Answer:
The decision rule for rejecting H0 is if the test statistic falls outside the region bounded by the critical values.
Explanation:
Null hypothesis: The actual percentage that do not fail is the same as the stated percentage.
Alternate hypothesis: The actual percentage that do not fail is different from the stated percentage.
Test statistic (z) = (p' - p) ÷ sqrt[p(1-p) ÷ n]
p' is sample proportion = 0.51
p is population proportion = 0.48
n = 1700
z = (0.51 - 0.48) ÷ sqrt[0.48(1-0.48) ÷ 1700] = 0.03 ÷ 0.012 = 2.5
The test is a two-tailed test. At 0.01 significance level, the critical values are -2.576 and 2.576
Decision rule:
Reject H0 (null hypothesis) if the test statistic falls outside the region bounded by the critical values -2.576 and 2.576.
If Big Rock Insurance Company charges $5000 for the policy, how much profit does the company expect to make?
Answer: $60,000
Explanation:
Lindor and Sons purchased an available-for-sale investment for $800,000. The fair value of that investment is $750,000 at the end of the current fiscal year. The company’s total net income for the year is approximately $2,500,000.
Based on this information, which of the following statements is accurate?
a. The company will recognize an unrealized holding loss.
b. The company will need to report their investment at an amortized cost.
c. The company will be unable to include the unrealized gain or loss in their comprehensive income.
d. The company will not recognize their dividends as revenue.
Answer:
a. The company will recognize an unrealized holding loss.
Explanation:
An unrealised loss is defined as a decline in an asset theta is held by a business. The asset can be held until it's value appreciates to cancel out the unrealised loss. If such an asset is sold, it will now be a realised loss.
The unrealized loss of (800,000-750,000= $50,000) will be recorded in the accumulated other comprehensive income account under the equity section of the balance sheet.
Unrealised loss is also called paper loss because the loss is only recorded on paper and is not yet realised.
The company will recognize an unrealized holding loss because the value of the investment fell below its purchase price. This unrealized loss is accounted for in the income statement and affects the net income of the company.
Explanation:Based on the information given, Lindor and Sons purchased an available-for-sale investment for $800,000 but by the end of the fiscal year the investment's fair value dropped to $750,000. As a result, the accurate statement would be 'a. The company will recognize an unrealized holding loss'.
An unrealized holding loss occurs when a company has an investment that decreases in value but is not yet sold. In this case, all unrealized losses need to be recognized in the income statement, which will indirectly reduce the company's net income.
It's important to note that this is different from an amortized cost, which is used for loans and held-to-maturity investments, not for available-for-sale investments. Also, unrealized gain or loss can be included in comprehensive income according to the Generally Accepted Accounting Principles (GAAP).
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Live Trap Corporation received the data below for its rodent cage production unit.
OUTPUT INPUT
50,500 cages Production time 630 labor hours Sales price: $3.40 per unit Wages $7.40 per hour
Raw materials (total cost) $31,000
Component parts (total cost) $15,450
Find the total productivity in Units Sold and Dollars of Sales per Dollar Input. (Do not round intermediate calculations. Round your answers to 2 decimal places.)
Answer:
Explanation:
Total output = output cages* sales price = 50500 cages * $3.40 per unit = = $ 171,700
Total Input:
Wages = 630 labor hours * $7.40 = $4,662
Raw materials = $ 31,000
Components = $ 15,450
Total input $51,112 [Add up wages, components and raw materials]
1) Total productivity in units sold = Output in units / Input in dollars
=50500 cages/$51,112
=0.99 per dollar input
2) Total productivity in dollars= Output in dollars / Input
=$171,700/51,112 = $ 3.36 per unit input
Sigman Co.'s inventories in process were at the following stages of completion at April 30:
No. of Units Percent Complete
270 80
220 60
370 20
Equivalent units of production in ending inventory amounted to: _______
Answer:
422 units
Explanation:
The computation of the equivalent unit of production is as follows
No. of Units Percent Complete Equivalent units
(A) (B) (A × B)
270 80 216 units
220 60 132 units
370 20 74 units
Total
Equivalent units 422 units
On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month:
1. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $27,000.
2. Paid rent on office and equipment for the month, $5,050.
3. Purchased supplies on account, $1,490.
4. Paid creditor on account, $550.
5. Earned fees, receiving cash, $22,950.
6. Paid automobile expenses (including rental charge) for month, $1,400, and miscellaneous expenses, $940.
7. Paid office salaries, $2,940.
8. Determined that the cost of supplies used was $830.
9. Withdrew cash for personal use, $1,350.
Required:
1. Journalize entries for transactions Jan. 1 through 9. Refer to the Chart of Accounts for exact wording of account titles.
2. Post the journal entries to the T accounts, selecting the appropriate date to the left of each amount to identify the transactions. Determine the account balances after all posting is complete. Accounts containing only a single entry do not need a balance.
3. Prepare an unadjusted trial balance as of January 31, 2019.
Determine the following:
a. Amount of total revenue recorded in the ledger.
b. Amount of total expenses recorded in the ledger.
c. Amount of net income for January.
