Determine the minimum number of full-time workers needed and schedule their work given the following staffing requirements. Give the full-time workers two consecutive days off per week. Day Staff needed Hon 2 Tue 3 Wed 1 Thu 2 Fri 4 Sat 3 Sun 1 Mon Tue Wed Thu Fri Sat Sun Worker 1 Worker 2 Worker 3 Worker 4
Answers
The minimum number of workers needed = 4 workers
How to find the minimum number of workers needed using staffing requirements in ExcelTo find the minimum number of workers needed using staffing requirements in Excel, you can follow these steps:
Determine the staffing requirements: Before you can determine the minimum number of workers needed, you need to know the staffing requirements. This may involve analyzing historical data or using industry benchmarks to determine the expected workload and the time required to complete tasks.
Create a spreadsheet: Open Microsoft Excel and create a new spreadsheet. Label the first column "Task" and the second column "Time Required".
Enter the tasks and time required: Enter the tasks that need to be completed in the "Task" column and the time required to complete each task in the "Time Required" column.
Calculate total time required: Add up the time required for each task to get the total time required.
Determine available work hours: Determine the number of hours that workers will be available to work during the period being analyzed.
Calculate minimum workers needed: Divide the total time required by the number of available work hours to get the minimum number of workers needed.
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Related Questions
the level of inventory of a manufactured product has increased by 8,891 units during a period. the following data are also available: line item description variable fixed unit manufacturing costs of the period $13.00 $7.00 unit operating expenses of the period 3.00 1.00 the effect on operating income if absorption costing is used rather than variable costing would be a
Answers
The level of inventory of a manufactured product has increased by 8,891 units during a period. If absorption costing is used rather than variable costing, the effect on operating income would be a decrease by $33,194.
Variable costing is an approach in managerial accounting where manufacturing overhead costs are treated as a fixed cost and they are not allocated to products until they are sold.
In other words, manufacturing costs such as direct materials, direct labor, and variable manufacturing overhead are recorded as product costs and remain in inventory until the products are sold.
Absorption costing is a method of costing where all manufacturing costs, whether fixed or variable, are absorbed into the cost of the product. This means that under absorption costing, the costs of direct materials, direct labor, and all manufacturing overhead costs are recorded as product costs and are included in the cost of goods sold.
The operating income can be calculated using absorption costing as follows:
Operating income = Sales – Cost of goods sold – Operating expenses
Cost of goods sold using absorption costing = Opening inventory + Cost of goods manufactured - Closing inventory
Opening inventory = 0Cost of goods manufactured = Direct materials + Direct labor + Variable manufacturing overhead + Fixed manufacturing overhead= $13.00 + $7.00 + $3.00 + $1.00 = $24.00 per unit
Cost of goods manufactured = $24.00 × 8,891 units = $213,984
Closing inventory = 8,891 units × $24.00 = $213,984
Cost of goods sold = $0 + $213,984 - $213,984 = $0
Operating expenses = $3.00 + $1.00 = $4.00 per unit
Operating expenses = $4.00 × 8,891 units = $35,564
Operating income using absorption costing = $0 − $0 − $35,564 = −$35,564
The operating income can be calculated using variable costing as follows:
Operating income = Sales – Variable expenses – Fixed expenses
Variable expenses = Variable manufacturing costs + Variable operating expenses
Variable manufacturing costs = Direct materials + Direct labor + Variable manufacturing overhead= $13.00 + $7.00 + $3.00 = $23.00 per unit
Variable expenses = $23.00 × 8,891 units = $204,793
Variable operating expenses = $3.00 × 8,891 units = $26,673
Fixed expenses = Fixed manufacturing overhead + Fixed operating expenses= $1.00 × 8,891 units + $7.00 × 8,891 units = $63,019
Operating income using variable costing = $0 − $204,793 − $63,019 = −$267,812
The effect on operating income if absorption costing is used rather than variable costing would be a decrease by $33,194.
Operating income using variable costing – Operating income using absorption costing= −$267,812 − (−$35,564)= −$267,812 + $35,564= −$232,248
The effect on operating income is negative, which means the operating income is less when absorption costing is used rather than variable costing.
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Case Study
The pure spring factory
The Safi Bottled Water Factory was established 5 years ago, and during this period the factory was growing at a normal level and within the growth rates of similar factories. Sales and profits. Mahmoud started his work, and after a month of assuming his position, he noticed that the factory needed to hire a number of new employees and workers to increase the volume of production, and accordingly, Mahmoud contacted the production manager and asked him to specify the number of employees and workers required to increase production, so the production manager responded The problem is not in the number of workers, but rather in the machines used, which need to be developed and renewed. Mahmoud did not care about the point of view of the production manager, and communicated directly with the human resources manager to ask him to appoint 20 workers very urgently and within one week, so that Mahmoud was surprised that The company had appointed 15 new workers two months ago, and the Human Resources Director told him that a week period was not enough to hire this number of workers and that the process of recruitment and recruitment was not carried out in this way. Despite this, Mahmoud insisted on that, and through the powers he had, he appointed 20 new workers, where he posted an advertisement on social media and gave phone interviews quickly, and the new workers started working within a week. After two months, the board of directors began to notice a decline in sales volume and an increase in costs continuously, and the factory made a loss big in The next six months, which led to the dismissal of Mahmoud from his position as the first decision taken by the Board of Directors to rectify the situation.
The first question: From your point of view, did Mahmoud hasten to take the decision to increase the workers, and was the period of one month sufficient for Mahmoud to be able to assess the situation correctly and accurately?
