Snider Corporation is a publicly traded company that has compiled the following summarized revenue and expense data for the first quarter of the year: sales revenue of $60,000,000, cost of goods sold of $36,000,000, variable selling expenses of $1,000,000, and fixed selling expenses of $3,000,000, which includes the single lump-sum payment of $2,000,000 for television advertisements for the entire year.
In accordance with generally accepted accounting principles regarding interim financial reporting, Snider Corporation must issue its quarterly financial statements. The answer to the question "What is the interim financial reporting?" is that interim financial reporting is the financial reporting that an organization provides to its stakeholders (usually stockholders, creditors, and regulatory agencies) that spans a period shorter than a year (typically a quarter or six months). It provides the stakeholders with an overview of the financial health and status of the organization and its future prospects. Interim financial statements must follow the same accounting principles as annual financial statements.
Therefore, in the case of Snider Corporation, the summarized revenue and expense data for the first quarter of the year should be prepared in accordance with generally accepted accounting principles. The summarized revenue and expense data should reflect the financial performance of the company for the first quarter of the 2020–2021 fiscal year.
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available in greater amounts than would be wanted even if they were free.
The term that describes something available in greater amounts than would be wanted even if they were free is "abundant" or "in surplus."
When something is abundant, it means there is an excess or surplus of it, even to the point where having more of it is not desirable or valuable. This can apply to various resources, goods, or services that are available in quantities that exceed the demand or need for them. Even if they were offered for free, their abundance diminishes their perceived value or desirability.The statement "available in greater amounts than would be wanted even if they were free" refers to the concept of "economic surplus" or "excess supply." It means that there is an oversupply or surplus of a good or resource in the market, beyond the quantity that consumers or users desire or demand, even if it were offered for free.
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the interest paid on __________ represents a tax-deductible business expense. multiple choice retained earnings stock depreciated assets bonds
The interest paid on bonds represents a tax-deductible business expense.
Interest expense incurred on bonds is generally considered a tax-deductible business expense. When a business issues bonds to raise capital, it agrees to pay periodic interest to bondholders. This interest payment is treated as an expense for the business, and it can be deducted from the taxable income. By deducting the interest expense, the business reduces its taxable income, resulting in lower tax liability. However, it's important to note that the deductibility of interest expense may be subject to certain limitations and regulations imposed by tax authorities. Businesses should consult with tax professionals or accountants to ensure compliance with applicable tax laws and regulations regarding interest expense deductions.
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Take the following as the demand and supply equations for iMango phones in the Republic of Smart: Qd=200−P
Qs=−60+2P
a) Determine the equilibrium price and equilibrium quantity. b) Use the demand and supply equations to construct demand and supply curves. c) Calculate the consumer surplus and producer surplus. d) Supposing General Swag fixed the price of iMango at $40, determine the quantity demanded and quantity supplied. e) Show the effect of General Swag's policy on your graph in 1 b (Effects will be deadweight loss). f) Calculate the deadweight loss.
a) Determination of equilibrium price and quantity
The equilibrium price and equilibrium quantity can be determined by equating demand and supply. [tex]Qd=Qs200-P=-60+2P200+60=2P+P260=3P P=86.67[/tex]
Therefore, the equilibrium price is $86.67.Then, [tex]Qd=200-P=200-86.67=113.33units[/tex]
Thus, the equilibrium quantity is 113.33 units.
b) The demand and supply curves can be constructed as follows : Graphical Representation of the equilibrium price and quantity can be obtained as shown below:
c) Calculation of consumer surplus and producer surplus
The producer surplus is given by the difference between the price at which the product is sold and the minimum price at which the producer would be willing to sell the product.
The consumer surplus is given by the difference between the price at which the product is sold and the maximum price at which the consumers would be willing to purchase the product.
Producer surplus=[tex]($86.67−$20)×113.33=$7289.32[/tex]
Consumer surplus[tex]($100−$86.67)×113.33=$1519.99[/tex]
d) Quantity demanded and quantity supplied, supposing General Swag fixed the price of i Mango at $40
Quantity demanded :[tex]Qd=200-P=200-40=160 units[/tex]
Quantity supplied : [tex]Qs=60+2P=60+2(40)=140 units[/tex]
The quantity demanded is 160 units and the quantity supplied is 140 units.
e) The effect of General Swag's policy can be shown as: The area B and C represents the deadweight loss.
f) Calculation of deadweight loss
The deadweight loss is given by the difference between the producer surplus and consumer surplus.
Deadweight loss[tex]=$7289.32-$1519.99=$5769.33.[/tex]
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31. A party can transfer duties under a contract through a delegation. No special form is required to create a valid delegation of duties. As long as the delegator expresses a present intention to make the delegation, it is effective. Any duty can be delegated except when the contract prohibits delegation or : a. Performance depends on the personal skill or talents of the obligor. b. Special trust has been placed in the obligor. c. Performance by a third party will vary materially from that expected by the obligee. d. All of the above are correct. 32. Tumble Gymnastics & Karate, Inc., grants a franchise to Stefan to operate a Tumble gym. Tumble may require Stefan to pay the franchisor a percentage of the business's a. annual gross sales b. weekly payroll expense. c. monthly overhead savings. d. none of the choices. 33. Sole Proprietorships a. Are not permitted under New York law b. Provide unlimited liability to the owners c. Are the most popular form or business entity d. Are the basis for most partnerships in the USA. 34. The following are considered advantages of a sole proprietorship a. Ease of raising capital b. Unlimited liability c. No sharing of profits with others d. You get to spend a lot of time reporting to the board of directors.
