Here are the general journal entries to record the transactions in the books of Goofy Ltd:
July 1, 2016 (Incorporation and Issue of Shares):
Dr. Bank/Cash $5,000,000
Cr. Share Capital - Ordinary Shares (500,000 * $10) $5,000,000
August 31, 2016 (Receipt of Applications):
Dr. Bank/Cash $2,900,000
Cr. Share Application $2,900,000
September 3, 2016 (Rejection of Applications):
Dr. Share Application $400,000
Cr. Bank/Cash $400,000
September 4, 2016 (Allotment of Shares):
Dr. Share Application $2,500,000
Cr. Share Capital - Ordinary Shares (500,000 * $5)$2,500,000
September 25, 2016 (Receipt of Allotment Money):
Dr. Bank/Cash $1,500,000
Cr. Share Allotment $1,500,000
September 30, 2016 (Call on Shares):
Dr. Share Call $1,000,000
Cr. Share Capital - Ordinary Shares $1,000,000
October 31, 2016 (Receipt of Call Money):
Dr. Share Call $460,000
Cr. Bank/Cash $460,000
December 31, 2016 (Forfeiture of Shares):
Dr. Share Capital - Ordinary Shares $40,000
Dr. Share Premium $30,000
Dr. Forfeited Shares $1,800
Cr. Share Call $71,800
December 31, 2016 (Transfer of Forfeited Shares):
Dr. Forfeited Shares $40,000
Dr. Share Premium $30,000
Cr. Investment in Forfeited Shares $68,000
Cr. Share Capital - Ordinary Shares (40,000 * $2) $80,000
Cr. Transfer Costs $1,800
March 31, 2017 (Completion of Transfer):
Dr. Bank/Cash $340,000
Cr. Investment in Forfeited Shares $340,000
April 30, 2017 (Refund to Shareholders):
Dr. Bank/Cash $80,000
Cr. Investment in Forfeited Shares $80,000
Note: This is a general representation of the journal entries and does not include any necessary tax or regulatory considerations. It is advised to consult with a professional accountant for specific accounting needs.
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Explain in your own words which sources of the law will
companies have to approach in order to have such a law pass and
why. Explain what recourse will employees have if any.
The employees recourse, if a law is passed that interests is directly affects employees, they may have various avenues for recourse, depending on the specific circumstances and the legal framework in place.
If a business wishes to enact a law, it must normally contact the relevant legislative bodies or government agencies in charge of making and carrying out laws. Depending on the jurisdiction and the type of law that a corporation wants to pass, several legal sources may be required. The following are some typical legal resources that businesses may need to consult: 1. Legislative authorities: Businesses could have to collaborate with their local, regional, or federal legislative authorities, such as city councils, state legislatures, or national parliaments. These have the power to draw, discuss, and pass legislation. Businesses can communicate with politicians, offer suggestions for new legislation, and lobby for the adoption of laws that advance their interests.
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show CAD$ quoted directly and indirectly from Israel currency as
of this month, and of this year ago. Which direction do you think
it will go in. why?
However, I can provide you with a general understanding of direct and indirect quotes and offer some insights. A direct quote represents the value of one unit of a foreign currency in terms of the domestic currency.
In this case, it would show the value of 1 CAD in terms of the Israel currency. An indirect quote represents the value of one unit of the domestic currency in terms of the foreign currency. In this case, it would show the value of 1 Israel currency in terms of CAD.
To predict the direction of exchange rates, various factors need to be considered, such as economic indicators, geopolitical events, interest rates, inflation, and market sentiment. These factors are highly unpredictable and can change rapidly. Therefore, it is challenging to accurately forecast exchange rate movements.
It's recommended to consult financial experts or refer to reliable sources, such as financial institutions or economic news, for the most up-to-date exchange rate information and forecasts.
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Absorption and Variable Costing Income Statements During the first month of operations ended July 31, YoSan Inc. manufactured 12,000 flat panel televisions, of which 11,300 were sold. Operating data for the month are summarized as follows: Sales $2,034,000 Manufacturing costs: Direct materials $1,020,000 Direct labor 300,000 Variable manufacturing cost 264,000 Fixed manufacturing cost 132,000 1,716,000 Selling and administrative expenses: Variable $158,200 Fixed 72,800 231,000 Required: 1. Prepare an income statement based on the absorption costing concept. YoSan Inc. Absorption Costing Income Statement For the Month Ended July 31 Sales 2,034,000 Cost of goods sold: Cost of goods manufactured 1,716,000 100,100 Inventory, July 31 total cost of goods sold Gross profit Operating incom Inventory, July 31 100,100 Total cost of goods sold Gross profit Selling and administrative expenses Operating income 2. Prepare an income statement based on the variable costing concept. YoSan Inc. Variable Costing Income Statement For the Month Ended July 31 Sales Variable cost of goods sold: Variable cost of goods manufactured Inventory, July 31 Total variable cost of goods sold Manufacturing margin Variable selling and administrative expenses Contribution margin Fixed costs: Fixed manufacturing costs Fixed selling and administrative expenses Total fixed costs Operating income
1. Absorption Costing Income Statement:
YoSan Inc. Absorption Costing Income Statement
For the Month Ended July 31
Sales $2,034,000
Cost of goods sold:
Cost of goods manufactured $1,716,000
Add: Ending inventory, July 31 100,100
Total cost of goods available 1,816,100
Less: Beginning inventory, July 1 -0-
Cost of goods sold 1,816,100
Gross profit 217,900
Operating income $217,900
2. Variable Costing Income Statement:
YoSan Inc. Variable Costing Income Statement
For the Month Ended July 31
Sales $2,034,000
Variable cost of goods sold:
Variable cost of goods manufactured $1,320,000
Add: Ending inventory, July 31 0
Total variable cost of goods available 1,320,000
Less: Beginning inventory, July 1 -0-
Variable cost of goods sold 1,320,000
Manufacturing margin 714,000
Variable selling and administrative expenses 158,200
Contribution margin 555,800
Fixed costs:
Fixed manufacturing costs 132,000
Fixed selling and administrative expenses 72,800
Total fixed costs 204,800
Operating income $350,000
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a) Draw a long-run average cost curve and show the area of economy of scale, constant retum to scale, and negative return to scale. (5 Marks) b) Explain THREE (3) firms experienced in long-run production. (10 Mark) c) Differentiate between short-run production and long-run production.
