Answer:
The correct answer is letter "D": Both A&C.
Explanation:
Incentive compensation schemes are established provided by employers based on the performance of employees. Employers set a reward system that could take the form of bonuses, prizes or recognition, and goals workers should reach or pass so those rewards can be provided.
Incentives are given at work aiming to motivate employees to work efficiently and effectively.
Wealth creating transactions are more likely to occur a. With private property rights b. With contract enforcement c. Both a and b d. None of the above
Answer: C
Explanation:
Wealth is the gradual gathering of profits, assets or income over a period of time. It is the gradual increase in ones assets over a sustained period.
Wealth creating transactions can be found both in contract enforcement and private property rights. The prosperity and economic development of a country can be attributed to the respect accorded to its citizens property rights.
Property rights gives room for entrepreneurship which can eventually lead to wealth accumulation. Contract enforcement also generate wealth for individuals.
Final answer:
Wealth creating transactions are more likely to occur with both private property rights and contract enforcement.
Explanation:
Wealth creating transactions are more likely to occur with both private property rights and contract enforcement.
Property rights allow individuals and firms to own property and use it as they see fit, including the right to trade or sell that property. Contractual rights, which are based on property rights, allow individuals to enter into agreements with others regarding the use of their property.
Both private property rights and contract enforcement create a legal environment that gives individuals the ability to use their property to their fullest and highest use. Without contract enforcement, people would be less likely to enter into contracts for current or future services due to the risk of non-payment, making it difficult to transact business and slow economic growth.
What if being born is dying.And dying is birth. Wouldn't that mean that life isnt gods gift its the devils curse
Answer:
Your statement is by far incorrect, because life is always progress, a situation that advances and develops, while death is the end point to it. Birth, being the beginning of the vital development of the person, can never be equated with death, for the simple reason that there is always a biological development after birth, while this situation does not occur after death.
Religious theories consider that life is a gift from God, which he gives to humans so that they can pursue happiness. Since death does not bring happiness but sadness in most cases, this statement is incorrect.
The manager of a furniture factory that operates a morning and evening shift seven days a week wants to forecast the number of chairs its factory workers will produce on a given day and shift. The production manager gathers chair production data from the factory and lists whether the production day was a weekday or a weekend (i.e., Saturday or Sunday), and whether the shift was in the morning or evening. Create a regression model to analyze the relationship between the number of chairs produced, whether a day was a weekday or weekend, and whether the shift was in the morning or evening. Be sure to include the residuals and residual plots in your analysis.
Answer:
Detailed solution is given below:
Answer:
Answer will be 477
Explanation:
From the details, note that the manager of a furniture factory that operates a morning and evening shifts seven days a week wants to forecast the number of chairs to be produced on a given day and shift by its factory employees.
Consider Y is the vector reflecting the number of chairs the factory produces for its employees.
The independent variables are:
[tex]x_{1i}[/tex] = 1 Weekday (Mon to Fri)
0 Weekend (Sat and Sun)
[tex]x_{2i}[/tex] = 1 Morning Shift
0 Evening shift.
Observe that the regression line is as follows from the regression output given in the problem:
Ŷ = 405.58 + 70.97 * Weekday + 47.85 * Shift.
Calculate the number of chairs during the evening shift which will be generated on a Thursday.
For this problem, [tex]x_{1} = 1[/tex] because it's weekday and [tex]x_{2} = 0[/tex] because it's a shift from the evening.
Ŷ = 405.58 + 70.97 * Weekday + 47.85 * Shift.
= 405.58 + 70.97 * (1) + 47.85 * (0)
= 405.58 + 70.97 + 0
= 476.55
= 477
Thus, the number of chairs that will be generated during the evening shift on Thursday will be 477.
The Chief Projects Officer responsibilities include ensuring that the steering team does all of the following EXCEPT: a. ensures enough resources (people, money, and other resources) are available to perform the projects b. captures lessons learned from completed projects c. monitors and controls the implementation of projects d. selects appropriate project sponsors and teams
Answer:
The correct answer is letter "D": selects appropriate project sponsors and teams.
Explanation:
Chief Projects Officers (CPO) are managers in charge of implementing a new plan of action within companies. They are in charge of verifying what steps are going to be taken in the process of implementing a project and if the resources allocated are necessary and will be enough to avoid delays. They also monitor employee performance and evaluate past plans to find out why they were successful or why they failed.
