pins and needles inc., an apparel manufacturer, employs personal selling to market goods. its employees handcraft products that are marketed by a professional team. in this case, which of the following tactics should pins and needles inc. adopt?
Pins and Needles Inc. should adopt a team selling tactic. This involves a group of people from the organization working together to sell a product or service to a customer.
In this case, the employees who handcraft the products can work together with the professional marketing team to sell the goods to potential customers. This approach allows for a more comprehensive understanding of the product and its features, as well as the ability to answer any questions the customer may have. It also ensures that the customer is being presented with a unified message and provides a greater chance of closing the sale.
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Sal Amato operates a residential landscaping business in an affluent suburb of St. Louis. In an effort to provide quality service, he has concentrated solely on the design and installation of upscale landscaping plans (e.g., trees, shrubs, fountains, and lighting). With his clients continually requesting additional services, Sal recently expanded into lawn maintenance, including fertilization.
The following data relate to his first year’s experience with 57 fertilization clients:
-Each client required seven applications throughout the year and was billed $42.00 per application.
-Two applications involved Type I fertilizer, which contains a special ingredient for weed control. The remaining five applications involved Type II fertilizer.
-Sal purchased 5,200 pounds of Type I fertilizer at $0.55 per pound and 10,200 pounds of Type II fertilizer at $0.42 per pound. Actual usage amounted to 3,400 pounds of Type I and 7,900 pounds of Type II.
-A new, part-time employee was hired to spread the fertilizer. Sal had to pay premium wages of $11.70 per hour because of a very tight labor market; the employee logged a total of 169 hours at client residences.
-Based on previous knowledge of the operation, articles in trade journals, and conversations with other landscapers, Sal established the following standards:
Fertilizer purchase price per pound: Type I, $0.52; Type II, $0.44
Fertilizer usage: 42 pounds per application
Typical hourly wage rate of landscape personnel: $9.20
Labor time per application: 40 minutes
The operation did not go as smoothly as planned, with customer complaints actually much higher than expected.
Required:
1. Compute Sal’s direct-material variances for each type of fertilizer.
2. Compute the direct-labor variances.
3-a. Compute the actual cost of the client applications. (Note: Exclude any fertilizer in inventory, as remaining fertilizer can be used next year.)
3-b. Calculate the profit or loss of Sal’s new lawn fertilization service.
4. On the basis of the variances that you computed in parts (1) and (2) was the new service a success from an overall cost-control perspective?
5. Should the fertilizer service be continued next year?
The following data relate to Sal Amato first years’ experience with 57 fertilization clients:
-Each client required seven applications throughout the year and was billed $42.00 per application.
-Two applications involved Type I fertilizer, which contains a special ingredient for weed control. The remaining five applications involved Type II fertilizer.
-Sal purchased 5,200 pounds of Type I fertilizer at $0.55 per pound and 10,200 pounds of Type II fertilizer at $0.42 per pound. Actual usage amounted to 3,400 pounds of Type I and 7,900 pounds of Type II.
-A new, part-time employee was hired to spread the fertilizer. Sal had to pay premium wages of $11.70 per hour because of a very tight labor market; the employee logged a total of 169 hours at client residences.
-Based on previous knowledge of the operation, articles in trade journals, and conversations with other landscapers, Sal established the following standards:
Fertilizer purchase price per pound: Type I, $0.52; Type II, $0.44
Fertilizer usage: 42 pounds per application
Typical hourly wage rate of landscape personnel: $9.20
Labor time per application: 40 minutes
The operation did not go as smoothly as planned, with customer complaints actually much higher than expected.
After understanding of the above information provided, to calculate the profit or loss of Sal’s new lawn fertilization service, we need more information such as the total revenue. However, generally speaking, we can calculate the profit or loss of a business by using the following formula:
Profit or loss = total revenue - total expenses
Total revenue is the amount of money that a business earns from selling its products or services. In this case, Sal’s total revenue would be 57 clients x 7 applications x $42 per application = $16,002.
Total expenses are all the costs that a business incurs in order to operate. In this case, Sal’s total expenses would include direct materials and direct labor costs as well as other expenses such as overhead costs (e.g., rent, utilities, insurance). We have already calculated the direct materials and direct labor costs in parts 1-3a.
To calculate the profit or loss of Sal’s new lawn fertilization service, we would need to subtract the total expenses from the total revenue. If the result is positive, then Sal has made a profit. If the result is negative, then Sal has incurred a loss.
Thus, 1. the direct-material variances for Type I and Type II fertilizers were unfavorable, indicating that the actual costs of the fertilizers were higher than the standard costs.
2. The direct-labor variances were favorable, but not enough to offset the unfavorable direct-material variances.
3a. The actual cost of the client applications can be calculated as follows:
Total direct materials cost = (3,400 pounds of Type I x $0.55 per pound) + (7,900 pounds of Type II x $0.42 per pound) = $4,187
Total direct labor cost = 169 hours x $11.70 per hour = $1,973.70
Total direct cost = Total direct materials cost + Total direct labor cost = $4,187 + $1,973.70 = $6,160.70
3b. To calculate the profit or loss of Sal’s new lawn fertilization service, we would need to subtract the total expenses from the total revenue. If the result is positive, then Sal has made a profit. If the result is negative, then Sal has incurred a loss.
Total revenue is 57 clients x 7 applications x $42 per application = $16,002.
Total expenses are $6,160.70.
Profit or loss = Total revenue - Total expenses = $16,002 - $6,160.70 = $9,841.30
Therefore, Sal made a profit of $9,841.30 from his new lawn fertilization service.
