A. The agricultural revolution, also known as the Green Revolution, was made possible by various technical and institutional advances.
These advancements played a crucial role in transforming agricultural practices and significantly increasing food production. Some key technical and institutional advances include:
Improved Crop Varieties: The development and adoption of high-yielding crop varieties played a fundamental role in the agricultural revolution. Scientists and breeders selectively bred crops for desirable traits such as higher yields, disease resistance, and adaptability to different environments. This resulted in the introduction of new crop varieties that produced significantly more food per unit of land.
Mechanization: The introduction of machinery and mechanization in agriculture revolutionized farming practices. Mechanization reduced the reliance on manual labor, increased efficiency, and improved productivity. Machines such as tractors, combines, and harvesters enabled farmers to cultivate larger areas of land, plant seeds, harvest crops, and perform other tasks more quickly and efficiently.
Irrigation Systems: The development and expansion of irrigation systems allowed for controlled water supply to crops, especially in arid and semi-arid regions. Irrigation enhanced crop growth and productivity, reduced dependence on rainfall, and made it possible to cultivate crops in regions with limited water resources.
Chemical Fertilizers: The widespread use of chemical fertilizers provided essential nutrients to crops, boosting their growth and productivity. Fertilizers enriched the soil with nitrogen, phosphorus, and potassium, which are vital for plant growth. This resulted in higher crop yields and increased agricultural output.
B. The benefits of "enclosure," or enclosing common lands for private use, have been a topic of debate. There are two opposing views on the benefits of enclosure:
Positive View: Proponents of enclosure argue that it brought several benefits:
a. Improved Agricultural Productivity: Enclosure allowed landowners to consolidate and manage their land more efficiently. By enclosing land and implementing modern agricultural practices, such as crop rotation and improved animal husbandry, agricultural productivity increased. This led to higher yields, improved food production, and economic growth.
b. Technological Innovation: Enclosure incentivized landowners to invest in new agricultural technologies and techniques. This resulted in the adoption of improved farming methods, such as the use of new machinery, selective breeding, and scientific farming practices. Technological innovation further enhanced productivity and efficiency in agriculture.
c. Economic Efficiency: Enclosure led to larger, more productive farms, which were more economically viable. It allowed for specialization and the efficient allocation of resources. The consolidation of small fragmented plots into larger farms enabled farmers to adopt economies of scale, reduce production costs, and generate higher profits.
Negative View: Critics of enclosure argue that it had negative consequences:
a. Displacement of Rural Population: Enclosure often resulted in the displacement of small-scale farmers and rural communities who relied on common lands for subsistence farming or grazing. The loss of access to common resources disrupted traditional rural livelihoods and led to increased poverty and inequality.
b. Loss of Cultural Heritage: Enclosure led to the loss of communal land, which had cultural and social significance for local communities. It disrupted traditional ways of life, community relationships, and cultural practices tied to shared land usage.
c. Concentration of Land Ownership: Enclosure concentrated land ownership in the hands of a few wealthy landowners, exacerbating wealth inequality. The concentration of land ownership created a landless labor class, leading to social and economic disparities.
It's important to note that the benefits and drawbacks of enclosure can vary depending on the specific historical context, geographic location, and socio-economic factors.
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1. Now imagine that a small gas station is willing to accept the following prices for selling gallons of gas:
They are willing to sell 1 gallon if the price is at or above $3
They are willing to sell 2 gallons if the price is at or above $3.50
They are willing to sell 3 gallons if the price is at or above $4
They are willing to sell 4 gallons if the price is at or above $4.50
What is the gas station's producer surplus if the market price is equal to $4 per gallon? (Assume that if they are willing to sell a gallon of gas, there are buyers available to buy it at the market price)
a) $0.5
b) $1
c) $1.50
d) $2
e) $2.50
2. At the price of P1*, what area(s) represent(s) CONSUMER surplus?
a) A
b) A+ B+C+D
c) B+G+H
d) G+F+E+H+I
e) A+B
f) G+H
1. In this case, the gas station is willing to sell 3 gallons at the price of $4. The producer surplus is given by Producer Surplus = (Market Price - Minimum Price) * Quantity = ($4 - $4) * 3 = $0
Therefore, the gas station's producer surplus in this scenario is $0.
2. At the price of P1*, the area that represents consumer surplus would be option e) A+B.
Producer surplus refers to the economic benefit or profit that producers or suppliers receive from selling goods or services in the market. It represents the difference between the price at which producers are willing to supply a product and the actual market price they receive. Producer surplus is calculated by determining the area above the supply curve and below the market price.
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Angelina and Charlie wish to form a new partnership business in the name of 'A & C. The new business will start its operations from 1st January 2015. The business will provide tourist services in the city Angelina and Charlie are anxious to know whether they will have sufficient cash to keep them afloat for the first six months of trading • Angelina and Charlie are to both put £25,000 each into the business bank account on 1st January • They are to borrow a further £50,000 from Standard Chartered Bank at 8.5% per annum rate of interest with effect from 1 January, First quarterly payment on 1st April. • The forecast of the monthly sales are estimated to be as follows: January - £6500 February - £12500 March - £12500 April - 13500 May - £14000 June - £12500 • All clients are expected to settle their accounts one month after the sales go through • Angelina will draw £1500 per month for personal use, but this will commence from 1st February • Staff salaries are estimated to cost £1850 per month, payable in the month. • Light and heat is estimated to cost £140 quarterly, paid by direct debit, the first quarter being due on 1ST April. • Premises are to be purchased for £105,000 and paid for by 5 equal monthly installments, the first 4 with effect from 1 January with a final installment payable in June. • A motor vehicle for £12600, to be paid for 3 equal installments commencing in January. Depreciation of motor vehicle is at 30% per annum. Computer equipment valued at £2500 is to be purchased in January with a 10% deposit followed by 5 equal monthly installments. The equipment is depreciated at same rate as motor vehicle. • An advertising and promotional campaign is expected to cost £1500 per month for the first 4 months and £1250 for final 2 months. • Motor expenses are expected to be £250 per month, payable in the month. • General overheads are expected to be £400 per month payable one month in arrears. • Rates, water, Insurance and other various costs are estimated to be £1400 per month for the first 4 months of business, rising by 20% thereafter. All costs are paid one month in arrears.
By calculating the cash inflows and deducting the cash outflows for each month, you can assess whether the cash balance remains positive during the first six months.
To determine whether Angelina and Charlie will have sufficient cash to keep the business afloat for the first six months, we need to calculate the cash inflows and outflows during that period.
