Redlining refers to the practice of denying access to certain services such as banking, insurance, healthcare, or even supermarkets, to residents of certain neighborhoods.
Redlining is illegal because it violates the Fair Housing Act of 1968, which prohibits housing discrimination based on race, color, religion, sex, national origin, familial status, or disability. Redlining creates significant economic and financial implications on communities. Below are some of implications of redlining on communities:
Economic implications of redlining on communities
1. Job loss: When residents are unable to obtain loans to start businesses or improve their homes, it leads to job loss. Lack of access to capital hinders entrepreneurs' ability to finance and grow their businesses.2. Depreciation of property value: Redlining causes the depreciation of property value in low-income areas, leading to decreased property tax revenue, which in turn results in less money for schools and other public amenities.3. Decreased economic growth: Redlining results in decreased economic growth since it blocks capital from flowing into areas that need it the most. Redlined neighborhoods have higher poverty rates, lower educational levels, and limited employment opportunities.
Financial implications of redlining on communities 1. Higher insurance rates: Insurance companies frequently deny policies or charge higher premiums in redlined areas, affecting residents' financial stability and overall financial health.2. Increased healthcare costs: Residents of redlined communities experience inadequate healthcare services, which leads to higher healthcare costs.3. Limited access to credit: Redlining restricts residents' access to credit, making it harder for them to purchase homes, start businesses, or finance their education. This limits their ability to create wealth, achieve financial stability, and build generational wealth.
Redlining has a significant impact on communities' economic and financial health. It prevents individuals and communities from realizing their full potential and contributes to systemic inequality. Thus, there is a need to eliminate this practice and promote fair lending practices.
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Challenges that NETFLIX have while implementing a Business
intelligence project?
One of the major challenges that Netflix faces while implementing a business intelligence project is the vast amount of data that the company generates. Netflix has millions of subscribers, and each user generates data on their preferences, viewing history, and other behavioral patterns.
Netflix's business intelligence project involves collecting, processing, and analyzing large amounts of data to gain insights into user behavior and preferences. This data includes information on user demographics, viewing history, ratings, and other behavioral patterns. To effectively manage and analyze this data, Netflix needs to implement a robust data analytics infrastructure that can handle large volumes of data and deliver insights in real-time. Another challenge that Netflix faces is ensuring data accuracy and consistency across different systems. Netflix uses a variety of systems to collect and analyze data, including third-party tools, cloud-based platforms, and in-house solutions.
In addition to the challenges mentioned above, Netflix also faces other challenges while implementing a business intelligence project. One of the major challenges is ensuring data security and privacy. Netflix collects sensitive data on its users, including personal information, viewing history, and payment details. Any data breach or unauthorized access to this data could have severe consequences for the company and its users. To mitigate this risk, Netflix needs to implement robust data security and privacy policies and procedures that protect user data and ensure compliance with data protection regulations. Another challenge that Netflix faces is data integration and interoperability. Netflix uses multiple data sources to collect and analyze user data, including social media platforms, search engines, and other online sources. To gain a comprehensive view of user behavior and preferences, Netflix needs to integrate these data sources into a single platform that can deliver unified insights.
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Julio is an internal auditor at a large grocery store chain in New York City. During his audit, he learns that a manager received commendation for not taken any vacation in his 20 years with the company. Later in the audit, Julio sees an employee using blank pieces of paper to make receipts for cash-paying customers. To clarify his observation, Julio asked the employee the following day. The employee responded that she heard her manager mentioning that the business was slow, so she wanted to help save money by using scrap paper. In addition, Julio sees the manager performing multiple roles, such as counting the cash in the register at the end of each shift, journalizes the sales, and making cash deposits at the bank. Which internal control principles have been violated? How can Julio fix them?
The internal control principles that have been violated in this scenario are segregation of duties and independent verification. By implementing these measures, the company can strengthen internal controls, reduce the risk of fraud or errors, and enhance accountability within the organization.
Segregation of duties ensures that no single individual has control over all aspects of a transaction or process. In this case, the manager is performing multiple roles, including counting cash, journalizing sales, and making cash deposits, which violates the principle of segregation of duties. Ideally, different individuals should handle these tasks to create a system of checks and balances.
Independent verification ensures that transactions and processes are reviewed and verified by someone other than the person responsible for their execution. In this case, the manager is not subjected to independent verification, as there is no oversight or review of their actions.
To address these control deficiencies, Julio can propose the following solutions:
Implement a segregation of duties by assigning different individuals to handle cash counting, sales journalizing, and cash deposits. This will ensure that no single person has control over all aspects of the cash handling process.
Introduce a system of independent verification, where a different employee reviews and verifies the manager's actions. For example, another employee can cross-check cash counts, review sales records, and reconcile cash deposits.
By implementing these measures, the company can strengthen internal controls, reduce the risk of fraud or errors, and enhance accountability within the organization.
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Consider an economy characterized by the following equations: C = 300 +0.75(Y – T) I = 500 – 40r G = 200 T= 0.25Y L(r,Y)=Y – 100r M/P = 500
where C,Y ,1,G,T,r,L and M/P, denote consumption, output, investment, government spending, taxes, the interest rate, liquidity preferences and the real money supply, respectively. (a) Derive expressions for the IS and the LM and plot the two curves and find the equilibrium interest rate and the equilibrium level of income. (b) The Government decide to double the public spending. Calculate the new equilibrium and explain the transmission mechanism behind the result. (c) Compute the crowding-out effect and calculate the amount of money supply needed to eliminate it.
The given economy can be analyzed using the IS-LM model. By deriving the IS and LM equations, we can plot the curves and determine the equilibrium interest rate and level of income. In response to a doubling of government spending, we can calculate the new equilibrium and explain the transmission mechanism behind it. Additionally, we can compute the crowding-out effect and determine the required amount of money supply to eliminate it.
The IS equation represents the equilibrium in the goods market and can be derived by equating output (Y) to the sum of consumption (C), investment (I), and government spending (G). The equation is: Y = C + I + G.The LM equation represents the equilibrium in the money market and can be derived by equating the demand for real money balances (M/P) to the supply of real money balances, which is a constant in this case. The equation is: M/P = L(r,Y). To find the equilibrium interest rate (r) and level of income (Y), we need to solve the IS and LM equations simultaneously. By plotting the IS and LM curves on a graph, the intersection of the two curves represents the equilibrium point. To analyze the impact of doubling government spending, we can adjust the value of G in the IS equation and calculate the new equilibrium interest rate and level of income. The transmission mechanism behind the result is that an increase in government spending leads to a higher level of aggregate demand, causing an upward shift in the IS curve. This results in a higher equilibrium level of income and potentially a higher interest rate.
