The statement that best describes the change in income equality in BC from 1980 to 2015 is "The percentage of low income earners has more than doubled since 1980.
"Explanation: Income equality in British Columbia from 1980 to 2015 has shifted, and that is important to know. The percentage of low-income earners has more than doubled since 1980, according to a report by The Canadian Centre for Policy Alternatives (CCPA).
In addition, the percentage of high-income earners has also increased. The study found that British Columbia's income inequality rate was among the highest in Canada in 2015, with the top 10% of families taking home more than one-third of all income.
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Given K units of capital and L units of labor, a company produces Q = 2K1/2 [1/3 units of its product. Each unit of capital costs $3 and each unit of labor costs $1. The selling price for the product is $3 per unit. What is the maximum profit? A. 4 B. 6 C. 8 D. 12 25. In a market, the inverse supply function is given by på (q) = aq + b for some positive constants a and b. The equilibrium price is 7 and the equilibrium quantity is 2. If the producer surplus is 4, then A. a = 1, b = 5 B. a = 2, b=3 C. a = 3, b=1 D. a = 3, b = 2
the maximum profit of the company is $12.38. Hence, option D is the correct choice. Answer: D. 12.
Given K units of capital and L units of labor, a company produces
Q = 2K1/2 [1/3]
units of its product. Each unit of capital costs $3 and each unit of labor costs $1. The selling price for the product is $3 per unit. What is the maximum profit?We have given the following information, Units of capital, K = kUnits of labor,
L = lProduct produced, Q = 2K1/2 [1/3]
Price of each unit of capital, pK = $3Price of each unit of labor, pL = $1Selling price per unit of product, P = $3Now, we need to find the Maximum ProfitSo, the profit function is given by;
Profit = Total Revenue - Total CostTotal
Revenue = Quantity x Price of the product= Q x P = 3Q
Total Cost = (pK x K) + (pL x L)= 3K + L
Now,Profit = 3Q - (3K + L)Profit = 3 (2K1/2 [1/3]) - (3K + L)
Profit = 6K1/2 [1/3] - 3K - L
Now, we need to maximize the profit using the first-order condition of the profit function.
dProfit/dK = 3K - 3 (2/3) K-2/3= 0 (For Maximum profit)dProfit/dL = -1= 0 (For Maximum profit)3K - 3 (2/3) K-2/3 = 03K = 3 (2/3) K-2/33K5/3 = 2Q = 3K1/2 [1/3]
We have to maximize the profit at
Q = 3K1/2 [1/3]
Then,3K5/3 = 2 x (3K1/2 [1/3])5K5/3 = 24K = (24/5)5/3= 17.7
Units of labor, L = 3K + L = 3(17.7) + 1 = 53.1
Maximum Profit = Profit (at K = 17.7, L = 53.1)
Maximum Profit = 6K1/2 [1/3] - 3K - L= 6 x (17.7)1/2 [1/3] - 3 x 17.7 - 53.1= $12.38
Therefore, the maximum profit of the company is $12.38. Hence, option D is the correct choice. Answer: D. 12.
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Many companies have switched from absorption costing to variable costing for internal reporting: Select one: a. to comply with external reporting requirements as required by GAAP b. to increase bonuses for managers c. so the denominator level is more accurate d. to reduce the undesirable incentive to build up inventories that would show higher operating income
Many companies have switched from absorption costing to variable costing for internal reporting to reduce the undesirable incentive to build up inventories that would show higher operating income.
The decision to switch from absorption costing to variable costing for internal reporting is often driven by the desire to eliminate the impact of fixed manufacturing overhead costs on inventory valuation. Under absorption costing, fixed manufacturing overhead costs are allocated to units produced and included in the cost of inventory. This means that as inventory levels increase, more fixed overhead costs are allocated and reported as part of the cost of goods sold.
By using variable costing, fixed manufacturing overhead costs are treated as period costs and are not allocated to units produced. This eliminates the incentive for managers to build up inventories to reduce reported operating income. Instead, variable costing focuses on the direct costs incurred to produce units, such as direct materials and direct labor.
The switch to variable costing provides a more accurate representation of the costs incurred by the company for internal reporting purposes. It helps align the reported costs with the actual costs incurred to produce the goods and allows for better analysis and decision-making based on the true cost structure of the company.
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On September 1, 2013 Apex Corp. issued 25,000 shares of $0.50 par value common stock for $1.25 per share.
Record the stock issue in general journal form.
On August 15, 2013 Troy Ellison accepted 1,500 shares of $2.50 par common stock at par value for legal services he provided in the formation of XYZ Corp.
Make the journal entry to record the transaction.
On May 12, 2012 Wiley Corporation declared a $75,000 cash dividend on its common stock. The dividend is to be paid on July 1, 2012.
Prepare the journal entries to record the transaction on May 12th & July 1st.
Journal entry for stock issue: Date Accounts Debit Credit Sep 1, 2013Cash 31250 ($1.25 × 25,000) Common Stock 12500 ($0.50 × 25,000) Premium on Common Stock 18750Explanation:Issuing stock for more than the par value generates the premium on the common stock.
Journal entry for accepting shares: Date Accounts Debit Credit Aug 15, 2013Legal Services Expense 3750 ($2.50 × 1,500) Common Stock 3750Explanation:Troy Ellison accepted 1,500 shares of $2.50 par common stock at par value for legal services he provided in the formation of XYZ Corp. The journal entry for accepting 1,500 shares of $2.50 par common stock at par value is recorded as shown above.
Journal entry for the declaration of cash dividend: Date Accounts Debit Credit May 12, 2012Retained Earnings 75,000 Dividends Payable 75,000July 1, 2012Dividends Payable 75,000 Cash 75,000 On May 12, 2012, Wiley Corporation declared a $75,000 cash dividend on its common stock.
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Based on past experience, a bank believes that 12% of the people who receive loans will not make payments on time. The bank has recently approved 500 loans. Answer the following questions. a) What are the mean and standard deviation of the proportion of clients in this group who may not make timely payments? + (O) = 0.12 SD (P) = 0.015 (Round to three decimal places as needed.) b) What assumptions underlie your model? Are the conditions met? A. With reasonable assumptions about the sample, all the conditions are met. OB. The 10% condition is not met. O C. The randomization and success/failure conditions are not met. OD. The success/failure condition is not met. O E. The randomization condition is not met. Based on past experience, a bank believes that 12% of the people who receive loans will not make payments on time. The bank has recently approved 500 loans. Answer the following questions. Tuo Turuvimicurvu unu vuvvvvurunur vonUILIVIT un Tum OD. The success/failure condition is not met. O E. The randomization condition is not met. OF. The randomization and 10% conditions are not met. O G. The 10% and success/failure conditions are not met. O H. Without unreasonable assumptions, none of the conditions are met. c) What is the probability that over 13% of these clients will not make timely payments? plô>0.13) =((Round to three decimal places as needed.)
a) Which is 0.12. The standard deviation of the proportion can be calculated using the formula: SD(P) = sqrt(p * (1 - p) / n), We get SD(P) = sqrt(0.12 * (1 - 0.12) / 500) ≈ 0.015 .
b) We do not have information about randomization or the 10% condition. Therefore, option D is the most appropriate answer: "The success/failure condition is not met."
c) To calculate the probability that over 13% of clients will not make timely payments, we need to use the normal distribution approximation. We can use the z-score formula: z = (x - μ) / σ,
z = (0.13 - 0.12) / 0.015 ≈ 6.67.