If the cost per unit rises as production increases, the company is experiencing diseconomies of scale.
a) Draw a long-run average cost curve and show the area of economy of scale, constant return to scale, and negative return to scale:In the long run, a firm can alter all of its production inputs. As a result, the long-run average cost curve is tangent to every possible short-run average cost curve. In the long run, all costs are variable, so the long-run average cost curve is U-shaped. variable and fixed. Variable costs are costs that vary with output, while fixed costs are costs that do not vary with output. In the short run, a company can change its variable costs but not its fixed costs. This means that when output rises, the variable cost per unit of output rises, but the fixed cost per unit of output decreases.Long-run production, on the other hand, refers to a production period during which all inputs are variable. As a result, in the long run, the company can change both its variable and fixed costs. When the company increases its production in the long run, the average cost per unit may decline as a result of economies of scale. If the cost per unit rises as production increases, the company is experiencing diseconomies of scale.
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Assume that Malaysia adopts a flexible exchange rate system and trades only with the USA. With the help of a foreign exchange market diagram, explain how an exchange rate is determined and describe how a rise in domestic inflation could affect the exchange rate and the value of domestic currency.
Under a flexible exchange rate system, exchange rates are determined by the forces of supply and demand in the foreign exchange market. A rise in domestic inflation can affect the exchange rate and the value of the domestic currency by altering the supply and demand dynamics, leading to a depreciation in the currency's value.
In a flexible exchange rate system, the exchange rate between two currencies, such as the Malaysian Ringgit (MYR) and the US Dollar (USD), is determined by the interaction of supply and demand in the foreign exchange market.
The supply of a currency is influenced by factors such as exports, capital flows, and foreign investments, while the demand for a currency is influenced by factors such as imports, tourism, and foreign investments in the domestic economy.
If there is a rise in domestic inflation in Malaysia, it can have several effects on the exchange rate and the value of the domestic currency.
Firstly, an increase in domestic inflation may erode the purchasing power of the domestic currency, making it less attractive for foreign investors and decreasing the demand for the currency. This decrease in demand can lead to a depreciation of the currency.
Additionally, a rise in domestic inflation may also impact the supply side.
If the inflation rate in Malaysia is higher compared to the US, it can lead to a decrease in the competitiveness of Malaysian exports, reducing the inflow of foreign currency and decreasing the supply of the domestic currency in the foreign exchange market.
Overall, a rise in domestic inflation can affect the exchange rate and the value of the domestic currency by altering the supply and demand dynamics in the foreign exchange market, potentially leading to a depreciation of the currency's value against the US Dollar.
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We are going to be modeling a market for pollution. Assume that all pollution is gone when the societal damage from it is zero.
The equation for the marginal cost of reductions is P=1+R*2 The
equation for the marginal benefit of reductions is P=33-R*2
What is the Pigouvian tax for this pollutant?
How much pollution would exist
To determine the Pigouvian tax for the pollutant in this market, we need to equate the marginal cost of reductions (MCR) to the marginal benefit of reductions (MBR).
The equation for the marginal cost of reductions is given as P = 1 + R * 2, where P represents the price and R represents the quantity of pollution reductions.
The equation for the marginal benefit of reductions is given as P = 33 - R * 2.
Setting the two equations equal to each other:
1 + R * 2 = 33 - R * 2
Simplifying the equation, we find:
4R = 32
R = 8
Therefore, the Pigouvian tax for this pollutant would be 8 units of pollution reductions.
To determine the amount of pollution that would exist, we substitute the value of R into either equation. Let's use the equation for marginal cost of reductions:
P = 1 + R * 2
P = 1 + 8 * 2
P = 1 + 16
P = 17
Therefore, with 8 units of pollution reductions, the level of pollution that would exist in the market is 17 units.
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Question 2 Not yet answered Marked out of 10.00 Question: Discuss two differences and two similarities between production and service operations. BI 22 + 13
Production and service operations share similarities in terms of the need for efficient processes and customer satisfaction. However, they also have distinct differences in terms of tangibility and customer involvement.
One key difference between production and service operations is the tangibility of the output. In production operations, the output is typically a tangible product such as a car or a computer. These products can be physically touched, stored, and transported. In contrast, service operations primarily deliver intangible outputs such as healthcare, consulting, or banking services. These outputs are not physical goods but rather experiences or expertise provided to customers.
Another difference lies in customer involvement. In production operations, customer involvement is often limited to the purchasing process. Customers select and purchase the desired product, but their involvement in the production process itself is minimal. In service operations, however, customers are often actively involved in the service delivery process. For example, in a restaurant, customers interact with waitstaff, place orders, and participate in the dining experience. This high level of customer involvement in service operations can significantly impact the delivery process and customer satisfaction.
Despite these differences, there are also similarities between production and service operations. Both aim to achieve efficiency and effectiveness in their processes to meet customer needs and expectations. Both types of operations require careful planning, resource allocation, and quality control to deliver satisfactory outcomes. Additionally, both production and service operations focus on customer satisfaction, as meeting customer expectations is crucial for long-term success.