To compute the crowding-out effect, we need to determine the change in investment (I) resulting from the increase in government spending. If the increase in government spending leads to a decrease in investment, it represents a crowding-out effect. To eliminate the crowding-out effect, the amount of money supply (M) would need to be increased to lower the interest rate, stimulating investment and offsetting the impact of increased government spending. The specific amount required would depend on the magnitude of the crowding-out effect and the responsiveness of investment to changes in the interest rate.
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How would a leftward shift in the demand curve affect the equilibrium price in a market? A. The equilibrium price decreases.
B. The equilibrium price would remain the same.
C. The equilibrium price increases.
D. More information is needed. It may increase, decrease, or remain the same.
Option A. The equilibrium price decreases is the correct option. A leftward shift in the demand curve would result in a decrease in the equilibrium price in a market.
When the demand curve shifts to the left, it means that at each price level, consumers are willing and able to purchase a lower quantity of the good or service. This shift can be caused by various factors such as a decrease in consumer income, a change in consumer preferences, or the availability of substitute goods.
In response to the decrease in demand, suppliers in the market will experience a surplus of the product, as the quantity supplied exceeds the quantity demanded at the initial equilibrium price. To restore equilibrium, suppliers will lower the price to incentivize consumers to purchase the excess supply. As a result, the equilibrium price decreases. Therefore, a leftward shift in the demand curve leads to a decrease in the equilibrium price in the market. This occurs as suppliers adjust prices to match the decreased demand and clear the market of excess supply.
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a. What is the difference between a local food system and a global food system? Briefly explain three problems of Ghana's food system. ecologicor technic (7 marks) b. What is the farm problem? Briefly
A local food system is a system where food is produced and consumed locally, whereas a global food system is one in which food is produced in one part of the world and shipped to other parts of the world to be consumed.
The difference between the two is that a local food system focuses on food produced and consumed within a specific geographic area, whereas a global food system focuses on food that is produced in one part of the world and consumed in other parts of the world. The three problems of Ghana's food system are ecologic, economic, and technical. Ecological problems refer to the depletion of natural resources, such as land and water, due to the production of food.
Economic problems refer to the low productivity of Ghana's agriculture sector, which is due to a lack of investment and infrastructure. Technical problems refer to the lack of modern farming practices, such as irrigation, which could help improve the productivity of Ghana's agriculture sector. The farm problem refers to the difficulties faced by small farmers in the United States. These farmers often struggle to make a living because they face stiff competition from larger farms that can produce food more efficiently.
The farm problem is caused by a lack of government support for small farmers, as well as a lack of investment in rural communities. Small farmers are also affected by changes in weather and market conditions, which can make it difficult for them to sell their crops at a profitable price.
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a wealthy private investor providing a direct transfer of funds is called
A wealthy private investor providing a direct transfer of funds is commonly referred to as an "angel investor."
Angel investors are typically affluent individuals who invest their personal funds into early-stage or startup companies in exchange for an ownership stake in the company or convertible debt. They often provide financial support, mentorship, and business expertise to help the company grow and succeed.
Angel investors play a crucial role in the funding ecosystem, particularly for entrepreneurs and small businesses seeking capital to develop their ideas and expand their operations.
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Which of the following would be shown as an unrealised gain in other comprehensive income?
(a) Interest earned but not yet received
(b) Rental income received for a future period
(c) An increase in the value of non-current asset
(d) A gain on sale of a non-current asset
An increase in the value of non-current assets would be shown as an unrealized gain in other comprehensive income. Option C.
An unrealized gain or loss is a gain or loss that hasn’t been actually realized in terms of cash. Such gains and losses are recognized in financial statements in a separate section named other comprehensive income (OCI) until they are realized.
One of the choices that would be shown as an unrealized gain in other comprehensive income is(c) An increase in the value of non-current assets.
What are non-current assets?Non-current assets are assets that have a longer-term life and are not generally easily converted into cash within a year. They are also known as long-term assets.
Non-current assets can either be tangible or intangible. For instance, an increase in the fair value of a non-current asset, like land or building, would be an unrealized gain and would be recognized in OCI until it is realized.
Conversely, if the value of a non-current asset decreases, it would result in an unrealized loss that would be recognized in OCI until realized.
Hence, the correct answer is option C. An increase in the value of non-current assets.
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Question 2 [10 Marks]
i.
Explain the accounting treatment for the following in line with the
provision IPSAS
a. Assets received by the Government of Ghana as a gift from the
USA Government in the figh
As the assets received were a gift, a non-exchange transaction, the accounting treatment will be as follows:
i. It will record the asset at fair value.
ii. The contribution revenue will be recognized in the statement of comprehensive income (income statement).
iii. The contribution revenue will be disclosed in the notes to the financial statements indicating the source of the revenue.
The accounting treatment will be as follows:
i. Upon receipt of the gift by the Government of Ghana, it will recognize the asset as an addition to its assets, and it will be recognized in the statement of financial position (balance sheet). It will record the asset at fair value.
ii. It will also recognize a contribution revenue for the fair value of the gift. The contribution revenue will be recognized in the statement of comprehensive income (income statement).
iii. The contribution revenue will be disclosed in the notes to the financial statements indicating the source of the revenue.
In line with the provisions IPSAS, below are the explanations of accounting treatment for the assets received by the Government of Ghana as a gift from the USA Government in the fight :
a. In line with IPSAS 23, the accounting treatment of assets received by the Government of Ghana as a gift from the USA Government in the fight against COVID-19 would depend on whether such assets meet the definition of a non-exchange transaction or not. Non-exchange transactions are transactions that do not involve the direct provision of resources, services, or goods of equal value. Examples of such transactions include donations, grants, bequests, gifts, and taxes.
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Studies suggest that a higher tax on cigarettes would reduce teen smoking and premature deaths.
Should cigarette taxes therefore be raised?
If they are raised, what is the benefit to society?
What happens to the price of cigarettes? For teen smokers? For all smokers, regardless of age?
Is the demand for cigarettes price elastic or price inelastic and what is the impact on teen spending and income for teens who smoke?
Is "cigarette taxes should be raised" a positive or normative statement, why?
