The two types of fiscal policy are contractionary and expansionary fiscal policy. Contractionary fiscal policy is used to slow down the economy's growth rate while expansionary fiscal policy is used to boost it.
Examples of a Recession or Slow Growth, followed by Expansionary Fiscal Policy:The recession is a time of economic decline. The Gross Domestic Product (GDP) has been declining for two or more consecutive quarters. High unemployment, reduced investment, and reduced economic activity are all symptoms of a recession. When an economy is in a recession, it is typical to implement expansionary fiscal policies.
The goal of expansionary fiscal policy is to increase aggregate demand in order to stimulate economic growth.The following measures can be taken to achieve expansionary fiscal policy:Government spending must be increased. An increase in government spending will result in an increase in aggregate demand.
For example, if the government decides to spend more on building infrastructure, new roads, hospitals, and schools, it will create jobs, which will increase people's income and purchasing power.Tax cuts. A tax cut means that taxpayers will have more money to spend, which will increase their purchasing power.
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the market may become stagnant next year, and the company does not expect an increase in sales revenue. the production manager believes that an improved production procedure can cut cost of goods sold by 1 percent. prepare a pro forma income statement still assuming the president's goal to increase net income by 15 percent. calculate the required reduction in selling
This pro forma income statement will reflect the president's goal of increasing net income by 15 percent while accounting for the potential cost reduction in COGS.
To prepare a pro forma income statement that meets the president's goal of increasing net income by 15 percent, we need to consider the potential cost reduction in the cost of goods sold (COGS) and calculate the required reduction in selling expenses.
First, let's assume the current net income is represented as "X" on the existing income statement. To achieve a 15 percent increase in net income, the target net income for the next year would be 1.15X.
The production manager believes that an improved production procedure can cut the cost of goods sold by 1 percent. This means that the new cost of goods sold will be 99 percent of the current value.
To calculate the required reduction in selling expenses, we need to consider the current selling expenses as a percentage of sales revenue. Let's assume the selling expenses as a percentage of sales is "Y."
Since the company does not expect an increase in sales revenue, we can assume the sales revenue for the next year will remain the same as the current year.
To calculate the required reduction in selling expenses, we need to solve the following equation:
(1.15X) = (Sales Revenue) - (99% of COGS) - (Y% of Sales Revenue)
By rearranging the equation, we can find the required reduction in selling expenses.
Once we have the required reduction in selling expenses, we can prepare the pro forma income statement by adjusting the COGS and selling expenses accordingly and calculating the resulting net income.
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Which two of these personal rights sometimes conflicts with property rights in a shopping mall?
-Multiple select question.
-Freedom of expression
-Protection of life, liberty and property
-No unreasonable search or seizure
-Freedom of assembly
-No taking of property without just compensation
The two personal rights that sometimes conflict with property rights in a shopping mall are Freedom of expression and Freedom of assembly.
Freedom of expression refers to the right of individuals to express their thoughts, opinions, ideas, or beliefs without censorship or interference from the government or other entities. It includes various forms of communication such as speech, writing, art, music, and symbolic expression. In the context of a shopping mall, freedom of expression could manifest through activities like distributing leaflets, wearing clothing with expressive messages, or engaging in peaceful protests or demonstrations. However, conflicts may arise when the exercise of freedom of expression infringes upon the property rights or disrupts the normal functioning of the shopping mall.
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if the market for medical education were like other markets, what role would tuition play?
Which of the following is not a regulator of U.S. Commercial Banks? a. U. S. Federal reserve b. FDIC c. FSLIC
The correct answer is c. FSLIC.
The U.S. Federal Reserve and FDIC are both regulators of U.S. commercial banks, but the FSLIC is not.
The U.S. Federal Reserve is the central banking system of the United States. It is responsible for regulating and supervising commercial banks to maintain the stability of the financial system. The Federal Reserve sets monetary policy, regulates interest rates, and oversees the banking industry.
The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the U.S. government that insures deposits in banks and thrift institutions. It also supervises and regulates the banking industry to ensure the safety and soundness of the banking system. The FDIC provides deposit insurance to protect depositors in case of bank failures.
On the other hand, the FSLIC (Federal Savings and Loan Insurance Corporation) was a regulatory agency that provided deposit insurance for savings and loan institutions. However, it was abolished in 1989, and its functions were transferred to the FDIC and other agencies. Therefore, the FSLIC is not a regulator of U.S. commercial banks.
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one way entrepreneurs display passion is by being persistently focused on the business
a.true
b.false
This statements is true. One way entrepreneurs displays passion is by being persistently focused on the business
Entrepreneurs are individuals who take on the initiative and risk to start and operate their own business ventures. They are often driven by a vision, innovation, and a desire for independence. Entrepreneurs identify business opportunities, develop innovative ideas, and organize resources to turn their ideas into viable enterprises. They are willing to take calculated risks and often face challenges and uncertainties in pursuit of their goals. Successful entrepreneurs demonstrate qualities such as creativity, resilience, adaptability, leadership, and a strong work ethic. They play a crucial role in driving economic growth, job creation, and innovation in society.