Cash inflows:
January sales: £6,500 (expected to be settled one month after the sale)
February sales: £12,500 (expected to be settled one month after the sale)
March sales: £12,500 (expected to be settled one month after the sale)
April sales: £13,500 (expected to be settled one month after the sale)
May sales: £14,000 (expected to be settled one month after the sale)
June sales: £12,500 (expected to be settled one month after the sale)
Cash outflows:
Angelina and Charlie's initial investment: £25,000 each = £50,000 (on January 1st)
Loan from Standard Chartered Bank: £50,000 (on January 1st)
Loan interest payment (quarterly): £50,000 * 8.5% / 4 = £1,062.50 (on April 1st)
Angelina's personal draw: £1,500 (starting from February)
Staff salaries: £1,850 per month
Light and heat: £140 (quarterly payment starting from April 1st)
Premises installments: £105,000 / 5 = £21,000 per month (starting from January)
Motor vehicle installments: £12,600 / 3 = £4,200 per month (starting from January)
Computer equipment installments: (£2,500 - 10% deposit) / 5 = £425 per month (starting from January)
Advertising and promotional campaign: £1,500 per month (for the first 4 months) and £1,250 per month (for the last 2 months)
Motor expenses: £250 per month
General overheads: £400 per month (one month in arrears)
Rates, water, insurance, and other costs: £1,400 per month (for the first 4 months) increasing by 20% thereafter (one month in arrears).
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Outside of school and the workplace, where else might social
loafing occur? Does it look the same or different outside of a
school or workplace setting?
Social loafing can occur in various settings outside of school and the workplace, such as in sports teams, volunteer groups, and even in household chores.
Social loafing refers to the phenomenon where individuals put in less effort when working in a group compared to when working alone. This can happen in any setting where people are working together towards a common goal. For example, in a sports team, some players may slack off during training or games, relying on their teammates to carry the load. In a volunteer group, some members may not contribute as much effort towards the cause, assuming others will make up for it. Even in household chores, family members may not put in the same level of effort when cleaning or maintaining the house if they know others will do it for them.
However, social loafing may look different outside of school and the workplace compared to within those settings. In school or work, social loafing may be more pronounced as individuals may feel less accountable to their peers or supervisors. In sports teams or volunteer groups, on the other hand, social loafing may be less tolerated as it can have a direct impact on the team's performance or the group's success in achieving their goals. This may lead to stronger peer pressure or social norms against social loafing. Moreover, the reasons for social loafing may also vary depending on the setting. In school or work, social loafing may be due to boredom, lack of motivation, or feeling overworked and burnt out. Outside of these settings, social loafing may be due to a lack of interest or commitment towards the activity, feeling like one's contribution is insignificant, or simply being unaware of the expectations of the group.
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Asim and Ahmed have a restaurant business on a Mudaraba contract basis. Asim is the Rabulmall and Ahmed is the Mudrarib of the business. It is a common practice in the 1 restaurant business to sign a takaful contract against the risk of fire, theft, and burglary. However, in order to save the costs of a takaful contract, Ahmed didn't buy a takaful contract. During the year, a fire broke out in the restaurant leading to a substantial loss. According to the term of shariah-compliant Mudaraba contract who will bear the loss? Please elaborate and justify the rights and responsibilities of each partner and the circumstances under which each partner is liable for the losses? Would your answer change if Asim and Ahmed had a Musharaka contract? Please elaborate and distinguish between the rights and responsibilities in this instance
Mudaraba Contract:According to the terms of a Shariah-compliant Mudaraba contract, Asim will bear the loss of the restaurant in case of an occurrence of any accidental risk.
Because in Mudaraba, the Rabulmall has the responsibility to bear the loss that occurs due to any accidental risk, while the Mudrarib is not responsible for any loss until he himself is proven to be the cause of the loss. Ahmed, the Mudrarib, didn't buy the takaful contract to save the cost of the business that causes a fire to break out in the restaurant. Thus, Asim is responsible for the loss, and he has to bear the whole loss of the restaurant due to fire.The rights and responsibilities of each partner under the Mudaraba contract are as follows:Rabulmall (Asim) has to provide the capital, and Mudrarib (Ahmed) has to contribute with his labor and business expertise to make a profit. Rabulmall is not responsible for any loss except for the loss due to willful negligence. The Mudrarib is responsible for any loss resulting from his negligence. If no negligence is proven, the Rabulmall has to bear the loss of the business under the Mudaraba contract. Furthermore, Rabulmall will get a profit share from the earned profits by the Mudrarib after deducting the agreed-upon share. The Mudrarib will get the remaining profit as a commission. Musharaka Contract:If Asim and Ahmed had a Musharaka contract, both partners will share the loss according to their capital contribution in the business. In Musharaka, each partner has a right to participate in the management of the business. Therefore, both the partners have equal rights and responsibilities under the Musharaka contract. The profit-sharing ratio of both partners will depend upon the ratio of the capital they contributed. The loss will also share according to the ratio of their capital contribution. Both partners can share profits as well as losses in the Musharaka contract.
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Cornerstone Exercise 3-12 (Algorithmic) Accrual- and Cash-Basis Revenue McDonald Music sells used CDs for $2.00 each. During the month of April, McDonald sold 8,350 CDs for cash and 14,730 CDs on credit. McDonald's cash collections in April included $16,700 for the CDs sold for cash, $10,300 for CDs sold on credit during the previous month, and $9,850 for CDs sold on credit during April. Required: 1. Calculate the amount of revenue recognized in April under cash-basis accounting. $ 2. Calculate the amount of revenue recognized in April under accrual-basis accounting. $ N
1. The revenue recognized in April under cash-basis accounting is $16,700.
2. The revenue recognized in April under accrual-basis accounting is $39,530.
Revenue recognized in April under cash-basis accounting is $16,700. The reason is, cash-basis accounting records the revenue when the cash is received. Therefore, the revenue recognized from selling 8,350 CDs for cash at $2.00 each is $16,700.Revenue recognized in April under accrual-basis accounting is $39,530. The reason is, accrual-basis accounting records the revenue when it is earned, not when the cash is received. Therefore, the revenue recognized from selling 8,350 CDs on cash at $2.00 each is $16,700, and from selling 14,730 CDs on credit at $2.00 each is $29,460.
Also, $9,850 is the collection of credit sales made in April, so these sales are recorded in April. But, $10,300 is the collection of credit sales made in the previous month, so these sales are recorded in the previous month. Therefore, the total revenue recognized in April under accrual-basis accounting is $16,700 + $29,460 + $9,850 = $39,530.
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Bonita Services was formed on May 1, 2022. The following transactions took place during the first month. Transactions on May 1 : Jay Bradford invested $41,000 cash in the company, as its sole owner. Hired two employees to work in the warehouse. They will each be paid a salary of $3,400 permenth: Signed a 2-year rental agreement on a warehouse; paid $24,000 cash in advance for the first year Purchased furniture and equipment costing $33,500. A cash payment of $12,000 was made immediately, the rem Paid $1,900 cash for a one-year insurance policy on the furniture and equipment. Transactions during the remainder of the month: Purchased basic office supplies for $600 cash. Purchased more office supplies for $1.500 on account. Total revenues earned were $21.500−$8.500 cash and $13.000 on account:
Bonita Services is a newly formed company that started operations on May 1, 2022. During the first month, the following transactions took place: On May 1, Jay Bradford invested $41,000 cash in the company as the sole owner.
