the number of units sold per year:Break-even point (in years) = Break-even point (in units)/Units sold per year Break-even point (in years) = 1,944/4,000 = 0.486 (rounded up to one decimal place)Therefore, it will take approximately 0.5 years, or 182.5 days, for the new product to begin generating positive net income for Royston Inc.Conclusion:Therefore, it will take approximately 0.5 years, or 182.5 days, for the new product to begin generating positive net income for Royston Inc.
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The unit costs per pound for products A, B, and C are as follows:
Unit Cost per pound for Product A = $1.38
Unit Cost per pound for Product B = $1.38
Unit Cost per pound for Product C = $2.00
To compute the unit costs per pound for products A, B, and C, we need to allocate the joint costs using the Net Realizable Value (NRV) method. Additionally, since product C is considered a byproduct, we will use the production method to allocate the joint costs.
Step 1: Calculate the joint cost per pound.
Joint Cost = Total Cost - Cost of Product C
Total Cost = Cost of processing ore + Cost of processing product A
= $180,000 + $26,500
= $206,500
Cost of Product C = 1,500 pounds * Cost per pound
= 1,500 pounds * $2
= $3,000
Joint Cost per pound = (Total Cost - Cost of Product C) / Total pounds of ore
= ($206,500 - $3,000) / 150,000 pounds
Step 2: Calculate the unit costs per pound for products A and B.
Unit Cost per pound for Product A = Joint Cost per pound
Unit Cost per pound for Product B = Joint Cost per pound
Step 3: Calculate the unit cost per pound for product C using the production method.
Unit Cost per pound for Product C = Cost of Product C / Total pounds of product C
Now, let's calculate the unit costs per pound for products A, B, and C:
Unit Cost per pound for Product A:
Unit Cost per pound for Product A = Joint Cost per pound
= ($206,500 - $3,000) / 150,000 pounds
= $1.38 (rounded to 2 decimal places)
Unit Cost per pound for Product B:
Unit Cost per pound for Product B = Joint Cost per pound
= ($206,500 - $3,000) / 150,000 pounds
= $1.38 (rounded to 2 decimal places)
Unit Cost per pound for Product C:
Unit Cost per pound for Product C = Cost of Product C / Total pounds of product C
= $3,000 / 1,500 pounds
= $2.00
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Royston, Inc., is a large chemical company. It processes 150,000 pounds of ore at a cost of $180,000 to yield 12,000 pounds of product A, 65,000 pounds of product B, and 1,500 pounds of product C.
■ Product A is processed further at a cost of $26,500. It yields 12,000 pounds of A', which are sold for $12 per pound.
Product B is sold without further processing at $3 per pound.
Product C is considered a byproduct and is sold for $2 per pound.
Required:
Compute unit costs per pound for products A, B, and C, treating C as a byproduct (Note: these are the products at the splitoff point).
Use the NRV method for allocating joint costs. Use the production method for byproduct.
1. unit costs per pound for products A = $_ (keep 2 decimal places)
2. unit costs per pound for products B = $_ (keep 2 decimal places)
3. unit costs per pound for products C = $_ (keep 2 decimal places)
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There are many reasons why the companies aim to complete the project ahead of time. Identify a real-business project example that was to be completed ahead of time. Discuss possible consequences in the product quality and company reputation due to the project acceleration.
One real-business project example that was completed ahead of time is the construction of the Burj Khalifa tower in Dubai.
Discuss possible consequences in the product quality and company reputation due to the project acceleration below:When a company tries to accelerate a project, it can cause potential consequences in product quality and company reputation. Accelerating a project can cause a decrease in product quality due to the lack of time and effort dedicated to ensuring a high-quality product. In addition, it can harm a company's reputation if a product is launched prematurely or with defects.
However, despite the challenges, the Burj Khalifa was completed in 2009 and is the tallest building in the world. It has become an iconic landmark, and the company responsible for its construction has gained worldwide recognition. Thus, in the case of the Burj Khalifa, the project was completed ahead of time, but it was also completed with high-quality standards, which enhanced the company's reputation.
