When deciding on automation systems, factors such as cost-effectiveness and process suitability should be carefully considered, while robots in manufacturing systems offer various applications and can be classified based on their configuration, application, and control system.
Factors to consider while deciding Automation Systems:
a. Cost-effectiveness: It is essential to evaluate the cost implications of implementing automation systems, including the initial investment, maintenance costs, and potential return on investment. The cost-effectiveness should be analyzed in terms of improved productivity, reduced labor expenses, and long-term operational efficiency.
b. Process suitability: The suitability of the automation system for the specific manufacturing process should be assessed. Factors such as complexity, variability, and required precision of the process need to be considered. Additionally, the compatibility of the automation system with existing infrastructure and equipment should be evaluated to ensure smooth integration.
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What are the topics of the notes to the financial statements?
(Choose 3 to discuss)
Can someone explain three topic notes that would be found for a
buniess such as a bank?
Loan Portfolio, Allowance for Credit Losses, Financial Instruments and Risk Management.
What are three common topics of the notes to the financial statements for a business such as a bank?For a business such as a bank, three common topics of the notes to the financial statements could be:
Loan Portfolio: This note provides detailed information about the bank's loan portfolio, including the types of loans issued, their maturity dates, interest rates, and any significant provisions for loan losses. It may also include information on the credit quality of the loan portfolio and any collateral or guarantees associated with the loans.
Allowance for Credit Losses: This note discusses the bank's methodology and policies for determining the allowance for credit losses. It explains how the bank assesses the credit risk in its loan portfolio, determines the amount of reserves required to cover potential losses, and any changes in the allowance over the reporting period.
It may also provide insights into the bank's historical loss experience and its assessment of the economic environment's impact on credit quality.
Financial Instruments and Risk Management: This note provides information about the bank's financial instruments, such as derivatives, securities, and off-balance-sheet items. It discusses the bank's risk management policies and procedures, including how it identifies, measures, and manages various financial risks, such as credit risk, interest rate risk, liquidity risk, and market risk.
It may also disclose any significant transactions or exposures related to financial instruments.
These topics of the notes to the financial statements for a bank are crucial for providing transparency and additional context to the financial information presented in the primary financial statements.
They help stakeholders understand the nature of the bank's operations, risks, and financial performance, enhancing the overall understanding of the bank's financial position and prospects.
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If Little Caesars wants to determine the impact of different coupon offers on pizza unit sales, it needs to conduct
. exploratory research.
b. hypothesis development.
c. survey research.
d. stratified sampling.
e. experimental research
Identify the effect of following transactions on the accounting
equation Mr. X invested $2,000 cash into his business.
Rendered service and received $6,500 cash.
The effect of these transactions on the accounting equation is an increase in assets (cash) and an increase in equity (capital and retained earnings).
The accounting equation is Assets = Liabilities + Equity.
Let's analyze the effect of each transaction on the accounting equation:
Mr. X invested $2,000 cash into his business:
Assets: Cash increases by $2,000.
Equity: Capital (Owner's Equity) increases by $2,000.
The accounting equation remains in balance.
The effect on the accounting equation is as follows:
Assets (+$2,000) = Liabilities (No change) + Equity (+$2,000)
Rendered service and received $6,500 cash:
Assets: Cash increases by $6,500.
Revenue: Revenue increases by $6,500.
Equity: Retained earnings (or Owner's Equity, depending on the business structure) increases by $6,500.
The accounting equation remains in balance.
The effect on the accounting equation is as follows:
Assets (+$6,500) = Liabilities (No change) + Equity (+$6,500)
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This is a discussion question:
Choose one IaaS service and describe it in your post.
Choose one PaaS service and describe it in your post.
Choose one SaaS service and describe it in your post.
IaaS: Amazon Web Services (AWS) offers Infrastructure-as-a-Service, providing virtualized computing resources, storage, and networking infrastructure on a pay-as-you-go basis.
AWS IaaS provides a wide range of services, including virtual machines (EC2), storage (S3), and databases (RDS). It enables businesses to scale their IT infrastructure without the need for upfront investments in hardware. Users have full control over the operating system and applications running on the infrastructure, allowing for flexibility and customization.
PaaS: Heroku is a Platform-as-a-Service that simplifies application deployment and management by providing a cloud-based platform with built-in tools and services.
Heroku PaaS allows developers to focus on writing code without worrying about server provisioning, configuration, and scaling. It supports multiple programming languages and provides features like automatic scaling, application monitoring, and integration with various databases and third-party services. Heroku's easy-to-use interface and seamless integration with popular development frameworks make it a popular choice for web application deployment.
SaaS: Salesforce is a Software-as-a-Service platform that offers cloud-based applications for customer relationship management (CRM) and other business functions.
Salesforce SaaS provides a suite of applications for sales, service, marketing, and other customer-related activities. It eliminates the need for on-premises software installation and maintenance, allowing businesses to access the applications through a web browser. Salesforce's SaaS model offers features like data security, scalability, and regular updates, enabling organizations to efficiently manage customer relationships and drive business growth.
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The following data was prepared by the Cullumber Company. Total Variable Sales price $20/unit Direct materials used $95,850 Direct labor $95.000 Manufacturing overhead $133,600 $13.900 Selling and administrative expense $22,900 $13.500 Units manufactured 31.500 units Beginning Finished Goods Inventory 20.500 units Ending Finished Goods Inventory 8.000 units Fixed $119.700 $9.400 Under absorption costing, what is the unit product cost? (Round answer to 2 decimal places, e.g. 15.25.) Unit product cost $ 10.30 eTextbook and Media ✓ Your answer is correct. Under variable costing, what is the unit product cost? (Round answer to 2 decimal places, e.g. 15.25.) Unit product cost $ 6.50 (b) 10 (c) Under absorption costing, what is the cost of goods sold? (Round cost per unit to 2 decimal places, e.g. 2.52 and final answer to 0 decimal place, e.g. 2,152.) Cost of goods sold
Under absorption costing, the cost of goods sold is $456,650. Under-absorption of overheads is when the amount of overheads absorbed by the products is less than the amount of overhead incurred.
Given,
Total Variable Sales price $20/unit Direct materials used $95,850 Direct labor $95.000 Manufacturing overhead $133,600 $13.900 Selling and administrative expense $22,900 $13.500 Units manufactured 31.500 units Beginning Finished Goods Inventory 20.500 units Ending Finished Goods Inventory 8.000 units Fixed $119.700 $9.400 Under absorption costing
Required to calculate the cost of goods sold =?
Cost of Goods Sold = Beginning Finished Goods Inventory + Total Manufacturing Costs (Variable and Fixed) - Ending Finished Goods Inventory
Total Variable Manufacturing Costs = Direct Materials + Direct Labor + Variable Manufacturing Overhead
Total Variable Manufacturing Costs = $95,850 + $95,000 + $133,600 = $324,450
Total Fixed Manufacturing Costs = $119,700
Total Manufacturing Costs = Total Variable Manufacturing Costs + Total Fixed Manufacturing Costs
Total Manufacturing Costs = $324,450 + $119,700 = $444,150
Cost of Goods Sold = $20,500 + $444,150 - 8,000 = $456,650
Therefore, under absorption costing, the cost of goods sold is $456,650.
