Horizontal integration is best described as process of merging with competitor at same stage of value chain.
What is horizontal integration?Increased production of goods or services by a business at the same point in the supply chain is known as horizontal integration. This could be accomplished by a business through internal growth, acquisition, or merger. If one business controls a substantial portion of the market for that good or service, the process could result in monopoly. Vertical integration, in which businesses combine various production stages from a few different production units, contrasts with horizontal integration. Media critics like Robert W. McChesney have observed that the entertainment sector is currently moving toward a trend where fewer transmedia and transnational firms have a greater share of the media ownership pie. In areas where wealthy people can afford such activities, media is observed to gather.
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Several years ago, Tamika Company issued bonds with a face value of $603,000 at par. As a result of declining interest rates, the company has decided to call the bond at a call premium of 7 percent over par.
Required:
Record the retirement of the bonds.
Bonds will have a $645,210 recorded retirement.
What are Bonds?A bond is a fixed-income investment that simulates a loan from a shareholder to a borrower (typically corporate or governmental). An I.O.U. between the lender and borrower that specifies the terms of the loan and its instalments is what is meant by a bond. Bonds are sold in bond market.
Explanation:
The following entry in the journal represents the retirement of bonds:
Payable bonds: $603,000
$700,000 x 0.07% = $42,210 for the premium over par.
Cash: $645,210 (Being the retirement of the bond is recorded)
In order to properly record this journal entry, we debited the bond payable account, credited the cash account, and recorded a loss on the bond call account.
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a report by cranfield university to the department for transport in england recognized outsourcing as one of the key factors driving increased levels of . the idea of should underlie all of the previously discussed cost categories.
A report by Cranfield University to the department for transport in England recognized outsourcing as one of the key factors driving increased levels of supply chain risk. The idea of risk mitigation should underlie all of the previously discussed cost categories.
Planning for emergencies and developing a strategy to mitigate their effects is the process of risk reduction. A competent risk mitigation strategy will consider each risk's impact and give priority to planning around that impact, even if the general idea of risk mitigation is to be a firm ready for all foreseeable dangers.
Four standard methods of risk reduction are available. Avoidance, reduction, transference, and acceptance are frequently used in this context.
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when using a personal finance system with multiple bank accounts, which account should be electronically linked to all of your other accounts?
Banks and other financial organizations provide specific services including personal loans, deposit acceptance, and draft-enable accounts.
Which services do finance companies typically not offer?Contrary to a bank, a finance company does not take consumer cash deposits or provide specific banking services like checking accounts.
Financial intermediary institutions: what are they?Financial intermediaries typically serve as middlemen in deals involving banks or funds. These middlemen lower transaction costs and contribute to the creation of efficient markets. Although they might provide leasing or factoring services, intermediaries do not accept public deposits.
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the corata appliance manufacturing corporation manufactures two vacuum cleaners, the standard and the super. the following information was gathered about the two products: standard super budgeted sales in units 2,700 900 budgeted selling price $600 $1,700 budgeted contribution margin per unit $700 $1,050 actual sales in units 3,000 1,200 actual selling price $650 $1,680 what is the total salesmix variance in terms of the contribution margin? (round intermediary calculations to two decimal places.)
The total sales mix variance in terms of the contribution margin is 472,500.
Calculation:-
Budgeted sales mix
Standard = 2700/(2700+900) = 0.75
Super = 900/(2700+900) = 0.25
Total sales quantity Variance = (Actual sales-Budgeted) * budgeted sales mix * budgeted contribution margin
Standard = [(3000+1200)-(2700+900)]*0.75*700 = 315,000
Super = [(3000+1200)-(2700+900)]*0.25*1050 = 157,500
Total = 315,000 + 157,500 = 472,500 Favourable.
The following steps show how to calculate the sales structure variance at the individual product level. Subtract the budget quantity from the actual quantity and multiply by the standard contribution margin. The contribution margin is revenue minus all variable costs.
Product sales volume variance is calculated by multiplying the difference between the actual and budgeted sales volume by the average profit, contribution, or revenue per unit. This metric is a measure of sales performance based on the financial impact of exceeding or undershooting budgeted sales.
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The Fashion Store sells fashion items. The demand for one selling season is random and unknown. The store must order inventory many months in advance of the selling season to get a good price on the items and to ensure they arrive right before the selling season. Each unit costs Fashion $100. These units are sold to customers at a price of $250 per unit. Items not sold during the season can be sold to the outlet store at $80 per unit.
a. Based on the information above, is the optimal service level more or less than 50%? Provide your answer with a justification.
b. If the demand of the fashion items follows a normal distribution, then should the optimal order quantity be more or less than the mean of the demand of the fashion items? Provide your answer with a justification.
a. The optimal service level in this case cannot be determined without knowing the demand for the fashion items during the selling season.
