The advantages of a functional structure include all of the following EXCEPT "an improved ability to meet the needs of different types of customers.
A functional structure is an organizational design in which the departments are grouped based on similar skills, expertise, or functions. The advantages of a functional structure are improved communication and information sharing among workers, better monitoring by supervisors and group members, higher workers' skills, which, in turn, lead to higher performance, but not an improved ability to meet the needs of different types of customers.
The Baldwin and Bommer's Futile Resistance Model help analyze where change initiatives go wrong to steer clear of those pitfalls. It guides an organization on how to manage resistance to change, avoiding the wrong ways of implementing change, so as not to encounter resistance to change.
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Problem No. 2: A 35 hp 4-wheel drive diesel engine tractor was purchased at P 900,000. It has an estimated life of 20 years and a salvage value of P 300,000 after its useful life. Interest on investment and TIH is approximated to be 2.5% and 1% of purchase cost, respectively. It is assumed that the tractor will be used for a total of 500 hours per year.
To analyze the effects of the given information on current assets, current liabilities, and working capital, break down the information into specific categories.
.
1. Current Assets:
The purchase of the tractor does not directly affect current assets since it is a long-term asset. However, if the tractor is financed through a loan or credit, the associated current liabilities may increase, which could indirectly affect working capital.
2. Current Liabilities:
If the tractor is financed through a loan or credit, there could be an increase in current liabilities. This would happen if the company takes on debt to finance the purchase of the tractor. In this case, the loan amount would be considered a current liability until it is fully paid off.
3. Working Capital:
Working capital is the difference between current assets and current liabilities and represents the short-term liquidity of a company. The purchase of the tractor itself does not directly impact working capital. However, the financing of the tractor through a loan would increase current liabilities, which could reduce working capital. If the tractor is purchased with cash or other non-liability sources, working capital would not be affected.
It's important to note that the given information does not provide details about changes in other current assets or liabilities that may be impacted by the tractor's purchase, such as changes in inventory, accounts payable, or accounts receivable. Without additional information, we cannot determine the specific effects on current assets, current liabilities, and working capital with certainty.
To make a more comprehensive analysis, it would be helpful to consider other financial aspects, such as the cash flows associated with the tractor's operation, maintenance costs, and potential revenue generated by its use.
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The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries:
Sales salaries $625,000
Warehouse salaries 240,000
Office salaries 320,000
$1,185,000
Deductions:
Income tax withheld $232,260
Social security tax withheld 71,100
Medicare tax withheld 17,775
U.S. savings bonds 35,500
Group insurance 53,325
$409,960
Tax rates assumed:
Social security 6%
Medicare 1.5%
State unemployment (employer only) 5.4%
Federal unemployment (employer only) 0.8%
Required:
1. Assuming that the payroll for the last week of the year is to be paid on December 31, 2015, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles):
A. December 30, 2015, to record the payroll. Include the year when entering the date in the journal.
B. December 30, 2015, to record the employer’s payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $30,000 is subject to unemployment compensation taxes. Include the year when entering the date in the journal.
On December 30, 2015, Saine Co. journalized two entries related to the payroll for the week ended December 30. The first entry recorded the payroll expenses, including salaries and deductions.
The second entry recorded the employer's payroll taxes, specifically the unemployment compensation taxes, on the payroll to be paid on December 31
A. On December 30, 2015, Saine Co. would journalize the payroll entry to record the expenses associated with the payroll for the week ended December 30. The entry would be as follows:
Date: December 30, 2015
Account Debit Credit
Salaries Expense (Sales salaries) $625,000
Salaries Expense (Warehouse salaries) $240,000
Salaries Expense (Office salaries) $320,000
Income Tax Payable $232,260
Social Security Tax Payable $71,100
Medicare Tax Payable $17,775
U.S. Savings Bonds Payable $35,500
Group Insurance Payable $53,325
Cash $775,040
The salaries expense accounts are debited to recognize the total salaries paid, while the various tax and deduction accounts are credited. The cash account is credited with the net amount to be paid to employees.
B. Additionally, Saine Co. needs to record the employer's payroll taxes on the payroll to be paid on December 31. The entry would include the unemployment compensation taxes, which are based on a portion of the total payroll for the week. Assuming $30,000 is subject to unemployment compensation taxes, the entry would be as follows:
Date: December 30, 2015
Account Debit Credit
Payroll Tax Expense $1,620
State Unemployment Tax Payable $1,620
The payroll tax expense is debited to recognize the employer's liability, and the state unemployment tax payable account is credited for the amount of the liability.
These two entries properly account for the payroll expenses, deductions, and employer's payroll taxes associated with the payroll for the week ended December 30, 2015.
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Required:
a. List 3 internal controls in the Bergeron acquisition and payment cycle. Be as specific as possible.
b. For each control, list 3 test of control that is useful to test the effectiveness of the control. Be as specific as possible.