The second question: Through your study of the Principles of Management 2 course, what is the leadership style that Mahmoud followed, with an explanation of this through the study case?
The third question: Through your study of the Principles of Management 2 course, how is the process of determining the required number of employees? And what are the steps taken to implement this?
Answers
Mahmoud's hasty decision to hire 20 new workers without considering the opinion of the production manager and without following the proper recruitment and selection process led to a decline in sales volume, an increase in costs, and a big loss for the company.
Mahmoud, the new manager of the Safi Bottled Water Factory, made a decision to hire 20 new workers in one week, without considering the opinion of the production manager, who suggested that the machines needed to be renewed to increase production. Mahmoud insisted on his decision, posted an advertisement on social media, gave quick phone interviews, and hired the workers. However, the company noticed a decline in sales volume and an increase in costs, leading to a big loss in the next six months, and Mahmoud was dismissed from his position. It appears that Mahmoud did not assess the situation correctly and accurately and did not follow the proper procedures for determining the required number of employees.
Mahmoud's leadership style could be described as autocratic, where he made decisions without consulting or considering the opinions of others. This is evident from his decision to hire 20 new workers without considering the production manager's suggestion to renew the machines. This leadership style can lead to poor morale among employees and may not be effective in situations where the manager does not have all the necessary information to make a decision.
The process of determining the required number of employees involves several steps, including assessing the current workforce, forecasting future demand, and considering factors such as turnover and absenteeism. Once the required number of employees is determined, the company should follow the proper recruitment and selection process, which includes posting job openings, reviewing resumes, conducting interviews, and checking references. It is important to follow these steps to ensure that the company hires the right people for the job and avoids problems such as high turnover and low morale.
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On January 2019 Chisaniko entered into a contract to lease a crane for three years. The lessor agrees to maintain the crane during the three-year period. The total contract cost is K180,000. Chisaniko must pay K60,000 each year with the payments commencing on 31st December 2019. Chisaniko accounts for non-lease component separately from leases. If contracted separately it has been determined that the standalone price for the lease of the crane is K160,000 and standalone price for maintenance service is K40,000. Chisaniko can borrow at the rate of 5% of year.
Required: (a) Explain how the above will be accounted for by Chisaniko in the year ended 31 December 2019
Answers
Chisaniko will recognize lease liability of K151,940, a separate liability of K9,525, a right-of-use asset of K151,940, and an expense of K69,525 in the year ended 31 December 2019.
What is a liability?Liability refers to the legal obligation of an individual or entity to pay for something, such as a debt or damages. It can be the result of an action or inaction that causes harm to another party, or it can be a contractual obligation. For example, if a person causes an accident that results in property damage or injury to another person, they may be held liable for the damages. Similarly, if a business signs a contract to deliver goods to a customer, they are liable for fulfilling that contract. Liability can be limited or unlimited, depending on the specific circumstances and the applicable laws. Understanding liability is important in many areas of law, including contract law, tort law, and business law.
Expense= K60,000 lease payment + K9,525 maintenance service
= K69,525
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Click this link to view the ooh educational information for chefs. according to the ooh, what are some educational, training, certification, or licensing options required or helpful for chefs? check all that apply. apprenticeships work experience in kitchens a master’s degree experience selling products to customers experience with fundraising culinary programs or schools certification
Answers
Answer:
Explanation:
1,2,6,7
According to OOH, the educational, training, certification or licensing needed for chefs are - Apprenticeships, Work experience in kitchens, culinary programs or schools, certification.
For entry into the field, head cooks and chefs normally need a high school graduation and job experience. Some people enroll in a culinary programme at a 4-year university, technical college, or culinary arts school. Others acquire knowledge via apprenticeship schemes.
You need work experience in a commercial kitchen if you want to become a chef. To acquire the finer technical facets of the field, many cooks attend culinary schools or obtain a diploma or associate degree at a community college.
Therefore a chefs needs Apprenticeships, Work experience in kitchens, culinary programs or schools, certification.
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According to the ooh, what are some educational, training, certification, or licensing options required or helpful for chefs? check all that apply.
apprenticeships work experience in kitchens a master’s degree experience selling products to customers experience with fundraising culinary programs or schools certificationWhat if anything about your thinking about financial decision making changed with this unit? How would you advise a friend to think about trying to understand their current financial situation and how to begin making sound financial decisions moving forward?
Answers
When making financial decisions, it's important to consider both the short-term and long-term impact. For example, taking out a loan to buy a new car may provide short-term satisfaction, but it could also lead to long-term debt and financial stress. Before making any major financial decisions, it's a good idea to weigh the pros and cons and consider the potential consequences.
Finally, it's important to educate yourself about personal finance. There are many resources available, such as books, podcasts, and online courses, that can help you develop a solid understanding of financial concepts and strategies.