5. Determine the increase or decrease in owner’s equity for January.
Answer:
1) JOURNAL ENTRIES
1 Debit Bank $27,000 Credit Capital $27,000
2 Debit Rent expense $5,050 Credit Bank $5,050
3 Debit Supplies Account $1,490 Credit Accounts payable $1,490
4 Debit Accounts payable $550 Credit Bank $550
5 Debit Bank $22,950 credit Service Revenue $22,950
6 Debit Debit Automobile Expenses $1,400 Debit Miscellaneous expenses $940 Credit Bank 2,340
7 Debit Office salaries $2,940 Credit Bank $2,940
8 Supplies expense $830 Credit Supplies Account $830
9 Debit Drawings $1,350 Credit Bank $1,350
2 T ACCOUNTS
Capital
01 bank $27,000
Drawings
09 Bank $1,350
Bank
01 Capital $27,000 02 Rent expense $5,050
04 Accounts payable $550
05 Service revenue $22,950 06 Automobile expense $1,400
Miscellaneous costs $940
07 Salaries expense $2,940
09 Drawings $1,350
31 Balance C/D $37,720
$49950 $49950
Accounts payable
04 Bank $550 03 Supplies Account $1,490
31 Balance c/d $940
Supplies Account
03 Account payable $1,490 08 Supplies expense $830
31 Balance c/d $660
NOMINAL Accounts section
Service Revenue
05 Bank $22,950
Rent Expense
02 Bank $5,050
Automobile Expense
06 Bank $1,400
Miscellaneous Expense
06 Bank $940
Office Salaries
07 Bank $2,940
Supplies expense
08 Supplies Account $830
3 TRIAL BALANCE Debit Credit
Balance Sheet
Capital $27,000
Drawings $1,350
Bank $37,720
Accounts Payable $940
Supplies Account $660
Nominal Section
Service Revenue $22,950
Rent expense $5,050
Automobile expense $1,400
Miscellaneous Expense $940
Office Salaries $2,940
Supplies expense $830
$50,890 $50,890
a) Total Revenue = $22,950
b) Total expense = 5050+1400+940+2940+830 = $11,160
c) Net income = 22950-11160= $11,790
5 Changes in Equity = Capital + net income - drawings
= 27000+11790-1350 = $37,440
Explanation:
Final answer:
The question involves recording and analyzing basic accounting transactions for Tri-City Realty, journalizing entries, posting to T accounts, and preparing an unadjusted trial balance while calculating key financial metrics such as total revenue, total expenses, and net income. These provide insights into the financial performance of Sharon Matthews' new business.
Explanation:
To address the student's question, we begin by assessing the impact of each transaction on Tri-City Realty's financial statements. Each transaction affects the accounts in specific ways and this is reflected in the journal entries.
Cash: Increased by $27,000 when Sharon Matthews transfers personal funds to the business account.Rent Expense: Increased by $5,050 which reduces cash.Supplies: Increased by $1,490 on account, affecting Accounts Payable.Payment to creditor reduces Accounts Payable by $550 and cash reduces as well.Service Revenue: Increased by $22,950 when earning fees, increasing cash.Automobile and Miscellaneous Expenses: Increased by $1,400 and $940, respectively, reducing cash.Salaries Expense: Increased by $2,940 which reduces cash.Use of supplies creates a Supplies Expense of $830, decreasing the Supplies account.Drawings: Increased by $1,350 reflecting withdrawal of cash for personal use, decreasing owner's equity.After journalizing, the transactions are posted to the respective T accounts to show how balances of each account change. Finally, an unadjusted trial balance as of January 31, 2019, tallies the debit and credit balances across all accounts to ensure they match - which is critical for ensuring the accounting equation (Assets = Liabilities + Owner's Equity) remains in balance.
To calculate total revenue, we sum all revenue transactions. Total expenses are the sum of all expenses transactions. The difference between revenues and expenses gives us the net income for January. The increase or decrease in owner's equity is derived by adjusting the starting owner's equity by the net income and any owner's withdrawals.
The present value of an annuity is the sum of the discounted value of all future cash flows.
You have the opportunity to invest in several annuities. Which of the following 10-year annuities has the greatest present value (PV)?
a. An annuity that pays $1, 000 at the beginning of each year.
b. An annuity that pays $1, 000 at the end of each year.
c. An annuity that pays $500 at the end of every six months.
d. An annuity that pays $500 at the beginning of every six months.
An annuity that pays $1, 000 at the beginning of each year has the greatest present value (PV).
Explanation:
The present value (PV), provided the defined rate of return, is the current value of the potential amount of cash or source. Future cash reserves are discounted at rate of return, and the lower the real value of potential cash reserves the greater the discount rate.
An annuity that pays $1,000 early in the year has the greatest present interest, since the earliest distribution of positive cash flows is expressed in the payment volume.
It would that the discounts effect on cash flows lower than the other alternatives and maximize the volume of discounted cash flows.
It offers the maximum current value by keeping the other variables stable.
You are a manager of a project and you are negotiating a contract. You offered an estimate that you know will be changed after the contract is signed. Which PMI ethical cornerstones and clauses are violated? (check all that apply) ""We do not deceive or mislead"" Honesty Respect ""We negotiate in good faith""
Answer:
Honesty.
We do not deceive or mislead.
We negotiate in good faith.
Explanation:
As a manager, I am responsible to follow ethical values of the contract. Because the contract sometimes cannot be modified. Moreover negotiations over a contract means win win situation for both parties.
Honesty: Since i had the estimate, which i could have shared with the other party but i did not because it would have harmed my profits so, I wasn't honest and violated this clause at first.
We do not deceive or mislead: Once again, I had an information which if shared could have changed the contract but since it was harmful to my business I didn't and I deceived the other party into believing that the contract is done fairly but later on the other party finds out about it they will go to court over this.
We negotiate in good faith: The purpose of this clause is to make sure that all parties involved want something better for everyone. No party is looking for win-lose situation. But the action I as a manager did, also violated this clause, for which the other party can sue me in the court.
