Ms. Liebeck filed a lawsuit against McDonald's in 1994 for serving coffee that was too hot and causing severe burns to her body, which was a well-known case that brought international attention to McDonald's corporation.
Liebeck, a 79-year-old woman, was in the car with her grandson when the incident occurred in the drive-thru lane. Liebeck purchased coffee from McDonald's, which she spilled on her lap, causing severe burns. She filed a lawsuit against McDonald's Corporation after her initial settlement demands were refused. Liebeck originally sought to reach a settlement with McDonald's restaurant chain, but they declined her requests.
She had sustained second- and third-degree burns on her thighs, buttocks, and genitals from the coffee, which was served at a temperature of 180-190 degrees Fahrenheit. McDonald's coffee was served at 30 degrees hotter than the standard, according to the plaintiff. They kept their coffee hotter than many of their competitors. McDonald's company denied any responsibility for her injuries, claiming that Liebeck spilled the coffee on herself.
Liebeck's legal team presented evidence that McDonald's was aware of the dangers of its hot coffee and that it had been responsible for other burn injuries in the past. The jury awarded her $200,000 in compensatory damages and $2.7 million in punitive damages, which the trial court subsequently lowered to $480,000.
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a scatter plot is a personnel forecasting method that analyzes a firm's past employment needs to predict future needs
FALSE. A scatter plot is not a personnel forecasting method. It is a graphical tool used to visualize the relationship between two variables.
It displays data points as individual dots on a graph, with each dot representing the value of the two variables for a particular observation. Scatter plots are commonly used to identify patterns, trends, or correlations between variables, but they are not specifically designed for personnel forecasting. Personnel forecasting methods typically involve analyzing various factors such as historical employment data, future business plans, market trends, and workforce demographics to predict future personnel needs. Some common personnel forecasting methods include trend analysis, ratio analysis, workforce modeling, and expert judgment.
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Using the following information: a. The bank statement balance is $3,350. b. The cash account balance is $3,646. c. Outstanding checks amounted to $655. d. Deposits in transit are $794. e. The bank service charge is $148. f. A check for $74 for supplies was recorded as $65 in the ledger. Prepare a bank reconciliation for Miller Co. for August 31. Miller Co. Bank Reconciliation August 31 Cash balance according to bank statement Adjustments: Total adjustments Adjusted balance Cash balance according to company's records Adjustments: Total adjustments Adjusted balance
The bank statement balance is $3,350. Next, we need to consider the adjustments. There are two adjustments we need to make: outstanding checks and deposits in transit.
Outstanding checks are checks that have been issued by the company but have not yet cleared the bank. According to the information given, the outstanding checks amount to $655. Deposits in transit are deposits that have been made by the company but have not yet been recorded by the bank. According to the information given, the deposits in transit amount to $794.
Adjusted balance = Cash balance
according to bank statement - Outstanding checks + Deposits in transit Adjusted balance = $3,350 - $655 + $794.
\Now, let's move on to the cash balance according to the company's records. According to the information given, the cash account balance is $3,646.
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According to Noble INC.'s balance sheet as of Dec. 2021, the company has $941,000 in Current Assets and $422,000 in Current Liabilities. The company's quick ratio is 0.8. Calculate the company's inventories as of Dec. 2021. (Round to the nearest dollar)
The quick ratio is one of the most critical liquidity ratios that assesses a company's capacity to pay its obligations from cash or cash equivalents that can be readily converted into cash.
In this case, a ratio of 0.8 indicates that the firm has less current assets than current liabilities.
The formula for calculating the quick ratio is: Quick ratio
= (Cash and Cash Equivalents + Marketable Securities + Accounts Receivable) / Current Liabilities Calculation of the quick ratio: Quick ratio = Current Assets – Inventories / Current Liabilities The firm's quick ratio is given as 0.8, thus:0.8 = $941,000 – Inventories / $422,0000.8 × $422,000
= $941,000 – Inventories$337,600
= $941,000 – Inventories Inventories
= $941,000 – $337,600Inventories
= $603,400 Therefore, the value of inventories as of Dec. 2021 is $603,400.
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ASSIGNMENT 1 FINANCIAL ACCOUNTING 1 CODE: FAC51US QUESTION 3 Aupa Mutumbula qualified as a accounted in June 2014, and 1 July 2014 began a new auditing and accounting work by investing NS 20000 in cash and accounting books with a NS 4000 fair value that he had used at university. The practice trades under the name Ouatjiri AM Accounted. The following transactions relate to July: 1 Rent the furnished office of accounted who was retiring, paying NS 9000 cash for six month rent in advance. Purchased office supplies for cash NS 250 Bought the accounting package of the retiring accounted for NS 20000 , paying N$5000 cash and agreeing to pay the balance within six months. The system has a useful life of ten years after which they will have no value. 5 Completed legal work for a client and immediately collected N$ 500 in cash for the work done 7 Purchased additional office supplies on credit N$400. 10 Completed accounting work for client on credit N$ 6000. 15 Paid cleaning service to clean the office for the month N$ 750 15 Paid for repairs and painting of the office, NS 1250 16 Paid the salary of the part-time legal adviser N$3 3000. 17 Paid for the office supplies purchased on 7 July. 18 Completed accounting service for aq client on credit, N$4 000 20 Received payment in full for the accounting work completed on 10 July 22 Completed additional legal work for the same client on credit, N$3500. 27 Received payment in full for the accounting service completed on 18 July. 31 Paid the July telephone bill, N$250 Paid the July electricity and water account, N$200. Paid the office secretary salary, N$ 3000 Recognised rent and depreciation expense and supplies used of NS 500 You are required to: a) Arrange the following asset, liability and owners' equity headings on accounting equation worksheet: Bank, Account receivable, Rent paid in advance, Office supplies, Accounting system, Account payable, Capital, Income and Expense's, and show the effects of the transactions on the elements of the equation by recording increase and decrease in the appropriate columns. (40 Marks) b) Prepare a statement of profit or loss for Ouatiiri AM Accounted for the period ended 31 July 2014. ( 6 Marks) c) Prepare a statement of financial position for Ouatjiri AM Accounted as at 31 Marc 2014. The accounting equation is Assets-capital +liabilities [Total marks 52]
a) On an accounting equation worksheet, arrange the following headings for assets, liabilities, and owner's equity:BankAccounts receivableRent paid in advanceOffice suppliesAccounting systemAccounts payable CapitalIncome Expenses To record increases and decreases in the relevant columns,
indicate the impacts of the transactions on the components of the equation.DateTransactionDebitCreditJuly 11. Investment of NS20,000 in cash and NS4,000 in accounting books in Ouatiiri AM AccountingCash NS20,000Accounting books NS4,000Capital NS24,000 1. Rent the furnished office of accounted who was retiring, paying NS 9000 cash for six month rent in advanceRent paid in advance NS9,000Cash NS9,000 1.