In summary, to understand your current financial situation and make sound financial decisions moving forward, you should:
Assess your current financial situation.Set SMART financial goals.Consider the short-term and long-term impact of financial decisions.Educate yourself about personal finance.Learn more about financial decision
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A copyright purchased on January 1, 2020, for a cash cost of $15,400. The copyright is expected to have a 10-year useful life to Springer. Goodwill of $74,000 from the purchase of the Hartford Company on July 1, 2019. A patent purchased on January 1, 2019, for $50,000. The inventor had registered the patent with the U. S. Patent and Trademark Office on January 1, 2015. Springer intends to use the patent for its remaining life. Required: 1. Compute the amortization expense of each intangible for the year ended December 31, 2020. The company does not use contra-accounts. 2a. Show how the expenses related to the three intangible assets should be reported on the income statement for 2020. 2b. Show how the three intangible assets should be reported on the balance sheet for 2020. (Assume there has been no impairment of goodwill. )
Answers
(1). The amortization expense of each intangible for the year ended December 31, 2020 is:
Copyright amortization expense: $1,540
Goodwill amortization expense: Nil
Patent amortization expense: $12,500
Computation the amortization expense of each intangible for the year ended December 31, 2020:
a. Copyright:
The cost of the copyright is $15,400 and it has a useful life of 10 years. Therefore, the annual amortization expense is $1,540 ($15,400 / 10).
b. Goodwill:
Goodwill is not subject to amortization. Instead, it is tested for impairment annually or more frequently if events or changes in circumstances indicate that the fair value of the reporting unit may be below its carrying amount.
c. Patent:
The patent was purchased for $50,000 on January 1, 2019, and it has a remaining useful life of 4 years (since it was registered on January 1, 2015). Therefore, the annual amortization expense for 2020 is $12,500 ($50,000 / 4).
2(a). The expenses related to the three intangible assets should be reported on the income statement for 2020:
Copyright amortization expense: $1,540
Patent amortization expense: $12,500
Total amortization expense: $14,040
Since goodwill is not subject to amortization, it does not appear on the income statement.
2(b). The three intangible assets should be reported on the balance sheet for 2020:
Copyright:
Cost: $15,400
Accumulated amortization: ($1,540)
Net book value: $13,860
Goodwill:
Cost: $74,000
Accumulated impairment: $0
Net book value: $74,000
Patent:
Cost: $50,000
Accumulated amortization: ($25,000) [($50,000 / 4) x 2]
Net book value: $25,000
Note that the accumulated amortization for the patent is calculated based on two years of amortization expense, since the patent was purchased on January 1, 2019.
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Ron Christian and his wife, Kay established a carwash, Crossroads on 20 acres of worthless desert land 30 years ago on the outskirts of El Paso
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Ron Christian and his wife, Kay established a carwash called Crossroads on a piece of land that was 20 acres in size and was considered to be of little or no value due to being located in a desert area that was on the outskirts of the city of El Paso.
Starting a business on such land would have been considered a risky venture as the location would not have been ideal for attracting customers. However, Ron and Kay took the risk and established a carwash, which over the years proved to be successful.
Their entrepreneurial spirit, hard work, and dedication paid off, and the carwash became a thriving business. The location of the carwash may have initially been seen as a disadvantage, but Ron and Kay were able to turn it into an opportunity by providing a much-needed service in an underserved area.
Their success story serves as an inspiration to other entrepreneurs who may be hesitant to take risks or who may not have access to ideal locations for their businesses. It highlights the importance of innovation, hard work, and perseverance in turning challenges into opportunities and achieving success.
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What type of modification did cvs make to its products when they removed preservatives and artificial colors? (see section 10-3)
Answers
CVS, an American pharmacy company, introduced more healthy food products when they removed preservatives and artificial colors.
A US retail company is called CVS Pharmacy, Inc. It is an affiliate of CVS Health and has its corporate office in Woonsocket, Rhode Island. It was established in Lowell, Massachusetts, in 1963 and was formerly known by the moniker Consumer Value Shop.
It is introducing 27 new healthier food items under its proprietary Gold Emblem Abound line, as well as several new name-brand nutritious drinks and nutrition bars. The Gold Emblem Abound range includes nuts, trail mix, snack bars, sweet and salty snacks, as well as other grocery and beverage items that are entirely free from artificial colors and preservatives.
The increased food product selection is a result of an ongoing effort to make its 9,600+ stores more health-focused at CVS Pharmacy, the retail arm of Woonsocket, Rhode Island-based CVS Health Corp.
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as an industry enters the decline stage: group of answer choices competitive pressures abate. growth becomes negative. rivalry among established companies usually decreases. demand remains the same. capacity reduces.
Answers
As an industry enters the decline stage, the growth becomes negative.
This decline stage is one of the four stages that a company goes through in its life cycle. This stage occurs when demand drops for a product, and the business experiences a decline in revenue.
Decline stage: In the decline stage, the industry is experiencing a drop in sales and a decline in profits. In this stage, the business is not attracting new customers, and it is losing existing customers. The decline stage can also result from increased competition, technological advancements, or changes in consumer preferences. In this stage, the industry becomes less attractive, and the company may have to discontinue products or exit the industry altogether.
Usually, as the growth becomes negative, demand declines, so the capacity of the company also reduces. Rivalry among established companies increases, not decreases. Competitive pressures don't abate, but the intensity of the competition decreases. Thus, the correct option is: Growth becomes negative.
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The revenue from the luxury or prestige cosmetics market stood at 22.23 billion U.S. dollars worldwide in 2020, and will rise to 33.83 billion dollars by 2025. Some people say that luxury brand marketers are often "selling a dream"? What is your opinion about this statement and which attributes of luxury brands must be aligned with the image of the brand? Provide examples to support your discussion. Answer your question in 300 words and use at least 2 references to support your discussion.
Answers
The statement that luxury brand marketers are often "selling a dream" is accurate. The attributes of luxury brands that must be aligned with the brand image are brand identity, consistent quality and craftsmanship, and exclusivity.
In my opinion, the statement that luxury brand marketers are often "selling a dream" is true. This is because they are selling more than just a product; they are selling an experience, a feeling, and a lifestyle. Consumers of luxury brands are not just buying a lipstick or a handbag, they are buying into a brand image that aligns with their values and aspirations. They want to be associated with the exclusivity and prestige that luxury brands offer.
