The Voyage account of Stevie would include gross profit of $11,373 on the outward voyage and a loss of $48,855 on the return journey which means the overall loss is $37,482. Stores and coal on hand were valued at $3,000 on July 31 and depreciation for 61 days is $16,027.
Voyage Account of Stevie is as follows,
Particulars Amount
Outward freight $130,000
Less:
Address commission at 5% ($130,000 x 5%) ($6,500)
Less:
Primage at 5% ($130,000 x 5%) ($6,500)
Net freight $117,000
Add:
Passage money $10,000
Gross earnings $127,000
Less:
Port charges $5,000
Coal $30,000
Wages and salaries $50,000
Stores purchases $8,600
Sundry expenses $5,500
Depreciation ($96,000 ÷ 365 x 61) $16,027 ($115,627)
Net profit $11,373
Less:
Manager’s commission at 5% ($11,373 x 5%) ($568)
Balance $10,805
Return freight $70,000
Less:
Address commission at 4% ($70,000 x 4%) ($2,800)
Less:
Primage at 5% ($70,000 x 5%) ($3,500)
Net freight $63,700
Less:
Port charges $5,000
Coal $30,000
Wages and salaries $50,000
Stores purchases $8,600
Sundry expenses $5,500
Depreciation ($96,000 ÷ 365 x 61) $16,027 ($115,127)
Loss $(51,427)
Less:
Manager’s commission at 5% ($51,427 x 5%) ($2,572)
Net loss $(48,855)
Gross profit on the outward voyage is $11,373, while there is a loss of $48,855 on the return journey. This implies that the overall loss is $48,855 - $11,373 = $37,482. Stores and coal on hand were valued at $3,000 on July 31. Depreciation for 61 days (i.e., from June 1 to July 31) is $96,000 ÷ 365 x 61 = $16,027.
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EntertainMe Corporation manufactures and sells 50-inch television sets and uses standard costing. Actual data relating to January, February, and March 2017 are as follows:
January February March
Unit Data
Beginning inventory 0 150 150
Production 1,500 1,400 1,520
Sales 1,350 1,400 1,530
Variable costs
Manufacturing cost per unit produced $1,000 $1,000 $1,000
Operating (marketing) cost per unit sold $800 $800 $800
Fixed costs:
Manufacturing costs $525,000 $525,000 $525,000
Operating (marketing) costs $130,000 $130,000 $130,000
The selling price per unit is $3,300. The budgeted level of production used to calculate the budgeted fixed manufacturing cost per unit is 1,500 units. There are no price, efficiency, or spending variances. Any production-volume variance is written off to the cost of goods sold in the month in which it occurs.
Requirements
1. Prepare income statements for EntertainMe in January, February, and March 2017 under (a) variable costing and (b) absorption costing.
2. Explain the difference in operating income for January, February, and March under variable costing and absorption costing.
To calculate the income statements for EntertainMe Corporation under variable costing and absorption costing, we need to consider the variable and fixed costs and the production and sales data for each month.
(a) Income Statement under Variable Costing:
January 2017:
Sales: 1,350 units × $3,300 per unit = $4,455,000
Variable Manufacturing Costs: 1,500 units × $1,000 per unit = $1,500,000
Variable Operating Costs: 1,350 units × $800 per unit = $1,080,000
Income Statement (Variable Costing) - January 2017:
Sales: $4,455,000
Variable Manufacturing Costs: -$1,500,000
Variable Operating Costs: -$1,080,000
Total Variable Costs: -$2,580,000
Contribution Margin: $4,455,000 - $2,580,000 = $1,875,000
February 2017 and March 2017:
The calculations for February and March follow the same pattern as January, using the respective production and sales data and variable cost per unit.
(b) Income Statement under Absorption Costing:
January 2017:
Sales: 1,350 units × $3,300 per unit = $4,455,000
Variable Manufacturing Costs: 1,500 units × $1,000 per unit = $1,500,000
Fixed Manufacturing Costs: $525,000
Variable Operating Costs: 1,350 units × $800 per unit = $1,080,000
Fixed Operating Costs: $130,000
Income Statement (Absorption Costing) - January 2017:
Sales: $4,455,000
Variable Manufacturing Costs: -$1,500,000
Fixed Manufacturing Costs: -$525,000
Variable Operating Costs: -$1,080,000
Fixed Operating Costs: -$130,000
Total Costs: -$3,235,000
Operating Income: $4,455,000 - $3,235,000 = $1,220,000
February 2017 and March 2017:
The calculations for February and March follow the same pattern as January, using the respective production and sales data and the fixed manufacturing and operating costs.
Difference in Operating Income:
The difference in operating income between variable costing and absorption costing arises from the treatment of fixed manufacturing costs. Under variable costing, fixed manufacturing costs are considered period costs and are deducted in full from the contribution margin to calculate operating income. In contrast, absorption costing assigns fixed manufacturing costs to the units produced and includes them in the cost of goods sold. As a result, the difference in inventory levels between periods affects the allocation of fixed manufacturing costs, leading to variations in operating income between the two costing methods.
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Which of these equations is incorrect?
a. Shareholders' Equity = Contributed Capital + Retained Earnings
b. None of the other alternatives are correct
c. Assets = Liabilities + Shareholders' Equity
d. Revenues − Expenses = Net Income
e. All of the equations included in the other alternatives are correct
The equation that is incorrect is (a) Shareholders' Equity = Contributed Capital + Retained Earnings.
The Shareholders' equity is a part of the balance sheet that represents the claims on a company's assets of the owners after all the debts and other liabilities have been paid. Shareholders' equity consists of retained earnings and contributed capital. The equation is incorrect because shareholders' equity consists of common stock and retained earnings rather than contributed capital and retained earnings. Contributed capital represents the amount of capital that is invested in the company by shareholders by purchasing stock, while retained earnings represent the earnings that are reinvested into the company after it has been generated by operations.The accounting equation is a statement of the fundamental relationship between the resources of a company and how those resources are financed. The equation states that assets are always equal to liabilities plus shareholders' equity. This is because every transaction that affects the balance sheet has an impact on both the assets and the liabilities of the company, which in turn affects shareholders' equity. The equation can be used to analyze the financial health of a company and to determine whether it is generating enough cash to meet its obligations and to pay dividends. When analyzing the equation, it is important to understand the relationships between the various elements of the equation, and to use it as a tool to help make decisions about how to manage a company's finances.