King Companies, Inc. Questions C6.1 and C6.2 are based on the following case. King Companies, Inc (KCI) is a private company that owns five auto parts stores in urban Los Angeles, California. King Companies has gone from two auto parts stores to five stores in the last three year and it plans continued growth. Eric and Patricia King own the majority of the shares in KCI. Eric is the chairman of the board of directors of KCI and CBO, and Patricia is a director as well as the CFO. Shares not owned by Erlic and Patricia are owned by friends and family who helped the Kings get started. Eric started the company with one store after working in an auto parts store. To date, he has funded growth from an inheritance and investments from a few friends, Eric and Patricia are thinking about expanding by opening three to five additional stores in the next few years. In October 2024, Eric approached your accounting firm, Thornson & Danforth, LLP, to conduct an annual audit of KCI for the year ended December 31, 2025. KCI has not been audited before, but this year the audit has been requested by the company's bank because of anticipated bank loans and by a new private equity investor that has just acquired a 20% share of KCI. KCI employs 20 full-time staff. These workers are employed in store management, sales, parts deliv ery, and accounting. About 40% of KCr's business is retail walk-in business, and the other 60% is regular customers where KCI delivers parts to their locations and bills these customers on account. During peak periods, KCI also uses part-time workers. Eric is focused on growing revenues. Patrícia trusts the company's employees to work hard for the company, and she feels they should be rewarded well. The accounting staff, in particular, is very loyal to the company. Eric tells you that accounting staff enjoy their jobs so much they have never taken any annual vacations, and hardly any workers ever take sick leave. Two people are currently employed as accounting staff, the most senior of whom is Jonathan Jung. Jonathan heads the accounting department and reports directly to Patricia. He is in his late fifties and hopes to retire in two or three years and move away from Los Angeles. Jonathan keeps a close watch on accounting and does many activities himself, including opening mail, cash receipts and vendor pay- ments, depositing funds received, performing réconciliations, posting journals, and performing the pay- roll function. His second employee, Abby Owens, is a recent college graduate who just passed the CPA exam. Abby is responsible for the payroll functions and posting all journal entries into the accounting system. Jonathan and Abby often help each other out in busy periods.
a) Controls: Segregation of Duties, Authorization, Reconciliation & Review.
b) Tests: Trace purchases, Review approval hierarchy, Reconcile vendor statements.
What are Controls in acquisition and payment?Three internal controls in the Bergeron acquisition and payment cycle could be:
Segregation of Duties: Implementing a clear separation of duties between different individuals involved in the acquisition and payment process. For example, the person responsible for initiating purchase orders should be different from the one responsible for approving and processing payments.Authorization Controls: Establishing a formal authorization process for approving purchases and payments. This can involve setting spending limits, requiring multiple levels of approval for large transactions, and ensuring that only authorized personnel have the authority to initiate or approve purchases.Reconciliation and Review Procedures: Implementing regular reconciliation and review procedures to verify the accuracy and completeness of recorded transactions. This can include reconciling vendor statements with accounts payable records, conducting periodic internal audits of the acquisition and payment process, and reviewing supporting documentation for purchases and payments.Effective acquisition and payment controls?b. Test of Control for each control:
Segregation of Duties:
Test 1: Select a sample of purchase orders and trace them to the corresponding payment documentation to ensure that different individuals are involved in the process.Test 2: Review the organization's organizational structure and job descriptions to confirm that segregation of duties is clearly defined and documented.Test 3: Conduct interviews with relevant personnel to verify that they understand the importance of segregation of duties and are aware of the specific tasks they are responsible for.Authorization Controls:
Test 1: Select a sample of purchase orders and verify that they have been appropriately approved by authorized individuals, as per established procedures. Test 2: Review the approval hierarchy and documentation trail for significant purchases to ensure that multiple levels of authorization are being followed. Test 3: Perform a walkthrough of the authorization process, documenting the steps involved and interviewing personnel involved to assess their understanding and adherence to authorization controls.Reconciliation and Review Procedures:
Test 1: Select a sample of vendor statements and reconcile them to the corresponding accounts payable records to ensure accurate recording of liabilities.Test 2: Review the results of internal audits conducted on the acquisition and payment process to assess the effectiveness of reconciliation and review procedures. Test 3: Examine a sample of supporting documentation (e.g., invoices, receipts) for purchases and payments and compare them against recorded transactions to verify their accuracy and completeness.Learn more about Bergeron acquisition
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What industries in China have an interest n an undervalued
exchange rate? Does this valuation hurt any group in China?
China's export-oriented industries, such as manufacturing and tourism, have an interest in an undervalued exchange rate.
Which industries in China benefit from an undervalued exchange rate?An undervalued exchange rate in China provides a significant advantage to industries such as manufacturing and tourism. When the Chinese currency is undervalued, it lowers the cost of Chinese exports for foreign buyers. This affordability stimulates greater demand for products and services from these sectors. Given their heavy reliance on exports, a lower exchange rate enhances their competitiveness in the global marketplace. Manufacturers can offer their goods at more competitive prices, while the tourism industry can attract more international visitors with affordable travel expenses. As a result, an undervalued exchange rate directly benefits these industries by bolstering their export capabilities and stimulating economic growth.
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The industries in China that have an interest in an undervalued exchange rate are mainly exporters. This valuation can hurt some groups in China. For instance, importers will need to pay more for foreign goods as their purchasing power is diminished due to the undervalued exchange rate.
The industries in China that have an interest in an undervalued exchange rate are mainly exporters. The export-oriented industries in China prefer to have an undervalued exchange rate as it makes the products cheaper to foreign buyers.
In addition, it also means that the exporters earn more profits on their exports as they receive more Chinese yuan for every unit of foreign currency earned. Therefore, exporters are more likely to lobby for an undervalued exchange rate.
Valuation affects different groups in different ways. An undervalued exchange rate is beneficial to the exporters in China.
However, this valuation can hurt some groups in China. For instance, importers will need to pay more for foreign goods as their purchasing power is diminished due to the undervalued exchange rate.
Additionally, consumers are likely to experience an increase in the prices of imported products, making them less affordable. The undervalued exchange rate also makes it difficult for domestic firms to compete with imported products as they become more expensive.
Furthermore, the undervalued exchange rate can lead to inflationary pressures within the economy. Therefore, while some groups benefit from an undervalued exchange rate, others suffer from its consequences.
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17-
SELECT ONE
Which of the following is not a procedure normally performed while completing the audit of a public company? O a Obtain a lawyer's letter Ob Perform an overall review using analytical procedures Oc Ob
Conducting management inquiries using an accounting firm is not a procedure that is normally performed while completing the audit of a public company.