The probability can be obtained by finding the area under the normal curve to the right of the z-score, which is essentially 1 minus the cumulative probability.
Probability is a measure of the likelihood or chance of an event occurring. It quantifies the degree of uncertainty associated with an outcome. Probability values range from 0 to 1, where 0 represents an impossible event and 1 represents a certain event. Probability allows us to make informed predictions and decisions based on the likelihood of different outcomes in a given situation.
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"i’ve been at my job for four days, and i’ve already met all my coworkers!" amber says. which type of business does ember most likely work for?
Based on Amber's statement, it is likely that she works for a small-sized business or a company with a limited number of employees.
In larger organizations, it is generally challenging to meet and become acquainted with all coworkers within just four days, as there are typically numerous departments, teams, and employees spread across different locations or floors.
In a small business or a startup, with a smaller workforce, it is more feasible to interact with and get to know everyone in a short period. The close-knit environment of such organizations often allows for easier and quicker integration into the team.
However, it's important to note that the context provided is limited, and there could be other factors at play. It's always advisable to gather more information to make a more accurate determination about the type of business Amber works for.
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Daily 120 patients come to a walk-in clinic to visit the doctors or get tested. The clinic operates 8 hours a day, and is closed on both Saturdays and Sundays. On average, there are 5 patients in the clinic at any point in time. 3-1. What is the weekly rate of patients visit at this clinic? What is the monthly rate, considering that the clinic works 22 days a month (write down the unit for your calculated value)?
The weekly rate of patients in a clinic is close to 280 patients per week.
Any person who receives medical treatment from trained experts is referred to as a patient. Most frequently, the patient is ill or hurt and needs care from a doctor, nurse, optometrist, dentist, veterinarian, or other healthcare professional.
Originally, the word "patient" meant "one who suffers." The Latin word patients, the present participle of the deponent verb patior, which means "I am suffering," is the source of our English term. It is related to the Greek verb v and its corresponding noun (pathos).
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Rianna is 60 years old. She purchased a deferred annuity for $40,000. The annuity will begin paying her $400 per month at age 65 for the rest of her life. At age 65 her expected return multiple is 20. In the year that she is 67 years old, how much of the annuity will be taxable? Select one: a. $0. b. $2,000. c. $2,800. d. $4,000.
Rianna purchased a deferred annuity for $40,000. The annuity will begin paying her $400 per month at age 65 for the rest of her life. At age 65 her expected return multiple is 20. In the year that she is 67 years old, how much of the annuity will be taxable.
GivenRianna is 60 years old.Purchased a deferred annuity for $40,000.Annuity will begin paying her $400 per month at age 65Expected return multiple is 20 at age 65To find: How much of the annuity will be taxable?SolutionThe amount of the annuity would be $400 per month, so over a year, she would receive:$400 * 12 = $4,800.Rianna is 67 years old, which is two years since the annuity started. Therefore, two years would have been paid out to Rianna before the start of the tax year.
She would have received:$400 * 24 = $9,600.In the year that Rianna is 67 years old, she would receive $4,800, but $9,600 would have already been received from the deferred annuity. Therefore, the taxable amount for the year when Rianna is 67 years old would be:$4,800 - $9,600/20 = $0. Thus, the answer is a. $0.
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Titan Corporation has 10.1 million shares of common stock outstanding and 440,000 4.4 percent semiannual bonds outstanding, with a par value of $1,000 each. The common stock currently sells for $48 per share and has a beta of 1.05; the bonds have 10 years to maturity and sell for 115 percent of par. The market risk premium is 8.8 percent, T-bills are yielding 5 percent, and the company's tax rate is 25 percent. a. What is the firm's market value capital structure? (Do not round intermediate calculations and round your answers to 4 decimal places, e.g., .1616.) b. If the company is evaluating a new investment project that has the same risk as the firm's typical project, what rate should the firm use to discount the project's cash flows? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Answer is not complete. a. Debt a. Equity b. Discount rate 8.00 %
The Weighted Average Cost of Capital (WACC) is a financial metric used to calculate the average cost of the various sources of financing used by a company to fund its operations
a) Calculation of the market value capital structure of Titan Corporation is explained as follows: Market Value of Equity = Current Stock Price * Number of Shares OutStanding= $48*10.1 Million= $485.28 MillionMarket Value of Debt = Bond Price * Number of Bonds Outstanding * Par Value= 1.15 * 440000 * $1000= $506 MillionMarket Value Capital Structure = Market Value of Equity + Market Value of Debt= $485.28 Million + $506 Million= $991.28 MillionTherefore, the market value capital structure of Titan Corporation is $991.28 Million.
b) Calculation of the rate that Titan Corporation should use to discount a new investment project with the same risk as the firm's typical project is explained as follows:
Total Market Value Capital Structure = Market Value of Equity + Market Value of Debt= $485.28 Million + $506 Million= $991.28 Million
Weight of Equity = Market Value of Equity / Total Market Value Capital Structure= $485.28 Million / $991.28 Million = 0.4890 Weight of Debt = Market Value of Debt / Total Market Value Capital Structure= $506 Million / $991.28 Million= 0.5110. After calculating the weights, Titan Corporation will now use the Weighted Average Cost of Capital (WACC) formula to determine the rate to discount the new investment project.
WACC = (Weight of Equity * Cost of Equity) + (Weight of Debt * Cost of Debt) * (1 – Tax Rate)Cost of Equity = Risk-Free Rate + (Market Risk Premium * Beta)= 5% + 8.8% * 1.05= 14.14%Cost of Debt = Yield to Maturity= 4.4/2 = 2.2%Tax Rate = 25%WACC = (0.4890 * 14.14%) + (0.5110 * 2.2%) * (1 – 25%)= 6.98%. Therefore, the rate Titan Corporation should use to discount a new investment project with the same risk as the firm's typical project is 6.98%.
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Please show all your work and answer the questions for full marks.
A small business owner is contemplating the addition of another product line. Capacity increases and equipment will result in an increase in annual fixed costs of $50,000. Variable costs will be $25 per unit.
(i) What unit selling price must the owner obtain to break-even on a volume of 2,500 units a year?
(ii) Because of market conditions, the owner feels a revenue of $47 is preferred to the value determined in part a. What volume of output will be required to achieve a profit of $16,000 using this revenue?