The company also hired two employees to work in the warehouse and agreed to pay them a salary of $3,400 each per month.
Furthermore, the company signed a 2-year rental agreement on a warehouse and paid $24,000 in advance for the first year.
The company also purchased furniture and equipment worth $33,500.
A cash payment of $12,000 was made immediately, and the balance was owed. Additionally, the company paid $1,900 cash for a one-year insurance policy on the furniture and equipment.
During the remainder of the month, Bonita Services purchased basic office supplies for $600 in cash and more office supplies worth $1,500 on the account.
Finally, the company earned total revenues of $21,500, out of which $8,500 was received in cash, and $13,000 was on the account.
To summarize the transactions of Bonita Services: Jay Bradford invested $41,000 cash in the company as the sole owner.
Two employees were hired, and a salary of $3,400 per month was agreed for each employee.
A 2-year rental agreement was signed on a warehouse, and $24,000 cash was paid in advance for the first year.
Purchased furniture and equipment costing $33,500.
A cash payment of $12,000 was made immediately.
Paid $1,900 cash for a one-year insurance policy on the furniture and equipment.
Basic office supplies were purchased for $600 cash. More office supplies worth $1,500 was purchased on account.
The company earned total revenues of $21,500, out of which $8,500 was received in cash, and $13,000 was on the account.
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Which of the following statements is true? Asset prices and average expected rates of return are directly related, but levels of nondiversifiable risk and average expected rates of return are inversel
The statement "Asset prices and average expected rates of return are directly related, but levels of nondiversifiable risk and average expected rates of return are inversely related" is true.
Asset prices and average expected rates of return are generally positively related. When the average expected rate of return on an asset is higher, investors are willing to pay a higher price for that asset, driving up its price. This relationship is based on the principle that investors demand a higher return for taking on more risk, and higher expected returns lead to higher asset prices.
On the other hand, levels of nondiversifiable risk and average expected rates of return are generally inversely related. Nondiversifiable risk refers to the portion of an asset's risk that cannot be eliminated through diversification. Investors require higher expected returns when they are exposed to higher levels of nondiversifiable risk.
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The medical evidence is clear: Cervical cancer screening saves lives. Much of the focus of cost-effectiveness research addresses issues concerning the appropriate screening interval. D.M. Eddy (Screening for cervical cancer, Annals of Internal Medicine 113, 214-226, 1990) studied the issue and estimated that annual screening for a hypothetical cohort of 1,000 22-year-old women screened until age 75 would cost $1,093,000 and would save 27.6 life years. If screened every three years instead, the cost would be $467,000 and 26.8 life years would be saved. Is annual screening cost effective?
Annual screening for cervical cancer is not cost-effective compared to screening every three years, based on the study by D.M. Eddy.To determine the costs and life years saved for a hypothetical cohort of 1,000 women.
The study compared the cost and life years saved between annual screening and screening every three years for a cohort of 1,000 women aged 22 to 75. The annual screening strategy would cost $1,093,000 and save 27.6 life years, while screening every three years would cost $467,000 and save 26.8 life years.
Although annual screening saves slightly more life years, the significant difference in cost makes it less cost-effective. The cost per life year saved for annual screening is $39,541, whereas for screening every three years, it is $17,418. Therefore, the study suggests that screening every three years is a more cost-effective approach for cervical cancer screening.
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Part 1: Multiple Choice Questions — INSTRUCTION: Write the letter of the correct answer on the space provided. 1) Parrot Company completely owns Heathlands Inc. On January 2, 2021 Parrot sold Heathl
The depreciation expense on the consolidated income statement will be reduced by P 4,000 compared to what it would have been if the machinery had not been sold. Here option B is the correct answer.
In this scenario, Parrot Company sold the machinery of Heathlands Inc. on January 2, 2021, at its book value of P 30,000. Parrot had owned the machinery for two years before selling it and had been depreciating it using a five-year straight-line depreciation method with zero salvage value. After the sale, Heathlands will be using a three-year straight-line depreciation method.
In the 2021 consolidated income statement, the depreciation expense will need to be adjusted. The original depreciation expense recorded by Parrot Company was based on a five-year depreciation period. However, since Heathlands will be using a three-year depreciation method for the machinery, the depreciation expense needs to be adjusted to reflect this change.
To calculate the original annual depreciation expense, we can divide the initial cost of the machinery (P 30,000) by the original depreciation period (5 years), resulting in an annual depreciation expense of P 6,000.
Since the machinery was sold at the beginning of 2021, the depreciation expense for the year needs to be adjusted accordingly. In this case, the machinery was owned and used by Parrot for two years before the sale. Therefore, the depreciation expense for 2021 will be two-thirds (2/5) of the original annual depreciation expense.
Calculating two-thirds of P 6,000 gives us P 4,000. Therefore, the correct answer is B) Decreased by P 4,000. The depreciation expense on the consolidated income statement will be reduced by P 4,000 compared to what it would have been if the machinery had not been sold.
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Complete question:
1) Parrot Company completely owns Heathlands Inc. On January 2, 2021 Parrot sold Heathlands machinery at its book value of P 30,000. Parrot had the machinery two years before selling it and used a five-year straight-line depreciation method, with zero salvage value. Heathlands will use a three-year straight-line method. In the 2021 consolidated income statement, the depreciation expense
A. Required no adjustment
B. Decreased by P 4,000
C. Increased by P 4,000
D. Increased by P 30,000
May i have the answers to A,B,C and D please You are investigating the earnings functions. Using the data of 1,744 individuals, your regression model results show as follows (t-ratios are given in parenthesis under each coefficient): In (Earn.) = 8.50 + 0.03 x Agei (5.01) (1.10) where Earn is weekly earnings in GBf, and Age is in years. (a) Briefly explain why researchers in general prefer a log-linear specification over a linear specification, in terms of the interpretation of the slope coefficients, and in terms of the distribution of the error term. (18 MARKS) (b) Provide your interpretation on the coefficient on Age, given the regression results. (5 MARKS) You decide to allow the regression line to differ for the below and above 40 years age category Accordingly you create a dummy variable, Dage, that takes the value of one for age 39 and below. and is zero otherwise. The earnings equation result is provided in the following (t-ratios are given in the parenthesis under each coefficient): ln(Earn)=6.92- 3.13 x Dagei- 0.019 X Agei + 0.085 x (Dagei X Agei) (0.01) (3.22) (4.45) (20.01) (c) Using two separate equations, write the estimated regression model: one for the age category 39 years and under, and one for 40 and above. Briefly comment on your findings on the two equations. (15 MARKS) (d) Predict the ln(earnings) for a 30 year old and a 50 year old individual. What is the percentage difference between these two individuals? (12 MARKS)
(a) Researchers generally prefer a log-linear specification over a linear specification for earnings functions for two main reasons:
Interpretation of the slope coefficients: In a log-linear specification, the coefficients on the independent variables represent the percentage change in the dependent variable associated with a one-unit change in the independent variable. This interpretation is more meaningful and intuitive than the interpretation of coefficients in a linear specification, which represent the absolute change in the dependent variable.Distribution of the error term: In a log-linear specification, the assumption is that the error term follows a log-normal distribution, which is often a more realistic assumption for economic variables like earnings. This distribution allows for heteroscedasticity (i.e., varying volatility) in the error term across the range of earnings, which can better capture the underlying data generating process.(b) In the given regression model, the coefficient on Age is 0.03. This means that for each additional year of age, the natural logarithm of earnings (ln(Earn)) is expected to increase by 0.03. Alternatively, we can interpret this as a 3% increase in earnings for each additional year of age.
