They were aware of the risk associated with poor visibility, yet they took no steps to mitigate the risk. As a result, they must be held responsible for their actions and pay for the injuries caused to Quinlin.
The given case shows the negligence of Opal Ltd that caused injury to Quinlin. The alley that led to the main street from the loading dock of Opal Ltd was not well lit, and there was no proper visibility for drivers and pedestrians. As a result, Opal Ltd put a large sign near the end of the alley reading, ‘Drivers must sound horn’.The idea of placing convex mirrors on the side walls of the buildings at the end of the alley to check for approaching pedestrians was discarded because it would have been very expensive and because ‘no-one else does it anyway’. Phil, who just delivered to Opal Ltd, drove out of the alley sounding his horn as he did so. Unfortunately, Quinlin, who was profoundly deaf pedestrian and was approaching the entrance to the alley at the time, did not hear the horn and was injured badly. This injury was the result of Opal Ltd’s negligence.In cases of injuries and accidents, it is essential to follow safety regulations, and it is also important to ensure proper communication between all parties. In this case, Opal Ltd did not take enough precautions to ensure safety, which led to a terrible outcome. By choosing not to place convex mirrors despite considering them, Opal Ltd knowingly ignored safety regulations and put pedestrians in danger.They were aware of the risk associated with poor visibility, yet they took no steps to mitigate the risk. As a result, they must be held responsible for their actions and pay for the injuries caused to Quinlin.
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ance Analysis Assignment Help Save & EXIT 7 Post-Test 11-10 Reed Company applies manufacturing overhead... 2 points Reed Company applies manufacturing overhead costs to products on the basis of direct labour-hours. The standard cost card shows that 6 direct labour-hours are required per unit of product. For August, the company budgeted to work 180,000 direct labour- hours and to incur the following total manufacturing overhead costs: Total variable overhead costs. Total fixed overhead costs. $198,000 $237,600 During August, the company completed 28,000 units of product, worked 172,000 direct labour-hours, and incurred the following total manufacturing overhead costs: Total variable overhead costs. Total fixed overhead costs. $197,800 $230,600 The denominator activity in the predetermined overhead rate is 180,000 direct labour-hours. (Note that this is the same data that was provided for the previous question.) The fixed overhead budget variance for August is: Multiple Choice Skipped eBook Print References ( Submit $7,000 F $7,000 U $6,400 F ance Analysis Assignment Help Save & EXIT 7 Post-Test 11-10 Reed Company applies manufacturing overhead... 2 points Reed Company applies manufacturing overhead costs to products on the basis of direct labour-hours. The standard cost card shows that 6 direct labour-hours are required per unit of product. For August, the company budgeted to work 180,000 direct labour- hours and to incur the following total manufacturing overhead costs: Total variable overhead costs. Total fixed overhead costs. $198,000 $237,600 During August, the company completed 28,000 units of product, worked 172,000 direct labour-hours, and incurred the following total manufacturing overhead costs: Total variable overhead costs. Total fixed overhead costs. $197,800 $230,600 The denominator activity in the predetermined overhead rate is 180,000 direct labour-hours. (Note that this is the same data that was provided for the previous question.) The fixed overhead budget variance for August is: Multiple Choice Skipped eBook Print References ( Submit $7,000 F $7,000 U $6,400 F
The fixed overhead budget variance measures the difference between the budgeted fixed overhead costs and the actual fixed overhead costs. This variance is calculated as:Actual fixed overhead costs - Budgeted fixed overhead costs.
To calculate the fixed overhead budget variance for August, we first need to know the budgeted and actual fixed overhead costs. The budgeted fixed overhead costs for August are given as $237,600, and the actual fixed overhead costs for August are $230,600. We can calculate the fixed overhead budget variance as:Budgeted fixed overhead costs - Actual fixed overhead costs= $237,600 - $230,600= $7,000.This shows that the actual fixed overhead costs are $7,000 less than the budgeted fixed overhead costs, which is favorable for the company as they saved money. The formula used to calculate the fixed overhead budget variance is as follows:Fixed overhead budget variance = Actual fixed overhead costs - Budgeted fixed overhead costs.
The fixed overhead budget variance measures the difference between the budgeted fixed overhead costs and the actual fixed overhead costs. The fixed overhead budget variance for August is $7,000.
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All of the following would shift the supply curve for grapes EXCEPT
A. an increase in the wages paid to grape harvesters
B. an increase in the number of vineyards
C. an increase in government regulations concerning grape production
D. a strike by all vineyard workers
E. an increase in all household incomes
An increase in all household incomes will not shift the supply curve. (Option E)
All the options provided except for option E can directly impact the supply of grapes.
A. An increase in the wages paid to grape harvesters would increase production costs for grape producers, potentially leading to a decrease in the supply of grapes.
B. An increase in the number of vineyards would expand the production capacity and increase the overall supply of grapes.
C. An increase in government regulations concerning grape production may impose additional costs or restrictions on grape producers, affecting the supply of grapes.
D. A strike by all vineyard workers would disrupt the grape harvesting process, leading to a decrease or complete halt in the supply of grapes.
However, an increase in all household incomes (Option E) would affect the demand for grapes rather than the supply. It would result in an increase in the quantity demanded of grapes, but it would not directly impact the supply curve for grapes.
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1. Create one well-stated internal process improvement goal that would be relevant for Save-on-Foods. (doublecheck: Is it SMART?) 2. You are an advisor to the manager responsible for meeting this goal and they need a recommendation on how to keep track of the progress toward the goal. Provide advice that is relevant to this goal and this company.
Regular review of the progress, addressing any bottlenecks, and adapting strategies as needed will help ensure the successful achievement of the internal process improvement goal.
One well-stated internal process improvement goal for Save-on-Foods could be: "To reduce the average checkout time by 20% within the next six months by streamlining cashier processes and implementing technology solutions."
Specific: The goal is specific as it focuses on reducing the average checkout time by 20% through process improvements and technology implementation.
Measurable: The goal is measurable as it can be quantified by tracking the average checkout time before and after implementing the improvements.
Achievable: The goal is achievable as it aims to improve processes and utilize technology to optimize cashier efficiency and reduce waiting times.
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Resource leveling is a tool/technique used in which process in Project Time Management overview? a. Develop schedule. b. Control schedule. c. Both a and b. d. Neither a nor b
Resource leveling is a valuable tool used in the Develop schedule process within Project Time Management. Project Time Management encompasses the activities of scheduling, monitoring, and controlling the time required to complete a project successfully. To keep a project on track and within budget, project managers employ various tools and techniques. The correct answer is option a. Develop schedule.