Selecting teams is a duty the Human Resources (HR) is in charge of, while the Marketing department chooses appropriate sponsors.
Final answer:
The Chief Projects Officer is generally responsible for ensuring resources are available, capturing lessons learned, and monitoring project implementation, but not typically for selecting project sponsors and teams.
Explanation:
The responsibilities of a Chief Projects Officer (CPO) vary, but typically include tasks such as ensuring resources are available, capturing lessons learned from projects, monitoring and controlling project implementation, and selecting appropriate project sponsors and teams. However, the responsibility of selecting the appropriate project sponsors and teams, while crucial to a project's success, is generally not a specific function of the CPO, as it can often fall within the domain of human resource management or higher-level executive decision-making. The CPO's role mainly revolves around strategic oversight and ensuring the necessary conditions for project success are met.
The subject question asks which of the listed responsibilities is not typically within the CPO's purview. The correct answer would be (d) selects appropriate project sponsors and teams, as this task is more commonly associated with human resource departments or other managerial roles within the organization.
West Coast Ltd. wants to issue preferred stock that pays an annual dividend of $6.80 a share. The company has determined that stocks with similar characteristics provide a 12.25 percent rate of return. What should the offer price be
Answer:
The offer price will be $55.51
Explanation:
The constant cash flow over a indefinite period of time is the perpetuity. The dividend payment on the preferred is also considered as perpetuity because it pays the constant amount of dividend and there is no time limit for the payment.
Value of the preferred share can be determine by following formula
Value of Perpetuity / Cash flow / required rate of return
Price of share = Dividend Payment / Rate of return
Price of share = $6.8 / 12.25% = $55.51
Final answer:
The offer price for West Coast Ltd.'s preferred stock with an annual dividend of $6.80 and a required rate of return of 12.25 percent should be approximately $55.51 per share, calculated using the dividend discount model.
Explanation:
West Coast Ltd. wants to issue preferred stock with an annual dividend of $6.80 per share. To determine the offer price of the stock, we use the dividend discount model, which calculates the price based on the required rate of return. In this case, the required rate of return is 12.25 percent.
To calculate the price, we divide the annual dividend by the required rate of return:
Price = Dividend / Required Rate of Return
Substituting the given values:
Price = $6.80 / 0.1225
Price = $55.51
Therefore, the offer price for West Coast Ltd.'s preferred stock should be approximately $55.51 per share.
To help control manufacturing overhead, managers compare the actual line item amounts for work in process inventory with the budgeted amounts. Managers will also investigate only small differences between actual and budgeted amounts to identify the reasons why actual costs differ from planned or budgeted costs?
Answer:1.Maximize tax Benefits
2. Pursue efficiency
Explanation:
Maximize tax Benefits : Don't let tax loopholes and benefits go under utilized in your business. By taking advantage of government programs and exemptions, you can sometimes substantially reduce your overhead cost.
2.Pursue efficiency : Waste is added overhead that leads to no benefit at all for your company. Whenever you improve the efficiency of your operations,you increase your profit margin.
Wayman Corporation reports the following amounts in its December 31, 2021, income statement.
Sales revenue $ 460,000
Income tax expense $ 60,000
Interest expense 30,000
Cost of goods sold 140,000
Salaries expense 50,000
Advertising expense 40,000
Utilities expense 60,000
Required:
1. Prepare a multiple-step income statement.
Answer:
Wayman Corporation
Income Statement for the year ended December 31, 2021
Sales Revenue $460,000
Cost of Goods Sold ($140,000)
Gross Profit $320,000
Operating Expenses
Advertising Expense $40,000
Salaries Expense $50,000
Utilities Expense $60,000
Total operating expense ($150,000)
Operating Income $170,000
Interest Expense ($30,000)
EBT $140,000
Income tax expense ($60,000)
Net Income $80,000
The Gross profit is = $320,000; The total operating expense is = ($150,000) and The total Net Income is = $80,000
What is an Income Statement?