Bought office supplies for cash NS 250Office supplies NS250Cash NS250 1. Purchased accounting software from the retiring accountant for NS 20,000, paying NS5,000 cash and agreeing to pay the remainder within six months.Accounts payable NS15,000Accounting system NS20,000Cash NS5,000 5. Legal work was completed for a client, and N$ 500 was immediately received in cash for the work performedCash NS500Income NS500 7.
Office supplies were bought on credit for NS400Office supplies NS400Accounts payable NS400 10. Completed accounting work for client on creditN$6 000.Accounts receivable NS6,000Income NS6,000 15. Cleaning service to clean the office for the month N$750Expenses NS750Cash NS750 15. For repairs and painting of the office, NS 1250 were paid Expenses NS1,250Cash NS1,250 16. Salary of the part-time legal adviser was paid N$3,000Expenses NS3,000Cash NS3,000 17.
The office supplies purchased on July 7 were paidAccounts payable NS400Cash NS400 18. Completed accounting service for a client on credit, N$4 000.Accounts receivable NS4,000Income NS4,000 20. Payment in full was received for the accounting work done on July 10Cash NS6,000Accounts receivable NS6,000 22. Additional legal work for the same client was completed on credit, N$3,500.Accounts receivable NS3,500Income NS3,500 27.
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In a defined contribution plan, a formula is used that ensures that employers are at risk to make sure funds are available at retirement. defines the benefits that the employee will receive at the time of retirement. requires an employer to contribute a certain sum each period based on the formula. ensures that pension expense and the cash funding amount will be different.
In a defined contribution plan, a formula is used that requires an employer to contribute a certain sum each period based on the formula. This formula defines the contribution that the employee will receive at the time of retirement. This means that the employer is responsible for making sure that funds are available at retirement, thus being at risk.
The defined contribution plan is also referred to as an individual account plan. Under this plan, both the employee and the employer contribute to an account that will fund the employee's retirement. The amount of contribution is based on the formula that has been set out by the employer. This means that the contribution will vary depending on the employer's ability and the plan's objectives.In a defined contribution plan, the employer is only required to contribute a certain amount at regular intervals.
Once the employee retires, the employer's contribution is used to purchase an annuity or a series of payments for the employee. This means that the pension expense and the cash funding amount will be different. The pension expense is the total amount that the employer will pay out to the employee over their retirement period. The cash funding amount, on the other hand, is the actual amount that the employer contributes to the account at each interval.Under this plan, the employee is responsible for making investment decisions for the contributions made to their account. This means that the employee will bear the risk of any investment losses.
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Maxwell sells flower bulbs in the gardening supply sector. Van Zyverden, Inc. controls 60% of the flower bulb market while Maxwell controls 1%. Maxwell's 1% is measuring____? Select one: a. Market Share b. Sales in dollars c. Sales volume d. Advertising ratio
Maxwell's 1% is measuring market share. A company's market share is a percentage of total sales volume in a given market, indicating its position in that market.
Therefore, market share is the percentage of total market sales or product sales that a company achieves.Based on the information provided, Van Zyverden.
Controls 60% of the flower bulb market while Maxwell controls only 1%, hence the market share of Maxwell is only 1%. Thus, Maxwell's 1% is measuring Market Share.
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Understanding, managing, and enforcing a union contract is known as Contract negotiations Pas prictice Mediation Contract administration Cointract or 2
anisisit
Contract administration is the understanding, managing, and enforcing of a union contract. This process is critical as it plays a crucial role in maintaining good relations between employers and employees as well as ensuring that the terms of the union contract are well implemented and followed.Contract administration refers to the process of managing and enforcing a union contract.
The contract is a legally binding agreement between employers and employees that spells out the terms and conditions of employment, including wages, hours, benefits, and other working conditions.Contract administration entails a variety of tasks, including:- Ensuring that all terms and conditions of the contract are being followed- Resolving disputes and grievances that may arise between employers and employees- Communicating with union representatives and members on behalf of management- Handling issues related to discipline,
termination, and layoffs- Managing the negotiation and renewal of union contracts as they expire.The importance of contract administration:Contract administration is a crucial part of maintaining good labor relations between employers and employees. Proper contract administration can help to ensure that both parties are meeting their obligations under the contract and can help to prevent disputes from arising.
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migdal signs the articles of incorporation for a corporation being formed, and herman wants to locate possible investors in the new corporation. migdal is a(n):
1. Migdal is an incorporator because she signs the articles of incorporation and establishes the corporation's legal existence.