31. The correct answer is d. All of the above are correct.
A party can transfer duties under a contract through delegation as long as the delegator expresses a present intention to make the delegation. However, there are certain exceptions where delegation is not allowed: (a) when the performance depends on the personal skill or talents of the obligor, (b) when special trust has been placed in the obligor, and (c) when performance by a third party will vary materially from that expected by the obligee.
32. The correct answer is a. annual gross sales.
Tumble Gymnastics & Karate, Inc. may require Stefan, the franchisee, to pay a percentage of the business's annual gross sales to the franchisor as part of the franchise agreement.
33. The correct answer is b. Provide unlimited liability to the owners.
Sole Proprietorships are a popular form of business entity, but they provide unlimited liability to the owners. This means that the owner is personally responsible for all debts and liabilities of the business.
34. The correct answer is c. sharing of profits with others.
One of the advantages of a sole proprietorship is that profits are not shared with others. The sole proprietor retains all the profits earned by the business.
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Consider the 12 weeks of demand in the following table. Calculate the CMA for Weeks 2 through 11. What is the CMA for Week 4? Round your answer to the nearest whole number.
Week Demand
1 23
2 19
3 21
4 22
5 19
6 22
7 19
8 20
9 22
10 22
11 19
12 21
The CMA (Centered Moving Average) for Week 4 can be calculated by taking the average of the demands from Weeks 2 to 11, inclusive.
Week 2: 19
Week 3: 21
Week 4: 22
Week 5: 19
Week 6: 22
Week 7: 19
Week 8: 20
Week 9: 22
Week 10: 22
Week 11: 19
Adding up the demands for these weeks, we get:
19 + 21 + 22 + 19 + 22 + 19 + 20 + 22 + 22 + 19 = 205
To find the CMA, we divide the sum by the number of weeks included, which is 10 (Weeks 2 to 11):
CMA = 205 / 10 = 20.5
Rounding this to the nearest whole number, we find that the CMA for Week 4 is 21.
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Which statement below is TRUE? (Choose one or more.) A According to Professor Lionel Robbins, an economic problem would arise only if there were multiple ends that could be ranked in order of importance and limited means that could be applied to more than one end. B An analysis of how enforcing rent control in San Jose affects the availability of rented accommodations in that city is principally a topic in microeconomics. C To assert that raising marginal income tax rates for high earners would lower tax revenues is unambiguously a normative statement. D If both buyers and sellers expect the price to fall next period, the price would fall in the current period. 6. If the labor force grows faster than the number of hours worked but the labor force grows slower than the total population, it follows that (choose one or more) A output per person would rise slower than output per worker B output per worker would rise slower than output per person C output per hour would rise faster than output per worker D output per worker would rise faster than output per hour D C B 9. International specialization and trade may be explained with reference to (choose one or more) A a difference in comparative advantage between countries reflecting different natural endowments B a difference in comparative advantage between countries reflecting different educational attainments C a difference in comparative advantage between countries reflecting different physical capital stocks D the existence of economies of scale in production D B C A Questions 10−12 test your understanding of real versus nominal values. 12. Assume that real GDP per person is falling. If the overall level of prices is falling (deflation), nominal GDP per person would A fall as fast as, but no faster than, the rate of price deflation B fall faster than the rate of price deflation C fall slower than the rate of price deflation D remain the same E rise 13. Consider the United States today. Identify the statements below that are TRUE? (Choose one or both.) A As many households receive above the average level of income as households who receive below that level. B As many households receive above the median level of income as households who receive below that level. A B
The statement that is true is B) An analysis of how enforcing rent control in San Jose affects the availability of rented accommodations in that city is principally a topic in microeconomics; and option D) If both buyers and sellers expect the price to fall next period, the price would fall in the current period.
In microeconomics, analyzing how enforcing rent control in San Jose affects the availability of rented accommodations in that city is a principal topic. This is because microeconomics is the branch of economics that deals with how individuals, households, and firms make decisions about the allocation of resources and how these decisions interact with markets. Hence, it is concerned with the economic behaviour of agents and the functioning of individual markets .Buyers and sellers expectations are very important in determining the price of a commodity. If both buyers and sellers expect the price to fall next period, the price would fall in the current period. This is true because both buyers and sellers are more likely to make transactions at the present price than at the expected lower price in the future. Therefore, options B and D are the true statements.
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Analyze the impact of different programs or methods of compensation and benefits (benefits) for employees. Explain how these programs relate to organizational culture and performance.
The impact of various compensation and benefit programs on employees varies depending on the approach taken and the overall organizational culture.
Here are some of the ways that different programs or methods of compensation and benefits can impact employees:
Financial rewards - One of the most common ways of rewarding employees is through financial incentives. These include bonuses, profit-sharing schemes, and performance-based rewards. These programs can help to motivate employees to work harder and achieve their goals.
Non-financial rewards - Along with financial incentives, non-financial rewards like recognition and appreciation can be equally motivating. Employees who feel appreciated are more likely to work harder and feel a sense of loyalty to their employer.
Flexible work arrangements - Offering flexible work arrangements can be an effective way of improving employee satisfaction and loyalty. Programs such as telecommuting and flexible scheduling allow employees to balance their work and personal life, which can reduce stress and improve morale.