Analytical procedures are the assessment of financial information with the aim of forming a conclusion on the financial condition of an entity. In an audit of a public company, there are a lot of procedures that are performed to ensure that the financial statements present true and fair view, but one of the procedures is not normally performed in the audit process.Obtaining a lawyer's letter, performing an overall review using analytical procedures, inspecting documentation on fixed assets, and confirming the terms of debt agreements are among the procedures that are normally performed in an audit of a public company.However, conducting management inquiries using an accounting firm is not a procedure that is normally performed while completing the audit of a public company.
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Suppose Target Corporation plans to pay $0.68 per share in dividends in the coming year.Chloe
a. If its equity cost of capital is 10% and dividends are expected to grow by 8.4% per year in the future, estimate the value of Target’s stock.
b. If its equity cost of capital is 10% and dividends are expected to stay constant for the next 3 years due to the pandemic and will grow by 8.4% per year forever starting in year 4, estimate the value of Target’s stock. (in excel)
The value of Target's stock can be estimated using the dividend discount model (DDM). With an equity cost of capital of 10% and expected dividend growth of 8.4% per year, we can calculate the stock value.
The formula for DDM is Stock Value = Dividend / (Cost of Equity - Dividend Growth Rate). Plugging in the values, we have Stock Value = $0.68 / (0.10 - 0.084), which equals $8.50 per share. Therefore, based on the given assumptions, the estimated value of Target's stock is $8.50 per share. In the scenario where dividends are expected to stay constant for the next 3 years and then grow by 8.4% per year forever, we need to consider the present value of future dividends. Using the same DDM formula, but with a modified dividend growth rate, we can calculate the stock value.
For the first three years, the dividend growth rate is 0% due to the pandemic. From year 4 onwards, the growth rate is 8.4%. By discounting the dividends back to their present value and summing them, we can estimate the stock value in Excel using the NPV function. The resulting value would provide an estimate of Target's stock value in this scenario.
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Firm A produces good X and Firm B produces good Y with the following demand functions Qx= 150-10Px-4Py Qy-75-5Py-Px Price of good X is $8 and price of good Y is $4. a. Find Eqy.Px (the cross price elasticity. Price change of X). EQy,Px=
The cross-price elasticity of demand (EQy,Px) is approximately -5.373.
To find the cross-price elasticity of demand between good Y (Qy) and the price of good X (Px), we need to calculate the percentage change in the quantity demanded of good Y in response to a percentage change in the price of good X.
The cross-price elasticity of demand formula is:
EQy,Px = (%ΔQy / %ΔPx)
Given the demand functions:
Qx = 150 - 10Px - 4Py
Qy = 75 - 5Py - Px
First, we need to determine the current quantity demanded of good Y (Qy) and the current price of good X (Px) to use as a reference point.
Px = $8 (price of good X)
Using the demand function for good Y, we can substitute the given price for good X:
Qy = 75 - 5Py - Px
Qy = 75 - 5Py - 8
Qy = 67 - 5Py
Next, we will calculate the quantity demanded of good Y when the price of good X changes.
Let's assume the price of good X increases from $8 to $9.
ΔPx = ($9 - $8) / $8 = 0.125 (12.5% increase)
Now, we substitute the new price of good X into the demand function for good Y:
Qy' = 67 - 5Py
To calculate the new quantity demanded of good Y (Qy'), we substitute the new price of good X ($9) into the demand function for good Y:
Qy' = 67 - 5Py
Qy' = 67 - 5(9)
Qy' = 67 - 45
Qy' = 22
Now, we can calculate the percentage change in the quantity demanded of good Y:
%ΔQy = (Qy' - Qy) / Qy
%ΔQy = (22 - 67) / 67
%ΔQy ≈ -0.6716 (approximately -67.16% decrease)
Finally, we can calculate the cross-price elasticity of demand (EQy,Px):
EQy,Px = (%ΔQy / %ΔPx)
EQy,Px = (-0.6716 / 0.125)
EQy,Px ≈ -5.373
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Counterfeit goods continue to enter Canada in massive numbers.
According to the Canadian Anti-Counterfeiting Network (CACN)
between $20 and $30 billion in counterfeit products move through
Canada ever
Counterfeit goods pose a significant challenge in Canada, with an estimated $20 to $30 billion worth of counterfeit products flowing through the country.
The presence of counterfeit goods has serious implications for various stakeholders, including consumers, businesses, and the economy as a whole.The influx of counterfeit goods into Canada in such massive numbers can be attributed to several factors. First, Canada serves as a key transit point for global trade, making it vulnerable to the infiltration of counterfeit products. The country's extensive network of ports and border crossings provides opportunities for counterfeiters to smuggle and distribute fake goods.Additionally, the rise of e-commerce platforms has facilitated the sale of counterfeit products, as online marketplaces can be challenging to monitor and regulate effectively.
Counterfeiters take advantage of the anonymity and convenience provided by online platforms to sell their fake goods to unsuspecting consumers.The impact of counterfeit goods on the Canadian economy is significant. It not only undermines legitimate businesses and brands, but it also results in job losses, tax revenue losses, and potential health and safety risks for consumers. Efforts to combat counterfeiting involve collaboration between government agencies, law enforcement, industry organizations, and consumer awareness campaigns to raise awareness about the dangers and consequences of purchasing counterfeit goods.