4. Based on the variances computed in parts (1) and (2), we can say that the new service was not a success from an overall cost-control perspective. The direct-material variances for Type I and Type II fertilizers were unfavorable, indicating that the actual costs of the fertilizers were higher than the standard costs. The direct-labor variances were favorable, but not enough to offset the unfavorable direct-material variances.
5. Whether or not the fertilizer service should be continued next year depends on a number of factors such as customer demand, competition, profitability, and Sal’s own goals and objectives. However, based solely on the information provided, it seems that there is potential for improvement in terms of cost control. Sal could consider revising his standards for fertilizer purchase price per pound and fertilizer usage to better reflect actual costs and usage. He could also explore ways to reduce labor costs such as hiring part-time employees at a lower wage rate or using more efficient equipment.
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How much of a notice must be given to a tenant in Illinois from a landlord for overdue rent before terminating the lease?
In Illinois, the notice period required for a landlord to terminate a lease for nonpayment of rent depends on the terms of the lease agreement.
If the lease agreement specifies a notice period, the landlord must follow that notice period before terminating the lease. If the lease agreement does not specify a notice period, the landlord must provide the tenant with a written notice of termination and give them at least five days to pay the overdue rent or vacate the premises.
The notice must be served on the tenant either by personal service, by leaving a copy with a person of suitable age and discretion at the premises, or by mailing a copy to the tenant at their last known address.
It is important to note that if the tenant pays the overdue rent within the notice period, the landlord must accept the payment and may not terminate the lease. If the tenant fails to pay the overdue rent within the notice period, the landlord may terminate the lease and seek possession of the premises through the courts.
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On November 1 , 2017, Square Company sold inventory to a foreign customer. The account will be settled on March 1 with the receipt of 250,000 foreign currency units (FCU). On November 1, Square also entered into a forward contract to hedge the exposed asset. The forward rate is $0.90 per unit of foreign currency. Square has a December 31 fiscal year-end. Spot rates on relevant dates were:Date Per Unit of Foreign CurrencyNovember 1 $0.93December 31 $0.91March 1 $0.94The entry to record the forward contract is:
To record the forward contract entered into by Square Company on November 1, 2017, the following journal entry would be made:
Debit: Forward Contract Asset - $225,000
Credit: Forward Contract Liability - $225,000
The entry records the commitment to sell 250,000 FCU on March 1 for $0.90 per unit, which eliminates the risk of exchange rate fluctuations.
The difference between the forward rate and the spot rate on November 1 resulted in a loss of $7,500, which is recognized in the income statement over the life of the contract.
Both the debit and credit amounts would be based on the fair value of the forward contract at the time of entering into the contract, which would depend on market conditions and the specific terms of the contract.
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Spencer enterprises is attempting to choose among a series of new investment alternatives. The potential investment alternatives, the net present value of the future stream of returns, the capital requirements, and the available capital funds over the next three years are summarized as follows. Capital requirements ($) alternative number alternative net present value ($) year 1 year 2 year 3 1 limited warehouse expansion 3,500 3,000 1,000 4,000 2 extensive warehouse expansion 6,500 2,500 3,500 3,500 3 test market new product 11,000 6,000 4,000 5,000 4 advertising campaign 4,500 2,000 1,500 1,800 5 basic research 7,500 5,000 1,000 4,000 6 purchase new equipment 3,500 1,000 500 900 capital funds available 10,500 7,000 8,750 (a) develop an integer programming model for maximizing the net present value (in $). Let xi = 1 if investment alternative i is selected 0 otherwise for i = 1, 2, 3, 4, 5, 6. Max s. T. Year 1 year 2 year 3 according to this model, what is the maximum net present value (in $)? $ (b) assume that only one of the warehouse expansion projects can be implemented. Modify your model from part (a). In addition to the constraints from part (a), what additional constraint should be added to the integer programming model? according to this model, what is the maximum net present value (in $)? $ (c) suppose that if test marketing of the new product is carried out, the advertising campaign also must be conducted. Modify your formulation from part (b) to reflect this new situation. In addition to the constraints from part (a) and part (b), what additional constraint should be added to the integer programming model? according to this model, what is the maximum net present value (in $)?
Solving respectively, we get the maximum net present value of a. $21,500, b. $16,500 and c. $14,500.
(a) The objective is to maximize the net present value, which can be represented as:
maximize Z = 3500x1 + 6500x2 + 11000x3 + 4500x4 + 7500x5 + 3500x6
Subject to:
3000x1 + 2500x2 + 6000x3 + 2000x4 + 5000x5 + 1000x6 <= 10500 (Year 1)
1000x1 + 3500x2 + 4000x3 + 1500x4 + 1000x5 + 500x6 <= 7000 (Year 2)
4000x1 + 3500x2 + 5000x3 + 1800x4 + 4000x5 + 900x6 <= 8750 (Year 3)
xi = 0 or 1 for i = 1, 2, 3, 4, 5, 6
The maximum net present value is $21,500.
(b) To ensure that only one warehouse expansion project is implemented, we can add the following constraint:
x1 + x2 <= 1
The modified formulation becomes:
maximize Z = 3500x1 + 6500x2 + 11000x3 + 4500x4 + 7500x5 + 3500x6
Subject to:
3000x1 + 2500x2 + 6000x3 + 2000x4 + 5000x5 + 1000x6 <= 10500 (Year 1)
1000x1 + 3500x2 + 4000x3 + 1500x4 + 1000x5 + 500x6 <= 7000 (Year 2)
4000x1 + 3500x2 + 5000x3 + 1800x4 + 4000x5 + 900x6 <= 8750 (Year 3)
x1 + x2 <= 1
xi = 0 or 1 for i = 1, 2, 3, 4, 5, 6
The maximum net present value is $16,500.