2. Herman is a promoter because he is seeking potential investors for the new corporation and taking on the tasks of organizing and starting the company.
Migdal, who signs the articles of incorporation for a corporation being formed, can be classified as a incorporator. An incorporator is an individual or entity that takes the initial steps to form a corporation. By signing the articles of incorporation, Migdal is officially establishing the corporation and creating its legal existence.
On the other hand, Herman, who wants to locate possible investors in the new corporation, can be considered a promoter. A promoter is someone who takes the initiative to organize and start a corporation before it is fully formed. Promoters are responsible for finding investors, negotiating contracts, and setting up the initial operations of the company.
So, to summarize:
1. Migdal is an incorporator because she signs the articles of incorporation and establishes the corporation's legal existence.
2. Herman is a promoter because he is seeking potential investors for the new corporation and taking on the tasks of organizing and starting the company.
These roles are important in the early stages of forming a corporation and contribute to its successful establishment and future growth.
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d) You are considering a new product. It will
cost $1,200,000 to launch, have a 4-year life,
and no salvage value. Depreciation is straight-
line. The required return is 20%, and the tax
rate is 30%. Sales are projected at 80 units per
year. Price per unit will be $40,000, variable
cost per unit is $24,000 and fixed costs are
$500,000 per year. Operating cash flows are
636,000 per year.
i) What is the base case net present value
(NPV)?
li) Suppose that the sales units, price per unit,
variable cost per unit, and fixed cost projections
above are accurate to within 15%. What are
the new variables for the best case and worst
case scenarios?
Calculation of Base Case Net Present Value (NPV)Base case NPV can be computed by using the below formula: Base case NPV = Present value of cash inflows – Present value of cash outflows Initial investment is
= $1,200,000Yearly Operating cash flow (OCF) = $636,000
Yearly Fixed cost = $500,000Variable cost per unit = $24,000
Price per unit = $40,000Units sold per year = 80
Tax rate = 30%Required return rate = 20%
The net present value formula is given by:
NPV = -Initial investment + [Cash flow 1 / (1 + r)^1] + [Cash flow 2 / (1 + r)^2] + ...+ [Cash flow n / (1 + r)^n]
Therefore, Base Case NPV = -$875,094.09
Calculation of New variables for best-case and worst-case scenarios Suppose that sales, variable cost per unit, price per unit, and fixed cost projections are accurate to within 15%. If this is the case, the best-case and worst-case scenarios will have different variables. Best-case scenario:
Price per unit: $46,000 (15% increase from $40,000)
Variable cost per unit: $20,400 (15% decrease from $24,000)
Fixed cost: $575,000 (15% increase from $500,000)
Sales: 92 units per year (15% increase from 80 units per year)Worst-case scenario:
Price per unit: $34,000 (15% decrease from $40,000)
Variable cost per unit: $27,600 (15% increase from $24,000)
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An aging of a company's accounts receivable indicates that $4980 are estimated to be uncollectible (obviously this is using the accounts receivable method). If Allowance for Doubtful Accounts has a $930 credit balance, the adjustment to record bad debts for the period will require a debit to bad debt expense for $4,050 debit to allowance for doubtful accounts for $4,050 credit to allowance for doubtful accounts for $4,980 debit to bad debt expense for $4,980
Allowance for doubtful accounts will be debited with the amount $4,050.
If the company uses the allowance method, then the estimated amount of the uncollectible account will be credited to the allowance for doubtful accounts and will be debited to bad debt expenses account.
Thus, the final calculation will be:
Debit to the bad debt expense account = $4050
Credit to the allowance for doubtful accounts = $4050
The debit of $4050 will be made to bad debt expense, and a debit of $4050 will be made to allowance for doubtful accounts for the adjustment to record bad debts for the period.
Therefore, The total of $4980 will be estimated to be uncollectible, and allowance for doubtful accounts has a $930 credit balance.
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n Analysis of the Association between Pollution Disclosure and Economic Performance Martin Freedman, Blkki Jaggi Accounting, Auditing & Accountability Joumal Publication date: 1 December 1988 Abstract The association between the extent of pollution disclosures and economic performance of firms belonging to four highly polluting industries - chemicals, steel, oil and paper and pulp is examined. The economic performance is determined by calculating ratios on return of assets, return on equity and operating performance. For measurement of the extensiveness of pollution disclosures, a disclosure index has been developed. The results do not indicate a significant association between the economic performance and pollution disclosures for the total sample. However, when the sample is segmented by industry group, a significant positive correlation is detected for the oil industry, indicating an association between economic performance and pollution disclosures. Furthermore, when the sample is divided on the basis of the firm size, the results show that the sub-group of large firms with poor economic performance provides detailed pollution information. For smaller firms, no association between the two variables is observed
The study analyzed the relationship between pollution disclosures and economic performance in four highly polluting industries.
Overall, no significant association was found between economic performance and pollution disclosures in the total sample. However, when analyzing industry groups separately, a significant positive correlation was observed for the oil industry, suggesting a link between economic performance and pollution disclosures. Additionally, when considering firm size, the results indicated that larger firms with poor economic performance provided more detailed pollution information. In contrast, no association between the two variables was observed for smaller firms. These findings highlight the complex nature of the relationship between pollution disclosures and economic performance, which can vary depending on industry and firm size.
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on which side of the size-up triangle would you find time factors and weather
The side of the size-up triangle where you would find time factors and weather is the bottom side of the triangle.
The bottom side of the size-up triangle is where you will find factors that can change rapidly and suddenly, including weather and time factors. Hence, weather and time factors play a significant role in firefighting.
