A successful Lean Six Sigma implementation story can be found in the case of the US Navy's Naval Air Systems Command (NAVAIR). NAVAIR implemented Lean Six Sigma to improve their processes and reduce costs.
They used process design tools such as value stream mapping and process flow diagrams to identify areas of waste and inefficiency. They also used Lean Six Sigma tools such as DMAIC (Define, Measure, Analyze, Improve, Control) to identify and eliminate sources of variation and defects.
Additionally, they invested in training and certifying their personnel in Lean Six Sigma principles and tools. As a result of their efforts, NAVAIR was able to reduce costs by $1.2 billion and improve customer satisfaction.
Where can the Lean Six Sigma be found?A Lean Six Sigma “horror” story can be found in the case of the US Postal Service. The USPS attempted to implement Lean Six Sigma in order to reduce costs and improve efficiency. However, they failed to properly train their personnel in Lean Six Sigma principles and tools, and they did not invest in the necessary infrastructure to support the implementation. As a result, the implementation was unsuccessful and the USPS was unable to realize any cost savings or efficiency gains.
To correct the failure of the USPS implementation, key decision-makers should invest in training and certifying personnel in Lean Six Sigma principles and tools. Additionally, they should invest in the necessary infrastructure to support the implementation, such as data collection and analysis tools.
Finally, they should use process design tools such as value stream mapping and process flow diagrams to identify areas of waste and inefficiency. By following these steps, the USPS can leverage Lean Six Sigma to improve value and reduce costs.
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Problem 11-01 (Algorithmic)
Willow Brook National Bank operates a drive-up teller window that allows customers to complete bank transactions without getting out of their cars. On weekday mornings, arrivals to the drive-up teller window occur at random, with an arrival rate of 30 customers per hour or 0.5 customers per minute.
What is the mean or expected number of customers that will arrive in a six-minute period? Round your answer to the nearest whole number.
λ = fill in the blank 1
3
per six minute period
Assume that the Poisson probability distribution can be used to describe the arrival process. Use the arrival rate in part (a) and compute the probabilities that exactly 0, 1, 2, and 3 customers will arrive during a six-minute period. Round your answers to four decimal places.
A Poisson distribution in statistics is a probability distribution that is used to demonstrate how frequently an event is likely to happen over a given period of time.
What is Poisson Distribution?A Poisson distribution in statistics is a probability distribution that is used to demonstrate how frequently an event is likely to happen over a given period of time.
It is a count distribution, to put it another way. In order to comprehend separate events that happen at a steady pace throughout the course of a certain period of time, Poisson distributions are frequently utilized.
It bears the name Simon Denis Poisson after the French mathematician. Since the Poisson distribution is a discrete function, only particular values from a list are allowed for the variable.
To put it another way, the variable is not capable of accepting any continuous range of values. The variable can only take whole integer values for the Poisson distribution; decimals or fractions are not allowed.
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According to World Bank data, which of the following countries has the highest levels of income inequality?
According to World Bank data, the country with the highest levels of income inequality in South Africa. South Africa has a Gini coefficient of 63.1, which is the highest of any country in the world.
South Africa's high level of income inequality is due to a number of factors, including a large gap between the wealthy and the poor, a lack of access to education and healthcare, and a high rate of unemployment.
Additionally, South Africa's high levels of income inequality are also due to the legacy of apartheid, which resulted in a large racial divide in the country. This racial divide has resulted in a large gap between the incomes of white and black South Africans, with white South Africans having significantly higher incomes than black South Africans. Furthermore, South Africa's economy is largely based on the mining industry, which has resulted in a large gap between the incomes of those who work in the industry and those who do not. Therefore, South Africa's high levels of income inequality are due to a combination of historical, economic, and social factors.
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manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale are known as blank .
Manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale are known as Organizational Buyers .
What are consumers in an organization?
Organizational consumers purchase products and services for use in ongoing activities, for future production, or for resale to third parties. B. Retailers, wholesalers, government agencies, and other nonprofit organizations are examples of organizational customers.
Of the two, who qualifies as a reseller?
Resellers are businesses that offer products and services made by other companies without making significant changes to them. Retailers, brokers, and wholesalers are some of them.