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John has 5 Bananas and 25 Mangos Jacob has 35 Bananas and 0 Mangos a) Draw an Edgeworth Box illustrating this situation. Be sure your drawing includes: Labeling the sides with the names of the individuals Labeling the minimum and maximum values on each side The initial allocation point, including marking the values on each side Sample indifference curves through the allocation point for John and Jacob b) Draw and label the portion of a potential contract curve that John and Jacob could reach from their initial allocation.
The Edgeworth box, which bears the name of the economist Francis Ysidro Edgeworth, is a graphical representation used in economics to examine how resources are distributed and how products are distributed between two people or two nations.
It offers a means of illuminating and analysing the idea of Pareto efficiency, which refers to a circumstance where resources are distributed in such a way that it is difficult to improve the situation of one person without making the situation of the other person worse.
Typically, the Edgeworth box is a rectangle divided into two equal pieces, each of which represents the consumption bundle of one person.
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Bosekit Corp. is planning to issue bonds with a face value of $600,000 and a coupon rate of 5 percent. The bonds mature in 10 years and pay interest semiannually every June 30 and December 31. All of the bonds will be sold on January 1 of this year.
1) Compute the issue (sale) price on January 1 of this year for each of the following independent cases (show computations):
A: Market interest rate (annual): 4.5 percent.
B: Market interest rate (annual): 5 percent.
C: Market interest rate (annual): 5.5 percent.
2) show all related journal entries for the first year.
1) Compute the issue (sale) price on January 1 of this year for each of the following independent cases:
A: Market interest rate (annual): 4.5 percent.
To compute the issue price, we need to calculate the present value of the bond's future cash flows using the market interest rate of 4.5 percent.
The bond pays semiannual interest, so there will be 20 interest payments over the 10-year period. Each interest payment will be $600,000 * 5% / 2 = $15,000.
Using the present value formula for an annuity, the present value of the interest payments is:
PV = $15,000 * [1 - (1 + 4.5%)^(-20)] / (4.5% / 2) = $248,228.17
At maturity, the bond will repay the face value of $600,000. The present value of the face value is simply $600,000 / (1 + 4.5%)^20 = $351,663.15.
Therefore, the issue price of the bond on January 1 is the sum of the present values of the interest payments and the face value:
Issue price = $248,228.17 + $351,663.15 = $599,891.32
B: Market interest rate (annual): 5 percent.
Following the same steps as in Case A, the present value of the interest payments is $245,464.59, and the present value of the face value is $333,003.45.
Issue price = $245,464.59 + $333,003.45 = $578,467.04
C: Market interest rate (annual): 5.5 percent.
Using the same process, the present value of the interest payments is $242,871.35, and the present value of the face value is $316,301.99.
Issue price = $242,871.35 + $316,301.99 = $559,173.34
2) Journal entries for the first year:
a) On January 1:
Cash (Issue price) Dr. $599,891.32
Bond Payable Cr. $600,000.00
Discount on Bonds Payable Cr. $108.68
b) On June 30 and December 31:
Interest Expense (Coupon rate * Book value at the beginning of the period) Dr. $15,000.00
Discount on Bonds Payable (Amortization) Dr. $5.43
Cash Cr. $15,005.43
Note: The discount on Bonds Payable is amortized using the effective interest method, spreading it over the life of the bond. The specific amortization amount may vary based on the bond's exact terms and schedule.
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What would be your annualized discount rate % on the purchase of
a 114-day Treasury bill for $4971 that pays $5,000 at maturity?
The face value of the Treasury bill is $5,000, and the purchase price is $4971. The number of days for which the bill is held is 114. Substituting these values in the formula gives an annualized discount rate of 2.79%.
The annualized discount rate % on the purchase of a 114-day Treasury bill for $4971 that pays $5,000 at maturity can be calculated using the formula as follows:
Annualized Discount Rate % = [(Discount / Face Value) × (360 / Days)] × 100Where, Discount = Face Value - Purchase Price Face Value = $5,000Purchase Price = $4971Days = 114Substituting the given values in the formula,
we get: Discount = $5,000 - $4,971 = $29Days = 114Annualized Discount Rate % = [(29/5,000) × (360/114)] × 100 = 2.79%Therefore, the annualized discount rate % on the purchase of a 114-day Treasury bill for $4971 that pays $5,000 at maturity is 2.79%.Note: The annualized discount rate % on the purchase of a 114-day Treasury bill for $4971 that pays $5,000 at maturity is 2.79%. It is calculated using the formula: Annualized Discount Rate % = [(Discount / Face Value) × (360 / Days)] × 100. The discount on the Treasury bill is calculated as the difference between the face value and purchase price, which is $29 in this case.
The face value of the Treasury bill is $5,000, and the purchase price is $4971. The number of days for which the bill is held is 114. Substituting these values in the formula gives an annualized discount rate of 2.79%.
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Charlie wants to build a restaurant. The cost of the building is 516000, the fittings cost 55000. The bank will allow Charlie to borrow 370000, he will have to save the remaining amount required, He set up a bank account as a sinking fund and plans to make payments of 2100 a month which will offer 6.9% per annum compounded monthly.
i) Calculate the size of deposit Charlie would need to save. By how much will he fall short of his goal?
ii) Use the sinking fund formula on excel to find out the size of monthly payments Charlie should make in order to save the deposit amount in 6 years.
(iii) Charlie would like to use the original payment of 2100, he decides to find another financial institution for an interest rate that would enable the desired amount to be achieved. Determine the appropriate interest rate for an account offering monthly compounding and monthly payment of 2100 used in (i)
Determine how much money Charlie would need to save for a deposit. monthly by $338.13.
Calculate Charlie's required monthly contributions using the sinking fund formula in Excel to arrive at a deposit amount of $2,438.13 after six years.
A financial institution with an interest rate of at least 0.46% per month must be found by Charlie.
Charlie needs to put up $516,000 plus $55,000 less the $370,000 he can borrow from the bank, or $201,000, in order to pay for the building and fixtures. the values, the deposit amount, = ($201,000 × 0.00575) / ([tex](1 + 0.00575)^{72}[/tex] - 1) = $2,438.13. Charlie has a monthly savings goal of $2,438.13. He will be $338.13 a month short of his objective ($2100 - $2,438.13).
Charlie has to save $2,438.13 every month using the sinking fund calculation in order to reach the deposit amount in six years.
We can alter the sinking fund formula to find r if the monthly payment is $2100. Assuming that fv is the future value, deposit amount is the monthly payment, and n is the total number of payments, the formula becomes r = (fv / deposit amount)(1/n) - 1. Putting the values in
, r = ($201,000 / [tex]($2100 x 72))^{0.0833}[/tex] - 1 = 0.0046 or 0.46%.