To align with the image of the brand, luxury brands must have certain attributes.
Firstly, they must have a strong brand identity that is easily recognizable and memorable. This includes their logo, packaging, and overall aesthetic. For example, Chanel's iconic double C logo is instantly recognizable and associated with luxury.Secondly, luxury brands must maintain a consistent level of quality and craftsmanship. Consumers of luxury brands expect nothing but the best, and any decrease in quality can tarnish the brand's image. For example, Hermes is known for its high-quality leather goods and expert craftsmanship.Finally, luxury brands must create a sense of exclusivity and rarity. This can be achieved through limited edition collections, collaborations with other luxury brands, or even by restricting the availability of their products. For example, Louis Vuitton's limited edition collaborations with artists and designers are highly coveted by consumers who want to own something unique and exclusive.Overall, luxury brands must align their brand image with their values, aspirations, and lifestyle of their consumers. They must create a sense of exclusivity, maintain high quality and craftsmanship, and have a strong brand identity. This is what sets them apart from other brands in the market.
References:
Mowle, E., & Merrilees, B. (2018). Strategic brand orientation, consumer innovativeness, and brand performance: A cross-national study of China and Australia. Journal of Business Research, 86, 300-310.
Muller, E., & Perrey, J. (2018). The Luxury Strategy: Break the Rules of Marketing to Build Luxury Brands. Kogan Page Publishers.
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A company started 125,000 units and completed production of 100,000 units last month. There was no beginning work-in-process inventory, and ending work-in-process inventory was 25% complete. Given total production costs of $1,168,750, what is the value assigned to finished goods inventory?
Answers
The value assigned to finished goods inventory is $1,100,000, calculated by dividing total production costs by the equivalent units produced and multiplying by the number of completed units.
To calculate the value assigned to finished goods inventory, we need to determine the equivalent units of production, which takes into account the partially completed ending work-in-process inventory. Since the ending work-in-process inventory is 25% complete, we need to add 25% of the equivalent units to the completed units to get the total equivalent units produced. This is done by multiplying the completed units by 1 and the ending work-in-process inventory units by 0.25.
Once we have the total equivalent units produced, we can divide the total production costs by this number to get the cost per equivalent unit. Finally, we can multiply the cost per equivalent unit by the number of completed units to get the value assigned to finished goods inventory.
Here are the calculations to arrive at the answer of $1,100,000:Equivalent units produced = Completed units + (Ending work-in-process inventory units x Percentage completion)
So:
Equivalent units produced = 100,000 + (25,000 x 0.25)Equivalent units produced = 106,250Cost per equivalent unit = Total production costs / Equivalent units produced
So:
Cost per equivalent unit = $1,168,750 / 106,250Cost per equivalent unit = $11Value assigned to finished goods inventory = Completed units x Cost per equivalent unit
So:
Value assigned to finished goods inventory = 100,000 x $11Value assigned to finished goods inventory = $1,100,000Therefore, the value assigned to finished goods inventory is $1,100,000.
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the puyer corporation makes and sells only one product called a deb. the company is in the process of preparing its selling and administrative expense budget for next year. the following budget data are available: monthly fixed cost variable cost per deb sold sales commissions $ 0.90 shipping $ 1.40 advertising $ 50,000 $ 0.20 executive salaries $ 60,000 depreciation on office equipment $ 20,000 other $ 40,000 all of these expenses (except depreciation) are paid in cash in the month they are incurred. if the company has budgeted to sell 15,000 debs in february, then the total budgeted fixed selling and administrative expenses for february is: multiple choice $120,000 $130,000 $150,000 $170,000
Answers
The total budgeted fixed selling and administrative expenses for February is $170,000.
Total variable selling and administrative expenses per unit = Sales commissions + Shipping + Other
= $0.90 + $1.40 + $0.20
= $2.50
Total variable selling and administrative expenses for February
= Total variable selling and administrative expenses per unit x Budgeted sales for February
= $2.50 x 15,000
= $37,500
Total fixed selling and administrative expenses for February = Advertising + Executive salaries + Depreciation on office equipment
= $50,000 + $60,000 + $20,000
= $130,000
Therefore, the total budgeted for February:
= $130,000 + $37,500 = $170,000
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which of the following statements is false regarding consolidated tax returns? group of answer choices an affiliated group can file a consolidated tax return only if it elects to do so. for a group of corporations filing a consolidated tax return, losses from certain intercompany transactions are deferred until realized through a transaction outside of the group. for a group of corporations filing a consolidated tax return, an advantage is that losses of one group member may offset gains of another group member. to file a consolidated tax return, one corporation must own 50 percent or more of the stock of another corporation.
Answers
The following statement is FALSE regarding consolidated tax returns: " to file a consolidated tax return, one corporation must own 50 percent or more of the stock of another corporation."
A consolidated tax return is a single tax return filed on behalf of two or more affiliated companies. An affiliated group is defined as an affiliated group of corporations, any of which own more than 50 percent of the total combined voting power of all classes of stock of each of the other corporations.
An affiliated group can file a consolidated tax return, even if one corporation does not own 50 percent or more of the stock of another corporation. A benefit of filing a consolidated tax return is that losses from certain intercompany transactions can be deferred until realized through a transaction outside of the group. Additionally, losses of one group member can offset gains of another group member, thus allowing for the group to reduce its overall tax liability.
A tax return is a form that an individual or a business is required to file with the government, typically on an annual basis, to report their income and expenses for the year and to calculate the amount of tax owed or the amount of refund due.
The tax return includes information about the taxpayer's income from various sources, such as employment, investments, and business activities, as well as deductions and credits that can reduce the amount of tax owed. The tax return also includes a calculation of the taxpayer's total tax liability for the year, based on their income and other factors.
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What are the three key characteristics of an
experimental design (provide a short description of all
three)?
Answers
An experimental design is composed of three key characteristics: control, manipulation, and randomization.
We proceed to explain the characteristics of the experimental design:
Control: An experimental design involves controlling for extraneous variables that could affect the outcome of the experiment. This means that the researcher attempts to isolate the effects of the independent variable(s) by keeping all other factors constant. This allows the researcher to make causal inferences about the relationship between the independent variable(s) and the dependent variable.Randomization: In an experimental design, participants are randomly assigned to different conditions or groups. This helps to ensure that any individual differences or extraneous variables are evenly distributed across the groups, making it more likely that any observed differences in the dependent variable are due to the independent variable(s).Manipulation: An experimental design involves the manipulation of the independent variable(s) to determine their effect on the dependent variable. This means that the researcher actively changes or manipulates the independent variable(s) to observe the resulting changes in the dependent variable.See more about experimental design at https://brainly.com/question/17280313.
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Stock X has an expected return of 2% and a standard deviation of return of 5%. Stock Y has an expected return of 11% and a standard deviation of return of 18%. The correlation coefficient between the returns of X and Y is 1. The risk-free rate of return is 4%. What is the proportion of the optimal risky portfolio that should be invested in stock X?
Answers
Using the capital asset pricing model, the proportion of the optimal risky portfolio that should be invested in stock X is approximately 11.45%.
What is the proportion of optimal risky portfolio that should be invested in stock XTo calculate the proportion of the optimal risky portfolio that should be invested in stock X, we need to use the capital asset pricing model (CAPM) and the formula for the optimal portfolio weight.
CAPM formula:
r = rf + β(rm - rf)
where:
r = expected return on the stock
rf = risk-free rate of return
β = beta coefficient of the stock
rm = expected return on the market
We can calculate the beta coefficient of each stock using the formula:
β = cov(X,Y) / var(Y)
where:
cov(X,Y) = covariance of the returns of X and Y
var(Y) = variance of the returns of Y
First, let's calculate the beta coefficients:
cov(X,Y) = σXY = ρXY × σX × σY = 1 × 0.05 × 0.18 = 0.009
var(Y) = σY^2 = 0.18^2 = 0.0324
βX = cov(X,Y) / var(Y) = 0.009 / 0.0324 ≈ 0.278
βY = cov(X,Y) / var(Y) = 0.009 / 0.0324 ≈ 0.278
Now, let's calculate the expected return on the market:
rm = rf + [E(Rm) - rf]
= 4% + [11% - 4%]
= 11%
We can use the formula for the optimal portfolio weight to calculate the proportion of the portfolio that should be invested in stock X:
wX* = (βX × σX / σM) / [(βX × σX / σM) + (βY × σY / σM)]
where:
σM = the standard deviation of the market return
σM = sqrt(σX^2 + σY^2 + 2ρXYσXσY) = sqrt(0.05^2 + 0.18^2 + 2 × 1 × 0.05 × 0.18) ≈ 0.186
wX* = (0.278 × 0.05 / 0.186) / [(0.278 × 0.05 / 0.186) + (0.278 × 0.18 / 0.186)]
≈ 0.1145
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b. List and discuss the systematic biases related to price. What are the implications of systematic biases for marketing strategy?
Answers
Systematic biases related to price refer to the biases that are associated with price setting. These biases may lead to different prices being charged to different customers. Biases related to price: Anchoring bias.
Anchoring bias: This is the bias that occurs when consumers base their purchase decision on the first piece of information that they receive.
This can result in customers being influenced by a high price point, which may cause them to think that lower-priced products are of lower quality. This bias can be minimized by offering discounts and promotions on products or services that are priced lower than the competition. Confirmation bias: This is the bias that occurs when consumers seek out information that confirms their pre-existing beliefs about a product or service. This can lead to consumers overestimating the value of a product or service, and may result in them being willing to pay more for it.
This bias can be minimized by providing unbiased information about the product or service being offered.
Ingroup bias: This is the bias that occurs when consumers prefer products or services that are associated with their group or social class. This can result in consumers being willing to pay more for products or services that are associated with their social class, and may lead to them being more loyal to those products or services.
This bias can be minimized by offering products or services that are targeted at a wider range of customers, rather than just a specific group or social class. Implications of systematic biases for marketing strategy: Marketing strategies can be influenced by systematic biases in several ways.
For example, marketers may need to be aware of the biases that exist among their target customers and adjust their pricing strategies accordingly. Additionally, marketers may need to offer discounts or promotions on products or services that are priced lower than the competition, in order to minimize the impact of anchoring bias.
Finally, marketers may need to offer unbiased information about their products or services, in order to minimize the impact of confirmation bias.
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If a subsequent event occurs after the report date but prior to the release date of an audit report, resulting in management's revision of the financial statements of a non issuer, then the auditor may do any of the following, EXCEPT:A) Maintain the original date of the report and state that the opinion is limited to the financial statements as they existed prior to the subsequent event.B) Perform audit procedures necessary to obtain assurance about the revised financial statements.C) Include an additional date in the audit report that is limited to the revision to the financial statements.D) Revise the date of the audit report to reflect the necessity of additional audit procedures.
