State whether each of the following is true or false. If false, provide a reason for your answer and include calculations where necessary to support your answer. 1.1) Tax evasion is usually where the taxpayer has arranged his affairs in a perfectly legal or lawful manner, with the result that he has either reduced his income or has no income on which tax is payable. A 1.2) Where a person has submitted a tax return for a specific tax period, the person must retain the applicable documents for a period of five years after submitting the return. 1.3) A 66-year-old taxpayer with a taxable income of R180 000 for the 2022 year of assessment will pay tax of R16 686. 1.4) Withholding tax is a tax that is withheld at source and it, therefore, places a responsibility on a person that owes an amount of money to another person, to withhold an amount of tax from the amount owed to that other person. 1.5) When a provisional taxpayer fails to make their first provisional tax payment on or before the due date, a 20% penalty will be levied on the unpaid amount. 1.6) Jane's employer gifted her a portrait as a long-service award, after she completed 20 years of service to the company. Jane's employer bought the portrait for R6 000. The R6 000 will be included in Jane's remuneration as the cash equivalent of the benefit received. 7) An underpayment penalty can only be imposed on a second provisional tax payment. A first provisional tax payment cannot be subject to an underpayment penalty.​

The company's earnings per share (EPS) was calculated to be R3.03

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Fast fashion has led to increased consumer demand, shorter product life cycles, and unsustainable consumption patterns, contributing to environmental and social impacts.

The impact of fast fashion on consumer behaviors can be significant and has several implications:

These factors combined can lead to overconsumption, waste, environmental degradation, and social issues within the fashion industry.

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A) Calculating the financial metrics for the projects:

For project X: Net Present Value (NPV): Discounted Cash Flow (DCF) for project X:

Year 1: Rs 40,000 / (1 + 0.10)^1 = Rs 36,363.64

Year 2: Rs 30,000 / (1 + 0.10)^2 = Rs 24,793.39

Year 3: Rs 50,000 / (1 + 0.10)^3 = Rs 37,190.08

Year 4: Rs 20,000 / (1 + 0.10)^4 = Rs 13,322.31

NPV = Sum of DCF - Initial Cash Outlay

NPV = Rs 36,363.64 + Rs 24,793.39 + Rs 37,190.08 + Rs 13,322.31 - Rs 100,000

NPV = Rs 111,669.42 - Rs 100,000

NPV = Rs 11,669.42

Internal Rate of Return (IRR):

Using the cash inflows and the initial cash outlay, we can calculate the IRR using a financial calculator or Excel. The IRR for project X is approximately 16.26%.

Profitability Index (PI):

PI = (Present Value of Cash Inflows) / (Initial Cash Outlay)

PI = (Rs 36,363.64 + Rs 24,793.39 + Rs 37,190.08 + Rs 13,322.31) / Rs 100,000

PI = Rs 111,669.42 / Rs 100,000

PI = 1.1167

Payback Period:

The payback period is the time it takes for the initial investment to be recovered.

Payback Period = 2 years and 8 months (approximately)

Discounted Payback Period:

To calculate the discounted payback period, we compare the discounted cash inflows to the initial cash outlay.

Discounted Payback Period = 3 years

For project Y:

NPV:

Discounted Cash Flow (DCF) for project Y:

Year 1-7: Rs 12,500 / (1 + 0.12)^1 + Rs 12,500 / (1 + 0.12)^2 + ... + Rs 12,500 / (1 + 0.12)^7 = Rs 69,282.60

NPV = DCF - Initial Cash Outlay

NPV = Rs 69,282.60 - Rs 50,000

NPV = Rs 19,282.60

IRR: The IRR for project Y is approximately 12%.

PI:

PI = (Present Value of Cash Inflows) / (Initial Cash Outlay)

PI = Rs 69,282.60 / Rs 50,000

PI = 1.3857

Payback Period:

The payback period for project Y is 4 years.

Discounted Payback Period:

Discounted Payback Period = 4 years

B) Decision for Individual Projects:

For project X:

NPV is positive (Rs 11,669.42)

IRR (16.26%) is greater than the discount rate (10%)

PI is greater than 1 (1.1167)

Payback period is less than the expected period of 3 years

Discounted payback period is less than the expected period of 4 years

Therefore, project X should be accepted as an individual project.