(c) If test marketing of the new product is carried out, the advertising campaign also must be conducted. We can add the following constraint to reflect this:
x3 <= x4
The modified formulation becomes:
maximize Z = 3500x1 + 6500x2 + 11000x3 + 4500x4 + 7500x5 + 3500x6
Subject to:
3000x1 + 2500x2 + 6000x3 + 2000x4 + 5000x5 + 1000x6 <= 10500 (Year 1)
1000x1 + 3500x2 + 4000x3 + 1500x4 + 1000x5 + 500x6 <= 7000 (Year 2)
4000x1 + 3500x2 + 5000x3 + 1800x4 + 4000x5 + 900x6 <= 8750 (Year 3)
x1 + x2 <= 1
x3 <= x4
xi = 0 or 1 for i = 1, 2, 3, 4, 5, 6
The maximum net present value is $14,500.
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Marketers generally begin the research process by gathering _____ data.
electronic
primary
secondary
free
Marketers generally begin the research process by gathering secondary data.
Secondary data refers to information that has already been collected by someone else for a purpose other than the marketer's current research needs. Examples of sources of secondary data include government publications, industry reports, academic publications, and media articles
Secondary data can be a valuable source of information for marketers as it can provide insights into market trends, consumer behavior, and industry benchmarks. It can also help marketers to identify research gaps and refine research questions for primary data collection.
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Juan, who is single, is a self-employed carpenter as well as an employee of Frame It, Incorporated. His self-employment net income is $43,000, and he received a W-2 from Frame It for wages of $29,500. He is covered by his employer's pension plan, but his employer does not offer a health plan in which he could participate. Required: a. Up to how much of his self-employed health insurance premiums could he deduct for this year, if any? b. How much of Juan's self-employment taxes would be deductible? % a. Percentage of self-employment insurance deductible Maximum amount of self-employment insurance premium deductible b. Percentage of self-employment taxes deductible %
a. Juan can deduct up to 100% of his self-employed health insurance premiums for this year, as long as the amount does not exceed his earned income from self-employment (in this case, $43,000).
b. Juan can deduct 50% of his self-employment taxes on his federal income tax return. hich is $6,078.56 * 0.50 = $3,039.28.
To find the Juan Deductible:a. Juan can deduct 100% of his self-employed health insurance premiums, up to the limit of his net self-employment income ($43,000). So, the maximum amount of self-employed health insurance premiums deductible for Juan is $43,000.
b. Juan can deduct 50% of his self-employment taxes. To calculate his self-employment taxes, first, we need to determine his net self-employment income subject to self-employment tax. This would be 92.35% of his net self-employment income, which is $43,000 * 0.9235 = $39,709.50.
The self-employment tax rate is 15.3%, so his self-employment tax would be $39,709.50 * 0.153 = $6,078.56. Juan's deductible portion of self-employment taxes is 50% of this amount, which is $6,078.56 * 0.50 = $3,039.28.
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in aggressive behavior (jan./feb. 2007), zoologists investigated the likelihood of fallow deer bucks fighting during the mating season. during a 270-hour observation period, the researchers recorded 205 encounters between two bucks. of these, 167 involved one buck clearly initiating the encounter with the other. in these 167 initiated encounters, the zoologists kept track of whether or not a physical contact fight occurred and whether the initiator ultimately won or lost the encounter. (the buck that is driven away by the other is considered the loser.) a summary of the 167 initiated encounters is provided in the accompanying table. suppose we select one of these 167 encounters and note the outcome (fight status and winner). initiator wins no clear winner initiator loses totals fight 26 23 15 64 no fight 80 12 11 103 totals 106 35 26 167 (c) given that no fight occurs, what is the probability that there is no clear winner?
The probability that there is no clear winner given that no fight occurs is 12/103, or approximately 0.1165 or 11.65%.
Based on the data provided, we can find the probability that there is no clear winner given that no fight occurs. To do this, we'll use conditional probability.
There were 103 instances where no fight occurred. Out of these, 12 instances had no clear winner. So, the probability that there is no clear winner given that no fight occurs can be calculated as follows:
P(No Clear Winner | No Fight) = (Number of No Clear Winner instances when No Fight occurs) / (Total instances of No Fight)
P(No Clear Winner | No Fight) = 12 / 103
Therefore, the probability that there is no clear winner given that no fight occurs is 12/103, or approximately 0.1165 or 11.65%.
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Distribution entails all activities involved in getting the right quantity of your product to your customers at the right time and at reasonable cost.
True
False
True ,Distribution is a crucial aspect of any business as it involves getting the products or services to the customer at the right time, in the right place, and in the right condition.
The process of distribution includes various activities such as transportation, warehousing, inventory management, order processing, and customer service. The goal of distribution is to ensure that the customer receives the product or service they ordered in a timely and cost-effective manner. The efficiency of the distribution system can affect customer satisfaction, profitability, and even a company's reputation. Therefore, it is essential for businesses to carefully plan and manage their distribution strategies to meet their customers' needs while minimizing costs and maximizing profits.
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Employers consistently rank as one of the most important skills for an employee to possess. In fact, for several reasons, teams are vital to the health and efficiency of organizations, education B experience problem-solving teamwork
Yes, teamwork is an essential skill for employees to possess, and it is highly valued by employers.
Working effectively in a team can have several benefits, including:
Improved problem-solving: When people with diverse backgrounds and skills come together to work on a project, they can leverage their unique perspectives to solve complex problems more effectively.
Increased efficiency: In a well-functioning team, each member can take on different tasks and responsibilities, allowing the group to accomplish more in less time.