Answers
If a subsequent event occurs after the report date but prior to the release date of an audit report, resulting in management's revision of the financial statements of a non issuer, then the auditor may do any of the following, EXCEPT: Revise the date of the audit report to reflect the necessity of additional audit procedures. The correct answer is D) .
Auditor’s opinion is based on the information present in the financial statements up to the date of the report. But sometimes an event takes place after the report date but prior to the release date of an audit report that could have an impact on the financial statements of the company.
In such cases, the auditor may follow any of the following procedures: Perform audit procedures necessary to obtain assurance about the revised financial statements. Include an additional date in the audit report that is limited to the revision to the financial statements. Maintain the original date of the report and state that the opinion is limited to the financial statements as they existed prior to the subsequent event.
Revise the date of the audit report to reflect the necessity of additional audit procedures. Therefore, the correct answer is D) Revise the date of the audit report to reflect the necessity of additional audit procedures.
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Please give correct answer!
On January 1, 2024, the Excel Delivery Company purchased a delivery van for $35,000. At the end of its five-year service life, it is estimated that the van will be worth $2,000. During the five-year period, the company expects to drive the van 110,000 miles.
Required:
Calculate annual depreciation for the five-year life of the van using each of the following methods.
2. Double-declining balance. \begin{tabular}{|c|cr|} \hline Year & \multicolumn{2}{|c|}{ Depreciation } \\ \hline 2024 &
$
& 14,000 \\ \hline 2025 & & \\ \hline 2026 & & \\ \hline 2027 & & \\ \hline 2028 & & \\ \hline Total &
$
& 14,000 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline Year & \multicolumn{1}{|l|}{ Miles } & Depreciation \\ \hline 2024 & 24,000 & \\ \hline 2025 & 26,000 & \\ \hline 2026 & 17,000 & \\ \hline 2027 & 22,000 & \\ \hline 2028 & 23,000 & \\ \hline Total & & \\ \hline \end{tabular}
Answers
Therefore, the annual depreciation expense for the five-year life of the van using double-declining balance is:
Year 1: $14,000Year 2: $8,400Year 3: $5,040Year 4: $3,024Year 5: $2,000How do we calculate the depreciation expense using double-declining balance?To calculate the annual depreciation for the five-year life of the van using double-declining balance, we need to follow these steps:
Step 1:
Calculate the straight-line depreciation rate
The straight-line depreciation rate can be calculated as follows:
Straight-line depreciation rate = (Cost - Salvage value) / Useful life
= ($35,000 - $2,000) / 5 years
= $33,000 / 5 years
= $6,600 per year
Step 2:
Determine the double-declining balance depreciation rate
Double-declining balance depreciation rate = 2 x Straight-line depreciation rate
= 2 x $6,600 per year
= $13,200 per year
Step 3:
Calculate the annual depreciation expense.
Depreciation expense = Beginning book value x Double-declining balance depreciation rate
Where beginning book value = Cost of the asset - Accumulated depreciation
For the first year, the beginning book value is simply the cost of the asset, as no depreciation has been charged yet. Therefore:
Depreciation expense for year 1 = $35,000 x 2 / 5
= $14,000
The accumulated depreciation for year 1 is simply the depreciation expense for year 1. Therefore:
Accumulated depreciation for year 1 = $14,000
The ending book value for year 1 is:
= Cost of the asset - Accumulated depreciation for year 1
= $35,000 - $14,000
= $21,000
For year 2, the beginning book value is the ending book value from year 1, which is $21,000. Therefore:
Depreciation expense for year 2 = $21,000 x 2 / 5 = $8,400
The accumulated depreciation for year 2 is the sum of the depreciation expense for year 1 and year 2. Therefore:
Accumulated depreciation for year 2 = $14,000 + $8,400
= $22,400
The ending book value for year 2 is:
= Cost of the asset - Accumulated depreciation for year 2
= $35,000 - $22,400
= $12,600
Year | Beginning Book Value | Depreciation Expense | Accumulated Depreciation | Ending Book Value
1 | $35,000 | $14,000 | $14,000 | $21,000
2 | $21,000 | $8,400 | $22,400 | $12,600
3 | $12,600 | $5,040 | $27,440 | $7,560
4 | $7,560 | $3,024 | $30,464 | $4,536
5 | $4,536 | $2,000 | $32,464 | $2,536
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What is required by the statute of frauds to be in writing?
Answers
The Statute of Frauds requires certain types of contracts to be in writing to be enforceable.
These include contracts for the sale of land, contracts that cannot be performed within one year, contracts for the sale of goods over a certain value, and contracts in which one party becomes a surety (guarantor) for another party's debt or obligation.
The writing must include the essential terms of the agreement, such as the parties involved, the subject matter, and the consideration exchanged. It must also be signed by the party against whom enforcement is sought, or by their authorized representative.
Additionally, electronic signatures and communications may be acceptable under certain circumstances, depending on the jurisdiction and the nature of the transaction.
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which type of audit analytics might be used to find hidden patterns or variables linked to abnormal behavior?
Answers
Anomaly detection audit analytics might be used to find hidden patterns or variables linked to abnormal behaviour.
This type of audit analytics uses complex algorithms to identify outliers or unexpected changes in data. It can be used to identify potential fraud and other irregularities within an organization.
The algorithm searches for patterns that are significantly different from the baseline or expected behaviour.
For example, it could detect an employee making an unusually high number of purchases or an abnormal number of transactions in a single day.
Anomaly detection audit analytics can be used to identify and alert organizations to potentially suspicious activity. By using this type of audit analytics, organizations can quickly detect problems that may otherwise go unnoticed.