Size-up triangle:
The size-up triangle is used by firefighters to assess a situation quickly. It is an essential tool for incident commanders when developing strategies and tactics for fighting a fire. The size-up triangle has three sides: Building, Fire, and People. The Building side considers the type of building, occupancy, and layout.
The Fire side analyzes the fire's size, location, and the resources needed to control it. Lastly, the People side takes into account the number, condition, and location of occupants.
Hence, a fire commander or firefighter should keep all these factors in mind while performing a firefighting operation, and the time factors and weather can significantly impact the strategy to fight the fire.
Therefore, firefighters should be trained to consider all the sides of the triangle when approaching a fire to ensure their safety and effectiveness.
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Ooo-La-La Company has met all production requirements for the current month and has an opportunity to manufacture additional units with its excess capacity. Unit selling prices and unit costs for three product lines follow. Variable overhead is applied on the basis of direct labor dollars, whereas fixed overhead is applied on the basis of machine hours. There is sufficient demand for the additional manufacture of all products. Required: A. If Ooo-La-La has excess machine capacity and can add more labor as needed (i.e., neither machine capacity nor labor is a constraint), which product is the most attractive to produce? B. If Ooo-La-La has excess machine capacity but a limited amount of labor time available, which product or products should be manufactured in the excess capacity?
A. If Ooo-La-La has excess machine capacity and can add more labor as needed (i.e., neither machine capacity nor labor is a constraint), the most attractive product to produce will be the one with the highest contribution margin per unit.
Contribution margin per unit = Selling price per unit - Variable cost per unit
Product 1:
Contribution margin per unit = $25 - ($12 + $6 + $4) = $3
Product 2:
Contribution margin per unit = $40 - ($16 + $8 + $6) = $10
Product 3:
Contribution margin per unit = $20 - ($10 + $4 + $2) = $4
Product 2, with a contribution margin per unit of $10, is the most attractive product to produce if Ooo-La-La has excess machine capacity and can add more labor as needed.
B. If Ooo-La-La has excess machine capacity but a limited amount of labor time available, the company should manufacture the product that has the highest contribution margin per labor hour.
Contribution margin per labor hour = Contribution margin per unit / Direct labor hours per unit
Product 1:
Contribution margin per labor hour = $3 / 1.5 = $2
Product 2:
Contribution margin per labor hour = $10 / 2.5 = $4
Product 3:
Contribution margin per labor hour = $4 / 1.5 = $2.67
If there is a limited amount of labor time available, Ooo-La-La should manufacture product 2 and product 3 in the excess capacity, as they have the highest contribution margin per labor hour.
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Suppose the Japanese yen exchange rate is ¥106 = $1 and the British Pound exchange rate is £1 = $1.51. Suppose the cross-rate is quoted as ¥165 = £1. Is there an arbitrage opportunity? If yes, calculate the arbitrage profit on $20,000.
Suppose the Swiss Franc exchange rate is CHF 2.00 = USD 1.00 and the British Pound exchange rate is GBP 0.60 = USD 1.00. Suppose the cross-rate is quoted as 3 CHF = 1 GBP. Is there an arbitrage opportunity? If yes, calculate the arbitrage profit on $5,000.
In finance, arbitrage refers to purchasing and selling an asset simultaneously in various markets in order to benefit from price inconsistencies. If there is a chance to make money without risking your capital, that is arbitrage.
In the first scenario, the yen-to-pound exchange rate cross-rate is given as[tex]165¥=1£.[/tex] Let's see if this offers an arbitrage opportunity. Here's how we'll perform arbitrage: Begin with $1.
We spent 1 and got back 1.1111, resulting in a profit. Therefore, in this scenario, there is an arbitrage opportunity. Arbitrage profit on 5,000 is: Profit in 1 dollar = 1.1111-1= 0.1111Profit in 5000 = 5000*0.1111= 555.5Therefore, the arbitrage profit on 5,000 is 555.5.
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vogel, inc., an s corporation for five years, distributes a tract of land held as an investment to jamari, its majority shareholder. the land was purchased for $133,000 ten years ago and is currently worth $332,500.
Vogel, Inc., an S corporation, distributed a tract of land held as an investment to its majority shareholder, Jamari. The land was purchased for $133,000 ten years ago and is currently worth $332,500.
In this scenario, Vogel, Inc. is transferring a tract of land to Jamari, who is the majority shareholder of the S corporation. This distribution of the land is considered a taxable event for the corporation and may result in tax consequences for both the corporation and the shareholder.Determine the fair market value (FMV) of the land: The FMV of the land is the current worth of the property, which is $332,500 in this case.Calculate the built-in gain (BIG) tax: As an S corporation, Vogel, Inc. needs to determine if there is a built-in gain on the property. Built-in gain is the difference between the FMV of the property and its adjusted basis (purchase price plus any improvements or depreciation). In this case, the built-in gain would be $332,500 - $133,000 = $199,500.
Assess the tax implications for the corporation: If the S corporation sells the land directly, it would be subject to tax on the built-in gain at the corporate level. However, since the land is distributed to Jamari instead of being sold, the corporation can avoid the built-in gain tax.Consider the tax implications for Jamari: Jamari will need to report the distribution of the land as a taxable event on their personal tax return. The distribution is treated as a dividend, and Jamari will be taxed on the FMV of the land received. In this case, Jamari will report $332,500 as taxable income on their personal tax return.
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the blank step in the selling process is often stressful for salespeople, since one of the possible outcomes is that the salesperson goes away empty-handed.
The closing step in the selling process is often stressful for salespeople, since one of the possible outcomes is that the salesperson goes away empty-handed.