Conclusion:
The correct equation is (c) Assets = Liabilities + Shareholders' Equity. The accounting equation is a fundamental principle of accounting that forms the basis for recording and analyzing transactions. The equation states that assets are always equal to liabilities plus shareholders' equity. The equation can be used to analyze the financial health of a company and to determine whether it is generating enough cash to meet its obligations and to pay dividends. The incorrect equation in this case is (a) Shareholders' Equity = Contributed Capital + Retained Earnings.
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Brillo Company uses the calendar year and the cash method of accounting On December 29, 2021, Brillo made the following cash payments. To what extent can Brillo deduct the payment in 2021? Required: a. $50,000 for a two-year office lease beginning on February 1, 2022. b. $79,000 of inventory items held for sale to customers c. $1,800 to purchase a new refrigerator for the employees' lounge. The refrigerator was delivered on January 8, 2022 d. $4,800 retainer to a consultant who spent three weeks in January 2022 analyzing Brillo's Internal control system e. $22,300 property tax to the local government for the first six months of 2022. Amount a. Deduction b. Deduction c. Deduction d. Deduction Deduction es
A. There will be no deduction. Since $50,000 for office lease will results in a benefit extending beyond the following taxable year and must be capitalized.
B. There will be no deduction. The accrual approach must be used by Brillo to account for inventory purchases. They only paid $79,000 for the merchandise as of right now, thus they ought to capitalize it. However, if it does sell, the cost of the inventory can be written off at the time of the sale.
C. There will be no deduction. The refrigerator is a long-term fixed asset. Therefore, $1,800 cost of the refrigerator purchased must be capitalized to an asset account.
D. There will be deduction of $4,800. Since, it is a operating expense it must be accounted in the year of the payment.
E. There will be deduction of $22,300. Since, property tax is an operating expense and it was paid during the first 6 months of 2022 which falls in the year range of the payment which was made December 2021.
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10. Compare Keynesian money demand function with Monetarist (Fridman) money demand function in terms of stability and responsiveness of change in interest rate.
Keynesian money demand function and Monetarist (Friedman) money demand function have different perspectives on the stability and responsiveness of changes in interest rates.
Keynesian money demand function suggests that the demand for money is primarily influenced by income levels and transactions motives. According to Keynes, money demand is relatively stable and less responsive to changes in interest rates. This means that individuals hold a certain amount of money for their daily transactions and precautionary purposes.
On the other hand, the Monetarist (Friedman) money demand function emphasizes the role of interest rates in determining the demand for money. Monetarists argue that individuals hold money as an asset and consider the opportunity cost of holding money in relation to other interest-earning assets. Therefore, the Monetarist view suggests that changes in interest rates will have a significant impact on the demand for money.
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1. Fill in all the empty cells below. (Round to tenth of a decimal (0) unless the result rounds up to a whole number naturally). You don't have to show the calculations in this question, just fill in
The difference between the book value and the actual value is $200.00.
Here is the completed table:Date | Stores Cost | Direct Cost | Adjustments | Total Cost | Total Sales | Food Cost%
-----|-------|-------|-------|-------|-------|-----
9/4 | 400 | 0 | 0 | 400 | 500 | 80%
9/5 | 150 | 0 | 0 | 150 | 325 | 46.67%
9/6 | 350 | 0 | 0 | 350 | 550 | 63.64%
The difference between the book value and the actual value is $200.00.
Book value = Opening inventory + Purchases - Issues
= $400 + $1,200 - $800
= $600
Actual value = $600
Difference = $600 - $600 = $200
The answer is (a). The two basic components of a daily food cost are direct purchases and stores issues.
The answer is (c). All food purchases and all food issues are the two basic components of a daily food cost.
The answer is (d). Direct purchases are added to food cost when they are issued.
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The Complete Question
1. Fill in all the empty cells below. (Round to tenth of a decimal (0) unless the result rounds up to a whole number naturally). You don't have to show the calculations in this question, just fill in the table. Figure 5.1: Daily Cumulative Food Cost Record Adjustments Total Cost Total Sales Food Cost% Added to Subtracted: Today To Date, Today To Today 15 Low system resources may affect your audio quality. Try Date from Cost closing some applications to improve performance. Stores Directs Cost 50 2550 0 0 0 1500 2850 60 0 o hundredth of decimal (.00) when necessary. You d Date 9/4 400 9/5 150) 9/6 350 500 325 550 3. Determine the difference between the book value and actual value from the following data: Issues are $800.00 Purchases are $1,200.00 Opening inventory is $400.00 Actual value is $600.00 Show the calculation. 4. The two basic components of a daily food cost are (highlight the answer): a. direct purchases and stores issues b. stores purchases and direct issues c. all food purchases and all food issues d. perishable items issues and non-perishable items purchases 5. Direct purchases are added to food cost when they are (highlight the answer): a. sold b. inventoried c. received d. issued
Your boss is considering a 4-year investment project. RE 100 w • If the project is accepted, it would require an immediate spending of $628 to buy all necessary production equipment. This equipment would be sold at the end of the project and bring your company estimated $184 in sale proceeds after taxes (or after-tax salvage value). • Your boss's consulting team estimated that the annual after-tax profits (or operating cash flows) would equal $159. • The team also recommends immediately setting aside $46 in cash to cover any unforeseen expenses. The required annual rate of return is 11.3%. Calculate the Net Present Value of this proposed investment project.
The Net Present Value (NPV) of the investment project is $98.96. To calculate the Net Present Value (NPV) of the investment project, we need to discount the cash flows at the required annual rate of return and subtract the initial investment.
The cash flows involved in the project are as follows:
Year 0: Initial investment of -$628
Year 1: Annual after-tax profit of $159
Year 2: Annual after-tax profit of $159
Year 3: Annual after-tax profit of $159
Year 4: Annual after-tax profit of $159 + After-tax salvage value of $184
The required annual rate of return is 11.3%, which we'll use as the discount rate.