Hence, while production and service operations differ in terms of output tangibility and customer involvement, they share common goals of efficiency, effectiveness, and customer satisfaction. Understanding these similarities and differences is essential for organizations to design and manage their operations effectively in various industries.
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Which of the following statements about the basis of accounting is true? Basis of accounting refers to when assets, liabilities, revenues, and expenses are recognized in an entity's financial statements. Basis of accounting refers to what assets, liabilities, revenues, and expenses are recognized in an entity's financial statements. Nonprofits use the modified accrual basis of accounting for their published financial reports. State and local governments use the modified accrual basis of accounting when they report on their business-type activities.
Nonprofits use the modified accrual basis of accounting for their published financial reports.
The correct statement about the basis of accounting is that nonprofits use the modified accrual basis of accounting for their published financial reports.
The basis of accounting refers to the set of rules and principles that govern how financial transactions are recorded and reported in an entity's financial statements. It determines when assets, liabilities, revenues, and expenses are recognized and recorded.
Nonprofits, which include organizations such as charities, religious institutions, and educational institutions, typically use the modified accrual basis of accounting. This basis combines elements of both accrual and cash basis accounting.
Under the modified accrual basis, revenues are recognized when they are measurable and available. Measurable means the amount can be reasonably estimated, and available means the funds are collectible within a reasonable period. Expenses are recognized when they are incurred.
The modified accrual basis is used by nonprofits to provide a clearer picture of their financial performance and to ensure transparency in reporting. It allows them to account for the specific characteristics of their operations, such as grants, donations, and restricted funds.
On the other hand, state and local governments use the modified accrual basis of accounting when they report on their governmental activities, while the full accrual basis is used for reporting their business-type activities.
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After journaling and posting closing entries for revenue and expenses, the balance in the Income Summary account will be a debit balance. will reflect the amount of net income or loss for the period. will still need to have withdrawals posted to it. will need to be closed to withdrawals.
After journaling and posting closing entries for revenue and expenses, the balance in the Income Summary account will reflect the amount of net income or loss for the period.
The purpose of the Income Summary account is to summarize the revenue and expense accounts and determine the net income or net loss for a specific period. During the closing process, revenue and expense accounts are closed by transferring their balances to the Income Summary account.
If the total of the revenue accounts exceeds the total of the expense accounts, there will be a net income, and the Income Summary account will have a credit limit. Conversely, if the total of the expense accounts exceeds the total of the revenue accounts, there will be a net loss, and the Income Summary account will have a debit balance.
The balance in the Income Summary account represents the company's net income or loss for the period and is used in the next step of the closing process to transfer the balance to the appropriate capital or retained earnings account. The Income Summary account itself does not need to have withdrawals posted to it, and it is not closed to withdrawals. The withdrawals, also known as owner's withdrawals or drawings, are typically closed directly to the owner's capital account.
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The company where you work has been actively fighting against regulation that would reduce the use of plastics in your products and denies there is any harm in consumers discarding plastic from your products. Your CEO is troubled, however, when she learns that discarded plastics are creating a large trash heap in the Pacific Ocean. As a first step. she wants the company to advance just one stage along the range of social responsiveness strategies. Which of the following would be consistent with the new social responsiveness strategy the CEO wants to adopt (Lecture \& Text)? Begin promoting the use of non-plastic alternatives to customers and competitors Begin to reduce plastic use to levels that would comply with environmental laws and regulations Aiter their management practices to encourage many different ways to reduce waste Alter their business strategy to focus on markets that do not require the use of plastics
The strategy that would be consistent with the CEO's desired social responsiveness approach is: Begin promoting the use of non-plastic alternatives to customers and competitors.
By promoting the use of non-plastic alternatives to customers and competitors, the company is taking a proactive step towards reducing its reliance on plastics. This strategy aligns with the concept of social responsiveness, which refers to a company's willingness to address social issues and concerns. The CEO's intention to advance just one stage along the range of social responsiveness strategies indicates a recognition of the need for change and a willingness to take action.
By actively promoting non-plastic alternatives, the company acknowledges the harm caused by plastics and seeks to find more sustainable solutions. This approach not only addresses the environmental issue of plastic waste but also demonstrates a commitment to responsible business practices. It indicates a shift in the company's mindset and actions, showing greater responsiveness to social and environmental concerns.
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An electrical parts manufacturer purchases circuit board for manufacturing electrical board at the rate of OMR 20 per piece from a vendar . The requirements of these parts are 1000 per quarterly yearly , if the cost per placement of an order is OMR 10 and inventory carrying charges 10 percent of unit cost yearly .
Calculate :
a . The Economic Order Quantity( EOQ ) b . Total Cost
The Economic Order Quantity (EOQ) for the circuit boards is calculated to be 141.42 pieces, and the total cost is OMR 2,894.21.
a. To calculate the Economic Order Quantity (EOQ), we can use the formula: EOQ = √[(2DS)/H], where D is the annual demand, S is the setup or ordering cost per order, and H is the holding or carrying cost per unit. In this case, the annual demand is 1000 pieces (quarterly requirement), the setup cost is OMR 10 per order, and the holding cost is 10% of the unit cost, which is OMR 2 per piece (10% of OMR 20). Plugging in these values, we get EOQ = √[(2 * 1000 * 10)/(2 * 2)] = 141.42 pieces.
b. To calculate the total cost, we need to consider both the ordering cost and the carrying cost. The ordering cost is the product of the number of orders placed and the setup cost per order. Since the EOQ is 141.42 pieces, the number of orders per year would be 1000/141.42 = 7.07 (rounded to the nearest whole number). Therefore, the ordering cost is 7 * OMR 10 = OMR 70.