Wayman Corporation
When the Income Statement for the year ended December 31, 2021 is prepare
Sales Revenue $460,000
Cost of Goods Sold ($140,000)
The Gross Profit $320,000
Operating Expenses
Advertising Expense $40,000
Salaries Expense $50,000
Utilities Expense $60,000
The Total operating expense ($150,000)
Operating Income $170,000
Interest Expense ($30,000)
EBT $140,000
Income tax expense ($60,000)
Therefore, a Net Income of $80,000
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A company that is at a disadvantage in the marketplace because it lacks competitively valuable resources possessed by rivals Multiple Choice should adopt a new competitive strategy that might better match the circumstances of the marketplace. should abandon strategy elements that have caused its weakness in the marketplace. should undertake efforts to develop a distinctive competence. is virtually blocked from using offensive strategies and must rely on defensive strategies. nearly always is relegated to a trailing position in the industry.
Complete question:
A company that is at a disadvantage in the marketplace because it lacks competitively valuable resources possessed by rivals
A. should consider divesting assets and making future investments in promising new industries.
B. may be able to develop substitute resources that accomplish the same objective as the competitively valuable resource possessed by rivals.
C. can still marshal competitive power in the marketplace by incorporating product or service features desired by niche buyers.
D. is virtually blockaded from using offensive strategies and must rely on defensive strategies.
E. should abandon strategy elements that have caused its weakness in the marketplace.
Answer:
May be able to develop substitute resources that accomplish the same objective as the competitively valuable resource possessed by rivals.
Explanation:
The scenario on the market is changing. Changing the product mix always makes sense. Your product marketing approach is a step forward in the changing market that makes both consumers and staff involved and engaged. The production of the drug can be dangerous, though, to divert the attention from tested and established market practices.
The advantage of substitute products is to give the customer a range of goods to suit his specifications. On the other hand, businesses may pay extra costs in order to create and advertise innovative deals as the best on the market.
Final answer:
A company lacking competitive resources should adopt Porter's cost leadership or product differentiation strategies, focusing on core competencies to create a competitive advantage.
Explanation:
A company that is at a disadvantage in the marketplace due to a lack of competitively valuable resources should review Michael Porter's recommendations. Porter suggests two main strategies: cost leadership and product differentiation. Cost leadership involves a firm maintaining costs below those of competitors and continually seeking ways to reduce costs to stay ahead. Product differentiation, on the other hand, aims to make products distinct enough that customers are willing to pay a premium. Companies need to choose a strategy that plays to their core competencies and creates a competitive advantage.
Moreover, with economies of scale, scope, and ongoing cost management, a business can create and sustain competitive advantages that are not easily replicated by competitors. Ensuring that strategy is adaptable and robust in the face of market competition is key to long-term success. A prudent strategy also considers potential rivals and market entry, aiming to sustain a competitive edge against newcomers in the market.
Younie Corporation has two divisions: the South Division and the West Division. The corporation's net operating income is $92,300. The South Division's divisional segment margin is $46,300 and the West Division's divisional segment margin is $171,700.
A) What is the amount of the common fixed expense not traceable to the individual divisions?
Answer:
$125,700
Explanation:
Net operating income is the total revenue or income of a business Organisation minus the the total amount spent in generating the income.
The total net operating income of the two divisions has been described as $92,300
The net operating margin of the Southern Division is $46,300
The net operating margin of the western Division is $171,700
The fixed income not traceable to Individual division is
The traceable Southern Division margin+traceable western Division margin-The corporation's net operating income
$46,300+$171,700-$92,300
=$125,700.
Assume this process continues, with each successive loan deposited into a checking account and no banks keeping any excess reserves. Under these assumptions, the $500,000 injection into the money supply results in an overall increase of ______ in demand deposits.
Answer:
$2,500,000
Explanation:
Following the stated assumptions in the question, the money multiplier will be used to calculate the resulting effect of the $500,000 injection into the money supply.
The money multiplier formula is 1/r , where r is the required reserve ratio. So, the resulting change in demand deposits is:
Change in Demand Deposits = Change in Fresh Reserves (that is, the Initial Deposit)×1/r
= $500,000×1/0.20
=$500,000 × 5
= $2,500,000
Arabica Manufacturing uses a predetermined overhead allocation rate based on the number of machine-hours. At the beginning of the year, it estimated total manufacturing overhead costs to be $1,010,000, total number of direct labor hours to be 5000, and total number of machine-hours to be 25,000 hours. What was the predetermined overhead allocation rate? (Round your answer to the nearest cent.)
Answer:
The predetermined overhead rate allocation rate is $40.4 per machine hour.