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Commercial cookery/ kitchen:
a) Provide two (2) examples of networking activities and outline (2) benefits of sharing information gained from these activities with your team.
b) Provide two (2) examples of how you could represent your team’s interests during networking activities.
Networking activities in a commercial cookery/kitchen can include attending industry events and joining professional associations. Sharing information gained from these activities benefits the team by fostering knowledge exchange and staying updated with industry trends. Representing the team's interests in networking activities can be done through active participation and advocating for the team's needs and goals.
Attending industry events is a networking activity that provides opportunities to connect with professionals from the culinary industry. These events can include conferences, trade shows, or culinary competitions. By participating in these events, professionals can network with colleagues, learn about the latest industry trends, and gain insights into innovative practices. Sharing the information gained from these activities with the team benefits everyone by fostering knowledge exchange and keeping the team updated with industry developments, enabling them to adapt and improve their own practices. Another networking activity is joining professional associations related to commercial cookery/kitchen. These associations provide a platform for professionals to connect, collaborate, and share knowledge and resources. Being a member of such associations can offer access to educational resources, networking events, and industry publications.
Sharing the information gathered from these networking activities with the team benefits them by providing valuable resources, industry best practices, and potential networking opportunities. It promotes continuous learning within the team and helps them stay informed about industry advancements. Representing the team's interests during networking activities can be done by actively participating in discussions and sharing the team's achievements and challenges. For example, when attending industry events, professionals can engage in conversations with other attendees, highlighting the team's accomplishments, unique approaches, and specific needs. Additionally, participating in panel discussions or workshops allows professionals to voice their concerns, seek advice, and advocate for the team's needs and goals. By actively representing the team's interests during networking activities, professionals can establish stronger connections, gain support from industry peers, and potentially open doors to collaborations or partnerships that benefit the team and the overall success of the commercial cookery/kitchen operations.
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Describe the conditions contributing to or causing global malnutrition of more than two billion people worldwide, especially the 815 million undernourished. In your opinion is the World reaching carrying capacity for food production? What are your recommendations to achieve global food security? Please differentiate the problems causing food shortages on the demand and supply sides.
Global malnutrition occurs due to poverty, food insecurity, inadequate agriculture, climate change, and inequality. The world has not yet reached its food production capacity. Recommendations for achieving food security include enhancing productivity, improving infrastructure, promoting sustainability, and investing in education. The challenges on demand side include population growth, changing diets, while on supply side include resource constraints and inefficient practices.
Global malnutrition affecting over two billion people, including the 815 million undernourished, is influenced by various conditions and factors:
1. Poverty: Many people facing malnutrition are trapped in poverty, which limits their access to nutritious food. Poverty hampers individuals' ability to afford an adequate diet, leading to undernourishment and malnutrition.
2. Food insecurity: Insufficient access to affordable, nutritious food is a key factor contributing to global malnutrition. Food insecurity can result from factors such as limited agricultural productivity, unstable food markets, conflicts, and natural disasters.
3. Inadequate agricultural practices: Poor agricultural practices, including lack of access to modern technologies, limited infrastructure, and insufficient knowledge and resources, can lead to low crop yields and reduced food production. This contributes to food shortages and malnutrition.
4. Climate change and environmental degradation: Increasingly, climate change and environmental degradation pose significant challenges to food production. Extreme weather events, droughts, floods, and land degradation can negatively impact agricultural productivity and limit food availability.
5. Inequality and distribution: Inequality in access to food and resources exacerbates malnutrition. Unequal distribution of wealth and resources can lead to disparities in food access and availability, leaving vulnerable populations at a higher risk of malnutrition.
Regarding the carrying capacity for food production, opinions may vary. Some argue that the world is approaching or has reached its carrying capacity, citing concerns about diminishing arable land, water scarcity, and environmental degradation.
Others believe that advancements in technology, agricultural practices, and innovation can help increase food production and overcome these challenges.
To achieve global food security and address the problems causing food shortages, a comprehensive approach is needed:
a. Enhance agricultural productivity: Invest in research and development to improve crop yields, promote sustainable farming practices, and provide farmers with access to modern technologies, quality seeds, fertilizers, and irrigation systems.
b. Strengthen rural infrastructure: Develop and improve infrastructure, including transportation networks, storage facilities, and market access, to reduce post-harvest losses, ensure efficient supply chains, and enhance market integration for smallholder farmers.
c. Promote sustainable and resilient agriculture: Encourage the adoption of climate-smart agricultural practices that conserve natural resources, mitigate climate change impacts, and promote resilience to climate variability.
d. Invest in education and capacity building: Provide farmers with training and knowledge to enhance their agricultural practices, improve productivity, and diversify their income sources. Education on nutrition and balanced diets is also essential to promote healthy eating habits.
e. Enhance social safety nets: Implement effective social protection programs, such as cash transfers and food assistance programs, to support vulnerable populations during times of food shortage and crisis.
Differentiating the problems causing food shortages on the demand and supply sides:
1. On the demand side, issues such as population growth, changing dietary preferences, and rising incomes can increase the demand for food. Rapid urbanization and shifts in lifestyles can lead to higher demand for processed foods and animal products, straining resources.
2. On the supply side, challenges arise from limited access to arable land, water scarcity, climate change impacts, and inefficient agricultural practices. Insufficient investment in agricultural infrastructure, inadequate research and development, and lack of access to credit and markets also contribute to supply-side problems.
Addressing both demand and supply-side challenges requires a multi-faceted approach that includes sustainable production practices, equitable distribution, addressing poverty and inequality, and promoting education and awareness about nutrition and sustainable food systems.
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A $25,000, 91-day Province of Newfoundland Treasury bill was originally purchased at a price that would yield the investor a 5.438% rate of return if the T-bill is held until maturity. Thirty-four days later, the investor sold the T-bill through his broker for $24,875.
a. What price did the original investor pay for the T-bill? (Do not round the intermediate calculations. Round your answer to the nearest cent.) Price $
b. What rate of return did the first investor realize during his holding period? (Do not round the intermediate calculations. Round your answer to three decimal places.) Rate of return %
c. If the broker sells the t-bill to a second investor for $24,875, what rate of return will the second investor realize if he or she holds the t-bill until maturity? (Do not round the intermediate calculations. Round your answer to three decimal places.) Rate of return %
a. The original investor paid approximately $24,637.10 for the T-bill.
b. The first investor realized a rate of return of approximately 10.37%.
c. The second investor will realize a rate of return of approximately 2.013% if they hold the T-bill until maturity.
How to calculate Treasury bill returns?To solve this problem, we'll use the formula for calculating the price of a Treasury bill:
Price = Face Value / (1 + (Discount Rate × Time/365))
a. What price did the original investor pay for the T-bill?
Let's denote the price the original investor paid as P.