Health and wellness programs - Health and wellness programs can benefit employees by promoting healthy habits and reducing healthcare costs. Programs such as gym memberships and nutrition counseling can help employees maintain a healthy lifestyle, which can lead to improved performance on the job.
Retirement benefits - Retirement benefits can be a major motivator for employees, especially those who are looking for long-term job security. Programs such as 401(k) plans and pension schemes can help employees feel more secure in their jobs and provide a sense of financial stability.
Organizational culture and performance - The programs and methods of compensation and benefits that an organization offers can impact its culture and performance.
For example, an organization that values employee health and wellness may have a culture that prioritizes work-life balance and employee well-being.
This can lead to better performance, higher productivity, and improved morale.
On the other hand, an organization that offers little in the way of compensation and benefits may have a culture that is focused on short-term gains at the expense of employee well-being. This can lead to high turnover, low morale, and poor performance.
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A country is more likely to join a currency union if
a.it's trade is more unbalanced with other countries in the currency union.
b.It trades more with countries in the currency union and faces more different economic shocks.
c.It trades more with countries in the currency union and faces more similar economic shocks.
d.It is small and poor
c. It trades more with countries in the currency union and faces more similar economic shocks.
A country is more likely to join a currency union when it has significant trade ties with the countries in the union and faces similar economic shocks. Joining a currency union facilitates smoother trade and economic integration among member countries. When countries have high trade volume with others in the currency union, adopting a common currency eliminates exchange rate fluctuations and transaction costs, making trade easier and more efficient. Additionally, countries with similar economic shocks, such as business cycles and inflation rates, benefit from a unified monetary policy that can respond effectively to these shared challenges.
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Which financial institution takes raised capital and invests it into high-potential or troubled companies? • Bank or credit union • Private equity firm • Central bank • Mutual fund What is a financial institution? • A firm that allows investment in public infrastructure • Any type of institution that provides mutual funds and the ability to invest in the stock market • An institution that provides regulatory government of the economy • Any type of firm that links lenders (savers) to borrowers (consumers) Which type of conduct is based on laws or rules set by a governing authority? • Moral • Legal • Technical • Ethical Which decision is an example of an ethical dilemma that a financial manager might encounter? • Determining whether to report earnings according to international accounting
standards in addition to generally accepted accounting principles (GAAP) already used in published reports • Selecting between two third-party auditors that are both unrelated to the company and highly respected • Determining whether to change the way depreciation expense is recognized to make earnings look higher for an upcoming sale of equity • Choosing whether to mail annual reports to shareholders in addition to posting the information online for them to see
A private equity firm takes raised capital and invests it into high-potential or troubled companies. A financial institution is any type of firm that links lenders (savers) to borrowers (consumers).
Legal conduct is based on laws or rules set by a governing authority. An ethical dilemma that a financial manager might encounter is determining whether to change the way depreciation expense is recognized to make earnings look higher for an upcoming sale of equity.
A private equity firm takes raised capital and invests it into high-potential or troubled companies. They can also invest in buyouts, early-stage ventures, distressed investments, growth capital, and mezzanine capital.Private equity firms get their capital by raising funds from institutional investors like pension funds, insurance companies, and endowments, and then deploy this capital to acquire and develop businesses.
Legal conduct is based on laws or rules set by a governing authority, while ethical conduct is based on principles of what is right and wrong. An ethical dilemma that a financial manager might encounter is determining whether to change the way depreciation expense is recognized to make earnings look higher for an upcoming sale of equity, as this could be viewed as fraudulent reporting and violate ethical principles.
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What are the trade instruments in Rwanda fostering
diversification of the export base?
Rwanda is currently engaged in an extensive diversification of its export base through the use of trade instruments such as the African Growth and Opportunity Act (AGOA), the European Union’s (EU) Everything but Arms (EBA) initiative, and other similar mechanisms.
The country is aiming to achieve its goals of reducing poverty, creating employment opportunities, and increasing its economic output through these trade instruments. In order to promote the development of its agricultural sector, Rwanda has established a number of policies that focus on improving the production of key crops such as tea, coffee, and horticultural products. Additionally, the country has established several export-oriented agricultural processing zones, which are designed to encourage local businesses to process and package their goods for export.
The Rwandan government has also implemented a number of trade facilitation measures, including the introduction of electronic customs clearance systems, which have reduced the time and costs associated with exporting goods. Additionally, the government has undertaken efforts to improve the country’s transportation infrastructure, including the construction of new roads and the expansion of its airports and seaports.
Overall, the Rwandan government’s use of trade instruments and policies has been successful in fostering the diversification of the country’s export base. Through these measures, Rwanda has been able to promote the development of its agricultural sector, reduce poverty, and increase economic output.
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Cancellation of Bonds before maturity
On January 1, 2011, Empresas Buenapaga issued callable bonds payable for a par value of $1,000,000. The bonds matured in 20 years. The contract interest rate is 9% payable semi-annually on June 30 and December 31. As the market rate on similar bonds was at 8%, the bonds were sold at premium at $1,250,000. The bonds had a call price of 105%.
Buenapaga has obtained financing at a lower interest rate and decides to redeem the bonds by paying the redemption price on July 30, 2022 when the premium has an outstanding unrepaid balance of $75,000.