Raising cigarette taxes is suggested as a measure to reduce teen smoking and premature deaths. This raises questions about whether cigarette taxes should be increased, the benefits to society, the impact on cigarette prices, and the elasticity of demand for cigarettes. Additionally, the statement "cigarette taxes should be raised" can be classified as a normative statement.
1. Should cigarette taxes be raised?
Based on studies suggesting that higher cigarette taxes reduce teen smoking and premature deaths, raising cigarette taxes could be seen as a potential policy option to address these issues. However, the decision to raise taxes should consider various factors such as the potential impact on smokers, economic considerations, and the effectiveness of alternative measures.
2. Benefits to society:
Increasing cigarette taxes can have several benefits for society. It can lead to a decrease in overall cigarette consumption, particularly among teenagers, thereby reducing the associated health risks and premature deaths. It may also generate additional tax revenue that can be allocated to public health initiatives or other government programs.
3. Price of cigarettes:
Raising cigarette taxes typically results in an increase in the price of cigarettes. This price increase can have a significant impact on consumer behavior. For teen smokers, the higher prices may make cigarettes less affordable and discourage smoking initiation or continuation. For all smokers, regardless of age, higher prices may lead to reduced consumption or quitting.
4. Demand elasticity and impact on teen spending and income:
The demand for cigarettes is generally considered to be price inelastic, meaning that changes in price have a relatively smaller impact on the quantity demanded. However, the elasticity of demand can vary among different groups. For teen smokers, who may have limited income and less addiction, the price elasticity of demand may be higher. As a result, increased cigarette taxes could lead to a proportionally larger decrease in cigarette consumption among teens compared to adult smokers. This, in turn, could affect teen spending patterns and potentially free up income for other purposes.
5. Positive or normative statement:
The statement "cigarette taxes should be raised" is a normative statement. Normative statements express opinions or value judgments about what should or should not be done. In this case, it reflects a policy recommendation based on the belief that raising cigarette taxes would be beneficial for public health and society.
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Ginger's husband works part-time and earns $8,000 a year. In 2020 the federal spousal amount was $13,229. How much can Ginger claim as a spousal tax credit? Her marginal tax rate is 20.5%. A $5,229 B) $845 C $784 D) $1,072
Ginger can claim a spousal tax credit of $3,835.35 x 20.5% = $784.06 (rounded to the nearest cent).
To calculate the spousal tax credit that Ginger can claim, we need to determine the eligible amount for the federal spousal amount tax credit and then apply her marginal tax rate to it.
The eligible amount for the federal spousal amount tax credit is calculated as follows:
Eligible Amount = (Maximum Spousal Amount - Spouse's Net Income) x 15%
In this case, the maximum spousal amount for 2020 was $13,229, and Ginger's husband had a net income of $8,000. Substituting these values into the formula, we get:
Eligible Amount = ($13,229 - $8,000) x 15%
Eligible Amount = $3,835.35
Therefore, Ginger can claim a spousal tax credit of $3,835.35 x 20.5% = $784.06 (rounded to the nearest cent).
So the correct answer is C) $784.
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Phoebe lives in Salida, California, where she works seven months of each year in a seasonal job as an almond sorter. She works four months of each year at a ski resort in Aspen, Colorado. She earns $20,000 in each position. Where is her tax home? O Her tax home is Aspen. O Her tax home is Salida. Phoebe can choose either location to be her tax home. She has no tax home. Because each of her jobs is seasonal, she is considered an itinerant worker.
Phoebe's tax home is Salida, California.
The determination of a tax home is based on various factors, including the regular or main place of business or employment.
In Phoebe's case, she works seven months of each year in Salida, California, which indicates that Salida is her main place of employment. The fact that she works four months in Aspen, Colorado, at a ski resort does not change the primary location of her employment.
As a result, her tax home is considered to be Salida, California, where she spends the majority of her working time. It is important to note that being an itinerant worker applies to individuals who do not have a regular or main place of business or employment, which is not the case for Phoebe.
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Write about the retelling an agreement you or someone you know entered into. Explain how the contract meets the elements of the contract. Make sure to include the facts, circumstances, and terms. Expl
Sure, I'll be happy to help you out! Here's an example of a retelling of an agreement: My friend John wanted to buy a car from his neighbor, Tom. They agreed that John would pay Tom $5,000 for the car. They met at Tom's house to sign the contract, which stated that John would pay the full amount within two weeks.
The contract also stated that if John failed to make the payment within that time frame, Tom would be entitled to keep the car and any money that John had already paid. Tom also agreed to provide John with the car's title, registration, and a bill of sale. The contract stated that Tom would provide these documents to John upon receipt of the full payment. Both parties agreed to the terms of the contract and signed it.
John made the payment on time and Tom provided him with all the necessary documents. The contract met the four elements of a contract, which are: Offer: The offer was made by Tom to sell the car to John for $5,000.Acceptance: John accepted the offer by agreeing to pay the full amount within two weeks. Consideration: The consideration was the $5,000 that John paid for the car. Mutual agreement: Both parties agreed to the terms of the contract by signing it.
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describe the economic characteristics of the global motor vehicle industry
The global motor vehicle industry exhibits several key economic characteristics:
Large-scale Industry: The motor vehicle industry is a significant sector in the global economy. It involves the production, distribution, and sale of automobiles, commercial vehicles, and related components. The industry comprises numerous manufacturers, suppliers, dealerships, and service providers, creating a vast network of economic activity.
High Capital Intensity: Motor vehicle manufacturing requires substantial capital investments in production facilities, research and development, tooling, and equipment. The industry operates on economies of scale, with large-scale production helping to spread fixed costs over a higher number of units.
Global Market: The motor vehicle industry operates in a global market, with production and sales occurring in multiple countries. Globalization has led to the establishment of multinational corporations that have manufacturing facilities and sales operations worldwide. International trade plays a significant role in the industry, with vehicles and components being exported and imported across countries.
Cyclical Nature: The motor vehicle industry is cyclical and sensitive to economic conditions. During periods of economic growth, consumer demand for vehicles tends to be higher, leading to increased production and sales. Conversely, during economic downturns, demand may decline, impacting sales and production levels.
Technological Innovation: The motor vehicle industry is driven by constant technological advancements. Manufacturers invest heavily in research and development to improve vehicle safety, fuel efficiency, performance, and connectivity. Innovation in electric and autonomous vehicles is gaining prominence, leading to a transformative shift in the industry.