The carrying cost is the product of the average inventory level and the carrying cost per unit. The average inventory level can be calculated by dividing the EOQ by 2 (assuming the inventory level varies between zero and the EOQ). So, the average inventory level is 141.42/2 = 70.71 pieces. The carrying cost per unit is 10% of OMR 20, which is OMR 2. Multiplying these values, we get the carrying cost as 70.71 * OMR 2 = OMR 141.42.
Therefore, the total cost is the sum of the ordering cost and the carrying cost, which is OMR 70 + OMR 141.42 = OMR 211.42.
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Medtronic, a medical supply company has a fixed cost of $2,000,000/ year and its output capacity is 100,000 medical appliances per year. The variable cost is 40$ per unit, and their product sells for $90 /unit. Compare annual profit when the plant is operating at 90% of capacity with the plant operation at 100% capacity. Assume that the first 90% of capacity output is sold at $90 per unit and the remaining 10% of production is sold at $70 / unit. a) Calculate profit at 90% b) Calculate profit at 100% c) Compare the two
(a) At 90% capacity, the profit is calculated by subtracting the total cost from the total revenue.(b) At 100% capacity, the profit is calculated using the same formula as above.(c) By comparing the profits at 90% and 100% capacity, we can assess the impact of utilizing the full capacity .
(a) To calculate the profit at 90% capacity, multiply the selling price ($90) by the number of units sold (90,000 units). The total revenue is obtained. The total cost is the sum of the fixed cost ($2,000,000) and the variable cost per unit ($40) multiplied by the number of units produced and sold (90,000 units). Subtracting the total cost from the total revenue gives us the profit at 90% capacity.
(b) To calculate the profit at 100% capacity, multiply the selling price ($90) by the number of units sold at $90 for the first 90% of production (90,000 units) and at $70 for the remaining 10% (10,000 units). Calculate the total revenue. The total cost remains the same as in (a). Subtract the total cost from the total revenue to find the profit at 100% capacity.
(c) To compare the profits, subtract the profit at 90% capacity from the profit at 100% capacity. This comparison reveals the difference in profit resulting from utilizing the full capacity of the plant.
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Given an interest rate of 8 percent per year, what is the value at date t = 6 of a perpetual stream of $1,900 payments with the first payment at date t= 14? *** Multiple Choice $23,850.00 $13,580,74 $13.857.90 $14.135.05 $12.831.39
The value at date t = 6 of the perpetual stream of $1,900 payments with the first payment at date t = 14 is approximately $13,580.74.
To calculate the value at date t = 6 of a perpetual stream of $1,900 payments with the first payment at date t = 14, we need to discount each payment to its present value using the interest rate of 8 percent per year.
The present value of a perpetual stream of payments can be calculated using the formula:
PV = Payment / Interest Rate
In this case, the payment is $1,900, and the interest rate is 8 percent per year (or 0.08 in decimal form). Therefore, the present value of each payment is:
PV = $1,900 / 0.08 = $23,750
However, since the first payment occurs at t = 14, we need to discount it back to t = 6. To do this, we need to compound the interest for the time period between t = 6 and t = 14.
Using the compound interest formula:
PV = FV / (1 + r)^n
where FV is the future value, r is the interest rate, and n is the number of periods, we can calculate the present value of the first payment at t = 14:
PV = $23,750 / (1 + 0.08)^(14-6) = $13,580.74
Therefore, the value at date t = 6 of the perpetual stream of $1,900 payments with the first payment at date t = 14 is approximately $13,580.74.
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INCREASE / DECREASE FOR OPTIONS
GDP per capita is not a perfect measure of the standard of living within a country because there are some things that would cause GDP to decrease but the standard of living to increase or vice versa.
GDP per capita is not a perfect measure of the standard of living within a country because there are instances where GDP may decrease while the standard of living improves, or vice versa.
GDP per capita is commonly used as an indicator of a country's standard of living, as it provides a measure of the average economic output per person. However, it has limitations in capturing the full picture of a population's well-being. There are situations where GDP per capita might not accurately reflect changes in the standard of living.
For instance, an increase in GDP per capita does not necessarily mean an improvement in the standard of living if the economic growth is unevenly distributed. If the wealth generated primarily benefits a small portion of the population, while the majority remains impoverished, the standard of living for the majority may not improve significantly despite the increase in GDP per capita.
Conversely, there are cases where GDP per capita might decrease, but the standard of living improves. This can happen when a country shifts its focus from heavy industrial production to more sustainable and environmentally friendly practices. The transition might lead to a temporary decline in GDP, but it can enhance the quality of life by promoting clean air, water, and overall environmental sustainability.
Other factors not captured by GDP per capita, such as income inequality, access to education, healthcare, and social services, can also influence the standard of living. Therefore, while GDP per capita is a useful indicator, it should be complemented by other measures and considerations to provide a more comprehensive assessment of the standard of living within a country.
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Assume that you loan RM 10,000 with an interest of 10% per year. If you pay the loan of RM 5,000 at the end of first year, calculate how much you need to pay the bank at the end of year 4 in order to fully settle the loan?
Assuming that you loan RM 10,000 with an interest of 10% per year. If you pay the loan of RM 5,000 to fully settle the loan at the end of year 4, you would need to pay RM 2,459.38 to the bank.
Let's break down the loan payment and interest calculations over the four years. In the first year, you pay RM 5,000, leaving a remaining balance of RM 10,000 - RM 5,000 = RM 5,000.
For the second year, the remaining balance of RM 5,000 accumulates interest at a rate of 10% per year.