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he bicycle forecast for the current year is as follows:
Bicycles
Quarter This Year
Fall 6000
Winter 8000
Spring 18500
Summer 12500
Total Demand 45000
Average Demand per Quarter 11250
The forecast for next year is 50,000 bicycles. Calculate the forecast for next
year and make recommendations about what can be done to achieve forecast
performance by aligning the suppliers to support deliveries to next year’s
forecast
The calculation of the forecast for next year, and the recommendations to achieve forecast performance by aligning the suppliers to support deliveries to next year’s forecast, are as follows:
Firstly, the supplier should have a proper plan for supply and delivery, which includes planning production capacity and inventory levels, and identifying supply chain risks. They should also have a system for tracking inventory levels and monitoring supply chain performance.
Secondly, the supplier should have a close relationship with the customer and work together to identify any potential issues or changes in demand. This can be done by sharing data and information on inventory levels, production schedules, and demand forecasts. Thirdly, the supplier should have a flexible production process that can quickly respond to changes in demand.
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18 17 16 15 400 350 300 250 $) e optimum cost time schedule for the project. ct on -) =ct 14 200 (9) 13 fer 150
18 17 16 15 400 350 300 250 $) e optimum cost time schedule for the project. ct on -) =
In the given project network, the nodes (activities) and arcs (precedence relationships) are as follows: The objective of the project is to determine the optimum cost-time schedule.
We need to compute the following for this project:Normal time and cost for each activity.Crash time and cost for each activity.Minimum cost to complete the project in 15 weeks.The normal and crash times and costs for each activity are computed as follows: Normal time, tn = (optimistic time + 4 × most likely time + pessimistic time)/6. Crash time, tc, and cost, cc, are given in the network diagram. Activity A:Normal time:tn(A) = (4 + 5 × 4 + 9)/6 = 5 daysCrash time:tc(A) = 4 daysCrash cost:cc(A) = $1,400Normal cost:cn(A) = $1,000 Activity B:Normal time:tn(B) = (1 + 3 × 2 + 6)/6 = 2.5 daysCrash time:tc(B) = 2 daysCrash cost:cc(B) = $500Normal cost:cn(B) = $300 Activity C:Normal time:tn(C) = (2 + 4 × 3 + 5)/6 = 3 daysCrash time:tc(C) = 3 daysCrash cost:cc(C) = $700Normal cost:cn(C) = $500 Activity D:Normal time:tn(D) = (2 + 5 × 3 + 6)/6 = 4 daysCrash time:tc(D) = 3 daysCrash cost:cc(D) = $1,100Normal cost:cn(D) = $800 Activity E:Normal time:tn(E) = (1 + 3 × 3 + 4)/6 = 2.5 daysCrash time:tc(E) = 2 daysCrash cost:cc(E) = $1,000Normal cost:cn(E) = $600 Activity F:Normal time:tn(F) = (4 + 5 × 6 + 14)/6 = 7.5 daysCrash time:tc(F) = 6 daysCrash cost:cc(F) = $2,500Normal cost:cn(F) = $1,500 Activity G:Normal time:tn(G) = (3 + 5 × 6 + 11)/6 = 6 daysCrash time:tc(G) = 5 daysCrash cost:cc(G) = $2,000Normal cost:cn(G) = $1,200 Activity H:Normal time:tn(H) = (2 + 4 × 3 + 4)/6 = 3 daysCrash time:tc(H) = 3 daysCrash cost:cc(H) = $700Normal cost:cn(H) = $500 Minimum cost to complete the project in 15 weeks can be calculated by computing the normal cost and crash cost for each activity and then adding them up. Normal cost = cn(A) + cn(B) + cn(C) + cn(D) + cn(E) + cn(F) + cn(G) + cn(H) = $6,900 Crash cost = cc(A) + cc(B) + cc(C) + cc(D) + cc(E) + cc(F) + cc(G) + cc(H) = $9,800 The minimum cost to complete the project in 15 weeks is $6,900 since it is less than the cost to crash the project to 15 weeks. The project duration is determined by observing the critical path in the network diagram. The critical path is A-D-G, and its duration is 14 days. Answer: The minimum cost to complete the project in 15 weeks is $6,900. The project duration is 14 days.
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To negotiate a higher wage rate, a union cannot
a. start with a strike and then work to reach a contract to end the strike.
b. negotiate in good faith and expect to hold its bargaining power.
c. expect to maintain the same level of employment.
d. offer a supply curve of labor that is horizontal.
To negotiate a higher wage rate, a union cannot d. offer a supply curve of labor that is horizontal.
A union cannot offer a supply curve of labor that is horizontal because it implies that the union can supply an unlimited amount of labor at a fixed wage rate. In reality, the supply of labor is not infinite, and there are limits to how much labor the union can provide at a given wage rate.
Negotiating a higher wage rate requires a strategic approach from the union. Starting with a strike and then working to reach a contract can be a tactic employed by a union to put pressure on the employer and demonstrate their bargaining power.
Expecting to maintain the same level of employment can be a concern when negotiating for higher wages. Unions need to carefully consider the potential impact on employment levels during wage negotiations.
Therefore, a union cannot offer a supply curve of labor that is horizontal.
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General Optic Corporation operates a manufacturing plant in Arizona. Due to a significant decline in demand for the product manufactured at the Arizona site, an impairment test is deemed appropriate. Management has acquired the following information for the assets at the plant:
Cost$38,500,000
Accumulated depreciation 14,800,000
General’s estimate of the total cash flows to be generated by selling the products
manufactured at its Arizona plant, not discounted to present value 16,200,000
The fair value of the Arizona plant is estimated to be $14,000,000.
Required:
1. & 2. Determine the amount of impairment loss. If a loss is indicated, where would it appear in General Optic’s multiple-step income statement?
3. If a loss is indicated, prepare the entry to record the loss.
4. & 5. Determine the amount of impairment loss assuming that the estimated undiscounted sum of future cash flows is $15,000,000 instead of $16,200,000 and $24,350,000 instead of $16,200,000.