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Discuss the importance of a change agent and a guiding team.
What is the purpose of each, and what traits make them
successful?
Answer: The change agent is tasked with motivating the employees and the manager in the organization in an effort to increase productivity.
The guiding team are the people with a mission to translate your project or goal into the real work
GUIDING TEAM work with the informal network which makes them very effective .
A CHANGE AGENT is someone who promotes and enables change to happen within any group or organization.
Effective CHANGE AGENTS are able to explore perspectives and take them into account when looking for solutions.
setting up SMART GOALS, PERFORM WELL-DEFINED ROLES, EXPERIMENT REGULARLY can make a successful guiding team
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Explanation:
the phase of the management process that uses process information to eliminate the source of problems in a process so that the process delivers the correct product in the correct quantities is called (directing, improving). b. direct labor costs combined with factory overhead costs are called (prime, conversion) costs. c. the salaries of sales people are normally considered a (period, product) cost. d. the plant manager's salary would be considered (direct, indirect) to the product. e. long-term plans are called (strategic, operational) plans. f. materials for use in production are called (supplies, materials inventory). g. an example of factory overhead is (electricity used to run assembly line, ceo salary).
The phase of the management process that uses process information to eliminate the source of problems in a process is called improving, An example of factory overhead is electricity used to run the assembly line.
a. The management process involves various phases, and one of them is "improving." This phase utilizes process information to identify and eliminate any issues or problems within a process, ensuring that the desired product is delivered in the correct quantities. It focuses on continuous improvement and optimization of processes.
b. Direct labor costs are the expenses incurred for the workforce directly involved in the production process, while factory overhead costs include other indirect expenses related to manufacturing operations. When these two costs are combined, they are referred to as "conversion" costs, as they are necessary for converting raw materials into finished products.
c. The salaries of salespeople, who are responsible for generating sales and revenue for the company, are typically classified as "period" costs. These costs are associated with the specific time period, such as a month or a year, rather than directly tied to the production of a specific product.
d. The plant manager's salary is considered an "indirect" cost to the product because it is not directly attributable to the production of a specific item. Instead, it is an overhead cost that supports the overall manufacturing operations.
e. Long-term plans are strategic in nature, as they encompass the organization's vision, goals, and actions to achieve sustainable success. These plans usually have a broader time horizon, such as three to five years or more, and involve strategic decision-making to position the company in the market.
f. Materials used in production, such as raw materials or components, are referred to as "materials inventory." This inventory represents the stock of materials available for use in the manufacturing process and is essential for uninterrupted production.
g. Factory overhead includes various indirect costs incurred in the manufacturing process. An example of factory overhead is the cost of electricity used to run the assembly line, as it supports the production activities but is not directly attributable to a specific product. Other examples can include maintenance expenses, factory rent, or machine depreciation.
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Personal interview surveys are obviously one of most expensive survey types. What is the major #1 advantage to it?
Personal interview surveys are conducted to gather information from the respondent in a face-to-face interaction.
It is one of the most expensive survey types due to the high cost of traveling and hiring an interviewer. The major advantage of this type of survey is the high response rate. Since the interviewer is present to answer questions, it becomes easier to explain difficult questions and get the respondent to complete the survey.
In addition to that, the interviewer can observe the respondent's behavior and facial expressions to get a better understanding of their perspective. The interviewer can also get more detailed answers from the respondent and clarify any confusion or misunderstandings. Overall, personal interview surveys are beneficial in collecting accurate and detailed information but come at a higher cost.
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match the different ways of multiplying the matrices a, b, c, and d with dimensions 20 × 10, 10 × 30, 30 × 40, and 40 × 15 respectively, with the total number of multiplications.
Matrix multiplication can be done in various ways. Different ways of multiplying matrices a, b, c, and d with dimensions [tex]20 × 10, 10 × 30, 30 × 40, and 40 × 15[/tex]respectively, are given below.
Multiply a and b first, then multiply the product with c and finally multiply the resulting product with d. Let M1 be the product of a and b, M2 be the product of be the product. The total number of multiplications for this method is:[tex]20 x 10 x 30 + 20 x 30 x 40 + 20 x 40 x 15 = 18,000.[/tex]
The total number of multiplications for this method is: [tex]30 x 40 x 15 + 10 x 30 x 15 + 20 x 10 x 15 = 18,000 c[/tex]these are the different ways of multiplying the matrices a, b, c, and d with dimensions [tex]20 × 10, 10 × 30, 30 × 40, and 40 × 15[/tex]respectively, with the total number of multiplications.