The closing step is the final stage in the selling process where the salesperson seeks to obtain a commitment from the prospect to make a purchase. This step involves asking for the sale and addressing any remaining objections or concerns the prospect may have. The salesperson's goal is to secure a positive outcome, such as the prospect agreeing to purchase the product or service.
However, the closing step can be challenging and stressful for salespeople due to the uncertainty surrounding the outcome. Despite their best efforts, there is always a possibility that the prospect may decline the offer or choose not to move forward with the purchase. This outcome can leave the salesperson empty-handed, without a sale or commission.
The stress arises from the pressure to achieve sales targets, meet quotas, and maintain a successful track record. The fear of rejection and the potential for disappointment can create anxiety during the closing step.
Skilled sales professionals learn to manage this stress by developing effective closing techniques, building rapport with prospects, addressing objections, and maintaining a positive mindset throughout the process.
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Complete question is:
the ____________ step in the selling process is often stressful for salespeople, since one of the possible outcomes is that the salesperson goes away empty-handed.
Article 1 OII company profits boom as Americans reel from high fuel prices (September 16, 2022) The US's biggest oil companies have pumped out record profits over the last few months as Americans struggled to pay for gasoline, food and other basic necessities. US gas prices are now averaging $4.50 a gallon across the US, more than $1.50 a gallon higher than in 2020. With the pandemic in the rear view mirror, more motorists are again on the road. But the real factor behind the rise of gas prices is that fewer refineries are operating in the US than operated in 2020. So as Exxon and other major gas companies enjoy record profits, consumers get squeezed. 1A. Depict the market for gasoline in 2020. Label initial supply and demand and equilibrium quantity with the subscript " 1 " and set into the market actual price. 1B. Make changes that have occurred to the market for gasoline in 2022. Label new supply and/or demand and equilibrium price and quantity with the subscript "2" and set into the market the actual price. insulin at $35 a month. The average price of insulin, versions of which have been around since the 1920 s, have risen to about $550 a month, straining budgets for millions of households. The new law also extends by three years the expanded subsidies and other financial enhancements first included in the 2021 American Rescue Plan to help bring down the costs of health insurance plans in the ACA marketplace. 1C. Construct the market for insulin, assuming demand is perfectly inelastic. Label initial supply and demand and equilibrium quantity with the subscript "1". Set into the market the actual price. 1D. Return to the market in 1C, and change the market consistent with information in the article.
In 2020, people bought a lot of gasoline. Initial Demand (D1) means how much gas people want to buy at different prices in 2020.
What is the profits boom?As the price goes down, people want more of it. The amount of something that is sold at the starting price is called Q1 and the price for that amount is called P1.
The initial supply refers to how much gasoline suppliers can give at different prices in 2020. The line goes up, which means that if the price goes up, more things will be made to sell.
Equilibrium is the point where the demand and supply curves meet in a market. At this moment, the amount that people want to buy
.
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What are some of the key objectives with implementing IFRS
standards with financial reporting?
IFRS standards are intended to bring more transparency, accountability, and efficiency to financial reporting. Implementing IFRS has a number of key objectives, including:1. Harmonization of financial reporting: The primary objective of IFRS is to harmonize financial reporting across the globe.
As financial markets become increasingly global, it is essential that companies can report their financial results in a consistent and standardized way.2. Improved comparability: IFRS standards aim to make it easier for investors and analysts to compare the financial results of companies operating in different countries. This is achieved by providing a common language for financial reporting, which makes it easier to understand the financial performance of companies in different regions.
3. Enhancing transparency: Another objective of IFRS is to enhance transparency in financial reporting. By adopting IFRS, companies are required to provide more detailed and comprehensive disclosures about their financial performance, which helps investors and other stakeholders make more informed decisions.4. Increased accuracy and reliability: IFRS also seeks to improve the accuracy and reliability of financial reporting by establishing rigorous standards for financial reporting.
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At December 31 the records of Kozmetsky Corporation provided the following selected and incomplete data:
Common stock (par $2; no changes during the current year).
Shares authorized, 5,000,000.
Shares issued, ? ; issue price $7 per share.
Shares held as treasury stock, 11,100 shares, cost $5 per share.
Net income for the current year, $462,820.
Common Stock account, $149,000.
Dividends declared and paid during the current year, $2 per share.
Retained Earnings balance, beginning of year, $790,000.
1. shares issued:
shares outstanding:
2. the balance in additional paid-in capital would be:
3. earning per share is:
4. total dividends paid on common stock during the current year is:
5. treasury stock should be reported in the stockholders equity section of the balance sheet in the amount of:
6. assume that the board of directors voted a 2 for 1stock split, the par value per share will be:
1.The number of shares issued would be 5,000,000 - 11,100 = 4,988,900 shares.
2. The balance in additional paid-in capital would be $7 * 4,988,900 = $34,922,300.
3. The number of shares outstanding would be 4,988,900 - 11,100 = 4,977,800 shares. Now, we can calculate the earnings per share by dividing $462,820 by 4,977,800 shares.
4.The total dividends paid on common stock during the current year would be $2 * 4,977,800 = $9,955,600.
5. The treasury stock should be reported in the stockholders' equity section of the balance sheet in the amount of $5 * 11,100 = $55,500.
6.The stock split, the new par value per share would be $2 / 2 = $1 per share.
1. To find the number of shares issued, we need to subtract the number of treasury stock from the total shares authorized. In this case, the total authorized shares are 5,000,000 and the treasury stock is 11,100 shares. Therefore, the number of shares issued would be 5,000,000 - 11,100 = 4,988,900 shares.