The volume of output required to achieve a profit of $16,000 using a revenue of $47 is approximately 2,200 units.
(i) The Break-Even Point (BEP) in units can be determined using the following formula:
BEP (in units) = Fixed costs / (Price per unit - Variable costs per unit)
Given,
Fixed cost increase = $50,000
Variable cost = $25 per unit
BEP (in units) = $50,000 / ($P - $25) = 2,500 units
Therefore, $P - $25 = $20
Thus, selling price per unit required to break-even on a volume of 2,500 units a year is
$P = $20 + $25 = $45.
(ii) In order to calculate the required output volume, we use the following formula:
Target profit = (Price per unit - Variable cost per unit) × Volume - Fixed costs
Given,
Price per unit = $47
Variable cost per unit = $25
Fixed costs = $50,000
Target profit = $16,000
Putting the values in the formula, we get:
$16,000 = ($47 - $25) × Volume - $50,000
Thus, ($47 - $25) × Volume = $66,000
Therefore, the required volume of output to achieve a profit of $16,000 using a revenue of $47 is
Volume = $66,000 / ($47 - $25) = 2,200 units (approx.).
Thus, the volume of output required to achieve a profit of $16,000 using a revenue of $47 is approximately 2,200 units.
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Wildhorse Company purchased a delivery truck for $40,000 on July 1, 2022. The truck has an expected salvage value of $4,000, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 15,000 in 2022 and 12,000 in 2023. Wildhorse uses the straight-line method of depreciation. (a) Your answer is partially correct. Compute depreciation expense for 2022 and 2023. Depreciation Expense 2022 2023 Straight-line method $ $ $ 4500 Prepare the journal entry to record 2022 depreciation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Prepare the journal entry to record 2023 depreciation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Show how the truck would be reported in the December 31, 2023, balance sheet. WILDHORSE COMPANY Partial Balance Sheet
To calculate the depreciation expense for 2022 and 2023, we will use the straight-line method:
(a) Depreciation Expense for 2022:
Depreciation Expense 2022 = ($40,000 - $4,000) / 8
(b) Depreciation Expense for 2023:
Depreciation Expense 2023 = ($40,000 - $4,000) / 8
Now let's prepare the journal entries for recording the depreciation expense:
(a) Journal entry to record 2022 depreciation:
Date: December 31, 2022
Account Titles and Explanation Debit Credit
Depreciation Expense $4,500
Accumulated Depreciation - Truck $4,500
(Record the depreciation expense for 2022)
(b) Journal entry to record 2023 depreciation:
Date: December 31, 2023
WILDHORSE COMPANY
Partial Balance Sheet
As of December 31, 2023
Asset:
Truck $31,000
Less: Accumulated Depreciation ($4,500)
Net Truck $26,500
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Covid-19 has created a volatile operating environment for all companies and one major concern is the impact on asset values. Companies will need to carefully consider the impairment of their assets and will need to make key judgements and sensitivity of assumptions regarding their recoverable amount calculations.
Required: Briefly discuss the impact of Covid-19 on any two aspects of the impairment testing on intangibles. Please ensure that your discussion is relevant to the assets specified. (5 Marks)
The SARS-CoV-2 virus, which causes Covid-19, is a highly contagious respiratory infection also known as the coronavirus sickness of 2019. A global pandemic resulted from it after it was initially discovered in Wuhan, China, in December 2019.
The impact of Covid-19 on the impairment testing of intangibles is as follows:
1. Future cash flows of the asset When a company purchases intangible assets, it expects to earn a certain amount of future cash flows from them. The outbreak of Covid-19 and the ensuing pandemic, on the other hand, have had a negative impact on the economy as a whole. As a result, firms are required to re-evaluate their estimates of the future cash flows to be earned from such assets.
The management of the company will have to take an educated guess as to how long the negative impact of Covid-19 will last. They must also decide if the intangible asset will retain its marketability in the future. The company should investigate whether the asset's cash-generating capabilities have been influenced by any governmental or legal actions.
2. Determination of fair value There are different ways to determine the fair value of intangible assets. One of the most popular approaches is the "income approach," which considers the asset's future cash flows to be earned. The Covid-19 epidemic has made it difficult for businesses to make predictions about the future. As a result, the management must exercise extreme caution when assessing the value of intangible assets. This implies that any analysis must be based on current conditions since the pandemic's impact on the economy and the company's future earnings is unknown.
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Using expansionary demand side policies to deal with an economy in stagflation (SRAS has shifted left) has the adverse consequence of:
A. Increasing unemployment
B. Decreasing output
C. Increasing the aggregate price level
D. Depreciating the real exchange rate
The correct answer is: C. Increasing the aggregate price level
Stagflation refers to a situation where an economy experiences both stagnant economic growth (low or negative output) and high inflation (increase in the aggregate price level). In such a scenario, expansionary demand-side policies, which are typically used to stimulate economic growth, can have adverse consequences.
When the aggregate supply curve (SRAS) has shifted left, it indicates a decrease in the economy's potential output due to factors such as supply shocks or reduced productivity. In response, policymakers may implement expansionary demand-side policies, such as increasing government spending or reducing taxes, to boost aggregate demand and try to stimulate economic growth.
However, in the case of stagflation, these expansionary policies can exacerbate inflationary pressures. Increasing aggregate demand when the economy is already experiencing reduced output can lead to a situation where the demand for goods and services outpaces the economy's ability to supply them, causing prices to rise. Therefore, the adverse consequence of using expansionary demand-side policies in stagflation is an increase in the aggregate price level (C).
The other options are not necessarily adverse consequences of using expansionary demand-side policies in stagflation:
A. Increasing unemployment: While expansionary policies can potentially lead to higher employment levels, the specific impact on unemployment depends on various factors, such as the effectiveness of the policies and the structure of the labor market. It is not a necessary adverse consequence.
B. Decreasing output: Stagflation already implies a decrease in output, and expansionary policies aim to counter this by increasing output. Therefore, decreasing output would not be an adverse consequence of these policies in the context of stagflation.
D. Depreciating the real exchange rate: The impact on the real exchange rate depends on various factors, including the specific policy measures taken and the response of international markets. While expansionary policies can affect the real exchange rate, it is not an inherent adverse consequence in dealing with stagflation.
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Q.5.1. With application to the context of Coca Cola, discuss any 4 factors that can obstruct the planning of international purchasing. Note you are required to explain relevant theory before you apply it to the context of Coca-Cola. Outline any two key success factors for international and global sourcing you believe would be most beneficial to Coca-Cola. Note you are required to explain relevant theory before you apply it to the context of Coca-Cola. Q.5.2 (20) (10)
Trade barriers, cultural differences, supply chain disruptions, and quality compliance obstruct international purchasing for Coca-Cola. Key success factors include strong supplier relationships and supply chain visibility/control.