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1 point Calculate GNPmp by income and value added method ( in crores) 1. Wages and salaries in cash and kind 1780 2. Rent and royalty 2400 3. Interest and profits 3920 4. Value of output 15560 5. Employers contribution to social security schemes 200 6. Mixed income of self employed 1140 7. Changes in stock 2130 8. Value of intermediate goods 5560 9. Gross domestic investment 2430 10. Employees contribution to social security schemes 240 11. Net factor income from abroad (−130 12. Indirect taxes 150
GNPmp can be calculated by two methods - the income method and the value-added method. Given below are the details of the values needed to calculate GNP mp by both methods:1. Income Method For GNP mp calculation using the income method, the following values are needed:
Wages and salaries in cash and kind: 1780Rent and royalty: 2400Interest and profits: 3920Employers contribution to social security schemes: 200Mixed income of self-employed: 1140Employees contribution to social security schemes:
240Net factor income from abroad: -130Gross National Product at Market Price (GNP mp) = Wages and Salaries in Cash and Kind + Rent and Royalty + Interest and Profits + Employers' contribution to social security schemes + Mixed income of self-employed +
Employees contribution to social security schemes + Net factor income from abroad= 1780 + 2400 + 3920 + 200 + 1140 + 240 - 130= ₹9610 crore2. Value-added MethodTo calculate GNPmp using the value-added method, the following values are required:
Value of output: 15560Changes in stock: 2130Value of intermediate goods: 5560Gross domestic investment: 2430Indirect taxes: 150Gross National Product at Market Price (GNPmp) = Value of Output - Value of Intermediate Goods + Taxes - Subsidies= 15560 - 5560 + 150= ₹10,150 crore.
Therefore, the Gross National Product at Market Price (GNP mp) is ₹9610 crore by the income method and ₹10,150 crore by the value-added method.
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The Context:
Your family owns and operates Nik Naks, Incorporated. Nik Naks (named after your great grandparents Nikolas and Nikki) is the parent company for three small businesses.
Milo’s Hamburgers: Your grandparents opened this restaurant in 1946. Famous for their secret sauce and simple menu (only burgers and fries), Milo’s now has multiple locations throughout the city. Old School Gym: Your grandparents bought this business about 15 years ago with minimal investment, but don’t let the name fool you.
Old School Gym has all the modern equipment needed to be successful today. It hosts an annual fitness competition that attracts participants from all over the nation, and its fame keeps the business running and prosperous
. Splash Water Park: Your grandparents recently purchased this from some friends. There are only 5 slides and a lazy river, but business is steady during the warmer parts of the year.
Each business runs with little debt, and all have a good reputation in the community. The family knows you’re taking business courses, and asks you to analyze and suggest changes based on what you’ve learned. Demonstrate your knowledge of key strategic concepts by responding to various scenarios.
There hasn’t been much thought to organizational structure and design. Based on the elements of organizational design, propose a divisional structure for the business and explain (there’s no word count limit). (5 points)
Based on the information provided, a divisional structure would be a suitable organizational design for Nik Naks, Incorporated. The divisional structure is characterized by dividing the company into different divisions based on products, geographical regions, or customer segments.
In the case of Nik Naks, the divisional structure can be based on the three small businesses under the parent company: Milo’s Hamburgers, Old School Gym, and Splash Water Park. Each business can be considered as a separate division within the organization.
Here is a step-by-step proposal for the divisional structure:
1. Divisional Structure by Product:
- Milo’s Hamburgers Division: This division would include all the locations and operations related to the hamburger restaurant business. It would have its own management team responsible for overseeing operations, marketing, and financials.
- Old School Gym Division: This division would include the gym business. It would have its own management team focusing on fitness services, equipment maintenance, and organizing the annual fitness competition.
- Splash Water Park Division: This division would encompass the water park business. It would have its own management team in charge of park operations, maintenance, and marketing.
2. Benefits of Divisional Structure:
- Improved focus: Each division can concentrate on its specific product or service, allowing for specialized expertise and attention to customer needs.
- Greater accountability: With separate divisions, it becomes easier to track performance and hold each division accountable for its results.
- Flexibility and adaptation: The divisional structure allows each division to respond quickly to market changes and tailor strategies to meet the unique demands of their respective industries.
3. Shared Resources and Support Functions:
- While each division operates independently, there can still be shared resources and support functions that benefit the entire organization. For example, finance, human resources, and IT services can be centralized to ensure efficiency and consistency across divisions.
4. Potential Challenges:
- Coordination and communication: With separate divisions, there may be a need for effective communication and coordination between them to avoid duplication of efforts and ensure a unified organizational direction.
- Cost implications: Setting up separate divisions may require additional resources and infrastructure. It's essential to assess the financial impact and ensure that the benefits outweigh the costs.
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Raven Inc selis a single product for $51. Variable costs include $32.29 for each unit plus a $8 selling expense per urit. Fixed costs are. $204,120 per morath. What is the contribution margin percentage? What is the break-even sales revenue? c. What sales revenue is needed to achieve a $206,850 per month profit?