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A seller entered into a written contract to sell her land to a buyer for $200,000. Before the closing date, the buyer received the title search report, which indicated that a rancher conveyed the land to a farmer by quitclaim deed 25 years ago and that a landowner conveyed the land to the seller by warranty deed 13 years ago. The buyer notified the seller that the records did not indicate how the land was conveyed to the landowner (the seller's immediate transferor), and that the buyer was concerned about this. The seller replied that she had no knowledge of the matter but would look into it. At the date and time appointed for closing, the seller informed the buyer that she could not locate the landowner or obtain any information as to the conveyance of the land to him. On hearing this, the buyer refused to tender the purchase money, and told the seller that he was rescinding the contract. The seller sued the buyer for specific performance.
Which party is more likely to prevail?
Answers
The buyer is likely to prevail in a lawsuit for specific performance.
This is because the buyer has the right to rescind the contract if there is a defect in the title of the property. In this case, the defect is in the title is the lack of information about how the land was conveyed to the seller's immediate transferor (the landowner). A lawsuit is a legal action or dispute brought to court by one or more parties seeking a legal resolution to a problem or disagreement. The seller's inability to provide this information creates uncertainty about the validity of the title, which is a valid reason for the buyer to rescind the contract.
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On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker's business. The supplier explains that it has a temporary lack of funds that is slowing its production cycle. Shoemaker agrees to lend $420,000 to its supplier using a 12-month, 12% note. Required: 1. The loan of $420,000 and acceptance of the note receivable on April 1, 2021 2. The adjustment for accrued interest on December 31, 2021 3. Cash collection of the note and interest on April 1, 2022. Record the above transactions for Shoemaker Corporation. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the loan of $420,000 and acceptance of the note receivable on April 1, 2021 Note: Enter debits before credits. Date General Journal Debit Credit April 01, 2021
Answers
The total cash collected is the principal amount of $420,000 plus the accrued interest of $42,000.
The transactions for Shoemaker Corporation can be recorded as follows:
1. The loan of $420,000 and acceptance of the note receivable on April 1, 2021:
Date | General Journal | Debit | Credit
April 01, 2021 | Notes Receivable $420,000 | Cash | | $420,000
2. The adjustment for accrued interest on December 31, 2021:
Date | General Journal | Debit | Credit
December 31, 2021 | Interest Receivable $42,000 | Interest Revenue | | $42,000
*Note: The interest is calculated as $420,000 x 12% x 9/12 = $42,000
3. Cash collection of the note and interest on April 1, 2022:
April 01, 2022 | Cash | $462,000 |
| Notes Receivable | | $420,000
| Interest Receivable | | $42,000
*Note: The total cash collected is the principal amount of $420,000 plus the accrued interest of $42,000.
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In your own words describe and provide an example of the
Conflict theory and how it relates to social issues in Canada or
globally.
Answers
Answer:
ur mom
Explanation:
ur mom ur mom ur mom
you are given the following information concerning two stocks that make up an index. assume that you want to reindex with the index value at the beginning of the year equal to 100. what is the index level at the end of the year? (do not round intermediate calculations. round your answer to 2 decimal places.) price per share shares outstanding beginning of year end of year kirk, inc. 34,000 $ 53 $ 60 picard co. 32,000 78 84
Answers
The index level at the end of the year is 51.28. This means that the index increased by 19.4% during the year, from the initial level of 42.98 to the final level of 51.28.
To calculate the index level at the end of the year, we need to first calculate the market capitalization of each stock at the beginning and end of the year. Market capitalization is the product of the stock's price per share and the number of shares outstanding.
For Kirk, Inc., the market capitalization at the beginning of the year is:
$34,000 * $53 = $1,802,000
And at the end of the year, it is:
$34,000 * $60 = $2,040,000
For Picard Co., the market capitalization at the beginning of the year is:
$32,000 * $78 = $2,496,000
And at the end of the year, it is:
$32,000 * $84 = $2,688,000
To calculate the index level, we need to add up the market capitalization of both stocks at the beginning and end of the year and divide by the initial market capitalization, which we assume to be 100.
The index level at the beginning of the year is:
($1,802,000 + $2,496,000) / 100 = 42.98
The index level at the end of the year is:
($2,040,000 + $2,688,000) / 100 = 51.28
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Jupiter company sold 20,000 crates of a soft drink at Rupees 120 during the year. Its beginninginventory consisted of 1000 crates at 70 per crate. The following purchases were made during theyear: 5000 Crates at the rate Rupees 75, 8000 crates at the rate Rupees 76, 9000 crates at the rateRupees 80. Operating expenses were 365,000. Income tax is payable at 30%.Required:a)Compute the net profit using FIFO and LIFO methods. Is the differences in profit underthe two methods can be distributed as dividends justify your answer?b)Which method LIFO or FIFO is applicable in India?c) Suppose the company makes a purchase of 4000 crates at Rupees 85 on the last day ofthe reporting period. How the purchase does affects the company net profit and income taxexpenses under the two methods?
Answers
There is a difference of Rs. 253,400 in the net profit between the two approaches. As opposed to actual earnings, Sales difference is a difference of accounting practices, hence it cannot be as dividends.
Describe a sale.A sale is a trade in which something is given out in exchange for money and/or other products or services. In other words, a sale refers to any action which involves giving a buyer ownership of a good or service in exchange for the payment of a specific sum of money.
What does a company's sales mean?Every transaction where money and value is transferred for the right to own a good or access to a service is referred to as a sale in regular commercial operations. The term "sales" in accounting refers to the money a business makes through selling goods or services.