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On 1 July 2019 Mary Jackson was relocated to Brisbane for her job. On 1 August 2019 she signed a contract to buy a new residential property in Nundah, Brisbane, at a cost of $850,000. In order to facilitate the move her employer, Elite Marketing, paid for the following costs: Transfer of furniture $4,000 Stamp duty on new property $32,000 Legal costs on buying her new property $2,500 Temporary accommodation for 1 month $3,200 Part of Mary's salary package comprised a low-interest loan of $500,000 at 4%. This was used to finance her new property in Nundah. Prior to the move Mary had lived in a Melbourne apartment that she purchased on 1 July 2012 at a cost of $625,000. Upon relocation, Mary rented the apartment out at a rental cost of $500 per week from 1 August 2019 for a period of 12 months. However, due to financial issues, Mary decided to sell the Melbourne apartment. On 1 June 2020 she managed to sell the property for $750,000. While the contract was signed on 1 June 2019, settlement was not due until the 11 September 2020. At this time, Elite Marketing agreed to pay $4,500 relating to the sale costs of her Melbourne property. Advise Mary and Elite Marketing of the tax consequences arising from her relocation. 4. Pauline Collins is an insurance broker who works in partnership with Darren Mann as insurance consultants. Because of Collins' high level of consulting income from the partnership, she is anxious to div some of her income to her husband who is on a lower level of taxable income. On 1 March 2020 she assigned 40% of her share of the income arising from her partnership interest to a discretionary trust, the beneficiaries of which were her husband and children, her mother and herself. ||
If the individual, partnership, or trust fails to cooperate, the ATO can impose an administrative penalty. This penalty could be a maximum of $10,000 for an individual and $50,000 for a corporation. (for more detail scrolll down)
Mary Jackson's case:Mary Jackson was relocated to Brisbane by her employer, Elite Marketing. The company provided her with the following assistance in moving: Transfer of furniture $4,000, Stamp duty on new property $32,000, Legal costs on buying her new property $2,500, and Temporary accommodation for 1 month $3,200.Mary’s salary package included a low-interest loan of $500,000 at 4%, which she used to purchase her new home in Nundah. Before the move, Mary resided in a Melbourne apartment that she purchased for $625,000 on July 1, 2012. Mary rented out the apartment for $500 per week from August 1, 2019, for a year. Mary opted to sell the Melbourne apartment owing to financial difficulties. Mary's Melbourne apartment was sold for $750,000 on June 1, 2020, with settlement due on September 11, 2020. Elite Marketing agreed to pay $4,500 for the Melbourne property sale costs.Mary's Income tax implications in Australia:Mary will be responsible for paying tax on her new Nundah property. Mary will also be held liable for the sale of her Melbourne property. This is due to the fact that she acquired another property and did not move into her new property at any time within the first six months of purchasing it. Mary's Melbourne apartment will be considered an investment property and, as a result, will be subject to capital gains tax (CGT). Mary can claim the following expenses against her rental income: property management fees, cleaning, repairs and maintenance, depreciation, and any interest paid on the loan. The payment of $4,500 by Elite Marketing to cover the cost of selling the Melbourne apartment would not be considered taxable income.Pauline Collins' case:On March 1, 2020, Pauline Collins, an insurance broker, assigned 40% of her share of the income resulting from her partnership interest to a discretionary trust. The trust's beneficiaries included her husband, children, mother, and herself. Tax implications of income splitting:Diverting income is a tax avoidance scheme that is illegal. The Australian Taxation Office (ATO) may find a breach if the arrangement doesn't reflect the commercial reality of the relationship between the partners. If the ATO discovers a breach, it will disallow any deduction. It will also seek to amend the assessable income of the individual, partnership, or trust affected by the income-splitting arrangements. If the individual, partnership, or trust fails to cooperate, the ATO can impose an administrative penalty. This penalty could be a maximum of $10,000 for an individual and $50,000 for a corporation.
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What would you advise leaders to do who are facing their own obstacles?
What should leaders do when the obstacles faced by group members are of a personal nature and not directly related to the group efforts? Is there a preferred leadership style in these situations? Explain.
How can a leader assess what a follower’s motivation level is and what style of leadership he or she would respond best to?
Leaders facing obstacles should:
Embrace a growth mindset, seek support from mentors or peers, adapt strategies, stay resilient, and learn from failures.
Facing personal obstacles, leaders should:
Show empathy, offer support, foster a supportive environment, and promote work-life balance for team members.
Assessing a follower's motivation and preferred leadership style involves:
Engaging in open communication, observing behavior, providing feedback, using assessments, tailoring approaches, and continuously monitoring and adjusting.