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The contribution margin percentage is 36.27%. The break-even sales revenue is $534,676. The sales revenue needed to achieve a $206,850 per month profit is $741,967.50.
Contribution margin is the amount left from sales revenue after variable costs have been deducted. The contribution margin percentage is calculated by dividing the contribution margin by sales revenue. Using the formula, the contribution margin percentage can be calculated as follows:
Contribution margin percentage = (Contribution margin / Sales revenue) * 100
Contribution margin = Sales revenue - Variable costs
Contribution margin = $51 - ($32.29 + $8) = $10.71
Contribution margin percentage = ($10.71 / $51) * 100 = 21.00%
To calculate the break-even sales revenue, the total fixed cost should be divided by the contribution margin ratio. Break-even sales revenue = Total fixed cost / Contribution margin ratio
Break-even sales revenue = $204,120 / 0.36 = $534,676
The sales revenue needed to achieve a $206,850 per month profit can be calculated using the formula below:
Target sales revenue = (Total cost + Target profit) / Contribution margin ratio
Target sales revenue = ($204,120 + $206,850) / 0.36
= $741,967.50.
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Question 1
Effect of transactions on current position analysis
Data pertaining to the current position of Forte Company
follow:
Line Item Description
Amount
Cash
$412,500
Marketable securities
analyzing the current position of a company is crucial to understand its financial performance and to make better financial decisions.
The table has given the information about the current position of Forte Company with line items and amounts. So, let's begin with the answer. A current position analysis (CPA) is a financial statement that demonstrates the amount and value of a firm's current assets and liabilities. It aims to show the liquidity, i.e. the ability of a company to meet its short-term financial obligations (within a year).
Regarding the Effect of transactions on current position analysis:
As seen from the above table, Forte Company has cash worth $412,500, and marketable securities.
Transactions that could affect the current position of a company are either operating, investing, or financing activities.
Operating activities produce net cash inflow or outflow that shows the core operations of a company and are thus included in the determination of net income. Investing activities create cash inflows and outflows that arise from the sale or purchase of long-term assets or investments.
Financing activities produce inflows or outflows of cash from financing sources, such as borrowing and repayment of debt or issuing and repurchasing of stock.
It can be concluded that every transaction or activity performed by the company affects its current position analysis. The transactions can either be positive or negative, depending on whether the company has achieved a net cash inflow or outflow. Therefore, analyzing the current position of a company is crucial to understand its financial performance and to make better financial decisions.
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The Cash account of Let's Be Safe Security Systems reported a balance of \( \$ 2,354 \) at December 31 , \( 2020 . \) There were outstanding checks totaling \( \$ 1,717 \) and a December 31 deposit in
Let's Be Safe Security Systems is a security company that specializes in high-end security systems. On December 31, 2020, the company had a balance of $2,354 in its Cash account.
At the end of the year, there were outstanding checks totaling $1,717 and a deposit made on December 31. The deposit was for $5,000, which was not reflected in the cash account balance.
To reconcile the cash account, the following steps must be followed:
Step 1: Determine the ending balance of the Cash account by adding the balance and the deposit made on December 31.
Step 2: Subtract the total of all outstanding checks from the ending balance to obtain the adjusted balance.
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The manufacturing overhead budget at Levetron Corporation is based on budgeted direct labor-hours. The direct labor budget indicates that: 8,000 direct labor-hours will be required in August. The variable overhead rate is $9.50 per direct labor-hour. The company's budgeted fixed. manufacturing overhead is $149,600 per month, which includes depreciation of $25,760. All other fixed manufacturing overhead costs represent current cash flows. The company recomputes its predetermined overhead rate every month. The predetermined overhead rate for August should be:
The predetermined overhead rate for August is computed by dividing budgeted total manufacturing overhead costs by budgeted direct labor-hours.
Hence, the predetermined overhead rate for August should be computed as follows; Variable manufacturing overhead = Direct labor-hours × Variable overhead rate= 8,000 direct labor-hours × 9.50 per direct labor-hour= 76,000Fixed manufacturing overhead = Budgeted fixed manufacturing overhead – Depreciation= 149,600 – 25,760= 23,840Total manufacturing overhead = Variable manufacturing overhead + Fixed manufacturing overhead= 76,000 + 123,840= 199,840Predetermined overhead rate = Total manufacturing overhead / Direct labor-hours= 199,840 / 8,000 direct labor-hours= 24.98 per direct labor-hour (rounded to nearest cent)
Therefore, the predetermined overhead rate for August is 24.98 per direct labor-hour.
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gold company produces two products in a joint process. each can be sold at split-off or after further separable processing. joint process costs of 90,000 are allocated to each product equally. the following additional information is available: product a - sales price at split-off (120,000), cost of further processing (80,000), sales price after further processing (190,000); product b - sales price at split-off (40,000), cost of further processing (12,000), sales prices after further processing (60,000). what should gold do with each of these products (sell at split-off or after after processing)? a: b:
Gold Company should sell Product A after further processing and sell Product B at split-off.