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as a condition of being hired as project manager for a defense company, you must sign a nondisclosure agreement (nda). of the following, which is the best description of this document? seleccione una: a. an agreement that the signer will abide by the defense secrets section of the standards for the national industrial security program (nisp) b. an agreement that the signer will accede to the terms of the defense security service (dss) as detailed in the document c. an agreement that the signer will limit discussion of the project to designated personnel d. an agreement that the signer will limit discussion of the project to designated personnel in accordance with the term of the standards for the national industrial security program (nisp)
Answers
The correct option is c. The best description of the Non-disclosure Agreement (NDA) is: "An agreement that the signer will limit discussion of the project to designated personnel."
Non-disclosure Agreement (NDA): The Non-disclosure Agreement (NDA) is a legal agreement between two parties that prevents the disclosure of confidential information shared between them. It is also known as the confidentiality agreement (CA) or a confidential disclosure agreement (CDA).
Nondisclosure agreements are commonly used in the legal system as they prevent confidential information from being disclosed or shared with unauthorized people. As a condition of being hired as a project manager for a defense company, you must sign a Non-disclosure agreement (NDA) which specifies that the signer will limit discussion of the project to designated personnel in accordance with the terms of the standards for the national industrial security program (NISP).
Option C is the best description of this document: "An agreement that the signer will limit discussion of the project to designated personnel."
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Outline other purpose of the organisational culture
Answers
Organizational culture serves several important purposes beyond shaping the behavior and attitudes of employees. Some other purposes of organizational culture include: Enhancing Employee Retention.
Enhancing Employee Retention: A strong organizational culture can help attract and retain talented employees by creating a sense of belonging and purpose. When employees feel valued and aligned with the organization's values and mission, they are more likely to stay with the company.
Improving Performance and Productivity: A positive organizational culture can improve performance and productivity by promoting collaboration, innovation, and a shared commitment to excellence. When employees are motivated by a sense of purpose and camaraderie, they are more likely to work together effectively and achieve their goals.
Fostering Customer Loyalty: Organizational culture can also help build strong relationships with customers by promoting a customer-centric mindset and a focus on delivering high-quality products and services. When employees are aligned with the organization's values and mission, they are more likely to provide exceptional service and build lasting relationships with customers. Overall, organizational culture plays a critical role in shaping the success and sustainability of a business, impacting everything from employee morale and retention to customer loyalty and financial performance.
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your oil and gas company has to make a decision to pursue fracking or a green alternative. the company headquarters is located in a region of the country known for social responsibility. the outcomes are uncertain for both options with an equal chance of having a good or best outcome and a 60% chance for a better outcome. which option would you advise the company to select if they are concerned about risk. fracking good
Answers
As an advisor, I would recommend that the oil and gas company go for the green alternative rather than pursuing fracking, if they are concerned about risk.
Why the oil and gas company should go for the green alternative if they are concerned about risk,If they go for fracking, they will face a greater amount of risk as compared to the green alternative. The reason for this is that fracking has a higher risk of environmental degradation than a green alternative.
Fracking is associated with a range of environmental issues that are harmful to the earth's natural resources, including water, soil, and air quality, among others. However, if they choose to pursue a green alternative, they will reduce the level of risk that they are exposed to.
Green alternatives are cleaner and environmentally friendly compared to fracking, which is associated with the release of harmful chemicals into the environment that can pollute natural resources.
Therefore, a green alternative is a more sensible choice for an oil and gas company that is based in a region of the country known for social responsibility.
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ALM 811S 2nd Opp -July 2018
Question 2 (25 marks)
Describe the concept of logistics contracts and discuss
its usefulness in modern day logistics
management.
Answers
The concept of logistics contracts involves an agreement between two parties – the logistics service provider and the client – specifying the terms and conditions for the provision of logistics services.
These contracts can cover a wide range of logistics services including transportation, warehousing, inventory management, and distribution. The logistics contract is a binding agreement that outlines the obligations and responsibilities of each party, the scope of the services to be provided, the pricing, and the timeframes involved.
The usefulness of logistics contracts in modern day logistics management is multi-faceted. Firstly, logistics contracts provide a framework for managing the risks and uncertainties associated with logistics operations. By defining the terms and conditions of the logistics services to be provided, the contract provides a mechanism for reducing uncertainty and avoiding disputes between the parties involved.
Secondly, logistics contracts can help to reduce costs and improve efficiency in logistics operations by optimizing the planning and execution of logistics activities. The contract can establish performance metrics and incentives for the logistics service provider to ensure that the services are delivered in a timely and cost-effective manner. Thirdly, logistics contracts can improve the quality of logistics services by setting standards and expectations for service levels.
Overall, logistics contracts play a critical role in modern day logistics management by providing framework for managing risks and responsibilities, improving efficiency and service quality, while promoting a collaborative working relationship between the logistics service provider and the client.
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brice co. purchases land in order to drill oil. this oil field would be classified as a(n) on the balance sheet. multiple choice question. natural resource current asset intangible asset plant asset
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The land purchased by Brice Co. to drill oil would be classified as a natural resource on the balance sheet.
A natural resource is a material found on Earth that can be used for economic gain. These resources are normally classified as renewable or non-renewable.
They may also be classified as living or non-living.A natural resource is something that has been found and is used to benefit humans in various ways.
Minerals, forests, wildlife, water resources, and land are all examples of natural resources.Therefore, the land purchased by Brice Co. to drill oil would be classified as a natural resource on the balance sheet.
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