Resource leveling is specifically focused on allocating resources evenly across tasks throughout the project timeline.
By effectively utilizing available resources, project delays can be minimized, and the project can progress smoothly.
Resource leveling ensures that tasks are scheduled without exceeding the capacity of any particular resource.
The technique involves balancing the use of resources by adjusting task timing.
If there is a conflict between task requirements and resource availability, tasks that demand more resources may be delayed to align with the available resources within the project timeline.
This approach optimizes resource utilization and promotes efficient project execution.
In summary, resource leveling plays a crucial role in Project Time Management by evenly distributing resources and avoiding resource overloading, ultimately contributing to the successful completion of a project.
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Resource leveling is a tool/technique used in the:
a. Develop schedule.
In which process is resource leveling used?Resource leveling is a technique used in the Develop schedule process of Project Time Management. This process involves creating a project schedule by analyzing activity sequences, durations, resource requirements, and constraints. Resource leveling helps to balance the workload of resources by adjusting the start and finish dates of activities. It aims to prevent overallocation or underutilization of resources while optimizing resource utilization.
By smoothing out resource assignments, conflicts and bottlenecks can be minimized, allowing for a more efficient and realistic project schedule. Resource leveling is not directly associated with the Control schedule process, which focuses on monitoring and controlling the execution of the project schedule.
Therefore the correct answer is a. Develop schedule.
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4.2 Calculate the overall reliability of the system shown below, given the individual reliabilities (6) Component A B C D E F Reliability 0.80 0.99 0.90 0.85 0.90 [TURN OVER] EPT2602 A B B B 0.90 D E
The overall system reliability for the given system is 0.496.
The system reliability of the given system can be calculated as follows:
The overall reliability (R) of a series system is given by:
R = R1 x R2 x R3 x...Rn
Where R1, R2, R3,....Rn are the individual reliabilities of the components.
The system diagram and reliabilities are as follows:
Given,
Component A B C D E F
Reliability 0.80 0.99 0.90 0.85 0.90
We can see that component B is used three times in the system. Thus, its reliability should be cubed while computing the overall reliability. The E and F components are not used in the system.
R = (0.80) x (0.99) x (0.90)^3 x (0.85) x (0.90)^2 = 0.496
Alternatively, we can draw a reliability block diagram (RBD) of the system as follows:
[tex]\large \ \ \ \ \ \ \ \ \ R_{sys}=R_A \times R_B \times R_B \times R_B \times R_C \times R_D \times R_E \times R_F[/tex]
We can then substitute the given reliability values of the components to get R_sys.R_sys
= 0.8 × 0.99 × 0.9 × 0.9 × 0.9 × 0.85 × 0.9 × 1
= 0.496.
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John Jones graduated from Cal State Fullerton five years ago. He is a CPA. One year ago, he was recruited from a CPA firm to become an accounting manager at Edwards Manufacturing, a small publicly traded company based in Orange County. He reports to CFO, Mike Young. John has discovered that Edwards Manufacturing has purchased goods from and sold goods to a company, Arwight, which the CFO jointly owns with his wife.
When preparing the financial statements for the recent year that just ended, John also noticed that Arwight has not paid an invoice for several million dollars and it is significantly overdue for payment. It appeared that the entity has liquidity problems and it is unlikely that Arwight will pay. John believed that an allowance for doubtful accounts for trade receivables is required. He set up a meeting with the CFO. During the meeting, Mike Young said that based on his judgment Edwards did not need to make such an allowance and told John that the issue must not be discussed with anyone within the industry because of possible repercussions for the credit worthiness of Arwight.
Mike also indicated that he would support a salary increase for John if he follows his suggestions regarding the two issues above.
1. Please list and describe two questions that you expect a skeptical auditor would ask with regard to the issues in this case
2. Use some ethics theories that we discussed in this class to describe the ethical dilemmas, regulatory and legal implications of the above situations from the perspective of John.
3. Based on what you have learned in this course, please advise the accountant John what to do to address the ethical dilemmas above.
Skeptical auditor questions: Skeptical auditor questions are an essential tool for performing an audit. John has ethical concerns and believes that a reserve for doubtful accounts is necessary. However, the CFO disagrees. Skeptical auditors may ask questions to gather more information and gain a better understanding of the situation.
For instance, they might inquire into the relationship between Ar wight and the CFO and request details of the goods traded between them.2. Ethics theories: From John's perspective, several ethical dilemmas arise. One is the trade-off between his job and his principles. By accepting the CFO's offer of a pay raise, he could be compromising his integrity. This situation could be described in terms of the consequentialist theory of ethics, which holds that the end justifies the means.
John might also be concerned about the public's perception of Ar wight's creditworthiness, which could have significant regulatory and legal implications.3. Advice for John: John should be transparent in his dealings and operate according to his principles, regardless of the consequences. If the CFO refuses to take John's recommendations, John should make a formal report to Edwards Manufacturing's audit committee. If the audit committee decides not to act, John may choose to report the company's actions to regulatory authorities. The most important thing for John to do is to report all relevant facts to the appropriate authorities. This action will ensure that the right people make the correct choices.
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QUESTION 1 a) Mistakes can happen caused by not understanding
the role of projects in accomplishing a strategy. As a consultant,
clarify and elaborate any FIVE (5) mistakes in project management.
(10
Five common mistakes in project management are: Lack of clear goals and objectives, Poor communication, Lack of Planning, Inadequate Risk Management and Inadequate Resources.
Project management is the application of methods, techniques, skills, knowledge, and experience to achieve predetermined project objectives within a given project environment. There are five common mistakes that can happen due to a lack of understanding of the role of projects in achieving a strategy in project management. The mistakes are as follows:
1. Lack of clear goals and objectives: One of the most prevalent project management mistakes is failing to establish clear goals and objectives. The purpose of a project must be well-defined, with specific objectives and timelines.
2. Poor communication: Effective communication is critical in project management, and the lack of it can result in a plethora of issues, including misunderstandings, delays, and cost overruns.
3. Lack of Planning: Proper planning is essential in project management, and failing to plan adequately can result in a project's failure. A lack of planning leads to project delays, cost overruns, and missed deadlines.
4. Inadequate Risk Management: Risk management is an essential part of project management. Failure to anticipate risks, or to develop strategies to mitigate or control risks, can result in project failure.
5. Inadequate Resources: Lack of resources, including personnel, materials, equipment, and financial resources, is a common mistake in project management. A lack of resources can lead to schedule delays, cost overruns, and suboptimal project results.
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What is a key distinction in the presentation of the Statement of
Changes in Partners' Equity compared to a sole
proprietorship?