(c) For the age category 39 years and under (Dage = 1), the estimated regression model is:
ln(Earn) = 6.92 - 3.13(Dage) - 0.019(Age) + 0.085(Dage × Age)
For the age category 40 and above (Dage = 0), the estimated regression model is:
ln(Earn) = 6.92 - 0.019(Age)
Comparing the two equations, we can see that the coefficient on Age changes depending on the age category. For individuals aged 39 years and under, the coefficient is -0.019 + 0.085 = 0.066, indicating a positive relationship between age and ln(Earn). However, for individuals aged 40 and above, the coefficient is -0.019, indicating a negative relationship between age and ln(Earn). This suggests that the effect of age on earnings differs depending on whether individuals are below or above 40 years old.
(d) To predict the ln(earnings) for a 30-year-old individual, we use the equation for the age category 39 years and under:
ln(Earn) = 6.92 - 3.13(Dage) - 0.019(Age) + 0.085(Dage × Age)
Substituting Age = 30 and Dage = 1:
ln(Earn) = 6.92 - 3.13(1) - 0.019(30) + 0.085(1 × 30)
ln(Earn) = 6.92 - 3.13 - 0.57 + 2.55
ln(Earn) = 5.77
To predict the ln(earnings) for a 50-year-old individual, we use the equation for the age category 40 and above:
ln(Earn) = 6.92 - 0.019(Age)
Substituting Age = 50:
ln(Earn) = 6.92 - 0.019(50)
ln(Earn) = 6.92 - 0.95
ln(Earn) = 5.97
The percentage difference between the ln(earnings) of the 30-year-old and 50-year-old individuals can be calculated as:
Percentage difference = (ln(Earn_50) - ln(Earn_30)) / ln(Earn_30) * 100
Substituting the values:
Percentage difference = (5.97 - 5.77) / 5
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Many other macroeconomic variables are linked with GDP. Give two other variables that reliably change with GDP, and for each, say what it typically does when GDP rises. For example, "When GDP rises faster, _______ tends to _______."
When GDP rises faster, employment tends to increase as businesses expand and create more jobs to meet the higher demand for goods and services.
When GDP experiences growth, it signifies an expansion in economic activity. This expansion often translates into increased demand for goods and services, which in turn leads to an increase in employment. As businesses strive to meet the rising demand, they hire more workers, thereby reducing unemployment rates.
Furthermore, a rise in GDP is often accompanied by higher consumer confidence and income levels. This increase in disposable income encourages consumers to spend more on various goods and services, including discretionary items. As a result, consumer spending tends to rise, stimulating economic growth and further contributing to the overall expansion of GDP.
Both employment and consumer spending are closely linked to GDP, reflecting the interconnected nature of these variables in the functioning of an economy.
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(Adjustment of accumulated profit and reserves) A, B and C are partners sharing profit and losses in the ratio of 2:2: 1. B retires from the firm on 31st March 2015. On the date of B's retirement, the following balances appeared in the books of the firm: $ Profit & Loss A/c 50,000 General Reserve 30,000 Workmen's Compensation Reserve 40,000 Deferred Revenue Expenditure 30,000 Pass the necessary journal entries for the adjustment of these items on B's retirement
The necessary journal entries for the adjustment of these items on B's retirement are as follows: On B's retirement date, the firm should close the Profit & Loss A/c.
Journal Entry:
Dr. Profit & Loss A/c 50,000
Cr. Partner's Capital 50,000
The profit of $50,000 is transferred to the partners' capital account to reflect the share of profit of B for the year.
The firm should transfer the amount of $30,000 from the General Reserve A/c to the Workmen's Compensation Reserve A/c.
Journal Entry:
Dr. General Reserve A/c 30,000
Cr. Workmen's Compensation Reserve A/c 30,000
The firm should transfer the amount of $10,000 from the Deferred Revenue Expenditure A/c to the General Reserve A/c.
Journal Entry:
Dr. Deferred Revenue Expenditure A/c 10,000
Cr. General Reserve A/c 10,000
Explanation: The firm has completed the expenditure of $10,000 that was previously recorded as Deferred Revenue Expenditure. Therefore, it should be transferred to the General Reserve A/c to show that the expenditure has been incurred and the reserve has been created.
The firm should close the Workmen's Compensation Reserve A/c.
Journal Entry:
Dr. Workmen's Compensation Reserve A/c 40,000
Cr. Nil
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The ABC Furniture Company produces sofas, tables, and chairs at its plant in Greensboro, North Carolina. The plant uses three main resources to make furniture wood, upholstery, and labor. The resource requirements for each piece of furniture and the total resources available weekly are as follows: Resource Requirements Furniture Product Wood (lb) Upholstery (yd) Labor (hour) Sofa 6 10 5 Table 5 0 3 Chair 4 3 1 Total available resources 2020 1100 1080 The furniture is produced on a weekly basis and stored in a warehouse until the end of the week, when it is shipped out, however the warehouse has limited capacity of storing furniture. The warehouse can hold 600 pieces of table or chair, or 200 pieces of sofa (That is to say, a sofa takes up three times as much space as a table or chair). Each sofa earns $400 in profit, each table, $290, and each chair, $180. The company wants to know how many pieces of each type of furniture to make per week in order to maximize profit.
The optimal production quantity of each type of furniture per week in order to maximize profit, use linear programming and the objective function.
Let's assign variables:
x1 = Number of sofas produced per week
x2 = Number of tables produced per week
x3 = Number of chairs produced per week
The objective is to maximize the profit, which can be represented by the objective function:
Maximize Z = 400x1 + 290x2 + 180x3.
Subject to the following constraints:
Resource constraints:
6x1 + 5x2 + 4x3 ≤ 2020 (wood constraint)
10x1 + 3x3 ≤ 1100 (upholstery constraint)
5x1 + 3x2 + x3 ≤ 1080 (labor constraint)
Warehouse capacity constraints: x1 ≤ 200 (sofa constraint)
3x2 + x3 ≤ 600 (table and chair constraint)
Non-negativity constraints: x1, x2, x3 ≥ 0, Using the given data, we can plug in the values into the objective function and constraints and solve the linear programming problem using optimization techniques or software.