In general, the optimal service level will depend on the trade-off between the cost of carrying inventory and the cost of stock outs.
If the cost of carrying inventory is high, the optimal service level may be lower than 50%, whereas if the cost of stock outs is high, the optimal service level may be higher than 50%.
b. If the demand for fashion items follows a normal distribution, the optimal order quantity should be equal to the mean of the demand.
This is because the mean of a normal distribution represents the most likely value, so ordering the mean amount will ensure that the store has enough inventory to meet the expected demand. Additionally, the normal distribution is symmetrical, so there is a relatively low risk of stock outs or excess inventory.
However, the optimal order quantity may be different if the demand follows a different distribution or if there are additional constraints or costs that need to be considered.
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gsabrina goes to costco to purchase food for her upcoming 4th of july party. while at costco, she samples some of their frozen brie cheese appetizers, which a costco employee takes out of the package and then cooks to show customers what the product is. sabrina decides to purchase the item based on trying the sample. at her party, she notices that the product she
Assuming that Sabrina purchased the same product she tried, her best argument for returning the product for a refund would be: That Costco breached the covenant of good faith and fair dealing. Option b
What is covenant of good faith and fair dealing?In general, the obligation of good faith and fair dealing entails, among other things, that parties cannot, among other things, evade the spirit of the agreement, show negligence or procrastination, perform incorrectly on purpose, abuse their position of authority when defining the terms of a contract, or obstruct or refuse to cooperate in the performance of the other party.
Every contract immediately contains the implied covenant of good faith and fair dealing, which cannot be waived by the parties.
The idea of "implied covenant of good faith and fair dealing," which came into existence in the middle of the 19th century to prevent parties from taking unfair advantage of one another in contract negotiations, serves as the foundation for good faith negotiations in U.S. contract law.
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Sabrina goes to Costco to purchase food for her upcoming 4th of July party. While at Costco, she samples some of their frozen brie cheese appetizers, which a Costco employee takes out of the package and then cooks to show customers what the product is. Sabrina decides to purchase the item based on trying the sample. At her party, she notices that the product she purchased tastes extremely different and has a different cook time. Assuming that Sabrina purchased the same product she tried, what would be her best argument for returning the product for a refund?
That Costco breached an express condition
That Costco breached the covenant of good faith and fair dealing
That Costco breached a condition subsequent as she purchased the goods after trying a sample
That Costco breached the implied warranty of merchantability
which type of information is unisys corporation most likely to be interested in if it gathers information related to ecology, safety, and leisure time and their potential impacts on the division’s business?
Unisys Corporation will be interested in economic and demographic data if it gathers information related to ecology, safety, and leisure time and their potential impacts on the division’s business.
What function do demographics serve in marketing research?Demographics are an important component of your small business marketing plan since they allow you to pinpoint certain audience members based on their traits, preferences, and demands. Businesses use demographic information to better understand the traits of the customers who consume their goods and services.
What is the goal of marketing research?The goal of the marketing research process is to gather information about your target market's attitudes and opinions so you can evaluate your current goods and services or test ideas for making them better. Additionally, it can measure how customers view your business.
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the interest rate in the economy is 4 percent. what should the fed do to achieve a noninflationary, full-employment level of real gdp?
The basic objective of monetary policy is to assist the economy in achieving a full-employment, non-inflationary level of total output.
What strategies does the Fed use to try to hit its target interest rate?When the Fed wants to change interest rates, it raises or lowers the range determined by IORB and ON RRP rates. As a result, the banks adjust their interest rates accordingly. All other interest rates in the economy are consequently impacted by these rates.
What steps does the Fed take to promote economic expansion?Today, the Fed uses its resources to regulate the money supply in order to support economic stability. The Fed boosts the money supply when the economy is in a slump to encourage growth. On the other hand, when inflation is a risk, the Fed lowers the risk by reducing the supply.
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suming six cds, then the consumer's marginal utility is: question content area bottom part 1 a. increasing. b. constant. c. decreasing. d. increasing at an increasing rate.
The marginal utility is the change in total utility that occurs whenever a consumer uses or consumes an additional unit of a good or service, according to the theory of a consumer.