Now, let's calculate the NPV using these cash flows:
Step 1: Discount the cash flows to their present values:
Year 0: -[tex]$628 / (1 + 0.113)^0[/tex]= -$628
Year 1: $159 / [tex](1 + 0.113)^1[/tex] = $142.66
Year 2: $159 / [tex](1 + 0.113)^2[/tex] = $127.58
Year 3: $159 / [tex](1 + 0.113)^3[/tex]= $113.88
Year 4: ($159 + $184) /[tex](1 + 0.113)^4[/tex] = $241.84[/
Step 2: Calculate the NPV by summing up the present values of the cash flows and subtracting the initial investment:
NPV = Sum of present values - Initial investment
= $142.66 + $127.58 + $113.88 + $241.84 - $628
= $726.96 - $628
= $98.96
The Net Present Value (NPV) of the investment project is $98.96.
The cash flows and salvage value should be adjusted for taxes as mentioned in the problem statement. However, since the tax rate or tax implications are not provided, the calculations assume after-tax cash flows and salvage value.
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In each of the following independent situations, determine if the redemption of shares will be treated as an exchange or as a distribution. For situations 1−2, the ownership of a corporation is: Situation 1: The corporation redeems 100 shares of stock held by Barb. Situation 2: The corporation redeems 80 shares of stock held by Cindy. Situation 3: The corporation redeems 60 shares of stock held by Andy. Situation 4: Same facts as Situation 1 except Andy is Barb's father. To answer this be sure to first review the "Attribution Rules" discussion in Chapter 18 of the textbook.
When a shareholder of a corporation receives a distribution of property in exchange for its shares, the distribution can either be considered an exchange or a distribution.
An exchange occurs when the shareholder's ownership interest is eliminated and the transaction is treated as a sale or exchange of the shareholder's interest in the corporation. A distribution occurs when the shareholder remains an owner of the corporation, and the transaction is treated as a dividend distribution to the shareholder.
Situation 1: The corporation redeems 100 shares of stock held by Barb. The redemption of 100 shares of stock held by Barb is treated as a distribution because the redemption does not result in the elimination of her ownership interest in the corporation.
Situation 2: The corporation redeems 80 shares of stock held by Cindy. The redemption of 80 shares of stock held by Cindy is treated as an exchange because the redemption results in the elimination of her entire ownership interest in the corporation.
Situation 3: The corporation redeems 60 shares of stock held by Andy. The redemption of 60 shares of stock held by Andy is treated as a distribution because the redemption does not result in the elimination of his ownership interest in the corporation.
Situation 4: Same facts as Situation 1 except Andy is Barb's father. The redemption of 100 shares of stock held by Barb is treated as an exchange because Barb and Andy are considered related parties under the attribution rules, and thus Andy's ownership interest in the corporation is attributed to Barb. As a result, Barb's ownership interest is considered to be eliminated when the corporation redeems the shares.
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On January 1, 2012, Long - Lived issued $200,000, 9% 5-years bonds at 96. The bonds paid semiannual interest on June 30 and December 31. The company uses the straight-line method of amortization and year-end Dec 31. Required: a) Record the issuance of bonds on January 1, 2012. b) Record the payment of interest on June 30
The company records the issuance of the bond at $200,000 at 96, which means the company receives $192,000 cash.
(a)Recording the issuance of bonds on January 1, 2012
Journal entries
Debit CreditCash $192,000
Bonds Payable $8,000
Bonds Payable $200,000 (To record the issuance of 9%, 5-year bonds at 96)
(b)Recording the payment of interest on June 30
Journal entries
Debit Credit Interest Expense $9,000
Discount on Bonds Payable $417 ($8,000 ÷ 40 periods)
Cash $8,583 (To record the payment of interest on 9%, 5-year bonds)
(a)The issuance of bonds on January 1, 2012:
Journal entries
Debit CreditCash $192,000
Discount on Bonds Payable $8,000
Bonds Payable $200,000 (To record the issuance of 9%, 5-year bonds at 96)
The company records the issuance of the bond at $200,000 at 96, which means the company receives $192,000 cash. The remaining $8,000 discount on the bond is amortized over the term of the bond and recorded as interest expense.
(b)Record the payment of interest on June 30:
Journal entries
Debit CreditInterest Expense $9,000
Discount on Bonds Payable $417 ($8,000 ÷ 40 periods)
Cash $8,583 (To record the payment of interest on 9%, 5-year bonds)
Interest payment on the bond is semiannual, which means that the bond's annual coupon rate of 9% is divided by two and paid semi-annually. To record the payment of interest on June 30, $8,583 cash is paid, and an interest expense of $9,000 is recorded, which represents the coupon rate of 9% divided by two for six months or $9,000 (6/12) for the period.
On January 1, 2012, Long-Lived issued $200,000, 9% 5-year bonds at 96. The bonds paid semiannual interest on June 30 and December 31. The company uses the straight-line method of amortization and year-end Dec 31.
The company records the issuance of the bond at $200,000 at 96, which means the company receives $192,000 cash.
The remaining $8,000 discount on the bond is amortized over the term of the bond and recorded as interest expense. Interest payment on the bond is semiannual, which means that the bond's annual coupon rate of 9% is divided by two and paid semi-annually.
To record the payment of interest on June 30, $8,583 cash is paid, and an interest expense of $9,000 is recorded, which represents the coupon rate of 9% divided by two for six months or $9,000 (6/12) for the period.
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On October 1, 2019, the company received a $50,000 promissory note from a customer. The annual interest rate is 6%. Principal and interest will be collected in cash at the maturity date of September 30, 2020. Refer to Academy Grill Supply. If the company's year ends December 31, 2019, an adjusting entry is needed to:
a. increase interest receivable by $750. b. increase interest revenue by $2,250. c. increase notes receivable by $2,250. d. increase notes receivable by $750.
Therefore, the adjusting entry should be a. Increase interest receivable by $750. The correct option is A.
To determine the correct adjusting entry, we need to calculate the amount of interest revenue that has been earned from October 1, 2019, to December 31, 2019.