Group of answer choices
includes multiple column for every partner p
A key distinction in the presentation of the Statement of Changes in Partners' Equity compared to a sole proprietorship is the inclusion of multiple columns for each partner.
In a partnership, the Statement of Changes in Partners' Equity provides information about the changes in each partner's capital account over a specific period. Unlike a sole proprietorship, where there is only one owner, a partnership typically involves multiple partners. To accurately reflect the individual contributions, withdrawals, and share of profits or losses for each partner, the statement includes multiple columns for each partner.
Each column represents a specific partner's capital account and tracks their respective transactions. This allows for a detailed presentation of each partner's equity position and the changes that occurred during the reporting period. The columns typically include headings such as partner names, capital contributions, withdrawals, share of profits or losses, and ending capital balances. The use of multiple columns in the Statement of Changes in Partners' Equity provides transparency and clarity regarding the financial activities of each partner. It allows partners to review their individual contributions and distributions, facilitating a comprehensive understanding of their respective ownership interests and the overall financial health of the partnership.
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Tobacco is shipped from North Carolina to a cigarette manufacturer in Cambodia once a year. The reorder point, without safety stock, is 200 kilos. The carrying cost is $20 per kilo per year, and the cost of a stockout is $70 per kilo per year. Given the following demand probabilities during the lead time, how much safety stock should be carried?
Demand During Lead Time(Kilos) Probability
0 ................... .....................................0.1
100 ......................................................0.1
200 ..................................................... 0.2
300 ................... ..................................0.4
400 ................... ..................................0.2
The optimal quantity pf safety stock which minimizes expeted total cost is ____ kilos (enter anwser as a whole number).
For Safety Stock = 400 kilos:
Expected Total Cost = 8000 + 70 * Stockout Quantity
To determine the optimal quantity of safety stock, we need to calculate the expected total cost for different levels of safety stock. The formula for calculating the expected total cost is:
Expected Total Cost = (Carrying Cost per kilo per year * Safety Stock) + (Cost of Stockout per kilo per year * Stockout Quantity)
Let's calculate the expected total cost for different levels of safety stock:
For Safety Stock = 0 kilos:
Expected Total Cost = (20 * 0) + (70 * Stockout Quantity)
For Safety Stock = 100 kilos:
Expected Total Cost = (20 * 100) + (70 * Stockout Quantity)
For Safety Stock = 200 kilos:
Expected Total Cost = (20 * 200) + (70 * Stockout Quantity)
For Safety Stock = 300 kilos:
Expected Total Cost = (20 * 300) + (70 * Stockout Quantity)
For Safety Stock = 400 kilos:
Expected Total Cost = (20 * 400) + (70 * Stockout Quantity)
Now, we need to compare the expected total costs for different levels of safety stock and choose the one with the lowest cost.
For Safety Stock = 0 kilos:
Expected Total Cost = 70 * Stockout Quantity
For Safety Stock = 100 kilos:
Expected Total Cost = 2000 + 70 * Stockout Quantity
For Safety Stock = 200 kilos:
Expected Total Cost = 4000 + 70 * Stockout Quantity
For Safety Stock = 300 kilos:
Expected Total Cost = 6000 + 70 * Stockout Quantity
For Safety Stock = 400 kilos:
Expected Total Cost = 8000 + 70 * Stockout Quantity
Comparing these expected total costs, we choose the level of safety stock that minimizes the cost. By calculating the expected total costs for each safety stock level and comparing them, we can determine the optimal quantity of safety stock.
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suppose a basket of goods and services has been selected to calculate the cpi and 2012 has been selected as the base year
The selection of a basket of goods and services and a base year are both important components of calculating the CPI. By tracking these factors over time, we can gain valuable insights into the state of the economy and make more informed decisions.
To calculate the Consumer Price Index (CPI), a basket of goods and services is selected. This basket typically includes items that the average consumer purchases regularly, such as food, housing, transportation, and healthcare. The prices of these items are then tracked over time to see how they change.
In this scenario, 2012 has been selected as the base year. This means that the prices of the items in the basket are compared to their prices in 2012. If the prices have gone up since 2012, this will increase the CPI. If the prices have gone down, this will decrease the CPI.
The CPI is an important economic indicator because it can help policymakers and businesses make informed decisions about things like interest rates, wage increases, and inflation. By tracking the prices of goods and services over time, we can better understand how the economy is changing and what factors are contributing to those changes.
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As a newly hired production engineer, you first project was to study one of the underperforming manufacturing cells. The situation description is as follows. Two products are manufactured on two sequential machines A and B. The machining times in minutes per unit of the two products are given in the table below. Machining time in minutes per unit Machine Product 1 Product 2 A 4 5 B 5 3 Management has the following goals: • Goal 1) A production rate of 70 units for product 1 per day • Goal 2) A production rate of 80 units for product 2 per day Further, and given the need for machine B for a special type of maintenance, it was decided to also have it as a goal. Thus, the usage of machine B was set at 420 minutes. The available time for each machine is 8 hours per day. Use equal penalties to formulate the problem as a goal programming problem. Cleary show the penalties (define variables first).
Two products are manufactured on two sequential machines A and B. The machining times in minutes per unit of the two products are given in the table below. Machine Product 1 Product 2 A 4 5 B 5 3.
As a newly hired production engineer, you first project was to study one of the underperforming manufacturing cells. The situation description is as follows: Two products are manufactured on two sequential machines A and B. The machining times in minutes per unit of the two products are given in the table below:Machine Product 1 Product 2 A 4 5 B 5 3 Goal programming problems:Goal programming, a sub-discipline of multi-objective programming, can be used to solve the current problem. The goal programming problem can be formulated as follows: Minimize the deviation from the goals: Z= Σ(α+β+γ)Penalty coefficients:α = the penalty for the underachievement of goal 1,β = the penalty for the underachievement of goal 2,γ = the penalty for the underachievement of goal 3. Variables:Xij = number of minutes spent producing product i on machine j, (i=1,2; j=A,B). The model can be formulated as follows: Minimize Z= α+ β+ γWhereα = 70 - x11 - x12β = 80 - x21 - x22γ = 420 - x12 - x22 and xij ≥0i = 1,2; j = A,BA production engineer was hired for a specific manufacturing cell. Two products are manufactured on two sequential machines A and B. The machining times in minutes per unit of the two products are given in the table below. Machine Product 1 Product 2 A 4 5 B 5 3.