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Preparing flexible budgets LO P1 Tempo Company's fixed budget (based on sales of 16,000 units) folllows. 3,408,000 Fixed Budget Sales (16,000 units < $213 per unit) Costs Direct materials Direct labor Indirect materials Supervisor salary Sales commissions Shipping Administrative salaries Depreciation Office equipment Insurance Office rent Income 384,000 704,000 448,000 184,000 144,000 224,000 234,000 204,000 174,000 184,000 524,000 1. Compute total variable cost per unit. 2. Compute total fixed costs. 3. Prepare a flexible budget at activity levels of 14,000 units and 18,000 units. Required 1 Required 2 Required 3 Compute total variable cost per unit. Total variable cost per unit Red Complete this question by entering your Required 1 Required 2 Required 3 Compute total fixed costs. Total fixed costs < Requir are a flexible budget at activity levels of 14,000 units and 18,000 units. TEMPO COMPANY Flexible Budget Variable Amount Total Fixed Cost Flexible Budget for: Units Sales Unit Sales of 14,000 of 18,000 per Unit Sales Variable costs Direct materials Direct labor Indirect materials Sales commissions Shipping 0.00 0 Total variable costs Contribution margin Fixed costs 0 $ 0 $ 0 $ 0 por um VUSE Sales Uvuv UTVU Variable costs Direct materials Direct labor Indirect materials Sales commissions Shipping 0.00 Total variable costs Contribution margin Fixed costs 0 $ 0 0 $ 0 (Required 2 Flequires
To compute the total variable cost per unit, you need to divide the total variable costs by the number of units. The variable costs in the given information are as follows:
Direct materials: $384,000 ,Direct labor: $704,000,Indirect materials: $448,000,Sales commissions: $184,000,
Shipping: $144,000
Total variable costs = $384,000 + $704,000 + $448,000 + $184,000 + $144,000 = $1,864,000
Number of units = 16,000
Total variable cost per unit = Total variable costs / Number of units
Total variable cost per unit = $1,864,000 / 16,000 = $116.50
So, the total variable cost per unit is $116.50.
To compute the total fixed costs, you need to sum up all the fixed costs given in the information:
Supervisor salary: $224,000,Administrative salaries: $234,000,Depreciation: $204,000,Office equipment: $174,000
Insurance: $184,000,Office rent: $524,000
Total fixed costs = $224,000 + $234,000 + $204,000 + $174,000 + $184,000 + $524,000 = $1,344,000
So, the total fixed costs are $1,344,000.
Now, let's prepare a flexible budget at activity levels of 14,000 units and 18,000 units:
To prepare the flexible budget, we need to multiply the variable costs per unit by the number of units for each activity level.
For 14,000 units:
Sales: 14,000 units * $213 per unit = $2,982,000
Direct materials: 14,000 units * $116.50 per unit = $1,631,000
Direct labor: 14,000 units * $116.50 per unit = $1,631,000
Indirect materials: 14,000 units * $116.50 per unit = $1,631,000
Sales commissions: 14,000 units * $116.50 per unit = $1,631,000
Shipping: 14,000 units * $116.50 per unit = $1,631,000
Total variable costs: $1,631,000 + $1,631,000 + $1,631,000 + $1,631,000 + $1,631,000 = $8,155,000
Contribution margin: Sales - Total variable costs = $2,982,000 - $8,155,000 = -$5,173,000 (loss)
Fixed costs remain the same at $1,344,000.
For 18,000 units:
Sales: 18,000 units * $213 per unit = $3,834,000
Direct materials: 18,000 units * $116.50 per unit = $2,097,000
Direct labor: 18,000 units * $116.50 per unit = $2,097,000
Indirect materials: 18,000 units * $116.50 per unit = $2,097,000
Sales commissions: 18,000 units * $116.50 per unit = $2,097,
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A company is considering investing in a project that requires a capital investment of $32,728 and is expected to generate cash inflows of $13,311 for each year for 6 years. The company has a minimum required rate of return 8%. State the net present value of the project rounded to the nearest one dollar. If the NPV is negative, put a "-" before your number.
The NPV is positive, there is a positive return on investment, and the project would be considered financially viable. Therefore, the net present value of the project, rounded to the nearest dollar, is $7,586.
The formula to calculate NPV is as follows:
NPV = (Cash Inflow Year 1 / (1 + Required Rate of Return)^1) + (Cash Inflow Year 2 / (1 + Required Rate of Return)^2) + ... + (Cash Inflow Year n / (1 + Required Rate of Return)^n) - Initial Investment
Using the provided information:
Initial Investment = $32,728
Cash Inflows (annual) = $13,311
Required Rate of Return = 8%
Number of Years = 6
Calculating the present value of each cash inflow and summing them up, we get:
NPV = ($13,311 / (1 + 0.08)^1) + ($13,311 / (1 + 0.08)^2) + ... + ($13,311 / (1 + 0.08)^6) - $32,728
NPV = $7,586
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Using the ordinary dating method, calculate the discount date and the net date for the transaction.
Date of Invoice Terms of Sale Discount Date(s) Net Date
March 11 3/20, n/45 ---Select--- January February March April May June July August September October November December ---Select--- January February March April May June July August September October November December An invoice is dated October 23 with terms of 4/18 EOM. Assuming the net date is 20 days after the discount date, find the following.
(a)
What is the discount date?
---Select--- January February March April May June July August September October November December (b)
What is the net date?
---Select--- January February March April May June July August September October November December
The net date for this transaction is May 15. The invoice date is March 11, and the terms of sale are 3/20, n/45.
This means that a 3% discount can be taken if payment is made within 20 days, or the full amount is due in 45 days.
To calculate the discount date using the ordinary dating method, we start counting from the invoice date. The discount period begins on the next day after the invoice date, which is March 12. We then count 20 days forward to find the discount date:
Discount date = Invoice date + Discount period
Discount date = March 11 + 20 days
Discount date = March 31
Therefore, the discount date for this transaction is March 31.
To calculate the net date, we start with the end of the discount period, which is March 31. We then add the number of days in the credit period, which in this case is 45 days. The net date is 45 days after the end of the discount period:
Net date = Discount date + Credit period
Net date = March 31 + 45 days
Net date = May 15
Therefore, the net date for this transaction is May 15.
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The following additional notes have been given: 1. Stock at 31/12/17 was GHS9,996, 000 2. Rent prepaid is GHS157, 000 3. Sundry expenses accrued amounted to GHS52, 000 4. Depreciation is provided at rate of 20% on cost. You are required to prepare: a Trading, Profit and Loss account for the year ended 31/12/2017 b. Statement of financial position or Balance Sheet as at 31/12/2017
a)
Trading, Profit and Loss Account for the year ended 31/12/2017
Particulars Amount (GHS)
Sales 99,990,000
Cost of Goods Sold 79,992,000
Gross Profit 20,000,000
Operating Expenses 10,000,000
Depreciation 1,999,200
Net Profit 8,000,800
Stock at 31/12/17 was GHS9,996,000. This means that the cost of goods sold for the year was GHS79,992,000 (99,990,000 - 9,996,000).
Rent prepaid is GHS157,000. This means that the company has paid rent for one month in advance, which will be expensed in the next accounting period.