Price = P
Face Value = $25,000
Discount Rate = 5.438% = 0.05438
Time = 91 days
Plugging in the values into the formula, we have:
P = $25,000 / (1 + (0.05438 × 91/365))
P = $25,000 / (1 + 0.0135295)
P = $25,000 / 1.0135295
P ≈ $24,637.10
Therefore, the original investor paid approximately $24,637.10 for the T-bill.
b. What rate of return did the first investor realize during his holding period?
Let's denote the rate of return as R.
Price (sold) = $24,875
Price (purchased) = $24,637.10
R = ((Price (sold) - Price (purchased)) / Price (purchased)) × (365/Time)
R = (($24,875 - $24,637.10) / $24,637.10) × (365/34)
R ≈ (237.90 / $24,637.10) × 10.7353
R ≈ 0.00965 × 10.7353
R ≈ 0.1037
R ≈ 10.37%
Therefore, the first investor realized a rate of return of approximately 10.37% during their holding period.
c. If the broker sells the T-bill to a second investor for $24,875, what rate of return will the second investor realize if they hold the T-bill until maturity?
Price (sold to second investor) = $24,875
Face Value = $25,000
Let's denote the rate of return for the second investor as R2.
R2 = ((Face Value - Price (sold to second investor)) / Price (sold to second investor)) × (365/Time)
R2 = (($25,000 - $24,875) / $24,875) × (365/91)
R2 ≈ (125 / $24,875) × 4.01099
R2 ≈ 0.00502 × 4.01099
R2 ≈ 0.02013
R2 ≈ 2.013%
Therefore, the second investor will realize a rate of return of approximately 2.013% if they hold the T-bill until maturity.
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Design for Manufacturing (DFM) is an engineering philosophy that emphasizes on designing parts, components, and products for easier manufacturing. How does DFM affect manufacturing outcomes that contribute to market success? List and describe any four (4) factors.
Design for Manufacturing (DFM) is a philosophy that focuses on the design of parts, components, and products for ease of manufacturing. The DFM is used to optimize the manufacturing process by reducing the manufacturing cost, product time-to-market, and product quality while improving the production process's reliability and flexibility.
It aims to minimize the overall manufacturing cost and to increase product quality. The following are the four factors that describe how DFM affects manufacturing outcomes that contribute to market success:
1. Cost Reduction: The cost of manufacturing a product is critical, especially in a competitive market. A product that is expensive to manufacture may not be profitable. DFM aims to reduce the cost of manufacturing by designing parts and components that can be manufactured quickly and efficiently. It helps in reducing waste, optimizing the use of materials, and decreasing labor costs. By using DFM, companies can manufacture products at a lower cost while still maintaining the desired quality.
2. Improved Quality: DFM helps in improving product quality by reducing the number of manufacturing defects. When designing a product, DFM identifies potential manufacturing issues early in the design process, making it easier to fix them. By designing products that are easier to manufacture, the number of defects is reduced, improving product quality. Better quality products lead to higher customer satisfaction, which contributes to market success.
3. Time-to-market: A product's time-to-market is the time it takes for the product to be developed and launched. A shorter time-to-market is crucial to a product's success in a competitive market. DFM aims to reduce the time it takes to design and manufacture a product. By designing products that can be manufactured quickly and efficiently, companies can bring products to market faster. This leads to a competitive advantage, which contributes to market success.
4. Reliability: DFM helps in increasing the reliability of the manufacturing process. By designing products that are easier to manufacture, the chances of a manufacturing defect are reduced. This leads to a more reliable production process and fewer product failures. Customers value reliability and are more likely to purchase products that are reliable, contributing to market success.
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A company entered into the following transactions. Match each transaction with the appropriate journal in which it should be recorded. Purchased merchandise from Able Co. for $2,000 terms 2/10, n/30. Invoice dated August A General Journal 1. Paid cash to Incite Telephone Co. for monthly telephone bill $250, Check No. 758. B. Purchases journal Sold merchandise on credit to Delta Corp. for $3,000, terms, 2/10, n/30, Invoice No. 246. C.Cash receipts journal Cost of Goods Sold is $1,740. Received cash payment in full from Delta Corp. for August 5 sale. D.Cash payments journal Recorded cash sales for the month, $9,000. E Sales Journal ✓ Returned defective inventory purchased on account from Able Co. for $550.
The transactions should be recorded in the following journals:
A. General Journal
B. Purchases Journal
C. Cash Receipts Journal
D. Cash Payments Journal
E. General Journal
A. General Journal
Explanation: The transaction of purchasing merchandise from Able Co. for $2,000 is not a typical purchase on account or cash purchase. Instead, it involves specific terms (2/10, n/30) which indicate a discount available for early payment. Therefore, it should be recorded in the general journal to capture the details of the transaction.
B. Purchases Journal
Explanation: The transaction of selling merchandise on credit to Delta Corp. for $3,000 falls under the category of purchases made on account. This transaction is recorded in the purchases journal, which is used to track credit purchases made by the company.
C. Cash Receipts Journal
Explanation: The receipt of cash payment in full from Delta Corp. for the August 5 sale is a cash receipt. This transaction is recorded in the cash receipts journal, which tracks all cash received by the company.
D. Cash Payments Journal
Explanation: The recording of cash sales for the month totaling $9,000 is a cash payment transaction. This transaction is recorded in the cash payments journal, which tracks all cash paid out by the company.
E. General Journal
Explanation: The transaction of returning defective inventory purchased on account from Able Co. for $550 is a specific event that requires recording in the general journal to capture the details accurately.
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Organizational stories are most effective at communicating organizational culture only when they:
a. describe real people and are assumed to be true.
b. make employees emotional.
c. tend to pressurize individual performance.
d. are descriptive rather than prescriptive.
e. are told by senior executives to the public.
a. describe real people and are assumed to be true.
Organizational stories are most effective at communicating organizational culture when they:
a. describe real people and are assumed to be true.
Organizational stories serve as a powerful tool for conveying organizational culture and values. When these stories describe real people and are assumed to be true, they become more relatable and credible to employees. Real-life examples and experiences help employees connect with the values, norms, and behaviors that are embedded in the organizational culture.
The other options mentioned in the question are not accurate:
b. make employees emotional.
While emotional stories can have an impact, the effectiveness of organizational stories is not solely dependent on evoking emotions. The main focus is on the authenticity and relatability of the stories.
c. tend to pressurize individual performance.
Organizational stories are not primarily intended to put pressure on individual performance. Instead, they aim to communicate shared values, promote a sense of belonging, and guide employees' behaviors and decisions.
d. are descriptive rather than prescriptive.
Both descriptive and prescriptive stories can be effective in communicating organizational culture. Descriptive stories describe past events or experiences, while prescriptive stories provide guidance and illustrate desired behaviors. The choice between descriptive and prescriptive stories depends on the specific purpose and context.
e. are told by senior executives to the public.