For project Y

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To make the description of the data sources in the prepare phase more descriptive, you can consider the following steps:

Specify the location of the data: Provide specific information about the sources of the data, such as the name of the database, website, or organization where the data was obtained. If applicable, mention any specific datasets or files used.

Detail the organization of the data: Describe how the data is structured or organized, whether it is in a tabular format, spreadsheets, databases, or any other specific format. Mention the variables or fields present in the data and how they are arranged.

Address bias and credibility issues: Discuss any potential biases or credibility concerns associated with the data sources. Consider the source's reputation, the methodology used to collect the data, and any known limitations or biases in the data collection process.

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Managers want larger budgets; entrepreneurs work to do more with less.

Entrepreneurs have a distinct mindset when it comes to resources compared to employee-managers. While managers often seek larger budgets to accomplish their goals, entrepreneurs tend to focus on doing more with less.

This difference in perspective stems from the inherent nature of entrepreneurship which involves taking calculated risks and maximizing efficiency in resource allocation.

Entrepreneurs understand that resources, such as capital, time, and manpower, are limited and valuable. They recognize that acquiring substantial budgets may not always be feasible, especially in the early stages of a venture.

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The two after-market tools to retain existing customers are explained as follows:1. Customer Relationship Management (CRM) Tool:CRM tool is a digital tool that helps in handling customer-related data and information.

CRM tools are used to save customer-related information, which can be helpful in providing personalized solutions, launching customized marketing campaigns, and delivering personalized support.

CRM tools also help businesses in tracking sales and sales-related metrics like revenue, retention rate, and customer lifetime value.2. Automated marketing tools:

Marketing automation is the practice of using software to automate repetitive marketing tasks.

Automated marketing tools are designed to handle customer engagement through various channels like emails, social media, text messages, push notifications, etc.

Automated marketing tools use data to create targeted marketing campaigns that can be helpful in retaining existing customers.

Automated marketing tools are used to send reminders to customers regarding product usage, renewal alerts, and loyalty offers, which increases customer engagement and customer retention.

In conclusion, customer relationship management tools and automated marketing tools are the two after-market tools that can help businesses retain existing customers.

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Critical thinking questions1. Do you think Quirky’s basic business model is sound and fair? If you could suggest any changes, what would they be? Quirky’s basic business model is sound and fair because they involve the public in developing products by taking ideas from people and turning them into products, splitting the profits from the product sales with the inventor, and also collaborating with the inventor from the start of the idea to its final product.

However, there are a few changes I would suggest. First, the public could have more control over which product idea is to be developed into a product. Second, the company could offer more compensation to the inventor, especially if the product becomes a commercial success.2.

To what degree does Quirky’s business reflect the attributes of a sound business idea as described in Chapter 2?Quirky’s business idea reflects the attributes of a sound business as described in Chapter 2 of the text, including the following attributes:

Quirky is innovative in its business model, as it involves the public in developing products.Quirky has a good system of assessing the market’s demand for each product idea.

Quirky has a flexible business model, as it is able to adapt to changes in the market.3. In what other product areas would Quirky’s business model work the best?

Quirky’s business model could work well in a number of other product areas, including Home improvement and do-it-yourself (DIY) products;

Fashion and clothing; Outdoor gear and accessories; Personal care and hygiene; Consumer electronics.4. Think of the challenges in your own life that might represent a product idea for Quirky. If you don’t think of something right away, don’t give up.

All of us encounter problems and challenges in our everyday lives that might represent the basis of a promising idea. Be prepared to describe to others one of the challenges or problems you encounter and how a solution to the problem could be fashioned into a product idea to submit to Quirky.

One of the challenges I have encountered is the issue of losing small items such as keys, earrings, and others. A solution to this challenge could be fashioned into a product idea by developing a small, inexpensive device that could be attached to small items.

The device would emit a signal that would be detected by an app on the user’s phone if the item were lost. This could be developed into a product idea and submitted to Quirky for further development.

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The false statement about short-term goals is:

You can work on a short-term goal immediately. Option B

While it is true that short-term goals are generally goals that can be accomplished in the near future, the immediacy of working on a short-term goal may vary depending on the goal itself and the necessary steps to achieve it.