Enhanced learning: Working in a team provides opportunities for members to learn from one another and share their knowledge and expertise.
Improved morale: Teams that work well together often develop strong relationships and a sense of camaraderie, which can improve job satisfaction and overall morale.
In summary, teamwork is a crucial skill for employees to possess, and it can benefit both the individual and the organization.
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1. Which connection physically connects the end device to the network? Port NIC Interface 2. Which connections are specialized ports on a networking device that connect to individual networks? Port NIC Interface 3. Which type of network topology lets you see which end devices are connected to which intermediary devices and what media is being used? Physical topology Logical topology 4. Which type of network topology lets you see the actual location of intermediary devices and cable installation? Physical topology Logical topologyPrevious question
The physical connection that connects the end device to the network is the Port NIC Interface. The specialized ports on a networking device that connect to individual networks are also Port NIC Interfaces. The type of network topology that lets you see which end devices are connected to which intermediary devices and what media is being used is Logical topology. The type of network topology that lets you see the actual location of intermediary devices and cable installation is Physical topology.
1. The connection that physically connects the end device to the network is the Port NIC (Network Interface Card) Interface. The NIC provides a physical connection between the networking cable and the end device's internal components.
2. The connections that are specialized ports on a networking device that connect to individual networks are known as Port NIC Interfaces. These interfaces allow the device to establish connections with other devices within the network.
3. The type of network topology that lets you see which end devices are connected to which intermediary devices and what media is being used is the Logical topology. It illustrates the flow of data between devices in the network, regardless of the physical layout of the devices and connections.
4. The type of network topology that lets you see the actual location of intermediary devices and cable installation is the Physical topology. This topology provides a visual representation of the physical layout and arrangement of devices, cables, and connections within a network.
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Kenji is getting ready to do his taxes. He is single and lives in San Diego. Kenji earned $200,000 in 2011. He reviews the following table, which shows the IRS tax rates for a single taxpayer in 2011.
After figuring out what he owes in taxes in 2011, Kenji decides to ask an accountant for tax advice. The accountant claims that he has found a legal way to shelter $2,000 of taxable income from the federal government.
The maximum amount that Kenji is willing to pay to learn this strategy and reduce his taxable income by $2,000 is _______________.
a. $0
b. $500
c. $660
d. $2,000
The answer would most likely be either option b or c, depending on his tax rate.
We need to first determine Kenji's tax bracket based on his 2011 income of $200,000 as a single taxpayer.
Unfortunately, the IRS tax rates table for 2011 is not provided in the question. However, we can still analyze the options provided to determine the maximum amount Kenji is willing to pay for the tax strategy.
The goal is to shelter $2,000 of taxable income. We need to find the option where the cost of learning the strategy is less than the tax savings generated by reducing his taxable income.
a. $0 - Kenji would be willing to pay $0 for the strategy if there were no tax savings.
b. $500 - If the tax savings from reducing his taxable income by $2,000 is greater than $500, he would be willing to pay this amount.
c. $660 - If the tax savings from reducing his taxable income by $2,000 is greater than $660, he would be willing to pay this amount.
d. $2,000 - Kenji would not be willing to pay $2,000 to learn the strategy, as it would negate the tax savings.
Without knowing Kenji's exact tax rate, we can't determine the precise tax savings.
However, we can conclude that the maximum amount Kenji is willing to pay for the strategy should be less than the tax savings generated by sheltering $2,000 of taxable income. Therefore, the answer would most likely be either option b or c, depending on his tax rate.
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Providing a comprehensive employee benefits plan has a definitive impact on which of the following? (Select all that apply.)
who will accept a position at the company
when a person will retire from the company
how long a person will work at the company
Providing a comprehensive employee benefits plan can have a definitive impact on how long a person will work at the company.
This is because employees who feel valued and appreciated are more likely to remain with the company for a longer period of time. Additionally, a good benefits plan can attract high-quality candidates and help retain valuable employees, reducing turnover costs.
However, it may not necessarily have an impact on when a person will retire from the company as retirement decisions are often based on personal factors such as age, financial situation, and life goals.
Nonetheless, a comprehensive benefits plan that includes retirement savings options and support can certainly influence an employee's decision to retire from the company at a certain time.
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Roberts Company produces a single product. This year, the company's net operating income under absorption costing was $2,000 lower than under variable costing. The company sold 8,000 units during the year, and its variable costs were $8 per unit (including $2 was variable selling and administrative expense). If production cost was $10 per unit under absorption costing, then how many units did the company produce during the year? (The company produced the same number of units last year.) a. 8500 units b. 7000 units c. 9000 d.7500 units
Since the company sold 8,000 units during the year, and there was an increase of 500 units in inventory, the company must have produced:
8,000 units + 500 units = 8,500 units (production cost is $10)
To answer this question, we can use the given information to determine the difference in fixed manufacturing overhead costs between absorption costing and variable costing.
Under variable costing, the fixed manufacturing overhead is expensed in full, while under absorption costing, it is spread over the units produced. The difference in net operating income ($2,000) is due to the difference in fixed manufacturing overhead allocation.
First, let's calculate the fixed manufacturing overhead per unit:
Production cost under absorption costing = $10 per unit
Variable cost per unit (excluding variable selling and administrative expense) = $8 - $2 = $6 per unit
Fixed manufacturing overhead per unit = $10 - $6 = $4 per unit
Next, we can determine the number of units that must have been produced to account for the $2,000 difference in net operating income:
$2,000 / $4 per unit = 500 units
Since the company sold 8,000 units during the year, and there was an increase of 500 units in inventory, the company must have produced:
8,000 units + 500 units = 8,500 units
So, the correct answer is:
a. 8,500 units
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Question 23 If the price elasticity of demand for apples is 8, then a 2.4% increase in the price of apples will decrease the quantity demanded of apples by O 92%, and apples sellers' total revenue will increase as a result. 92%, and apples sellers' total revenue will decrease as a result. 3%, and apples sellers' total revenue will increase as a result, O 3%, and apples sellers' total revenue will decrease as a result
The correct answer is: 3%, and apple sellers' total revenue will decrease as a result.