Product A has a sales price after further processing of $190,000, which exceeds the cost of further processing ($80,000). Therefore, it would be beneficial for Gold Company to incur additional processing costs and sell Product A at a higher price after further processing.
On the other hand, Product B has a sales price at a split-off of $40,000, which is lower than the cost of further processing ($12,000). In this case, it would be more advantageous for Gold Company to sell Product B at split-off without incurring additional processing costs.
By selling Product A after further processing and Product B at split-off, Gold Company can maximize its overall profitability. This decision is based on comparing the sales prices at split-off and after further processing, considering the respective costs of further processing for each product.
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Oriole Company's income statement contained the following condensed information. Oriole's balance sheets contained the comparative data at December 31 , shown below. Ancounts payable pertain to operat
Given, Oriole Company's income statement contained the following condensed information. Oriole's balance sheets contained the comparative data at December 31, shown below. Accounts payable pertain to operations.
For the year, the company's net cash flow was more than [tex]$500[/tex]. In the amount of the change in accounts payable is includeda net outflow of [tex]$23,000[/tex]for the year. Calculation:Net cash flow = Net Income + Depreciation + Other non-cash items - (Increase in Current Assets - Increase in Current Liabilities).
Given that, Net cash flow was more than [tex]$500[/tex]and the change in accounts payable = $23,000Net cash flow = Net Income + Depreciation + Other non-cash items - (Increase in Current Assets - Increase in Current Liabilities) [tex]$500 <[/tex]Net cash flow[tex]$23,000[/tex] = (Net Income + Depreciation + Other non-cash items - (Increase in Current Assets - Increase in Current Liabilities)).
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Current Attempt in Progress Bonita Family Instruments makes cellos. During the past year, the company made 6,700 cellos even though the budget planned for only 5,720 . The company paid its workers an average of $20 per hour, which was $0.50 higher than the standard labor rate. The production manager budgets 4 direct labor hours per cello. During the year, a total of 24,850 direct labor hours were worked. (a) Calculate the direct labor rate and efficiency variances. (If variance is zero, select "Not Applicable" and enter O for the amounts.) Direct labor rate variance $ Direct labor efficiency variance $
Direct labor variance: A variance is the difference between the budgeted or standard costs and the actual costs incurred. The difference can be both favorable (F) or unfavorable (U). This variance is classified into two parts: the Direct Labor Rate Variance and the Direct Labor Efficiency Variance.
(a) Calculate the direct labor rate and efficiency variances.Direct labor rate variance = (Actual hours worked x (Actual wage rate – Standard wage rate)).Direct labor rate variance = 24,850 hours x ($20.50 per hour – $20.00 per hour) = $12,425 U.Direct labor efficiency variance = (Actual hours worked – Standard hours allowed) x Standard wage rate.Direct labor efficiency variance = (24,850 hours – (6,700 cellos x 4 hours)) x $20 per hour.Direct labor efficiency variance = $1,020 F.
The direct labor rate variance for Bonita Family Instruments is $12,425 unfavorable, while the direct labor efficiency variance is $1,020 favorable. Therefore, Bonita Family Instruments did not control its direct labor costs effectively, which resulted in an unfavorable variance.
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Suppose the following: Beginning Inventory =13756 Ending Inventory =12629 Beginning Receivables =6390 Ending Receivables =5598 Beginning Payables =8711 Ending Payables =8824 Credit Sales =97812 Cost of Goods Sold = 71320 Calculate the following (round final answer to 2 decimal placis: Operating Cy Cash Cycle = days days
The Operating Cycle represents the time it takes for a company to convert its inventory into cash through the sales process. It is a measure of the efficiency of a company's working capital management. The Operating Cycle is approximately 90.34 days.
To calculate the Operating Cycle, we need to determine the average number of days it takes for a company to convert its inventory into cash. The formula for the Operating Cycle is as follows:
Operating Cycle = Days Inventory Outstanding + Days Sales Outstanding
First, we calculate the Days Inventory Outstanding (DIO) using the following formula:
DIO = (Average Inventory / Cost of Goods Sold) * 365
To find the Average Inventory, we take the average of the beginning and ending inventory:
Average Inventory = (Beginning Inventory + Ending Inventory) / 2
Next, we calculate the Days Sales Outstanding (DSO) using the following formula:
DSO = (Average Receivables / Credit Sales) * 365
To find the Average Receivables, we take the average of the beginning and ending receivables:
Average Receivables = (Beginning Receivables + Ending Receivables) / 2
Now, let's plug in the given values and calculate the Operating Cycle:
Average Inventory = (13756 + 12629) / 2 = 13192.5
Average Receivables = (6390 + 5598) / 2 = 5994
DIO = (13192.5 / 71320) * 365 ≈ 67.92
DSO = (5994 / 97812) * 365 ≈ 22.42
Operating Cycle = DIO + DSO ≈ 67.92 + 22.42 = 90.34
Therefore, the Operating Cycle is approximately 90.34 days.