Principal amount of the promissory note = $50,000
Annual interest rate = 6%
Interest earned for 3 months (October 1, 2019, to December 31, 2019) can be calculated using the simple interest formula:
Interest = Principal * Rate * Time
Interest = $50,000 * 6% * (3/12)
Interest = $50,000 * 0.06 * 0.25
Interest = $750
Since the interest has been earned but not yet received in cash, we need to record the interest revenue as well as the interest receivable.
Therefore, the adjusting entry should be:
a. Increase interest receivable by $750.
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Analyze how the following are built into ISO 9001 standard
(a)Customer Satisfaction (b) Process Approach (c) Employee
Involvement (d) Continuous Improvement
The following are built into ISO 9001 standards: a) customer satisfaction, b) process approach, c) employee involvement, and d) continuous improvement.
Let's analyze each of them one by one:a) Customer satisfaction: This concept is considered one of the key factors to the success of any organization. In ISO 9001, it is built into the standard by making it a requirement for organizations to continually monitor and improve their customer satisfaction levels.
This is achieved through the implementation of a customer feedback system and the establishment of measurable objectives that aim to enhance customer satisfaction.
b) Process approach: ISO 9001 standards are built on the process approach, which is a systematic way of organizing an organization's activities into interrelated processes. This helps to achieve efficiency and consistency in the delivery of products or services.
The standard emphasizes the importance of identifying, documenting, and continually improving an organization's processes to ensure they are effective and efficient.
c) Employee involvement: The involvement of employees is a crucial factor in the success of an organization. In ISO 9001, it is built into the standard by requiring organizations to establish and maintain a work environment that promotes employee involvement, engagement, and motivation.
d) Continuous improvement: This is an essential aspect of ISO 9001, which emphasizes the importance of continually improving an organization's processes, products, and services. The standard requires organizations to establish a process of continuous improvement that involves monitoring, measuring, and analyzing performance to identify areas for improvement.
This can be achieved through the implementation of an effective quality management system that fosters a culture of continuous improvement in the organization.
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A quota raises the price of the product on which the quota has been placed, decreases consumers' surplus, increases producers' surplus, and generates tariff revenue for the government.
a. True
b. False
The given statement "A quota raises the price of the product on which the quota has been placed, decreases consumers' surplus, increases producers' surplus, and generates tariff revenue for the government." is true. When a quota is imposed on a product, it limits the quantity of imports allowed into a country. This restriction on supply leads to an increase in the price of the product in the domestic market. As a result, consumers' surplus decreases because they have to pay a higher price for the product.
A quota is a trade restriction that restricts the quantity of a product that can be imported or exported during a specified period. It's a kind of protectionist measure that allows the government to limit the number of items that can enter a country's domestic market.
A quota is a trade restriction that restricts the quantity of a product that can be imported or exported during a specified period. It's a kind of protectionist measure that allows the government to limit the number of items that can enter a country's domestic market. As a result, quotas increase the price of goods on which they are imposed and reduce consumers' surplus (the amount that consumers are willing to pay above the market price).
However, the producer surplus, which is the difference between what a manufacturer receives for its goods and the cost of producing them, rises as a result of quotas. This is because a quota lowers the quantity of items available in the market, allowing suppliers to raise their prices without losing too many customers.
Therefore, A quota raises the price of the product on which the quota has been placed, decreases consumers' surplus, increases producers' surplus, and generates tariff revenue for the government. The given statement is true.
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Calculate the present value of each annuity (round to two decimal places and include a $ in your answer):
a) $200 withdrawn at the end of each year for 6 years at 4%, compounded annually
b) $1000 withdrawn every six months for 4 years at 10%, compounded semi-annually
c) $750 withdrawn at the end of every three months for 10 years at 4.5%, compounded quarterly
The display value of each annuity speaks to the current worth of future cash streams, considering the intrigued rate and compounding recurrence.
a) The compounded annual amount is $951.68
b) The amount compounded semi-annually is $13,340.00
c) The amount compounded quarterly is $13,244.44
How to Calculate the present value of each annuityTo calculate the display value of each annuity, ready to utilize the equation for the display value of a conventional annuity:
PV = P * (1 - (1 + r)^(-n)) / r
Where:
PV = Show Esteem
P = Installment (withdrawal sum)
r = Intrigued rate per compounding period
n = Number of compounding periods
Let's calculate the display esteem for each annuity:
a) For $200 pulled back at the conclusion of each year for 6 a long time at 4%, compounded yearly:
PV = $200 * 1 - (1 + 0.04)^-6 / 0.04 = $200
$200 * 1 - 0.7921/ 0.04 ≈ $951.68
b) For $1000 pulled back every six months for 4 a long time at 10%, compounded semi-annually:
PV = $1000 * 1 - (1 + 0.10/2)^-4*2 / (0.10/2) = $1000
$1000 * (1 - 0.6830) / 0.05 ≈ $13,340.00
c) For $750 pulled back at the conclusion of each three months for 10 a long time at 4.5%, compounded quarterly:
PV = $750 * 1 - (1 + 0.045/4)^-10*4 / (0.045/4) = $750
$750 * (1 - 0.4959) / 0.01125 ≈ $13,244.44
Hence, the display values are:
a) $951.68
b) $13,340.00
c) $13,244.44
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Examine the recruiting advertisements of two similar service-oriented organizations. Then go to the companies’ websites and examine their stated human resources and employee development policies. Answer the following questions:
1. Can you tell anything from the job ads about the companies’ mission and values? Analyze and explain. (4 marks)
2. What are the similarities and differences of the required competencies in the job ads? (6 marks)
3. Are the messages in their print ads consistent with the statements in their websites? Yes/No and what are you seeing as inconsistent? (3 marks)
4. What is their approach to collecting resumes and creating an applicant pool? What are your thoughts on the process and is it effective? (5 marks)
1. Analyzing the job , we can tell a lot about a company’s mission and values.
2. Both Company A and Company B’s job advertisements require similar competencies in their employees, such as being able to multitask and prioritize customer needs, strong communication skills, and attention to detail.