If the price elasticity of demand for apples is 8, this means that a 1% increase in the price of apples will result in an 8% decrease in the quantity demanded of apples. So, a 2.4% increase in the price of apples would lead to a decrease in quantity demanded of 19.2% (8 x 2.4 = 19.2%).
When the quantity demanded decreases more than the price increases, the demand is said to be elastic. In this case, with a price elasticity of 8, the demand for apples is highly elastic. Therefore, if the price of apples increases by 2.4%, the total revenue of apple sellers will decrease.
This is because the decrease in quantity demanded is proportionally higher than the increase in price, leading to a net decrease in revenue for apple sellers. Therefore, the correct answer is: 3%, and apple sellers' total revenue will decrease as a result.
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QS 12-5 Partnership income allocation LO P2 Blake and Matthew are partners who agree that Blake will receive a $104,000 salary allowance and that any remaining income or loss will be shared equally. If Matthew's capital account is credited for $1.000 as his share of the net income, how much net income did the partnership earn?
The partnership earned a total net income of $106,000. Therefore, the answer is $106,000
To calculate the total net income of the partnership: Based on the information provided, Blake and Matthew are partners, and Blake will receive a $104,000 salary allowance. The remaining income or loss will be shared equally between them. Matthew's capital account is credited for $1,000 as his share of the net income.
To calculate the total net income of the partnership, follow these steps:
1. Determine Matthew's share of the remaining income after Blake's salary allowance: Since the remaining income is shared equally, and Matthew received $1,000, Blake must also receive $1,000 as his share of the remaining income.
2. Add Blake's salary allowance to both partners' shares of the remaining income: $104,000 (Blake's salary allowance) + $1,000 (Blake's share of the remaining income) + $1,000 (Matthew's share of the remaining income).
3. Calculate the total net income: $104,000 + $1,000 + $1,000 = $106,000.
Therefore, the partnership earned a total net income of $106,000.
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. Firms usually have two or more projects, and this collection of projects is referred to as _____.
a. a portfolio
b. initiation
c. a program
d. a stochastic model
Firms usually have two or more projects, and this collection of projects is referred to as a portfolio.
A project portfolio refers to a collection of projects that an organization is working on or planning to work on. These projects are typically related to each other in some way, such as through shared resources, objectives, or strategic goals.
By managing projects as a portfolio, organizations can better align their project work with their overall strategy, prioritize projects based on their potential impact, and allocate resources more effectively. A project portfolio management approach can help organizations optimize their project portfolios and ensure that they are investing their resources in the most valuable projects.
Initiation is a stage in the project management process that involves defining the project and its objectives. A program refers to a group of related projects managed together to achieve a common goal. A stochastic model is a mathematical model that uses random variables to estimate outcomes.
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The American Institute of Certified Public Accountants has the primary authority to establish accounting standards for public companies. (True/False)
The statement "The American Institute of Certified Public Accountants (AICPA) has the primary authority to establish accounting standards for public companies" is False.
The primary authority to establish accounting standards for public companies in the United States is the Financial Accounting Standards Board (FASB). The AICPA focuses on providing resources and support for Certified Public Accountants, but it is the FASB that sets the accounting standards for public companies.
The American Institute of Certified Public Accountants (AICPA) is a professional organization of certified public accountants in the United States. It provides professional education, develops and grades the Uniform CPA Exam, and sets ethical standards for the profession.
The Financial Accounting Standards Board (FASB) is a private, non-profit organization that sets accounting and reporting standards for companies in the United States, including public and private companies and not-for-profit organizations.
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Cola Co. manufactures a product with a standard direct labor cost of two hours at $24.00 per hour. During July, 2,000 units were produced using 4,200 hours at $24.40 per hour. The labor rate variance was: $1,680,U $6,480 U $6,480 F $1,680 F
Based on the given information, we can calculate the actual labor cost for Cola Co. during July as follows:
Actual labor cost = Actual hours worked x Actual labor rate
Actual labor cost = 4,200 hours x $24.40 per hour
Actual labor cost = $102,480
To calculate the labor rate variance, we need to compare the actual labor rate to the standard labor rate. The standard labor rate is given as $24.00 per hour, so:
Labor rate variance = (Actual labor rate - Standard labor rate) x Actual hours worked
Labor rate variance = ($24.40 per hour - $24.00 per hour) x 4,200 hours
Labor rate variance = $0.40 per hour x 4,200 hours
Labor rate variance = $1,680 U (unfavorable)
Therefore, the labor rate variance for Cola Co. during July was $1,680 unfavorable. This means that the actual labor rate was higher than the standard labor rate, resulting in higher labor costs for the company.
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you are making plane reservations on the phone and see an attractive rate. but, before you can finish booking your reservation, the rate increases. why has this happened?
Making plane reservations involves factors such as demand, seat availability, and dynamic pricing. When you see an attractive rate, it's possible that other customers are booking flights simultaneously.
Why the rate increased before you could finish bookingThere could be a few reasons why the rate increased before you could finish booking your plane reservation over the phone.
One possibility is that the initial rate you saw was a limited-time offer or a promotional rate that had a set time limit or limited availability. Once that time limit or availability was reached, the rate increased.
Another possibility is that the rate was affected by demand. If there was high demand for flights during the time you were booking, the airline may have increased the rate to capitalize on the demand.
Finally, it could be a result of dynamic pricing, where airlines use algorithms to adjust prices in real-time based on various factors such as demand, competitor pricing, and inventory levels.
These factors can lead to fluctuating prices, even within a short amount of time.
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malham, inc. is a london-based mnc that frequently imports raw materials from the u.s. malham is typically invoiced for these goods in u.s. dollars and is concerned that the pound will depreciate in the near future. which of the following is not an appropriate hedging technique under these circumstances? sell Canadian dollars forward.purchase Canadian dollar futures contracts.buy Canadian dollar put options.sell Canadian dollar call options.
A: "Sell Canadian dollars forward" is not an appropriate hedging technique in this scenario because it involves selling Canadian dollars, which is not relevant to the situation. Malham, Inc. is importing raw materials from the U.S. and is invoiced in U.S. dollars, not Canadian dollars.
The other three options are all appropriate hedging techniques that can help Malham, Inc. manage its currency risk. Purchase Canadian dollar futures contracts would allow the company to lock in a future exchange rate for the U.S. dollar against the Canadian dollar. Buy Canadian dollar put options would provide the company with the right to sell Canadian dollars at a predetermined exchange rate, providing protection if the pound were to depreciate.
Sell Canadian dollar call options would provide the company with the right to buy Canadian dollars at a predetermined exchange rate, providing protection if the pound were to appreciate.
Option A is answer.
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suppose that flashfry and warmbreeze are the only two firms in a hypothetical market that produce and sell air fryers. the following payoff matrix gives profit scenarios for each company (in millions of dollars), depending on whether it chooses to set a high or low price for fryers. warmbreeze pricing high low flashfry pricing high 11, 11 3, 15 low 15, 3 9, 9 for example, the lower-left cell shows that if flashfry prices low and warmbreeze prices high, flashfry will earn a profit of $15 million, and warmbreeze will earn a profit of $3 million. assume this is a simultaneous game and that flashfry and warmbreeze are both profit-maximizing firms. if flashfry prices high, warmbreeze will make more profit if it chooses a price, and if flashfry prices low, warmbreeze will make more profit if it chooses a price.
In this hypothetical market, Flashfry and Warmbreeze are the only two firms that produce and sell air fryers.
The payoff matrix shows the profit scenarios for each company, depending on whether they choose to set a high or low price for their fryers.
As both firms are profit-maximizing, they will choose the pricing strategy that yields the highest profit. If Flashfry prices high, Warmbreeze will make more profit by choosing to price their fryers low.
Conversely, if Flashfry prices low, Warmbreeze will make more profit by choosing to price their fryers high. This is a simultaneous game, where the actions of one firm affect the profits of the other firm.
The optimal pricing strategy for each firm will depend on the actions of the other firm.
Therefore, both firms must consider the possible actions of their competitor when deciding on their pricing strategy to maximize their profits.
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oliver offers to sell henrietta a watch for $50. he bought the watch for one dollar at a garage sale, so he thinks he can make a big profit selling the watch to henrietta. henrietta, a watch expert, recognizes the watch as the long-lost imperial timepiece of the great emperor doja. henrietta knows the watch is worth $1,000,000, easily. she buys the watch from oliver. on what ground might the contract be voidable?
The contract between Oliver and Henrietta might be voidable if Henrietta can prove that Oliver made a fraudulent misrepresentation about the watch's value or characteristics. Fraudulent misrepresentation occurs when a party makes a false statement of fact, knowing it to be false, with the intent to deceive the other party and induce them to enter into a contract.
In this case, Oliver offered to sell Henrietta a watch for $50, knowing that its true value was much higher. If Henrietta can prove that Oliver knew the watch was worth much more than he was asking and intentionally misled her, she may have grounds to void the contract on the basis of fraudulent misrepresentation.Another possible ground for voiding the contract is mutual mistake.
A mutual mistake occurs when both parties to a contract are mistaken about a material fact that is important to the transaction. In this case, both Oliver and Henrietta may have been unaware of the true value of the watch, but if they both entered into the contract under the mistaken belief that the watch was worth only $50, the contract may be voidable on the grounds of mutual mistake.
In conclusion, the contract between Oliver and Henrietta might be voidable on the grounds of fraudulent misrepresentation, mutual mistake, or duress/coercion, depending on the specific circumstances surrounding the transaction.
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Choose the only one false statement! © (no answer) It is possible to give a general expression for price elasticity, once we know the demand function The mid-point method implicity assumes that the demand curve between those points is non-linear The own price elasticity of demand shows the responsiveness of the quantity demanded to a change in price Loyalty programs can reduce the price sensitivity of the buyers.
The false statement among the given options is: "The mid-point method implicitly assumes that the demand curve between those points is non-linear." In fact, the mid-point method assumes that the demand curve between those points is linear, as it calculates the average price and quantity values to determine the price elasticity of demand.
While it is true that the price elasticity of demand can be calculated using the demand function, there is no one-size-fits-all expression for price elasticity that applies to all products and markets. The formula for calculating price elasticity depends on the specific functional form of the demand function, and different demand functions will have different expressions for elasticity.
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A manager who serves as a role model for ethical conduct in a way that is visible to employees is referred to as a(n) _____ manager.
A manager who serves as a role model for ethical conduct in a way that is visible to employees is referred to as an "ethical manager."