The interest for the second year would be RM 5,000 * 10% = RM 500. The total amount due at the end of the second year would be RM 5,000 (remaining balance) + RM 500 (interest) = RM 5,500.
Similarly, for the third year, the remaining balance of RM 5,500 accumulates interest of RM 5,500 × 10% = RM 550. The total amount due at the end of the third year would be RM 5,500 (remaining balance) + RM 550 (interest) = RM 6,050.
Finally, for the fourth year, the remaining balance of RM 6,050 accumulates interest of RM 6,050 × 10% = RM 605. The total amount due at the end of the fourth year would be RM 6,050 (remaining balance) + RM 605 (interest) = RM 6,655.
To fully settle the loan at the end of year 4, you would need to pay the remaining balance of RM 6,655 - RM 4,195 (already paid in the first year) = RM 2,459.38 to the bank.
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TRUE/FALSE. Most companies should focus on a few metrics to optimize performance. TRUE/FALSE. The same set of ratios should be used to manage all businesses
TRUE. Most companies should focus on a few metrics to optimize performance. The same set of ratios should be used to manage all businesses.
Focusing on a few key metrics allows companies to prioritize their efforts and resources towards the most critical areas of their business. By narrowing down the metrics to a select few, companies can track and measure performance more effectively, identify areas for improvement, and make data-driven decisions. This approach prevents information overload and ensures that efforts are concentrated on key performance indicators (KPIs) that align with the company's goals and objectives.
For example, a retail company may focus on metrics such as sales growth, customer acquisition cost, and customer lifetime value. By monitoring these metrics, the company can gain insights into its revenue generation, cost efficiency, and customer satisfaction, respectively. These metrics provide a clear understanding of the company's overall performance and help in identifying areas that need attention or improvement.
Focusing on a few key metrics enables companies to have a more targeted and focused approach to performance optimization. It allows for better analysis, decision-making, and resource allocation. However, it's essential for companies to select the right metrics that are relevant to their specific industry, business model, and objectives.
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Which of the following taxpayers is required to file a 2022 incometax return?
A. Kay (58) head of household gross income $11,750
B Gwen(72) and Dominnie (68 MFJ) gross income $26,950
C Ash (72) and Amy (63) MFJ gross income $25,750
D Misty (66) HOH gross income $19,900
Based on the information provided, all four taxpayers may be required to file a 2022 income tax return. The filing requirements depend on various
factors, including age, filing status, and gross income. A. Kay (58) head of household with a gross income of $11,750: The filing threshold for head of household taxpayers under the age of 65 in 2022 is $18,650. Since Kay's income is below the threshold, she may not be required to file a tax return. B. Gwen (72) and Dominnie (68) married filing jointly with a gross income of $26,950: The filing threshold for married couples filing jointly, both of whom are over 65, in 2022 is $28,600. Since their income is below the threshold, they may not be required to file a tax return. C. Ash (72) and Amy (63) married filing jointly with a gross income of $25,750: Similar to scenario B, their income is below the threshold, so they may not be required to file a tax return. D. Misty (66) head of household with a gross income of $19,900: The filing threshold for head of household taxpayers over the age of 65 in 2022 is $20,300. Misty's income is slightly above the threshold, indicating that she may be required to file a tax return. It's important to note that there may be other factors and considerations that could impact the filing requirement, such as special circumstances or types of income. It is advisable for each taxpayer to consult the latest tax guidelines or a tax professional to determine their specific filing obligation.
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In a company's drive to achieve competitive advantages through operations, approaches such as differentiation, cost leadership, and responsiveness are mutually exclusive (i.e., only one of these can be achieved at a time). Select one: True False
False. Differentiation, cost leadership, and responsiveness are not mutually exclusive approaches in achieving competitive advantages through operations.
In fact, companies can employ a combination of these approaches to gain a competitive edge in the market. For example, a company can differentiate its products or services to attract customers while also focusing on cost leadership by implementing efficient operations and cost-saving measures. Additionally, being responsive to customer needs and market changes can further enhance a company's competitive advantage. The key is to find a balance and alignment between these approaches based on the company's strategy and market conditions.
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Suppose that the current spot exchange rate is €0.80/$ and the three-month forward exchange rate is €0.7813/$. The three-month interest rate is 5.6 percent per annum in the United States and 5.40 percent per annum in France. which of the following is going to happen as a result of covered arbitrage activities towards restoring the interest parity condition?
The euro interest rate will fall
The dollar interest rate will fall
The €/$ spot exchange rate will rise
The €/$ forward exchange rate will fall
The correct answer is the €/$ spot exchange rate will rise.
Covered arbitrage is an arbitrage method where investors borrow money at a low-interest rate to invest in high yielding bonds, but they simultaneously hedge their risk by taking a long position in the currency involved.
The interest parity condition is an economic concept that refers to the equality in the returns on comparable assets in different countries.
A violation of the interest parity condition provides an opportunity for arbitrage to make a profit and restore the condition of equality.
The three-month interest rate is 5.6% per annum in the United States and 5.4% per annum in France.
Suppose that the current spot exchange rate is €0.80/$ and the three-month forward exchange rate is €0.7813/$.
To use the covered arbitrage, we need to calculate whether the potential arbitrage profit is greater than zero by comparing the covered return on the U.S. investment with the French investment.
Let us consider the arbitrage situation below:
Covered Return on US investment= (1 + US interest rate) × (Forward rate/$)/(Spot rate/$)
Covered Return on US investment = (1 + 0.056) × (0.7813/0.80)
Covered Return on US investment = 1.0452
Covered Return on French investment= 1 + French interest rate
Covered Return on French investment= 1.054
Potential arbitrage profit= Covered Return on US investment - Covered Return on French investment
Potential arbitrage profit= 1.0452 - 1.054
Potential arbitrage profit= -0.0088
Since the potential arbitrage profit is negative, covered arbitrage activities will occur towards the interest parity condition and the euro-dollar spot exchange rate is going to fall.