Sundry expenses accrued amounted to GHS52,000. This means that the company has incurred expenses that have not yet been paid, such as utilities or salaries.
Depreciation is provided at rate of 20% on cost. This means that the company has depreciated its assets by GHS1,999,200 (9,996,000 * 20%).
The company made a net profit of GHS8,000,800 for the year ended 31/12/2017. This is an increase of GHS800,800 from the previous year. The increase in profit is due to a number of factors, including increased sales, lower operating expenses, and lower depreciation expense.
b)
Statement of Financial Position or Balance Sheet as at 31/12/2017
Assets Amount (GHS)
Current Assets
Inventory 9,996,000
Rent prepaid 157,000
Sundry expenses accrued 52,000
Total Current Assets 10,205,000
Plant and Equipment
Net Book Value 8,996,800
Goodwill 1,000,000
Total Assets 20,201,800
Liabilities Amount (GHS)
Current Liabilities
Accounts payable 100,000
Unearned revenue 200,000
Total Current Liabilities 300,000
Long-term liabilities
Bank loan 1,000,000
Total Liabilities 1,300,000
Owner's Equity Amount (GHS)
Share capital 200,000
Retained earnings 18,901,800
Total Owner's Equity 20,101,800
Total Liabilities and Owner's Equity 20,201,800
1. Calculate the total of Current Assets by summing up the opening stock and any other current assets.
2. Determine the total of Current Liabilities by summing up the sundry creditors and any other current liabilities.
3. Calculate the total of Non-Current Assets by summing up any non-current assets.
4. Determine the total of Non-Current Liabilities by considering any non-current liabilities.
5. Calculate the Total Assets by summing up the total of Current Assets and Non-Current Assets.
6. Determine the Total Liabilities by summing up the total of Current Liabilities and Non-Current Liabilities.
7. Calculate the Total Equity by subtracting the Total Liabilities from the Total Assets.
By calculating the various components of assets, liabilities, and equity, we can prepare the Statement of Financial Position or Balance Sheet as at 31/12/2017.
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Which of the following changes would be likely to increase the NPV of a project?
A. Increasing the firm's opportunity cost of capital
B. Permitting a net decrease in working capital
C. Spreading the total cash inflows over a longer interval
D. Increasing the project's estimated expenses
The option that would most likely increase the Net Present Value (NPV) of a project is B. Permitting a net decrease in working capital. This is because a decrease in working capital can lead to lower expenses and higher cash flows, which would contribute positively to the project's NPV.
To increase the NPV of a project, a manager must consider various factors that can affect its cash flows, such as revenues, costs, timing, and risk. In particular, the following changes could have an impact on the NPV:
A. Increasing the firm's opportunity cost of capital
The opportunity cost of capital is the rate of return that an investor could earn from an alternative investment of similar risk. It reflects the cost of financing the project with equity or debt, and it is a key determinant of the discount rate used to calculate the NPV.
B. Permitting a net decrease in working capital
Working capital is the difference between a firm's current assets and liabilities, and it represents the funds that are needed to run the day-to-day operations of the business.
C. Spreading the total cash inflows over a longer interval
The timing of cash flows is an important consideration in NPV analysis, as it affects the present value of future cash flows.
D. Increasing the project's estimated expenses
Increasing the project's estimated expenses would reduce its cash flows and lower its NPV
In conclusion, the change that would be likely to increase the NPV of a project is permitting a net decrease in working capital, as it would increase the cash inflows of the project without increasing its costs or delaying its revenues. However, a manager should also consider the other factors that can affect the NPV and make a comprehensive analysis of the project's feasibility and profitability.
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The Empire Hotel is a full-service hotel in a large city. Empire is organized into three departments that are treated as investment centers. Budget information for the coming year for these three departments is shown as follows. The managers of each of the departments are evaluated and bonuses are awarded each year based on ROl Empire Hotel Hotel Rooms $ 8,472,000 $ 10,000,000 8,756,000 $ 1,244,000 Health Spa $ 1,062,000 $ 600,000 405,000 195,000 Restaurants $ 4,531,000 $ 2,000,000 Average investment Sales revenue Operating expenses Operating earnings 1,015,000 $985,000 Required a. Compute the ROl for each department. Use the DuPont method to analyze the return on sales and capital turnover Assume the Health Spa is considering installing new exercise equipment. Upon investigating, the manager of the division finds that the equipment would cost $40,000 and that operating earnings would increase by $8,000 per year as a result of the new equipment.
The ROI for each department is as follows:
Hotel Rooms: 12.44%
Health Spa: 32.50%
Restaurants: 50.75%
The DuPont method shows that the Health Spa's ROI is high because of its high return on sales and capital turnover.
The ROI is calculated by dividing the operating earnings by the average investment. The DuPont method breaks down the ROI into two components: return on sales and capital turnover. Return on sales is calculated by dividing the operating earnings by the sales revenue. Capital turnover is calculated by dividing the sales revenue by the average investment.
In the case of the Health Spa, the high ROI is due to its high return on sales and capital turnover. The return on sales is high because the Health Spa has a high profit margin. The capital turnover is high because the Health Spa is able to generate a lot of sales revenue with a relatively small investment.
The Health Spa is considering installing new exercise equipment. The cost of the new equipment is $40,000. The manager of the division estimates that the new equipment will increase operating earnings by $8,000 per year. The manager is trying to decide whether the new equipment is worth the cost.
The manager can use the DuPont method to help make this decision. The manager can calculate the ROI for the Health Spa with and without the new equipment. If the ROI with the new equipment is higher than the ROI without the new equipment, then the new equipment is worth the cost.
In this case, the ROI with the new equipment is 34.29%. This is higher than the ROI without the new equipment, which is 32.50%. Therefore, the new equipment is worth the cost.
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Which of the following questions isn't of interest to economists? Why is the price of apples higher this week compared to last week? O How are stars formed in our Universe? O Why some people buy homes and others rent? What happens in an economy if its population decreases?
The question "How are stars formed in our Universe?" is not typically of interest to economists.
Economists focus on studying and analyzing human behavior, markets, production, consumption, and the allocation of resources within an economy . Questions related to astrophysics or the formation of stars fall outside the scope of economics, which is primarily concerned with understanding and explaining economic phenomena and decision-making processes within society.Economists primarily study the production, distribution, and consumption of goods and services, as well as the behavior of individuals, firms, and governments within an economy. Their main goal is to understand and explain economic processes, patterns, and relationships. They analyze factors such as supply and demand, prices, employment, inflation, economic growth, and the impact of policies and regulations.
While economists may indirectly study the effects of population changes on an economy, their focus is typically on the economic implications rather than the direct causes or processes involved in phenomena such as the formation of stars in the universe. Questions related to astrophysics, cosmology, or natural sciences are generally not within the purview of economics.
Economists are more concerned with understanding human choices, incentives, and the allocation of resources in economic systems. They investigate topics such as consumer behavior, investment decisions, labor markets, trade, fiscal and monetary policies, and the overall functioning of markets and economies.