Trade Barriers and Regulations: International purchasing can be obstructed by trade barriers such as tariffs, quotas, and import/export regulations. These barriers can increase costs, restrict market access, and create uncertainties in procurement planning. Coca-Cola needs to navigate through various trade policies and comply with regulations in different countries where it operates.
Cultural and Language Differences: Cultural and language barriers can impact international purchasing planning. Different countries have diverse business practices, customs, and languages, which can affect communication, negotiation, and understanding of supplier relationships. Coca-Cola must consider cultural nuances and adapt its purchasing strategies accordingly to establish effective supplier partnerships.
Supply Chain Disruptions: International purchasing can face disruptions due to political instability, natural disasters, or logistical challenges. These disruptions can lead to delays in procurement, increased costs, and supply chain risks. Coca-Cola needs to have contingency plans, alternative suppliers, and robust risk management strategies to mitigate these obstacles.
Quality and Standards Compliance: International purchasing requires adherence to quality standards and certifications specific to each market. Ensuring consistent product quality, meeting safety regulations, and maintaining ethical sourcing practices can pose challenges for Coca-Cola. The company must establish stringent supplier evaluation processes, perform audits, and monitor compliance to maintain product integrity and reputation.
Key Success Factors for Coca-Cola in international and global sourcing:
Supplier Relationship Management: Building strong relationships with suppliers based on trust, mutual benefit, and shared values is crucial. Coca-Cola should focus on long-term partnerships, effective communication, and collaboration to ensure a reliable and sustainable supply chain.Supply Chain Visibility and Control: Having visibility and control over the entire supply chain is essential for successful international sourcing. Coca-Cola should invest in advanced technologies, data analytics, and supply chain management systems to enhance transparency, traceability, and efficiency in procurement processes.Learn more about Trade barriers here:
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netflix focuses on innovation and high individual employee performance. netflix pursues a differentiation strategy and employees have a significant portion of their pay at risk. T/F
"Netflix places a strong emphasis on innovation and outstanding individual worker performance. It is TRUE that Netflix pursues a differentiation strategy, putting a sizeable percentage of its employees' salaries at risk.
Netflix is a well-known streaming service provider that started in 1997 as a DVD mail-order service. It has since developed into an online streaming service that offers a wide selection of films and television shows. Netflix's business strategy includes being more than simply a streaming service provider; it also focuses on innovating its product offerings and the way it provides them to customers.
Netflix's focus on innovation and high individual employee performance is a key part of its business strategy. Netflix believes that by fostering a culture of innovation and excellence, it can produce better products and services for its customers. Netflix also believes that by focusing on innovation and high individual employee performance, it can attract and retain the best talent in the industry. Furthermore, Netflix pursues a differentiation strategy to distinguish itself from other streaming service providers by offering a unique product mix that is tailored to specific customer requirements.
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Question 20 2 pts During a detention hearing, a juvenile will be informed if their case will be waived to adult court. O True O False D Question 21 2 pts What is the purpose of a disposition hearing? Having a judge or jury try the case Informing the juvenile of their rights and getting their plea Decide whether the youth should be allowed to remain in the community, or be placed in a secure facility while awaiting trial It takes place after the youth is found guilty, and it is where treatment decisions are made 2 pts D Question 22 Juveniles in court are not entitled to the same due process rights as adults in court. True False
Question 20:During a detention hearing, a juvenile will be informed if their case will be waived to adult court. The statement is True.Question 21:The purpose of a disposition hearing is to decide whether the youth should be allowed to remain in the community, or be placed in a secure facility while awaiting trial.
The answer is Option C. Juvenile court judges hold a disposition hearing after a youth has been found guilty or has admitted guilt for the offense. A disposition hearing is a fact-finding process in which a judge determines the most appropriate and just outcome for a juvenile offender's case.Question 22:Juveniles in court are not entitled to the same due process rights as adults in court. The statement is False.
Juveniles in court are entitled to many of the same due process rights as dispositioin court. However, the nature and extent of these rights may vary depending on the state in which the juvenile court is situated, the seriousness of the charges, and the age of the offender.
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The statement that during a detention hearing, a juvenile will be informed if their case will be waived to adult court, is False.
The purpose of a disposition hearing is C. Decide whether the youth should be allowed to remain in the community, or be placed in a secure facility while awaiting trial
The statement that Juveniles in court are not entitled to the same due process rights as adults in court. is False.
What is the purpose of a disposition hearing ?The purpose of a disposition hearing is to determine the appropriate disposition or outcome for a juvenile's case. This includes deciding whether the youth should be allowed to remain in the community, placed in a secure facility while awaiting trial, or receive specific treatment or rehabilitative services.
Juveniles in court are entitled to due process rights, although they may differ in certain aspects from the rights afforded to adults.
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The Parent Company purchased common stock of Sub Company in a series of open-market purchases in 2020 and 2022. January 1, 2020 purchased 1,000 shares at $15 per share. January 1, 2022 purchased 8,000 shared at $18 per share. Sub Company had 15,000 shares of $10 par value common stock outstanding for the entire period. Dividends of 67000 were paid on December 31, 2022. The Parent Company uses the cost method to account for the investment. Any investment the Parent Company owns less than 20% is classified as available for sale securities.
The amount of dividend income the Parent Company recognizes in 2022 is 4670 Incorrect
The amount of realized gain reflected in the Parent's retained earnings would be 37360
The amount of dividend income the parent company recognizes in 2022 is $5,000. The parent company purchased the common stock of the subcompany in a series of open-market purchases in 2020 and 2022.
On January 1, 2020, I purchased 1,000 shares at $15 per share.
On January 1, 2022, 8,000 shares were purchased at $18 per share. Sub Company had 15,000 shares of $10 par value common stock outstanding for the entire period. Dividends of $67,000 were paid on December 31, 2022. The parent company uses the cost method to account for the investment. Any investment the parent company owns less than 20% of is classified as available-for-sale securities.
The parent company's total investment in the sub-company would be as follows:
Investment on January 1, 2020, = $15 × 1,000 = $15,000
Investment on January 1, 2022, = $18 × 8,000 = $144,000
Total investment = $15,000 + $144,000
= $159,000
Since the parent company owns less than 20% of the subsidiary, the cost method is used to account for the investment. In the cost method, the investor records its investment in the stock at cost and recognizes dividends when they are received. Dividend income is the portion of a company's profit that is paid out to shareholders. Thus, dividend income can be calculated by multiplying the dividends paid by the proportion of shares owned by the investor.
Here, the parent company owns 1,000 shares plus 8,000 shares, or 9,000 shares, out of the 15,000 shares that the subcompany had outstanding throughout the period. Dividend income recognized in 2022 = Dividends paid × Proportion of shares owned by the investor
Dividend income recognized in 2022 = $67,000 × (9,000 / 15,000)
= $40,200However, the parent company uses the cost method to account for the investment. Therefore, it recognizes only the dividend income it received as revenue. Dividend income received in 2022 = $18 × 1,000 + $18 × 8,000
= $5,000The amount of realized gain reflected in the parent's retained earnings would be $42,000.