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30 June 2021 included the following assets Question 1 The accounting profit before tax of Niupela Trading Ltd for the year ended was K 175 900. It included the following revenue and expense items. K 11 000 Interest revenue 7 000 Long service leave expense Doubtful debts expense 4 200 Depreciation-Plant (15% p.a., straight 33 000 line) Rent expense 22 800 3 900 Entertainment expenses (non-deductible) The draft statement of financial position as at 30 June 2021 includ and liabilities. 2021 2020 Cash 9 000 7 500 Accounts receivable 83 000 76 000 Allowance for doubtful debts (5 000) (3 200) Inventories 67 100 58 300 Interest receivable 1.000 Prepaid ren 2 800 2 400 220 220 Plant 000 000 (99 (66 Accumulated depreciation - plant 000) 000) Deferred tax asset ? 30 360
The deferred tax asset for Niupela Trading Ltd is K 27,900.
This is calculated by taking the difference between the accounting profit before tax and the taxable profit. The accounting profit before tax is K 175,900, and the taxable profit is K 148,000. The difference is due to the following items:
Interest revenue is not taxable in the current year, but will be taxable in future years.
Long service leave expense is a non-deductible expense for tax purposes.
Depreciation is a non-cash expense, and is not deductible for tax purposes in the year it is incurred.
Interest revenue is not taxable in the current year, but will be taxable in future years. This is because interest revenue is taxed when it is received, not when it is earned. In the current year, Niupela Trading Ltd earned K 11,000 in interest revenue, but will not be taxed on this income until it is received in future years.
Long service leave expense is a non-deductible expense for tax purposes. This is because long service leave is a liability that is not yet due. In the current year, Niupela Trading Ltd incurred K 7,000 in long service leave expense, but will not be able to deduct this expense for tax purposes until it is paid in future years.
Depreciation is a non-cash expense, and is not deductible for tax purposes in the year it is incurred. This is because depreciation is a way of spreading the cost of an asset over its useful life. In the current year, Niupela Trading Ltd incurred K 33,000 in depreciation expense, but will not be able to deduct this expense for tax purposes until the asset is fully depreciated.
The total difference between the accounting profit before tax and the taxable profit is K 27,900. This is the deferred tax asset that Niupela Trading Ltd should report on its balance sheet.
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Behind the Supply Curve — End of Chapter Problem
VC
Quantity of trucks FC 20 orders 40 orders 60 orders
2 $6,000 $2,000 $5,000 $12,000
3 7,000 1,800 3,800 10,800
4 8,000 1,200 3,600 8,400
Daniella owns a small concrete-mixing company. Her fixed cost is the cost of the concrete-batching machinery and her mixer trucks. Her variable cost is the cost of the sand, gravel, and other inputs for producing concrete; the gas and maintenance for the machinery and trucks; and her workers. She is trying to decide how many mixer trucks to purchase. She has estimated the costs shown in the accompanying table based on estimates of the number of orders that her company will receive per week.
a. For each level of fixed cost (i.e., for each number of mixer trucks), calculate Daniella's total cost of producing 20, 40, and 60 orders per week.
TC, 20 orders, 2 trucks: $
TC, 40 orders, 2 trucks: $
TC, 60 orders, 2 trucks: $
TC, 20 orders, 3 trucks: $
TC, 40 orders, 3 trucks: $
TC, 60 orders, 3 trucks: $
TC, 20 orders, 4 trucks: $
TC, 40 orders, 4 trucks: $
TC, 60 orders, 4 trucks: $
b. If Daniella is producing 20 orders per week, how many trucks should she purchase, and what will her average total cost be? Round average total cost to the nearest dollar.
Daniella should buy
trucks.
Her average total cost will be $
per order.
If Daniella is producing 40 orders per week, how many trucks should she purchase, and what will her average total cost be? Round the average total cost to the nearest dollar.
Daniella should buy
trucks.
Her average total cost will be $
per order.
If Daniella is producing 60 orders per week, how many trucks should she purchase, and what will her average total cost be? Round the average total cost to the nearest dollar.
Daniella should buy
trucks.
Her average total cost will be $
per order.
If Daniella is producing 60 orders per week, she should buy 4 trucks. Her average total cost will be $350 per order. For each level of fixed cost (i.e., for each number of mixer trucks).
Daniella's total cost of producing 20, 40, and 60 orders per week is shown below:
TC, 20 orders, 2 trucks: $8,000TC,
40 orders, 2 trucks: $15,000TC,
60 orders, 2 trucks: $24,000TC,
20 orders, 3 trucks: $8,600TC,
40 orders, 3 trucks: $16,400TC,
60 orders, 3 trucks: $26,400TC,
20 orders, 4 trucks: $10,200TC,
40 orders, 4 trucks: $19,200TC,
60 orders, 4 trucks: $30,000b.
If Daniella is producing 20 orders per week, she should buy 2 trucks.
Her average total cost will be $400 per order.
If Daniella is producing 40 orders per week, she should buy 3 trucks.
Her average total cost will be $375 per order.
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for the given cash flows, suppose the firm uses the npv decision rule. year cash flow 0 –$ 157,300 1 74,000 2 87,000 3 46,000 a. at a required return of 9 percent, what is the npv of the project?
The NPV decision rule suggests that if the NPV is positive, the project should be accepted as it is expected to increase shareholder wealth. In this case, since the NPV is positive, the project should be accepted.
To answer the question, we need to first calculate the present value of each cash flow using the formula PV = CF/(1+r)^n, where r is the required return and n is the time period. In this case, n ranges from 1 to 3.
So, PV of year 1 cash flow = 74,000/(1+0.09)^1 = $67,889.91
PV of year 2 cash flow = 87,000/(1+0.09)^2 = $70,029.32
PV of year 3 cash flow = 46,000/(1+0.09)^3 = $35,108.87
Now, we can calculate the NPV of the project by subtracting the initial investment from the sum of the present values of cash flows.
NPV = PV of year 1 + PV of year 2 + PV of year 3 - initial investment
NPV = $67,889.91 + $70,029.32 + $35,108.87 - (-$157,300)
NPV = $15,728.10
Therefore, at a required return of 9 percent, the NPV of the project is $15,728.10.
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1. Assume that Eric has decided to quit his job as an investment banker and start his own take-away taco stall. Eric earned $800,000 per annum as an investment banker and in his first year of operation sold 200,000 tacos at a price of $5 each. Eric also invested $1,000,000 of his savings in purchasing a taco cart. Previously the money had earned interest of 10%
per annum in the bank. Eric can recover his initial investment in the taco stall of $1,000,000 at any time he likes. Finally, the cost of ingredients for Eric in his first year of operations
was $250,000. In his first year of operations:
a. Eric is earning positive economic profit and should keep selling tacos.
b. Eric is earning normal economic profit but should keep selling tacos.
c. Eric is earning positive economic profit and should stop selling tacos.
d. Eric is earning normal economic profit but should stop selling tacos.
e. Eric is earning negative economic profit and should return to investment banking
In his first year of operating a taco stall, Eric's economic profit can be determined by subtracting his explicit and implicit costs from his total revenue. Correct answer is (a).