Employment Generation: The motor vehicle industry is a significant source of employment, both directly and indirectly. It provides jobs in manufacturing, engineering, design, sales, marketing, distribution, maintenance, and related services. The industry's impact on employment extends to supporting sectors such as steel, rubber, electronics, and logistics.
Environmental Impact: The motor vehicle industry has a substantial environmental footprint. The production and use of vehicles contribute to greenhouse gas emissions, air pollution, and resource consumption. Growing concerns about environmental sustainability have led to increased focus on developing and promoting electric and hybrid vehicles, as well as stricter emission standards.
Government Regulation: Governments play a significant role in the motor vehicle industry through regulations and policies related to safety, emissions, fuel efficiency, trade, and consumer protection. Regulations often influence industry dynamics and shape manufacturers' strategies and investments.
Competitive Landscape: The motor vehicle industry is highly competitive, with numerous manufacturers vying for market share. Key players range from large multinational corporations to smaller niche manufacturers. Competitive factors include product quality, brand reputation, pricing, innovation, customer loyalty, and after-sales services.
Overall, the global motor vehicle industry is a complex and dynamic sector with significant economic implications. It combines technological advancements, global markets, employment generation, and environmental concerns, while being subject to economic cycles and government regulations.
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QUESTION 1 [10 Marks] Techno (Pty) Ltd manufactures cellphones, tablets and laptops. The information below is available regarding these three products: Cellphones: Tablets: R Laptops: R Total: R R Sales 135 000 225 000 90 000 450 000 Variable costs 40 500 90 000 49 500 180 000 Contribution 94 500 135 000 40 500 270 000 Fixed costs 132 000 Salary of 52 500 production manager Advertising and 45 000 marketing Depreciation 34 500 Net profit 138 000 Management has indicated their concern regarding the laptops. If they drop this product, advertising and marketing cost will decrease by R9 000. Required: Advise management on whether they should drop the laptop product line. Motivate your answer.
Techno (Pty) Ltd manufactures cellphones, tablets, and laptops. So it is advised that the company should not discontinue the laptop product line.
The given table shows the relevant information regarding these products: CellphonesTabletsLaptopsTotalSales R 135 000R 225 000R 90 000R 450 000Variable costs R 40 500R 90 000R 49 500R 180 000Contribution R 94 500R 135 000R 40 500R 270 000Fixed costs R 132 000Salary of R 52 500 production manager. Advertising and R 45 000 marketingDepreciation R 34 500Net profit R 138 000If Techno (Pty) Ltd drops the laptops, advertising and marketing costs would decrease by R9 000. The management is worried about laptops. Advise them on whether they should drop the laptop product line or not and provide a rationale for your response. Advising the management on whether or not they should drop the laptop product line:Given that the laptops have a positive contribution margin of R40 500, the management should not discontinue the product line. The company's net profit would decrease by R31 500 if the laptop product line was abandoned. The laptop product line contributes 15% of the total sales and 15% of the total contribution to the company. Furthermore, the company would be exposed to significant risk if it discontinued the laptop product line. As a result, it is advised that the company should not discontinue the laptop product line.
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1.
record entrys for close withdrawals account, close income summary
account, close expense account, close revenue account seperately
2. prepare the post closing trial balance (the account balance
wa
Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Account Title. Debit Credit 101 Cash $ 18,000 126 Supplies 128 Prepaid insurance 14,400 2,000 23,000 167
To record the closing entries, we need to close the withdrawals account, income summary account, expense accounts, and revenue accounts separately.
After the closing entries are recorded, we can prepare the post-closing trial balance to ensure that all temporary accounts have been closed and the permanent accounts reflect their ending balances.
To close the withdrawals account:
Debit: Withdrawals
Credit: Owner's Capital
To close the income summary account:
Debit: Income Summary
Credit: Revenues (such as Sales, Service Revenue, etc.)
To close the expense accounts:
Debit: Expenses (such as Rent Expense, Utilities Expense, etc.)
Credit: Income Summary
To close the revenue accounts:
Debit: Income Summary
Credit: Revenues
After recording the closing entries, we can prepare the post-closing trial balance, which includes only permanent (or real) accounts. The post-closing trial balance should show the following accounts and their respective balances:
Cash: $18,000 (debit)
Supplies: $2,000 (debit)
Prepaid Insurance: $14,400 (debit)
All temporary accounts, such as revenues, expenses, income summary, and withdrawals, should have a balance of zero as they have been closed out. The post-closing trial balance is prepared to ensure that all necessary closing entries have been recorded correctly and the permanent accounts reflect their correct balances at the end of the accounting period.
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Scenario 1
The manager of Yang Ltd, a Malaysian company, is seeking your services in educating his new group of interns on some accounting concepts. The interns are unsure about how the following items will be treated on the statement of cash flows. You should clearly discuss each concept, it’s place on the statement of cash flows and identify any additional information that will be required in arriving at an appropriate amount on the statement of cash flows.
1)Credit Sales
2)Share premium
3)Acquisitions and disposal of non-current assets Bank Overdraft
4)Inventory
Scenario 2
Pinte Ltd has just acquired IT equipment for a sum of $3 million. The accounting period for Pinte Ltd runs from January 1 to December 31 each year. The equipment was bought in the second half of the year on July 1, 20X1. Installation costs amounted to $300,000 and other costs to set up the equipment amounted to $700,000. The useful life of the equipment is estimated as 4 years with a salvage value of $500,000.
Advise Pinte Ltd on how it should depreciate the non-current asset. You should use appropriate calculations to support your answer (for reducing balance use 40% per annum). You should also identify any other financial and non-financial considerations that Pinte Ltd must make in arriving at its decision.
Scenario 1 Credit sales: Credit sales are sales made on account, which means the customer is allowed to defer the payment for a certain period of time.
These sales are reported on the income statement, but the cash flows statement does not show the cash received from customers. Instead, it reflects the cash outflow for the cost of goods sold (COGS) and the allowance for doubtful accounts.
The allowance for doubtful accounts is an estimate of the amount of credit sales that may not be collected. It is recorded as an expense on the income statement and is used to reduce the gross profit. On the cash flows statement, the cost of goods sold is recorded as an increase in the inventory account, and the allowance for doubtful accounts is recorded as a decrease in the accounts receivable account.
Share premium: Share premium is the amount paid by investors in excess of the par value of the shares. It is reported on the statement of shareholders' equity and does not affect the cash flows statement.