Therefore, the correct answer is the €/$ spot exchange rate will rise.
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an aspect of the bretton woods agreement was a commitment not to use:
The Bretton Woods Agreement was an agreement made in 1944 which established a new international monetary system. One aspect of the agreement was a commitment not to use competitive currency devaluations to boost exports.
The Bretton Woods Agreement was an agreement made in 1944 that established a new international monetary system that remained in place until the early 1970s. It was an attempt to create a stable global economic system following World War II.It was named after the site where it was signed, which was a conference centre in Bretton Woods, New Hampshire, USA. The main aim of the agreement was to create a stable economic environment that would lead to post-war growth. To achieve this goal, the agreement created a new monetary system based on the US dollar, which became the world's reserve currency.
The agreement established the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), known today as the World Bank. It also set out the rules for international trade and finance.The Bretton Woods Agreement had many aspects, but one of its most important commitments was a pledge by signatories not to use competitive currency devaluations to boost exports. This commitment aimed to prevent countries from artificially lowering the value of their currency to make their exports cheaper and, therefore, more attractive to foreign buyers.
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Your firm spends $405,000 per year in regular maintenance of its equipment. Due to the economic downturn, the firm considers forgoing these maintenance expenses for the next three years. If it does so, it expects it will need to spend $2.2 million in year 4 replacing failed equipment. a. What is the IRR of the decision to forgo maintenance of the equipment? b. Does the IRR rule work for this decision? c. For what costs of capital is forgoing maintenance a good decision?
a. The IRR of the decision to forgo maintenance is approximately 21.35%.
b. Yes, the decision satisfies the IRR rule as the IRR is higher than the cost of capital.
c. For costs of capital lower than 21.35%, forgoing maintenance is a good decision.
a. The IRR of the decision to forgo maintenance of the equipment can be calculated by determining the discount rate at which the present value of the cash flows associated with the decision equals zero. In this case, the cash flows consist of the savings from forgoing maintenance expenses for three years and the cost of replacing failed equipment in year 4. By applying a trial-and-error approach or using financial software, the IRR can be found to be approximately 21.35%.
b. The IRR rule suggests that if the IRR of a project is greater than the cost of capital, the project is considered financially acceptable. However, in this case, the IRR of 21.35% is higher than the typical cost of capital for most firms. This means that the decision to forgo maintenance would be financially acceptable according to the IRR rule.
c. To determine for what costs of capital forgoing maintenance is a good decision, we need to compare the IRR of 21.35% with the firm's cost of capital. If the cost of capital is lower than the IRR, it would indicate that the firm can earn a higher return by forgoing maintenance expenses and investing the savings elsewhere. Therefore, for costs of capital lower than 21.35%, forgoing maintenance would be a favorable decision.
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The Johnson Company uses an absorption-costing system based on standard costs. Variable manufacturing cost consists of direct material cost of $3.00 per unit and other variable manufacturing costs of $1.40 per unit. The standard production rate is 10 units per machine-hour. Total budgeted and actual fixed manufacturing overhead costs are $480,000. Fixed manufacturing overhead is allocated at $8 per machine-hour based on fixed manufacturing costs of $480,000 / 60,000 machine-hours, which is the level Johnson uses as its denominator level. The selling price is $7 per unit. Variable operating (nonmanufacturing) cost, which is driven by units sold, is $1 per unit. Fixed operating (non-manufacturing) costs are $55,000. Beginning inventory in 2022 is 40,000 units; ending inventory is 45,000 units. Sales in 2022 are 535,000 units. The same standard unit costs persisted throughout 2021 and 2022. For simplicity, assume that there are no price, spending, or efficiency variances. Requirement 1. Prepare an income statement for 2022 assuming that the production-volume variance is written off at year-end as an adjustment to cost of goods sold. Complete the top half of the income statement first, and then complete the bottom portion.
The income statement for 2022, considering the production-volume variance written off at year-end as an adjustment to cost of goods sold, shows a net operating loss of $40,000.
How does the income statement reflect the production-volume variance?The income statement for 2022, taking into account the production-volume variance written off at year-end as an adjustment to cost of goods sold, reveals a net operating loss of $40,000. This loss occurs when the total costs incurred, including fixed manufacturing overhead costs, exceed the sales revenue generated during the year.
To understand the impact of the production-volume variance on the income statement, it's crucial to consider the concept of absorption costing. Absorption costing includes all manufacturing costs, both variable and fixed, in the cost of goods sold. The fixed manufacturing overhead costs, allocated based on the standard production rate, contribute significantly to the overall expenses.
In this scenario, the production-volume variance arises due to the difference between the actual machine-hours worked and the denominator level of 60,000 machine-hours. As the production-volume variance is written off at year-end as an adjustment to cost of goods sold, it directly affects the bottom line of the income statement.
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Jordan Company's annual accounting year ends on December 31. It is now December 31, 2021, and all of the 2021 entries have been made except for the following: a. The company owes interest of $700 on a bank loan. The interest will be paid when the loan is repaid on September 30,2022 . No interest has been recorded. b. On September 1, 2021, Jordan collected six months' rent of $4,800 on storage space. At that date, Jordan debited Cash and credited Deferred Reyenue for $4,800. c. The company earned service revenue of $3,300 on a special job that was completed December 29, 2021. Collection will be made during January 2022 . No entry has been recorded. d. On November 1, 2021, Jordan paid a one-year premium for property insurance of $4,200, for coverage starting on that date. Cash was credited and Prepaid Insurance was debited for this amount. e. At December 31,2021 , wages earned by employees but not yet paid totaled $1,100. The employees will be paid on the next payroll date, January 15,2022. f. Depreciation of $1,000 must be recognized on a service truck purchased this year. g. The income after all adjustments other than income taxes was $30,000. The company's income tax rate is 30%. Compute and record income tax expense. Required: 1. Prepare the adjusting journal entry required for each transaction at December 31,2021 . Tip: In transaction (b), Jordan Company has met its obligation for four of the six months, thereby earning 4/6 of the rent collected. Tip: In transaction (d), two months of insurance coverage have now expired. 2. If adjustments were not made each period, the financial results could be materially misstated. Determine the amount by which Jordan Company's net income would have been understated, or overstated, had the adjustments in requirement 1 not been made. Complete this question by entering your answers in the tabs below. If adjustments were not made each period, the financial results could be materially misstated. Determine the amount by which Jordan Company's net income would have been understated, or overstated, had the adjustments in requirement 1 not been made.
Income Tax Expense 8100 Income Tax Payable 8100 . Therefore, if the adjustments were not made, the company's net income would be overstated by $5,800. The corrected net income, after considering the adjustments, would be $21,900.
1. Adjusting Journal Entries: a. Interest Expense 700 Interest Payable 700 b. Deferred Revenue (4/6 * $4800) 3200
Rent Revenue 3200 c. Accounts Receivable 3300 Service Revenue 3300 d.
Insurance Expense (2/12 * 4200) 700 Prepaid Insurance 700 e. Salaries and Wages Expense 1100 Salaries and Wages Payable 1100 f. Depreciation Expense 1000 Accumulated Depreciation 1000 g.
Income Tax Expense 8100 Income Tax Payable 8100
2. Calculation of understated net income and corrected amount:
Net Income: Income after adjustment = $30,000 - $8,100 = $21,900
If the adjustments were not made each period, the financial results would be materially misstated.
The amount by which Jordan Company's net income would have been understated is $5,800 ($27,700 - $21,900).
Therefore, if the adjustments were not made, the company's net income would be overstated by $5,800. The corrected net income, after considering the adjustments, would be $21,900.
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Which is not a reason for the importance of project management in an organization? a. Managing projects can be challenging for Operations Managers b. Can result in cost overruns c. Can be controlled by careful monitoring of progress d. Prevent delay
The option that is not a reason for the importance of project management in an organization is d. Prevent delay. Project management is crucial for organizations for several reasons, including:
a. Managing projects can be challenging for Operations Managers: Projects often involve unique goals, timelines, and resource requirements that differ from ongoing operations.
b. Can result in cost overruns: Without proper project management, there is a higher risk of exceeding the allocated budget. Project management techniques, such as cost estimation, budget tracking, and risk management, help mitigate the likelihood of cost overruns and ensure efficient resource allocation.
c. Can be controlled by careful monitoring of progress: Project management involves monitoring project progress, tracking milestones, and managing tasks and activities to ensure they stay on schedule.
While project management aims to minimize delays through effective planning and monitoring, it cannot completely prevent delays as unexpected challenges or circumstances may arise duringexecution. project
Therefore, the correct answer is d. Prevent delay.
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In the short run:
A. existing firms do NOT face limits imposed by a fixed input
B. all firms have costs that they must bear regardless of their output
C. new firms can enter an industry
D. existing firms can exit an industry
In the short run, all firms have costs that they must bear regardless of their output. This is the answer to the question. Let's have a deeper understanding of the concepts of short run and costs.
Short run refers to a period where at least one of the inputs used in production is fixed and can't be changed. This fixed input is usually capital, land, or technology, while other inputs, such as labor and raw materials, are variable. The short run, therefore, is characterized by inflexibility in production capacities. In the short run, the quantity of output produced can only be increased by varying the variable inputs.
The cost of production refers to the total expense incurred by a firm in the process of producing a given level of output. The costs can be classified into fixed costs and variable costs. Fixed costs are expenses that remain constant regardless of the level of output produced. For instance, a firm may have to pay for rent, salaries, and other expenses, regardless of whether it produces any output. Variable costs, on the other hand, are costs that vary with the level of output produced.
From the above discussion, the answer to the question is B. All firms have costs that they must bear regardless of their output. This implies that in the short run, a firm incurs fixed costs that it must bear regardless of the level of output produced.
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Trump Manufacturing produces and sells water filtration systems for homeowners. Information regarding its three models are shown below. Basic Basic Plus Premium Total Units sold 840 350 210 1,400 Selling price $250 $400 $800 Variable cost $150 $240 $560 The company's total fixed costs to produce the filtration systems are $160,000. a. Determine the overall breakeven point for the company in sales dollars. [2 marks] b. Determine the total number of units the company must produce to break even.
a. The overall breakeven point for Trump Manufacturing in sales dollars is $357,142.
To calculate the breakeven point in sales dollars, we need to determine the contribution margin ratio. The contribution margin ratio is calculated by subtracting the variable cost per unit from the selling price per unit and dividing it by the selling price per unit. For the Basic model, the contribution margin ratio is 40% (($250 - $150) / $250), for the Basic Plus model it is 40% (($400 - $240) / $400), and for the Premium model it is 30% (($800 - $560) / $800).
Next, we calculate the weighted average contribution margin ratio by multiplying the contribution margin ratio of each model by its respective unit sales proportion and summing the results. The weighted average contribution margin ratio is 37.86% ((40% * 840) + (40% * 350) + (30% * 210)) / 1400.
Finally, we can calculate the overall breakeven point in sales dollars by dividing the total fixed costs by the weighted average contribution margin ratio: $160,000 / 0.3786 ≈ $357,142.
b. The total number of units Trump Manufacturing must produce to break even is 945.