2. The balance in additional paid-in capital can be calculated by multiplying the issue price per share by the number of shares issued. In this case, the issue price is $7 per share and the number of shares issued is 4,988,900 shares. Therefore, the balance in additional paid-in capital would be $7 * 4,988,900 = $34,922,300.
3. Earnings per share is calculated by dividing the net income for the current year by the number of shares outstanding. The net income for the current year is $462,820 and the number of shares outstanding is the number of shares issued minus the treasury stock. From our previous calculations, we know that the number of shares issued is 4,988,900 and the treasury stock is 11,100 shares. Therefore, the number of shares outstanding would be 4,988,900 - 11,100 = 4,977,800 shares. Now, we can calculate the earnings per share by dividing $462,820 by 4,977,800 shares.
4. The total dividends paid on common stock during the current year is calculated by multiplying the dividends declared and paid per share by the number of shares outstanding. In this case, the dividends declared and paid per share is $2 and the number of shares outstanding is 4,977,800 shares. Therefore, the total dividends paid on common stock during the current year would be $2 * 4,977,800 = $9,955,600.
5. Treasury stock should be reported in the stockholders' equity section of the balance sheet at its cost. In this case, the cost of the treasury stock is $5 per share and the number of treasury stock shares is 11,100 shares. Therefore, the treasury stock should be reported in the stockholders' equity section of the balance sheet in the amount of $5 * 11,100 = $55,500.
6. If the board of directors voted for a 2 for 1 stock split, the par value per share would be halved. Since the par value is currently $2 per share, after the stock split, the new par value per share would be $2 / 2 = $1 per share.
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According to Adam Smith, the free-market economy is organised and built upon the human rationality of advancing their self-interest. However, social commentators and critics of neo-liberal (free market) economics are deeply concerned with the moral philosophy underpinning the capitalist economic system. According to these critics, the Global Finance Crisis is a testimony of the unfettered greed promoted by the neo-liberal economics[1]. By endorsing the free market - the invisible hand, do you think Adam Smith also promotes greed? Discuss using a Toulmin model
According to these critics, the Global Finance Crisis is a testimony of the unfettered greed promoted by neo-liberal economics. By endorsing the free market, the invisible hand, Adam Smith does not promote greed.
He is merely of the opinion that individuals pursuing their own self-interests can end up benefiting society as a whole. But critics of free-market economics such as Michael Sandel, on the other hand, argue that it degrades social cohesion and reinforces inequalities. In this answer, the Toulmin Model is discussed. Toulmin's model consists of six elements: claim, grounds, warrant, backing, qualifier, and rebuttal.
1. ClaimAdam Smith did not promote greed by endorsing the free market.
2. GroundsAdam Smith's endorsement of the free market is based on his belief that the market is self-regulating and that individuals pursuing their self-interest will eventually benefit society as a whole.
3. Warrant Adam Smith's endorsement of the free market is based on his belief in the power of the invisible hand.
4. BackingThe backing for Adam Smith's endorsement of the free market is the observation that societies that have adopted free-market policies have generally been more prosperous than those that have not.
5. QualifierIt is possible to interpret Smith's endorsement of the free market as promoting greed, but this is a misinterpretation of his position.
6. RebuttalCritics argue that the free-market system degrades social cohesion and reinforces inequalities. However, Smith believes that the self-interests of individuals can end up benefiting society as a whole, which is not the same as promoting greed.
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According to these critics, the Global Finance Crisis is a testimony of the unfettered greed promoted by neo-liberal economics. By endorsing the free market, the invisible hand, Adam Smith does not promote greed.
He is merely of the opinion that individuals pursuing their own self-interests can end up benefiting society as a whole. But critics of free-market economics such as Michael Sandel, on the other hand, argue that it degrades social cohesion and reinforces inequalities. In this answer, the Toulmin Model is discussed. Toulmin's model consists of six elements: claim, grounds, warrant, backing, qualifier, and rebuttal.
1. ClaimAdam Smith did not promote greed by endorsing the free market.
2. GroundsAdam Smith's endorsement of the free market is based on his belief that the market is self-regulating and that individuals pursuing their self-interest will eventually benefit society as a whole.
3. Warrant Adam Smith's endorsement of the free market is based on his belief in the power of the invisible hand.
4. BackingThe backing for Adam Smith's endorsement of the free market is the observation that societies that have adopted free-market policies have generally been more prosperous than those that have not.
5. QualifierIt is possible to interpret Smith's endorsement of the free market as promoting greed, but this is a misinterpretation of his position.
6. RebuttalCritics argue that the free-market system degrades social cohesion and reinforces inequalities. However, Smith believes that the self-interests of individuals can end up benefiting society as a whole, which is not the same as promoting greed.
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In our one country model of technology growth, y=A(1−γA). Suppose that the country faces a temporarily decrease of its level of YA. (a) Draw two graphs, one for y and one for A, showing how the time paths of output per worker ( y) and productivity (A) will compare under this scenario with what would have happened if there had been no change in PA. (b) What a two to three sentences analysis of the impact of this change in the growth prospect of the country.
If the decrease in productivity persists or hampers the country's ability to recover, it could have long-lasting consequences on its economic performance and future growth potential. Policy measures aimed at addressing the factors contributing to the temporary decrease in productivity will be crucial in determining the ultimate outcome for the country's growth prospects.
(a) In the scenario where the country faces a temporary decrease in its level of productivity (A), the time paths of output per worker (y) and productivity (A) will be affected.
On the graph for output per worker (y), the time path will show a decline compared to what would have happened if there had been no change in productivity. This is because the equation y = A(1-γA) indicates that output per worker is directly influenced by productivity, so a decrease in productivity leads to a decrease in output per worker.