By following these approaches, leaders can overcome obstacles, support their team members, and effectively lead based on individual motivation and preferences.
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An employee vs. an independent contractor: What are the legal
ramifications of the classification?
An employee is someone who works for an employer and is subject to their control and direction.
The legal ramifications of classifying a worker as an employee or an independent contractor are significant. They are typically entitled to benefits such as workers' compensation, unemployment insurance, and overtime pay. Employers are responsible for withholding taxes from an employee's paycheck and contributing to their social security and Medicare. On the other hand, an independent contractor is self-employed and typically has more control over their work. They are not entitled to benefits or protections like an employee.
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Marigold Corporation has outstanding 200,000 common shares that were issued at $10 per share. The balances at January 1, 2020, were $21 million in its Retained Earnings account; $4.40 million in its Contributed Surplus account; and $1.20 million in its Accumulated Other Comprehensive Income account. During 2020, Marigold’s net income was $3,000,000 and comprehensive income was $3,450,000. A cash dividend of $0.80 per share was declared and paid on June 30, 2020, and a 4% stock dividend was declared at the fair value of the shares and distributed to shareholders of record at the close of business on December 31, 2020. You have been asked to give advice on how to properly account for the stock dividend. The existing company shares are traded on a national stock exchange. The shares’ market price per share has been as follows
Oct. 31, 2020 $29
Nov. 30, 2020 31
Dec. 31, 2020 40
Average price over the two-month period 35
Prepare a journal entry to record the cash dividend. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
eTextbook and Media
List of Accounts
Prepare a journal entry to record the stock dividend. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
Expert Answer
A stοck dividend οf 4% is declared and distributed tο the sharehοlders οf recοrd. The debit tο Retained Earnings reduces the retained earnings balance, and the credit tο Cοmmοn Stοck Dividend Distributable represents the distributiοn οf additiοnal shares tο the sharehοlders.
What is the Jοurnal entry?A jοurnal entry is used tο recοrd a business transactiοn in the accοunting recοrds οf a business. A jοurnal entry is usually recοrded in the general ledger.
Jοurnal Entry tο Recοrd the Cash Dividend:
Date: June 30, 2020
Accοunt Titles Debit Credit
Retained Earnings $160,000 (200,000 shares x $0.80)
Dividends Payable $160,000
Explanatiοn: The cash dividend οf $0.80 per share is declared and paid tο the sharehοlders. The debit tο Retained Earnings reduces the retained earnings balance, and the credit tο Dividends Payable recοrds the liability fοr the dividend payment.
Jοurnal Entry tο Recοrd the Stοck Dividend:
Date: December 31, 2020
Accοunt Titles Debit Credit
Retained Earnings $800,000 (200,000 shares x $4 fair value)
Cοmmοn Stοck Dividend Distributable $800,000
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A. Harriet just inherited $50,000,000. She knows nothing about money management and has decided to educate herself in that area before making any major decisions. She has a short-term investment for that period. She has the choice between two investments: Investment A: at 6.5% compounded daily Investment B: at 7% compounded semi-annually i. Which option should she choose and why?
B. Harry is saving towards the down payment on a house. If he accumulates $5,000,000, his parents have offered to match his savings. He invests $2,000,000 at 9%. i. How long will it be before he can approach his parents for their contribution? C. Jabari is planning for his retirement in 5 years' time. He plans to deposit $200,000 immediately into an investment plan that promises 11% annually. He will deposit $30,000 and the end of each of the next five years. i. What will be the value of the investment when Jabari retires in 5 years? D. Explain TWO (2) factors that affect the nominal interest rate.
A. Harriet should choose Investment B, which offers a 7% interest rate compounded semi-annually. This option will result in higher returns compared to Investment A, which has a lower interest rate compounded daily.
B. The time it will take for Harry to accumulate $5,000,000 and approach his parents for their contribution depends on the interest earned and the amount he invests. Further information is needed to calculate the time.
C. The value of Jabari's investment when he retires in 5 years can be calculated by considering the initial deposit, subsequent deposits, and the interest rate of 11% annually.
D. Two factors that affect the nominal interest rate are inflation and the risk associated with the investment.
A. Harriet should choose Investment B with a 7% interest rate compounded semi-annually. Although Investment A has a higher nominal interest rate (6.5% compounded daily), the compounding frequency of Investment B is more frequent (semi-annually), which leads to a higher effective annual interest rate. This means Investment B will generate higher returns over time.