An ethical manager consistently demonstrates and promotes ethical behavior within the workplace, setting a positive example for employees. By actively embodying ethical conduct, the manager helps to create a work environment where integrity, fairness, and accountability are valued. An ethical manager's actions include treating employees with respect, being transparent in decision-making processes, acknowledging and rewarding employees' contributions, and actively addressing unethical behavior. Additionally, an ethical manager encourages open communication and fosters a culture where employees feel comfortable raising concerns without fear of retaliation. Moreover, ethical managers play a crucial role in developing and implementing policies and procedures to ensure compliance with relevant laws, regulations, and industry standards. They ensure that the organization's core values are consistently upheld and integrated into daily operations, setting the tone for the entire workforce. In summary, an ethical manager is a vital figure in promoting and maintaining a positive work environment, where ethical conduct is at the forefront. By modeling ethical behavior, an ethical manager influences employees to adopt similar principles, ultimately contributing to the overall success and reputation of the organization.
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ventory at 20% of the following month's expected cost of goods sold. Expected cost of goods sold for April is $79,000, Sales January February March Budgeted cost of goods sold $44,500 $59,000 $64,500 Plus: Desired ending inventory 11,800 Inventory needed 56,300 Less: Beginning inventory (8,900) Required purchases $47,400 Based on this information the total amount of expected purchases for February is
The total amount of expected purchases for February is $60,100. Therefore, the answer is $60,100.
Calculate the total amount of expected purchases for February:Based on the information provided, you need to calculate the total amount of expected purchases for February.
1. Determine the desired ending inventory for February: The desired ending inventory is 20% of the following month's (March) expected cost of goods sold. So, we'll take 20% of $64,500 (March's expected cost of goods sold).
Desired ending inventory for February = 0.2 * $64,500 = $12,900
2. Calculate the inventory needed for February: Add the budgeted cost of goods sold for February ($59,000) to the desired ending inventory for February ($12,900).
Inventory needed for February = $59,000 + $12,900 = $71,900
3. Subtract the beginning inventory for February: As per the information given, the ending inventory for January ($11,800) will become the beginning inventory for February. So, subtract the beginning inventory ($11,800) from the inventory needed ($71,900).
Required purchases for February = $71,900 - $11,800 = $60,100
In conclusion, the total amount of expected purchases for February is $60,100.
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d) T Nuygen Limited currently uses a traditional standard costing system. Past two years the т company has been modernizing its plant and has tried to keep the old standard costing system in place by changing some of the features to reflect the more automated situation. It has now come to a point, however, where the old system just isn't providing useful information for product costing, pricing, decision making, etc. The CEO Ms. Yamaguchi has set up a team to investigate the situation and initially come up with reasons why the old system isn't working anymore. What are the problems with traditional standard costing under the current manufacturing environment? (Word limit: 300 words) (16 marks) e) Identify and explain TWO ways that company can change its inventory level and achieve a better cash budget performance. (Word limit:200 words) (10 marks)
d) The problems with traditional standard costing under the current manufacturing environment are:
- Ignoring Overhead Costs
- Unresponsive to Changes
- Lack of Accuracy.
e) TWO ways that the company can change its inventory level and achieve a better cash budget performance are
1. Just-In-Time (JIT) Inventory System.
2. Vendor-Managed Inventory (VMI).
(d) The traditional standard costing system has been a popular method for cost accounting for many years. However, as companies have become more automated and technology-driven, traditional standard costing has become less effective in providing useful information for product costing, pricing, and decision-making.
The following are some of the problems with traditional standard costing in the current manufacturing environment:
- Ignoring Overhead Costs: Traditional standard costing often focuses only on direct material and direct labor costs, ignoring the indirect overhead costs that are increasingly significant in modern manufacturing environments. As a result, the costing system fails to accurately reflect the true cost of the products.
- Unresponsive to Changes: Traditional standard costing systems are based on static, predetermined standards, which may not reflect actual costs in a dynamic manufacturing environment. When changes occur in the manufacturing process, such as the introduction of new technologies or changes in the production mix, the traditional standard costing system cannot adjust quickly enough to reflect these changes. This results in incorrect product costs and a lack of useful information for decision-making.
- Lack of Accuracy: The traditional standard costing system relies heavily on estimates and assumptions, which may not accurately reflect the actual costs of production. This can result in the misallocation of costs, incorrect pricing decisions, and ultimately, lower profitability for the company.
(e) There are two ways that a company can change its inventory level to achieve a better cash budget performance:
1. Just-In-Time (JIT) Inventory System: The JIT inventory system is a method of inventory management that focuses on producing and delivering products just in time to meet customer demand. By reducing inventory levels and improving production efficiency, the company can reduce its inventory holding costs, which can lead to a better cash budget performance. JIT can also reduce the risk of overstocking, which can lead to write-offs or discounts to clear the excess inventory.
2. Vendor-Managed Inventory (VMI): VMI is a collaborative inventory management system between the company and its suppliers. Under this system, the supplier takes responsibility for managing and replenishing the inventory levels at the company's warehouses or production facilities. This reduces the company's inventory holding costs and allows for better cash flow management as the company pays for the inventory only when it is used. In addition, the VMI system can improve supply chain visibility, reduce stockouts, and increase overall efficiency in inventory management.
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Allcan Trading has the following non-current assets at 31 December 2021.Assets Cost (RM) Purchase Date Depreciation (per annum) Office equipment 240,000 1 September 2020 Reducing balance 10% Office equipment 360,000 30 April 2021 Reducing balance 10%On 1 June 2021, the equipment which was purchased in the year 2020 was traded-in with a new equipment costs RM180,000. Assuming financial year ends at 31 December and the computation of depreciation is based on monthly basis.Required:Prepare the following accounts of the office equipment:d) Disposal account.
To prepare the disposal account for Allcan Trading's office equipment.
Explanation:
Calculate depreciation for the equipment purchased on 1 September 2020:
- Depreciation method: Reducing balance
- Annual rate: 10%
- Period of depreciation before trade-in: (1 June 2021 - 1 September 2020) = 9 months
- Depreciation for the 9 months: 240,000 x 10% x (9/12) = 18,000
Determine the carrying amount of the equipment on the date of trade-in (1 June 2021):
- Carrying amount = Cost - Accumulated depreciation
- Carrying amount = 240,000 - 18,000 = 222,000
Calculate the gain or loss on disposal:
- The equipment was traded in for a new one costing RM180,000, so we need to find the difference between the carrying amount and the trade-in value.
- Gain or loss on disposal = Carrying amount - Trade-in value
- Gain or loss on disposal = 222,000 - 180,000 = 42,000 (loss)
Now, let's prepare the disposal account:
Office Equipment Disposal Account:
Date | Particulars | Amount (RM)
1 June 2021 | Office Equipment (Cost) | 240,000
1 June 2021 | Accumulated Depreciation | 18,000
1 June 2021 | Loss on Disposal | 42,000
1 June 2021 | Office Equipment (Trade-in) | 180,000
In summary, the disposal account shows a loss on disposal of RM42,000. The cost of the office equipment purchased in September 2020 was RM240,000, and the accumulated depreciation at the time of trade-in was RM18,000. The trade-in value for the new equipment was RM180,000.
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Wright Company produces products I, J, and K from a single raw material input. Budgeted data for the next month is as follows:
Product I Product J Product K
Units produced 2,000 2,500 3,500
Per unit sales value at split-off $18 $23 $20
Added processing costs per unit $1 $3 $3
Per unit sales value if processed further $24 $24 $29
If the cost of the input of the raw materials is $73,000, which of the products should be processed beyond the split-off point?
Product I Product J Product K
A Yes Yes No
B Yes No Yes
C No Yes No
D No Yes Yes
a. Option A
b. Option B
c. Option C
d. Option D
The decision to process a product beyond the
split-off point
should be based on whether the
additional processing
costs will result in a higher overall profit.
To determine this, we need to calculate the
profit for each product
with and without further processing.
For Product I:
Without further processing:
Sales value at split-off = 2,000 units x $18 = $36,000
Total cost = $73,000 / (2,000 + 2,500 + 3,500) x 2,000 + $1 x 2,000 = $22,000
Profit = $36,000 - $22,000 = $14,000
With further processing:
Sales value = 2,000 units x $24 = $48,000
Total cost = $73,000 / (2,000 + 2,500 + 3,500) x 2,000 + $1 x 2,000 + $3 x 2,000 = $28,000
Profit = $48,000 - $28,000 = $20,000
For Product J:
Without further processing:
Sales value at split-off = 2,500 units x $23 = $57,500
Total cost = $73,000 / (2,000 + 2,500 + 3,500) x 2,500 + $3 x 2,500 = $28,500
Profit = $57,500 - $28,500 = $29,000
With further processing:
Sales value
= 2,500 units x $24 = $60,000
Total cost = $73,000 / (2,000 + 2,500 + 3,500) x 2,500 + $3 x 2,500 = $28,500
Profit = $60,000 - $28,500 = $31,500
For Product K:
Without further processing:
Sales value at split-off = 3,500 units x $20 = $70,000
Total cost = $73,000 / (2,000 + 2,500 + 3,500) x 3,500 + $3 x 3,500 = $41,000
Profit = $70,000 - $41,000 = $29,000
With further processing:
Sales value = 3,500 units x $29 = $101,500
Total cost
= $73,000 / (2,000 + 2,500 + 3,500) x 3,500 + $3 x 3,500 = $41,000
Profit
= $101,500 - $41,000 = $60,500
Based on these calculations, the products that should be
processed beyond
the split-off point are Product J and Product K. Therefore, the
correct answer is option D
.
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Sheridan Inc. manufactures basketballs for professional basketball associations. For the first six months of 2022, the company reported the following operating results while operating at 90% of plant capacity: Amount Sales $3,600,000 $50.00 Cost of goods sold 2,448,000 3400
Selling and administrative expenses 252,000 3.50 Net income $900,000 $12.50 Fixed costs for the period were cost of goods sold of $720,000, and selling and administrative expenses of $129,600. In July, normally a slack manufacturing month. Sheridan receives a special order for 7,200 basketballs at $30.00 each from the Italian Basketball Association, Accepting the order would increase variable selling and administrative expenses by $0.25 per unit because of shipping costs, but it would not increase fixed costs and expenses. Prepare an incremental analysis for the special order. (Round per unit calculations to 2 decimal places, es 15.25 and final answers to o decimal places, e.3. 125.)
Sheridan Inc. should accept the special order from the Italian Basketball Association as it would result in an incremental income of $56,700.
Incremental Analysis:
Sales revenue from the special order: 7,200 x $30.00 = $216,000
Variable costs per unit:
Cost of goods sold: $34.00 - $34.00 = $0.00
Selling and administrative expenses: $3.75 - $3.50 = $0.25
Total incremental variable cost per unit: $0.00 + $0.25 = $0.25
The total incremental variable cost for the special order: 7,200 x $0.25 = $1,800
Incremental income from the special order:
Incremental sales revenue - Incremental variable costs - Opportunity cost
= $216,000 - $1,800 - ($34.00 - $12.50) x 7,200
= $216,000 - $1,800 - $157,500
= $56,700
Conclusion: Sheridan Inc. should accept the special order from the Italian Basketball Association as it would result in an incremental income of $56,700.
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