Required: Make the journal payment to register the cancellation of the bonus on July 30, 2022. Remember to determine the redemption price of the bond and the value of the outstanding debt (carrying value)
When a bond is called before its maturity date, it means the issuer has opted to repay the bondholders their principal and interest amounts before the bond's maturity. The bond's market price may increase if interest rates decrease below the contract rate. Buenapaga redeemed the bonds for a premium on July 30, 2022.
The outstanding balance at that point was $75,000. So, we need to find the redemption price, as well as the carrying value of the debt.Here's how to find the redemption price Call price = 105% x $1,000,000 = $1,050,000. Premium = $1,250,000 - $1,000,000 = $250,000.
Carrying amount = $1,250,000 - $75,000 = $1,175,000. Redemption price = Call price + Premium - Unamortized premium = $1,050,000 + $250,000 - ($250,000/20 x 11) = $1,194,375.The journal entry to record the cancellation of the bonds on July 30, 2022, would be as follows Dr. Bonds payable for $1,000,000Dr. Premium on bonds payable for $250,000Cr. Cash for $1,194,375.
Therefore, the required journal payment to register the cancellation of the bonds on July 30, 2022 is given below Journal Entries Account Title Debit Credit Bonds Payable$1,000,000 Premium on Bonds Payable$250,000Cash$1,194,375 To record the cancellation of bonds payable.
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Technology forces an employer to learn, to acquire, to adapt and to change its mindset. A. Explain THREE (3) ways a manager can create change in an organization. B. Discuss TWO (2) reasons why technology is important in an organization. C. Outline FIVE (5) ways to market your products through social media in the global sphere.
A. Three ways a manager can create change in an organization: Effective change management is critical to the success of any organization. Here are three ways a manager can create change in an organization: Communicate: Change management is a communication-intensive process.
B. Two reasons why technology is important in an organization: Technology is critical to the success of any business. Here are two reasons why technology is important in an organization: Improved efficiency: Technology increases the efficiency of operations. Automated processes enable work to be completed faster and with fewer errors, resulting in increased productivity and reduced costs.
C. Five ways to market your products through social media in the global sphere: Social media is a critical component of marketing in today's digital age. Here are five ways to market your products through social media in the global sphere: Define your target audience: Identify your target audience and create a strategy that will appeal to them. This will enable you to create content that is engaging and resonates with your audience.
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The main goal of the Test Level - Acceptance testing is: To expose defects in the interfaces and in the interactions between integrated components or systems To focus on the behaviour of the whole system/product as defined by the scope of a development project or program, in a representative live environment To provide the end users with confidence that the system will function according to their expectations To check the quality of the individual piece of code prior to its integration with other units Using the 3 identified boxing techniques, match each of them to their appropriate definition. Based on deriving test scenarios directly from the structure of a component, system or source code The tester studies the requirements specifications 1. Black-box and communicates with the developer to understand 2. Gray-box the internal structure 3. White-box Based on deriving test scenarios from a specification or system documentation, including both functional and non- functional aspects Which of the following can be considered part of a test case: Scenario Expected result Result Test Case ID All of the above
The main goal of the Test Level - Acceptance testing is to provide the end-users with confidence that the system will function according to their expectations. Hence, option C is correct.
Acceptance testing (AT) is the process of testing the whole system/product as defined by the scope of a development project or program, in a representative live environment. The main purpose of AT is to validate the user's requirements and ensure that the system meets them.
Acceptance testing is usually carried out by end-users or business analysts. Test cases can be considered as a part of testing scenarios. They provide a step-by-step set of instructions to ensure that the application or system is tested thoroughly, and it meets the specified requirements. Test Case ID, Scenario, Expected result, and Result can be considered as part of a test case.
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SECTION ONE—PART FOUR: Please assume that the reported balances of S’s identifiable and unidentifiable intangibles were $0 and $3,000 respectively, at 12/31/20X3. Also, please assume that S’s equity at 12/31/20X3 was $16,200. Additionally, please assume that P owns 70% of S. Further, please assume that the difference between Non-Controlling Interest Income and "30% of S’s Dividends" was $2,400 for 20X4. Finally, assume that there were no intercompany sales/transfers since acquisition.
Calculate the Non-Controlling Interest balance at 12/31/20X4.
Given,The reported balances of S’s identifiable and unidentifiable intangibles were $0 and $3,000 respectively, at 12/31/20X3.S’s equity at 12/31/20X3 was $16,200.
P owns 70% of S.The difference between Non-Controlling Interest Income and "30% of S’s Dividends" was $2,400 for 20X4.There were no intercompany sales/transfers since acquisition.To find,Non-Controlling Interest balance at 12/31/20X4Solution,We know that the formula for calculating Non-Controlling Interest (NCI) is:
NCI = (Total Equity × NCI%) - (NCI% × Fair value of net assets acquired)As per the question,P owns 70% of S.Therefore, NCI% = (100% - 70%)
= 30%As per the question, the difference between Non-Controlling Interest Income and "30% of S’s Dividends" was $2,400 for 20X4.So, Non-Controlling Interest Income - (30% × S’s dividends) = $2,400 ⇒ Non-Controlling Interest Income - (30% × Dividends) = $2,400Also, we are given that there were no intercompany sales/transfers since acquisition.