A stock has a beta of 1.24, the expected return on the market is 11.8 percent, and the risk-free rate is 4.55 percent. What must the expected return on this stock be? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Expected return %
Answer:
The expected return on this stock must be 13.54%
Explanation:
We use the Capital asset pricing model to calculate the expected return on the stock.
ERi = Rf +βi (ERm − Rf )
Where,
ERi = Expected return on investment
Rf = Risk-free rate = 4.55%
βi = Beta of the investment = 1.24
ERm = Expected return on the market = 11.8%
ERi = Rf +βi (ERm − Rf )
ERi = 4.55 + 1.24 ( 11.8% - 4.55% )
ERi = 13.54%
Competition in the craft Brewing Industry in 20171. Identify the strategic issues facing craft beer brewers in 2017. What effects may these issues have on the overall industry? 2. What recommendations would you make to a small craft brewery to improve its competitiveness in the market?
Answer:
1. Threat of new entrants to the industry and the power of suppliers are the strategic issues facing craft brewers in 2017. The threat of entry has a great effect on a companies willingness to expand its product base in fear that a new entrant will either mimic or produce a substitute for their product.
2. I would recommend that small breweries need to get out there and get their product in the minds of more customers, use social media to target their audiences and consumers. They should also invest in equipment that will reduce labor costs in the long run. Risk of supply availability can be mitigated by using multiple suppliers or becoming your own suppliers and also selling to other breweries, making another source of income.
Final answer:
Craft beer brewers in 2017 faced challenges such as intense competition and the need to stand out in a market of monopolistic competition. To enhance competitiveness, small craft breweries should focus on differentiating their product, engage in effective marketing, and build local community relationships.
Explanation:
The strategic issues facing craft beer brewers in 2017 included a high level of competition, market saturation, and the need to differentiate products in a market that tends towards monopolistic competition. The craft beer market sees differentiated products, which gives brewers some degree of price-setting power. Small craft breweries must operate efficiently and capitalize on their ability to innovate to remain competitive.
To improve competitiveness, a small craft brewery should focus on product differentiation, quality, local sourcing, and marketing. As the craft beer industry conforms to monopolistic competition, breweries have the advantage of setting prices for their unique products. They should leverage this by creating distinctive flavors and emphasizing their unique qualities. Building a strong brand and connecting with the local community can also increase customer loyalty. Given the growth potential as illustrated by the evolution of Widmer Brothers Brewing, successful small startups in this industry can grow into much larger entities.
Hence, recommendations for a craft brewery would be to focus on creating unique beer offerings, invest in local marketing strategies, and foster a strong community presence. The overall effect of strategic issues may push some breweries out of business, but those who can adapt may thrive and even merge with larger entities over time.
One day, Barry the Barber, Inc., collects $450 for haircuts. Over this day, his equipment depreciates in value by $30. Of the remaining $420, Barry sends $40 to the government in sales taxes, takes home $270 in wages, and retains $110 in his business to add new equipment in the future. From the $270 that Barry takes home, he pays $80 in income taxes.Based on this information, complete the following table by computing Barry's contribution to the measures of income listed. "Barry's Contribution (Dollars)", "Measure of Income "Gross Domestic Product_____, Net National Product______, National Income______, Personal Income__________, Disposable Personal Income_________.
Explanation:
Data given in the question
Collection made for haircuts = $450
Equipment Depreciates value = $30
Sales taxes = $40
Wages = $270
New equipment = $110
Home collection = $270
Income taxes = $80
So by considering the above information, the calculation is as follows
Gross domestic product is $450
Net national product is
= Gross domestic product - depreciation
= $450 - $30
= $420
National income is the same as net national product so it is also $420
Personal income is
= National income - new equipment - sales taxes
= $420 - $110 - $40
= $270
And, the disposal personal income is
= Personal income - income tax
= $270 - $80
= $190
Final answer:
Barry the Barber's activities result in $450 for GDP, $420 for NNP, $380 for NI, $350 for PI, and $270 for DPI. These figures are based on his daily earnings, equipment depreciation, taxes, and personal income.
Explanation:
To complete the requested table, we need to understand various economic concepts that Barry the Barber's activities affect: Gross Domestic Product (GDP), Net National Product (NNP), National Income (NI), Personal Income (PI), and Disposable Personal Income (DPI).
Here are the calculations based on the provided information:
Gross Domestic Product (GDP): This includes total income from services provided which is $450.
Net National Product (NNP): This is calculated by subtracting the depreciation of equipment from GDP, which results in $450 - $30 = $420.
National Income (NI): This includes what's left of NNP after paying sales taxes: $420 - $40 = $380.
Personal Income (PI): Barry takes home $270, but we also add back in the income taxes he pays since PI includes all income before taxes, so PI is $270 + $80 = $350.
Disposable Personal Income (DPI): From Barry's PI, we subtract the income taxes he pays, so DPI is $350 - $80 = $270.
Suppose that in an effort to shift the aggregate demand curve to the right, the government increases spending without changing taxes, thereby increasing real GDP. To the extent that increased government borrowing causes interest rates to , the increase in aggregate demand will be than policymakers expected when formulating the magnitude of their fiscal stimulus. This is known as the effect.
Answer:
Crowding Out Effect
Explanation:
Increasing government lending raises rate of interest, as investors become uncertain about the capacity of government to repay, therefore government needs to present higher interest rates.
A rise in government debt which holds taxes stagnant continues to crowd out private spending which dampens the beneficial effects of increased government spending on Aggregate Demand. The rise in Aggregate Demand is likely to be less than anticipated by policymakers.
rise, less, out
Mamma's Diner was a small restaurant that was a popular hangout for many Bedford College students, but because of the owner's inability to make the bathroom stalls handicapped accessible for the one wheel-chair student on campus, it was forced to close down. The reason given was the belief that this it was morally wrong to deprive the majority of the people of this experience. What type of ethical philosophy is represented in this case? Give an additional example of this type of ethical philosophy.