Explanation:
The predetermined overhead allocation rate is calculated as total manufacturing/total machine hours
Predetermined overhead allocation rate=$1010000/25000
Predetermined overhead rate =$40.4 per machine hour
Invariably,this is the overhead allocation rate that would be used in calculating overhead on each unit of output depending on the number of machine hours that each unit of output observed .
For instance, let us assume each of output takes 5 machine hours ,hence the overhead per unit of product will be $40.4*5 $202.
Also if one unit only consumes 0.5 machine hour,each unit of output would cost $20.2($40.4*0.5) in overhead
The predetermined overhead allocation rate at Arabica Manufacturing is $40.40 per machine-hour, calculated by dividing the estimated total manufacturing overhead costs by the total estimated number of machine-hours.
Arabica Manufacturing uses a predetermined overhead allocation rate based on the number of machine-hours.
To calculate this rate, divide the total estimated manufacturing overhead costs by the total estimated number of machine-hours. Using the information provided:
Estimated total manufacturing overhead costs: $1,010,000
Total number of machine-hours: 25,000 hours
Now, we compute the predetermined overhead allocation rate as follows:
Predetermined overhead rate = Total estimated overhead costs / Total estimated number of machine-hours
Predetermined overhead rate = $1,010,000 / 25,000 hours
Predetermined overhead rate = $40.40 per machine-hour
Therefore, the predetermined overhead allocation rate is $40.40 per machine-hour.
6. Kroeger Exporters has total assets of $74,300, net working capital of $22,900, owners' equity of $38,600, and long-term debt of $23,900. What is the value of the current assets
Answer:
Current assets = $34,700.
Explanation:
We know,
Total assets = Current assets + Non current assets ( property, plan and equipment).
Again, total assets = Liabilities + Owners equity
Again,
Liabilities = Current liabilities + Long term liabilities.
Finally, net working capital = Current assets - Current liabilities
Given,
Total assets = $74,300
net working capital = $22,900
owners' equity = $38,600
long-term debt = $23,900
Putting the values into the formulas,
Total assets = Liabilities + Owners equity
or, $74,300 = Liabilities + $38,600
or, Liabilities = $74,300 - $38,600
Liabilities = $35,700.
Again,
Liabilities = Current liabilities + Long term liabilities.
or, $35,700 = Current liabilities + $23,900
or, Current liabilities = $35,700 - $23,900
Current liabilities = $11,800.
Therefore, Net working capital = Current assets - Current liabilities
or, $22,900 = Current assets - $11,800
or, Current assets = $22,900 + $11,800
Current assets = $34,700.
Suppose there are only three people in the economy: Jane, Harry, and Bob. The individual demand for corn for each of these consumers is given in Exhibit 3-1. The total quantity demanded of corn if the market price is $5 is Group of answer choices
Answer: 35
Explanation:
The individual demand for corn for each of these consumers as given in Exhibit 3-1.
QD = 40 - P
With Market Price, P = $5
Quantity Demanded, QD = 40 - 5
= 35
Product differentiation in monopolistic competition Consider two sandwich shops owned by the same firm. Both shops offer the exact same menu, so the sandwich quality is identical. One shop is located in an upscale downtown area. The other shop is located in a strip mall in the suburbs. The interior of the downtown shop includes leather booths, oak tables, and plasma televisions. The interior of the suburban shop is more modest, with plastic tables and folding chairs. Sandwich prices are considerably higher at the downtown shop Product differentiation between the two sandwich shops is based on which of the following? a. Quality b. Location c. Style True or False: Positive short-run profit can occur as a result of advertising in a monopolistically competitive market. O False O True
Answer:
Explanation:
Both shops offer the exact same menu and food quality.
One shop is located in an upscale downtown area. The other shop is located in a strip mall in the suburbs. The interior of the downtown shop includes leather booths, oak tables, and plasma televisions. The interior of the suburban shop is more modest, with plastic tables and folding chairs.
So, product differention is based on location and style.
Hence, the correct answer is the option (b) and (c).
Advertising helpes a monopolistically competitive firm to differentiate its product from other competing products; help it in gaining market share. This gives firm some opportunity to earn positive economic profit in short-run.
The given statement is True.
Answer:1. B. and C. Location and
Style
2. True
Explanation:
Product differentiation are strategies employed by organizations to make their goods and services unique when compared to those of their competitors or even similar products within their brand.
Location played a role in the presentation of the Sandwich products and services in the Suburban and Downtown areas. The style was made to suit the needs of people in unique environments.
A monopolistic competitive market is one in which different organizations sell similar products. In the short run, the profit generated is positive. These kinds of organizations depend hugely on advertising to promote their goods and services.
Scott Company had sales of $12,050,000 and related cost of goods sold of $7,100,000 for the year ending December 31, 20Y8. Scott provides customers a refund for any returned or damaged merchandise. Scott Company estimates that customers will request refunds for 0.6% of sales and estimates that merchandise costing $53,000 will be returned in 20Y9. Journalize the adjusting entries on December 31, 20Y8, to record the expected customer returns. If an amount box does not require an entry, leave it blank.
Answer:
See explanation section.
Explanation:
December 31, 20Y8 Sales Debit $72,300
Customer Refunds Payable Credit $72,300
Note: Calculation: $12,050,000 × 0.6% = $72,300
(As the customers requested refunds for 0.6% of sales, we have to deduct it from total sales to give refund.)
December 31, 20Y8 Estimated Returns Inventory Debit $53,000
Cost of goods sold Credit $53,000
Note: As the returned products had the cost of sales, we have to give cost of goods sold journal assuming the company used perpetual inventory system.
In 2016, sports newscaster Erin Andrews and former wrestler Hulk Hogan were both awarded substantial monetary damages after winning their respective cases involving invasion of privacy. It is believed that the juries in both cases wanted to sanction the defendants by sending a clear message that individual’s privacy must be respected regardless of who they are. The type of monetary damages awarded in these two cases are described as_______________.
a. Nominal damages
b. Compensatory damages
c. Punitive damages
d. Consequential damages
Answer:
Option C, PUNITIVE DAMAGES.
Explanation:
Punitive damages also called exemplary damages are legal damages assessed by a judge or jury in order to punish the defendant for outrageous conduct and/or to reform or deter the defendant and others from engaging in conduct similar to that which formed the basis of the lawsuit.
Punitive damages are often awarded if compensatory damages are deemed an inadequate remedy.
In many countries, punitive damages can only be awarded if the offensive act arose from a tort(an offense against an individual) and not from a breach of contract.
Since the juries in both cases wanted to sanction the defendants by sending a clear message that individual’s privacy must be respected regardless of who they are, therefore, the type of monetary damages awarded in both cases of sports newscaster Erin Andrews and former wrestler Hulk Hogan are described as PUNITIVE DAMAGES.
Answer: C,
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Explanation:
PUNITIVE DAMAGES. Explanation :Punitive damages also called exemplary damages are legal damages assessed by a judge or jury in order to punish the defendant for outrageous conduct and/or to reform or deter the defendant and others from engaging in conduct similar to that which formed the basis of the lawsuit. Punitive damages are often awarded if compensatory damages are deemed an inadequate remedy .In many countries, punitive damages can only be awarded if the offensive act arose from a tort(an offense against an individual) and not from a breach of contract .Since the juries in both cases wanted to sanction the defendants by sending a clear message that individual’s privacy must be respected regardless of who they are, therefore, the type of monetary damages awarded in both cases of sports newscaster Erin Andrews and former wrestler Hulk Hogan are described as PUNITIVE DAMAGES.
"When he was unable to find the statistics he needed for his report on market demand, Raphael decided to estimate based on historical and current data and trends reported" by the UN. One problem with this is ______.
Answer: inaccurate data
Explanation: Because he was unable to gather accurate data for his statistics report on market demand .
Answer: The reliability and accuracy of the forecasts might decrease.
Explanation:
Trend analysis is the general practice of the collection of information in order to spot a pattern. Even though it is used to forecast future events, it can also be used for the estimation of unknown events in the past. Because trend analysis is hinged on historical data, the reliability and accuracy of the forecasts deteriorate when there is a change in business environment or when cyclical trends is mistaken for long-term influences. Also, when one does not know the changes that might affect a business, forecasts on trend analysis might not be reliable.
On December 30, 2019, Whitney sold a piece of property for $85,000. Her basis in the property was $40,000, and she incurred $1,200 in selling expenses. The buyer paid $5,000 down with the balance payable in $10,000 installments over the next eight years. In addition, the buyer assumed a $15,000 mortgage on the property. Round any division to four decimal places, and use in subsequent computations. Round your final answer to the nearest dollar.
Under the installment sales method, the total contract price is $____, the total gain on the sale is $____ and the amount of gain reported in 2018 is $____.
Answer:
Under the installment sales method, the total contract price is $85,000
gain on the sale is $58,800 ( 85,000 + 15,000 - 40,000 - 1,200)
and the amount of gain reported in 2018 is $3,459.
Final answer:
The total contract price is $100,000, the total gain on the sale is $58,800, and the amount of gain reported in 2018 is $5,880.
Explanation:
In this question, we are given the information about Whitney's property sale.
The total contract price is the sum of the buyer's down payment, the balance payable in installments over eight years, and the assumed mortgage. The down payment is $5,000, the installment payments amount to $10,000 each for eight years ($80,000 total), and the assumed mortgage is $15,000. Therefore, the total contract price is $5,000 + $80,000 + $15,000 = $100,000.
To find the total gain on the sale, we subtract Whitney's basis in the property and the selling expenses from the total contract price. So, the total gain is $100,000 - ($40,000 + $1,200) = $58,800.
To determine the amount of gain reported in 2018, we need to calculate the gross profit percentage. The gross profit percentage is the total gain divided by the total contract price, expressed as a decimal. So, the gross profit percentage is $58,800 / $100,000 = 0.588. To find the amount of gain reported in 2018, we multiply the gross profit percentage by the installment payment received in 2018. Since the installment payment received in 2018 is $10,000, the amount of gain reported in 2018 is 0.588 * $10,000 = $5,880.
William McChesney Martin, who served as Chairman of the Federal Reserve in the 1950s and 1960s, is famous for saying that central banks should "take away the punch bowl just as the party is heating up".
What does this saying mean? Why wouldn't we want the "party" to get too exciting? What are the potential impacts of adding too much fuel to the economy?
Answer:
PART A
The saying means that it should remove the economic incentives when it has reached its peak in order to prevent it from impacting negatively on the economy.
PART B
(1) It can lead to Inflation.
(2) it can lead to reduced Productivity within the economy.
Explanation:Central banks all over the world are known to put incentives and Stimulus factors in place in order to help improve, resuscitate or sustain the economy in terms of crisis, but the impacts of the Incentives or Stimulus programs of the central banks can lead to certain negative consequences if not effectively monitored or removed when necessary.
SOME OF THE NEGATIVE CONSEQUENCES WHICH CAN ARISE IF THE INCENTIVES OR STIMULUS PROGRAMS USED TO SUSTAIN THE ECONOMY ARE NIT REMOVED EXAMPLES INCLUDE IT CAN LEAD TO INFLATION,IT CAN LEAD TO REDUCTION IN THE OVERALL PRODUCTIVITY WITHIN THE ECONOMY ETC.
Greene Sisters has a DSO of 20 days. The company’s average daily sales are $20,000. What is the level of its accounts receivable? Assume there are 365 days in a year. Ehrhardt, Michael C.. Corporate Finance: A Focused Approach (MindTap Course List) (p. 129). Cengage Learning. Kindle Edition.
The level of Greene Sisters company's accounts receivable is calculated by multiplying the average daily sales by the Days Sales Outstanding (DSO), resulting in $400,000.
Explanation:The student's question pertains to calculating the level of accounts receivable based on the Days Sales Outstanding (DSO) and average daily sales. In this case, the Greene Sisters company has a DSO of 20 days and average daily sales of $20,000. To find the level of accounts receivable, we use the formula:
Accounts Receivable = Average Daily Sales × DSO
Accounts Receivable = $20,000 × 20
Accounts Receivable = $400,000
Thus, the level of Greene Sisters' accounts receivable is $400,000.
Suppose that in 1945 Japan had an initial per capita GDP of $10,000 per year and China had a per capita GDP of $250. Subsequently, China is growing at 7 percent per year and Japan is growing at 3.5 percent per year until 2005 and then stops growing altogether. In 2015, ________ would have been the lower-income country, with a per capita GDP of approximately ________. (Hint: you may want to use the Rule of 70 to answer this question.)
Answer:
In 2015, China would have been the lower-income country, with a per capita GDP of approximately 32,000.
We would use the rule of 70 to answer this question.
2015-1945= 70 years.
China annual growth rate is 7%. so according to the rule of 70.
=[tex]\frac{70}{7}[/tex] = 10 years is the time it takes China to double.
70/10 = China's GDP would double 7 times in these 70 years.
China GDP in 2015: 250 * 2 * 2 * 2 * 2 * 2 * 2 * 2= 32,000.
Japan GDP in 1945: $10,000
Since Japan's economy stops growing in 2005.
2005-1945 = 60 years.
Japan annual growth rate is 3.5%. so according to the rule of 70.
[tex]\frac{70}{3.5}[/tex] = 20 years is the time it takes Japan to double.
60/20 = China's GDP would double 3 times in these 60 years.
Japan GDP in 2015: 10,000 * 2 * 2 * 2= 80,000.
Listed as follows are nine technical accounting terms.
Unrecorded revenue Adjusting entries Accrued expenses
Book value Matching principle Accumulated depreciation
Unearned revenue Materiality Prepaid expenses
Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms.
a. The net amount at which an asset is carried in the accounting records as distinguished from its market value.
b. An accounting concept that may justify departure from other accounting principles for purposes of convenience and economy.
c. The offsetting of revenue with expenses incurred in generating that revenue.
d. Revenue earned during the current accounting period but not yet recorded or billed, which requires an adjusting entry at the end of the period.
e. Entries made at the end of the period to achieve the goals of accrual accounting by recording revenue when it is earned and by recording expenses when the related goods and services are used.
f. A type of account credited when customers pay in advance for services to be rendered in the future.
g. A balance sheet category used for reporting advance payments of such items as insurance, rent, and office supplies.
h. An expense representing the systematic allocation of an asset's cost over its useful life.
Answer:
a. Book value
b. Materiality
c. Matching principle
d. Unrecorded revenue
e. Adjusting entries
f. Unearned revenue
g. Prepaid expenses
h. Accumulated depreciation
Explanation:
The assets are recorded at cost and then depreciated over their useful lives . The net balance of an asset being the cost less its accumulated depreciation is its Net Book Value.
Materiality is the concept whereby any accounting principle can be departed from if it is of a small amount
All expenses incurred during a period to earn revenues is known as matching principle.
Any revenue earned but not recorded or billed is known as unrecorded revenue.
Adjusting entries are recorded at period end to record revenues and expenses under accrual method.
Advances received for services to be provided after the period end is recorded as unearned revenue.
Amounts paid in advance for services/ benefits to be received in the future are known as prepaid expenses
Assets cost are allocated over its estimated useful life is known as accumulated depreciation.
Caroline lives in City A and earns $50,000 per year. The cost of living index in City A is .8. She is considering a move to City B which has a cost of living index of .9. How large a salary will she require in City B to maintain her current standard of living?
Answer:
$56,250
Explanation:
(0.9 × $50,000) / 0.8 = $56,250
The cost of living is higher in city B compared to city A, thus, the amount of income needed to sustain the same living standard ought to be higher.
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To have a justifiable reason to issue a management report on internal control based on Section 404(a) from the Sarbanes-Oxley Act of 2002, management must do everything except for O a. establishing a system of internal controls containing no material weaknesses b. accepting main responsibility for the level of the effectiveness nature of their system of internal controls c examining the level of effectiveness of their system of internal control using control criteria suitable for evaluation d. supporting an evaluation that finds sufficient evidence
Answer:
The first option is correct
Explanation:
So as to have a justifiable reason to issue a management report on internal control, based on Section 404(a) from the Sarbanes-Oxley Act of 2002, the following responsibilities are required from the Management:
• Create and maintain adequate internal control over financial reporting for the company
• Provide criteria for evaluators to assess the effectiveness of the company’s internal control over financial reporting
• Assess the effectiveness of the company’s internal control over financial reporting based on management’s evaluation of it, at year-end (i.e., a point-in-time assessment), including disclosure of any material weakness in the company’s internal control over financial reporting identified by management.
Therefore, to have a justifiable reason to issue a management report on internal control under Section 404(a) of the Sarbanes-Oxley Act of 2002, management must do everything, except "Establishing a system of internal controls containing no material weakness" as this was not stated under Section 404(a) of the Sarbanes-Oxley Act of 2002.
Hence first option is correct.