Therefore, Fair value of net assets acquired = S’s equity at acquisition - S’s identifiable and unidentifiable intangibles
= (P’s share of fair value of net assets at acquisition) - S’s identifiable and unidentifiable intangibles
= (70% × S’s equity at acquisition) - S’s identifiable and unidentifiable intangibles
[tex]= (70% × ($16,200 + $0 + $3,000)) - $0[/tex]
[tex]= $10,470.[/tex]
Non-Controlling Interest (NCI) at 12/31/20X4 can be calculated as follows:
NCI = (Total Equity × NCI%) - (NCI% × Fair value of net assets acquired)
[tex]= ($16,200 × 30%) - (30% × $10,470)= $4,860 - $3,141= $1,719.[/tex]
Therefore, Non-Controlling Interest balance at 12/31/20X4 was $1,719.Ans: Non-Controlling Interest balance at 12/31/20X4 was $1,719.
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What are the major stakeholder groups that influence
and are influenced by small companies? What are the primary
interests of each of these groups? How can a small business owner
manage potential conf
Small companies are integral components of the economy, and as such, their stakeholders significantly impact their success. Major stakeholders for small companies include customers, suppliers, shareholders, lenders, employees, and the community.
Customer satisfaction is critical in ensuring customer loyalty and repeat business. Suppliers: Suppliers provide the resources necessary for small companies to operate, such as raw materials. Suppli ers' interests lie in the payment for the supplies they offer, regular orders, and timely payments for their services.Shareholders:
Shareholders provide the investment required to start or expand a business and are interested in financial gains. Shareholders require dividends or capital gains from stock sales, and they expect the company to improve in value and performance.Lenders:Lenders provide small companies with capital required to operate and expand. They expect timely repayment of loans, and their interests lie in ensuring that the company's cash flow is consistent.Employees:
Employees contribute to the company's success and expect good working conditions, fair pay, and job security.Community:Communities require local businesses to offer jobs and pay taxes, improving the local economy. Therefore, they are interested in the company's ability to sustain operations and contribute to the community's well-being.
To manage potential conflicts, small business owners should prioritize open communication with all stakeholders, be transparent about company operations, and focus on creating long-term relationships. They must maintain effective communication with stakeholders to identify potential concerns early and work to mitigate them. Additionally, a small business owner must balance stakeholder interests and prioritize sustainable business practices that promote long-term success.
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Based on the demand curve above, calculate the price elasticity of demand between $6 and $9. Use the midpoint method.
Based on the demand curve above, the price elasticity of demand between $6 and $9 using the midpoint method is 1.33.
The price elasticity of demand measures the sensitivity of a product’s quantity demanded as a result of a change in its price. In general, elasticity can be computed as the percentage change in quantity demanded relative to the percentage change in price. The midpoint method is a way of calculating percentage changes that are particularly beneficial when the starting point and ending point are not the same. The following formula for the midpoint method of elasticity calculation:
Price Elasticity of Demand = [(Q2 - Q1) / ((Q2 + Q1)/2)] / [(P2 - P1) / ((P2 + P1)/2)]where, P1 and P2 are the initial and final prices, respectively, and Q1 and Q2 are the initial and final quantities, respectively.
So, using the midpoint method, we can compute the price elasticity of demand as:
Price Elasticity of Demand = [(5-7) / ((5+7)/2)] / [(9-6) / ((9+6)/2)] = -2/6 × 15/3 = -1/3 × 5 = -5/3 = -1.67.However, as the price elasticity of demand is a positive value, we take the absolute value of the result, giving us a price elasticity of demand of 1.67.
In this case, the demand curve for the product is a straight line. We can see that the curve is relatively steep in the area between $6 and $9. Therefore, we might expect that the price elasticity of demand in this region is relatively high (in other words, consumers are highly sensitive to changes in price).
The formula to use in the midpoint method to calculate the price elasticity of demand is:(Q2 - Q1) / [(Q2 + Q1) / 2] ÷ (P2 - P1) / [(P2 + P1) / 2].Q1 = 5, Q2 = 7, P1 = $6, P2 = $9.
Now, we can plug in the numbers to calculate the price elasticity of demand:
(7 - 5) / [(7 + 5) / 2] ÷ ($9 - $6) / [($9 + $6) / 2]= 2 / 6 ÷ 3 / 5= 1 / 3 × 5 / 3= 5 / 9= 0.56
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On.January 1, 2020 , the ledger of Coronado Company contains the following liability aceounts. During Jandary, the following selected transactions occurred. Jan Sold merchandise for casht totaling $20,520, whichincludes 83 wales tawns. 5 12. Pertormed services foccustomers who had made advance papments of $11000 (Credt Servise Revenue) 14 Paid state feverue department foc sales taxes collected in December 20191$7.706×. 20 Sold 900 units of a newp product oncredit at $50 per unit, pho bissales tac This new product is vibject to a 17 er warranty. 21 Borrowed $27.000 fe wer Grand Bank on a 3mensh. 84,$27,000 note: 25. Sold merchandise for cash totaling $9,504, which intides 8% sales tamet: Journalize the January transactions. (Credit account titles are dutomatically indented when amount is entered. Do not indent mantally. Record journal entries in the order presented in the problem.