The calculation is done as follows: Parent Company's investment in
Sub Company on January 1, 2022, = $18 × 8,000 shares = $144,000
Sub Company's dividend per share = $67,000 ÷ 15,000 shares
= $4.47
Sub Company's dividend on 8,000 shares purchased in 2022 = $4.47 × 8,000 shares
= $35,760
The parent company's cost basis in these 8,000 shares = $18 × 8,000 shares
= $144,000
Realized gain = Sale proceeds - Cost basis = $35,760 - $18,000 = $17,760
The total realized gain on the sale of 8,000 shares = $17,760 × 2 = $35,520
On December 31, 2022, the parent company sold 2,000 shares of the subcompany's common stock for $37,360 ($18.68 per share), resulting in a realized gain of $35,520. This gain would be reflected in the parent company's retained earnings.
Therefore, the amount of realized gain reflected in the parent's retained earnings would be $35,520 (and not $37,360). Thus, the amount of dividend income the parent company recognizes in 2022 is $5,000, and the amount of realized gain reflected in the parent's retained earnings would be $35,520.
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at crayola, the majority of its raw material suppliers were located within a few hours of the processing facility. describe if this would have a positive or negative effect on pipeline inventory for crayola. show a formula to justify your response.
Having the majority of raw material suppliers located within a few hours of the processing facility would have a positive effect on pipeline inventory for Crayola. The formula to justify this response is: Pipeline Inventory = Lead Time + Transit Time
Pipeline inventory refers to the inventory that is currently in transit or being transported from suppliers to the processing facility. The shorter the distance between suppliers and the processing facility, the lower the time it takes for raw materials to reach the facility.
This results in reduced lead time and transit time, which in turn decreases the pipeline inventory. The formula to justify this response is:
Pipeline Inventory = Lead Time + Transit Time
When the lead time and transit time are minimized due to close proximity between suppliers and the processing facility, the pipeline inventory decreases. This is advantageous for Crayola as it helps to streamline the supply chain, reduce costs associated with inventory holding, and improve overall operational efficiency.
In conclusion, having suppliers located within a few hours of the processing facility has a positive effect on pipeline inventory for Crayola. It enables faster delivery of raw materials, reduces lead time and transit time, and ultimately leads to a more efficient supply chain management process.
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T/F (Qualitative) A stock with a higher market capitalization will have a higher beta, and vice versa. ANSWER Type your answer here.... BY 5 5 Pts
The statement is false. Market capitalization and beta are two distinct measures that provide different insights into a stock.
Market capitalization refers to the total value of a company's outstanding shares in the market. It is calculated by multiplying the current share price by the number of outstanding shares. Market capitalization categorizes stocks into different groups, such as large-cap, mid-cap, and small-cap, based on their total market value.
Beta, on the other hand, is a measure of a stock's systematic risk or volatility compared to the overall market. It indicates the sensitivity of a stock's returns to fluctuations in the market. A beta greater than 1 implies that the stock tends to be more volatile than the market, while a beta less than 1 suggests lower volatility.
There is no direct relationship between market capitalization and beta. Stocks with higher market capitalization can have a wide range of beta values. Some large-cap stocks may have low beta values, indicating lower volatility compared to the market. Similarly, small-cap stocks can exhibit a wide range of beta values, including both high and low values.
The beta of a stock is influenced by various factors such as the company's business model, industry dynamics, financial leverage, and market conditions. Market capitalization alone does not determine a stock's beta. It is important to consider the specific characteristics and risk factors associated with the individual stock or company when assessing its beta.
In summary, market capitalization and beta are independent measures that provide different information about a stock. Market capitalization does not directly determine the beta of a stock, and stocks with higher market capitalization can have a wide range of beta values.
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Question 10 1 pts In the market for tomatoes, assume the market demand is perfectly elastic and the market supply is elastic. If a tax is placed on the suppliers in this market, how will the tax burden be distributed? O Consumers will bear all the tax O Producers will bear all the tax O Consumers and producers will bear the tax burden equally O Producers will bear a greater burden of the tax, but not all of the tax. O Consumers will bear a greater burden of the tax, but not all the tax.
In the case of a perfectly elastic demand, the suppliers will bear a very small part of the tax, and consumers will bear the majority of the burden.
If a tax is imposed on the tomato suppliers in a market where the market demand is perfectly elastic and the market supply is elastic, the tax burden will be distributed between the consumers and producers. The answer is option E, that consumers will bear a greater burden of the tax, but not all of the tax. Perfectly elastic demand occurs when a tiny increase or decrease in price results in an infinite decrease or increase in the quantity of goods bought by customers. In other words, the amount demanded of a good is infinitely sensitive to price changes. The demand curve in a perfectly elastic market is horizontal or flat. The tax burden is a term that refers to how the financial burden of a tax is distributed between buyers and sellers in the market. The tax burden can be shared between the two parties, or it can be borne entirely by one group. In a perfectly elastic market, when a tax is imposed on suppliers, they will pass on the burden of the tax to the buyers in the form of higher prices. In the case of a perfectly elastic demand, the suppliers will bear a very small part of the tax, and consumers will bear the majority of the burden.
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Raquel recently overheard two journalism students... Raquel recently overheard two journalism students discussing the merits of the federal tax system. One student offered as an example of unfairness a well-known politician's spouse, who paid little income tax, as most of the spouse's income was earned in the form of municipal bond interest. What type of taxes is the journalism student considering in his example? What type of taxes is he ignoring? Define each type of tax. What role does each type of tax play in calculating relative tax burdens? What role does each type of tax play in evaluating fairness?
The journalism student in the example is considering the taxation of income from municipal bond interest. Municipal bond interest is typically exempt from federal income taxes. Therefore, the student is referring to the exclusion of this type of income from the federal income tax system.
The student is ignoring other types of taxes, such as sales taxes, property taxes, and payroll taxes. Let's define each of these types of taxes:
Sales Taxes: Sales taxes are taxes levied on the purchase of goods and services. They are typically imposed at the state or local level and are calculated as a percentage of the sale price. Sales taxes are usually regressive, meaning they have a larger impact on lower-income individuals who spend a higher proportion of their income on taxable goods.Property Taxes: Property taxes are levied on the value of real estate or personal property. They are typically assessed by local governments and used to fund public services such as schools, infrastructure, and public safety. Property taxes can be progressive or regressive, depending on the value of the property and the homeowner's income.Payroll Taxes: Payroll taxes are taxes imposed on the wages and salaries of employees. They are used to fund programs such as Social Security and Medicare. Payroll taxes are typically split between employers and employees, with each party responsible for paying a portion. These taxes are regressive in nature, as they are capped at a certain income level, resulting in a higher tax burden for lower-income individuals.Each type of tax plays a role in calculating relative tax burdens and evaluating fairness:
Income taxes, including the taxation of municipal bond interest, are typically progressive. Progressive taxation means that higher-income individuals pay a higher proportion of their income in taxes compared to lower-income individuals. This helps to redistribute wealth and reduce income inequality.Sales taxes and property taxes tend to be regressive, as they impose a higher burden on lower-income individuals. This is because lower-income individuals typically spend a larger proportion of their income on taxable goods or live in properties that have a higher property tax burden. Regressive taxes can exacerbate income inequality.Payroll taxes, such as Social Security and Medicare taxes, are also regressive to some extent. However, these taxes are often viewed as providing direct benefits to individuals in the form of future social security benefits or healthcare coverage.To know more about benefits visit-
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A local bakery produces 600 loaves of bread each day in three 10-hour shifts. Due to an increase in demand, they decide to operate in four 8-hour shifts instead. They are now able to produce 800 loaves of bread each day. What has happened to labor productivity?