The following factors determine the marginal utility of an additional unit used:
MU=TUnTUn1, where MU is the marginal utility, TUn is the total utility at a given number, and TUn1 is the total utility at the previous number. For example,
if a consumer consumes four CDs, 45 CDs, and 48 CDs, then the marginal utility from the sixth CD is equal to the total utility derived at six CD minus the total utility at five CD:
MU=48−45=3utils.
The added satisfaction a consumer experiences from purchasing one more unit of a product or service is known as marginal utility.Economists use the idea of marginal utility to figure out how much a product consumers are willing to buy.Progressive taxation is frequently justified by citing the law of diminishing marginal utility.
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what is arbitrage? why does the internal revenue service place strict limits on the amount of arbitrage that a municipality can earn
To avoid undermining the "subsidy" provided to state and local governments in the form of tax-exempt status, the Internal Revenue Service imposes strict limits on the amount of arbitrage that governments can earn.
The internal rate of return (IRR), a financial analysis metric, is used to calculate the profitability of potential investments. IRR is a discount rate used in discounted cash flow analyses to set the net present value (NPV) of all cash flows to zero.
The ultimate goal of IRR is to find the rate of discount that equalizes the present value of the total annual nominal cash inflows with the initial net cash outlay of the investment.
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mortgage loans that meet all general underwriting standards established by government sponsored enterprises except for the dollar size limit are more commonly referred to as:
Mortgage loans that meet all general underwriting standards established by government-sponsored enterprises except for the dollar size limit are more commonly referred to as subprime loans.
In the field of business, a subprime loan can be described as a loan that has a higher value than the normal prime value due to the dollar size limit.
A subprime loan is a kind of mortgage loan that has all the other standards set for government-sponsored enterprise except that higher value that occurs due to the dollar size.
People who are defaulters of a loan come under the category of a subprime loan and have difficulties in repayment due to the dollar size limit.
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question content area left part 1 refer to the diagram to the right. diminishing marginal productivity sets in after part 2 a. the 3rd worker is hired. b. the 2nd worker is hired. c. the 5th worker is hired. d. the 4th worker is hired.
Diminishing marginal productivity sets in after part 2 the 2nd worker is hired.
In economics, productivity refers to how much output can be produced with a given amount of input. Productivity increases when you get more output with the same amount of input, or when you get the same amount of output with less input.
Economic productivity is the value of output obtained per unit of input. For example, if a worker makes two units in one hour and the price is $10 each, his productivity will be $20. Productivity - a measure of efficiency in the use of production factors. It is measured in output per unit of input. Loss – When a company's revenue falls below its costs.
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select all that apply
when the auditor does not receive a response to the positive confirmations, possible procedures include _________
sending second and third requests
verifying sales by examining the sales journal
having the client contact the customer to ask for a response
examining specific subsequent cash receipts
examining shipping documents
Possible procedures when the auditor does not obtain a response to the affirmative confirmations include:
Particular following cash receiptsshipping documentsother client documentssending second and third requestsIf an auditor doesn't receive a confirmation response, what should they do?When the auditor receives a negative response, they should apply alternative approaches to the nonresponses in order to collect the data needed to reduce audit risk to a manageable level.
What actions should an auditor take if they are unable to compile sufficient pertinent evidence?If further audit evidence is needed to support a substantial financial statement allegation, the auditor must make the effort to do so.
What should an auditor do in cases where a reasonable level of certainty cannot be attained?The ISAs mandate that the auditor disclaim an opinion or withdraw (or resign)3 from the engagement, where permitted by applicable law or regulation, in all situations where reasonable assurance cannot be obtained and a qualified opinion in the auditor's report is not sufficient under the circumstances for reporting to the intended users of the financial statements.
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you're working with a car manufacturer that is looking to set up a campaign within campaign manager 360. they've just had their campaign manager 360 network created. what steps, in order, should you take to set up their campaign?
They've just had their campaign manager 360 network created. These steps should you take to set up their campaign:
1. Create an advertiser. 2. Create a campaign. 3. Create a site 4. Create a placement. 5. Upload creatives. 6. Create ads. 7. Associate the ads. 8. Placements and creatives. 9. Download and send placement tags.
A campaign manager is a paid or volunteer worker whose job it is to oversee the operations of a political campaign, such as fundraising, advertising, polling, getting out the vote (by direct contact with the public), and other activities that directly assist the endeavor.
Modern campaign managers, especially those running for president, are more focused on carrying out plan than on developing it. Usually, pollsters and media consultants that specialize in politics work as outside political consultants with the senior strategists. Campaign managers frequently supervise a sizable staff and volunteer base across several departments, working closely with the candidate and outside advisors, especially for major, well-funded campaigns.