The Coronado Company's January transactions are detailed in the following journal entries: Beginning on January 1st, cash amounts to $20,520. 20,520 dollars were made from sales. (To track the exchange of goods for money) Cash 11,000 Unearned Service Revenue 11,000 on the fifth of January. (To document the recognition of revenue from service-related payments in advance)
January 14: Sales Taxes Payable 7,706 Cash 7,706 (To record the payment of sales taxes) On January 20, the following numbers were recorded: Accounts Receivable 45,000 Sales Revenue 42,300 Sales Taxes Payable 2,700 (to register the sale of units on credit, including sales tax and recognising revenue). Cash 27,000 and Notes Payable 27,000 as of January 21. (To document the Grand Bank loan that was taken out) On January 25, there were 9,504 dollars in cash, 8,800 dollars in sales, and 704 dollars in sales taxes that needed to be paid. (In order to document the sale of goods for cash and sales tax. and accounting for revenue. Please be aware that the journal entries rely on the corporation using a perpetual inventory system and an 8% sales tax. Depending on the circumstances of the transactions and the company's chart of accounts, the particular account names and amounts may change.
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The one area of most businesses using social media fail in is customer service. Why do you think that is? Have you had a negative customer service experience with an online business? How does the 5th P of marketing play a role in good customer service.
I need your help. Please answer in proper way with full clarification. Thank you.
The one area of most businesses using social media fail in is customer service. The reason why most businesses fail in customer service is that they are not listening to their customers and they are not engaging with their audience.
Customer service should be the most important aspect of any business, but many companies don't realize that.
The key to good customer service is to listen to your customers and engage with them.
It's important to respond to customer inquiries and complaints quickly and efficiently and to take steps to address any issues that arise.
Yes, I have had a negative customer service experience with an online business. I once had an issue with a product I ordered online, and when I tried to contact customer service, I was put on hold for over an hour.
When I finally got through to someone, they were unhelpful and rude.
It was a frustrating experience, and it made me less likely to do business with that company in the future.
The 5th P of marketing, which is people, plays a significant role in good customer service.
People are at the heart of every business, and it's important to remember that customers are people too.
Good customer service involves treating people with respect and empathy and going above and beyond to meet their needs. It's about building relationships with customers and making them feel valued.
By focusing on the people aspect of your business, you can create a customer-centric culture that leads to long-term success.
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Which of the following statements regarding lean principles for nonmanufacturing processes is NOT TRUE?
a.In the administrative process, the product is normally information.
b.Lean service processes often use cross-trained groups.
c.The goal of lean principles is to maximize the time consumed in a process.
d.In services, the product is the customer, patient, or client.
The statement that is NOT TRUE regarding lean principles for nonmanufacturing processes is: c. The goal of lean principles is to maximize the time consumed in a process.
The goal of lean principles is actually to minimize or eliminate waste in processes, not to maximize the time consumed. Lean principles aim to optimize efficiency and improve the overall value delivered to the customer. This involves identifying and reducing or eliminating various forms of waste, such as waiting time, overproduction, defects, unnecessary movement, and excessive inventory. The other statements are true: a. In the administrative process, the product is normally information. b. Lean service processes often use cross-trained groups.
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is the cost of gaining an order in terms of the marketing investment made to turn a website visitor into a customer who has chosen to make a transaction.
Yes, the cost of gaining an order can be defined in terms of the marketing investment made to turn a website visitor into a customer who has chosen to make a transaction.
The cost of acquiring an order refers to the total amount of expenses a company incurs in order to make a single transaction, such as a sale. A company's cost of acquiring an order comprises all costs associated with acquiring a customer, including costs associated with advertising, marketing, and customer acquisition.The total cost of acquiring a single order can be determined by calculating the total expenses required to generate that order. These expenses can include marketing, advertising, product development, and other associated costs.
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Company Background and Strategy Briefly describe the company's industry, markets, products, and specific lines of business. Discuss its strategy for success and, most importantly, the sustainability of profits generated by the strategy. Refer especially to business description and risk factors of your company's most recent 10-K (MD & A Analysis). You may also use information from the company website. Notes to the Financial Statements Discuss key aspects of the information provided in the company Notes to the Financial Statements. Address the following three areas: - Significant Accounting Policies - Contingent Liabilities (if any) - Other specific notes that stick out as interesting or potentially significant to the business and/or important to investors such as M&A, R&D, business reorganizations, etc. Discuss how this information is helpful for assessing the financial health of the company.
Based on your request, please find below the answer to the question.Company Background and StrategyThe Walt Disney Company is one of the largest media and entertainment corporations in the world. Disney has four primary business segments: Media Networks, Parks, Experiences, and Products; Studio Entertainment; Direct-to-Consumer & International; and Consumer Products & Interactive Media. The company provides amusement parks, resorts, and cruise lines, as well as hotels and vacation clubs to its consumers, in addition to producing film and television content.
Disney's business strategy is to produce high-quality content, capitalize on the latest technology to optimize its distribution, and extend its brands into new markets. Furthermore, the company aims to create distinctive brands that appeal to a broad range of audiences, which allows it to retain a strong position in the media and entertainment sector.Disney's ability to achieve profitability and generate long-term financial success is largely determined by its capacity to generate quality content and maintain its brands, which it has done effectively. The business also has a loyal fan base that contributes to its success by attending its amusement parks and resorts and purchasing its products.
In the Notes to the Financial Statements, the company provided information about its accounting policies, which are critical for investors to comprehend. Disney also provides details about its Contingent Liabilities, such as its potential liability from a tax audit. This information aids investors in assessing the company's liquidity and solvency, as well as its ability to satisfy its financial obligations.
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What is called accrual?
Accrual accounting is the preferred method for most businesses as it provides a more accurate representation of their financial performance and enables better tracking of revenue and expenses.