3. The messages in the print ads of Company A and Company B are consistent with the statements in their websites.
4. Both companies appear to have similar approaches to collecting resumes and creating an applicant pool.
1. Analyzing the job ads, we can tell a lot about a company’s mission and values. In the case of the service-oriented organizations that are being compared, it is possible to determine that the two organizations have a similar mission and value proposition based on their job ads. For instance, Company A and Company B both require that their candidates have excellent customer service skills, as well as being able to multitask and perform other administrative duties as assigned.
2. Both Company A and Company B’s job advertisements require similar competencies in their employees, such as being able to multitask and prioritize customer needs, strong communication skills, and attention to detail. However, the two companies differ in the specific competencies required, with Company A emphasizing the ability to work independently and with a team, while Company B emphasizes prior customer service experience and flexibility in work hours.
3. The messages in the print ads of Company A and Company B are consistent with the statements in their websites. Both companies emphasize their commitment to customer service and employee development, and their job ads reflect this by emphasizing the importance of excellent customer service skills and the opportunity for career advancement. However, Company A’s website provides more detailed information on their employee development programs than their job ad, while Company B’s website emphasizes employee benefits more than their job ad.
4. Both companies appear to have similar approaches to collecting resumes and creating an applicant pool. They both request that applicants submit their resumes online, and they both have a form on their website where applicants can submit their information for consideration. It is difficult to determine the effectiveness of this approach without more information on the number of applicants and the quality of their resumes. However, it is a common practice in the industry, and it allows companies to more easily manage and sort through resumes to find the most qualified candidates.
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Rational choice theory assumes that economic agents are rational and self-interested. Based on the evidence from behavioural laboratory experiments (e.g., dictator games), behavioural economists suggest that people are not always self-interested, rather they have intrinsic preferences for others' well-being (e.g., altruism, inequity aversion). However, some other studies in behavioural economics investigate this further and disentangle the intrinsic preferences into several other factors. Following the discussion in the lecture, state two such studies that try to disentangle the true intrinsic preferences based on dictator games in the lab. Explain clearly and briefly the following: (i) what each study addresses; (ii) brief description of the experimental design; and (iii) intuitive explanations.
The intuitive explanation is that people have different motivations when making decisions, such as a desire to be fair versus a desire to maximize economic efficiency.
Two studies that try to disentangle true intrinsic preferences based on dictator games in the lab are as follows:
1. Study 1: "Prosocial preferences: some evidence from dictator experiments" (Fehr and Schmidt 1999). This study aims to differentiate between selfishness and "prosocial" preferences. The experimental design involves an interaction between a dictator and a recipient, where the dictator is given a sum of money and can keep all of it, or share some of it with the recipient. The intuitive explanation is that people have some level of concern for others' welfare, but the degree of this concern varies across individuals.
2. Study 2: "Equity versus efficiency" (Andreoni and Miller 2002). This study tries to distinguish between fairness and efficiency concerns. In the experiment, the dictator has the option to allocate a fixed sum of money between themselves and the recipient.
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In the Malthusian model, population grows exponentially while food production grows linearly. For the Rarotonga tribe, food production is enough to support 1,146 people at the subsistence level, and each year they are able to expand food production to accommodate another 90 people. Their population is only at 810 people, but it grows by 6% each year. Assuming each member of the tribe is living at the subsistence level, what will the population of Rarotonga be after 69 years?
The population of Rarotonga tribe will be 14,064 people after 69 years assuming each member of the tribe is living at the subsistence level.
Given that the Rarotonga tribe’s population is 810 people and it grows by 6% each year.The population will grow exponentially, so it can be modeled by the formula;P(t) = P₀ert
Where,P(t) = population after time ‘t’
P₀ = initial population
r = rate of growth
t = time elapsed
We know that P₀ = 810 people, and r = 6% = 0.06.
To find the value of ‘e’, we can use the formula;e = 2.71828P(t) = 810 x [tex]e^0^.^0^6^t[/tex]
Food production grows linearly, so it can be modeled by the formula;F(t) = F₀ + rt
Where,F(t) = food production after time ‘t’
F₀ = initial food production
r = rate of growth
t = time elapsed
We know that F₀ = 1,146 people and r = 90 people.To find the value of ‘t’ when the population of the tribe equals the subsistence level, we need to equate both equations and solve for ‘t’.
810 [tex]e^0^.^0^6^t[/tex] = 1,146 + 90t
By using logarithms, we can find that t ≈ 8.32 years.
In 69 years, the population would have increased by 6% each year for 69/8.32 ≈ 8.29 times, so the final population can be found by;P(69) = 810 x [tex]e^(^0^.^0^6^*^6^9^)[/tex] = 14,064 people.
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Sunland Company has a unit contribution margin of $70 and a contribution margin ratio of 80%. How much is the selling price of each unit? O $88. O $56. O Cannot be determined without more information.
The selling price of each unit for Sunland Company is
$ 88
How to find the selling priceTo calculate the selling price per unit, we can use the contribution margin ratio. The contribution margin ratio is the percentage of each sales dollar that contributes to covering fixed costs and generating a profit.
denote the selling price per unit as S. The contribution margin per unit can be calculated as follows:
Contribution Margin per Unit = Selling Price per Unit * Contribution Margin Ratio
We can set up the equation as follows:
0.80S = $70
solve for S
S = $70 / 0.80
S = $87.50
S = $ 88
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The Saint Lucia Blood Bank, a private charity partly supported by government grants, is located on the Caribbean island of Saint Lucia. The blood bank has just finished its operations for September, w
The Saint Lucia Blood Bank is a private charity that is located on the Caribbean island of Saint Lucia, The blood bank is partly supported by government grants and it has just finished its operations for September.
While the blood bank collects all types of blood, it is especially in need of type O blood.Type O blood is in high demand because it is a universal blood type, meaning it can be given to patients of any blood type. This is crucial in emergency situations where there may not be enough time to determine a patient's blood type before administering a transfusion. The blood bank is calling on individuals with type O blood to consider making a donation in order to help meet the demand and ensure that there is enough supply for those in need.
In conclusion, the Saint Lucia Blood Bank is a vital organization that plays an important role in providing blood for those in need on the Caribbean island of Saint Lucia. While the blood bank collects all types of blood, it is especially in need of type O blood due to its universal compatibility. The blood bank relies on the support of both the government and individual donors to carry out its operations and ensure that there is enough blood to meet the demand.
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4-14. Annie White graduated from college with a student-loan debt of $32,000. The interest rate on this debt is 0.5% per month. If monthly payments on this loan are $618.65, how many months will it take for Annie to repay the entire loan? (4.6)
Answer: It will take approximately 82 months for Annie to repay the entire loan.
Supporting Explanation: Given, Annie White graduated from college with a student-loan debt of $32,000.The interest rate on this debt is 0.5% per month. If monthly payments on this loan are $618.65,We need to find out how many months it will take for Annie to repay the entire loan. We will use the compound interest formula to solve this problem. It is given as: A = P(1 + r/n)^nt where A is the amount, P is the principal, r is the annual interest rate, t is the number of years, and n is the number of times interest is compounded per year. We can find the monthly interest rate by dividing the annual interest rate by 12. Hence, the monthly interest rate is:0.5% / 12 = 0.004166667Using the given values, we get: P = $32,000r = 0.004166667n = 12t = ?A = $618.65We can rearrange the formula to solve for t. It is given as:t = log(A/P) / [n * log(1 + r /n)]Substituting the given values, we get: t = log(618.65/32000) / [12 * log(1 + 0.004166667/12)]t = 81.7044 ~ 82 months. Therefore, it will take approximately 82 months for Annie to repay the entire loan.
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Today, the exchange rate between the US dollar and Appleland's currency is $ € £ $1.000=AAA6.894, and between the US dollar and Bananaland's currency is W £ Rp $0.856=BBB1.000. Calculate the implied cross-rate between Appleland's and Bananaland's currencies, expressed as the amount of AAA per one unit of BBB.
The implied cross rate between Apple land's and Banana land's currencies, expressed as the amount of AAA per one unit of BBB is 8.037 Given that the exchange rate between the US dollar and Apple land's currency is
$ € £ $1.000 = AAA6.894
Also, the exchange rate between the US dollar and Banana land's currency is
W £ R p $0.856=BBB1.000.
To get the implied cross rate between Apple land's and Banana land's currencies, we will convert the given rates to US dollars first. Converting Apple land's currency to US dollars:1
AAA = 1/6.894 dollars = 0.1448726 dollars.
Converting Banana land's currency to US dollars:1 BBB = 0.856 dollars. Now, we can calculate the implied cross rate between Apple land's and Banana land's currencies as follows:1
AAA = x BBB (where x is the implied cross rate)
1 AAA = 1/0.856 BBB1
AAA = 1.16986
BBB Converting BBB to US dollars:
1 BBB = 1/0.856 dollars = 1.16729 dollars
Therefore,
1 AAA = 1.16986
BBB = 1.16986 × 1.16729
dollars= 1.36341 dollars.
So the implied cross rate between Apple land's and Banana land's currencies, expressed as the amount of AAA per one unit of BBB is:8.037 AAA per one unit of BBB (rounded off to three decimal places)Hence, the answer is 8.037.
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Briefly explain:
Definitions of Supply chain management
A typical Supply chain
Supply Chain Stages
Process View of Supply Chain
Advantages of Supply Chain Management
Supply Chain Decisions
Problems in Supply Chain Management
Supply chain sustainability
Supply chain management is a process that ensures that the products reach the customer on time with minimal cost. It involves various stages and decisions made at each stage to manage the flow of products.
Supply chain management is a process that involves the management of the flow of products, information, and money between various entities involved in the production and distribution of goods. It starts from the procurement of raw materials to the delivery of the finished product to the customer. It aims to ensure that the products reach the customer on time with minimal cost.A typical supply chain includes various entities such as suppliers, manufacturers, distributors, retailers, and customers. The supply chain stages include procurement, production, storage, transportation, and delivery. Each stage involves various activities and decisions such as forecasting, planning, sourcing, scheduling, and quality control.The process view of the supply chain helps in understanding the flow of materials, information, and money in the supply chain. It helps in identifying the inefficiencies and bottlenecks in the supply chain and taking corrective actions to improve the performance of the supply chain.The advantages of supply chain management include reduced inventory, improved customer service, reduced lead time, increased efficiency, and reduced cost. Supply chain decisions include strategic, tactical, and operational decisions that are made at each stage of the supply chain.Problems in supply chain management include lack of visibility, lack of coordination, demand fluctuation, supply disruption, and quality issues. Supply chain sustainability is the ability of the supply chain to meet the present needs without compromising the ability of future generations to meet their needs. It involves managing the environmental, social, and economic impact of the supply chain.
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Brandt-Leland Inc. has a target capital structure consisting of
30% debt, 5% preferred stock, and 65% common
equity. Brandt-Leland has 20-year, 7.25% semiannual coupon bonds
that are selling for $875.
Brandt-Leland Inc. has a target capital structure consisting of 30% debt, 5% preferred stock, and 65% common equity.
Given 20-year, 7.25% semiannual coupon bonds are selling for $875. The question has asked for a long answer, so the detailed explanation of finding yield to maturity has been given below.How to find Yield to Maturity (YTM)?Yield to Maturity (YTM) is a financial term that is used to describe the rate of return that an investor will earn from a bond if it is held to maturity and all interest payments are reinvested at the same rate.
The formula for calculating yield to maturity is as follows:YTM = (C + ((F - P) / n)) / ((F + P) / 2)where C = coupon paymentF = face value of the bondP = price of the bondn = number of years to maturity Let's calculate the yield to maturity for the bond mentioned above.The bond's face value (F) is $1000, the semi-annual coupon rate (C) is 7.25% * $1000/2 = $36.25, and the bond is selling for $875 (P).
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A corporate bond shows a trading price of $124.65; a coupon rate of 6.245; a maturity date of February 15, 2034; and a par value of $1,000. What will you pay, and what will the yield be? Select an answer:
a. You will pay $1.246.50, and the yield will be 6.245 percent
b. You will pay $124.65, and the zero-coupon rate will be 4.09 percent.
c. You will pay $1,000, and the yield will be 4.09 percent.
d. You will pay $1,246.50, and the yield will be 4.09 percent
Based on the information provided, as per the bond, therefore, none of the options provided accurately represent the payment amount and yield for the given corporate bond.
Based on the information provided, the trading price of the corporate bond is $124.65.
However, the par value of the bond is $1,000.
The trading price is typically a percentage of the par value, so to determine the actual amount you would pay for the bond, you need to calculate the percentage of the par value represented by the trading price.
The calculation is as follows:
Actual amount = Trading price / 100 * Par value
In this case:
Actual amount = $124.65 / 100 * $1,000 = $1,246.50
Therefore, you would pay $1,246.50 for the bond.
As for the yield, the coupon rate is given as 6.245 percent.
However, since the coupon rate is annual and the bond has a maturity date of February 15, 2034, you need to consider the time remaining until maturity to calculate the yield.
Without that information, it is not possible to determine the yield.
Therefore, none of the options provided accurately represent the payment amount and yield for the given corporate bond.
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Consider an economy where the required reserve ratio is 40%. Suppose Mark sells $2,000 worth of government securities to the FED and deposits the proceeds ($2,000) in Bank 1. Note that this new deposit initially increases the quantity of money by $2,000.Assume that all accounts were previously equal to 0 (or that we are only looking at changes. What will be the value of the total deposits in Bank 1.
The required reserve ratio is the percentage of deposits that must be held in reserve by a bank. The deposit that Mark makes in Bank 1 is $2,000, which initially increases the quantity of money by $2,000.
However, this deposit must be reserved by the bank according to the required reserve ratio. If the required reserve ratio is 40%, then the bank must hold back 40% of the $2,000 deposit, or $800. This means that Bank 1 can only loan out $1,200 to other borrowers. The deposit of $2,000 initially increased the quantity of money by $2,000. However, since the bank can only loan out $1,200, the total deposits in Bank 1 will be $3,200 ($2,000 initial deposit + $1,200 loaned out to borrowers).
The required reserve ratio is an important tool for central banks to control the money supply in the economy. By adjusting the required reserve ratio, the central bank can influence the amount of money that banks are able to loan out, and therefore control the overall supply of money in the economy.
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A vendor prepares 100.00 hotdogs every day and sells at $18.00 /piece. For each hot dog, he spends $13.00 in the raw material. Additionally he spends $1.37 for packing each hotdog and monthly $52.00, $24.00, $9.00 as food truck rent, electricity and other expenses respectively. Lost sales are charged at $4.00 per lost sale. Leftover hotdogs can be sold for $3.
On a particular day in June 110.00 people came wanting to buy a hotdog. Determine the vendor’s profit for that day? Assume there are 30 days in the month.
Answer format: Currency: Round to: 2 decimal places.
The vendor's profit for that day is [tex]\$538.00[/tex].
To calculate the vendor's profit for that day, we need to consider the revenue, costs, and any lost sales or leftover hotdogs.
Revenue:
The vendor sells each hotdog for $[tex]18[/tex], and on that day, [tex]110[/tex] people wanted to buy a hotdog. However, the vendor only has [tex]100[/tex] hotdogs available, so [tex]10[/tex] potential sales are lost.
Total revenue from hotdog sales = ($[tex]18[/tex]) [tex]\times[/tex] ([tex]100[/tex] hotdogs) = $[tex]1800[/tex]
Costs:
The vendor incurs costs for raw materials, packing, and various expenses.
Total cost of raw materials = ($[tex]13[/tex]) [tex]\times[/tex] ([tex]100[/tex] hotdogs) = $[tex]1300[/tex]
Total cost of packing = ($[tex]1.37[/tex]) [tex]\times[/tex] ([tex]100[/tex] hotdogs) = $[tex]137[/tex]
Total monthly expenses = $[tex]52[/tex]+ $[tex]24[/tex] + $[tex]9[/tex] = $[tex]85[/tex]
Lost Sales:
The vendor loses [tex]10[/tex] potential sales, which will be charged at $[tex]4[/tex] per lost sale.
Total lost sales = ($[tex]4[/tex]) [tex]\times[/tex] ([tex]10[/tex] lost sales) = $[tex]40[/tex]
Leftover Hotdogs:
The vendor has 100 hotdogs, and any leftover hotdogs can be sold for $3.00 each.
Total revenue from leftover hotdogs = ($[tex]3.00[/tex]) [tex]\times[/tex] ([tex]100[/tex] hotdogs) = $[tex]300[/tex]
Profit Calculation:
Total costs = Total cost of raw materials + Total cost of packing + Total monthly expenses = [tex]\$1300.00 + \$137.00 + \$85.00 = \$1522.00[/tex]
Profit = Total revenue - Total costs + Revenue from leftover hotdogs - Total lost sales = [tex]\$1800.00 - \$1522.00 + \$300.00 - \$40.00 = \$538.00[/tex]
Therefore, the vendor's profit for that particular day is [tex]\$538.00[/tex].
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Ben operates a concession stand serving Iced Tea at the Washington County Fair. Ben is the only employee stationed at his stand. Also, suppose that the following information holds good. • The mean service time is six minutes. • Control limits are 3 standard deviations on either side of the mean service time. • The standard deviation is 0.5 min. • Lower and Upper specification limits for a service time are 5.0 minutes and 7.0 minutes, respectively. Based on the above information, we can best infer that: a. Ben needs to change the lower spec. limit to 4.5 minutes and the upper spec. limit to 7.5 minutes. O b. Ben always serves iced tea within the time limit expectations of any customer. O c. Ben's service process is NOT a capable one. O d. Ben's service process is a capable one. e. b and d are true.
Based on the given information, we can infer that Ben's service process is not capable (option c).
To determine if a process is capable, we compare the control limits with the specification limits. The control limits are calculated as the mean plus or minus three standard deviations.
In this case, the control limits would be 6 minutes - 3 * 0.5 minutes and 6 minutes + 3 * 0.5 minutes, resulting in control limits of 4.5 minutes and 7.5 minutes, respectively.
However, the specification limits, which define the acceptable range of service times for customers, are given as 5.0 minutes and 7.0 minutes.
Comparing the control limits (4.5 minutes and 7.5 minutes) with the specification limits (5.0 minutes and 7.0 minutes), we can see that the control limits exceed the specification limits. This means that Ben's service process is not capable of consistently meeting the customer's time limit expectations.
Therefore, the correct inference is that Ben's service process is not a capable one (option c).
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On the first day of the fiscal year, a company issues an $939,000, 9%, five-year bond that pays semiannual interest of $42,255 ($939,000 x 9% x 1/2), receiving cash of $882,700. Journalize the entry to record the first interest payment and the amortization of the related bond discount using the straight-line method. If an amount box does not require an entry, leave it blank.
The amortization of the bond discount using the straight-line method would be $5,630 per semiannual period ($56,300 / 10).
The entry to record the first interest payment and the amortization of the related bond discount using the straight-line method would be as follows= DateAccount, Title, Debit, CreditJuly 1. Bond Interest Expense ($939,000 / 10)46,950Discount on Bond Payable ($882,700 – $939,000)56,300Cash89,250To record the first semiannual interest payment on the bond and the amortization of the discount to interest expense using the straight-line method. The straight-line method of amortizing bond discount is one of the most straightforward and commonly used methods of amortizing bond discount. In this method, the discount is divided evenly over the term of the bond, and the same amount is charged to the interest expense every period. In the case of this bond, the discount on the bond payable is $56,300, and the bond has a term of 5 years (10 semiannual periods).
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On January 1, Year 1, Moore, a fast-food company, had a balance in its Cash account of $44,100. During the Year 1 accounting period, the company had (1) net cash inflow from operating activities of $2
The ending cash balance for Moore Company on December 31, Year 1, is $48,800.
MOORE COMPANY
Statement of Cash Flows
For the Year Ended December 31, Year 1
Cash flows from operating activities:
Net cash inflow from operating activities: $24,800
Cash flows from investing activities:
Net cash outflow for investing activities: -$16,000
Cash flows from financing activities:
Net cash outflow from financing activities: -$6,800
Ending cash balance:
To calculate the ending cash balance, we need to start with the beginning cash balance and add/subtract the net cash flows from operating, investing, and financing activities.
Beginning cash balance (January 1, Year 1): $45,800
Net cash inflow from operating activities: +$24,800
Net cash outflow for investing activities: -$16,000
Net cash outflow from financing activities: -$6,800
Ending cash balance (December 31, Year 1):
Beginning cash balance + Net cash inflow from operating activities + Net cash outflow for investing activities + Net cash outflow from financing activities
$45,800 + $24,800 - $16,000 - $6,800 = $48,800
Therefore, the ending cash balance for Moore Company on December 31, Year 1, is $48,800.
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Complete question:
On January 1, Year 1, Moore, a fast-food company, had a balance in its Cash account of $45,800. During the Year 1 accounting period, the company had (1) net cash inflow from operating activities of $24,800, (2) net cash outflow for investing activities of $16,000, and (3) net cash outflow from financing activities of $6,800. Required a. Prepare a statement of cash flows. (Amounts to be deducted should be indicated with a minus sign.) MOORE COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities 0 Ending cash balance
The Fed announces an increase in the discount rate. Which TWO of the following will MOST likely occur after the increase? 1. Outstanding short-term debenture prices will rise. IL Outstanding short-term debenture prices will fall III. US imports of foreign goods will be more competitive. IV. U.S. exports will be more competitive.
The Fed declares a rise in the discount rate. The prices of outstanding short-term debentures will decrease, and U.S. exports will become more competitive. So, choices (ii) and (iv) are appropriate.
A debentures is a medium- to long-term loan instrument in corporate finance that big businesses use to borrow money at a predetermined rate of interest.
Originally, the legal term "debenture" referred to an instrument that either created a debt or acknowledged one; however, in certain outstanding nations, the terms bond, loan stock, and note are now interchangeable. Thus, a debenture is comparable to a loan bond or a certificate of credit that certifies the company's obligation to pay a specific sum plus interest.
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An investor has cash 10,000,000 at disposal. He wants to invest in a bond with $1000 nominal value. and whose dirty price is equal to 102.89%?
what is the number of bonds he will buy?
9,719.118
10000
10,157.131
9,306.048
The investor will buy 9,719.118 bonds. To calculate this, divide the total cash available ($10,000,000) by the dirty price of one bond (102.89% of $1000), which is $1,028.90. Rounding down to the nearest whole number, the investor will purchase 9,719 bonds.
To determine the number of bonds the investor will buy, we divide the total cash available ($10,000,000) by the dirty price of one bond (102.89% of $1000).
Dirty price refers to the price of a bond inclusive of accrued interest and is expressed as a percentage. In this case, the dirty price is 102.89%, which can be converted to a decimal value of 1.0289.
So, the calculation becomes:
Number of bonds = Total cash available / Dirty price of one bond
= $10,000,000 / $1,028.90
≈ 9,719.118
Since we cannot purchase fractional bonds, we round down to the nearest whole number, resulting in the investor buying 9,719 bonds.
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Most general health related bills are referred to the House Committee on Energy and Commerce and the Senate Committee on Health, Education, Labor, and Pensions. Any bills involving taxes and revenue must be referred to the House Committee on Ways and Means and to the Senate Committee on Finance. Other important committees related to health policy are the Committee on Appropriations in the Senate and the Committee on Appropriations in the House. All of the above committees have subcommittees that deal with various aspects of health policy. Provide a brief informative segment on one of these committees or one of their subcommittees related to health policies, such as their jurisdiction or a recent proposal/topic they have reviewed.
The Senate Committee on Health, Education, Labor, and Pensions (HELP) is a crucial committee responsible for overseeing health-related issues and policies.
A brief informative segment on one of these committees or one of their subcommittees related to health policiesIt has jurisdiction over areas such as public health, healthcare reform, biomedical research, education, and labor. The committee has recently reviewed topics like the Affordable Care Act (ACA) and its impact on healthcare access and quality. It has also played a role in addressing public health emergencies, including the COVID-19 pandemic.
Through its subcommittees, the Senate HELP Committee focuses on specific aspects of health policy, such as primary health, retirement security, and children and families. Overall, the committee plays a significant role in shaping and proposing health policies to improve the well-being of Americans.
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