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Which inventory costing methods are based on assumptions that accountants make about the flow of inventory costs? (Check all that apply.)
a. LIFO
b. Specific Identification
c. FIFO
a & c
LIFO and FIFO are inventory costing methods based on assumptions that accountants make about the flow of inventory costs.
First in, first out (FIFO) inventory management aims to value inventory to reduce the likelihood that the company would suffer a loss when things go bad or become outdated. For nonperishable products, LIFO (last in, first out) inventory management is preferable since it determines the cost of commodities sold by using the most recent pricing.
The cost of goods sold (COGS), gross income, and the dollar worth of inventory left at the end of each period are all directly impacted by how a firm values its inventory. As a result, inventory valuation has an impact on a company's profitability and prospective value as shown in its financial statements.
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classroom diversity: an introduction to student differences iris.peabody.vanderbilt.edu/module/div/cr assess assessment take some time now to answer the following questions. please note that the iris center does not collect your assessment responses. if this is a course assignment, you should turn them in to your professor using whatever method he or she requires. if you have trouble answering any of the questions, go back and review the perspectives
Diversity refers to anything that sets people apart from one another. This encompasses a wide range of variables, such as race, gender, ethnicity, sexual orientation, socioeconomic background, ability, religious conviction, age, or political ideology.
It's crucial to have a strategy for classroom management since it fosters orderly learning environments and is the only way to enforce discipline. If the teacher has a good management strategy in place that she can put into practice in the classroom, many behavioral difficulties may be addressed.
She will be able to focus on the subject she is teaching, which will aid pupils in understanding the material. Instilling consistency in the kids will aid the instructor in helping them do better on tests.
The rules, procedures, appropriate conduct, attitudes, and an action plan are the most crucial components of this plan, and the instructor should explain to the students how this action plan will advance their development.
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this project is designed for you to have a complete understanding of what is entailed in buying a home. for most people, their home purchase is the largest financial purchase they will make in their lifetime, so understanding how the process works and how much it will cost you, are key elements you need to know. while there is much detail to be provided, you will need all this information when it is your turn to purchase the home of your dreams!
Add taxes and contingencies.By including taxes and contingencies, you ensure that the project does not go over budget and that your estimate is closer to the actual costs you will ultimately incur.
Project management experts recommend adding 10% of the total if you are unsure how much contingency to include.
In project management, what exactly is project budgeting?
Estimating the total cost of a project from beginning to end is known as project budgeting.Teams take into account the cost of completing each stage of a project, the approximate amount of time it will take to complete, and any potential obstacles that could impede progress when determining a project's budget.
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Federally insured mortgages guarantee:
A) loan repayment to the lending financial institution.
B) that the interest rate will not increase during the life of the mortgage.
C) the lending financial institution a selling price for the mortgage in the secondary market.
D) all of these.
A) Govern mentally protected contracts ensure advance reimbursement to the loaning monetary foundation.
What happens when a country defaults on an IMF loan?
The government's borrowing costs will rise in both the domestic and international bond markets as a result of a sovereign default.The country's entire economy, including the value of the currency, banking system, stock market, corporate borrowing, etc., will be impacted by the higher interest rate.
Which organization assists a nation in achieving currency stability?
The 190 nations that make up the International Monetary Fund (IMF) strive for long-term prosperity and growth.
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true or false: a company holding the major brand in the supply chain does not have to be concerned about negative media perceptions of unethical supplier practices because these suppliers are independently-owned businesses.
Because these suppliers are independently-owned companies, a company holding the major brand in the supply chain need not worry about negative media perceptions of unethical supplier practices. So answer is true.
What concerns supply chain management are the most crucial ones?Fuel costs are rising for shipping commodities by land, sea, or air. Raw materials become more expensive as commodity prices rise. suppliers' and manufacturers' increased labor costs. High costs for product management, storage, and movement are a result of complex international logistics. Consumers want ethical standards to be applied to a product's whole supply chain, thus businesses must be accountable and transparent for both their business operations and the supplier chain's actions.
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When the allowance method is used to account for uncollectible accounts, Bad Debt Expense is debited when
a. an account becomes bad and is written off
b. a customer's account becomes past due
c. management estimates the amount of uncollectibles
d. a sale is made
An account receivable shows the total amount that is not yet collected from regular sales. Bad debt is recognized depending on the type of method used. The two methods are the allowance method and the direct write-off method.
c). management estimates the amount of uncollectible.
What is accounts uncollectible ?
The vendor records the money as accounts receivable when a customer makes a credit purchase from them. Payment terms vary, but for the majority of businesses, 30 days to 90 days is the norm.
The amount may be classified as "aged" receivables if a customer hasn't paid after three months, and if more time has passed, the vendor may label the account as "doubtful." The company will debit the bad debt amount and credit allowance for doubtful accounts because it currently believes it is unlikely to receive all or part of the outstanding amount.
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the of a sales message should be introduced early in the message, interwoven throughout the evidence section, and included in the last paragraph as an emphatic, final reminder of the reason for taking action.
The central selling point of a sales message should be introduced early in the message.
A compelling message's main selling point, often known as the message's theme, runs throughout the text as a unifying thread.
The defense of children from adult scenes is the main selling point of a convincing email commercial for pop-up ad blocker software. The primary selling point ought to be emphasized repeatedly throughout the presentation.
A desirable trait or feature that something has that increases the likelihood that people will want to purchase it is referred to as a selling point.
The marketing tactic of telling clients of how one's own brand or product is superior to rivals is known as the unique selling proposition, also known as the unique selling point or the unique value proposition in the business model canvas.
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smathers corporation stock has a beta of 1.11. the market risk premium is 7.80 percent and the risk-free rate is 3.24 percent annually. what is the company's cost of equity?
The company's cost of equity is = 11.90%
The pay that the financial markets demand from a company in order to possess the asset and assume the risk of ownership is referred to as the cost of equity. The capital asset pricing model is one tool corporations and investors can use to assess the cost of equity (CAPM).
Depending on the parties involved, there are two distinct ideas referred to as the "cost of equity." The required rate of return on an equity investment, if you're the investor, is known as the cost of equity. If you are the business, the required rate of return on a certain project or investment is determined by the cost of equity.
We have,
Cost of equity=risk free rate+ Beta× market risk premium
=3.24+(1.11×7.8)
=3.24+8.658
=11.90%
Therefore the company's cost of equity is 11.90%.
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Blair and Chanel are holders of common stock in Discount Retail Stores, Inc. Like other holders of common stock, they have a residual position in the overall financial structure of Discount Retail, because they
a. reside in the state of the firm’s incorporation.
b. have priority to the firm’s assets if it becomes insolvent.
c. are guaranteed to receive more than the amount of their investment.
d. are the last to receive returns for their investment.
they have a residual position in the overall financial structure of Discount Retail, because they
d. are the last to receive returns for their investment.
Financial Structure definition.
The combination of debt and equity that a company uses to finance its operations is referred to as financial structure. The risk and worth of the related business are directly impacted by this composition. Determining the ideal ratio of debt to equity to optimize the financial structure is the responsibility of the company's financial managers.
Generally speaking, a company's capital structure can also be referred to as its financial structure. Depending on the circumstances, assessing the financial structure might also involve choosing between running a private or public company and the associated capital opportunities.
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when applicants can obtain employment prior to being a union member, but are required to join the union within a certain amount of time, this is known as a(n)
Union shops exist when job candidates are permitted to work without becoming a union member but are forced to do so within a set period of time.
What is meant by employment?
In most cases, the term "employment" refers to the condition of holding a paying career being employed. A person is paid to work when they are employed. Employees are employed by an employer.
What are the seven different sorts of work?
Seven prevalent categories of staff
Full-time. Full-time workers often receive a fixed income and are required to put in a certain amount of hours each week.Part-time.Contract.independently employed.Temporary.On-call.Volunteer.To know more about Employment visit:
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a new partner enters a partnership, and goodwill is calculated and credited to the original partners. how is the specific amount of goodwill assigned to these partners?
Goodwill is calculated by subtracting the purchase price from the difference between the fair market value of the company's assets and liabilities.
How is goodwill in a partnership determined?The amount of goodwill is determined by subtracting the net identifiable assets purchased from the total consideration given from the acquirer to the acquiree.
How is the goodwill adjustment in a transaction calculated?Goodwill Formula = Consideration paid + Fair Value of Non-Controlling Interests + Fair Value of Equity Previous Interests - Fair Value of Net Assets Recognized is how goodwill is calculated.
What are the procedures for determining goodwill?The formula can be used to calculate it. Goodwill equals Average Profit times the number of years since purchase.
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at a 3 percent rate of inflation, approximately how many years will it take for prices to double? multiple choice 21 years 30 years 24 years 15 years 9 years
When there is a 3 percent rate of inflation, the approximate number of years it would take for prices to double is C. 24 years.