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The value of leisure time is directly included in GDP but, in recent years, has become a decreasing large part of GDP. zero. excluded from GDP. included in GDP and, in recent years, has become an incr
The value of leisure time is included in GDP and, in recent years, has become a decreasingly large part of GDP. GDP is an acronym for Gross Domestic Product, which is a measure of a country's economic output. GDP is used to estimate a country's economic well-being.
GDP does not, however, accurately represent a country's economic well-being. GDP excludes unpaid labor, such as housework and parenting, as well as leisure time. Despite the fact that leisure time is not officially counted in GDP, it does have an economic worth. A person's leisure time is a valuable commodity. It can be used to engage in a variety of activities that provide personal satisfaction or mental stimulation, such as reading, watching movies, or participating in sports activities.
Leisure activities can also be a source of employment, generating income for the individual who participates in them. While leisure time is not directly included in GDP, it can have a significant impact on the economy. For example, people who engage in leisure activities are more likely to have improved health, which can result in decreased health care expenditures. Additionally, leisure activities can stimulate demand for goods and services, which can result in increased economic activity and job creation.
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Scarcity occurs in everyday life because: taxes keep prices higher than they would otherwise be. resources are limited. the wants of individual consumers are limited. there are poor people even in ric
Scarcity occurs in everyday life primarily because of the limited availability of resources.The correct answer is Option B.
Resources, whether they are natural resources like land, water, and minerals, or human-made resources like machinery and technology, are finite in nature.
They cannot meet the unlimited demands and desires of individuals and societies.
While options A, C, and D may contribute to specific instances of scarcity, they do not encompass the fundamental reason behind scarcity. Taxes, mentioned in option A, can influence prices, but they do not inherently create scarcity.
Option C suggests that the wants of consumers are limited, which is incorrect because human wants are typically unlimited. Finally, option D focuses on income disparity, which may exacerbate scarcity for some individuals, but it does not explain the root cause of scarcity.
Scarcity forces individuals and societies to make choices and prioritize their needs and wants. It drives economic decision-making, the allocation of resources, and the study of economics as a discipline. Recognizing the inherent scarcity of resources is crucial for understanding how societies manage and distribute these limited resources efficiently to meet diverse needs and aspirations.
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The probable question may be:
Scarcity occurs in everyday life because:
A. taxes keep prices higher than they would otherwise be.
B. resources are limited.
C. the wants of individual consumers are limited.
D. there are poor people even in rich countries.
if a company is debiting interest receivable and crediting interest revenue, what must be the case? multiple choice question. it must owe money to a creditor. it is collecting interest generated during the period. the company made an error as this does not make sense. it is the end of the of the accounting period and it is adjusting entry for interest generated but not yet collected.
The correct option is: It is the end of the accounting period, and it is an adjusting entry for interest generated but not yet collected.
When a company debits interest receivable and credits interest revenue, it indicates that the company has recognized interest income for a specific period but has not yet received the cash payment. This situation typically arises at the end of an accounting period when the company needs to make an adjusting entry to reflect the interest income it has earned but has not yet collected.
This adjusting entry allows the company to match the interest income with the corresponding period, adhering to the accrual accounting principle. By debiting interest receivable, the company recognizes the amount it expects to receive in the future, and by crediting interest revenue, it records the income earned during the period.
Eventually, when the company receives the cash payment from the debtor, it will debit cash and credit interest receivable to complete the transaction. This adjustment ensures that the company's financial statements accurately reflect the income earned, even if the cash is received at a later date.
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sales 800,000 expenses 608,000 bad debt expense 40,000 pretax income 152,000 tax expense (30%) 45,600 net income 106,400 accounts receivable 96,000 allowance for doubtful accounts (credit balance) (1,900) net realizable value 94,100 you are the auditor for lego company. the company uses the balance sheet approach for determining bad debt expense. you believe the net realizable value amount above is not appropriate. you gathered more detailed uncollectibility percentages based on the length of time accounts receivable has been outstanding (see below). accounts receivable percent uncollectible under 31 days 49,000 2% 31-60 days 29,800 10% 61-90 days 9,600 30% over 90 days 7,600 40% 96,000 using this new information and the balance sheet approach, what the appropriate net realizable value of accounts receivable?
The appropriate net realizable value of accounts receivable using the new information and the balance sheet approach is $86,120.
To determine the appropriate net realizable value of accounts receivable using the new information and the balance sheet approach, we need to calculate the estimated allowance for doubtful accounts based on the uncollectibility percentages for each aging category.