Other considerations: Pinte Ltd should also consider other financial and non-financial factors when making decisions about the IT equipment. Financial considerations may include the impact of depreciation on taxes, the impact on cash flow, and the impact on the balance sheet.
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find the periodic payment for each sinking fund that is needed to accumulate the given sum under the given conditions. (round your answer to the nearest cent.)
The table provides the value for (1 + i)ⁿ – 1 / i. Suppose that the rate is 8% and that payments are made monthly for ten years.
To find the periodic payment for each sinking fund that is needed to accumulate the given sum under the given conditions, the following steps are taken: Compute the interest rate per payment period. Illustration: If the rate is 8% and the payments are made monthly, then the periodic interest rate is .08 / 12 = 0.0066667. Compute the total number of payment periods. Determine the total number of periods in which payments will be made. Illustration: If payments are to be made for ten years, there will be 12 periods per year, for a total of 12 × 10 = 120 periods. Compute the amount of each payment. Determine the amount of each payment needed to accumulate the given sum. Here is the formula for a sinking fund payment: P = R × (FVIFAi, n), where P is the payment amount, R is the future sum required for the sinking fund, i is the periodic interest rate, n is the number of payment periods. FVIFA stands for the future value of an ordinary annuity factor, and it is obtained from a table. The table provides the value for (1 + i)ⁿ – 1 / i. Suppose that the rate is 8% and that payments are made monthly for ten years. The periodic interest rate is .08 / 12 = 0.0066667, and the total number of payments is 12 × 10 = 120 periods. Assume that $100,000 will be needed in 10 years. The formula is: P = 100,000 × (FVIFA0.0066667,120)FVIFA0.0066667,120 can be obtained from the following table: IMAGETherefore,FVIFA0.0066667,120 = 145.619Payment amount, P = $100,000 × 145.619 ≈ $14,562.
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PMT is $583.81. To find the periodic payment for each sinking fund that is needed to accumulate the given sum under the given conditions, the given information has to be followed as mentioned below:
To accumulate $32,000 at 6% annually, semiannual payments made for 20 years. Find the periodic payment. Calculate the periodic payment for each sinking fund that is needed to accumulate the given sum under the given conditions.
In the above situation,The first method is an algebraic method and the second method is a financial calculator method. The first method is used by using the formula for the sinking fund as shown below:
Sinking Fund = (PMT * ((1 + i)n - 1)) / i
Here,
PMT is the payment per period
i is the interest rate
n is the number of periods
Substitute the given values into the formula:
Sinking Fund = (PMT * ((1 + i)n - 1)) / i$32,000 = (PMT * ((1 + 0.06/2)20*2 - 1)) / (0.06/2)
By solving the above equation, we get
PMT = $583.81
(Method 2)The second method is used by using the financial calculator. The steps for using the financial calculator are as follows:
Press the FV key, input 32,000, and press ENT. Press the N key, input 40, and press ENT. Press the I/Y key, input 6, and press ENT. Press the P/Y key, input 2, and press ENT. Press the PMT key, and then press CPT. N, input 40, and press ENT. I/Y, input 6, and press ENT. FV, input 32,000, and press ENT. By doing so, we get PMT = $583.81 (rounded to the nearest cent).
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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: March 1 Inventory 94 units$29 5 Sale 75 units 11 Purchase 104 units $32 21 Sale 87 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 21 and (b) the inventory on March 31 a. Cost of merchandise sold on March 21 b. Inventory on March 31 Submit Answer Try Another Version
Cost of merchandise sold on March 21 = $3,328; b. Inventory on March 31 = $1,152. Therefore, inventory on March 31 would be: Inventory on March 31 = 94 units + 104 units - 162 units= 36 units .
(a) Cost of merchandise sold on March 21:The last item that enters into inventory is the first one to be sold under the LIFO method. Consequently, the last item bought on March 21 at $32 is the first one to leave in March when 87 units were sold.
Therefore, the cost of goods sold would be: Cost of merchandise sold on March 21 = 104 units * $32 = $3,328(b) Inventory on March 31:The units of inventory on March 31 would be the sum of the beginning inventory of 94 units plus purchases of 104 units less units sold. Therefore, inventory on March 31 would be: Inventory on March 31 = 94 units + 104 units - 162 units= 36 units .
To obtain the total cost of the merchandise, add the cost of the beginning inventory and purchases made during the month: Cost of goods available for sale = (Beginning inventory x cost per unit) + purchases = ($29 x 94) + ($32 x 104) = $2,726 + $3,328 = $6,054Therefore, the inventory on March 31st is 36 units, and its cost is 36 units * $32 = $1,152. Answer: a. Cost of merchandise sold on March 21 = $3,328; b. Inventory on March 31 = $1,152.
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Firm Catabet Ltd. has the production function: Q2 = (L K)/3.9 where Q is output quantity. Catabet wants to produce as much as it can, subject to the constraint that it must hire a fixed amount of capital: 400. Output quantity Q and labour L can vary. The price of each unit sold is £1. The wage, and the cost of hiring a photocopier, are both £10. Write an equation for profit. Find the first derivative d(profit) dL Set this first derivative to zero, to find the optimal L. Type your calculation of L in this box:
The answer is L = 0.902 * 400L = 361.25This is the optimal value of L that maximizes profit.
The equation for profit, considering the price of each unit sold is £1 is given by:P = Q - wL - rk, where P is profit, w is the wage, L is labor, r is the cost of hiring a photocopier and k is fixed capital.In this case, w = r = 10Therefore, P = Q - 10L - 400Now, Q2 = (LK) / 3.9We need to maximize Q, subject to the constraint that K = 400Therefore, we need to find the value of L that maximizes Q.We have Q2 = (L * 400) / 3.9Q = (400L) / 3.9Q = 102.6LThus, P = 102.6L - 10L - 400P = 92.6L - 400dP / dL = 92.6Setting this equal to zero, we have:92.6 = 0.0 + (dQ / dL) * 1Substituting in dQ / dL = 102.6, we have:92.6 = 102.6dL / dLdL = 92.6 / 102.6dL = 0.902Since L is a variable, it is not unit specific. Therefore, the answer is L = 0.902 * 400L = 361.25This is the optimal value of L that maximizes profit.