On the graph for productivity (A), the time path will also show a decline initially due to the temporary decrease in productivity. However, as time progresses, productivity will start to recover and increase again, eventually reaching its previous level or potentially even higher.
(b) This temporary decrease in productivity has a significant impact on the growth prospects of the country. Initially, both output per worker and productivity will decline, resulting in reduced economic output and potentially lower living standards. However, as productivity begins to recover, there is a possibility for the country to regain its growth trajectory.
The extent and duration of the decline in productivity will determine the overall impact on the country's growth prospects. If the decrease is short-lived and the country manages to restore productivity to its previous level or surpass it, the impact may be temporary and the long-term growth prospects could remain intact.
However, if the decrease in productivity persists or hampers the country's ability to recover, it could have long-lasting consequences on its economic performance and future growth potential. Policy measures aimed at addressing the factors contributing to the temporary decrease in productivity will be crucial in determining the ultimate outcome for the country's growth prospects.
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Identify 3 key elements of financial accounting and 3 key
elements of managerial accounting.
Financial accounting and managerial accounting are two types of accounting systems that are critical to the financial success of any business. On the other hand, managerial accounting focuses on providing financial information to internal users such as managers and executives to support decision-making processes.
Key elements of financial accounting:
1. Financial Statements: Financial statements provide a summary of a company's financial activities, including income statements, balance sheets, and cash flow statements.
2. Recording transactions: Financial accounting also includes recording financial transactions and generating financial reports to help management in decision-making.
3. Generally Accepted Accounting Principles (GAAP): GAAP refers to the standard guidelines and principles that companies use to prepare financial statements.
Key elements of managerial accounting:
1. Budgeting: Budgeting is a key element of managerial accounting, where management sets financial goals and develops a budget to achieve those goals.
2. Cost analysis: Managers use cost analysis to determine the costs associated with various business activities and processes. This information can help managers identify areas where they can reduce costs and increase profitability.
3. Decision-making: Managerial accounting provides critical financial information to support decision-making, such as pricing decisions, product development, and other business strategies.
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if the interest rate is 8 percent, then the present discounted value of $100 to be received two years from now is closest to
If the interest rate is 8 percent, then the present discounted value of $100 to be received two years from now can be calculated using the formula for present value.
Present Value = Future Value / (1 + Interest Rate)^nWhere: Future Value is the amount to be received in the future ($100 in this case)Interest Rate is the interest rate per period (8 percent or 0.08 in decimal form)n is the number of periods (2 years in this case).
Present Value = $100 / (1 + 0.08)^2
To find the present discounted value of a future amount, we need to consider the time value of money and discount the future amount to its present value. The present value formula takes into account the future value, interest rate, and time period. In this case, the present value of $100 to be received two years from now, with an 8 percent interest rate, is approximately $85.84.
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if qualls quality airline cuts its domestic fares by 30%, question 24 options: 1) its fixed costs will decrease. 2) profit will increase by 30%. 3) a profit can only be earned by decreasing the number of flights. 4) a profit can be earned either by increasing the number of passengers or by decreasing variable costs.
The quality airline cuts its domestic fares by 30% ,(option 4) a profit can be earned either by increasing the number of passengers or by decreasing variable costs.
Among the provided options, option 4) "a profit can be earned either by increasing the number of passengers or by decreasing variable costs" is the most accurate statement.
When Qualls Quality Airline cuts its domestic fares by 30%, it will likely impact the company's profitability and various cost elements. However, the exact impact on fixed costs and profit cannot be determined solely based on the information provided. Let's analyze each option:
1."Its fixed costs will decrease": The reduction in fares does not directly affect fixed costs, as fixed costs typically remain constant regardless of changes in sales or pricing.
2."Profit will increase by 30%": It is incorrect to assume that profit will automatically increase by 30% when fares are reduced. Profit depends on various factors, including the change in revenue and costs, which are not specified in the given information. Therefore, this statement cannot be concluded based solely on the fare reduction.
3."A profit only be earned by decreasing the number of flights": This statement is not supported by the information provided. Profitability be influenced by various factors, including passenger demand, pricing strategies, and cost management. Decreasing the number of flights is just one possible approach to improving profitability, but it is not the only option.
4."A profit can be earned either by increasing the number of passengers or by decreasing variable costs": This statement is the most accurate and plausible. Profitability improved by increasing the number of passengers, which achieved through lower fares attracting more customers. Additionally, profitability also be enhanced by reducing variable costs associated with each flight, such as fuel costs, maintenance expenses, or operational efficiency.
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bonus thief clue a build-your-own friend made of three orbs dressed in scarf, carrot, and coal. you have until 12/12 to find them quickly before they melt away forever and so swiftly.
After analyzing the situation based on the given clue, it seems to be referring to a snowman.
The snowman is made up of three orbs, typically representing the body sections, and is adorned with a scarf, carrot nose, and coal for eyes and buttons. The urgency expressed in the clue, mentioning that you have until 12/12 before they "melt away forever and so swiftly," indicates that it is a temporary and time-sensitive item, likely made of actual snow. Therefore, the clue suggests searching for or creating snowmen before December 12th, as they will eventually melt due to rising temperatures.
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What are some of the requirements required by the
Prosecutor under the Giglio v. United States decision. Discuss if
you think that zero tolerance should result in an officer’s
termination.
In the Giglio v. United States decision, the Supreme Court ruled that prosecutors have a constitutional duty to disclose any evidence that could impeach the credibility of a witness, including a law enforcement officer. This duty arises from the due process clause of the Fifth Amendment, which guarantees a fair trial.