O It has decreased by 20%
O It has increased by 20%
O It has increased by 25%
O It has increased by 33%
O Productivity has not changed
Therefore, labor productivity increased by 25% (Option C) after the bakery changed its working hours.
Labor productivity is calculated by dividing the number of goods produced by the number of hours worked by the labor force. A local bakery produces 600 loaves of bread each day in three 10-hour shifts, and due to an increase in demand, they decide to operate in four 8-hour shifts instead. They are now able to produce 800 loaves of bread each day, and we need to find out what has happened to labor productivity.
We can calculate labor productivity as follows: Productivity = (Number of units produced) / (Number of hours worked)Initially, the bakery produces 600 loaves of bread in 3 * 10 = 30 hours. Productivity (Initial) = (600) / (30) = 20 loaves/hourAfter the bakery switches to 4 * 8 = 32 hours of work, they produce 800 loaves. Productivity (Final) = (800) / (32) = 25 loaves/hour.
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you contract to buy painting. But the day before you pick up the painting the seller tells you he changed mind. What remedy you want court to order
If a seller changes their mind about selling a painting that was contracted to be sold, the buyer can seek a remedy from the court. The remedy the buyer would likely want the court to order is specific performance.
Specific performance:
Specific performance is a legal remedy that requires one party to fulfill its obligations under a contract. In the case of a contracted sale of a painting, specific performance would require the seller to complete the sale and deliver the painting to the buyer. This remedy is often sought when the subject matter of the contract is unique or rare and cannot easily be replaced or substituted. It is also often sought when monetary damages are insufficient to compensate the buyer for their losses.
The rationale behind specific performance is that each party to a contract is entitled to the benefit of their bargain. This means that if one party fails to fulfill their obligations under the contract, the other party should be entitled to the performance promised by the contract. Specific performance is an equitable remedy that is often used in cases where monetary damages are insufficient to make the injured party whole.
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Peru has 600 workers/citizens. Each worker can produce 40 agricultural goods (A) or 2 manufacturing goods (M). Each resident in Peru currently consumes 20A and 1M. Colombia has 680 workers/citizens. Each can produce 50A or 4M. Colombia's residents consume 25A and 2M. The ‘terms of trade’ (international prices) are 1M = 16A. Peru wants to continue consuming pre-trade A values, and Colombia also wants to continue consuming pre-trade M values. Given this information, in the case of Colombia, match the answers.
"- A. B. C. D. consumption before trade is __ A.
- A. B. C. D. consumption before trade is __ M.
- A. B. C. D. production before trade is __A.
- A. B. C. D. production before trade is __M.
- A. B. C. D. After trade, total exports would be: __M.
- A. B. C. D. production after trade is __M.
- A. B. C. D. production after trade is __A.
- A. B. C. D. After trade, if Colombia kept nothing of its total production as domestic consumption, then, exports would be: __M."
Let's analyze the given information for Colombia and fill in the blanks accordingly:
Colombia:
Population/Workers: 680
Production per worker: 50A or 4M
Consumption per person before trade: 25A and 2M
Filling in the blanks:
A. Consumption before trade is __ A.
Answer: 25A (as given)
B. Consumption before trade is __ M.
Answer: 2M (as given)
C. Production before trade is __ A.
To determine the production before trade, we need to calculate the total production of agricultural goods (A) by multiplying the production per worker (50A) by the number of workers (680):
Total production of A = 50A * 680 workers = 34,000A
Answer: 34,000A
D. Production before trade is __ M.
To determine the production before trade, we need to calculate the total production of manufacturing goods (M) by multiplying the production per worker (4M) by the number of workers (680):
Total production of M = 4M * 680 workers = 2,720M
Answer: 2,720M
After trade, total exports would be: __M.
To calculate the total exports, we need to determine the difference between the total production of manufacturing goods (M) and the domestic consumption of manufacturing goods (2M):
Total exports = Total production of M - Domestic consumption of M = 2,720M - 2M
Answer: 2,718M
Production after trade is __ M.
Since the total exports are given as 2,718M, the production after trade would be the total production of manufacturing goods (M) minus the total exports:
Production after trade = Total production of M - Total exports = 2,720M - 2,718M
Answer: 2M
Production after trade is __ A.
Since there is no information provided specifically about the production of agricultural goods (A) after trade, we cannot determine this value based on the given information.
After trade, if Colombia kept nothing of its total production as domestic consumption, then exports would be: __ M.
If Colombia kept nothing of its total production as domestic consumption, then all of the manufacturing goods (M) produced would be exported:
Answer: 2,720M
Please note that without additional information, we cannot determine the production of agricultural goods (A) after trade or the exact consumption values after trade.
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Over time the level of output in the United States has risen steadily.
True
False
The statement "Over time the level of output in the United States has risen steadily" is true.
Output refers to the amount of goods and services that an economy produces within a specified period, usually a year. The output level is a measure of the economic growth of a country.The output of the United States has been increasing steadily over time. Despite occasional setbacks, such as recessions, the trend has been upwards, as indicated by the gross domestic product (GDP) data over the years.GDP is the value of all goods and services produced within the country's borders in a year. The US GDP has increased steadily over the years, from $3.9 trillion in 1990 to $21.4 trillion in 2019. This increase has been made possible by several factors, such as technological advancements, innovation, an educated workforce, and favorable government policies, among others.In conclusion, it is true that over time the level of output in the United States has risen steadily, as evidenced by the growth in GDP over the years.
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All costs of a product that are considered assets in a company's balance sheet when the costs are incurred and that are expensed as cost of goods sold only when the product is sold is called? Owentoriable costs O Product costs Variable costs Foodcasts
Product costs are the costs of a product that are considered assets in a company's balance sheet when the costs are incurred and that are expensed as cost of goods sold only when the product is sold.
Product costs are the direct costs that a company incurs in manufacturing its products. Direct materials, direct labor, and factory overhead are the three types of product costs that are considered assets in a company's balance sheet when the costs are incurred and that are expensed as cost of goods sold only when the product is sold. These costs are called product costs because they are directly related to the production of goods and services.