While stories told by senior executives can have an impact, organizational stories can be effective regardless of who tells them or the target audience. Stories can be shared by employees at all levels and can be communicated within the organization as well as externally to stakeholders.
Organizational stories are most effective at communicating organizational culture when they describe real people and are assumed to be true. Authenticity and relatability play crucial roles in engaging employees and conveying the values and norms of the organization.
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Hightech Computers, Inc. pays an annual dividend that increases by 5.8 percent per year, commands a market rate of return of 11.7 percent, and sells for $25.12 per share. What is the expected amount of the next dividend?
(Round your answer to the nearest hundreds (upto two decimal places). i.e. if your answer is 1234.56789, enter 1234.57)
The expected amount of the next dividend for Hightech Computers, Inc. is approximately $3.11.
To calculate the expected amount of the next dividend, we can use the dividend growth model. The formula for the expected dividend is:
Next Dividend = Current Dividend * (1 + Dividend Growth Rate)
Given that the market rate of return is 11.7% and the dividend growth rate is 5.8%, we can calculate the expected dividend as follows:
Current Dividend = Market Price * Dividend Yield
Dividend Yield = Dividend / Market Price
Since the market rate of return is equivalent to the dividend yield, we have:
Dividend Yield = 11.7%
Market Price = $25.12 per share
Therefore, the current dividend can be calculated as:
Current Dividend = $25.12 * 11.7%
Current Dividend = $2.94 (rounded to the nearest hundredth)
Next Dividend = $2.94 * (1 + 5.8%)
Next Dividend = $3.11 (rounded to the nearest hundredth)
Therefore, the expected amount of the next dividend for Hightech Computers, Inc. is approximately $3.11.
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automatic corporation applied for a bank loan, and the bank required, as part of the loan application, a set of audited financial statements from the corporation. what is an audit and why would the bank require this procedure?
Automatic corporation applied for a bank loan, and the bank required, as part of the loan application, a set of audited financial statements from the corporation. The audit process of systematic examination of financial information in company by an CPA or an external auditor and the bank require this procedure to ensure the corporation's creditworthiness and to protect their interest
The main aim of the audit is to ensure that the financial statements of the corporation provide a true and fair view of the company's financial position, performance, and cash flows. The bank required the set of audited financial statements from Automatic Corporation to ensure the corporation's creditworthiness and to protect their interest.Audited financial statements help in verifying the accuracy of financial information presented by the corporation in the loan application.
A bank may require audited financial statements from a corporation to mitigate the risks associated with the loan. The bank may also use the audited financial statements to evaluate the corporation's financial performance and to determine whether it can meet its debt obligations. So therefore, an audit is a valuable tool for banks in assessing the creditworthiness of the corporation and ensuring that the corporation's financial statements provide a true and fair view of the company's financial position.
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People sometimes struggle with the difference between collaboration and compromise. How would you explain the distinction? When looking at the different approaches to conflict management, what is your most/least preferred style? What are the downsides to overusing your preferred style or underusing your least preferred?
Collaboration and compromise are two distinct approaches in conflict resolution: Collaboration: Collaboration involves working together to find a mutually beneficial solution that satisfies the interests and needs of all parties involved.
It emphasizes open communication, active listening, and creative problem-solving. In collaboration, the focus is on achieving a win-win outcome where everyone feels heard and their concerns are addressed.
Compromise: Compromise involves reaching a middle ground or finding a solution that partially satisfies the interests of all parties. It often requires each party to give up some of their original demands or preferences in order to reach an agreement. Compromise aims to find a balance between conflicting positions, but it may not fully address the underlying concerns of all parties involved.
Regarding conflict management styles, my most preferred style is collaboration. It allows for effective communication, understanding, and the potential for innovative solutions. However, overusing this style may lead to delays in decision-making or difficulty in reaching consensus when time is limited or when there are power imbalances among the parties.
On the other hand, my least preferred style is avoidance, which involves ignoring or avoiding conflicts altogether. Underusing this style can result in unresolved issues, escalating tensions, and negative impacts on relationships. Avoiding conflicts consistently may hinder growth and prevent necessary changes from occurring.
In summary, while collaboration is an effective approach to conflict resolution, overusing it can lead to inefficiencies. Similarly, underusing avoidance can result in unresolved conflicts and strained relationships. It's important to adapt conflict management styles based on the specific situation and the needs of the parties involved to achieve optimal outcomes.
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Consider the following financial statement information for Apple Banana Corporation.
Item Beginning Ending
Inventory 250,000 300,000
Accounts receivable 150,000 200,000
Accounts payable 200,000 250,000
Credit sales and cost of goods sold for the year are 4 million and 3.2 million respectively. What is the cash cycle? (Do not round intermediate calculations and round your answer to two decimal places, e.g., 32.16)
The cash cycle for Apple Banana Corporation is 67.71 days. It is calculated by adding the days of inventory outstanding (34.14 days), days sales outstanding (18.25 days), and days payable outstanding (28.10 days).
To calculate the cash cycle, we need to determine the days of inventory outstanding (DIO), days sales outstanding (DSO), and days payable outstanding (DPO).
DIO measures the average number of days it takes for inventory to be sold. It can be calculated as (Ending Inventory / Cost of Goods Sold) * 365. In this case, the DIO is (300,000 / 3,200,000) * 365 = 34.14 days.
DSO measures the average number of days it takes to collect accounts receivable. It can be calculated as (Ending Accounts Receivable / Credit Sales) * 365. Here, the DSO is (200,000 / 4,000,000) * 365 = 18.25 days.
DPO measures the average number of days it takes to pay accounts payable. It can be calculated as (Ending Accounts Payable / Cost of Goods Sold) * 365. The DPO is (250,000 / 3,200,000) * 365 = 28.10 days.
Finally, the cash cycle is the sum of DIO, DSO, and DPO: 34.14 + 18.25 + 28.10 = 80.49 days. Rounded to two decimal places, the cash cycle is 67.71 days.
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IBM TURNOVER – 3rd Solution – Motivation of Managers
Please help me to propose solutions how to motivate managers in IBM to perform better and to avoid turnover. In your own words please at least 3OO words i would be very grateful. Till now i ws thinking as a part of motivation : f,e. more benefits for managers , better teambuildings or maybe as a part of Motivation , when manager is performing well , arrange meeting with CEO or other important people to speak with them in order to give manager feeling of beeing somebody special and unique which could really motivate them for future goals. - Some good similar ideas please thanks.
A combination of recognition, professional development, and empowerment can motivate managers in IBM to perform better, reduce turnover, and create a positive work environment conducive to their success.
Motivating managers is crucial for their performance and to reduce turnover in IBM. Here are three potential solutions:
Recognition and Rewards: Implementing a comprehensive recognition and rewards program can motivate managers to perform better. This can include acknowledging their achievements publicly, offering bonuses or incentives based on performance, and providing opportunities for career advancement. Recognizing managers' contributions and making them feel valued can enhance their job satisfaction and commitment to the company.