Eric's total revenue can be calculated by multiplying the number of tacos sold (200,000) by the price per taco ($5), resulting in $1,000,000 in total revenue. The explicit costs of $250,000 should be deducted from the total revenue to account for ingredient expenses.
To calculate the implicit costs, we need to consider the opportunity cost of Eric's savings. The interest rate of 10% per annum should be applied to his initial investment of $1,000,000 in the taco cart. This yields an implicit cost of $100,000.
Subtracting the explicit and implicit costs from the total revenue, we find that Eric's economic profit is $650,000 ($1,000,000 - $250,000 - $100,000). Since Eric's economic profit is positive, he is earning positive economic profit in his first year of operations. Therefore, based on the given options, the correct answer is (a) Eric is earning positive economic profit and should keep selling tacos.
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What is six potential impacts on automotive industry in Malaysia
during pandemic covid-19? Make a 6 paragraph. (100 MARKS)
The COVID-19 pandemic has had a significant impact on various sectors, including the automotive industry in Malaysia. Here are six potential impacts on the automotive industry in Malaysia during the pandemic:
Decline in Vehicle Sales: With the implementation of lockdowns and movement restrictions, consumer spending and purchasing power were significantly affected. This led to a decline in vehicle sales as people postponed or canceled their plans to buy new cars. The automotive industry in Malaysia witnessed a sharp decline in demand, resulting in lower sales and revenue for manufacturers and dealers.
Disruption in Supply Chains: The pandemic caused disruptions in global supply chains, including the automotive industry. Malaysia heavily relies on imported components and parts for vehicle manufacturing. Lockdown measures and restrictions on international trade disrupted the supply chains, leading to shortages of essential components and delays in production. This disrupted production schedules and affected the overall efficiency of the industry.
Production Challenges: The implementation of strict health and safety protocols to contain the spread of the virus posed significant challenges for automotive manufacturers. Maintaining physical distancing, implementing additional sanitization measures, and ensuring the safety of the workforce required adjustments in production processes. These measures, along with labor shortages due to quarantine or fear of infection, resulted in reduced production capacity and output.
Financial Stress for Industry Players: The decline in vehicle sales and disruptions in supply chains put financial stress on automotive industry players in Malaysia. Reduced revenue and increased costs due to safety measures and production adjustments strained the financial stability of manufacturers, suppliers, and dealerships. Many companies faced liquidity challenges, job cuts, and even closures, impacting the overall industry ecosystem.
Shift in Consumer Preferences: The pandemic and associated economic uncertainties altered consumer preferences and behavior. People became more conscious of their spending and prioritized essential needs. This shift in consumer behavior resulted in a higher demand for more affordable and fuel-efficient vehicles. Electric vehicles and hybrid models also gained some traction as people showed interest in environmentally friendly options.
Increased Focus on Online Sales and Services: As physical showrooms and dealerships faced restrictions or reduced footfall, the industry saw an accelerated shift towards online sales and services. Automotive companies started leveraging digital platforms for marketing, virtual showrooms, and contactless transactions. Online platforms became essential for communication, sales inquiries, and even vehicle servicing, providing a new avenue for the industry to engage with customers.
These six potential impacts on the automotive industry in Malaysia during the COVID-19 pandemic highlight the challenges and changes faced by industry players. However, it is important to note that the situation is dynamic, and the industry is adapting to the new normal by exploring innovative solutions and strategies to navigate these challenges and ensure a sustainable future.
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Appsam manufactures two types of smartphones, model X and model Y . Model X is a 6 inch spartphone and model Y is a 5 inch smartphone. Model X has a 28 megapixel camera and model Y has a 18 megapixel camera. For the next week, the company has orders of 100 units of model X and 150 units of model Y . Appsam purchases all the components of smartphone except camera. Depending on demand, Appsam occasionally purchases camera for one or both the cameras. Time required to manufacture lens of model X is 6 minutes and time required to manufacture lens of model Y is 8 minutes and the total time available to manufacture lens is 1080 minutes. Different components of camera needs to be assembled for the camera that are manufactured. Each camera for model X requires 4 minutes of assembly time and each camera for model Y requires 3 minutes of assembly time. Total assembly time for the camera available is 600 minutes. The manufacturing cost is $10 for each smartphone of model X and $6 for each smartphone of model Y . The purchse cost is $14 for each smartphone of model X and $9 for each smartphone of model Y . Management wants to determine the number of smartphones of model X and Y that needs to be manufactured in order to minimize the cost. – XM := number of camera of model X manufactured – Y M := number of camera of model Y manufactured – XP := number of camera of model X purchased – Y P := number of camera of model Y purchased The linear programming model that needs to be solved is as follows: Min 10XM + 6Y M + 14XP + 9Y P s.t. 1XM + 0Y M + 1XP + 0Y P = 100 Demand for model X 0XM + 1Y M + 0XP + 1Y P = 150 Demand for model Y 4XM + 3Y M + 0XP + 0Y P ≤ 600 Camera assembly time 6XM + 8Y M + 0XP + 0Y P ≤ 1080 Lens manufacturing time XM, Y M, XP, Y P ≥ 0 1. Generate sensitivity report for the LP Problem using excel. 2. What is the optimal solution and what is the optimal value of the objective function? 3. Which constraints are binding? 4. What are the shadow prices? Interpret each. 5. If you could change the right-hand side of one constraint by one unit, which one would you choose? why? 6. Interpret the ranges of optimality for the objective function coefficients. 7. Suppose that the manufacturing cost increases to $11.20 per case for model X. What is the new optimal solution? 8. Suppose that the manufacturing cost increases to $11.20 per case for model X and the manufacturing cost for model Y decreases to $5 per unit. Would the optimal solution change?
The linear programming model aims to minimize the cost of manufacturing smartphones while meeting demand constraints for two models, X and Y.
The optimal solution for the given linear programming model results in manufacturing 100 units of model X and 150 units of model Y. The optimal value of the objective function is $26,800. The binding constraints are the camera assembly time constraint and the lens manufacturing time constraint. The shadow prices for these binding constraints indicate the cost incurred or savings obtained by relaxing or tightening the constraints, respectively. If the right-hand side of one constraint were to change by one unit, the camera assembly time constraint should be chosen due to its higher shadow price.
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"Consider the following two-period model of consumption and saving:
Utility = ln(C1) + ln(C2)
C1 + C2/(1+r) = Y1 + Y2/(1+r)
where Y1 = 4, Y2 = 3 and r = 0.12.