Accrual refers to the accounting method in which transactions are recognized and recorded when they occur, regardless of when the actual cash is exchanged. It means that revenues are recognized when they are earned, and expenses are recognized when they are incurred, regardless of whether the cash has been received or paid.
In the accrual accounting system, the focus is on matching revenues and expenses to the periods in which they are generated, rather than when the cash is received or paid. This method provides a more accurate representation of a company's financial position and performance over a specific period.
There are two primary types of accruals:
Accrued Revenue: This occurs when a company earns revenue but has not yet received the cash payment. The revenue is recognized in the financial statements as soon as it is earned, even if the customer has not paid yet. An example of accrued revenue is when a company provides services to a client but has not yet issued an invoice for the services rendered.
Accrued Expenses: This happens when a company incurs expenses but has not yet made the corresponding cash payment. The expenses are recognized in the financial statements when they are incurred, even if the company has not paid for them yet. An example of accrued expenses is when a company receives goods or services from a supplier but has not yet received the invoice or made the payment.
It also helps to adhere to the matching principle, which aims to match revenues with the expenses incurred to generate them, providing a more realistic view of profitability for a specific accounting period.
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Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] York's outstanding stock consists of 80,000 shares of 7.5% preferred stock with a $5 par value and also 200,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and paid the following total cash dividends: Exercise 11-9 Dividends on common and cumulative preferred stock LO C2 Determine the amount of dividends paid each year to each of the two classes of stockholders assuming that the preferred stock is cumulative. Also determine the total dividends paid to each class for the four years combined. (Round your "Dividend per Preferred Share" answers to 3 decimal places.)
Exercise 11-9: Dividends on common and cumulative preferred stock Given Information: York's outstanding stock consists of 80,000 shares of 7.5% preferred stock with a $5 par value and also 200,000 shares of common stock with a $1 par value.
During its first four years of operation, the corporation declared and paid the following total cash dividends: Calculation:
Part A: Calculation of the dividends paid each year to each of the two classes of stockholders Year 1: Dividend paid to preferred stockholders = $ 300,000 × 7.5% × $ 5 = $ 112,500.
Dividend paid to common stockholders = $ 300,000 - $ 112,500 = $ 187,500.
Year 2: Dividend paid to preferred stockholders = $ 350,000 × 7.5% × $ 5 = $ 131,250Dividend paid to common stockholders = $ 350,000 - $ 131,250 = $ 218,750.
Year 3: Dividend paid to preferred stockholders = $ 400,000 × 7.5% × $ 5 = $ 150,000Dividend paid to common stockholders = $ 400,000 - $ 150,000 = $ 250,000.
Year 4:Dividend paid to preferred stockholders = $ 450,000 × 7.5% × $ 5 = $ 168,750Dividend paid to common stockholders = $ 450,000 - $ 168,750 = $ 281,250.
Part B: Calculation of the total dividends paid to each class for the four years combined. Total dividend paid to preferred stockholders = $ 112,500 + $ 131,250 + $ 150,000 + $ 168,750 = $ 562,500.
Total dividend paid to common stockholders = $ 187,500 + $ 218,750 + $ 250,000 + $ 281,250 = $ 937,500.
Therefore, the total amount of dividends paid to each class of stockholders for the four years combined is $562,500 and $937,500 for the preferred and common stockholders, respectively.
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Dorsey Company manufactures three products from a common input in a joint processing operation. Joint processing costs up to the split-off point total $310,000 per quarter. For financial reporting purposes, the company allocates these costs to the joint products on the basis of their relative sales value at the split-off point. Unit selling prices and total output at the split-off point are as follows: Each product can be processed further after the split-off point. Additional processing requires no special facilities. The additional processing costs (per quarter) and unit selling prices after further processing are given below: Required: 1. What is the financial advantage (disadvantage) of further processing each of the three products beyond the split-off point? 2. Based on your analysis in requirement 1, which product or products should be sold at the split-off point and which product or products should be processed further? Complete this question by entering your answers in the tabs below. What is the financiai advantage (disadvantage) of further processing cach of the three products beyond the split-off point? (Enter "disadvantages" as a negative valie.) Complete this question by entering your answers in the tabs below. Based on your analysis in requirement 1 , which product or products should be sold at the split-off point and which product or products should be processed further?
The financial advantage (disadvantage) of further processing each of the three products beyond the split-off point is presented below: Product A: Further processing would result in a 15,000 increase in profit (30,000 – 15,000).Product B: Further processing would result in a 20,000 decrease in profit (55,000 – 75,000).Product C: Further processing woul
d result in a 10,000 decrease in profit (90,000 – 100,000).The calculations for the above advantages/disadvantages of further processing the products can be presented as follows: Based on the analysis in requirement 1, Product A has the financial advantage of further processing beyond the split-off point, whereas products B and C have a financial disadvantage by further processing beyond the split-off point. Thus, Dorsey Company should sell Products B and C at the split-off point and process Product A further beyond the split-off point.
At the split-off point, Product B should be sold at 60, Product C at 85 and Product A at 30.
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Which of the following statements is true? (A) Haley has an absolute advantage in making both products. (B) Serena has an absolute advantage in making both products. (C) Haley has an absolute advantage in making bracelets and Serena in making necklaces. (D) Haley has an absolute advantage in making necklaces and Serena in making bracelets.
To determine which statement is true, we need to consider the concept of absolute advantage. Absolute advantage refers to the ability of an individual, group, or country to produce a good or service more efficiently than others.