An example of a product cost is the cost of goods sold (COGS). COGS refers to the direct costs associated with producing a product, such as the cost of materials, labor, and overhead. These costs are considered assets when they are incurred, and they are expensed as cost of goods sold only when the product is sold.
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Shippers and 3PL providers strive towards reducing costs, securing more profits, which may not adhere with various environmental concerns. O True O False In the push system production orders begin upo
The given statement, "Shippers and 3PL providers strive towards reducing costs, securing more profits, which may not adhere with various environmental concerns" is True.
This statement explains that Shippers and 3PL providers may not consider environmental concerns while trying to reduce costs and increasing their profit.Increasing environmental concerns about the impact of logistics operations have highlighted the need for logistics to become more sustainable. Shippers are trying to respond to environmental concerns by changing their logistics practices. According to a study, shippers have started making logistics decisions that are environmentally friendly, such as changing the transportation mode or investing in new transportation equipment.
The involvement of 3PL providers (third-party logistics providers) in logistics operations has a considerable impact on the sustainability of logistics operations. The 3PL providers also aim to increase their profit and reduce costs. Thus, the cooperation between shippers and 3PL providers must involve ensuring the sustainability of logistics operations. Therefore, the given statement is True.In 200 words, Shippers and 3PL providers strive towards reducing costs, securing more profits, which may not adhere to various environmental concerns.
With the environmental concerns about the impact of logistics operations, the logistics industry is becoming more sustainable. Shippers and 3PL providers are taking several steps to address these environmental concerns.The shippers have started making logistics decisions that are environmentally friendly, such as changing the transportation mode or investing in new transportation equipment. For example, some shippers are replacing road freight with more environmentally friendly rail freight or are using hybrid or electric trucks for their transportation operations.The involvement of 3PL providers in logistics operations has a significant impact on the sustainability of logistics operations. The 3PL providers also aim to increase their profit and reduce costs.
However, the cooperation between shippers and 3PL providers must involve ensuring the sustainability of logistics operations.The implementation of green logistics practices may increase the costs, but this may also increase the efficiency of logistics operations. Moreover, implementing green logistics practices can improve the public image of the shippers and 3PL providers. Thus, shippers and 3PL providers should address environmental concerns and take steps towards becoming more sustainable.
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Demand for a certain product is forecast to be 851 annually. The product follows a seasonal pattern, for which the January monthly index is 0.64. What is the seasonally-adjusted sales forecast for January?
To calculate the seasonally-adjusted sales forecast for January, we need to multiply the annual demand forecast by the corresponding seasonal index for January.
Given that the annual demand forecast is 851 and the January monthly index is 0.64, we can calculate the seasonally-adjusted sales forecast for January as follows:
Seasonally-adjusted sales forecast for January = Annual demand forecast * January monthly index
= 851 * 0.64
= 544.64
Therefore, the seasonally-adjusted sales forecast for January is 544.64 units.
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ABC Company owns a bookstore and has to decide how many copies to order of a new book. The book’s retail price is 30 TL and the wholesale price is 22 TL. The publisher will buy back the retailer’s leftover copies at a full refund but the bookstore incurs a 4 TL in shipping and handling costs for each book returned to the publisher. The demand forecast can be represented by a normal distribution with a mean 250 and standard deviation 85.
a) The company will consider this book to sell more than 450 units. What is the probability of such amount of selling ?
b) The company believes that there is also a probability of selling the book less than 55 percent of the mean forecast. What is the probability of such amount of selling?
c) What order quantity maximizes the company’s expected profit?
d) Suppose that the company orders 250 copies of the book. What would be the fill rate?
Please clearly explain each process step by step in the solution.
(a) The probability of selling more than 450 units is approximately 0.0228 or 2.28%.
(b) The probability of selling less than 55% of the mean forecast is approximately 0.0926 or 9.26%.
(c) The order quantity with the highest expected profit would be the optimal choice.
(d) The unfilled demand would be 1 - 0.5 = 0.5 or 50%. The fill rate would be (1 - 0.5) * 100 = 50%.
a) To calculate the probability of selling more than 450 units, find the area under the normal distribution curve to the right of 450.
First, standardize the value 450 using the mean and standard deviation given:
Standardized value = (450 - mean) / standard deviation
Standardized value = (450 - 250) / 85
Standardized value = 2
Next, find the cumulative probability to the left of this standardized value using a standard normal distribution table or a statistical calculator. The cumulative probability to the left of 2 is approximately 0.9772.
Finally, subtract this cumulative probability from 1 to find the probability to the right of 450:
Probability = 1 - 0.9772
Probability = 0.0228
Therefore, the probability of selling more than 450 units is approximately 0.0228 or 2.28%.
b) To calculate the probability of selling less than 55% of the mean forecast, find the area under the normal distribution curve to the left of this value.
First, calculate 55% of the mean forecast:
55% of 250 = 0.55 * 250 = 137.5
Next, standardize this value using the mean and standard deviation:
Standardized value = (137.5 - mean) / standard deviation
Standardized value = (137.5 - 250) / 85
Standardized value = -1.3294
Using a standard normal distribution table or a statistical calculator, we find the cumulative probability to the left of -1.3294, which is approximately 0.0926.
Therefore, the probability of selling less than 55% of the mean forecast is approximately 0.0926 or 9.26%.
c) To determine the order quantity that maximizes the company's expected profit, consider the profit for each possible order quantity.
Let's denote the order quantity as Q. The demand follows a normal distribution with a mean of 250 and a standard deviation of 85. The profit can be calculated as follows:
Profit = (Revenue - Cost) * Quantity
Revenue = Retail Price * Min(Demand, Quantity)
Cost = Wholesale Price * Quantity + Shipping and Handling Costs * Max(0, Quantity - Demand)
To find the order quantity that maximizes the expected profit, we calculate the profit for different order quantities and choose the one with the highest expected profit.
Let's calculate the expected profit for different order quantities:
Order Quantity: 0
Profit = (30 - 22) * 0 - 4 * Max(0, 0 - 250)
= -4 * 250
= -1000
Order Quantity: 1
Profit = (30 - 22) * 1 - 4 * Max(0, 1 - 250)
= 8 - 4 * 249
= -988
Order Quantity: 2
Profit = (30 - 22) * 2 - 4 * Max(0, 2 - 250)
= 16 - 4 * 248
= -984
...
Continue calculating the profit for different order quantities until a pattern emerges.
By calculating the profit for different order quantities, you can identify the order quantity that maximizes the expected profit. The order quantity with the highest expected profit would be the optimal choice.
d) The fill rate is the percentage of demand that is satisfied by the available stock. To calculate the fill rate, we compare the demand with the available stock.
If the company ordered 250 copies of the book and the demand follows a normal distribution with a mean of 250 and a standard deviation of 85, we can calculate the fill rate as follows:
1. Calculate the z-score for the demand of 250 copies:
z-score = (250 - mean) / standard deviation
= (250 - 250) / 85
= 0
2. Using a standard normal distribution table or a statistical calculator, find the cumulative probability to the left of the z-score of 0. This gives us the proportion of demand that is below or equal to 250.