1. Amount of impairment loss: Recoverable Amount= $23,700,000 - $14,000,000= $9,700,000
2. Income statement presentation: "Other expenses and losses”
3. Entry to record the loss: Impairment Loss = $9,700,000 Credit Accumulated Depreciation = $9,700,000
4. Impairment loss at the estimated undiscounted sum of future cash flows Impairment Loss = Carrying Amount - Recoverable Amount= $23,700,000 - $24,350,000= $0.
1. Amount of impairment loss:The carrying amount of the assets = Cost - Accumulated Depreciation= $38,500,000 - $14,800,000 = $23,700,000 Recoverable amount = Fair Value = $14,000,000 Impairment Loss = Carrying Amount - Recoverable Amount= $23,700,000 - $14,000,000= $9,700,000
2. Income statement presentation:Impairment loss will appear on the income statement under the “Other expenses and losses” section of the multiple-step income statement.
3. Entry to record the loss:Debit Impairment Loss = $9,700,000 Credit Accumulated Depreciation = $9,700,000 The journal entry to record the loss due to impairment is given above.
4. Impairment loss at the estimated undiscounted sum of future cash flows of $15,000,000:Recoverable amount = $15,000,000 Impairment Loss = Carrying Amount - Recoverable Amount= $23,700,000 - $15,000,000= $8,700,0005. Impairment loss at the estimated undiscounted sum of future cash flows of $24,350,000:Recoverable amount = $24,350,000 Impairment Loss = Carrying Amount - Recoverable Amount= $23,700,000 - $24,350,000= $0
As the carrying amount of the assets is not greater than the recoverable amount in this case, no impairment loss will be recognized. Note that carrying amount refers to the value of assets less accumulated depreciation.
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WHY DO ACTIVISTS BELIEVE THE ECONOMY'S SELF CORRECTING MECHANISM
IS SLOW? 20 marks.
Activists believe that the economy's self-correcting mechanism is slow due to factors such as rigidities, market failures, and inadequate policy responses.
The slow self-correcting mechanism of the economy is a view held by activists who argue that market forces alone are insufficient to ensure a swift recovery from economic downturns or to address structural issues. They point out that various factors contribute to this sluggishness. For instance, rigidities in labor markets, such as minimum wage laws or high levels of employment protection, can impede quick adjustments in employment and wages, delaying the restoration of equilibrium. Additionally, market failures, such as imperfect information or externalities, can disrupt the efficient functioning of markets and hinder self-correction. Moreover, activists argue that inadequate policy responses can further prolong the self-correction process. In their view, policy interventions, such as austerity measures or insufficient fiscal stimulus during recessions, can exacerbate economic downturns and hinder recovery. They advocate for proactive government policies, including fiscal stimulus, targeted regulations, and social safety nets, to address market failures, reduce inequalities, and promote a more efficient and equitable self-correction mechanism.
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How can companies become more sustainable based on economic
social and environmental dimensions?
Companies can become more sustainable based on economic, social, and environmental dimensions by following these steps:Economic dimension:To become more economically sustainable, companies can take the following measures
1. Invest in innovative and green technologies to reduce energy consumption and waste.2. Partner with suppliers who share their sustainability goals.3. Incorporate ethical and sustainable practices throughout the supply chain.4. Establish an eco-friendly office culture by reducing energy use and waste.
Social dimension:To become more socially sustainable, companies can take the following measures:1. Encourage diversity and inclusivity in the workplace.2. Create a healthy and safe work environment for their employees.3. Support local communities and engage in philanthropic activities.4. Establish a strong code of ethics that guides their business practices.Environmental dimension:To become more environmentally sustainable, companies can take the following measures:1. Implement eco-friendly practices in all areas of their operations.2. Invest in renewable energy and reduce carbon emissions.3. Use sustainable materials and reduce waste.4. Design products with a focus on durability and recyclability.In conclusion, companies can become more sustainable based on economic, social, and environmental dimensions by adopting innovative and sustainable practices throughout their operations.
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Discuss how auditors determine the level of audit risk is acceptable when auditing financial statements.
Auditors determine the acceptable level of audit risk by considering various factors and exercising professional judgment.
The level of audit risk acceptable to auditors depends on factors such as the nature of the client's business, complexity of transactions, inherent risks, and management's integrity and competence. Auditors assess these factors during the planning phase of the audit and perform risk assessment procedures to identify areas with higher risk. Based on this assessment, they determine the appropriate level of audit procedures and evidence required to reduce the risk of material misstatement to an acceptable level. Auditors aim to achieve a reasonable assurance level rather than absolute certainty due to inherent limitations in the audit process. They apply professional judgment to balance the cost and benefit of additional audit procedures to ensure a sufficient level of audit risk is maintained.
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How much do you have to deposit today so that beginning 11 years from now you can withdraw $5,000 a year for the next 4 years (periods 11 through
14) plus an additional amount of $10,000 in the last year (period 14)?
Assume an interest rate of 11 percent.