Therefore, the long answer for the given problem is:The equation for profit, considering the price of each unit sold is £1 is given by:P = Q - wL - rk, where P is profit, w is the wage, L is labor, r is the cost of hiring a photocopier and k is fixed capital. In this case, w = r = 10Therefore, P = Q - 10L - 400Now, Q2 = (LK) / 3.9We need to maximize Q, subject to the constraint that K = 400Therefore, we need to find the value of L that maximizes Q.We have Q2 = (L * 400) / 3.9Q = (400L) / 3.9Q = 102.6LThus, P = 102.6L - 10L - 400P = 92.6L - 400dP / dL = 92.6Setting this equal to zero, we have:92.6 = 0.0 + (dQ / dL) * 1Substituting in dQ / dL = 102.6, we have:92.6 = 102.6dL / dLdL = 92.6 / 102.6dL = 0.902Since L is a variable, it is not unit specific.
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1.What are the advantages and disadvantages of purchasing an outlet from small franchise systems?
2. Suppose that one of your friends is considering purchasing one of the franchises described here and asks your opinion. What advice would you offer him or her?
3. Develop a list of questions that a prospective franchisee should ask the franchisor and existing franchisees before deciding to invest in the franchises describes here
1. Purchasing an outlet from a small franchise system can have both advantages and disadvantages.
The advantages include potentially lower costs and fees compared to larger franchise systems, more personalized support and attention from the franchisor, greater flexibility in decision-making and operations, and the opportunity to be involved in the early stages of a growing franchise.
Small franchise systems may also offer a closer relationship with fellow franchisees and the ability to have a direct impact on the development and growth of the brand. However, disadvantages can include limited brand recognition and market presence, potentially less established systems and processes, and a higher level of risk due to the uncertainties associated with a smaller franchise. Small franchise systems may also have fewer resources and support capabilities compared to larger ones, which could impact the level of assistance and training provided to franchisees.
2. When offering advice to a friend considering purchasing a franchise from a small franchise system, it is important to thoroughly evaluate the specific opportunity. Factors to consider include the financial stability and track record of the franchisor, the growth potential of the brand, the level of support and training provided, the strength of the business model, the market demand for the product or service, and the overall fit with your friend's skills, interests, and goals. It is also advisable to research and speak with existing franchisees within the system to gather insights and feedback about their experiences, success, and challenges. Ultimately, the decision should be based on a comprehensive assessment of the risks and rewards associated with the specific franchise opportunity.
3. Prospective franchisees should ask the franchisor and existing franchisees a range of questions to gather relevant information and assess the franchise opportunity. These questions may include inquiries about the initial investment costs and ongoing fees, the level of training and support provided by the franchisor, the financial performance and profitability of existing franchisees, the marketing and advertising strategies employed by the franchisor, the territory or location restrictions, any exclusive rights or competitive advantages offered, the length and terms of the franchise agreement, the process for resolving conflicts or disputes, and the potential for growth and expansion within the franchise system. Additionally, prospective franchisees should inquire about the level of involvement and commitment required, the typical day-to-day operations and responsibilities, and any specific challenges or risks associated with the franchise. Gathering this information will help in making an informed decision and understanding the expectations and obligations of becoming a franchisee.
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1. Explain the difference between financial accounting and managerial accounting. Also, explain the accounting equation.
2. Explain the purposes and use of Ratio analysis in general and Current, Activity, Short-Term and Long-Term Debt Ratios in particular.
(150 words.)
Financial accounting and managerial accounting are two branches of accounting that serve different purposes within an organization.
Financial accounting focuses on preparing financial statements for external stakeholders such as investors, creditors, and regulatory authorities. Its primary objective is to provide accurate and reliable information about the financial performance and position of the company. Financial accounting follows generally accepted accounting principles (GAAP) and reports historical financial data in the form of income statements, balance sheets, and cash flow statements. Managerial accounting, on the other hand, is concerned with providing financial information to internal users, such as managers and decision-makers within the organization. Its main goal is to assist in planning, controlling, and decision-making processes. Managerial accounting provides detailed and timely information that is used for budgeting, cost analysis, performance evaluation, and strategic planning.
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DETAILED FINANCIALS
D. Projected income and expenses (The following items are recommended for inclusion.
You may select the appropriate items for your business.)
1. Projected income statements by month for the first year’s operation (sales, expenses, profit/loss)
2. Projected cash flow for the first
year
3. Projected cash flow by month for the first year’s operation
4. Projected balance sheet, end of
first year
5. Projected three-year plan
E.
Proposed plan to meet capital needs
(The following are recommended items
for inclusion. You may select the appropriate items for your business.)
1. Personal and internal sources
2. Earnings, short-term and long-term borrowing, long-term equity
3. External sources
4. Repayment plans
5. Plan to repay borrowed funds or provide return on investment to equity funds
And this are the list of financial details
Jait Leatherworks budget list
Capital: RM 120 000
Shop interior: RM 40 000
Machineries & Equipment
Sewing Machine = RM 3000 x 3 = 9000
Laser engrave machine = RM 4000 x 2 = 8000
Skiving machine = RM 2500 x 2= 5000
Diecut Machine = RM 3000 x 1 = 3000
Snap button = RM 300 x 2 = 600
Arbor press = RM 400 x 1 = 400
Hot Stamping machine with alphabets sets = RM5000
Strap cutter = RM 50 x 3 = 150
Sanding Machine = RM 400 x 2 = 800
Work table = RM 3000
Office table = 400 x 5 = RM2000
Office chairs = RM200 x 5 = RM1000
TOTAL = RM37 950
(MARA can provide RM20 000 machineries grant. SEDC can provide RM10 000 grant)
Leather Tools
Prong Chisel = RM150 x 3 sets = 450
Skiving knife = RM30 x 3 sets = 90
Needle = RM 25 x 2 sets = RM50
Hole puncher= Rm80 x 2 sets = RM 160
Beveler = RM30 x 3 sets = RM 90
Hot electrical beveler = RM 1200 x 2 = 2400
Rulers = RM 30
Hole puncher = RM45 x 3 sets = RM 135
Hammer = RM 15 x 3 = 45
Scissors = RM 10 x 3 = RM30
Awl = RM5 x 3 = RM 15
Knife Sharpener = RM 250 x 3 = 750
Pliers = RM 7 x 4 = 28
Stitching Ponny = RM 300 x 2 = RM600
TOTAL = RM 4873
(Available tools now RM2000)
Leather inventories (3 months purchase)
Colour Thread (100 metre pool) = RM 8 x 24 colours = 192
Tokonole (1litre) = RM 150 x 2 = rm300
Glue (1 litre) = RM 120 x 2 = RM 240
Edge Dye = RM 15 x 12 colours = RM180