The balance sheet of Cattleman's Steakhouse shows assets of $85,900 and liabilities of $13,500. The fair value of the assets is $90,500 and the fair value of its liabilities is $13,500. Longhorn paid Cattleman's $84,120 to acquire all of its assets and liabilities. Longhorn should record goodwill on this purchase of:
Answer:
$7,120
Explanation:
Given that,
Assets = $85,900
Liabilities = $13,500
Fair value of assets = $90,500
Fair value of its liabilities = $13,500
Amount paid to acquire all of its assets and liabilities = $84,120
Net assets:
= Fair value of assets - Fair value of its liabilities
= $90,500 - $13,500
= $77,000
Goodwill = Purchase consideration - Net assets
= $84,120 - $77,000
= $7,120
Wainright Co. has identified an investment project with the following cash flows. Year Cash Flow 1 $ 850 2 1,190 3 1,450 4 1,600 If the discount rate is 7 percent, what is the present value of these cash flows? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))
Answer:
$4,238.05
Explanation:
The computation of the present value is shown below:
Years Cash flows Discount factor @7% Present value
1 $850.00 0.9345794393 $794.39
2 $1,190.00 0.8734387283 $1,039.39
3 $1,450.00 0.8162978769 $1,183.63
4 $1,600.00 0.762895212 $1,220.63
Total present value $4,238.05
YOU are working with a Professional Edition organization. They wish to install the Expense Tracker which requires the use of 4 custom tabs, 3 custom objects, and one custom app. If the company is already using 4 applications, 36 custom objects, and 7 custom tabs, what will happen when they try to install Expense Tracker? A. They will not be able to complete the installation process as they have reached the maximum number of custom tabs B. They will not be able to complete the installation process as they have reached the maximum number of custom objects C. The installation will succeed D. The installation will succeed, but only the reports,
Answer:
A. They will not be able to complete the installation process as they have reached the maximum number of custom tabs
Explanation:
An expense tracker is a program or application that helps keep an accurate record of the inflow and outflow of your money. Many people are working on a fixed income, and find that they don't have enough money to meet their needs towards the end of the month. So expense tracker helps to keep records of expenses.
A required number of custom tabs are required in creating the expense tracker and the company have passed reached the maximum, this would cause a fail in the installation of the expense tracker.
1. What do you think would be the most difficult steps in conducting a "time study" 2. Have you encountered any "time" standards are recommendations from employers in jobs that you have worked? Explain? Did you or would you be motivated by "time" standards?
The correct answers to this open question are the following.
1. What do you think would be the most difficult steps in conducting a "time study"
When you have a time study in the workplace, this means that the work process is going to be measured to establish the appropriate times to carry on the work's activities. So the most difficult steps of this kind of study would be the training of the people who are going to conduct the study, the experience they have to show in knowing the correct way to do the processes in the company, and the standards that are going to be the marker of the study.
2. Have you encountered any "time" standards are recommendations from employers in jobs that you have worked on?
Yes, basically in manufactured plants where engineers and Directors of Operations put a special emphasis on time and movement. These people are specialists in establishing the proper time needed and the necessary steps in the process.
3- Did you or would you be motivated by "time" standards?
Yes, because once you understand the value of time and the importance of not wasting any time, it allows you to be more productive in your work.
You run a successful casual dining restaurant in Virginia and are reviewing historical data in an attempt to identify potential threats to your business. What would NOT be helpful to you in this process?
Options:
A) Reading news articles about a heist that occurred last year at a bank in California.
B) Viewing security footage that shows a recently fired employee stealing from the cash register.
C) Searching the internet for stories about incidents that commonly occur in casual dining restaurants around the country.
D) Identifying how often floods, earthquakes, and fires occur in your area of Virginia.
Answer:B) Viewing security footage that shows a recently fired employee stealing from the cash register.
Explanation: Historical data are a set of data collected earlier about certain issues or subjects, historical data helps decision makers to prepare and take adequate and necessary steps to mitigate or stop the recurrence of adverse activities or prepare for a good and Positive outcome.
VIEWING THE SECURITY FOOTAGE OF A RECENTLY FIRED EMPLOYEE STEALING FROM THE CASH REGISTER IS NOT A HISTORICAL DATA AS IT DEALS WITH PRESENT ISSUE BECAUSE IT OCCURED RECENTLY.
Reducing (and sometimes eliminating) the size of engineering staffs has become a recent trend among airlines since they are no longer as involved with the design of new aircraft.
A. True
B. False
Answer:
True
Explanation:
From recent trends, it has been shown that airlines are cutting down on their engineering crew because most airlines are no longer involved in the designing of new aircraft as it was in the developmental stages of airplanes, what they do now is improving on existing models thus there is no need for a large engineering staff, what is require is just a few aircraft maintenance and repair staff.