Answer: Utilitarianism
Explanation:
Utilitarianism can he defined a moral theory that supports actions that boost overall pleasure or happiness and rebuff actions that lead to harm or unhappiness. A utilitarian philosophy aims to make the society a better place.
The maxim of utilitarianism is that a considerable amount of good should go to a considerable amount of people. Utilitarianism seeks to maximize well-being and happiness. Mama Diner's restaurant was closed because the principle of utilitarianism was not followed because handicapped students couldn't make use of bathroom stalls.
For example, if there is a new disease that kills people instantly when the affected person coughs around other people, the government might be forced to kill the person in order to save others.
The ethical philosophy represented in the Mamma's Diner case is utilitarianism, which values the happiness of the majority over the individual. An additional example is the allocation of scarce medical resources in healthcare, where the resource could be given to a patient who can potentially contribute more to society.
Explanation:The ethical philosophy represented in the case of Mamma's Diner is utilitarianism. Utilitarianism is a theory in moral philosophy that suggests the best action is the one that maximizes overall happiness or 'the greatest good for the greatest number'. It values the welfare of the majority over the individual. In this case, it was thought that the satisfaction of majority of the students who frequented the restaurant outweighed the need to accommodate the one wheelchair-bound student.
An additional example of utilitarianism could be the ethical scenario in healthcare, where scarce medical resources (like a single organ for transplant) could be given to a patient who may benefit from it the most and contribute more to society rather than a patient who may be in greater need but less likely to survive or contribute as much. Professionals in a clinical setting often face these ethical dilemmas.
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The balance in the supplies account, before adjustment at the end of the year, is $9,000. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $1,575. If an amount box does not require an entry, leave it blank.
Explanation:
The adjusting journal entry is as follows:
Supplies expense A/c Dr $7,425
To Supplies A/c $7,425
(Being supplies account is adjusted)
The supplies expense is computed by
= Supplies balance before adjustment - supplies on hand
= $9,000 - $1,575
= $7,425
For recording this adjusting entry, we debited the supplies expense account and credited the supplies account
A debit of $7425 is made to the Supplies Expense account and a credit of the same amount is made to the Supplies account to adjust for the consumed supplies. This is necessary to correctly reflect the amount of supplies on hand at the end of the year.
Explanation:The subject of this question is Accounting, specifically about adjusting entries in the ledger. An adjusting journal entry is required when the amount of supplies on hand at the end of the year is different from what is reflected in the account. In this case, the balance in the Supplies account is $9,000, while the actual amount of supplies on hand is $1,575.
To reflect the correct amount, a journal entry must be made to deduct the value of the consumed supplies. This is computed by subtracting the actual remaining supplies from the initial recorded amount (i.e., $9,000 - $1,575 = $7425). Therefore, you need to debit the Supplies Expense account and credit the Supplies account by this difference ($7425).
Here is the journal entry:
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The following transactions are for Oriole Company.
1. On December 3, Oriole Company sold $492,200 of merchandise to Cullumber Co., terms 2/10, n/30. The cost of the merchandise sold was $325,100.
2. On December 8, Cullumber Co. was granted an allowance of $22,900 for merchandise purchased on December 3.
3. On December 13, Oriole Company received the balance due from Cullumber Co.
(a) Prepare the journal entries to record these transactions on the books of Oriole Company. Oriole Company uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
The three transactions of the Oriole Company involve accounting for sales, cost of goods sold, sales returns and allowances, and subsequent payment collection. Journal entries are provided for each transaction.
Explanation:The first transaction on December 3 involves a sale of merchandise. There are two journal entries required: one to record the revenue from the sale and one to record the cost of sales. The entry for sales would debit Accounts Receivable for $492,200 and credit Sales Revenue for $492,200. The cost of the goods sold would be recorded by debiting Cost of Goods Sold for $325,100 and crediting Inventory for the same amount.
The second transaction on December 8 involves granting an allowance to Cullumber Company. In this case, Oriole Company would debit Sales Returns and Allowances for $22,900 and credit Accounts Receivable for the same amount.
The final transaction on December 13 is when Oriole Company receives the balance due from Cullumber Company. In this case, Oriole would debit Cash for the balance amount ($492,200 - $22,900) and credit Accounts Receivable for the same amount.
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On January 2, 2016, Concrete Master Construction, Inc. issued $500,000, 10-year bonds for $574,540. The bonds pay interest on June 30 and December 31. The face rate is 8% and the market rate is 6%. What is the carrying value of the bonds after the first interest payment is made on June 30, 2016
Answer:
$569.540
Explanation:
The carrying value of the bonds = face value + any premium - any discount
Face value: $500,000
Premium from selling price higher than par value = $574,540 - $500,000
= $74,540
Discount from first interest expense higher than market rate = $500,000 * (8% - 6%)/ 2 = $5,000
The carrying value = $500,000 + $74,540 - $5,000 = $569.540
A.Net income was $480,000.
B.Issued common stock for $77,000 cash.
C.Paid cash dividend of $14,000.
D.Paid $105,000 cash to settle a note payable at its $105,000 maturity value.
E.Paid $116,000 cash to acquire its treasury stock
Use the above information to determine this company's cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign. Omit the "$" sign in your response.)
Statement of Cash Flows
Cash flows from financing activities
$ ...... ......
....... ....
......... .....
....... ........