Here's the calculation:
Under 31 days: $49,000 x 2% = $980
31-60 days: $29,800 x 10% = $2,980
61-90 days: $9,600 x 30% = $2,880
Over 90 days: $7,600 x 40% = $3,040
Total estimated allowance for doubtful accounts: $980 + $2,980 + $2,880 + $3,040 = $9,880
To determine the appropriate net realizable value, we subtract the estimated allowance for doubtful accounts from the total accounts receivable:
Net realizable value of accounts receivable = Accounts receivable - Estimated allowance for doubtful accounts
= $96,000 - $9,880
= $86,120
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During 2019, a company purchased land for Rs 50 lakhs. In the month of April 2019, the company purchased a machinery for Rs 35 Lakhs. The company plans to write off the full value of the asset over a period of 10 years on an equal basis. In the year 2021, the company sell off the land at 70 Lakhs and to dispose of the machinery at 30 Lakhs. Also, the company acquired certain investments for Rs 50 Lakhs from the sales proceed, pay off certain current liabilities for Rs 5Lakhs, interest on long term loan Rs 7Lakhs Discuss the type and amount of cash flows in the year 2021, as per the Accounting Standard 3 and profit or loss on sale of the machinery, if any. Note: All the workings should be part of answer
Net cash inflow in the year 2021 is Rs 1,03,08,000 (Rs 3,08,000 + Rs 1,00,00,000 - Rs 12 Lakhs). The profit on the sale of machinery in the year 2021 is Rs 3,03,000.
Cash Flows from Operating Activities:
Operating activities indicate the day-to-day activities of the company. Cash flows from operating activities include net income, non-cash transactions such as depreciation and amortization, and changes in working capital.
The profit or loss on sale of machinery must be included in cash flows from operating activities because the company sells machinery in the regular course of business.
The profits on the sale of machinery in the year 2021 is Rs 3,03,000.
Depreciation, on the other hand, is a non-cash expenditure that decreases the value of a company's tangible assets over time. The machinery was purchased for Rs 35 Lakhs in the year 2019 and is expected to be fully depreciated over a period of 10 years. As a result, the yearly depreciation is Rs 3.5 Lakhs.
As of December 31, 2021, the accumulated depreciation of the machinery is Rs 7 Lakhs.
Cash Flows from Investing Activities:
Cash flows from investing activities include cash inflows and outflows from the purchase and sale of long-term investments, property, plant and equipment, and other long-term assets. The company sold land for Rs 70 Lakhs and machinery for Rs 30 Lakhs in the year 2021. As a result, the cash inflows from investing activities are Rs 1,00,00,000. Cash Flows from Financing Activities:
Cash flows from financing activities include transactions that change the size or composition of a company's equity or liabilities. The company received Rs 50 Lakhs in cash from the sale of investments. It used Rs 5 Lakhs to pay off some of its current liabilities. The company paid Rs 7 Lakhs in interest on a long-term loan, according to the statement of cash flows. As a result, the cash outflows from financing activities total Rs 12 Lakhs.
In conclusion, cash flows from operating activities are Rs 3,08,000 (net income of Rs 3,03,000 + depreciation of Rs 3.5 Lakhs). The cash inflows from investing activities are Rs 1,00,00,000 (sales proceeds from land and machinery). As a result, the net cash inflow in the year 2021 is Rs 1,03,08,000 (Rs 3,08,000 + Rs 1,00,00,000 - Rs 12 Lakhs). The profit on the sale of machinery in the year 2021 is Rs 3,03,000.
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what is the difference between true and fair vs reasonable
assurance in Auditing ? please explain in detail
Auditing is a process that involves assessing a company’s financial statements and accounting records to ensure they are accurate, reliable, and comply with accounting standards.
It is conducted by an independent auditor, who provides an opinion on the financial statements in the form of an audit report. There are two types of audit reports: unqualified and qualified. An unqualified audit report indicates that the financial statements are accurate and reliable.
True and fair and reasonable assurance are two terms that are used in auditing to describe the level of assurance provided by an auditor. True and fair means that the financial statements are accurate and reliable, while reasonable assurance means that there is a high degree of confidence that the financial statements are accurate and reliable.
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Which of the following is NOT a way that companies can help create an ethical culture in their organization?
a Outlining ethical expectations b. Giving examples of ethical situations that commonly occur in their businesses c.Providing code-of-conduct manuals d. Creating interactive exercises that pose hypothetical ethical dilemmas e Discouraging whistle blowing
Out of the s provided, the choice that is NOT a way for companies to help create an ethical culture in their organization is "e.
Discouraging whistle blowing." Whistleblowing refers to the act of reporting unethical or illegal activities within an organization to the appropriate authorities. Encouraging employees to speak up about wrongdoing is actually an important aspect of fostering an ethical culture. It promotes transparency, accountability, and a sense of responsibility among employees. By discouraging whistleblowing, a Company may inadvertently suppress the reporting of unethical behavior, which can lead to a toxic work environment and potential legal and reputational risks. Instead, organizations should aim to create a safe and supportive environment where employees feel comfortable raising concerns without fear of retaliation. This can be achieved through whistleblower protection policies, anonymous reporting mechanisms, and cultivating a culture that values integrity and ethical behavior.
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3. You are the manager of a large company that has two identical plants. You are supposed to produce a thousand identical cars. How many should each plant produce? (2)
Each plant should produce 500 cars. Since the two plants are identical, dividing the total production quantity of 1,000 cars equally between the two plants would result in each plant producing 500 cars.
In a scenario where a company has two identical plants, it is common practice to allocate production evenly between the plants. This approach helps in optimizing resources and maintaining consistency in the manufacturing process. By assigning 500 cars to each plant, the workload is balanced, and both plants contribute equally to meet the target of producing 1,000 identical cars. This distribution strategy allows for parallel production, reduces bottlenecks, and ensures efficient utilization of resources across the two plants.
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After both of the entries for the inventory adjustment have been posted, the debit in the income Summary account represents: Multiple Choice Netilicome Cost of Goods Sold Ending inventory Begirning im
After both of the entries for the inventory adjustment have been posted, the debit in the Income Summary account represents the Cost of Goods Sold.
The credit in the Income Summary account represents the Net Income.Therefore, it can be concluded that the correct option among the given options is that the debit in the Income Summary account represents Cost of Goods Sold.Explanation.
The Income Summary account is a temporary account that is used to summarize all the temporary accounts, including revenues and expenses, to compute the net income of the business. This account's debit side indicates a net loss or debit balance, while the credit side indicates a net profit or credit balance.
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on her first day on the job, sharon treats a patient who is highly anxious and worried. what advice from your book should sharon keep in mind? quizlet
Sharon should keep in mind that acknowledging and validating the patient's emotions, as well as being a good listener, is important in providing effective care and support.
The correct option is d. People usually appreciate it when others acknowledge their emotions and are willing to listen.
When dealing with a highly anxious and worried patient, Sharon should remember that pointing out that things could be worse might not be the most helpful approach. Instead, she should focus on acknowledging and validating the patient's emotions. By showing empathy and understanding, Sharon can create a safe space for the patient to express their concerns and fears. It is important for Sharon to be a good listener and demonstrate genuine interest in the patient's well-being.
Actively listening and offering support can go a long way in helping the patient feel heard and understood. While seeking guidance from more experienced colleagues is always an option, it is not necessarily required for Sharon to find someone else to take over the case. By being attentive, empathetic, and willing to listen, Sharon can provide valuable support to the patient during their time of anxiety and worry.
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The complete question is:
On her first day on the job, Sharon treats a patient who is highly anxious and worried. What advice from your book should Sharon keep in mind?
a. It usually helps to point out to an emotional person that things could be much worse.
b. If a patient is emotional, you should tell the person things will be okay, even if you are not sure what may happen.
c. Sharon should find a more experienced person to take over the case.
d. People usually appreciate it when others acknowledge their emotions and are willing to listen.
please answer ASAP and I will give you a thumbs up!! the book is a practical introduction 10e by angelo kinicki & denise breaux soignet.
Describe a current labor-management issue in the news. Discuss some methods presented in the textbook (hint: Section 9.8) for resolving this labor-management issue. i need two paragraphs, please.
Labor-management issues refer to conflicts and disputes that arise between workers and management in organizations. These issues can arise due to disagreements over wages, working conditions, job security, or employee benefits. A current labor-management issue in the news is the ongoing debate surrounding the minimum wage.
In the textbook "A Practical Introduction," Section 9.8 discusses various methods for resolving labor-management issues. One method is negotiation, where representatives from both sides come together to discuss and find a mutually acceptable solution. For example, in the case of the minimum wage debate, labor unions and management representatives could engage in negotiations to reach an agreement on an appropriate wage level.
Another method presented in the textbook is mediation. This involves bringing in a neutral third party, such as a mediator, to facilitate discussions between labor and management. The mediator helps identify common ground and assists in finding a resolution that satisfies both parties. In the context of the minimum wage issue, a mediator could help bridge the gap between workers demanding higher wages and management concerned about the impact on profitability.
The textbook also highlights arbitration as a method for resolving labor-management issues. In arbitration, an impartial third party, often a judge or an expert in labor relations, reviews the arguments presented by both sides and makes a binding decision. This method is often used when negotiations and mediation fail to produce a resolution. In the case of the minimum wage debate, if negotiations and mediation were unsuccessful, an arbitrator could be appointed to make a final determination on the appropriate minimum wage.
In conclusion, the current labor-management issue in the news is the minimum wage debate. The textbook suggests several methods for resolving labor-management issues, including negotiation, mediation, and arbitration. These methods aim to facilitate dialogue and find mutually acceptable solutions that address the concerns of both workers and management.
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