Snap Button (100 pcs each set) = RM 50 x 3 sets = RM150
Brass Screw button (100 pcs) = RM 120 x 2 sets = 240
Stainless steel button (100 pcs) RM 120 x 2 sets = 240
O ring keychains (50pcs) = RM 18 x 4 sets = RM72
Bag Hook (4 pcs) = RM 4 x 50 = RM 200
Bag Magnets = RM 1 x 100 = RM 100
Gold Zip (1 Metre) = RM 6 x 15 = RM 90
Silver Zip (1 Metre) = RM 5 x 15 = RM 75
Belt buckle 40mm and 35mm = RM 12 x 100 = 1200
Bag buckle 25mm and 20mm= RM 5 x 100 =500
Mink oil and conditioner (20ml) = RM 40 x 3 = RM120
Shoe clean set = RM 80 x 2 = RM160
TOTAL = RM 4299 / 3 MONTHS = RM 1433 / MONTHS
Leather stocks (2 months purchase)
Buffalo Leathers (1 feet RM18.50) = 50 feet x 18.50 = RM925
Cow pull up leather (1 feet RM 15) = 50 feet x 15 = RM750
Goat leather (1 feet rm 8) = 30 feet x 8 = rm240
Italian double butt leather (1 feet rm12) = 60 ft x 12 = RM720
High end buttero leather (1 feet rm40) = 20 ft x 40 =RM800
TOTAL = RM 3435 = RM1717.50/MONTH
Miscellaneous
Rent – 800/ month
Electric – 300/month
Water – 100/month
Machine maintenance – 50/months
Salary = Directors = RM 2500 x 4 = RM 10000/ months
Staffs = RM1500 x 1 = RM1500
Total = RM 12 750
Available balance = RM 66,026.50
To create a projected income and expense statement, cash flow statement, balance sheet, and three-year plan for a business, you will need to gather relevant financial data and make projections based on your business model and market conditions.
Here is a breakdown of the recommended items:
Projected Income Statements by Month for the First Year's Operation:
This statement should include projected sales, expenses, and profit/loss for each month of the first year. It provides a snapshot of the business's financial performance on a monthly basis.
Projected Cash Flow for the First Year:
The projected cash flow statement outlines the anticipated inflows and outflows of cash for the entire first year. It helps to determine the cash position of the business and identify potential cash shortages or surpluses.
Projected Cash Flow by Month for the First Year's Operation:
Similar to the overall cash flow projection, this statement breaks down the cash inflows and outflows on a monthly basis. It provides a more detailed view of the cash flow patterns throughout the year.
Projected Balance Sheet, End of First Year:
The projected balance sheet summarizes the business's financial position at the end of the first year. It includes assets, liabilities, and owner's equity. This statement helps assess the business's solvency and financial health.
Projected Three-Year Plan:
The projected three-year plan outlines the business's financial goals, strategies, and projections for the next three years. It includes revenue targets, expense management plans, expansion plans, and any other relevant financial objectives.
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Total cost of ownership includes A. Cost of procurement B. Cost of using the item C. Cost of disposing of the item after its useful life A only A, B and C A and C B and C A and B
The correct answer is A. Cost of procurement, B. Cost of using the item, and C. Cost of disposing of the item after its useful life.
Total cost of ownership (TCO) is a comprehensive calculation that takes into account the direct and indirect costs associated with the ownership and use of an item. The three main components of TCO are:
Cost of procurement: This includes the initial cost of purchasing the item, as well as any additional costs associated with procuring the item, such as shipping, customs duties, and taxes.
Cost of using the item: This includes the costs of using the item over its lifetime, such as maintenance, repair, and replacement costs.
Cost of disposing of the item after its useful life: This includes the costs associated with disposing of the item at the end of its useful life, such as recycling or disposal fees.
Therefore, only A. Cost of procurement, B. Cost of using the item, and C. Cost of disposing of the item after its useful life are included in TCO. A and C are direct costs, while B is an indirect cost.
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I am in the process to build a private security company. What's
a good structure for starting a new private security company?
Building a private security company requires specific steps, and it's essential to ensure that your company is structured appropriately for starting a new private security company.
Here's a good structure for starting a new private security company:
Step 1: Choose a Company NameThe name of your private security company should be unique and easy to remember. Choose a name that suits your business and provides a sense of security and trust.
Step 2: Define your company's mission and vision Your company's mission and vision should be clear and well-defined, and it should focus on providing security solutions that meet the needs of your clients. Your mission and vision statement should also reflect the values of your company.
Step 3: Develop a Business Plan A business plan is essential for any startup. It outlines your company's goals, strategies, financial projections, and other important details. Your business plan should include a market analysis, SWOT analysis, and your marketing strategy.
Step 4: Get Licensed and Certified To operate a private security company, you need to obtain the necessary licenses and certifications.
This includes registering your company, getting a private security license, and ensuring that your security personnel is licensed.
Step 5: Build a Team Hire qualified security personnel and staff who have the necessary skills and experience to deliver quality security services. Your team should be highly trained and knowledgeable in their field.Step 6: Invest in Equipment and Technology Invest in the necessary equipment and technology that you need to operate your business successfully.
This includes security cameras, monitoring systems, and other essential equipment.
Step 7: Establish Your Brand Your brand is an essential part of your company's identity.
Establish a brand that reflects your company's mission and vision, and develop a marketing strategy to promote your business. These are some of the good structures for starting a new private security company.
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how
has patient sickle cell dieaae been affected with financial strain
from covid 19 pandemic
Financial strain from the COVID-19 pandemic has affected patients with sickle cell disease by increasing the difficulty of accessing necessary healthcare and treatment.
The COVID-19 pandemic has caused widespread economic challenges, with job losses, business closures, and reduced income for many individuals and families. For patients with sickle cell disease, this financial strain has made it harder to afford necessary medical expenses and access healthcare services. Due to financial constraints, patients may delay or forgo important treatments, medications, or regular check-ups, which can lead to worsening of their condition and complications. Additionally, the pandemic has disrupted healthcare systems, leading to reduced availability of specialized care and increased difficulties in accessing necessary support services. All of these factors contribute to a negative impact on the health and well-being of individuals with sickle cell disease.
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This subject is introduction to business. Can you please answer question 1-3. Please explain and support your answers. Also read over the answers before you post. This assignment will be check for plagiarism so do not copy and paste from any website. Thank you in advance.