Net cash financing activities $......
Answer:
(-$158,000)
Explanation:
Given that,
Net income = $480,000.
Issued common stock for cash = $77,000
Paid cash dividend = $14,000.
Cash paid to settle a notes payable = $105,000
Cash paid to acquire its treasury stock = $116,000
Net cash flows from financing activities:
= Common stock issuance - Cash dividends paid - Payment of note payable - Purchase of treasury stock
= $77,000 - $14,000 - $105,000 - $116,000
= (-$158,000)
Revenue on account amounted to $6,000. Cash collections of accounts receivable amounted to $3,800. Expenses for the period were $3,100. The company paid dividends of $950. Net income for the period was:______
a) $1,950.
b) $700.
c) $2,900.
d) $2,850.
Answer:
Net revenue= $2,900
Explanation:
Net income is defined as the net profit that a business realises during its business activities. It is revenue earned less expenses.
Revenue is the total income gained from business activities, for example returns from sales.
Expenses are the costs incurred while business is involved in activities geared at making profit. For example cost incurred for transportation of goods, cost of labour, manitainance cost, and so on.
Calculation involves adding up all revenue outflows and deducting cost incurred by the business.
Net revenue= Revenue+ Expenses
Net revenue= 6,000- 3,100
Net revenue= $2,900
Net income is calculated as total revenues minus total expenses. In this case, the net income is the revenue of $6000 minus the expenses of $3100, which equals to $2900. Hence, the correct answer is option c) $2900.
Explanation:The subject of your question is related to an aspect of financial accounting
, specifically, the calculation of net income. Net income is calculated as total revenues minus total expenses. You have provided that the revenue on account amounted to $6000, out of which actual cash collections were $3800. However, for net income calculation, we consider the total revenue earned regardless of actual cash collection, which is $6000. On the expense side, the total expenses of $3100 are provided. Paying dividends does not affect the net income because it does not represent an expense, rather it is a distribution from the income. So, the net income would be calculated as $6000 (total revenue) - $3100 (expenses) which equals to $2900. Thus, the correct answer is
option c) $2900.
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5. Describe a firm you think has been highly innovative. Which of the four types of innovation—radical, incremental, disruptive, or architectural—did it use? Did the firm use different types over time?
Answer:
Apple is the most innovative brand on the face of this earth. It has created iPhone, Mac-book, iPod, iTunes etc. Steve Jobs made it one of the most innovative brand in the world, when he was alive Apple was using disruptive innovation, they were creating totally new and innovative products which the world had never seen before. The way they changed the cell phone industry was simply phenomenal. They came up with iPhone when there was no concept of doing all of your computing works on the phone. But after Steve Jobs, company has almost lost its innovative charm, they could not come up with a disruptive innovation, they have just kept on changing the size, price and features of their iPhone which means they are involved in incremental innovation since after the death of Steve Jobs.
Apple Inc has demonstrated radical innovation with the creation of the first iPhone, and disruptive innovation with the introduction of the Apple Store.
Over time, Apple also used incremental and architectural innovations to maintain a balance of exploring and exploiting ideas.
Explanation:One firm that I believe demonstrates high levels of innovation is Apple Inc. Over the years, Apple has exemplified multiple types of innovation, but notably, they have made significant strides through radical and disruptive innovation.
Radical innovation was evident in the creation of the first iPhone in 2007. This completely transformed the notion of cell phones and made a significant leap in technological progress.
The iPhone integrated an internet communicator, a mobile phone, and a music player into one device, something unprecedented at the time.
Disruptive innovation was observed when Apple introduced the Apple Store.
This step disrupted the traditional software distribution channels and enabled developers to directly distribute their applications to users.
Consumers benefited from a variety of high-quality applications, altering market dynamics.
Over time, Apple has also used incremental and architectural innovations, ensuring a balance between exploring new ideas and exploiting existing ones.
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Chekov Corporation's balance sheet at the end of 2009 included the following items.
Current assets $235,000 Current liabilities $150,000
Land 30,000 Bonds payable 100,000
Building 120,000 Common stock 180,000
Equipment 90,000 Retained earnings 44,000
Accum. depr.—building (30,000) Total $474,000
Accum. depr.—equipment (11,000)
Patents 40,000
Total $474,000
The following information is available for 2010.
1. Net income was $55,000.
2. Equipment (cost $20,000 and accumulated depreciation $8,000) was sold for $9,000.
3. Depreciation expense was $4,000 on the building and $9,000 on equipment.
4. Patent amortization was $2,500.
5. Current assets other than cash increased by $25,000. Current liabilities increased by $13,000.
6. An addition to the building was completed at a cost of $27,000.
7. A long-term investment in stock was purchased for $16,000.
8. Bonds payable of $50,000 were issued.
9. Cash dividends of $25,000 were declared and paid.
10. Treasury stock was purchased at a cost of $11,000.
Instructions
(Show only totals for current assets and current liabilities.)
(a) Prepare a statement of cash flows for 2010.
(b) Prepare a balance sheet at December 31, 2010.
Answer:
Statement of cash flows and blance sheet for chekov corportation is given below for the year 2010.