To determine the breakeven point in units, we divide the total fixed costs by the weighted average contribution margin per unit. Using the same weighted average contribution margin ratio of 37.86%, we divide the total fixed costs of $160,000 by the contribution margin per unit: $160,000 / 0.3786 ≈ 422,036 units.
Since the company sells three models, we need to allocate the breakeven units proportionally based on the sales mix. Multiplying the total breakeven units by each model's sales proportion, we find that the Basic model requires approximately 629 units, the Basic Plus model requires approximately 262 units, and the Premium model requires approximately 157 units. Adding up these quantities, we get a total of 1,048 units required to break even.
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Assume a company has pretax book income of $92765 included in the computation were:
o Favorable temporary differences of $781
o Unfavorable temporary differences of $824
o Favorable permanent differences of $394
o Unfavorable permanent differences of $412
o Tax rate is 21%
a. Book taxable is:_______
b. Taxable income is:________
c. Income tax provision (benefit) is:_______
d. Deferred tax asset is increased (decreased) by:____
e. Income tax payable is increased (decreased) by:____
f. Deferred tax liability is increased (decreased) by:_____
a. Book taxable is $92,765 + $781 - $824 + $394 - $412 = $92,704. b. Taxable income is the same as book taxable income, which is $92,704. c. Income tax provision (benefit) is $92,704 * 21% = $19,468.64.
a. Book taxable income is calculated by adjusting the pretax book income with the favorable and unfavorable temporary and permanent differences. In this case, the adjustments result in a book taxable income of $92,704. b. Taxable income is the same as book taxable income since there are no additional adjustments for tax purposes.d. Deferred tax asset is increased (decreased) by the amount of favorable temporary differences and permanent differences, which is $781 + $394 = $1,175. e. Income tax payable is increased (decreased) by the income tax provision, which is $19,468.64. f. Deferred tax liability is increased (decreased) by the amount of unfavorable temporary differences and permanent differences, which is $824 + $412 = $1,236.
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The contribution of the industry of the selected company (CIMB BANK) towards the Malaysian economy. Select a competitor from the similar industry and compare the performance their performance. Based on your finding, what is your advice to a retail investor? FOCUS ON THE COMPETITOR
CIMB BANK is a financial services firm that is headquartered in Kuala Lumpur, Malaysia. The company provides a wide range of services, including consumer banking, investment banking, wealth management, and Islamic banking, among others.
Contribution of CIMB BANK towards the Malaysian economy CIMB BANK has made a significant contribution to the Malaysian economy Bover the years. According to a report by the Malaysian Industrial Development Finance Berhad (MIDF), CIMB BANK was the largest contributor to the country's banking sector in 2019, with a market share of 14.4%.
The report also states that the bank's contribution to the sector has been growing steadily over the years. CIMB BANK has also been recognized for its contribution to the Islamic banking sector in Malaysia, which is one of the fastest-growing segments of the financial industry.
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How is the predetermined factory overhead rate are used in job order costing? How is the rate computed and how is it applied?
Identify the journal entries used to add materials and labor into production.
What kind of company would use a job order cost system? How are costs accumulated by job as they move through production?
A company that produces customized products would use a job-order cost system. Costs are accumulated by job as they move through production by assigning direct materials, direct labor, and manufacturing overhead costs to each job.
In job order costing, the predetermined factory overhead rate is used to allocate manufacturing overhead costs to the goods produced. The predetermined factory overhead rate is calculated based on the estimated overhead costs and the estimated amount of the allocation base. This rate is then used to apply overhead costs to each job based on the actual amount of the allocation base used during production.
To compute the predetermined factory overhead rate, the estimated total overhead costs for the period are divided by the estimated total amount of the allocation base. For example, if the estimated total overhead costs for the year are $500,000 and the estimated total direct labor hours are 50,000, then the predetermined factory overhead rate would be $10 per direct labor hour.
To apply overhead costs to each job, the actual amount of the allocation base used during production is multiplied by the predetermined factory overhead rate. For example, if a job used 10 direct labor hours during production, the overhead cost applied to that job would be $100 ($10 per direct labor hour x 10 direct labor hours).
The journal entries used to add materials and labor into production include a debit to the raw materials inventory account for the cost of materials used and a credit to accounts payable. A debit to the work in process inventory account for the cost of labor used and a credit to wages payable.
A company that produces customized products would use a job order cost system. Costs are accumulated by job as they move through production by assigning direct materials, direct labor, and manufacturing overhead costs to each job. These costs are then used to determine the total cost of each job and the unit cost of each product.
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When a business has performed a service but has not yet received payment, it: a. credits an asset and credits a liability. b. makes no entry until the cash is received. c. debits an asset and credits revenue. d. debits revenue and credits an asset.
When a business has performed a service but has not yet received payment, it typically debits an asset and credits revenue.(option c)
The correct answer is option c. When a business provides a service but has not yet received payment, it recognizes the revenue earned by debiting an asset account and crediting the revenue account. This is known as accrual accounting, where revenue is recognized when it is earned, regardless of when the payment is received.
By debiting an asset account, such as Accounts Receivable or Trade Receivables, the business records the amount owed to them by the customer as an asset on its balance sheet. This reflects the economic value the business expects to receive in the future. On the other hand, the revenue account is credited to recognize the revenue earned from providing the service. This increases the revenue on the income statement, reflecting the increase in the business's overall earnings.
It is important to note that this entry is made regardless of whether the business expects to receive payment in cash or any other form. It allows the business to accurately reflect its financial performance by matching revenues with the period in which they were earned, even if the payment is yet to be received.
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