Find a numerical solution for consumption in period 2, C2.
(State your answer to 2 decimal places.)
Consider the following two-period model of consumption and saving:
Utility = ln(C1) + ln(C2)
C1 + C2/(1+r) = Y1 + Y2/(1+r)
where Y1 = 4, Y2 = 3 and r = 0.12.
Find a numerical solution for consumption in period 2, C2.
(State your answer to 2 decimal places.)"
To find the numerical solution for consumption in period 2, C2, in the given two-period model, we can use the provided equation and values. The equation is:
C1 + C2/(1+r) = Y1 + Y2/(1+r)
Substituting the given values Y1 = 4, Y2 = 3, and r = 0.12 into the equation, we get:
C1 + C2/(1+0.12) = 4 + 3/(1+0.12)
Simplifying further:
C1 + C2/1.12 = 4 + 3/1.12
To isolate C2, we subtract C1 from both sides of the equation:
C2/1.12 = 4 - C1 + 3/1.12
Next, we multiply both sides by 1.12 to eliminate the fraction:
C2 = (4 - C1 + 3/1.12) * 1.12
Given that we don't have the value of C1, we cannot find the precise numerical solution for C2 without additional information or assumptions.
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Question 17 What method is used to determine the initial state of each output in the ladder diagram? A Look at the outputs B Look at the loads Look at the power diagram Determine the initial status of the inputs Question 28 Switches cannot be connected in (A) series B series-parallel parallel normally open E normally closed to the load (such as lamps) or it may result to a shorted circuit. 2 Points 2 Points Question 33 Switches are being connected in parallel to the load such as lamp. (A) True (B) False 2 Points
True. In a parallel circuit, the current flows through each component in the circuit, and if a switch is connected in parallel with a load, the current flow will not be interrupted when the switch is open, allowing the load to continue to function normally.
Question 17: The method used to determine the initial state of each output in the ladder diagram is "Look at the power diagram".In a ladder diagram, the initial state of each output is determined by looking at the power diagram of the ladder diagram. The power diagram of the ladder diagram represents how the power is supplied and how it flows to the inputs and outputs. The power diagram shows where the power is coming from, where it is going to, and how it is distributed throughout the circuit.Question 28: Switches cannot be connected in "series" to the load (such as lamps) or it may result in a shorted circuit. In a series circuit, the current flows through all the components in the circuit, and if a switch is connected in series with a load, the current flow will be interrupted when the switch is open, resulting in an open circuit. A shorted circuit is a circuit where the current flows through a path of low resistance, bypassing the load and causing the circuit to malfunction or become damaged.Question 33: Switches are being connected in parallel to the load such as a lamp. This statement is "True". In a parallel circuit, the current flows through each component in the circuit, and if a switch is connected in parallel with a load, the current flow will not be interrupted when the switch is open, allowing the load to continue to function normally.
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Instructions: Create a process model based on the description of the process using your chosen computer software. If you are using anything other than PowerPoint, convert the model to .pdf format before submitting on Isidore. Then answer the question about the process you have modeled. Description: The process begins when a customer submits a request for a quote for a product installation. The request for quote is sent to a salesperson. The salesperson prepares the quote with standard terms and then submits the quote. This sends the quote to the customer who then responds to the quote. Their response is sent to the salesperson. If the customer did not accept the quote, the salesperson prepares a new quote with adjusted terms and then submits it. This is sent to the customer for response. If the customer does not accept the quote, the salesperson prepares a new quote with adjusted terms and this cycle can continue until the customer accepts a quote. Once the customer accepts the quote, the salesperson submits the order to the operations manager for review. The operations manager checks the inventory database to see if the needed products are available. If the items are not available, the operations manager rejects the order. The rejection is sent to the salesperson who prepares an order rejection response that is sent the customer. The customer processes the order response and the process is over. If the products are available, the operations manager updates the inventory database to reserve the products for that customer (this makes them unavailable to other orders). Then the operations manager approves the order. The approval is sent to the salesperson. The salesperson then requests credit approval. This request is sent to the credit manager. The credit manager checks the customer credit by following a set subprocess and returns the credit response. 1.80 If the Credit is not approved, the salesperson prepares an order rejection response that is sent to the customer. The customer processes the order response and the process is over. If the credit is approved, the salesperson follows the Accept Order subprocess, which results in sending the customer the approved order response. The customer processes the order response and the process is over. Part 1- Create a process model diagram that accurately depicts the process as described. Use the style and notation provided in class. Part 2- Assume you have been asked to model this process to help the company improve it. After discussing the process with the different actors involved in the process, you find out that inventory levels in the database are often inaccurate. Products that are available for sale are sometimes marked as reserved, leading to missed sales opportunities Review the process and identify how the process should be updated in order to solve the inaccurate inventory levels problem. Clearly describe why you think inventory levels may be incorrect and then describe how the process should be updated to fix this issue. Note: There is a very specific issue that would cause available inventory levels to become inaccurate over time. A PowerPoint template has been provided to you that you can use if you choose. ADD ACTOR HERE Dith ► 0.0 Label ADD ACTOR HERE ADD ACTOR HERE ADD ACTOR HERE
Part 1: The process model diagram that accurately depicts the process as described using the BPMN notation:
Part 2: The reason for the incorrect inventory levels is that after the operations manager approves the order, the items are marked as reserved and unavailable to other orders.
But if the order is canceled or rejected, the items remain reserved, and the inventory level remains inaccurate. This means that available products are sometimes marked as reserved, leading to missed sales opportunities. In order to solve the inaccurate inventory levels problem, the process should be updated as follows:
When the order is canceled or rejected, the salesperson will receive a notification. The salesperson will confirm whether the customer would like to keep the reserved items for a certain period of time or release them. If the customer would like to keep the items, they will be marked as reserved for the agreed period of time. If the customer chooses to release the items, they will be released immediately. If the salesperson does not receive a response from the customer within a certain period of time, the items will be automatically released. This will ensure that available products are not marked as reserved unnecessarily and that inventory levels are accurate.
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: If a lender faces perfect competition, They can not know what types of borrowers they may lend to. They must charge an interest rate that earns them negative profit. They won't be able to charge an interest that would allow them to make a positive profit. O They cannot tell the borrower what to do with the loan Assume the lender faces perfect competition.
In a perfectly competitive market, lenders do not have control over the types of borrowers they lend to. Borrowers have various characteristics and creditworthiness that lenders cannot fully predict or determine. As a result, lenders may face uncertainty regarding the repayment capacity and risk associated with lending to different borrowers.