You are likely familiar with two significant retailers: Walmart and Target. Significant market power is held by big wholesalers, brokers, and retailers.
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suppose that the united states imposes tariffs on cars imported from japan, and in retaliation, japan imposes tariffs on cars imported from the united states. the tariff on japanese cars will likely have a effect on us auto producers. the tariff on american cars by japan will have a effect on us auto producers. the net effect of these policies together for the us auto producers would be .
Skills in communication, education, technical skills, creativity, experience, problem-solving abilities, mental health, and personal resilience are all examples of human capital.
What is an example of human capital Class 9?
Human capital investment is the investment in things like education, training, and medical care.
What are the most important examples of human capital and physical capital?
Inanimate assets like cash, property, job site equipment, and inventory make up physical capital. In contrast, human capital refers to the capabilities, knowledge, and skills of an organization's staff.
Which four types of capital are there?
Working capital, debt, equity, and trading capital are the four main types of capital.
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states that global poverty can at least partially be attributed to the fact that the low-income countries have been exploited by the high-income countries during the historical growth of capitalism. group of answer choices modernization theory world systems theory dependency theory the new international division of labor theory
Option C. dependency theory, Dependency theory holds that resources migrate from a "core" of wealthy states to a "periphery" of underdeveloped and poorer states, enriching the latter at the expense of the latter.
According to dependence theory, the way in which poor states are included into the "global system" causes rich states to become richer while poor states become poorer. Following World War II, this idea was formally formulated in the late 1960s as researchers looked for the underlying cause of Latin America's lack of progress.
The theory developed in response to modernization theory, an earlier development theory that claimed all societies go through similar stages of development, that today's underdeveloped areas are therefore in a similar situation to that of today's developed areas at some point in the past, and that, as a result, the task of assisting the underdeveloped areas out of poverty is to accelerate them along this supposed common path of development.
States that global poverty can at least partially be attributed to the fact that the low-income countries have been exploited by the high-income countries during the historical growth of capitalism. group of answer choices
A. modernization theory
B. world systems theory
C. dependency theory
D. the new international division of labor theory
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Vito is single. His total income before deductions was $147,760. He was ableto reduce his total income by $14,198 when he filled out Schedule A. Howmuch did he save in tax by using Schedule A?
He save in tax by using Schedule A is $3,407.52.
What is Taxable earnings? Any gross income that is used to determine how much tax you owe is referred to as taxable earnings. It is simply your adjusted gross income less any deductions, to put it simply. Taxable earnings. is $147,760. This is under "but not above 169725," hence the tax is 14198.+ (0.24*147760) = $49,844-9.When Vito fills up the classroom, income is reduced by 14198 percent, or 147,760-14198, or 133,562.This falls under the "over 84,200" category but isn't "over 160725," therefore tax applies.a) His tax savings came to 49,844-90-46437:35, or $3,407.52.b) He spent 6 hours as follows: 3407.52/ 6 = 567.92=570 dollars
He save in tax by using Schedule A is $3,407.52.
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Vito is a loner. He earned $147,760 in gross income before taxes. He save in tax by using Schedule A is $3,407.52.
What is Taxable earnings?
Any gross income that is used to determine how much tax you owe is referred to as taxable earnings. It is simply your adjusted gross income less any deductions, to put it simply.
Taxable earnings. is $147,760. This is under "but not above 169725," hence the tax is 14198.+ (0.24*147760) = $49,844-9.
When Vito fills up the classroom, income is reduced by 14198 percent, or 147,760-14198, or 133,562.
This falls under the "over 84,200" category but isn't "over 160725," therefore tax applies.
a) His tax savings came to 49,844-90-46437:35, or $3,407.52.
b) He spent 6 hours as follows: 3407.52/ 6 = 567.92
=570 dollars
He save in tax by using Schedule A is $3,407.52.
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differential revenue is the amount of increase or decrease in revenue expected from a particular course of action as compared to an alternative. T/F
Above statement is correct. The amount of income that would be generated via the most advantageous alternative use of cash recommended is known as differential revenue.