You need to deposit approximately $22,180.25 today in order to have enough funds to make the specified withdrawals in the future.
to calculate the amount you need to deposit today, we can use the concept of the present value of an annuity. the present value represents the current worth of future cash flows, taking into account the interest rate.
in this case, we have four annual withdrawals of $5,000 each, starting from year 11 and ending in year 14, and an additional amount of $10,000 in year 14. the interest rate is 11 percent.
to find the present value, we can use the formula:
pv = cf1 / (1 + r)¹ + cf2 / (1 + r)² + ... + cfn / (1 + r)ⁿ
where pv is the present value, cf is the cash flow in each period, r is the interest rate, and n is the number of periods.
using the given values, we can calculate the present value:
pv = $5,000 / (1 + 0.11)¹ + $5,000 / (1 + 0.11)² + $5,000 / (1 + 0.11)³ + $5,000 / (1 + 0.11)⁴ + $10,000 / (1 + 0.11)⁴
pv = $5,000 / 1.11 + $5,000 / 1.23 + $5,000 / 1.36 + $5,000 / 1.51 + $10,000 / 1.51
pv = $4,504.50 + $4,065.04 + $3,676.78 + $3,311.31 + $6,622.62
pv = $22,180.25
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A business needs 80 cabinets, 250 tables, and 300 shelves cleaned out. He has two part-time employees Patrick and Andrew. Patrick can clean eleven cabinet, thirty one tables and forty selves in one day, while Andrew can clean ten cabinet, thirteen tables, and sixty two shelves in one day. Patrick is paid P628 per day and Andrew is paid P508 per day. In order to minimize the cost, how many days should Patrick and Andrew be employed?
To minimize the cost of cleaning out 80 cabinets, 250 tables, and 300 shelves, Patrick and Andrew should be employed for 10 days.
Explanation:Patrick can clean:11 cabinets/day × 10 days = 110 cabinets31 tables/day × 10 days = 310 tables40 shelves/day × 10 days = 400 shelvesAndrew can clean:10 cabinets/day × 10 days = 100 cabinets13 tables/day × 10 days = 130 tables62 shelves/day × 10 days = 620 shelves Total cabinets cleaned = 110 + 100 = 210 cabinetsTotal tables cleaned = 310 + 130 = 440 tablesTotal shelves cleaned = 400 + 620 = 1020 shelves
Total number of items to clean = 80 + 250 + 300 = 630Total number of items cleaned per day = 210 + 440 + 1020 = 1670 items/dayTotal number of days = Total number of items ÷ Total number of items cleaned per dayTotal number of days = 630 ÷ 1670Total number of days ≈ 0.3772Cost of Patrick and Andrew = (110 × P628) + (100 × P508)Cost of Patrick and Andrew = P69,508Total number of days = 10 (rounded off)Therefore, Patrick and Andrew should be employed for 10 days to minimize the cost.
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What were the implications of the 1998 Russian Financial Crisis
on the exchange rate and currency reserves?
The 1998 Russian Financial Crisis had significant implications for the exchange rate and currency reserves of Russia. Here are the key effects:
Exchange Rate Devaluation: The crisis led to a sharp devaluation of the Russian ruble. In August 1998, the Russian government announced a default on its domestic debt obligations, causing a loss of confidence in the currency.Currency Reserves Depletion: To defend the exchange rate and stabilize the financial system, the Russian government spent a significant portion of its foreign currency reserves. However, these efforts proved inadequate, and the reserves rapidly depleted.Capital Flight: The crisis triggered a massive capital flight from Russia as investors and individuals rushed to withdraw their funds and move them out of the country. The uncertainty and instability in the financial sector led to a loss of trust, and many investors sought safer havens for their capital.Economic Contraction: The financial crisis had severe economic consequences for Russia. The sharp devaluation of the ruble made imported goods more expensive, leading to a surge in inflation. Many Russian companies, which had taken on significant foreign currency debt, struggled to repay their obligations, causing bankruptcies and job losses.International Contagion: The Russian crisis had broader implications beyond its borders. It contributed to a global financial contagion, particularly affecting emerging markets. Investors became wary of the risks associated with emerging economies, leading to capital outflows from other developing countries as well.Learn more about finance here : brainly.com/question/30502952
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q1)
If the velocity of money is increasing, but the money supply is
not, it is likely the economy is experiencing:
Group of answer choices
A. a trade deficit.
B. deflation.
C. growth.
D.inflation.
Q2)
The correct answer is If the velocity of money is increasing, but the money supply is not, it is likely the economy is experiencing:D. inflation.
When the velocity of money increases, it means that money is changing hands more frequently within the economy. This can result in an increase in overall spending and economic activity. However, if the money supply remains constant, the increased velocity of money can lead to more demand for goods and services relative to the available supply, leading to upward pressure on prices. This phenomenon is known as inflation.
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bonds with a face value of $310,000 are issued at 103. the statement of cash flows would report a cash inflow of:
The statement of cash flows would report a cash inflow of $319,300.
When bonds are issued at a premium, which is the case here since they are issued at 103 (or 103% of face value), the company receives more cash than the face value of the bonds. To calculate the cash inflow, we need to multiply the face value of the bonds by the issue price (in decimal form).
To calculate the cash inflow, you need to multiply the face value of the bonds by the issuance percentage (103%).
Step 1: Convert the percentage to a decimal by dividing it by 100. 103 / 100 = 1.03.
Step 2: Multiply the face value ($310,000) by the decimal (1.03) to determine the cash inflow. $310,000 * 1.03 = $319,300.
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Which of the following alternatives represents the correct amount that must be disclosed as dividend received in the cash flows from operating activities section of the statement of cash flows of Phokwane Limited for the year ended 28 February 2022?
a. (10 000)
b. (2 700)
c. 2 700
d. 10 000
e. 0
Dividend received in the cash flows from operating activities section of the statement of cash flows of Phokwane Limited for the year ended 28 February 2022 can be represented by alternative B which is $2 700.
A cash flow statement is a financial statement that shows the inflows and outflows of cash and cash equivalents in a company. This statement helps stakeholders to understand how cash is being utilized by the company. This statement can be categorized into three different activities: operating activities, investing activities, and financing activities.Dividend received is classified as an operating activity in the cash flow statement. Operating activities represent those activities that are directly related to the principal revenue-generating activities of a company. Dividend received is not a part of the company's principal revenue-generating activity. Therefore, it is classified as an operating activity and should be shown in the operating activities section of the cash flow statement. Thus, the correct amount that must be disclosed as dividend received in the cash flows from operating activities section of the statement of cash flows of Phokwane Limited for the year ended 28 February 2022 is $2 700.