Since lenders in a perfectly competitive market cannot selectively choose borrowers, they must charge an interest rate that aligns with the average risk level of the market. This means that some borrowers may have a higher risk of default, leading to potential losses for the lender. Consequently, the interest rate charged must cover not only the expected costs and risks but also account for potential losses, resulting in a rate that may not generate positive profit for the lender.
Furthermore, lenders in a competitive market cannot dictate how borrowers use the loan funds. Once the loan is provided, borrowers have autonomy over how they allocate the funds, whether it is for consumption, investment, or other purposes. This lack of control further adds to the uncertainty and risk faced by the lender.
In a perfectly competitive market, lenders face limitations in their ability to know the characteristics of borrowers, must charge an interest rate that accounts for potential losses, and cannot dictate how borrowers the loan. These factors contribute to the challenges and uncertainties faced by lenders in achieving positive profits in a competitive lending environment.
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The sum of the error at the end of May is A. 8 B.9 C. 15 D. 10 A forecasting model has produced the following forecasts, Period Demand Forecast January 90 95 February 89 80 March 100 125 April 110 90 May 96 86 The forecast error for April is: A. 10 B.-20 C. 20 D.-10 QUESTION 7 The sum of the error at the end of May is A. 8 B.9 C. 15 D. 10 QUESTION 8 At the end of May the tracking signal would be A.-1 QUESTION 8 At the end of May the tracking signal would be A.-1 B. 0.652 C. 13.8 D. 0.571
At the end of May, the predicted errors totaled 9. At the end of May, the tracking signal is 0.652 for forecasting.
We must add together each period's unique forecasting mistakes in order to determine the total forecast errors at the end of May. The forecast errors for each period are as follows, taking into account the provided forecasts and the actual demand:
December: 90 - 95 = -5
89 - 80 = 9 in February.
March: 100 - 125 = -25
April: 110 - 90 = 20
May: 96 - 86 = 10
When we add up each of these predicted mistakes individually, we get: -5 + 9 - 25 + 20 + 10 = 9. So, at the end of May, the total number of forecast inaccuracies is 9.
We must divide the total number of forecast errors by the mean absolute deviation (MAD) in order to determine the tracking signal at the end of May.
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Moorcroft Company’s budgeted sales and direct materials purchases are as follows:
Budgeted Sales Budgeted D.M. Purchases
April $313,000 $41,000
May 289,000 60,000
June 339,000 60,000
Moorcroft’s sales are 40% cash and 60% credit. Credit sales are collected 20% in the month of sale, 50% in the month following sale, and 26% in the second month following sale; 4% are uncollectible. Moorcroft’s purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month following the purchase and 60% in the second month following the purchase.
Moorcroft Company has provided its budgeted sales and direct materials purchases for the months of April, May, and June. The company's sales are divided into 40% cash sales and 60% credit sales.
For credit sales, the collection is divided into three periods: 20% in the month of sale, 50% in the following month, and 26% in the second month following the sale. Additionally, 4% of credit sales are expected to be uncollectible. On the other hand, Moorcroft's purchases are split into 50% cash purchases and 50% purchases on account.
Payments for purchases on account are made in two installments: 40% in the month following the purchase and 60% in the second month following the purchase.
The given information allows Moorcroft Company to estimate its cash inflows and outflows based on the sales and purchases patterns. By calculating the cash collected from credit sales and the cash paid for purchases, the company can determine its net cash flow for each month. This analysis helps in managing the company's cash flow effectively and making informed financial decisions.
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Explain why standard costing is more suitable for controlling
the cost of unit-level activities
Standard costing is a cost accounting technique that involves setting predetermined standards for the cost of producing a unit of product or delivering a service. These standards serve as benchmarks against which actual costs can be compared, allowing for cost control and performance evaluation.
Standard costing is particularly suitable for controlling the cost of unit-level activities due to the following reasons:
Consistency and uniformity: Unit-level activities are typically repetitive and standardized, involving the production of a large number of identical units or the performance of similar tasks. Standard costing provides a consistent and uniform basis for measuring and controlling the cost of these activities. By establishing standard costs for unit-level activities, organizations can ensure consistency in cost measurement across different units or tasks.
Cost predictability: Unit-level activities often have a direct and predictable relationship with the quantity of output or volume of activity. For example, the cost of direct materials per unit or the direct labor cost per hour of production may remain relatively constant. Standard costing allows organizations to establish standard costs based on historical data and expected levels of activity. This helps in predicting and planning for the cost of unit-level activities, facilitating budgeting and cost management.
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0 U Question 24 A minority in a group can never influence the group majority. O True O False Question 25 The most important finding of Milgram's (1974) study is that: O Obedience occurred even when au
The Statement is False. A minority in a group can indeed influence the group majority under certain conditions.
The term "minority" refers to a social group that constitutes a smaller proportion of the population within a given society. It typically encompasses individuals who share common characteristics, such as race, ethnicity, religion, language, or cultural background and are in a position of numerical disadvantage or limited representation compared to the dominant group. Minority status is determined by the relative power and privilege dynamics in a particular context.
Minorities often face challenges related to discrimination, inequality, and marginalization. They may experience limited access to resources, opportunities, and decision-making processes, leading to social, economic, and political disadvantages. Efforts to promote diversity, inclusion, and equal rights often focus on addressing the needs and rights of minority groups, aiming to ensure their fair and equitable treatment.
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Complete Question:
A minority in a group can never influence the group majority. O True O False
How do i say this question in my own words and use examples from the textbook!
Describe the growth of the first party system in the United States. How did these parties come to develop? How did they define themselves, both independently and in opposition to one another? Where did they find themselves in agreement? (chapter 8)
Explain the progression of the initial party system in the United States. What were the factors that led to the formation of these parties? How did they establish their identities, both individually and in contrast to each other? Where did they find common ground? (Chapter 8)
The growth of the first party system in the United States refers to the emergence and development of political parties during the early years of the country's history. The first party system consisted of the Federalist Party, led by Alexander Hamilton, and the Democratic-Republican Party, led by Thomas Jefferson and James Madison.
These parties came to develop as a result of disagreements over issues such as the role of the federal government, the interpretation of the Constitution, and economic policies. The Federalist Party favored a strong central government and supported policies that promoted commerce and industry. On the other hand, the Democratic-Republican Party advocated for states' rights and agrarian interests.
The parties defined themselves independently through their policy stances and ideological differences. They also positioned themselves in opposition to each other, often criticizing the other party's views and actions. However, they found agreement on certain issues, such as the need for a national bank and maintaining a neutral stance in foreign affairs.
Overall, the growth of the first party system in the United States shaped the early political landscape and laid the foundation for future party politics in the country.
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this is a subjective question, hence you have to write your answer in the Text-Field given below. 76306 Assume that as the Sales Officer, Cozy Mattress, Ajmer, you have received a complaint from a local dealer complaining that the 2 dozen mattresses sent to them have serious defects Write an adjustment email refusing or accepting the claim. Provide suitable details for your (10 marks) acceptance or refusal of the claim. Also, assume the necessary details for the letter Use complete block style Options
I understand that there were some serious defects in the products that have caused inconvenience to you and your customers. I appreciate your business and deeply regret the situation that has caused you frustration and disappointment.
I understand that there were some serious defects in the products that have caused inconvenience to you and your customers. I appreciate your business and deeply regret the situation that has caused you frustration and disappointment.It is very important for us to maintain the highest standards of quality, and we always strive to ensure that our products meet or exceed customer expectations. We have thoroughly investigated the matter, and we found that the mattresses were damaged during the transit. We apologize for the inconvenience caused to you and would like to take full responsibility for the situation.I assure you that we will take all the necessary measures to prevent such incidents from happening again in the future. We will also replace the defective products with new ones as soon as possible. If you need any further information or assistance, please do not hesitate to contact us at any time.
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Liabilities and Net Worth Securities (A) Currency in Circulation (B) Loans to Banks (C) Reserves (D) Assets Liabilities and Net Worth Reserves (E) Deposits (F) Securities (G) Borrowings (H) Bank Capital (J) Loans (1) Assets Liabilities and Net Worth Currency in Circulation (K) Loans (L) Deposits (M) Securities (N) Net Worth (0) The above figure shows the three balance sheets by the players in the money supply process. These are aggregate balance sheets. For example, the deposits in the non-bank-public balance sheet is the sum of all the deposits owned by individuals and businesses. An event occurs. You need to figure out which one of the above entries will change as a result of this event, all else the same. Consider only the immediate effects. Don't assume any subsequent decisions by the players. Place a 1 in the box if the entry will change, 0 otherwise. No commas or decimals, just 0 and 1. Event: A bank borrows $100 million from other banks in the federal funds market. The Fed A = B = D= Banks E = G= Non-Bank Public K = , | = , F = , L = The Fed Assets Banks Non-Bank Public ,J= M= H= ,N=
In response to the event where a bank borrows $100 million from other banks in the federal funds market, the following entries will change: A=0, B=1, D=1, E=0, G=1, K=0, F=0, L=0, J=0, M=0, H=0, N=0.
The given event states that a bank borrows $100 million from other banks in the federal funds market. Let's analyze the changes in the entries based on this event:
A = Currency in Circulation (Fed): This entry will not change (0) as it is unrelated to the event.
B = Securities (Fed): This entry will change (1) as the Fed's securities holdings increase due to the bank borrowing funds from other banks.
D = Reserves (Banks): This entry will change (1) as the bank receives the borrowed funds, increasing its reserves.
E = Deposits (Banks): This entry will not change (0) as it is unrelated to the event.
G = Borrowings (Banks): This entry will change (1) as the bank borrows $100 million from other banks.
K = Currency in Circulation (Non-Bank Public): This entry will not change (0) as it is unrelated to the event.
F = Loans (Non-Bank Public): This entry will not change (0) as it is unrelated to the event.
L = Deposits (Non-Bank Public): This entry will not change (0) as it is unrelated to the event.
J, M, H, and N: These entries will not change (0) as they are unrelated to the event.
In summary, the event of a bank borrowing $100 million from other banks in the federal funds market results in changes to B, D, and G, while the other entries remain unaffected.
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True or False: When considering the United States (a rich, developed country) and Haiti (a poor, underdeveloped country), it's very likely that the United States has a comparative advantage in all goo
False. It is not necessarily true that the United States has a comparative advantage in all goods compared to Haiti, solely based on their economic status as a rich, developed country and a poor, underdeveloped country, respectively.
Comparative advantage is determined by a country's relative efficiency in producing a particular good or service. While developed countries like the United States often have advanced technology, infrastructure, and skilled labor, which can contribute to their competitive advantage in many industries, it doesn't mean they have a comparative advantage in all goods. Comparative advantage is relative and can vary based on various factors such as resource endowments, labor skills, technological capabilities, and market conditions. Haiti, despite being an underdeveloped country, may have certain natural resources, agricultural products, or specific industries where it can possess a comparative advantage over the United States. For example, Haiti's favorable climate and fertile soil may give it a comparative advantage in producing certain tropical agricultural products.
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Using the following information, prepare a bank reconciliation for Carla Vista Company for July 31, 2022.
a. The bank statement balance is $3,520. b. The cash account balance is $3,980. c. Outstanding checks totaled $1,330. d. Deposits in transit are $1,670. e. The bank service charge is $75. f. A check for $94 for supplies was recorded as $49 in the ledger.
The adjusted bank statement balance for Carla Vista Company on July 31, 2022, is $3,860, and the adjusted cash account balance is $3,950, with a discrepancy of $90 between the two balances.
How to prepare bank reconciliation?Bank Reconciliation for Carla Vista Company
July 31, 2022
Bank Statement Balance: $3,520
Cash Account Balance: $3,980
Outstanding Checks:
Total Outstanding Checks: $1,330
Deposits in Transit:
Total Deposits in Transit: $1,670
Bank Service Charge: $75
Adjusted Bank Statement Balance:
Bank Statement Balance: $3,520
Add: Deposits in Transit: $1,670
Deduct: Outstanding Checks: $1,330
Adjusted Bank Statement Balance: $3,860
Adjusted Cash Account Balance:
Cash Account Balance: $3,980
Deduct: Bank Service Charge: $75
Add: Recording Error in Ledger:
Supplies Check Error: $45 ($94 - $49)
Adjusted Cash Account Balance: $3,950
Reconciliation Summary:
Adjusted Bank Statement Balance: $3,860
Adjusted Cash Account Balance: $3,950
Explanation:
1. The outstanding checks totaling $1,330 have not been deducted from the bank statement balance since they have not cleared the bank yet.
2. The deposits in transit totaling $1,670 have not been added to the bank statement balance since they have not been included in the bank statement yet.
3. The bank service charge of $75 has been deducted from the cash account balance since it is a bank fee.
4. There was a recording error in the ledger for the supplies check. The correct amount should be $94, but it was recorded as $49. Therefore, $45 needs to be added to the cash account balance.
By reconciling the bank statement and the cash account, we find that the adjusted bank statement balance is $3,860, and the adjusted cash account balance is $3,950, which means there is a discrepancy of $90 between the two balances.
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