How to find the doubling time ?When given a rate of increase, you can find the amount of time it would take the measure to double by using something called, " The Rule of 72. " The Rule of 72 is a mathematical rule that posits that you can find the doubling time of a measure if you have the growth rate of that measure, by dividing 72 by that growth rate, with the growth rate being a whole number.
This means that if you have a 3 percent rate of inflation, the number of years it would take for prices to double is :
= 72 / Inflation rate as a whole number
Inflation rate as a whole number is 3 percent.
The number of years for prices to double is therefore:
= 72 / 3
= 24 years
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the managerial value of regularly consulting the data in the year-to-year performance highlights report has to do with the data provided being the quickest and best way to:
Review the calibre of the operating results, and key performances, and take corrective actions on that basis.
Managers utilize management reporting and reports as an analytical tool to monitor the operation of the company across many divisions and areas.
They are used by senior executives and leadership to inform their strategy choices and track the expansion of the company using real-time metrics.
The reason why it is beneficial for managers to frequently check the data in the report on year-over-year performance highlights is that
: the information in it is the fastest and most efficient approach, to Review the standard of the operating results and key performances, which can help managers in determining, what has to be corrected in the business.
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12-5 a major industrialized state has a state corporate tax rate of 9.6% of taxable income, if a corporation has a state taxable income of $275,000 what is the total state and federal income tax it must pay? also compute its combined incremental state and federal income tax rate
Income tax is taxed directly on the income of a person or company. It takes into account the circumstances or income level of the individual or business. Directly, the income tax of Verona can be based on one of these tax systems: progressive, proportional or regressive.
The amount of state tax for :
State Tax = $150,000 * 0.096
State Tax = $14,400
The federal taxable income is:
The federal taxable income = $150,000 - $14,400
The federal taxable income = $135,600
Now, using the table with the federal tax brackets, it can be seen that the tax rate for incomes between 100,000 - 335,000 is 39% or 22,250 + 39% over 100,000. Thus,
Federal Tax = $22,250 + 0.39 ($135,600 - $100,000)
Federal Tax = $36,134
Therefore,
Total Tax = Total State Tax + Federal Tax
Total Tax = $14,400 + $36,134
Total Tax = $50,534
Hence,
The combined incremental state and federal income tax rate = 0.096 + 0.39 (1 - 0.096)
The combined incremental state and federal income tax rate = 0.4486 or 44.86%
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bichon company purchased equipment for $6,720 on december 1. it is estimated that annual depreciation on the equipment will be $1,680. if financial statements are to be prepared on december 31, the company should make the following adjusting entry:
The company should make the following adjusting entry Debit Depreciation Expense, $140; Credit Accumulated Depreciation, $140.
A corporation, often known as co., is a legal entity that stands for a group of individuals with a certain goal who are either natural, legal, or a combination of the two. Members of the company work together for a shared cause in order to accomplish clearly stated objectives. Companies come in a variety of shapes.
So that the business itself has limited responsibility as members fulfil or fail to fulfil their obligations in accordance with the publicly stated incorporation, or published policy, a company may be established as a legal entity. It may be necessary to liquidate a company after it closed in order to discharge any outstanding debts. Corporate groupings are the ensuing entities that develop when corporations join forces and register themselves as new businesses.
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Huprey Co. is the defendant in the following legal claims. For each of the following separate claims, indicate whether Huprey should (a) record a liability, (b) disclose in notes, or (C) have no disclosure. 1. There is a remote (unlikely) chance Huprey will lose a pending lawsuit. The plaintiff is suing Huprey for $5,000,000. 2. Huprey can resonably estimate that a pending lawsuit will result in damages of $1,250,000. It is probable that Huprey will lose the case. 3. It is reasonably possible that Huprey will lose a pending lawsuit. Huprey and its lawyers cannot estimate what the damages will be if it loses.
1. (a) Record a liability
2. (a) Record a liability
3. (b) Disclose in notes
What happens if you fail to record a liability?Frequently, failing to register a responsibility entails also neglecting to record an expense. Income is decreased by expenses; but, in this case, this wasn't documented so that net income wouldn't be impacted when it should have been. The net income will be overstated as a result.
On a balance sheet, how do you record liabilities?Unearned income or a "payables" account is normally where liabilities are recorded. In most cases, unless they are regarded as contra liabilities, they have a credit balance. As a result of discounting or lowering the amount owed, this kind of liability has a negative balance.
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