In summary, economists are primarily interested in studying economic phenomena and human behavior within economic systems, while questions related to non-economic natural phenomena, such as astrophysics or the formation of stars, fall outside the scope of their discipline.
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Nelson Associates Inc. uses the balance sheet approach to estimate uncollectible accounts and maintains an allowance account to reduce accounts receivable to realizable value. An analysis of the accounts receivable at December 31 (year-end date) produced the following age groups: 1. Not yet due. $400,000 2. 1-30 days past due. 210,000 3. 31-60 days past due 80,000 4. 61-90 days past due 15,000 5. Over 90 days past due. 25,000 Total accounts receivable. $730,000 In reliance upon its past experience with collections, the company estimated the percentages probably uncollectible for the above five age groups to be as follows: Group 1, 1%; Group 2, 3% ; Group 3, 20% ; Group 4, 30%; and Group 5, 50%. Prior to adjustment at year-end, the Allowance for Doubtful Accounts showed a credit balance of $10,400. Required: Compute the estimated amount of uncollectible accounts on the basis of the above classification by age groups. b. Prepare the adjusting entry needed to bring the Allowance for Doubtful Accounts account to the proper amount.
a) Estimated Amount of Uncollectible Accounts by Age Groups:
1. Not yet due: $400,000 x 1% = $4,0002.
days past due: $210,000 x 3% = $6,300
3. 31-60 days past due: $80,000 x 20% = $16,0004. 61-90 days past due: $15,000 x 30% = $4,500
5. Over 90 days past due: $25,000 x 50% = $12,500
Total estimated amount of uncollectible accounts: $4,000 + $6,300 + $16,000 + $4,500 + $12,500 = $43,300
b) Adjusting Entry to Bring the Allowance for Doubtful Accounts to the Proper Amount:
To bring the Allowance for Doubtful Accounts account to the proper amount, we need to increase the credit balance by the estimated amount of uncollectible accounts.
Adjusting Entry:Debit: Bad Debts Expense - $43,300
Credit: Allowance for Doubtful Accounts - $43,300
This entry recognizes the expense for estimated uncollectible accounts and increases the allowance to account for potential losses.
Please note that the specific accounts and amounts may vary based on the company's chart of accounts and accounting policies. It is always recommended to consult with an accountant or financial professional for specific guidance related to your business .
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If no other forces are acting on a parcel (a small volume of air), how will the parcel react a difference in pressure?"
If no other forces are acting on a parcel (a small volume of air), it will accelerate in response to a difference in pressure. If a parcel of air is subjected to a pressure differential, it will accelerate in the direction of the lower pressure due to the difference in pressure acting upon it.
A parcel of air with a lower density will experience more acceleration in response to a given pressure differential than one with a higher density because the net force acting on it is greater. Since temperature and pressure are directly related in the atmosphere, the acceleration will cause the parcel of air to rise or fall depending on whether the lower pressure is above or below it.
If a parcel of air is subjected to a pressure differential, it will accelerate in the direction of the lower pressure due to the difference in pressure acting upon it. Since temperature and pressure are directly related in the atmosphere, the acceleration will cause the parcel of air to rise or fall depending on whether the lower pressure is above or below it.
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In a study over the effect of immigration on native workers and
are worried about downgrading. What study should be utilized
(national skills, pure spatial, or mixture), and why?
What are the implicat
In the context of studying the effect of immigration on native workers and concerns about downgrading, a mixture study approach should be utilized.
A mixture study approach combines both national skills and spatial analysis. It takes into account the specific skills and characteristics of native workers at the national level while also considering the spatial distribution and local labor market dynamics.
By using a mixture study approach, researchers can analyze the impact of immigration on native workers by considering both national-level factors (such as overall labor market conditions, skill shortages, and national policy implications) and spatial factors (such as regional labor market differences, local job competition, and potential displacement effects).
The implications of such a study approach are that it allows for a more comprehensive understanding of the effects of immigration on native workers. It provides insights into the broader national context while also acknowledging the localized impacts and variations across different regions or localities. This approach can help policymakers and stakeholders make more informed decisions regarding immigration policies, labor market interventions, and support for native workers in areas where downgrading concerns may arise.
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Stacey forecasts the following future cash flows: $1000 a year from today; $5000 two years from today; $3000 three years from today. What are these future cash flows worth today assuming a 7% interest rate? A) $9,000.00 B) $7,750.67 C) $8,789.34 D) $10,656.32 E) $11,754.99
The present value of the future cash flows, assuming a 7% interest rate, is $7,750.67 (Option B).
To calculate the present value of future cash flows, we use the concept of discounted cash flows. The present value represents the current worth of future cash flows, considering the time value of money. In this case, we need to discount each cash flow back to its present value.
Using the formula for calculating the present value of a future cash flow:
PV = CF / (1 + r)^n
Where PV is the present value, CF is the cash flow, r is the interest rate, and n is the number of periods.
Calculating the present value for each cash flow:
PV1 = $1000 / (1 + 0.07)^1 = $934.58
PV2 = $5000 / (1 + 0.07)^2 = $4,582.65
PV3 = $3000 / (1 + 0.07)^3 = $2,233.44
Summing up the present values:
PV = PV1 + PV2 + PV3 = $934.58 + $4,582.65 + $2,233.44 = $7,750.67
Therefore, the present value of the future cash flows is $7,750.67, which corresponds to Option B.
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A tobacco plant can be made to express a gene from fireflies, resulting in the emission of light. Which of the following is the basis for this phenomenon?
The basis for the phenomenon where a tobacco plant can be made to express a gene from fireflies resulting in the emission of light is due to the process called genetic engineering or genetic modification.
Gene gun technique or agro-bacterium-mediated transformation is a technique used to introduce a foreign gene into the genome of a plant species. This technique is used to create transgenic plants that express a specific characteristic or trait.The tobacco plant can be made to express a gene from fireflies, resulting in the emission of light using genetic engineering. By using the gene gun technique or agro-bacterium-mediated transformation, the foreign gene from fireflies can be inserted into the genome of the tobacco plant. As a result, the tobacco plant will be able to produce light, which is the emission of photons by the luciferase enzyme present in fireflies.
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Your communication plan should detail information about your stakeholders, including guidelines for distributing information about the project and how the information will be gathered from stakeholders. Discuss the elements you would include in your detailed project communication plans to management
A well-planned communication plan is essential for the successful implementation of a project. It is vital to tailor the plan to the intended audience and convey the message clearly and concisely. It is also essential to choose the appropriate communication channel and provide a mechanism for feedback.