Explanation:
CHEKOV CORPORATION
Statement of Cash Flows
For the Year Ended December 31, 2010
Cash flows from operating activities
Net income $ 55000
Adjustments to reconcile net income
to net cash provided
by operating activities:
Depreciation expense $ 13000
Increase in current liabilities 13000
Loss on sale of equipment 3000
Patent amortization 2500
Increase in current assets -25000 6500
Net cash provided by operating activities 61500
Cash flows from investing activities
Sale of equipment 9000
Addition to building -27000
Investment in debt securities -16000
Net cash used by investing activities -34000
Cash flows from financing activities
Issuance of bonds 50000
Payment of dividends -25000
Purchase of treasury shares -11000
Net cash provided by financing activities 14000
Net increase in cash $ 41500
CHEKOV CORPORATION
Statement of Financial Position
December 31, 2010
Assets
Non-current assets
Long-term investments
Long-term investments $ 16000
Property, plant, and equipment
Land $ 30000
Building $ 147000
Less: Accum. depr.-building 34000 113000
Equipment 70000
Less: Accum. depr.-equipment 12000 58000
Total property, plant, and equipment 201000
Intangible assets
Patents 37500
Total non-current assets 254500
Current assets 301500
Total assets $ 556000
Equity and Liabilities
Equity
Share capital-ordinary $ 180000
Retained earnings 74000
Treasury shares 11000
Total shareholders' equity $ 243000
Non-current liabilities
Bonds payable 150000
Current liabilities 163000
Total liabilities 313000
Total equity and liabilities $ 556000
Activity Base Data Estimated number of DLH for the year 6,250 Estimated number of MH for the year 4,375 Compute the predetermined factory overhead rate for the current year.
Answer:
Instructions are below.
Explanation:
Giving the following information:
Estimated Direct labor hours= 6,250
Estimated Machine hours= 4,375
We weren't provided with the estimated manufacturing overhead for the period. But, with an example, I can guide the answer.
To calculate the estimated manufacturing overhead rate we need to use the following formula:
Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
For example:
Estimated overhead for the period= $275,000
For Direct labor hours:
Estimated manufacturing overhead rate= 275,000/6,250= $44 per direct labor hours
For Machine-hours:
Estimated manufacturing overhead rate= 275,000/4,375= $62.86 per machine hour
Present and Future Values for Different Periods:
Find the following values using the equations and then a financial calculator. Compounding/discounting occurs annually.
1. An initial $600 compounded for 1 year at 6%.
2. An initial $600 compounded for 2 years at 6%.
3. The present value of $600 due in 1 year at a discount rate of 6%.
4. The present value of $600 due in 2 years at a discount rate of 6%.
Answer:
1. $636
2. $674.16
3. $566.04
4. $534
Explanation:
PV = FV ÷ (1 + r/n)^(t × n)........(1)
PV = present value
FV = Future value
r = rate per period
t = number of years
n = number of compounded period per year
FV = P(1 + r/n)^(t×n)...............(2)
FV = Future value
P = principal
r = rate per period
n = number compounded period per year
t = number of year
NO 1.
P= $600
t = 1
n = 1
r = 6% = 0.06
Using equation 2
FV = 600(1 + 0.06/1)^(1 × 1) = $636
NO 2
P = $600
n = 1
t = 2
r = 0.06
Using equation 2
FV = 600(1 + 0.06/1)^(2 × 1) = $674.16
NO 3.
FV = $600
r = 0.06
t = 1
n = 1
Using equation 1
PV = 600 ÷ (1 + 0.06/1)^(1 × 1) = $566.04
NO 4.
FV = $600
r = 0.06
n = 1
t = 2
Using equation 1
PV = 600 ÷ (1 + 0.06/1)^(2 × 1) = $534
Final answer:
To find the present and future values, we use compound interest and present value formulas. For the given scenarios, we can calculate the values as follows: 1) $600 compounded for 1 year at 6% has a future value of $636 and a present value of $600. 2) $600 compounded for 2 years at 6% has a future value of $678.48 and a present value of $600. 3) $600 due in 1 year at a discount rate of 6% has a present value of $566.04. 4) $600 due in 2 years at a discount rate of 6% has a present value of $532.27.
Explanation:
To find the present and future values for different periods, we can use the formulas for compound interest and present value.
For an initial $600 compounded for 1 year at 6%, the future value can be calculated as $600 * (1 + 0.06) = $636. The present value can be found by discounting the future value using the formula PV = FV / (1 + r), where r is the discount rate. So, PV = $636 / (1 + 0.06) = $600.For an initial $600 compounded for 2 years at 6%, the future value can be calculated as $600 * (1 + 0.06)^2 = $678.48. The present value can be found using the same formula as before, so PV = $678.48 / (1 + 0.06) = $600.The present value of $600 due in 1 year at a discount rate of 6% can be found directly using the formula PV = FV / (1 + r), so PV = $600 / (1 + 0.06) = $566.04.The present value of $600 due in 2 years at a discount rate of 6% can be calculated using the same formula, so PV = $600 / (1 + 0.06)^2 = $532.27.A(n) ________________________ helps the company better understand consumer reactions to a product idea in an early stage of the product development process. This helps the company avoid launching products that do not appeal to a lot of consumers.
Answer:
concept test
Explanation:
Concept test is a stage where the company tries to do a survey on the potential customers to see if it can work. By doing concept tests, the company can predict whether the product can sell or not, thus minimizing the risk of the failure of the product. Concept tests can also give an idea of how to improve a certain aspect of the product before launch.
Nelson's Landscaping has 1,200 bonds outstanding that are selling for $990 each. The company also has 2,500 shares of preferred stock at a market price of $28 a share. The common stock is priced at $37 a share and there are 28,000 shares outstanding. What is the weight of the common stock as it relates to the firm's weighted average cost of capital?
Answer:
Weight of the common stock = 45%
Explanation:
WACC is the average cost of a company long-term sources of finance. Each source is weighted according to the proportion of its market value to the total market value of the pool of funds.