What is Differential Revenue?The difference in sales that two alternative strategies will produce is known as differential revenue. When deciding between two (or more) investments in a business, the idea is frequently employed. The sales at one activity level are subtracted from the sales at the preceding level to get the differential revenue.
What is differential cost and differential revenue?Differential revenues and costs, also known as relevant revenues and costs or incremental revenues and costs, refer to the variance in revenues and costs across possible courses of action. Differential analysis refers to examining this discrepancy or incremental analysis.
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The curve which summarizes the total quantity producers are willing and able to produce at differing prices is the: A market demand curve. B consumer surplus curve C average cost curve D market supply curve
Explanation:
considering current ethiopian economic situation ,how fiscal policies should act to stabilize the economy of the country?
a prospective purchaser of a residential condominium unit sends written notification to the listing broker stating her desire to cancel the contract within the allowable rescission period. the seller instructs the broker to retain the earnest money deposit as liquidated damages. the broker is legally authorized to
If there is a legitimate liquidated damages clause in the contract, the broker is legally permitted to retain the earnest money deposit as liquidated damages.
A contract's liquidated losses clause establishes the dollar amount of damages to be paid in the case of a breach of the agreement. The liquidated damages provision would normally define the portion of the earnest money deposit that would be kept by the seller in the event that the buyer cancels within the permitted rescission time in the case of a residential condominium unit transaction. It is important to keep in mind, nevertheless, that the liquidated damages provision must be fair and should not be viewed as a punishment in order to be upheld by a court. The broker must also inform the buyer of the seller's instructions.
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Prior to the write off of a $500 customer account, Athena Company had the following account balances:The net realizable value of the Accounts Receivable before and after the write-off was:
Receivable before and after the write-off was $18,600 $18,600. Any one or more of the customer's loan, demand deposit, time deposit, savings, money market, or other accounts kept at the bank are referred to as customer accounts.
Critical information about a client is stored in a customer account record, sometimes called a customer record. This data includes the usual items like name, order data, billing information, interaction information, and deposit information. In addition to offering a high-quality service or product, it enables you to build a solid, strong, and long-lasting relationship. encouraging client pleasure and, more importantly, customer loyalty. Any one or more of the customer's loan, demand deposit, time deposit, savings, money market, or other accounts kept at the bank are referred to as customer accounts.
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Consider a mutual fund with $207 million in assets at the start of the year and with 10 million shares outstanding. The fund invests in a portfolio of stocks that provides dividend income at the end of the year of $4 million. The stocks included in the fund's portfolio increase in price by 8%, but no securities are sold, and there are no capital gains distributions. The fund charges 12b-1 fees of 1.00%, which are deducted from portfolio assets at year-end.
a. What is net asset value at the start and end of the year? (Enter your answers in dollars rounded to 3 decimal places.)
Start of the Year: $
End of the Year: $
b. What is the rate of return for an investor in the fund? (Use rounded "Net Asset Value". Round your answer to 2 decimal places.)
Rate of Return: %
a) NAV at the beginning is $20.7 and at the end is $22.13
b) 8.84% is the rate of return for fund investment.
Mutual fund investments frequently use the notion of net asset value (NAV), which is determined as the total value of the entity's assets less the whole value of its liabilities. Simply put, NAV stands for Net Asset Value, which is the share or unit price of the fund (a collection of stocks, bonds, etc.) on a particular day or time.
The NAV, or net asset value, is the market price at which shares or units of funds registered with the Securities and Exchange Commission (SEC) are traded. The closing price of the underlying equities is taken into account while calculating NAV for each trading day.
a) NAV at the year's beginning = 207 /10 = $20.7 per unit
the total fund value at the year's conclusion = $207 * 1.08 = $223.56 million
NAV at the year's end = {223.56 - (0.01 * 223.56)} / 10 = $22.13 per unit
b) Dividend Received per Unit = 4 / 10 = $0.4 per unit
Rate of Return = (Capital gain + Dividend Received) / Investment amount Rate of Return = (22.13 - 20.7 + 0.4) / 20.7 = 8.84%
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item 12 imagine that eveready has developed solar rechargeable batteries that cost only slightly more to produce than the rechargeable batteries currently available. these solar batteries can be recharged by sunlight up to five times, after which they are to be discarded. unfortunately, the production process cannot be patented, so competitors could enter the market within a year. which of the following is the best description of the product life cycle of this product?