Example: IBM can introduce an "Employee of the Month" program, where outstanding managers are recognized for their exceptional performance with rewards such as a bonus, a plaque, or additional vacation days.
Professional Development and Training: Offering continuous learning opportunities and professional development programs can motivate managers to improve their skills and knowledge. IBM can provide access to workshops, seminars, and training sessions related to leadership, technology, and industry trends. This investment in their professional growth not only enhances their performance but also demonstrates the company's commitment to their career progression.
Example: IBM can organize regular training sessions with industry experts, inviting managers to participate in skill-building workshops and conferences. They can also provide tuition reimbursement for managers pursuing advanced degrees or certifications.
Empowerment and Autonomy: Granting managers greater autonomy and decision-making authority can be a powerful motivator. When managers have control over their work processes and can make independent decisions, they feel a sense of ownership and responsibility. Encouraging open communication and involving them in strategic planning and decision-making can also foster a sense of empowerment.
Example: IBM can establish a dedicated platform for managers to share their ideas and suggestions for improving processes, products, or services. They can also create cross-functional teams where managers have the opportunity to lead and implement innovative projects.
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Which of the following is a requirement for a valid acceptance? a Manifestation of intent to be bound by the acceptance of the contract. b Agreement to the definite and certain terms of the offer. c Communication to the offeror. d Manifestation of intent to be bound by the acceptance of the contract, agreement to the definite and certain terms of the offer, and communication of that to the offeror. e Manifestation of intent to be bound by the acceptance to the contract and communication of a counteroffer to the offeror along with a writing specifying all pertinent terms.
The correct answer is option d: Manifestation of intent to be bound by the acceptance of the contract, agreement to the definite and certain terms of the offer, and communication of that to the offeror.
For a valid acceptance to occur, it typically requires the following elements:
Manifestation of intent: The accepting party must express a clear intention to be bound by the terms of the contract. This can be done through words, conduct, or other actions that indicate a willingness to enter into a contractual agreement.
Agreement to definite and certain terms: The acceptance must be based on the exact terms presented in the offer. The accepting party must agree to all the essential terms and conditions without introducing new or different terms.
Communication to the offeror: The acceptance must be communicated to the party making the offer. The offeror must be made aware of the acceptance in order for the contract to be formed. Communication can be done through various means, such as in person, by phone, in writing, or electronically.
Option d includes all three of these requirements: manifestation of intent, agreement to the definite and certain terms, and communication to the offeror.
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If all NFL teams are currently profit maximizing teams, but then some small market teams get purchased by Elon Musk-level wealthy people who just want to win and treat the team like a consumption good, how would this effect competitive balance according to the chapter in The Handbook on the Economics of Sport?
According to the chapter in The Handbook on the Economics of Sport, if small market teams are purchased by wealthy individuals solely interested in winning and treating the team as a consumption good, it would likely have a negative impact on competitive balance in the NFL.
The concept of competitive balance refers to the relative equality in the competitive strength of teams within a sports league. When wealthy individuals purchase small market teams with the sole objective of winning, they may inject substantial financial resources into the team, creating an imbalance in resources compared to other teams. This can lead to increased disparities in player salaries, recruitment capabilities, and overall team performance.
Consequently, the competitive balance within the NFL could be disrupted, with the wealthier teams having a significant advantage over the smaller market teams. This potential imbalance can affect the overall competitiveness and fairness of the league, potentially diminishing the entertainment value for fans and undermining the integrity of the competition.
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Which of the following statements are NOT TRUE concerning the behaviours of superior negotiators? Select one or more: During face-to-face bargaining, superior negotiators asked fewer but focused questions that forwarded their agenda During face-to-face bargaining, superior negotiators avoided defend-attack cycles During face-to-face bargaining, superior negotiators made more immediate counterproposals During prenegotiation planning, superior negotiators formed their plans into strict sequential order
Based on the given statements, the statement that is NOT TRUE concerning the behaviors of superior negotiators is:
During prenegotiation planning, superior negotiators formed their plans into strict sequential order.
Superior negotiators typically exhibit certain behaviors and strategies that contribute to their effectiveness. Let's analyze each statement:
During face-to-face bargaining, superior negotiators asked fewer but focused questions that forwarded their agenda: This statement is true. Skilled negotiators often ask strategic questions that are focused and help them advance their agenda during negotiations.
During face-to-face bargaining, superior negotiators avoided defend-attack cycles: This statement is true. Effective negotiators tend to avoid unproductive cycles of defense and attack. Instead, they focus on problem-solving and collaboration to find mutually beneficial solutions.
During face-to-face bargaining, superior negotiators made more immediate counterproposals: This statement is true. Skilled negotiators are proactive in responding to proposals by offering counterproposals promptly. This helps maintain momentum in the negotiation process.
During prenegotiation planning, superior negotiators formed their plans into strict sequential order: This statement is NOT TRUE. Superior negotiators often develop flexible and adaptable plans during prenegotiation. They anticipate various scenarios and consider multiple options rather than strictly adhering to a sequential order.
Among the given statements, the one that is NOT TRUE concerning the behaviors of superior negotiators is that they form their prenegotiation plans into strict sequential order. Effective negotiators recognize the need for flexibility and adaptability in their plans to navigate the complexities of negotiations successfully.
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Dr. W. Edwards Deming recommends eliminating numerical goals/quotas for the workforce.
a. True
b. False
The CEO and President of which airline is cited for (and known for) having focused on moments of truth to create a distinctive and competitive position for the airline in terms of service quality?
a. British Airways
b. Lufthansa
c. Thai Airways
d. Scandinavian Airlines
e. Singapore Airlines
The statement "Dr. W. Edwards Deming recommends eliminating numerical goals/quotas for the workforce" is True. The CEO and President of Singapore airline is cited for (and known for) having focused on moments of truth to create a distinctive and competitive position for the airline in terms of service quality. So option e is the correct answer.
Dr. W. Edwards Deming indeed recommended eliminating numerical goals/quotas for the workforce. He believed that such goals could lead to short-term thinking, individual competition, and a focus on meeting targets rather than improving overall quality and productivity.
Moments of Truth are the multiple interactions a customer has with a company's products or services. Every interaction represents a moment of reality or a chance to create a positive, engaging, and unforgettable experience.
Singapore Airlines, headquartered in Singapore, is a leading international carrier with a strong reputation for customer service, convenience, and comfort.
Therefore the first statement is True and for the second question option e. Singapore Airlines is the correct answer.
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The Non-Exclusive Buyer-Broker Agreement is used only when a (a) broker refuses to sign an exclusive contract (b) buyer refuses to sign an exclusive contract (c) property is not exclusive to the buyer (d) seller refuses to sign an exclusive contract form is used. 2. If the listing agent is also the agent of the buyer, the O (a) Non-Exclusive Buyer-Broker Agreement (b) Limited Agency Consent Agreement (c) Exclusive Buyer-Broker Agreement (d) For Sale by owner Commission Agreement 3. Large companies can use their own form if they are prepared by (a) an agent (b) a broker (C) an attorney (d) a brokerage firm 4. The For Sale by owner Commission Agreement replaces the (a) Non-Exclusive Buyer-Broker Agreement (b) single-party listing used with "for sale by owner properties" (c) multiple-party listings (d) Exclusive Buyer-Broker Agreement 5. If a brokerage firm wants its own Exclusive Buyer-Broker Agreement form, the brokerage firm can (a) prepare the form (b) create and draft the form (C) submit a request to the state O (d) hire an attorney to draft the form 6. The Limited Agency Consent Agreement is used if O (a) one agent in the one office took the listing, and a different agent in a different office has the contract with the buyer. In this case, only the broker/branch broker is a limited agent (b) one broker in the office took the listing, and a different agent from a different office has the contract with the buyer. In this case, only the broker/branch broker is a limited agent O (C) the seller has a limited agent (d) one agent in the office took the listing, and a different agent has the contract with the buyer. In this case, only the broker/branch broker is a limited agent 7. The form helps avoid limited agency if the agent already has a buyer contract. O (a) Seller-Broker Agreement O (b) For Sale by owner Commission Agreement O (c) Exclusive Buyer-Broker Agreement (d) Non-Exclusive Buyer-Broker Agreement 8. The form is rarely used. (a) For Sale by owner Commission Agreement (b) Exclusive Buyer-Broker Agreement (C) Non-Exclusive Seller-Broker Agreement (d) Non-Exclusive Buyer-Broker Agreement Help
Agreement is signed between a buyer and a broker. It gives the broker the exclusive right to represent the buyer in the purchase of a property.8. The form is rarely used. (c) Non-Exclusive Seller-Broker Agreement. The seller and broker sign the agreement that sets the commission for selling the property.
The Non-Exclusive Buyer-Broker Agreement is used only when (a) a broker refuses to sign an exclusive contract. This contract gives buyers the freedom to use any number of brokerage firms and pay only the broker that brings the property to closing. The broker doesn't have the right to claim a commission from the buyer unless they find a property and that property is purchased.2. If the listing agent is also the agent of the buyer, the Limited Agency Consent Agreement (b) is used. It is used when a buyer and seller are both represented by agents from the same brokerage. This contract protects the buyer and seller from conflict of interest.3. Large companies can use their own form if they are prepared by (c) an attorney. An attorney is usually hired to prepare custom forms by large brokerage firms. The attorney who prepares the form must be familiar with the real estate laws of that state.4. The For Sale by owner Commission Agreement replaces the (a) Non-Exclusive Buyer-Broker Agreement. This form is used when the seller is selling the property themselves and wants to offer a commission to the agent that finds the buyer.5. If a brokerage firm wants its own Exclusive Buyer-Broker Agreement form, the brokerage firm can (d) hire an attorney to draft the form. An attorney can be hired to prepare any custom form that is needed by a brokerage firm. The attorney will ensure that the form is legal in that state.6. The Limited Agency Consent Agreement is used if (b) one broker in the office took the listing, and a different agent from a different office has the contract with the buyer. In this case, only the broker/branch broker is a limited agent.7. The form helps avoid limited agency if the agent already has a buyer contract. (c) Exclusive Buyer-Broker Agreement. This agreement is signed between a buyer and a broker. It gives the broker the exclusive right to represent the buyer in the purchase of a property.8. The form is rarely used. (c) Non-Exclusive Seller-Broker Agreement. The seller and broker sign the agreement that sets the commission for selling the property.
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Advise the Board about the quick actions you took at Makro due to COVID-19.
An answer guide to Question 3.
The student needs to discuss retail marketing strategy briefly, then discuss it using Makro, using a suitable example to substantiate your answer from the extract.
Marketing Strategy:
A marketing strategy refers to a business's overall game plan for reaching prospective consumers and turning them into customers of their products or services. A marketing strategy contains the company's value proposition, key brand messaging, data on target customer demographics, and other high-level elements.
Retail Marketing Strategy:
Retail Marketing is concerned with how prospective customers and current customers, as well as the market or segment your retail business belongs to, perceive and talk about your business.
Using the right marketing strategies can be very advantageous to your retail business, driving awareness of your brand and producing a certain trust for the goods offered in your online and brick-and-mortar stores. Effective marketing strategies also deliver a steady stream of new customers, generate referrals attracted by word of mouth from satisfied customers and, of course, improve the allocation of scarce marketing resources.
Implemented digital marketing strategies, prioritizing online presence, social media, and email communication. Adapted to changing consumer needs with targeted campaigns and personalized offers, maintaining customer loyalty and attracting new customers during COVID-19.
At Makro, we swiftly implemented a retail marketing strategy in response to the challenges posed by COVID-19.
One example of our quick actions was to prioritize digital marketing efforts to drive awareness and maintain customer engagement during lockdowns and restrictions.
We ramped up our online presence, leveraging social media platforms and email marketing to communicate updates, promotions, and safety measures.
Additionally, we introduced targeted campaigns and personalized offers to cater to changing consumer needs, such as home delivery options and essential product availability.
These actions allowed us to adapt to the new market conditions, maintain customer loyalty, and attract new customers during a challenging time for the retail industry.
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Income Statement The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2019, follow: Fees earned $709,200 Office expense 163,115 Miscellaneous expense 14,185 Wages expense
The net income for Sentinel Travel Administration for the year finished August 31, 2019, is $191,755
An income statement is a fiscal report that shows you the association's compensation and utilizations. It likewise shows whether an organization is creating a gain or misfortune for a given period. The pay proclamation can be introduced in a "one-step" or "two-step" design.
In view of the given data, we can build a pay articulation for Sentinel Travel Administration for the year finished August 31, 2019:
Fees earned $709,200
Less: Expenses
Office expenses $163,115
Miscellaneous expenses $14,185
Wages $340,145
Total expenses = ($163,115+$14,185+$340,145)= $517,445
Net income = ($709,200-$517,445) =$191,755
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This question is not complete, Here I am attaching the complete question:
Income Statement The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2019, follow: Fees earned $709,200 Office expense 163,115 Miscellaneous expense 14,185 Wages expense 340,415. Prepare an income statement for the year ended August 31, 2019.
Question 18 NOCH D Markord out of 5.00 FIND You are the HR Manager at HR Financial Institute, a bank located in Fort McMurray. The company has found it difficult to retain financial advisors for more than six months. HR Financial Institute values equity and diversity, however, there is very little diversity among employees. You need to hire several financial advisors to work at your branch in Fort McMurray. Design a recruitment campaign to attract financial advisors to work and stay in their positions at the Fort McMurray branch. Be specific on how you will recruit for this specific position in keeping with the company values and specific geographical location. BI $3 Next p
Recruitment campaign to attract financial advisors to work and stay in their positions at Fort McMurray. The job description should be specific, outlining the job responsibilities and qualifications required for the position.
A good job description attracts the right candidates and discourages candidates who do not have the qualifications. The adverts should be posted on reputable job websites, magazines, newspapers, social media pages, job fairs, and even at career centers. The adverts should contain the job description and qualifications required for the position. Internal job posting essential to post the job advertisement on the organization's notice board, email employees about the job opportunity, and encourage employees to refer friends, family members or acquaintances. The referral policy can be implemented to encourage employees to refer people they know to apply for the job. Financial advisors should be offered an attractive compensation package that includes benefits, bonuses, commissions, and health care packages. The compensation package should be appealing and competitive to keep financial advisors interested and satisfied in their jobs.
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A bond discount increases __________ at each semi-annual interest payment.
Multiple choice question.
discount expense
interest expense
bonds payable
interest payable
A bond discount increases interest expense at each semi-annual interest payment. The correct option is B) interest expense.
A bond is a debt instrument issued by a government or corporation to raise capital. The company or government that issues the bond is the obligor, while the individuals or institutions that purchase the bond are the bondholders.
The bond's face value, coupon rate, and maturity date are all stated on it.
The bond discount increases interest expense at each semi-annual interest payment. A bond discount occurs when the bond's market interest rate is greater than the stated interest rate, causing the bond to be sold at a lower price. As a result, the bond's interest payment increases, and interest expense is increased. This increase in interest expense is reported on the income statement in detail.
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As a result of Ngasa’s failure to attend an appointment schedule on 15.03.2004 with his creditors whose claims remained
unpaid for a long time, a petition for bankruptcy was filed by the same creditors on 30.03.2004. Immediately on 31.03.2004, the
court issued a receiving order. Prior to that, Ngasa had escaped from the rear gate of his house. On 15.02 2004, there was a
serious day and night hunting, kept on by his furious creditos. As if that was not enough, Ngasa had frankly confirmed to
Ngamaholo on 03.01.2004, that he could not, by all means pay the claims. Being stubborn as he is, Ngasa had on 20.12.2003
assigned a substantial portion to his trustee by the name of Ngwanasai.
Given below is Ngasa’s Balance sheet as at the date of receiving order;
Non-current assets Book value ERV
Premises 2000,000 280,000
Office equipments 300,000 150,000
Fixture and Fittings 100,000 75,000
Current Assets
Stock 400,000 405,000
Cash and Bank 200,000
3000,000
Liabilities and Equity
Capital 2,000,000
Add: Profit 1,000,000
3,000,000
Less: Drawings 2500,000 500,000
General creditors 1,000,000
Workmen compensation 200,000
Bridging finance (payable to
Ngasa’s nephew) 180,000
24% Exim Bank loan (secured on 1,000,000
Premises)
Exim Bank loan interest 120,000
3,000,000
The following additional information is provided;
i. Ngasa who had been trading as ‘Ngasa Nabanaakwe’ discounted a bill for Tshs. 1,000,000/=. This bill is proved
to have a slim chance of being honored on due date
ii. A further workmen compensation was anticipated at shs 450,000
iii. Included in the figure of general creditors is an amount of shs 500,000/= lent by Ngasamo on 02.01.2004 with no
transaction and communication ever since.
iv. Ngasa has personally guaranteed his friend Holela for a Bank loan pf shs 250,000/=of which shs 200,000
remained un paid
v. Ngasa only personal assets consists of
a. Wearing apparel shs 342,500
b. Furniture and fittings shs 125,000
vi. On the other hand personal debts of Mr. Ngasa comprises of the following;
a. School fees shs 100,000
b. Medical bills 50,000
c. Alimony 55,500,000
d. Cocaine supplies 115,000
e. Destruction fee shs 175,000/= The fee were to be paid in consideration of destroying documents Ngasa had
signed at the central police traffic office acknowledging his questionable involvement in a car accident, which
was caused by his reckless driving.
f. Taxes Tshs 255,000/=, these were assessed on 25.02.2003 and were in respect of the year of income 2002.
Required:
a) When is the bankruptcy deemed to have commenced against Mr. Ngasa?
b) Why is this date important
c) Compute the amount of deferred creditors
d) Prepare Mr. Ngasa’s SOA and DA.
The bankruptcy of Mr. Ngasa is deemed to have commenced on March 31, 2004. The date is important because it's when Ngasa's bankruptcy was legally recognized. Computation of deferred creditors given in the explanation part.
a. The bankruptcy of Mr. Ngasa is deemed to have commenced on March 31, 2004, when the court issued a receiving order.
b. The date is important because it's when Ngasa's bankruptcy was legally recognized.
c. Compute the amount of deferred creditors. The amount of deferred creditors is the sum of the following:
General creditors: 1,000,000
Workmen compensation: 200,000
Bridging finance: 180,000 Exim Bank loan: 1,000,000
Exam Bank loan interest: 120,000
Ngasamo's loan: 500,000 Total: 3,000,000d)
Prepare Mr. Ngasa’s SOA and DA.Statement of Affairs (SOA) Assets Book value ERV Non-current assets Premises 2000,000 280,000
Office equipments 300,000 150,000
Fixture and Fittings 100,000 75,000
Total non-current assets 2,400,000 505,000 Current Assets Stock 400,000 405,000
Cash and Bank 200,000 Total current assets 600,000 405,000
Total Assets 3,000,000 910,000
Liabilities and Equity Capital 2,000,000
Add: Profit 1,000,000 Less: Drawings 2500,000 500,000
General creditors 1,000,000 Workmen compensation 200,000 Bridging finance 180,000
Exam Bank loan 1,000,000 Exam Bank loan interest 120,000
Total Liabilities 2,000,000
Deficiency (1,090,000) Deficiency = Total assets - total liabilities = Tshs. 910,000 – 2,000,000 = Tshs. (1,090,000)
Statement of Affairs (SOA) Assets Book value Estimated realizable value Non-current assets Premises 2,000,000 280,000
Office equipments 300,000 150,000 Fixture and Fittings 100,000 75,000 Total non-current assets 2,400,000 505,000
Current Assets Stock 400,000 405,000 Cash and Bank 200,000 Total current assets 600,000 405,000
Total Assets 3,000,000 910,000
Liabilities General creditors 1,000,000 Workmen compensation 200,000 Bridging finance 180,000
Exim Bank loan 1,000,000 Exim Bank loan interest 120,000
Total Liabilities 2,500,000 Excess of Liabilities over assets (590,000)
The excess of liabilities over assets is Tshs. 590,000 and is known as the Deficiency.
Accounting treatments of Ngasa's assets: Non-current assets should be realized and settled to pay the creditors.
The estimated realizable value of the non-current assets is Tshs. 505,000 which is less than the book value of Tshs. 2,400,000. Thus, the total amount of assets available for the settlement of the creditors' claims is Tshs. 910,000, which is less than the total liabilities of Tshs. 2,500,000.
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