To calculate the weighted of the common stock , we will follow the steps
below:
Step 1
Calculate the total market value of all the sources of fund
Market value of common stock
Bonds = $990 × 1,200 = $ 1,188,000
Preferred Stock = $28 × 2500 =$70,000
Common stock = $37 × 28,000 =$1,036,000
Total market value = 1,188,000+ 70,000 + 1,036,000
$2,294,000.00
Step 2
Calculate the weight of common stock
Weight of the common stock = ($1,036,000/ $2,294,000.00 ) × 100
= 45%
Weight of the common stock = 45%
A customer has submitted a claim to have his cell phone replaced at no charge. However, the customer’s warranty expired 11 months ago, and the phone no longer works because the customer accidentally dropped it in his washing machine. You must write him to deny his claim.
(I) How can you show empathy while breaking the bad news?
a. Provide the customer with a long list of why the company is profitable.
b. Use the reasons-before-refusal plan.
c. Inform the customer that you had the same thing happen to you.
(II) What advice should you follow when preparing a letter refusing credit? Check all that apply.
a. Keep the refusal respectful, sensitive, and upbeat.
b. Disclose all reasons for the refusal.
c. Reveal the refusal in the first sentence.
d. Provide alternatives that encourage the customer to continue business with you.
Answer:
(I)
b. Use the reasons-before-refusal plan.
(II)
a. Keep the refusal respectful, sensitive, and upbeat.
b. Disclose all reasons for the refusal.
d. Provide alternatives that encourage the customer to continue business with you.
Explanation:
In the first case, the best strategy to adopt is that of presenting the "reasons-before-refusal" plan. This means that before conveying a negative message to the client, you explain the reasons of why this message necessarily has to be like that. By reading the reasons first, the customer will be more likely to agree with your assessment of the situation.In the second example, these are all strategies that you can use to ensure that the letter you are writing is kind and appropriate. In this letter, it is important to be respectful, sensitive and upbeat in order for the customer to know that you are taking his claim seriously. Moreover, you should be able to disclose all the reasons for the refusal so that the person is well-informed of the situation. Finally, you should be able to provide alternatives to the customer, as this might allow him to continue having business with you.Glasgow Enterprises started the period with 65 units in beginning inventory that cost $3.40 each. During the period, the company purchased inventory items as follows. Glasgow sold 335 units after purchase 3 for $3.40 each. Purchase No. of Items Cost 1 310 $ 3.90 2 145 $ 4.00 3 60 $ 4.40 Glasgow's ending inventory under weighted average would be approximately: (Round your intermediate calculations to 2 decimal places.)
Answer:
Value of ending inventory = $960.4
Explanation:
To value inventory, The weighted average inventory method uses the value of weighted average price of all the batches purchased till date. The weighted average price is re-computed whenever a new batch of stock is received.
Step 1
Calculate the weighted average price
For Glasgow, we can work out the weighted average price as follows:
The total value = (65 × $3.40) +( 310× $3.90) +( 145 × $4.00) + ( 60 × $4.40)
= $2,274
The total quantity purchased before sales
= 65 + 310 + 145 + 60
= 580 units
Weighted average price
= $2,274/ 580 units = $3.92
Step 2
Calculate the closing inventory units
Closing inventory = opening inventory + purchases - sales
= 65 + 310 + 145 + 60 - 335
= 245 units
Step 3
Value the closing inventory
= 245 × $3.92
= $960.4
Value of ending inventory = $960.4
Final answer:
To find the ending inventory cost under the weighted average cost method, we first calculate the total cost of units available and then derive the weighted average cost per unit. Using this average cost, we determine the ending inventory by multiplying the remaining units by the average cost, resulting in approximately $959.40.
Explanation:
To calculate the ending inventory under the weighted average cost method, we will first determine the total cost of units available for sale and then the weighted average cost per unit. After that, we will use the weighted average cost per unit to determine the cost of the ending inventory.
Beginning inventory: 65 units x $3.40 each = $221.00Purchase 1: 310 units x $3.90 each = $1,209.00Purchase 2: 145 units x $4.00 each = $580.00Purchase 3: 60 units x $4.40 each = $264.00Total units available = 65 + 310 + 145 + 60 = 580 units
Total cost of units available = $221.00 + $1,209.00 + $580.00 + $264.00 = $2,274.00
Weighted average cost per unit = Total cost of units available / Total units available = $2,274.00 / 580 units ≈ $3.92
Units sold = 335 units
Ending inventory in units = Total units available - Units sold = 580 units - 335 units = 245 units
Ending inventory cost = Ending inventory in units x Weighted average cost per unit = 245 units x $3.92 ≈ $959.40
Paradise, Inc., has identified an investment project with the following cash flows. Year Cash Flow 1 $625 2 875 3 1,150 4 1,250 Required: (a) If the discount rate is 11 percent, what is the future value of these cash flows in year 4? (b) What is the future value at a discount rate of 18 percent? (c) What is the future value at discount rate of 30 percent?
Answer:
(a) If the discount rate is 11 percent, what is the future value of these cash flows in year 4?
To solve this problem, we must find the FV of each cash flow and add them.
To find the FV of a lump sum, we use:
FV = PV(1 + r)^t
FV@11% = $625(1.11)^3 + $875(1.11)^2+ $1,150(1.11) + $1,250 = $4459
(b) What is the future value at a discount rate of 18 percent?
FV = PV(1 + r)^t
FV@18% = $625(1.18)^3+ $875(1.18)^2+ $1,150(1.18) + $1,250 = $4852
(c) What is the future value at discount rate of 30 percent?