Some short-term goals may require immediate action, while others may require planning, preparation, or the completion of certain prerequisites before actively working towards them. Therefore, the statement that you can work on a short-term goal immediately is not universally true.

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The appropriate medium used to transfer information and ideas is dependent on the message that is being conveyed. While there is a range of different mediums that can be utilized to transmit information and ideas, the specific medium chosen will depend on factors such as the audience, the message, and the purpose.

The three most common mediums used to transmit information and ideas include print, broadcast, and digital media.Print MediaPrint media is a medium that has been in existence for many years. Print media can take the form of newspapers, books, magazines, and brochures, among others.

The printed materials are usually distributed via mail, newsstands, or delivered to people’s homes. Print media is commonly used to transmit information and ideas that are detailed, analytical, and that require a higher level of reader involvement. This is because readers need to spend more time reading the material and absorbing the content.

Broadcast MediaBroadcast media is a medium that has been in existence for many years. It includes mediums such as radio and television.

This medium is commonly used to transmit information and ideas to a large audience quickly. Broadcast media is ideal for delivering breaking news, public announcements, and emergency messages. It is also used to transmit entertainment shows and documentaries.

Digital MediaDigital media is the newest medium used to transfer information and ideas. It includes social media, websites, and blogs, among others.

Digital media has the advantage of being able to reach a broad audience in a matter of seconds. Digital media is commonly used to transmit information and ideas that require immediate dissemination. The messages can take the form of videos, pictures, text, or audio.

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A. When the company reacquires its own stock from the market, Treasury Stock is debited, and Cash is credited.

B. The balance in Paid-In Capital from the Sale of Treasury Stock on December 31 of the current year will be $40,000.

(a) Journal entries for the given transactions: March 4, 2021: When the company reacquires its own stock from the market, Treasury Stock is debited, and Cash is credited. So, in this transaction, the Treasury Stock account is debited and the Cash account is credited by $445,000.

The journal entry to record this transaction is Treasury Stock $445,000 Cash $445,000 August 7, 2021: When the company sells the treasury stock, the Cash account is debited, Treasury Stock is credited, and the difference between the two is credited to Paid-In Capital from Treasury Stock account.

On August 7, Barefoot Bay sells 3,500 shares at $100 each. Thus, in this transaction, the Cash account is debited by $350,000 ($100 × 3,500), the Treasury Stock account is credited by $311,500 ($89 × 3,500), and Paid-In Capital from the Treasury Stock account is credited by $38,500 [($100 - $89) × 3,500].

The journal entry to record this transaction is: Cash $350,000Treasury Stock $311,500Paid-In Capital from Treasury Stock $38,500 November 29, 2021:When the remaining treasury stock is sold, Cash account is debited, Treasury Stock is credited, and the difference between the two is credited to Paid-In Capital from Treasury Stock account.

On November 29, Barefoot Bay sells the remaining 1,500 shares at $88 each. Thus, in this transaction, the Cash account is debited by $132,000 ($88 × 1,500), the Treasury Stock account is credited by $133,500 ($89 × 1,500), and Paid-In Capital from the Treasury Stock account is credited by $1,500 [($88 - $89) × 1,500]. T

he journal entry to record this transaction is: Cash $132,000Treasury Stock $133,500Paid-In Capital from Treasury Stock $1,500

(b) The balance in Paid-In Capital from the Sale of Treasury Stock on December 31 of the current year will be $40,000 ($38,500 + $1,500).

The Paid-In Capital from the Sale of the Treasury Stock account is credited with the difference between the sale price and the purchase price of the treasury stock sold. The difference is multiplied by the number of shares sold and then credited to Paid-In Capital from the Sale of the Treasury Stock account.

Finally, the balance of this account is transferred to the Retained Earnings account at the end of the year. Here, 3,500 shares were sold for $100 per share, and the remaining 1,500 shares were sold for $88 per share.

Therefore, the total amount credited to the Paid-In Capital from the Treasury Stock account will be $40,000 ($38,500 + $1,500). The balance in Paid-In Capital from the Sale of Treasury Stock on December 31 of the current year will be $40,000.

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