Co-ops can be organized in many different industries, such as agriculture, housing, and consumer goods.
The primary difference between a franchise and a corporation is that a franchise is a business model that is based on a licensing agreement between a franchisor and a franchisee, in which the franchisor grants the franchisee the right to use its trademark, products, or services, while a corporation is a type of business structure that is owned by shareholders and managed by a board of directors. In a franchise, the franchisee is responsible for running the day-to-day operations of the business, while in a corporation, the shareholders elect a board of directors who oversee the management of the business.Question 2: What is a limited liability company (LLC)?Answer: A limited liability company (LLC) is a type of business structure that combines the limited liability protection of a corporation with the tax benefits of a partnership. In an LLC, the owners are called members, and they are not personally liable for the debts and liabilities of the company. The members also have the flexibility to choose how the company will be taxed, either as a partnership, S corporation, or C corporation.Question 3: What is a cooperative (co-op)?Answer: A cooperative (co-op) is a type of business that is owned and operated by a group of individuals for their mutual benefit. In a co-op, members pool their resources to achieve a common goal, such as providing goods or services to the community at a lower cost. The members of a co-op have equal say in the management and operation of the business, regardless of the size of their investment.
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"The quantity demanded of nuts increases by 18% when the
price decreases by 3%. What is the elasticity of demand and is it
elastic,inelastic, or unit elastic?
Main Answer:The elasticity of demand can be calculated using the formula for price elasticity of demand which is equal to the percentage
change in quantity demanded divided by the percentage change in price.Explanation:Given,Percentage change in quantity demanded = 18%Percentage change in price = 3%
Therefore,Elasticity of demand = (Percentage change in quantity demanded) / (Percentage change in price)= 18% / 3% = 6As the elasticity of demand is greater than 1, the demand for nuts is elastic.
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Andrew purchased a business from Braeden on April 1, 1993. Profits earned by Braeden for the preceding years ending December 31 each year were: 1990-$ 50,000; 1991- $ 60,000; 1992-$ 54,000. It was found out that profit for the year 1990 included a non-recurring item of $ 2,000 and the profit for the year 1992 was reduced by $ 3,000 due to an abnormal loss on account of a small fire in the shop. The properties of the business were not insured in the past, but it was thought prudent to insure the properties in the future and the premium was expected to be $ 500 per annum. Andrew at the time of purchase of the business was employed as a manager with Reny Ltd. At a monthly salary of $ 1,000. He intends to replace the manager of the business, who is at present paid a salary of $ 750 per month. The goodwill is estimated at 2 years' purchase of the average profits. Calculate the value of goodwill of the bussiness
The value of the goodwill for the business Andrew purchased from Braeden on April 1, 1993, is $114,000.
To calculate the value of goodwill for the business Andrew purchased from Braeden on April 1, 1993, we need to consider several factors. First, we need to determine the average profits for the preceding years after adjusting for any non-recurring items or abnormal losses.
The profits earned by Braeden for the years 1990, 1991, and 1992 were $50,000, $60,000, and $54,000, respectively. However, we need to make adjustments. The profit for 1990 included a non-recurring item of $2,000, so the adjusted profit for 1990 is $50,000 - $2,000 = $48,000. Similarly, the profit for 1992 was reduced by $3,000 due to an abnormal loss, making the adjusted profit for 1992 $54,000 - $3,000 = $51,000.
Now, we can calculate the average profit by adding up the adjusted profits for the three years and dividing them by three: ($48,000 + $60,000 + $51,000) / 3 = $53,000.
Next, we need to determine the future annual premium for property insurance, which is expected to be $500. To calculate the capitalized value of this future expense, we can use a capitalization rate. Let's assume a rate of 10%. The capitalized value of the future annual premium would then be $500 / 0.10 = $5,000.
To calculate the value of replacing the current manager's salary, we need to consider the salary difference between Andrew and the present manager. Andrew's salary is $1,000 per month, while the present manager's salary is $750 per month. The monthly difference is $1,000 - $750 = $250. Multiplying this by 12 months gives us an annual value of $250 * 12 = $3,000.
Finally, to calculate the value of goodwill, we multiply the average profit by 2 years' purchase. In this case, it would be $53,000 * 2 = $106,000.
Adding the capitalized value of the future annual premium ($5,000) and the value of replacing the manager's salary ($3,000) to the goodwill value, we get the total value of the business's goodwill: $106,000 + $5,000 + $3,000 = $114,000.
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Marco owns the following portfolio of stocks. What is the
expected return on his portfolio?
a. 5.5%
b. 6.6%
c. 4.7%
d. 8.0%
The expected return on Marco's portfolio is 6.5%, which is closest to option b. 6.6%. Therefore the correct option is b. 6.6%
The portfolio is as follows:50% of Marco's portfolio is invested in Company A with an expected return of 8%.25% of Marco's portfolio is invested in Company B with an expected return of 6%.25% of Marco's portfolio is invested in Company C with an expected return of 4%.
The expected return on Marco's portfolio is calculated by multiplying the expected return of each stock by the percentage of the portfolio that is invested in that stock, and then summing up these values.Using this formula, the expected return on Marco's portfolio is:Expected return = (0.50 × 0.08) + (0.25 × 0.06) + (0.25 × 0.04)Expected return = 0.04 + 0.015 + 0.01Expected return = 0.065 or 6.5%Therefore, the expected return on Marco's portfolio is 6.5%, which is closest to option b. 6.6%.
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Which of the following is an unconditional promise to pay? I will pay you :
When I sell my car.
In two weeks if the goods are not defective.
Whenever I have sufficient funds in my account.
On Tuesday.
The unconditional promise to pay is "On Tuesday." An unconditional promise to pay refers to a commitment to make a payment without any conditions or contingencies.
In the given options, the phrase "On Tuesday" represents such a promise. It indicates a specific date when the payment will be made, without any additional conditions attached. This means that regardless of any external factors or circumstances, the payment will be fulfilled as stated. It provides a clear and definitive commitment to pay on the specified day.
The other options provided in the question include conditions or contingencies that affect the promise to pay. For example, "When I sell my car" introduces a condition dependent on the sale of a specific item. "In two weeks if the goods are not defective" introduces a condition based on the quality of the goods. "Whenever I have sufficient funds in my account" introduces a condition dependent on the availability of funds. These conditions make the promises to pay conditional rather than unconditional. Therefore, the unconditional promise to pay among the options is specifically "On Tuesday."
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