FV = PV(1 + r)^t
FV@30% = $625(1.30)^3+ $875(1.30)^2+ $1,150(1.30) + $1,250 = $5597
Baden Company has gathered the following information. Units in beginning work in process 0 Units started into production 37,700 Units in ending work in process 8,700 Percent complete in ending work in process: Conversion costs 40 % Materials 100 % Costs incurred: Direct materials $81,055 Direct labor $64,400 Overhead $102,872 Compute equivalent units of production for materials and for conversion costs.
Final answer:
To compute the equivalent units of production for materials and conversion costs, consider the units started into production and the units in ending work in process.
Explanation:
To compute the equivalent units of production for materials and conversion costs, we need to consider the units started into production and the units in ending work in process.
For materials, the equivalent units of production would be the sum of units started into production and the percentage of completion of the units in ending work in process multiplied by the number of units in ending work in process.
For conversion costs, the equivalent units of production would be the same as the equivalent units of production for materials.
Wendy Carlson, office manager for the hospital’s ambulatory services division, was secretly happy that her half-day conference had been in the morning and not in the afternoon. Mornings is the office were so frantic and stressful that Wendy was more than happy to miss a morning once in a while. Afternoons were relatively quiet, so Wendy had hopes of getting caught up on some delinquent paperwork after returning from her outside commitment. However, when she arrived at her office after lunch, she was greeted by four angry expressions and one empty desk,
Indicating the empty desk, Wendy asked, "Where’s Sue? And why all the stone faces? What’s going on around here:"
"Sue went home," Eleanor said.
"She had to go home after Dr. Greer got through with her, " said Kay. "I think I would’ve spit in his eye and walked out for good."
Wendy asked, "What in the world happened?"
Eleanor explained, "Sue had the misfortune to make a simple appointment mistake on Dr. Greer’s schedule when he was at his busiest. He’s a bear most of the time anyway and we all know how he’s been lately with the practice running with one physician short."
Wendy said, "We obviously shouldn’t make appointment scheduling errors, but as hectic as it gets around here they’re bound to happen once in a while and there’s usually nothing serious about them."
Kay said, "You’d think they were life threatening the way he took off on her. He called her about 10 different kinds of an idiot and said he was going to have her fired for incompetence. He literally screamed at her, in front of the four of us and Dr. Wilson and at least three or four patients in the waiting room."
"No class, rotten style," Eleanor muttered. The others nodded in agreement.
"Why did Sue go home?" Wendy asked.
Eleanor answered, "Greer really leveled her and ordered her out of the office. She cried in the ladies’ room for nearly half an hour, but even after she calmed down a bit she was afraid to come back in. she just clocked out and went home."
In further discussion with her four staff members, Wendy learned that Sue had stated there was no way she could continue working where she was treated in that fashion and that Dr. Greer had announced for all to hear that she was forbidden ever to touch his appointment schedule again.
QUESTIONS:
Assume you are in Wendy Carlson’s position and describe how you would approach the discussion of the incident with Sue.
Recognizing that Dr. Greer is neither her employer nor her organizational superior, describe how you believe Wendy should approach discussion of the incident with Dr. Greer.
Outline the steps you believe Wendy should consider in addressing the problem presented by "The Bully" and in attempting to repair the apparent damage caused within her work group. Provide detailed reasons for your recommendations
Answer:
Explanation:
Wendy Carlson being the office manager of the hospital ambulatory service should ensure on no circumstances should Dr. Greer's ought to have talked or bullied sue. Because by doing so, it creates demotivation in working environment. This would also give room for incompetency of sue because of the way he was being treated by Dr. Greer's. Mr. Wendy Carson should call the two people in question and settle the matter which might have generated among them amicably and hereby cautioned Dr. Greer's for future occurrence. Aftermath, they should have a reconciliation speech with each other so as to ensure stitch free work.
What is an example of a situation in which the cost of capacity is substantially more than the cost of waiting? What would the waiting line look like in that situation?
Answer:
Cost of Capacity, Cost of Waiting and Waiting Lines which are concepts indicated in the question speaks to Queuing Theory under Operations Management.
The goal of studying this theory simply relates to Optimizing Efficiency.
Let's define the concepts highlighted in the question.
Capacity cost is defined as the total amount of expenses incurred by an organization to provide for or increase its ability to conduct business operations. It can also be referred to as the cost of service.
Cost of Waiting on the hand within the context indicated above is how much it costs a business to keep customers waiting.
The more customers leave without making a purchase or do not return because of frustrating wait times, the higher the waiting cost.
Waiting Line - This is simply a line of people waiting to be attended to, or access a product or service. It could also refer to Assembly Line. Or simply, a queue.
Explanation:
Cost of Waiting plus Cost of Service equals Total Cost.
An optimized situation is where the total cost is at it's lowest. Reducing capacity may reduce costs of service, but cause an upward spike loss of sales due to lost customers.
Excessive capacity, on the other hand, will reduce the loss of sales due to the loss of customers but lead to an increase in operating costs.
To answer the questions, an example of a situation in which the cost of capacity is substantially more than the cost of waiting is given below:
a) If One ATM can serve 3 customer in 2 Minutes, and ATM users arrive the ATM Gallery at the rate of 3 customers every 4 minutes, then haveing 5 ATM Machines installed at such a location would translate to higher cost of capacity in relation to cost of waiting (Assuming that the cost of purchasing the machines and profit accruable from the ATM use charges are not factors under consideration)
b) the waiting line in such a condition would be substantially smaller than an optimised gallery or close to zero
Cheers!
When using project management software, estimates of work time should be entered only at the work package level; the rest of the WBS items are just groupings or _____ tasks.
Answer:Summary task
Explanation: