Answer and Explanation:
Association controls is a sort of deliberate procedure which encourages administrator to manage the hierarchical exercises to make each thing adjusted and desires set up in plans, standard execution and target.
The three significant association control are feed forward, simultaneous and criticism control components.
From a head supervisor point of view the most well-known or all around acknowledged authoritative control is the ' simultaneous control'. This aides in settling issue by versatile condition, absolute quality administration a representative discretion. Simultaneous control intently screen the exercises and propose new arrangements dependent on the adjustment in necessity. This aides in making key execution pointers for all the useful office.
Mary Catherine is a recent employee who initially requires 17 minutes to complete a job task. If she experiences a learning rate of 77%, how much time will it take her to complete the sixth task?
Answer:
for sixth tasks, she will spend 77% of 5.98 minutes =`4.60 minutes
Explanation:
Mary Catherine is a recent employee
initial time requires 17 minutes to complete a task
as she get use to the task, her experiences a learning rate is found to be 77% for each task,
how much time will it take her to complete the sixth task?
Now, we need to calculate per task
the first task, she spend 17 minutes
for second tasks, she will spend 77% of 17 minutes =
= 0.77 * 17 = 13.09 minutes
for third tasks, she will spend 77% of 13.09 minutes =
= 0.77 * 13.09 minutes = 10.08 minutes
for fourth tasks, she will spend 77% of 10.08 minutes =
== 0.77 * 10.08 minutes = 7.76 minutes
for fifth tasks, she will spend 77% of 7.76 minutes =
== 0.77 * 7.76 minutes = 5.98 minutes
for sixth tasks, she will spend 77% of 5.98 minutes =
== 0.77 * 5.98 minutes = 4.60 minutes
Adam entered into a contract with Ben for the purchase of ten tons of coal for $200. Ben refused to supply the coal and Adam had to buy ten tons of coal for $300 from Chris.
(A) Adam could have forced Ben to specifically perform the contract.
(B) The measure of consequential damages is $100.
(C) Adam is entitled to puniti ve damages.
(D) The measure of damages is $300.
Answer: B the measure of consequential damages is $100. Because Adam would have a profit of $100 is Ben had not refused to supply the coal.
A union has negotiated a contract that states the following: work up to 40 hours per week will be paid at a base rate of $10 per hour. All work in excess of 40 hours, but less than 48 hours will be paid at a rate equal to 1½ times the base rate. Any work in excess of 48 hours will be paid at double time. This pay scale agrees with:________a. the law of supply. b. the law of demand. c. the law of supply and demand. d. ceteris paribus. e. can't tell with the information provided.
Answer:
a. the law of supply.
Explanation:
This pay scale agrees with the law of supply, which states that the higher the price, the higher the supply. We will observe that the higher the pay scale the higher the number of hours worked per week.
Answer:
A
Explanation:
The law of supply
The law of supply is basic and fundanental microeconomic law which, butresses the fact that, other factors being equal and constant, any increase in the price of a good or service increases automatically makes the quantity of goods or services that suppliers offer will increase, and it is the same vice versa. The law of supply says that as the price of an item increases, suppliers will attempt to maximize their profits by increasing the quantity offered for sale.
Suppose a city facing a shortage of rental apartments eliminates rent controls. Which of the following is most likely to occur?
A. a decrease in rents and a decrease in the number of apartment units supplied.
B. an increase in rents and an increase in the number of apartment units supplied.
C. a decrease in the demand for apartments and an increase in the number of apartment units supplied.
D. an increase in the demand for apartments and a decrease in the number of apartment units supplied.
Answer:
The correct answer is (B)
Explanation:
A shortage of rental apartments will lead to an increase in the rents. There is a shortage of apartments that has eliminated the rent control. Overall, the owners will increase the rents of the apartments and as a result the demand will decrease. A decrease in demand will lead to an increase in the supply of apartments.
Eliminating rent control in a city faced with a shortage of rental apartments would likely lead to an increase in both rents and the supply of apartment units. This is due to landlords being able to charge more, which could incentivize more rental housing investment.
Explanation:If a city facing a shortage of rental apartments eliminates rent controls, the most likely occurrence will be B. an increase in rents and an increase in the number of apartment units supplied.
Rent control laws are implemented to keep housing affordable, but they might also discourage investment in new rental housing because of potentially lower returns. If those controls are removed, landlords would likely raise rents to market prices, which could encourage more landlords to supply apartments as they could potentially earn more income.
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There is no difference between you driving your car on public streets and Ford selling a product that it knows will sometimes explode. True or False? What unmentioned factor might your answer depend on?
Answer:
1) The statement is: True.
2) The correct answer is letter: Cost-Benefit Analysis.
Explanation:
2) The Cost-Benefit Analysis is a tool used to make decisions based on cost and benefit. You can use the Cost-Benefit Analysis to evaluate a single option or compare two or more alternatives to choose the best. The Cost-Benefit Analysis is used to calculate all the costs of a particular decision and compare them with the expected benefits of that decision.
1) In the example, driving on a street has the cost of being in danger of crashing but the benefit of traveling comfortably in your vehicle. Ford selling cars could cost some of them -for an "x" reason- to explode but the benefit is to profit from the sales. Thus, there is no fundamental difference comparing the costs individuals are exposed while driving a car on the street and Ford being exposed to their cars' explosion.
On January 1, 2013, Deuce Inc. acquired 15% of Wiz Co.'s outstanding common stock for $62,400 and categorized the investment as an available-for-sale security. Wiz earned net income of $96,000 in 2011 and paid dividends of $36,000. On January 1, 2014, Deuce bought an additional 10% of Wiz for $54,000. This second purchase gave Deuce the ability to significantly influence the decision making of Wiz. During 2014, Wiz earned $120,000 and paid $48,000 in dividends. As of December 31, 2014, Wiz reported a net book value of $468,000. For both purchases, Deuce concluded that Wiz Co.'s book values approximated fair values and attributed any excess cost to goodwill.
on deuce's december 31,2014 balance sheet, what balances was reported for the investment in Wiz coporation account?
Answer:
Investment Cost
January 1, 2013 = $62,400
January 1, 2014 = $54,000
$116,400
Fair Values
25% of $468,000 $117,000
On Deuce's December 31,2014 balance sheet, $116,400.00 will be reported for the investment in Wiz corporation account. This is because the investment cost of $116,400 is lower when compare with fair value of $117,000.
Explanation:
The carrying amount for investments is the lower of cost and fair value.
On the December 31, 2014 balance sheet, Deuce would report a balance of $123,600 for the investment in Wiz Corporation account. The computation incorporates both cost and equity method, considering different levels of influence over the investments.
Explanation:The balance reported for Deuce's investment in Wiz Corporation on Deuce's December 31, 2014 balance sheet would be calculated differently for the two separate purchases due to their different levels of influence on Wiz's decision making.
For the initial 15% purchase, Deuce would simply record the investment at cost because they didn't have significant influence over Wiz at this time. So, the investment account for this transaction would be $62,400.
The second purchase, however, gave Deuce the ability to significantly influence Wiz's decision making, and therefore it should apply the equity method for this investment. Initially, it would record the 10% purchase at cost, which is $54,000.
Further, under the equity method, Deuce adjusts this balance by its proportionate share of Wiz's earnings and subtracts any dividends received. Wiz earned $120,000 in 2014 and paid dividends of $48,000. So, Deuce would add to the investment account (10% of $120,000 = $12,000) and subtract the dividends received (10% of $48,000 = $4,800), so the increase due to the equity method would be $7,200.
By adding the two balances together we have $62,400 (initial investment) + $54,000 (second purchase) + $7,200 (equity method adjustment) = $123,600. So, Deuce would report a balance of $123,600 for the investment in Wiz Corporation account on its December 31, 2014 balance sheet.
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Explain whether each of the following government activities is motivated by a concern about equality or a concern about efficiency. In the case of efficiency, discuss the type of market failure involved.
a) Regulating cable TV prices
b) Providing some poor with vouchers that can be used to buy food.
c) Prohibiting smoking in public places
d) Breaking up Standard Oil (which once owned 90 percent of all oil refineries) into several smaller companies.
e) Imposing higher personal income tax rates on people with higher incomes
f) Instituting laws against driving while intoxicated.
Answer:
a) Regulating cable TV prices - This is motivated by the concern about efficiency. Since one cable TV company can easily become a monopolist and manage cable TV prices on its own, market power (a type of market failure) is hindered by regulation. These measures aim to decentralize power and distribute it once again.
b) Providing some poor with vouchers that can be used to buy food. - Being a concern for equality, this regulation aims to improve fairness and equality among society levels by giving vouchers to poor people. Equality measures are usually non-efficient by the means of concern, and are a common practice in all governments.
c) Prohibiting smoking in public places - Being a concern about efficiency, this aims to overcome a possible externality. Third parties (non-smokers) are affected by something they cannot influence, which indicates a case of externality failure. Government regulation is essential
d) Breaking up Standard Oil (which once owned 90 percent of all oil refineries) into several smaller companies. - Once a monopoly, Standard Oil is broken down into several smaller, competition-oriented companies. The market failure regarding market power is regulated by this move. When this happens, Standard Oil will not be able to dictate prices.
e) Imposing higher personal income tax rates on people with higher incomes - Being an equality measure by nature, this economic remedy tries to create less discrepancy among income across all social levels. The standard deviation becomes smaller, which is the result of equality measures. Although people with higher incomes will always have a similar income, regulation vastly influences people with less income.
f) Instituting laws against driving while intoxicated. - This is an efficiency measure (against externality), as sober drivers and traffic participants become influenced by drunk drivers who they cannot control. In case of an accident, the third party is imposed a cost that could be fatal. Therefore, it has to be regulated.
The brief explanation about the government activities is motivated by a concern about equality or a concern about efficiency is:
a) Regulating cable TV prices
This has to do with the concern for efficiency
b) Providing some poor with vouchers that can be used to buy food.
This has to do with the concern for equality
c) Prohibiting smoking in public places
This has to do with the concern for efficiency
d) Breaking up Standard Oil (which once owned 90 percent of all oil refineries) into several smaller companies.
This has to do with the concern for efficiency
e) Imposing higher personal income tax rates on people with higher incomes
This has to do with the concern for equality
f) Instituting laws against driving while intoxicated.
This has to do with the concern for efficiencyWhen a free market operates within the regulations of the government, then it means that the government is protecting the consumers from monopoly, overcharging and other morally wrong practises.
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To follow is selected information about the Little Dipper Company for the current year and prior year Account Net sales revenue Cost of goods sold Gross profit Selling/general expenses Net income before tax Income tax Net income Current $648,000 $414,720 $233,280 $149,040 $84,240 $25,120 $59,120 Prior $595,000 $425,000 $170,000 $93,500 $76,500 $22,800 $53,700 What is the current years net income percentage (as would be found on a vertical analysis of the income statement for the current year)? A. 70.18% B. 235.35% С. 9.12% D, 10.09%
Answer: D- 9.12%
Explanation:The current net income percentage is calculated thus:
Current year net income = $59,120
Prior year net income = $53,700
diff in btw the two period = $59, 120-$53,700 = $5,420
current year net income percentage = $5,420/$59,120 = 0.0912779 *100
= 9.12%
During the current year, Robert pays the following amounts associated with his own residence:
Property taxes $3,000
Mortgage interest 8,000
Repairs 1,200
Utilities 2,700
Replacement of roof 4,000
In addition, Robert paid $1,500 of property taxes on the home that is owned and used by Anne, his daughter. Classify the following expenses for Robert as "Deductible" or "Nondeductible".
(a) Property taxes - Robert Deductible
(b) Property taxes - Anne Nondeductible
(c) Mortgage interest - Deductible
(d) Repairs Nondeductible
(e) Utilities Nondeductible
Answer:Deductibles. Non Deductibles.
Property tax 4500 Repairs 1200
Mortgage Int 8000. Utilities 2700
Explanation:Deductibles are statutory bills and must at all cost be paid while Non Deductibles are self servicing bills and are not compulsory bills.You can choose not to repair your gadget's or automobile but you cannot ignore forfeit paying your taxes and government bills.
The measurement of how efficiently and effectively a manager uses resources to satisfy customers and achieve organizational goals is known as organizational ________. a. management b. efficiency c. performance d. effectiveness
Answer:
Effectiveness
Explanation:
Organizational effectiveness shows the extent to which resources have been efficiently managed to produce intended results.
Efficiency has to do with maximal uses of resources available (i.e input versus output) while effectiveness show whether desirable outcomes have been achieved i.e whether organizational objectives are being achieved.
The measurement of how efficiently and effectively a manager uses resources to satisfy customers and achieve organizational goals is known as organizational efficiency (option b).
Explanation:The measurement of how efficiently and effectively a manager uses resources to satisfy customers and achieve organizational goals is known as organizational efficiency.
Efficiency is a key concept in business management. It refers to the ability of a manager to optimize the use of resources, such as time, money, and manpower, to achieve desired outcomes.
For example, a manager who carefully plans and coordinates tasks, eliminates waste, and maximizes productivity is considered efficient. This can lead to cost savings, increased customer satisfaction, and overall success for the organization.
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The opportunity cost of being a full-time student at a university instead of working full-time at a job includes all of the following EXCEPT:
a. Payment for meals
b. Payment for tuition
c. Payments for books
d. Income from the full-time job
Answer:
a.Payment for meals
Explanation:
Opportunity cost is referred to as the next best alternative.
Opportunity cost means the benefits foregone of the non chosen alternative when an alternative is chosen from the available set of options which includes the non chosen option.
For e.g storage of money at home has an opportunity cost in the form of loss of interest had the same money been invested elsewhere apart from assuming the risk of loss of theft.
In the given case, the opportunity cost of being a full time student at a university instead of working full time at a job includes the opportunity cost in the form of income from that full time job in addition to specific expenses incurred for being a full time student such as Payment for tuition, Payment for books.
Thus, payment for meals represents a common cost which would've been incurred anyway irrespective of whether one attends full time college or does a full time job.
The opportunity cost of being a full-time student includes tuition, books, and meal payments, but not the income from the foregone job, which is the essence of what opportunity cost represents.
Explanation:The question asks about the opportunity cost of being a full-time student at a university instead of working full-time at a job, which includes all but one of the listed options. The correct answer to this is d. Income from the full-time job. This is because opportunity cost refers to the benefits or income one gives up by choosing one option over another. In this context, the opportunity costs of attending college as a full-time student include the tuition fees, payments for books, and even the cost for meals related to being in college, but not directly the income from a job you didn't take. That income represents the actual foregone benefit, making it the essence of the opportunity cost calculation in this scenario.
Opportunity cost is a fundamental concept in economics that encompasses the value of the best alternative you give up when you make a decision. For a college student, while the out-of-pocket expenses like tuition fees, book payments, and even meal payments are direct costs, the true opportunity cost also includes the income they could have earned if they were not in school. This is because, by choosing to study, they are sacrificing the chance to earn an income during this period, hopeful in gaining greater earnings in the future due to higher education.
Many of the common items that you use everyday are manufactured in Asia. If the H-O model applies, what would account for this?
Group of answer choices:
O Asian countries are abundant in low-skilled labor, and so items can be manufactured at lower opportunity cost.
O Asian countries do not enjoy a comparative advantage in any economic activity, so they end up being exploited by wealthy countries.
O The US has used its military power to oppress the Asians and force them to work for low wages.
O Global corporations have located their manufacturing operations in Asia in their attempt to impoverish the people of Asia.
Answer:
O Asian countries are abundant in low-skilled labor, and so items can be manufactured at lower opportunity cost
Explanation:
The H-O model states that countries such produce goods and services that it can efficiently and effectively manufacture or produce at a lower cost of production.
Asian countries are abundant in low-skilled labor, and so items can be manufactured at lower opportunity cost.
Mr. G obtains a $70,000 loan today. He will repay the bank with equal payments to be made at the end of each 6-month period, or twice each year, for 6 years. If the interest rate the bank charges is an 8% annual percentage rate, what amount of money will each payment be?
Answer:
The amount of each payment after every 6 months will be $7,458
Explanation:
We need to find the amount of payment made every 6 months. For that we need to know the present value of the loan which is 70,000, the interest rate which is 8% but we will divide it by 2 because there are semiannual payments so interest rate will be 4%, after that we need to know the number of compounding periods, because the payments are semi annual and there are 6 years we will multiply 6 by 2 and get 12 which is our compounding periods. Because there are equal payments and no payment to be made at end the future value of the loan is 0. Now we will input the following data in a financial calculator.
PV= 70,000
I= 4
N= 12
Fv=0
Compute PMT=7,458
Josh, Inc. is faced with the choice of either producing a newly designed product, XX-30, to stock in anticipation of demand or to customer order. The demand for the product is expected to be 5,000 units per week. Josh decided to produce XX-30 in lots of 500 units. The cost of holding the average unit in inventory per year is $50 times the average inventory level. If Josh, Inc. produces to order, it must discount its unit price on all sales $5 for each week that the first customer to order has to wait before the product is delivered. Should Josh, Inc. produce to stock or to order?
Answer:
Explanation:
1. Make to stock
Average inventory = Order quantity/2 = 500/2 = 250
Inventory holding cost = average inventory multiplied by unit holding rate = 250 *5 = 1250
2. Make to order
Discount = 5000*5 = 25000
It is better to stock and produce because costs are low
Which of the following is the subjective performance measure at parent firm level? a. Profitability b. Market share c. Stlck market reaction d. Assessment of goal attainment e. Stability and longevity of the alliance
Answer:
d. Assessment of goal attainment
Explanation:
In cases where an alliance occurs between a parent firm and a subsidiary, the parent firm subjectively measures performance by assessing the extent to which the alliance has contributed to achieving the organization's goals.
Sammy’s Pizza opened on January 1, 2018. Sammy’s reported the following for cash revenues and cash expenses for the years 2018 to 2020: 2018 2019 2020 Cash Revenues $19,000 $29,000 $39,000 Cash Expenses $10,500 $13,500 $21,500 What would Sammy's Pizza report for net income and retained earnings for the years 2018, 2019, and 2020?
Answer:
Net income for 2018 is $8,500
Net income for 2019 is $15,500
Net income for 2020 is $17,500
Retained earnings from 2018 to 2020 is $41,500
Explanation:
Net income = cash revenue - cash expense
Net income for 2018 = $19,000 - $10,500 = $8,500
Net income for 2019 = $29,000 - $13,500 = $15,500
Net income for 2020 = $39,000 - $21,500 = $17,500
Retained earnings from 2018 to 2020 = net income for 2018 + net income for 2019 + net income for 2020 = $8,500 + $15,500 + $17,500 = $41,500
Margot starts a new business and contributes $20,000 in cash; she also borrows $25,000 from her local bank. She utilizes the cash to purchase supplies for $5,000 and a computer system for $10,000. After these transactions, the company's total resources are:
Answer:
total resources = $45,000
Explanation:
given data
contributes = $20,000
borrows = $25,000
purchase supplies = $5,000
equipment computer system = $10,000
solution
$45,000 [cash 30,000(20,000+25,000-5,000-10,000) equipment 10,000; supplies 5,000]
we get here company's total resources are as
total resources = cash + purchase supplies + equipment computer system ............1
here cash = $20,000 + $25,000 - $5,000 - $10,000
cash = $30,000
so from equation 1
total resources = $30,000 + $5,000 + $10,000
total resources = $45,000
Margot's total resources after her initial cash contribution, bank borrowing, and subsequent expenses comes to $30,000.
Explanation:The company's total resources would be calculated by totalling initial contributions and borrowings and then subtracting any expenses or investments made. So, if Margot begins with $20,000 in cash and also borrows $25,000 from the bank, her total initial resources are $45,000. She then buys supplies for $5,000, and a computer system for $10,000 reducing her resources by $15,000. The remaining resources then are the initial $45,000 minus the $15,000 spent, ending with a total of $30,000 in resources for the company.
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In its most recent financial statements, Nessler Inc. reported $80 million of net income and $1,200 million of retained earnings. The previous retained earnings were $1,140 million. How much in dividends were paid to shareholders during the year?
Answer:
$140 million
Explanation:
Given that,
Ending Retained Earnings = $1,140 million
Beginning Retained Earnings = $1,200 million
Net Income = $80 million
Ending Retained Earnings = Beginning Retained Earnings + Net Income - Dividends
$1,140 million = $1,200 million + $80 million - Dividends
Dividends = $1,200 million + $80 million - $1,140 million
= $140 million
Therefore, the dividend of $140 million were paid to shareholders during the year.
To ensure that as many individuals as possible use helmets, the government recently decided to subsidize the production of helmets.
Which of the following will happen as a result of this subsidy? Choose one or more:
A. The demand curve for helmets will increase.
B. The demand curve for helmets will remain the same.
C. The demand curve for helmets will shift to the left.
D. The supply curve for helmets will shift to the left.
E. The supply curve for helmets will shift to the right.
Answer: B & E
Explanation:
If a subsidy is provided for the production of helmets, the demand curve is unaffected, but the supply curve shifts to the right. A production subsidy encourages production because it reduces costs for the producer. However, it will not affect market demand.
A government subsidy on the production of helmets will cause the supply curve to shift to the right, indicating an increase in supply at every price level. The demand curve remains the same initially, but the subsidy can indirectly affect the quantity demanded by making helmets more affordable.
To determine the effect of the government subsidy on the production of helmets, we need to consider how it affects the supply curve and the demand curve. Subsidies are financial contributions from the government to producers, which effectively reduce the cost of production. A subsidy does not directly affect the demand curve; instead, it leads to an increase in supply because it lowers production costs, making it cheaper for producers to supply more at every price level.
The correct answer to the given question would be E. The supply curve for helmets will shift to the right. This is because the subsidy makes it less expensive for producers to make helmets, encouraging them to make more. The increased supply can lower the market price of helmets, making them more affordable to consumers without directly altering the demand curve. Therefore, the demand curve for helmets will remain the same initially (answer B), but the effect of a lower price may eventually increase the quantity demanded.
Johnson Waterworks Company provides plumbing services. The company is a sole proprietorship. Transactions during the first year of operations are provided below. a) The owner, Mitchell Johnson, contributed $14,000 cash in exchange for capital b) Paid $1,100 for equipment to be used for plumbing repairs. c) Borrowed $14,000 from a local bank and deposited the money in the checking account. d) Paid $600 in rent for the year. e) Paid $300 for plumbing supplies to be used on various jobs next year. Completed a plumbing repair for a law firm and received $3,400. Calculate the amount of total assets at the end of the first year. Assume the plumbing supplies of $300 are left at the end of the year. OA. $28,000 O B. $1,100 OC. $1,400 D. $30,800
Answer:
D. $30,800
Explanation:
The computation of the total assets is shown below:
= Cash + equipment + supplies
where,
Cash would be
= Capital - paid cash for equipment + borrowed amount - rent paid - supplies + received amount
= $14,000 - $11,000 + $14,000 - $600 - $300 + $3,400
= $19,500
And, the other items would be same
So, the total assets would be
= $19,500 + $11,000 + $300
= $30,800
The model of short-run economic fluctuations focuses on _____
(A) the price level and real GDP.
(B) Dproductivity and economic growth.
(C) the neutrality of money and inflation.
(D) None of the above is correct.
Answer:
The correct answer is letter "A": the price level and real GDP.
Explanation:
The model of short-run economic fluctuations is a method that measures the changes in the output level of an economy. According to this model, the increase in money supply increases production which causes prices to decrease. It considers two variables: the average level of prices and the production of the economy based on the real Gross Domestic Product (GDP).
IE 4-3....Suppose that a Demand shift (an increase in optimism) moves this economy to Point E with an Employment of 122 million people. Households in the Circular Flow will be earning a Nominal Income of _________ billion and there will be an equilibrium at Point S in the PPF. This is a(n) _____________ situation..
Answer:
$6240
Demand Inflation
Explanation:
Demand inflation also known as Demand-pull Inflation is an economic condition whereby there is an increase in price due to aggregate demand exceeding the aggregate supply of goods and services. This is when there is excess amount of money in the system and there are fewer goods and services. This leads to inflation.
The four underlying assumptions of generally accepted accounting principles are economic entity, monetary unit, periodicity, and going concern. Consider the four independent situations below.
1. Jumbo's is a local restaurant. Due to a bad shipment of potatoes, several of the company's customers become ill, and the company receives considerable bad publicity. Revenues are way down, several of its bills are past due, and the company is making plans to close the restaurant at the end of the month. The company continues to report its assets in the balance sheet at historical (original) cost.
2. Gorloks Tax Services is owned and operated by Sam Martin. The company has the usual business assets: land, building, cash, equipment, and supplies. In addition, Sam decides to buy a boat for him and his family to enjoy on the weekends. Sam includes the boat as an asset on the balance sheet of Gorloks Tax Services.
3. Claim Jumpers International, a U.S.-based company, has operations in the United States and in Europe. For the current year, the company purchased two trucks in the United States for $10,000 and three trucks in Europe for €20,000 (euros). Because of the differences in currencies, the company reported "Five Trucks" with no corresponding amount in the balance sheet.
4. Cobbers Etc. sells specialty music equipment ranging from African bongo drums to grand pianos. Because of the fluctuating nature of the business, management decides to publish financial statements only when a substantial amount of activity has taken place. Its last set of financial statements covered a period of 14 months, and the set of financial statements before that covered a period of 18 months.
Required:
For each situation, select which of the underlying assumptions of GAAP is violated.
Answer:
1. Going concern
2. Economic entity
3. Monetary unit
4. Periodicitys
Explanation:
1. Since Jumbo's Restaurant is planning to close, the assumption of continuity (going concern) is no more applicable. This should be disclosed. Instead asset was still recorded at historical price which is misleading.
2. Gorloks Tax Services is an economic entity, and the property and assets of owners are not considered to be for the business. In this case the boat Sam bought was wrongly reported as an asset of the company.
3. Claim Jumpers when reporting the 5 trucks purchased must include a monetary value for them. The assumption of monetary unit states that all items reported on the balance sheet must be expressed in monetary terms.
4. Cobbler's Etc violated the assumption of periodicity which states the financial position of the business must be declared in a particular accounting period. Accounting period can monthly, quarterly, biannually, and yearly. The business should choose and accounting period and ensure financial position is reported for each of them. In this case financial reporting is not consistent with reporting happening after 14 months and before that 18 months.
The four situations highlight violations of GAAP assumptions including going concern, economic entity, monetary unit, and periodicity.
Explanation:Situation 1: The violation of GAAP assumption is going concern. The company is making plans to close the restaurant, indicating uncertainty about its ability to continue operating.
Situation 2: The violation of GAAP assumption is economic entity. Sam has included his personal asset (the boat) on the balance sheet of Gorloks Tax Services, which should only include business assets.
Situation 3: The violation of GAAP assumption is monetary unit. The company reported five trucks without providing the corresponding amounts in the balance sheet, creating a discrepancy due to the use of different currencies.
Situation 4: The violation of GAAP assumption is periodicity. Cobbers Etc. publishes financial statements irregularly, covering periods of 14 months and 18 months, instead of following the regular time intervals.
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Classify each cost as being either variable or fixed with respect to the number of units produced and sold. Also classify each cost as either a period or a product cost.1. Hamburger buns in a Wendy's outlet. 2. Advertising by a dental office. 3. Apples processed and canned by Del Monte. 4. Shipping canned apples from a Del Monte plant to customers. 5. Insurance on a Bausch & Lomb factory producing contact lenses. 6. Insurance on IBM's corporate headquarters. 7. Salary of a supervisor overseeing the production of printers at Hewlett-Packard. 8. Commissions paid to automobile salespersons. 9. Depreciation of factory lunchroom facilities at a General Electric plant. 10. Steering wheels installed in BMWs.
Answer:
1. Hamburger buns in a Wendy's outlet. (Variable) (Product)
2. Advertising by a dental office. (Fixed) (Period)
3. Apples processed and canned by Del Monte. (Variable) (Product)
4. Shipping canned apples from a Del Monte plant to customers. (Variable) (Period)
5. Insurance on a Bausch & Lomb factory producing contact lenses. (Fixed) (Product)
6. Insurance on IBM's corporate headquarters. (Fixed) (Period)
7. Salary of a supervisor overseeing the production of printers at Hewlett-Packard. (Fixed) (Product)
8. Commissions paid to automobile salespersons. (Variable) (Period)
9. Depreciation of factory lunchroom facilities at a General Electric plant. (Fixed) (Product)
10. Steering wheels installed in BMWs. (Variable) (Product)
Explanation:
Fixed Cost: Fixed, and does not depend on production.
Variable Cost: Not fixed and varies according to production
Product Cost: Directly attributable to Product e.g. Direct Material, Direct Labour,etc.
Period Cost: Revenue expenditure, spread through time.
According to the provisions of the _____, publically listed companies now must allow shareholders to vote on executive compensation.
Answer:
According to the provisions of the Dodd-Frank Act, publically listed companies now must allow shareholders to vote on executive compensation.
Explanation:
In the aftermath of the financial crises of 2008, shareholders of public companies were given the right to vote or in short have their say on executive compensation matters or rules framed by the directors.
The said rule conferred a right on the shareholders to vote once in three years on executive compensation so as to keep excessive compensation to executives in check.
The companies in such a scenario ain't bound by such votes but such a right to shareholders represents their outlook on the decisions made by the Board.
Hawkins company has owned 10 percent of Larker Inc., for the past several years. This ownership did not allow Hawkins to have significant influence over Larker. Recently, Hawkins acquired an additional 30 percent of Larker and now will use the equity method. How will the investor report change?
a. a cumulative effect of an accounting change is shown in the current income statement
b. a retrospective adjustment is made to restate all prior years presented using the equity method
c. no change is recorded; the equity method is used from the date of the new acquisition
d. Hawkins will report the change as a component of accumulated other comprehensive income
Answer:
An equity security can be defined as the stocks owned by someone of another company. This will give the stockholder opportunity a power to influence the operational and management decision of the company. Based on the number of shares, the accounting method is decided for the same.
In equity method, the profits earned by the investments of stockholders in other companies are determined by the company. Companies use the equity method to record the investments as soon as they make the investments.
Option A:
Since they had to show the investment in the income statement before as well, option A is not correct.
Option B:
No adjustment entry would be made for the prior years as for the past years, only 10% was owned. So option B is also incorrect.
Option C:
This option is correct because the equity method starts from the time the investment is made.
Option D:
No change will be made at the end of Hawkins. So option D is also incorrect.
So the answer to the question is option C.
Asset allocation is important to help diversify a portfolio but has little impact on the portfolio's return.
True/False
The given statement is false
Explanation:
Asset allocation is an important because it is an investment strategy in which there will be risks involving the tolerance the goal and the investment of the time frame and the main focus will be done on the characteristics of the portfolio
All the risks and the rewards will be balanced by using the percentage of investment in each assets and also by adjusting the investments and the percentage so the given statement is false
Some lenders let you prove you can borrow money responsibly even if you don't have a credit history.
True/False
Answer:
pretty sure true if they are very generous
Explanation:
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The strategic planning process for an information technology organization and the factors that influence it depend on:
Answer:
The correct answer is letter "A": how the organization is perceived by the rest of the organization.
Explanation:
Information Technology (IT) companies could be a cost center-service provider, or a business partner-business peer business. Thus, the perception of different departments on regards which path the organization should take to handle heir business will definitely influence the information planning process of the firm.
Derek has recently been promoted to the position of Manager of Customer Relations. He is tasked with improving service provided by his department. Derek is aware that he has to rely on both his managerial skills and his leadership skills in his new role. Below are a set of tasks that Derek will perform as the branch manager. Classify them as either managerial tasks or leadership tasks by matching them to the category in which they belong.
Ensuring that workers adhere to work timings
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Managerial Task
Introducing new processes to streamline training
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Leadership Task
Assessing the performance of his team members
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Identifying innovative methods for service delivery
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Planning the training schedules of the department
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Motivating workers to reach their individual goals
Answer:
Ensuring that workers adhere to work timings---------- Managerial Task.
Introducing new processes to streamline training-------- Leadership Task.
Assessing the performance of his team members--------- Leadership Task.
Identifying innovative methods for service delivery-------- Managerial Task.
Planning the training schedules of the department------- Managerial Task.
Motivating workers to reach their individual goals-------- Leadership task.
Explanation:
Final answer:
Derek's tasks as Manager of Customer Relations involve managerial tasks like ensuring work timings adherence, assessing performance, and planning training schedules, alongside leadership tasks such as introducing new processes, identifying service delivery innovations, and motivating workers.
Explanation:
In fulfilling his role as Manager of Customer Relations, Derek will need to distinguish between managerial tasks and leadership tasks. Managerial tasks typically involve routine, organizational, and administrative duties while leadership tasks focus on vision, innovation, and motivating employees. Below is the classification of Derek's tasks:
Ensuring that workers adhere to work timings - Managerial TaskIntroducing new processes to streamline training - Leadership TaskAssessing the performance of his team members - Managerial TaskIdentifying innovative methods for service delivery - Leadership TaskPlanning the training schedules of the department - Managerial TaskMotivating workers to reach their individual goals - Leadership TaskManagerial tasks like assessing performance and planning training schedules are essential for maintaining order and consistency. Meanwhile, leadership tasks such as motivating workers and introducing new processes are critical for growth, innovation, and adaptability in service delivery.