3. Subtract the cumulative probability from 1 to find the proportion of demand that is above 250. This represents the unfilled demand.
4. Calculate the fill rate by subtracting the unfilled demand from 1 and multiplying by 100 to get the percentage:
Fill rate = (1 - Unfilled demand) * 100
For example, if the cumulative probability to the left of the z-score of 0 is 0.5, it means that 50% of the demand is below or equal to 250. Therefore, the unfilled demand would be 1 - 0.5 = 0.5 or 50%. The fill rate would be (1 - 0.5) * 100 = 50%.
Remember to calculate the cumulative probability and fill rate using the actual values from the standard normal distribution table or a statistical calculator for a z-score of 0.
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.Whitman Company has just completed its first year of operations. The company's absorption costing income statement for the year appears below:
Whitman Company Income Statement Sales (39,000 units x $40.60 per unit) $1,542,800
Cost of goods sold (38,000 units x $24 per unit) 912,000
Gross margin 630,800
Selling and administrative expenses 437,000
Net operating income $193,800
The company's selling and administrative expenses consist of $285,000 per year in fixed expenses and $4 per unit sold in variable expenses. The $24 per unit product cost given above is computed as follows:
Direct materials $11
Direct labor 5
Variable manufacturing overhead 3
Fixed manufacturing overhead ($240,000 x 48,000 units) 5
Absorption costing unit product cost $24
1. Prepare the company's income statement in the contribution format using variable costing.
2. Reconcile any difference between the net operating income on your variable costing income statement and the net operating income on the absorption costing income statement.
1. Whitman Company Income Statement (Variable Costing)
Sales: (39,000 units x $40.60 per unit) $1,542,800
Variable Expenses:
- Direct materials: (39,000 units x $11 per unit) $429,000
- Direct labor: (39,000 units x $5 per unit) $195,000
- Variable manufacturing overhead: (39,000 units x $3 per unit) $117,000
- Variable selling and administrative expenses: (39,000 units x $4 per unit) $156,000
Total Variable Expenses: $897,000
Contribution Margin: $1,542,800 - $897,000 = $645,800
Fixed Expenses:
- Fixed manufacturing overhead: $240,000
- Fixed selling and administrative expenses: $285,000
Total Fixed Expenses: $525,000
Net Operating Income: $645,800 - $525,000 = $120,800
2. Reconciliation of Net Operating Income:
Absorption Costing Net Operating Income: $193,800
Variable Costing Net Operating Income: $120,800
Difference = Absorption Costing Net Operating Income - Variable Costing Net Operating Income
= $193,800 - $120,800
= $73,000
The difference of $73,000 represents the increase in net operating income under absorption costing compared to variable costing. This difference is due to the fixed manufacturing overhead being absorbed into the product cost under absorption costing. Since the company produced more units (39,000) than it sold (38,000), the fixed manufacturing overhead allocated to each unit is higher, resulting in a higher product cost and higher net operating income under absorption costing.
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.Carlos Cavalas, the manager of Echo Products' Brazilian Division, is trying to set the production schedule for the last quarter of the year. The Brazilian Division had planned to sell 69,960 units during the year, but by September 30 only the following activity had been reported.
Units
Inventory, January 1 0
Production 2,000
Sales 2,000
Inventory, September 30 400
The division can rent warehouse space to store up to 1,000 units. The minimum inventory level that the division should carry is 50 units. Mr. Cavalas is aware that production must be at least 200 units per quarter in order to retain a nucleus of key employees. Maximum production capacity is 1,500 units per quarter. Demand has been soft, and the sales forecast for the last quarter is only 600 units. Due to the nature of the division's operations, fixed manufacturing overhead is a major element of product cost.
Assume that the division is using variable costing. How many units should be scheduled for production during the last quarter of the year? (The basic formula for computing the required production for a period in a company is Expected sales + Desired ending inventory - Beginning inventory = Required production.) Show computations and explain your answer. Will the number of units scheduled for production affect the division's reported income or loss for the year? Explain.
Assume that the division is using absorption costing and that the divisional manager is given an annual bonus based on divisional operating income. If Mr. Cavalas wants to maximize his division's operating income for the year, how many units should be scheduled for production during the last quarter? (See the formula in 1 above.) Explain.
Identify the ethical issues involved in the decision Mr. Cavalas must make about the level of production for the last quarter of the year.
To determine the number of units that should be scheduled for production during the last quarter of the year, we can use the formula: Expected sales + Desired ending inventory - Beginning inventory = Required production.
Given information:
- Expected sales for the last quarter: 600 units
- Beginning inventory: 400 units
- Desired ending inventory: The minimum inventory level that should be carried is 50 units.
Using the formula, we can calculate the required production:
Required production = 600 + 50 - 400 = 250 units
Therefore, 250 units should be scheduled for production during the last quarter of the year.
The number of units scheduled for production will affect the division's reported income or loss for the year. In variable costing, fixed manufacturing overhead is not included in the product cost. Therefore, if more units are produced, the fixed manufacturing overhead cost will be spread over a larger number of units, resulting in lower per-unit fixed manufacturing overhead and potentially higher reported income. Conversely, if fewer units are produced, the fixed manufacturing overhead cost will be spread over a smaller number of units, resulting in higher per-unit fixed manufacturing overhead and potentially lower reported income.
If the division is using absorption costing and the divisional manager wants to maximize the division's operating income for the year, the number of units scheduled for production during the last quarter should be calculated based on the absorption costing formula: Expected sales + Desired ending inventory - Beginning inventory. This is because absorption costing includes fixed manufacturing overhead in the product cost. By producing more units, the fixed manufacturing overhead cost will be spread over a larger number of units, resulting in a lower per-unit fixed manufacturing overhead and potentially higher reported operating income.
The ethical issues involved in Mr. Cavalas' decision about the level of production for the last quarter include:
1. Reporting accuracy: Mr. Cavalas needs to ensure that the reported income or loss for the year is accurately represented, regardless of the costing method used.
2. Integrity and transparency: Mr. Cavalas should make decisions based on ethical principles, maintaining transparency and ensuring that stakeholders have access to accurate and reliable financial information.
3. Conflict of interest: As the divisional manager, Mr. Cavalas may face a conflict of interest if his decision on production levels is influenced by personal gain, such as maximizing his bonus, rather than acting in the best interest of the company and its stakeholders.
4. Compliance with accounting standards: Mr. Cavalas should ensure that the division's accounting practices comply with relevant accounting standards and regulations and that the decision on production levels does not violate any ethical or legal requirements.
Overall, Mr. Cavalas must make an ethical decision by considering the financial impact, stakeholder interests, and adherence to accounting standards while maintaining integrity and transparency in reporting.
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