Moderately slow introduction, followed by modest growth, gradually leveling off is the best description of the product life cycle of this product.
Option E is correct.
What is the life cycle of a product?A management tool known as a product life cycle evaluates a product's path from development to market withdrawal. It has four stages—introduction, growth, maturity, and decline—as previously mentioned.
How significant is the product life cycle?Designers, managers, and marketers all benefit greatly from having access to the product life cycle. It identifies four distinct stages in the life of a product and provides advice on how to develop strategies to make the most of those stages and boost the product's overall market success.
How do you use the product life cycle?The life cycle of a product typically consists of four stages: introduction, development, development, and decline. Management and marketing professionals use product life cycles to help decide on advertising schedules, price points, expanding into new product markets, and redesigning packaging.
Question is incomplete:
Imagine that Eveready has developed solar rechargeable batteries that cost only slightly more to produce than the rechargeable batteries currently available. These solar batteries can be recharged by sunlight up to five times, after which they are to be discarded. Unfortunately, the production process cannot be patented, so competitors could enter the market within a year. Which of the following is the best description of the product life cycle of this product?
a. Long, level beginning, and rapid ascent
b. High initial sales followed by slow decline
c. High introductory sales followed by rapid decline
d. Rapid growth followed by rapid decline
e. Moderately slow introduction, followed by modest growth, gradually leveling off
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which of the following differs from other international trade alliances in its commitment to facilitating business and its practice of allowing the business/private sector to participate in a wide range of activities?
Asia-Pacific Economic Cooperation (APEC) differs from other international trade alliances in its commitment to facilitating business and its practice of allowing the business/private sector to participate in a wide range of activities.
The Asia-Pacific Economic Cooperation (APEC) is unique in its approach to international trade. APEC stands out from other trade alliances by its commitment to promoting business and allowing the business/private sector to participate in a range of activities.
This approach enables businesses to develop strategies that are tailored to the needs of the region and to take advantage of the opportunities it presents.
APEC also encourages the sharing of knowledge and experiences between members, which can help to foster an environment of co-operation and mutual understanding.
By providing an open platform for business and economic dialogue, APEC is helping to create a more prosperous and sustainable future for all its members.
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ing your understanding of the differences between the different forms of innovation, categorize the innovations listed. technical managerial crm systems online banking self check-out system direct deposit instant messaging
Technical managerial CRM systems and Online Banking are technical & managerial innovations. Self-Check-Out system, Direct Deposit and Instant Messaging are product and process innovations.
What are various types of innovations?Radical and incremental innovations, technical and managerial innovations, and product and process innovation, are the three important dimensions of innovation. The products are categorized into three forms of innovation. There are four types of innovation: radical, incremental, adjacent, and disruptive. They may vary depending on the niche, market, brand essence, services, and products offered.
What is an innovation?Innovation is the application of concepts in a way that results in the creation of new products or services or enhances existing ones.
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under nasaa rules, each registered investment adviser must establish, implement and maintain a business continuity and succession plan that: a is based on the investment adviser's business model including the size of the firm, types of services provided, and number of business locations b ensures that key management personnel have been familiarized with the policies and procedures to be followed in the event of a significant business interruption
is determined by the business model used by the investment adviser, which takes into account the firm's size, the services it offers, and the number of locations it has.
What is an NASA research? Business Continuity and Succession Planning for Investment Advisers is addressed by a NASAA Model Rule (Broker-Dealers are already covered under a similar FINRA rule). According to this rule, each investment advisor is required to create, implement, and maintain a business continuity plan depending on the specifics of their RIA business model, such as the size of their company, the services they offer, and how many locations they have. Protection, backup, and recovery of books and records must be at the very least covered by the plan.Alternate means of communication with clients, key personnel, employees, vendors, service providers, and regulators, including informing them of significant business interruption, a halt to business operations, a death in the family, or the unavailability of key personnel.
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the disclosure requirement associated with the date through which management has evaluated subsequent events, along with the basis for that date being the appropriate date, needs to be implemented in financial statements without regard to which of the following?
Financial statements with full transparency that have not been reviewed, audited, or assembled. Regardless of the amount of service rendered on the financial statements or the method of accounting utilized to prepare the statements, the disclosure is necessary.
What protocols has management set up to guarantee that subsequent events are recognized?reviewing the policies management has set up to make sure that future instances are recognized. meetings of the audit and executive committees held after the filing date of the financial accounts and requesting information regarding subjects discussed at meetings for which minutes are awaited.
What is the audit's next step-by-step process?The role of the auditor with regard to following events is described in ISA 560, Subsequent Events. The term "subsequent occurrences" as used in ISA 560 refers to events that take place after the reporting date.
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collegiate publishing inc. began printing operations on march 1. jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. in addition to the materials and labor charged directly to the jobs, $7,800 of indirect materials and $11,100 of indirect labor were used during the month. the cost sheets for the four jobs entering production during the month are as follows, in summary form: job 301 job 302 direct materials $10,700 direct materials $18,400 direct labor 7,200 direct labor 16,400 factory overhead 6,192 factory overhead 14,104 total $24,092 total $48,904
Manually count each inventory item and compute the valuation in order to calculate the WIP correctly.
How are inventories of work in progress handled?You would need to manually count each inventory item and compute the valuation in order to calculate the WIP correctly. Fortunately, you can calculate a precise estimate using the work-in-process formula. The formula is: Ending WIP Inventory is Starting WIP Inventory plus Manufacturing Costs The raw material inventory account is credited and the work-in-process inventory account is debited after the $100 of raw material has been transferred to the work-in-process stage. The $100 is deducted from the finished products inventory account once the task is finished. direct materials jobs 301 and 302 $10,700 in materials only Direct labour: $18,400 7,200 direct employees 6,192 manufacturing overhead, totaling 14,104, out of 16,400 $24,092 total $48,904.To learn more about inventory account refer to:
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Suppose you have a very efficient study system. Then, as you increase the hours that you study for an economics exam, the opportunity cost of studying for the exam:(Please explain your answer)
a) increases.
b) decreases.
c) stays the same.
d) may increase or decrease.
Let's say you have an extremely effective study routine. The opportunity cost of studying for an exam in economics therefore increases as you put in more study time.
The correct option is a.
The opportunity cost is a concept used in microeconomic theory to describe the value or benefit lost by choosing one activity over another. More precisely, it implies that if you pick for one activity, you forfeit the chance to choose a different one.
Opportunity cost is a notion used in decision-making to assist people and organisations in making better decisions, particularly by taking the alternatives into account. The cost and benefit of each option are included in opportunity costs, which can occasionally be difficult to assess. Opportunity costs gaze into the future.
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A country that bases its laws on the traditions within the country's legal history operates under a _____ law legal system.
A country that bases its laws on traditions of country's legal history operates under a under a common law legal system. Common Law legal system, that has arisen in England since Middle Ages, is based on case law and jurisprudence rather than written law.
What is the name of the legal system?Most modern legal systems can be described as common law, civil law, or a mixture of both. A purely common law system is created by the judiciary, because laws derive from case law rather than from statute. Therefore, the common law system focuses heavily on precedent.
What types of legal systems are there?There are four major classes of legal systems around the world. They are: (a) Customary law. (b) Civil Law System. (c) Socialist legal system; (d) Legal regimes between international organizations and “reciprocal” countries.
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the savvy entrepreneurial firm feature in chapter 2 features three firms: swipe out hunger, soko, and drive for change. all three are examples of .
The savvy entrepreneurial firm feature in chapter 2 features three firms: swipe out hunger, soko, and drive for change. all three are examples of social ventures.
In economic and business, A Social Venture generally can be defined as an undertaking by a firm or organization established by a social entrepreneur. Social venture has a function to provide systemic solutions to achieve a sustainable, social objective. Beside that, social ventures also has a function to hybrid enterprises straddling the boundary between the for-profit business world. There are several examples of social ventures, such as educational programs, providing banking services in underserved areas, and helping children orphaned by epidemic disease.
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When a company purchases another business that does something different from what the purchasing company does, the purchasing company is using a strategy of A. unrelated diversificationB. vertical integrationC. related diversification
When a company purchases another business that does something different from what the purchasing company does, the purchasing company is using a strategy of C. related diversification.
A procedure known as "diversification" tries to devote financial resources to a company so it can join a new field or market. Creating a product or items to offer in a new market is another definition of diversification.
A corporate transaction known as an acquisition takes place when one company buys and takes control of another company. Merger and acquisitions (M&A), a professional path incorporation act or finance that focuses on the purchasing, selling, and consolidating of enterprises, are fundamentally comprised of these activities.
Diversification into unrelated areas, for as when Amazon bought Whole Foods to enter the grocery store industry. Geographic Diversification: Starbucks, Target, and KFC all operate in different geographic markets as part of their company strategies.
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A corporation employs a similar diversification strategy when it acquires a business that performs a different function from that of the acquiring company.
Diversification refers to the process of allocating financial resources to a business so it can enter a new market or industry. Another meaning of diversification is the development of a product or products to provide in a new market.
When one firm purchases and assumes control of another, this is referred to as an acquisition in the business world. These actions are essentially what make up merger and acquisitions (M&A), a professional career in finance that focuses on buying, selling, and integrating businesses.
Expansion into other fields, as as when Amazon purchased Whole Foods to join the grocery store business. Geographic Diversification: As part of their business strategy, Starbucks, Target, and KFC all operate in many geographic markets.
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Milea Inc. experienced the following events in Year 1, its first year of operations:
Received $20,000 cash from the issue of common stock.
Performed services on account for $56,000.
Paid the utility expense of $2,500.
Collected $48,000 of the accounts receivable.
Recorded $10,000 of accrued salaries at the end of the year.
Paid a $2,000 cash dividend to the stockholders.
Fill out the income statement, statement of change in stockholders equity, balance sheet, and statement of cash flow.
Milea Inc. experienced the following events in Year 1, its first year of operations. Received $20,000 cash from the issue of common stock. The ending cash balance is $63,500.
Milea Inc.
Income Statement
For the Year Ended December 31, 2016
Service revenue $ 56,000
Operating expenses
Utilities expense $2,500
Salaries expense 10,000 (12,500)
Net income $43,500
Milea Inc.
Statement of Changes in Stockholders' Equity For the Year Ended December 31, 2016
Beginning common stock $0
Common stock issued 20,000
Ending common stock $ 20,000
Beginning retained earnings $0
Net Income 43,500
Dividends (2,000)
Ending retained earnings 41,500
Total stockholders' equity $61,500
Milea Inc.
Balance Sheet As fo December 31, 2016
Assets
Cash $ 63,500
Accounts receivable 8,000
Total assets $71,500
Liabilities and Stockholders' Equity
Liabilities
Salaries payable $10,000
Stockholders' Equity
Common stock $ 20,000
Retained earnings 41,500 61,500
Total liabilities and stockholders' equity $71,500
Milea Inc.
Statement of Cash Flows
For the Year Ended December 31, 2016
Cash flows from operating activities: $ 48,000
Cash receipt from customer (2,500)
Net cash flow from operating $ 45,500
cash flows from financing activities:
Cash payment for utilities expense $ 20,000
Cash payment for dividend (2,000)
Net cash flow from financing activities
Cash receipt from issuing common stock 18,000
Net increase in cash 63,500
Beginning cash balance ----
Ending cash balance $63,500
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Which of the following is (are) violations of the Uniform Securities Act that can result in civil liability?
I An investment adviser recommends the purchase of a non-exempt security that was unregistered, even though an exemption is not available
II An investment adviser recommends the purchase of an exempt security that was unregistered to a customer
III An investment adviser recommends a non-exempt security that is unregistered to a customer after being informed by his manager that the security was registered
A. I only
B. I and III
C. II and III
D. I, II, III
A. I only, Violation of the Uniform Securities Act can result in civil liability.
Violation of registration requirement for non-exempt securities is a violation of the Act, if an exemption is not available and the investment advisor recommends the purchase of such security.
An investment advisor recommending a non-exempt security that is unregistered to a customer after being informed by his manager that the security was registered, is also a violation of the Act. The Uniform Securities Act (USA) is a set of state laws that provide regulation for the securities industry in the United States. The Act provides a uniform set of regulations for securities transactions and registration requirements for securities, investment companies, and investment advisers. The Act is designed to protect investors from fraud and deception, and to promote fair and honest securities transactions. The USA is adopted by states in the U.S. to regulate securities transactions within their borders, although there are variations among the states' laws.
In summary, option A is correct because it only includes the violation of recommending the purchase of a non-exempt security that was unregistered
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Let's apply the law of supply to you, a business owner of a successful coffee shop. You’re very proud of your product, which is made from the finest Arabica coffee beans imported from Colombia. However, due to poor weather and government corruption, the supply of Colombian Arabica beans has dwindled by 30 percent. How does a dwindling supply affect your business? What are your strategies moving forward?
Prices often climb to a higher equilibrium price and a lesser quantity of goods and services if supply of goods and services declines while demand remains constant.
What is Arabica coffee?The flowering plant species Coffee arabica, sometimes referred to as Arabic coffee, is a member of the Rubiaceae family, which also includes the coffee and madder plants. It is thought to have been the first species of coffee to be domesticated, and it currently holds the top spot, accounting for about 60% of world production. Nearly twice as much sugar and approximately 60% more fats are found in arabica. These are crucial for the flavor, body, and aroma of the coffee in addition to flavor. Arabica beans have a better flavor because of the increase in sugar, which provides the coffee a better flavor, a cleaner texture, and less bitterness. Arabica beans are frequently thought to have better flavor even though they have less caffeine than Robusta.To learn more about Arabica coffee refer to:
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A market that is achieving allocative efficiency must also be achieving productive efficiency.True or False
The answer is true. Both an allocative efficiency and a productive efficiency exist. A market can operate at its highest level of productive efficiency while also giving producers and buyers the best possible allocation of resources.
But this will only be the case if everyone gains from the market circumstances. At this moment of market equilibrium, all goods are sold since the price being offered for a certain supply exactly matches the demand for that supply at that price. Productive efficiency is concerned with the best way to produce commodities and how to do so efficiently. The most efficient distribution of goods and services is what allocational efficiency is all about.
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as consultants, we are hired to help the company track and report costs. the following tableau dashboard is provided to assist us in our analysis. 1. compute cost of direct labor used. 2. compute cost of direct materials used. 3. compute cost of goods manufactured. 4. compute cost of goods sold. (do not consider any underapplied or overapplied overhead.)
When an employee is directly accountable for providing specific goods or services, they are considered to be engaged in direct labour.
What is meant by direct labour?Direct labour is the term used to describe the salaries and pay given to employees who are directly responsible for delivering particular goods or services. It covers the price of standard working hours, extra work hours, payroll taxes, unemployment tax, Medicare, employment insurance, etc.
1. The direct labour used was calculated as follows:
Factory Payroll (paid with cash): $57,000
Indirect labor: $7000
Direct labor = $50,000 ($57,000 - $7,000)
2. This is how the direct materials used were calculated:
Raw Materials, November 30: $10,000
Raw materials purchases 40,000
Raw Materials, December 31: $12,000
Raw materials used = $38,000 ($10,000 + $40,000 = $12,000)
Indirect materials: $5,000
Direct materials used = $33,000 ($38,000 - $5,000)
3. The formula for calculating the cost of manufactured goods is as follows:
Work in process, November 30: $15,000
Direct materials 33,000
Direct labor 50,000
Manufacturing overhead applied 35,000 ($50,000 x 70%)
Work in process, December 31: ($20,000)
Cost of goods manufactured $113,000
4. The following is how the cost of goods sold is calculated:
Finished goods, November 30: $7,500
Cost of goods manufactured $113,000
Finished goods, December 31: ($10,000)
Cost of goods sold $110,500
Question Completion:
As consultants, we are hired to help the company track and report costs. The following Tableau Dashboard is provided to assist us in our analysis.
INVENTORIES:
Raw Materials, November 30: $10,000
Raw Materials, December 31: $12,000
Work in process, November 30: $15,000
Work in process, December 31: $20,000
Finished goods, November 30: $7,500
Finished goods, December 31: $10,000
FACTORY OVERHEAD:
Indirect materials: $5,000
Indirect labor: $7,000
Other overhead costs: $30,000
Total Overhead: $42,000
SALES, MATERIALS, AND PAYROLL FOR DECEMBER
Factory Payroll (paid with cash): $57,000
Raw materials purchases (paid with cash): $40,000
Sales (received in cash): $200,000
PREDETERMINED OVERHEAD RATE
Predetermined overhead rate based on direct labor cost: 70%
Thus, the cost of goods manufactured is $113,000.
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which of the following is not a disadvantage of partnership: difficulty in raising cash unlimited liability unlimited life of the enterprise difficulty of transferring ownership
Difficulty in raising cash unlimited liability unlimited life of the enterprise is not a disadvantage of partnership.
A partnership is a legal entity in the same way that a corporation is. It is capable of owning property and being held accountable for its deeds in court. It exists independently of its owners, the partners. The distinctive qualities that distinguish partnerships from other entity forms include the following. The following are some of a partnership's most frequent traits:
agreement-based formation. By voluntarily joining or forming an association, a partnership is created. It is necessary for the partners to have a written agreement outlining who provides what resources or services, who handles which tasks for the company, and how profits, losses, and any additional remuneration are distributed. In the absence of a written agreement, the Uniform Partnership Act (UPA) or the Revised Uniform Partnership Act (RUPA), as applicable to the state where the partnership is located, controls in any areas of contention.
A set or constrained life. The partnership's life term is typically determined by agreement. Partnerships come to an end when a new partner is accepted, a partner departs (allowing for the creation of a new partnership), or the partnership dissolves. Corporations, on the other hand, have an endless lifespan.
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drag and drop the correct answer into the white box. andrew needs to go to the grocery store to buy food for tonight's dinner. which of the following is an incentive for andrew? blank one baked potato the road to the grocery store is closed buy one steak, get one free
Learn with Quizlet and retain terms from flashcards such as Susan perused a list of the items that would be offered at a dinner party.
Is it free to use Quizlet ?
Quizlet is a free website that offers study, gaming, and flashcard modes as well as other educational resources for students. Making your own study sets of terminology and meanings is the first step. To expedite the creation process, you can utilize Quizlet's built-in auto-define tool or copy and paste content from another source.Quizlet has a free option with limited features and a paid option called Quizlet Plus for about $48 per year.Because Quizlet allows any user to create and share a study set, there is no guarantee the information is accurate. There's a chance that a student could unintentionally learn false information if they log in and select a set made by someone else.
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Southeast Asian countries experience high temperatures and high humidity during the monsoon seasons. This makes working conditions difficult. Because air conditioners are expensive and consume a lot of electricity, an alternative air cooler called Eco-cooler was invented ______.
An alternative air cooler called Eco-cooler was invented in Southeast Asian countries and technological innovation can increase labor productivity and thus increase economic growth.
How does technology improve productivity and economic growth?Either by using more resources or by realizing higher productivity by making better use of the resources of labor, capital, and land, one can enhance production. In both of these ways, technological advancement aids in the promotion of growth. The primary long-term engine of economic growth is productivity.
Innovation made possible by technology is the main driver of increased productivity and economic growth. The production potential frontier of an economy is expanded by technological advancement by raising the productivity of factors of production, which allows for the production of more output with the same number of resources or the same amount of output with fewer resources.
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according to the motivational interviewing approach, directly confronting substance-abusing clients generally produces which of the following?
Directly confronting substance-abusing clients generally produces resistance.
What is Motivational interviewing?Clinical psychologists Stephen Rollnick and William R. Miller helped create the counselling technique known as motivational interviewing (MI). It is a prescriptive, client-centered therapy approach that encourages behaviour modification by assisting clients in examining and resolving ambivalence. It differs from conventional Rogerian client-centered therapy by using direction, in which therapists try to persuade patients to consider making changes rather than engaging in non-directive therapeutic exploration. This type of counselling is more focused and goal-directed than non-directive counselling. One of the main objectives is to examine and resolve ambivalence, and the counsellor is purposefully directed in pursuing this objective. The spirit of MI as a facilitative approach for interpersonal relationships serves as its primary definition, not its technology.
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