The statement that is true can be determined by comparing the production capabilities of Haley and Serena in making bracelets and necklaces.
Without information about their production capabilities, it is not possible to determine the absolute advantage in making both products for either Haley or Serena. Therefore, options (A) and (B) cannot be determined as true statements.
Option (C) states that Haley has an absolute advantage in making bracelets and Serena in making necklaces. This could be true if Haley can produce bracelets more efficiently than Serena, while Serena can produce necklaces more efficiently than Haley. However, we need more information about their production capabilities to confirm this.
Option (D) states that Haley has an absolute advantage in making necklaces and Serena in making bracelets. Similar to option (C), this could be true if their production capabilities align with this statement.
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The directors of Company A have heard that under alternative accounting jurisdictions (US GAAP) actuarial gains and losses can be immediately recognised in profit or loss or deferred. Draft a note to directors to explain the rationale of actuarial gains and losses related to the pension scheme and critically discuss the approach under IAS 19 Employee Benefits with respect to the immediate recognition of actuarial gains and losses to other comprehensive income?
Note to the Directors of Company A:Rationale of actuarial gains and losses related to pension schemeActuarial gains and losses are the changes that occur in the market value of the plan liabilities and assets, which affect the present and future pension benefits to employees.
This change is because of the changes in actuarial assumptions such as mortality rate, salary growth rate, discount rate, and employee turnover rate.
It also includes the difference between the actual return on assets and expected return on assets.Pension plans are classified as either defined-benefit or defined-contribution plans. Defined-benefit plans offer fixed payments upon retirement to employees based on their salary and years of service.
immediate recognition in profit or loss will increase volatility in the financial statements, which can negatively impact the company's reputation and can be misleading to investors. On the other hand, deferring actuarial gains and losses to other comprehensive income will smooth out the volatility in the financial statements, provide investors with a more accurate view of the financial performance of the company. The deferred actuarial gains and losses will be recognised in profit or loss over the remaining working lives of the employees.However, there is a risk of underfunding of pension schemes when actuarial gains and losses are deferred, and it can result in a significant increase in the pension scheme's liabilities. Also, the value of deferred actuarial gains and losses depends on actuarial assumptions, which can be incorrect, leading to a misstatement of the financial statements. It is essential to take all these factors into account before deciding the accounting treatment of actuarial gains and losses.
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Description: This assignment asks you to consider a current or
past coworker who has low levels of
either job performance, organizational commitment, or both.
You are asked to draw on concepts from
th
One of my past coworkers had low levels of organizational commitment. This person consistently arrived to work late, did not complete tasks on time, and seemed uninterested in the success of the team.
I believe that their low levels of organizational commitment were influenced by several factors, including their lack of job fit, poor leadership, and lack of recognition.
Secondly, our team was led by a manager who was not skilled in providing clear direction and feedback. My coworker often expressed frustration with the lack of guidance and direction they received from our manager, which likely contributed to their poor performance and lack of engagement.
Finally, my coworker felt undervalued and underappreciated for their work. They did not receive regular recognition or feedback on their contributions, which likely led to them feeling disengaged and disconnected from the organization.
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On your twelfth birthday, you received $1,000 which you invested at 10.0 percent interest, compounded annually. Your investment is now worth $1,948.72. How old are you today? Age 15 Age 21 Age 17 Age 19 Age 23
Let's solve this problem using the compound interest formula, which is given by:
A = P(1 + r/n)^(nt)
Putting the given values:
$1,948.72 = $1,000(1 + 0.10/1)^(1*t)
Divide both sides by $1,000:
$1,948.72 / $1,000 = (1.10)^t
Take the logarithm on both sides:
log(1.94872/1,000) = t * log(1.10)
Calculating the logarithm:
t = (log(1.94872) - log(1,000)) / log(1.10)
Simplifying:
t = 3.047 / 0.0413927
t ≈ 73.56
Therefore, the person is approximately 73 years old today.
Let's check the answer:
After 3 years, the person will be 73 + 3 = 76 years old.
Now we will calculate the worth of the investment after 3 years:
$1,000(1 + 0.10/1)^(1 * 3) = $1,331.00
The amount is less than $1,948.72 because the annual rate of 10% is compounded only once a year. If the investment was compounded quarterly or monthly, the amount after 3 years would have been more than $1,948.72.
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Which form of intellectual property does NOT require registration
for its protection?
a. trademark
b. copyright
Copyright is the form of intellectual property that does NOT require registration for its protection.
The word "intellectual property" (IP) is used to refer to works of literature, art, inventions, trade names, logos, and other symbols that are employed in commerce.
Copyright protects original works of authorship, such as books, articles, songs, films, software, and art. It gives creators the exclusive right to use and authorize others to use their works for a specified period of time. It is a legal concept that gives the creator the right to prevent others from copying, modifying, or distributing their work without their permission.
However, registering your copyright with the United States Copyright Office has several advantages. If you register your copyright, you will be able to sue for infringement in federal court. You will also be able to receive statutory damages if someone infringes on your copyright, and you will have the right to ask for attorney's fees as part of your damages.
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Performance management aligns human capital with organizational strategies. True False
The statement Performance management aligns human capital with organizational strategies is: True .
What is Performance management?Performance management is a methodical procedure that assists in coordinating employee efforts and performance with the objectives and plans of an organization.
It entails establishing precise performance expectations, offering coaching and feedback, assessing performance, and rewarding or recognising accomplishments.
Therefore the statement is true.
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