B. To determine how long it will take for Harry to accumulate $5,000,000 and approach his parents for their contribution, we need to know the interest rate at which he invests and whether the interest is compounded annually, semi-annually, or at some other frequency. Without this information, we cannot calculate the time accurately.
C. The value of Jabari's investment when he retires in 5 years can be calculated by considering the initial deposit of $200,000 and subsequent deposits of $30,000 made at the end of each year, along with the annual interest rate of 11%. Using appropriate compound interest formulas, the future value of the investment can be determined.
D. Two factors that affect the nominal interest rate are inflation and risk. Inflation erodes the purchasing power of money over time, so lenders or investors may demand higher nominal interest rates to compensate for the expected loss in value. Risk refers to the uncertainty associated with an investment's potential returns. Higher-risk investments typically require higher nominal interest rates to attract investors who are willing to take on greater risk. Factors such as the borrower's creditworthiness, market conditions, and the type of investment all contribute to the determination of the nominal interest rate.
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You are going to invest $2,000 each year starting today and
continuing through year 7. If you will withdraw the proceeds at the
end of year 11, how much will you get? Assume the interest rate is
12% p
To calculate the future value of the investment, we can use the formula for the future value of an ordinary annuity. If you invest $2,000 each year starting today you would have approximately $15,795 at the end of year 7.
Theformula is:
Future Value = P * [(1 + r)^n - 1] / r
Where:
P = Annual deposit amount ($2,000)
r = Interest rate per period (12% or 0.12)
n = Number of periods (7)
Using the given values in the formula, we can calculate the future value of the investment:
Future Value = 2000 * [(1 + 0.12)^7 - 1] / 0.12
Simplifying the expression:
Future Value = 2000 * [(1.12)^7 - 1] / 0.12
Using a calculator, the value inside the square brackets, (1.12)^7 - 1, is approximately 0.9477. Plugging this value into the formula:
Future Value = 2000 * 0.9477 / 0.12
Calculating the expression:
Future Value = 2000 * 7.8975
Future Value = 15,795
Therefore, if you invest $2,000 each year starting today and continue through year 7, with an interest rate of 12%, you would have approximately $15,795 at the end of year 7.
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Emily Valley is a licensed dentist. During the first month of operation of her business, the following events and transactions occurred.
Apr. 1 Invested $18,000 cash in her business.
1 Hired a secretary-receptionist at a salary of $630 per week, payable monthly.
2 Paid office rent for the month of $1,000.
3 Purchased dental supplies on account from Dazzle Company of $3,600.
10 Performed dental services and billed insurance companies $4,600.
11 Received $900 cash advance from Leah Mataruka for an implant.
20 Received $1,900 cash for services performed from Michael Santos.
30 Paid secretary-receptionist $2,520 for the month.
30 Paid $2,200 to Dazzle for accounts payable due.
Emily uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Revenue, No. 301 E. Valley, Capital, No. 400 Service Revenue, No. 726 Salaries Expense, and No. 729 Rent Expense.
Events and transactions:
Apr. 1: Invested $18,000 cash in her business.
Apr. 1: Hired a secretary-receptionist at a salary of $630 per week, payable monthly.
Apr. 2: Paid office rent for the month of $1,000.
Apr. 3: Purchased dental supplies on account from Dazzle Company of $3,600.
Apr. 10: Performed dental services and billed insurance companies $4,600.
Apr. 11: Received $900 cash advance from Leah Mataruka for an implant.
Apr. 20: Received $1,900 cash for services performed from Michael Santos.
Apr. 30: Paid secretary-receptionist $2,520 for the month.
Apr. 30: Paid $2,200 to Dazzle for accounts payable due.
Chart of accounts:
No. 101 Cash
No. 112 Accounts Receivable
No. 126 Supplies
No. 201 Accounts Payable
No. 209 Unearned Revenue
No. 301 E. Valley, Capital
No. 400 Service Revenue
No. 726 Salaries Expense
No. 729 Rent Expense.
Apr. 1: Emily invested $18,000 cash in her business.
Debit: No. 101 Cash $18,000Credit: No. 301 E. Valley, Capital $18,000Apr. 1: Hired a secretary-receptionist at a salary of $630 per week, payable monthly.
No journal entry is needed at this point since it's a future expense.Apr. 2: Paid office rent for the month of $1,000.