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Consider a perpetuity that pays $5000 per year with the first payment 6 years from now. One can purchase this perpetuity by making six annual payments of J with the first payment now. The effective annual interest rate on all transactions is 8%. Determine J. (please show step by step and work)
We need to find the present value of the six annual payments, which is equal to the present value of the perpetuity. The value of J will be approximately $9,022.69.
Let's calculate the present value of the perpetuity using the formula:
Present Value = Payment / Interest Rate
Here, the payment is $5000 per year, and the interest rate is 8%. Substituting these values into the formula, we get:
Present Value = $5000 / 0.08 = $62,500
Now, we need to find the present value of the six annual payments. Since the first payment is made now, it is not discounted. The remaining five payments are discounted by the interest rate for 6 years.
To calculate the present value of the five discounted payments, we use the formula:
Present Value = Payment / (1 + Interest Rate) ^ Number of Years
Substituting the values, we get:
Present Value = J / (1 + 0.08)^6 + J / (1 + 0.08)^7 + J / (1 + 0.08)^8 + J / (1 + 0.08)^9 + J / (1 + 0.08)^10
Simplifying this equation, we have:
$62,500 = J / (1.08^6) + J / (1.08^7) + J / (1.08^8) + J / (1.08^9) + J / (1.08^10)
To find the value of J, we can solve this equation using numerical methods or software. The value of J will be approximately $9,022.69.
Therefore, the annual payment made towards the perpetuity should be approximately $9,022.69 in order to match the present value of the perpetuity with the present value of the six annual payments.
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What is strategic sourcing at the Department of Homeland
Security??
Strategic sourcing at the Department of Homeland Security (DHS) refers to the process of identifying, evaluating, and selecting suppliers that offer the best value for the agency's procurement needs.
The aim of strategic sourcing is to optimize procurement activities and reduce costs while improving the quality of goods and services acquired by DHS. It involves analyzing spending patterns, assessing supplier performance, negotiating contracts, and implementing best practices to improve procurement efficiency and effectiveness. By leveraging the buying power of DHS, strategic sourcing helps to drive savings and mitigate risk while ensuring compliance with procurement regulations and policies. This approach to procurement supports DHS' mission to protect the United States from threats and enhance national security by providing the agency with the necessary resources to carry out its operations.
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The following table shows data on the average number of customers processed by several bank service units each day. The hourly wage rate is $20, the overhead rate is 1.1 times labor cost, and material cost is $6 per customer.
Unit_Employees_customers processed/day
A_3_39
B_7_47
C_8_55
D_4_34
Given Data: Hourly wage rate = $20Overhead rate = 1.1 times labor cost Material cost = $6 per customer Unit Employees Customers processed/dayA 3 39B 7 47C 8 55D 4 34To determine
Given Data: Hourly wage rate = $20Overhead rate = 1.1 times labor cost Material cost = $6 per customer Unit Employees Customers processed/dayA 3 39B 7 47C 8 55D 4 34To determine: Compute the labor cost and total cost of each unit :Let’s calculate labor cost of each unit Unit Employees Customers processed/day Labor Cost A 3 39 $20*3*8 = $480B 7 47 $20*7*8 = $1120C 8 55 $20*8*8 = $1280D 4 34 $20*4*8 = $640Now, let’s compute total cost of each unit. Unit Employees Customers processed/day Labor Cost Material cost Overhead Total cost A 3 39 $480 $6*39 1.1*$480 $580.8B 7 47 $1120 $6*47 1.1*$1120 $1434.4C 8 55 $1280 $6*55 1.1*$1280 $1667.0D 4 34 $640 $6*34 1.1*$640 $825.6Hence, the labor cost and total cost of each unit are computed.
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QUESTION 2: A company wanted to compare between two machines as listed in the below table to make its best decision. DESCRIPTION Machine (1) Machine (2) First Cost 80,000 110,000 Annual Net Cash Flow
To make the best decision between Machine (1) and Machine (2), it is necessary to consider their respective first costs and annual net cash flows.
The annual net cash flow represents the difference between the annual cash inflows and outflows associated with each machine. It accounts for factors such as operational costs, maintenance expenses, revenue generation, and any other relevant cash flows over the machine's useful life.
To proceed with the comparison, it is crucial to have the annual net cash flows for both machines. With that information, one can analyze factors such as the payback period, net present value (NPV), internal rate of return (IRR), or other financial metrics to determine which machine provides a higher return on investment or better meets the company's specific needs.
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"Can you develop a Code of Ethics for a Coffee company?
Five full sentences per each code
Yes, a Code of Ethics can be developed for a coffee company. A code of ethics is a document that sets out the principles, values, and beliefs that guide the conduct of an organization or an individual. Below are five sentences per code of ethics for a coffee company.
Quality Control Code of Ethics: We will guarantee that our coffee is of the highest quality by sourcing the best coffee beans, ensuring that all beans are roasted and brewed to the best standards, and employing highly qualified personnel to ensure that the coffee is the best possible. We will never compromise on quality, and we will always strive to deliver the best product to our customers.2. Environmental Code of Ethics: We respect the natural environment and strive to reduce our ecological impact. We will implement eco-friendly procedures that reduce the use of energy and resources while minimizing waste and emissions.