* Under Giglio, the requirements for prosecutors include:
1) Disclosure of Impeachment Evidence:
Prosecutors must disclose evidence that could be used to challenge the credibility of a witness, including any promises, benefits, or inducements offered to a witness in exchange for their testimony.
2) Materiality of the Evidence:
The evidence must be considered material, meaning that there is a reasonable probability that the evidence would have affected the outcome of the trial if it had been disclosed.
3) Brady Obligations:
Giglio obligations are related to the broader obligations imposed on prosecutors under Brady v. Maryland. Prosecutors must disclose any evidence that is favorable to the defendant and material to guilt or punishment, even if the defendant has not requested it.
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Suppose you have a 10 year zero-coupon bond. Zero-coupon bond makes payments only in the end of its maturity period (in this case in year 10). Determine what would be percentage change in the value of the bond if its own yield-to-maturity increased by 1 percent. The only additional information you need to answer this question is the current bond yield-to-maturity which is 5%.
Select one:
O a. Bond value will decrease by 9.52 percent
O b. Bond value will decrease by 5 percent
O c. Bond value will increase by 5 percent
Od.Bond value will increase by 9.52 percent
A 10-year zero-coupon bond is a bond that pays a lump sum after ten years. The bondholder earns no periodic interest from the bond during the life of the bond.
Because of this, the bond's worth is the same as the current value of the total sum payable at maturity. The bond's value is calculated using the present value formula, which is as follows:
PV = (FV)/(1 + r)^n,
where PV represents the bond's current value, FV represents the bond's face value, r represents the discount rate, and n represents the number of years the bond has been held. To calculate the percentage change in the bond's value when its own yield-to-maturity increases by 1 percent, we must first use the bond's current yield-to-maturity to calculate its present value.
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Assume an American firm takes a long position on British Pound call options. The premium is $0.05, and the strike price is $1.45. When the firm executed the option, they were able to save $150,000 total. If the total contracts were enough to buy 560,000 pounds, what was the asking price of the pound in US dollars?
The premium on the British Pound call options taken by the American firm is 0.05, and the strike price is 1.45. The firm saved 150,000 in total when they executed the option, and the total contracts were enough to buy 560,000 pounds.
Therefore, the total cost of the contracts can be calculated as follows:560,000 / 1.45 = 386,206.89Thus, the firm paid a premium of 0.05 per pound, which was equal to 28,000 (0.05 x 560,000). As a result, the firm was able to buy 560,000 pounds for 358,206.89 (386,206.89 - 28,000).
The asking price of the pound in US dollars can be found by dividing the total cost of the contracts by the number of pounds purchased: 358,206.89 / 560,000 = 0.64 per pound (rounded to two decimal places).Therefore, the asking price of the pound in US dollars is 0.64 per pound.
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Suppose that silver currently sells for $2.6.08 per ounce. The risk free rate is 0.25% per month, compounded monthly. What shouid the 6-month futures price for an ounce of silver be? $26.11 $25,98 $26.47 $26.28
A futures contract is a contract between two parties that specifies a transaction that will occur at some point in the future at a predetermined price. Futures contracts are used to manage risk by allowing businesses and investors to lock in prices for goods or assets they will need in the future.
Suppose that silver currently sells for $26.08 per ounce. The risk-free rate is 0.25% per month, compounded monthly. We are asked to find out what the 6-month futures price for an ounce of silver should be.Since the risk-free rate is given, we can use the cost-of-carry model to find the futures price.
The cost-of-carry model is given by:Futures price = Spot price × e(r − q)×twhere r is the risk-free rate, q is the storage cost or convenience yield, and t is the time in years.Convert the risk-free rate to monthly:0.25% ÷ 12 = 0.020833%Calculate e(r − q)×t:Since q is not given, we'll assume it is zero.
e(r − q)×t = e(0.0020833 − 0)×0.5= e(0.0010417)= 1.001042 Substitute the given values:Futures price = $26.08 × 1.001042= $26.11Therefore, the 6-month futures price for an ounce of silver should be $26.11.Option A is the correct answer.
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A portfolio has three stocks - 130 shares of Yahoo (YHOO), 230 shares of General Motors (GM), and 70 shares of Standard and Poor's Index Fund (SPY). If the price of YHOO is $20, the price of GM is $20, and the price of SPY is $130, calculate the portfolio weight of YHOO and GM. A. 15.2%,25.4% B. 16%,28.2% C. 11.2%,26.8% D. 12%,14,1%
A portfolio that consists of three stocks has 130 shares of Yahoo (YHOO), 230 shares of General Motors (GM), and 70 shares of Standard and Poor's Index Fund (SPY).
The price of YHOO is $20, the price of GM is $20, and the price of SPY is $130. We have to find out the portfolio weight of YHOO and GM.
Let's calculate it here;
The total amount of shares = 130 + 230 + 70 = 430
Yahoo's total value = 130 × $20 = $2,600
GM's total value = 230 × $20 = $4,600
Portfolio weight of YHOO = (Yahoo's total value / Total value of portfolio) × 100%
Portfolio weight of YHOO = ($2,600 / ($2,600 + $4,600 + $9,100)) × 100%
Portfolio weight of YHOO = ($2,600 / $16,100) × 100%
Portfolio weight of YHOO = 16.1491%
Portfolio weight of GM = (GM's total value / Total value of portfolio) × 100%
Portfolio weight of GM = ($4,600 / ($2,600 + $4,600 + $9,100)) × 100%
Portfolio weight of GM = ($4,600 / $16,100) × 100%
Portfolio weight of GM = 28.5714%
Therefore, the portfolio weight of YHOO and GM is (A) 15.2%, 25.4%.
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