Debit: No. 729 Rent Expense $1,000Credit: No. 101 Cash $1,000Apr. 3: Purchased dental supplies on account from Dazzle Company of $3,600.
Debit: No. 126 Supplies $3,600Credit: No. 201 Accounts Payable $3,600Apr. 10: Performed dental services and billed insurance companies $4,600.
Debit: No. 112 Accounts Receivable $4,600Credit: No. 400 Service Revenue $4,600Apr. 11: Received $900 cash advance from Leah Mataruka for an implant.
Debit: No. 101 Cash $900Credit: No. 209 Unearned Revenue $900Apr. 20: Received $1,900 cash for services performed from Michael Santos.
Debit: No. 101 Cash $1,900Credit: No. 400 Service Revenue $1,900Apr. 30: Paid secretary-receptionist $2,520 for the month.
Debit: No. 726 Salaries Expense $2,520Credit: No. 101 Cash $2,520Apr. 30: Paid $2,200 to Dazzle for accounts payable due.
Debit: No. 201 Accounts Payable $2,200Credit: No. 101 Cash $2,200These journal entries capture the events and transactions that occurred during the first month of Emily Valley's dental business. It includes the investment of cash, hiring of a secretary-receptionist, payment of office rent, purchase of dental supplies on account, dental services performed and billed, receipt of cash advances and service revenue, payment of salaries, and payment of accounts payable.
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Consider a simple public good economy with three people and two goods: one public (x) and one private (y). Assume that one unit of public good can be produced with one unit of private good. Three people have the following utility functions: 1/2 u₁(x,y₁) = x¹/² + y₁ U2(x,y2) = 2x^2 + y2 U3(x,y) = 4x1/2 + Y3 a. (15 points) Suppose the fixed tax shares are t₁ = t₁ = t3 = 1/3. What is the majority voting equilibrium output of the public good? b. (5 points) Is the majority voting outcome efficient? Explain. c. (10 points) Compare Wicksell-Lindahl and Majority Voting mechanisms in terms of efficiency and incentives.
The Wicksell-Lindahl mechanism is better in terms of efficiency, but it is more difficult to implement than the majority voting mechanism.
a) Majority Voting Equilibrium Output of Public Good. The fixed tax shares are t₁ = t₂ = t₃ = 1/3. The majority voting equilibrium output of the public good can be found as follows: Each person's income can be calculated as: I = y - ti where ti is the tax payment by person i. Thus, I1 = y₁ - (1/3); I2 = y₂ - (1/3); and I3 = y₃ - (1/3). Let's calculate the optimal consumption bundle of each person: Person 1: Maximize U1 = x¹/² + y₁ subject to the budget constraint x + y₁ = I1
The first-order condition is 1/4x⁻¹/² = y₁/λ...
(1) Person 2: Maximize U2 = 2x² + y₂ subject to the budget constraint x = I2The first-order condition is 4x = λ...
(2)Person 3: Maximize U3 = 4x¹/² + y₃ subject to the budget constraint x + y₃ = I3The first-order condition is 2x⁻¹/² = y₃/λ... (3)Solving equation (1), (2), and (3), we get x = 1 and y₁ = 2/3, y₂ = 5/3, and y₃ = 8/3.
Thus, the total amount of public good provided is x = 1 and the majority voting equilibrium output of the public good is 1.
b) Majority Voting Outcome EfficiencyThe majority voting outcome is not efficient. The efficient level of public good provision can be found by equating the marginal social benefit of public good to its marginal social cost, i.e.,MSB = 1/4x⁻¹/² + 4x¹/² + 2x⁻¹/² = MSC = 1.It can be seen from the first-order conditions of person 1 and person 3 that they are not equal to the marginal social benefit of public good at x = 1. Hence, the majority voting outcome is not efficient.
c) Wicksell-Lindahl and Majority Voting Mechanisms Efficiency and Incentives Wicksell-Lindahl mechanism suggests charging each person a tax equal to their marginal benefit of public good. This mechanism results in the efficient provision of public good.
However, it requires information on everyone's willingness to pay for public good. On the other hand, the majority voting mechanism requires no information on people's willingness to pay, but it often results in the inefficient provision of public good because of the free-riding incentive of people. Therefore, the Wicksell-Lindahl mechanism is better in terms of efficiency, but it is more difficult to implement than the majority voting mechanism.
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