We also promise to work with like-minded businesses and organizations to promote environmental awareness and action.3. Social Responsibility Code of Ethics:We are dedicated to social responsibility and committed to ensuring that our coffee production does not exploit workers or damage the communities we operate in. We guarantee that we will not use forced or child labor and that all of our employees will be fairly compensated and enjoy a safe working environment. We will also engage in philanthropic activities that benefit the local community.4. Health and Safety Code of Ethics:We are committed to ensuring the safety and health of our employees and customers. We guarantee that we will comply with all relevant health and safety regulations, maintain high standards of cleanliness and hygiene, and ensure that our products are safe for consumption.5. Fair Trade Code of Ethics:We are committed to supporting fair trade and ethical business practices. We will source our coffee from suppliers that adhere to fair trade principles, guarantee that our supply chain is transparent and ethical, and work with our suppliers to ensure that they are paid fairly for their products. We will also promote fair trade to our customers, and engage in public advocacy and education around the importance of ethical business practices.
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In which financial statements and sections do we find these accounts, are they Assets,Liabilities, Income or Expense?
Sales:
Ending inventory:
Accounts receivable :
Amortization
Sales:
Sales are typically found in the income statement or statement of comprehensive income. It is considered as revenue or income.
Ending inventory:
Ending inventory is found in the balance sheet, specifically under the current assets section. It is classified as an asset.
Accounts receivable:
Accounts receivable is also found in the balance sheet, specifically under the current assets section. It is classified as an asset.
Amortization:
Amortization is typically found in the income statement or statement of comprehensive income. It is classified as an expense and is often associated with the depreciation of intangible assets or the gradual reduction of a liability over time.
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an unanticipated decline in the demand for legal services will
An unanticipated decline in the demand for legal services can have several implications:
Decreased Revenue: A decline in demand means fewer clients seeking legal services, resulting in decreased revenue for law firms and individual practitioners. This can have a direct impact on their financial stability and profitability.
Reduced Employment Opportunities: With lower demand for legal services, law firms may need to downsize their workforce or limit hiring new lawyers and support staff. This can lead to a decrease in employment opportunities within the legal industry.
Pricing Pressure: In a competitive market with reduced demand, law firms may face pricing pressure to attract clients. They might need to offer discounted rates or flexible fee arrangements to remain competitive, potentially impacting their profitability.
Increased Competition: As demand declines, competition among law firms and individual practitioners may intensify. Legal professionals may need to find innovative ways to differentiate themselves and stand out in a crowded market to attract clients.
Industry Consolidation: A sustained decline in demand could lead to industry consolidation, with smaller law firms merging or being acquired by larger firms to survive the challenging market conditions. This consolidation can impact the overall structure and dynamics of the legal services sector.
Shift in Practice Areas: A decline in demand for legal services in certain areas may lead to a shift in practice areas as lawyers and firms realign their expertise to areas experiencing higher demand. For example, if demand decreases in corporate law, there may be an increased focus on alternative areas such as bankruptcy, restructuring, or employment law.
Emphasis on Efficiency and Technology: Law firms may be compelled to improve operational efficiency and embrace technology to reduce costs and streamline processes. Automation, document management systems, and online legal services could become more prevalent in response to the changing market conditions.
Adaptation and Diversification: Law firms and legal professionals may need to adapt their service offerings and diversify their areas of expertise to meet evolving client needs and capture new market opportunities. This could involve expanding into emerging areas such as cybersecurity, data privacy, or alternative dispute resolution.
It's important to note that the specific impact of a decline in demand for legal services can vary depending on the region, practice area, and individual circumstances. Legal professionals and firms will need to closely monitor market trends, adjust their strategies, and explore new avenues to remain resilient and navigate through challenging times.
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At December 31, 2022, before any year-end adjustments, Sheridan Corp's Insurance Expense account had a balance of $860 and its Prepaid Insurance account had a balance of $3520. It was determined that $1600 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for the year would be a. $2460. b. $ 860. c. $1925. d. $1600.
The adjusted balance for Insurance Expense for the year would be a. $2460.
The main answer is $2460. This is determined by subtracting the expired portion of the Prepaid Insurance ($1600) from the balance of the Insurance Expense account ($860).
To explain further, the Insurance Expense account represents the cost of insurance coverage for Sheridan Corp. The balance of $860 indicates the total insurance expenses incurred during the year before any adjustments. On the other hand, the Prepaid Insurance account shows the amount paid in advance for insurance coverage.
Since $1600 of the Prepaid Insurance had expired, it means that portion of the payment made for insurance coverage is no longer valid for the current year. Therefore, it needs to be recognized as an expense in the Insurance Expense account.
Subtracting the expired portion of Prepaid Insurance ($1600) from the initial balance of Insurance Expense ($860) gives us the adjusted balance of $2460. This represents the total insurance expenses for the year after taking into account the expiration of prepaid coverage.
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ABC Company reported the following data pf product X. the variable cost equals 30% of the selling price and the fixed costs is 210,000$ if the Company aims to earn a profit equals to 70,000, how much should be the sales of ABC Company after the break even point to achieve this goal? O a. 400,000 b. 100,000 O c. 300,000 O d. 600,000 Oe. None of the answers is correct. Clear my choice
To achieve a profit of 70,000$, the sales of ABC Company after the break-even point should be 400,000$.
Calculation steps:
Given, Variable Cost = 30% of Selling Price
Fixed Cost (FC) = 210,000$
Profit = 70,000$
Sales required to get to the Break-Even point (BEP)
BEP = FC / (Selling Price - Variable Cost)210,000 / (1 - 0.3) = 210,000 / 0.7 = 300,000 $
Total Sales to achieve a profit of 70,000$To achieve a profit of 70,000$,
sales should be equal to
(Fixed Cost + Profit) / (1 - Variable Cost / Selling Price)(210,000 + 70,000) / (1 - 0.3) = 280,000 / 0.7 = 400,000 $
Therefore, the correct answer is option A, i.e., 400,000$.
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