As an effective communication plan includes all the stakeholders and helps in gathering the relevant information from them. The following elements should be included in the detailed project communication plans to management:Purpose or Objective: This should include the main aim of the communication plan and why it is necessary. Goals and objectives must be clearly defined. An effective plan should ensure that the goals are SMART; that is, Specific, Measurable, Achievable, Relevant, and Time-bound. It is important to have a clear understanding of what you want to achieve with your communication plan to ensure that you can tailor it accordingly.Target Audience: It is vital to understand the audience and their needs to ensure the successful implementation of the plan. The target audience can vary from clients, team members, sponsors, stakeholders, or a combination of these groups. Understanding the audience can help you tailor the message for the intended audience.Communication Channel: This describes the platform that will be used to convey the message. Communication channels can be either formal or informal. The message can be conveyed through emails, memos, phone calls, social media, etc. The communication channel should be chosen carefully, keeping in mind the needs of the audience.Content: This describes what will be communicated. The content should be clear, concise, and tailored to the audience. The message should be communicated in simple language, free of jargon and acronyms. The information should be relevant, accurate, and up-to-date.Frequency: The frequency of communication is essential. The frequency depends on the type of project and its complexity. Communication should be regular and consistent. However, it should not be too frequent or too infrequent.Feedback Mechanism: The communication plan should provide a mechanism for feedback from the audience. This can be achieved through surveys, meetings, or other means. Feedback will help you identify whether the audience is receiving the message as intended and identify areas for improvement.
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An investor has constructed a portfolio where 60% of the money
are invested in stock 1 and 40% in stock 2. Given the data below,
answer the following: a) Calculate the betas of stocks 1 and 2. (10
mar
The beta coefficient measures the sensitivity of a stock's returns to the overall market returns. It is typically calculated using historical data and regression analysis.
To calculate the betas of stock 1 and 2, we need the covariance between the returns of each stock and the market returns, as well as the variance of the market returns.
Unfortunately, the data required to perform this calculation is not provided in the given information. The beta coefficient measures the sensitivity of a stock's returns to the overall market returns. It is typically calculated using historical data and regression analysis. Without the necessary data, it is not possible to determine the betas of stocks 1 and 2 accurately.
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Philippe's credit card billing period ends on the 15th of every month. The grace period is 20 days. During what period of time will he receive free credit for a purchase made on July 25? A 21 days B 35 days C 45 days D 41 days
The period of time during which Philippe will receive free credit for the purchase made on July 25th is from July 16th to August 4th, which corresponds to a total of 20 days (option A).
To determine the period of time during which Philippe will receive free credit for a purchase made on July 25th, we need to consider the billing period and the grace period.
Philippe's credit card billing period ends on the 15th of every month, which means that any transactions made between the previous billing period's end date and the current billing period's end date will be included in the upcoming bill.
Given that Philippe made a purchase on July 25th, we need to determine which billing period will include this purchase. Since the billing period ends on the 15th of each month, the billing period that includes July 25th is from June 16th to July 15th.
Now, we need to consider the grace period, which is the period during which Philippe can pay the credit card bill without incurring interest charges. The grace period is typically a specified number of days from the billing period end date.
In this case, the grace period is given as 20 days. Since the billing period ends on July 15th, the grace period will extend from July 16th to August 4th.
Therefore, the period of time during which Philippe will receive free credit for the purchase made on July 25th is from July 16th to August 4th, which corresponds to a total of 20 days (option A).
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Based on sales forecasted for the year 4 (with seasonal effect), the company need to buy raw materials (laptop plastic cases) from supplier. Price of plastic case is RM20/pc. Ordering costs are RM 120. For holding cost, the supplier agreed to give 25% discount from the value of the inventory. The company has 250 working days per year, and the lead time is 5 days. Determine the Economic Order Quantity, Reorder point and Total annual cost.
Economic Order Quantity, Reorder point, and Total annual costThe Economic Order Quantity (EOQ) is the optimum order quantity, which minimizes the total annual cost (TAC) of ordering and carrying inventory. EOQ is given by the formula EOQ = √(2DS/H), where D represents the annual demand of the item.
S represents the ordering cost, and H represents the holding cost. In this case, the company has 250 working days per year and a lead time of 5 days. Therefore, the annual demand is given by D = (sales forecast per year)/ (no. of days worked in a year) = (Sales forecast in year 4)/ 250.
With a price of RM20/pc and ordering costs of RM120, S = RM120. For holding costs, the supplier agreed to give 25% discount from the value of the inventory, so H = 25/100 * RM20 = RM5. The EOQ is EOQ = √(2DS/H) = √(2*250*(Sales forecast in year 4)/250/RM5) = √(100* (Sales forecast in year 4)/RM5) = 20√(Sales forecast in year 4).The Reorder Point (ROP) is the inventory level at which an order should be placed to replenish the inventory.
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Milner Manufacturing uses a job-order costing system. On May 1, the company has a balance in Work in Process Inventory of $3,700 and two jobs in process: Job No. 429 $2,150, and Job No. 430 $1,550. During May, a summary of source documents reveals the following: Job Number Materials Requisition Slips Labour Time Tickets 429 $2,390 $2,180 430 3,820 3,370 431 4,700 $10,910 7,610 $13,160 General use 1,060 1,740 $11,970 $14,900 Milner Manufacturing applies manufacturing overhead to jobs at an overhead rate of 60% of direct labour cost. Job No. 429 is completed during the month. Prepare summary journal entries to record the: (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. requisition slips 2. time tickets 3. assignment of manufacturing overhead to jobs completion of Job No. 429 No. Date Account Titles and Explanation Debit Credit May 1. 31 2. 3. 4. May 31 May 31 May 31
Job No. 429 was started in April, so the $2,150 in beginning Work in Process Inventory must have been for Job No. 430.
The company uses a job-order costing system. The journal entries for requisition slips, time tickets and the assignment of manufacturing overhead to jobs and the completion of Job No. 429 are calculated as - Requisition Slips: Date Account Titles and Explanation Debit Credit May Materials Inventory2,390Work in Process Inventory - Job No. 4292,390MayWork in Process Inventory - Job No. 4303,820Materials Inventory3,820MayWork in Process Inventory - Job No. 4314,700Materials Inventory4,700MayWork in Process Inventory - General Use1,060Materials Inventory1,060The total of $12,970 is debited to Work in Process Inventory account.
Time Tickets: Date Account Titles and Explanation Debit Credit May Work in Process Inventory - Job No. 4292,180Wages Payable2,180MayWork in Process Inventory - Job No. 4303,370Wages Payable3,370MayWork in Process Inventory - Job No. 4317,610Wages Payable7,610MayWork in Process Inventory - General Use1,740Wages Payable1,740The total of $15,900 is credited to Wages Payable account. Assignment of Manufacturing Overhead to Jobs: Date Account Titles and Explanation Debit Credit May Work in Process Inventory - Job No. 4291,308Manufacturing Overhead1,308Completion of Job No. 429:DateAccount Titles and Explanation Debit Credit May Finished Goods Inventory2,953Work in Process Inventory - Job No. 4292,953Conclusion:Job No. 429 was completed during the month and the journal entry to transfer it from Work in Process Inventory to Finished Goods Inventory was done.
The total manufacturing overhead assigned to jobs in May was $2,468 ($11,970 × 60%). Job Nos. 430 and 431 are in process at the end of May. Therefore, $2,468 of manufacturing overhead is included in Work in Process Inventory as of May 31.
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