a) The correction of 2017 net income is a reduction of $10,000. b) The total amount of declared and paid dividends for 2018 cannot be determined based on the information. c) The amount of retained earnings reported on December 31, 2019, is $230,000.
To determine the correct answers, we need to analyze the information and apply it to the relevant financial statements.
a) The correction of 2017 net income:
To correct the 2017 net income, we need to adjust the depreciation expense. The error resulted in an overstatement of $10,000 ($22,500 - $12,500) in depreciation expense. This overstatement decreased net income. Therefore, we need to reduce the reported net income for 2017 by $10,000.
b) Total amount of declared and paid dividends for 2018:
The information provided doesn't specify the payment status of the declared dividends. We cannot determine whether the dividends were paid in full or partially. Therefore, we can't accurately determine the total amount of declared and paid dividends for 2018 based on the information.
c) The amount of retained earnings reported on December 31, 2019:
To calculate the retained earnings reported on December 31, 2019, we need to consider the following:
Retained Earnings at December 31, 2018: $175,000
Net Income for 2019: $225,000
Declared Cash Dividends for 2019: $50,000
Declared Stock Dividends for 2019: $35,000
To calculate the retained earnings at December 31, 2019, we start with the retained earnings at the beginning of the period and then add the net income for the period while subtracting any declared dividends.
Retained Earnings at December 31, 2019:
= Retained Earnings at December 31, 2018 + Net Income for 2019 - Declared Dividends for 2019
= $175,000 + $225,000 - $50,000 - $35,000
= $315,000 - $85,000
= $230,000
Therefore, the amount of retained earnings reported on December 31, 2019, is $230,000.
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Businesses that are corporations (including C-corps, S-corps, LLCs, and LLPs) must register in the state or states where they conduct business. Many states have punitive or punishing incorporation rules like California, charging businesses of any size $800 annually just to exist. Other states like Nevada and Delaware will incorporate any business anywhere in the US and charge little to no fees. The laws of Nevada and Delaware regarding businesses have long been recognized by other state entities. The incentive to do business with these states is strong because the regulatory and fiscal environment is much friendlier than states like California, which is one of the worst states to do business in.
What about multinational corporations, like Apple, who offshore their entire legal structure to countries with little to no tax liabilities?
Check out this article about Apple (https://www.irishtimes.com/business/apple-s-cash-mountain-how-it-avoids-tax-and-the-irish-link-1.3281734.) and their move from Ireland to the island of Jersey- not New Jersey the state, Jersey is a tiny island in the English Channel with incredibly favorable tax laws.
Do you think that Apple, Inc. should be incorporated in California where they are "headquartered?" If so, justify why you think so considering California is not a business friendly state. If not, explain why states should allow companies like Apple to conduct business in their state without being legally registered. Whichever position you take, please provide your rationale.
Expectations:
Your first response should be a minimum of 100 words
Multinational corporations, such as Apple, that offshore their entire legal structure to countries with little to no tax liabilities do not need to register in the state where they conduct business. However, this raises the question of whether Apple, Inc. should be incorporated in California, where they are headquartered, considering that California is not a business-friendly state.
In my opinion, Apple should be incorporated in California, where they are headquartered, despite the state's unfavorable business environment. This is because Apple, as a multinational corporation, benefits from California's infrastructure and resources, such as Silicon Valley's tech talent pool, which is critical to Apple's success in the tech industry. Furthermore, as a corporation, Apple is obligated to pay taxes in the United States and should contribute to the state where they are headquartered, even if that state has high taxes and a poor business environment.
However, if states allow companies like Apple to conduct business in their state without being legally registered, it sets a dangerous precedent that allows corporations to avoid their legal and financial responsibilities. States should require all corporations, regardless of size or revenue, to register and pay taxes in the state where they conduct business. This ensures that corporations contribute to the communities and states where they operate, and also prevents them from taking advantage of more favorable tax laws in other countries or states.
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an avocado orchard employs five full-time workers. currently, the average product of labor is 120 pounds of avocados per day. the orchard hires a 6th full-time worker and his marginal product is 150 pounds of avocados. the average product of the six workers will now be a. more than 120 pounds. b. less than 120 pounds. c. equal to 120 pounds. d. greater than the marginal product of labor.
The correct answer is a more than 120 pounds.
The average product of labor is a measure of the output produced per worker in a given time period. In this case, the average product of labor is initially 120 pounds of avocados per day for five workers.
When the orchard hires a sixth full-time worker, his marginal product of labor is 150 pounds of avocados. The marginal product of labor refers to the additional output produced by adding one more unit of labor.
To determine the new average product of the six workers, we can calculate the total output produced by the six workers and divide it by the number of workers.
Let's assume that the total output produced by the six workers is X pounds of avocados per day.
For the five workers, the total output is 120 pounds of avocados per day * 5 workers = 600 pounds of avocados per day.
Since the marginal product of the sixth worker is 150 pounds of avocados per day, the total output for the six workers would be 600 pounds + 150 pounds = 750 pounds of avocados per day.
Now, we can calculate the new average product of the six workers by dividing the total output (750 pounds) by the number of workers (6 workers):
New average product of labor = 750 pounds / 6 workers = 125 pounds of avocados per day.
Therefore, the average product of the six workers will now be more than 120 pounds.
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Three years ago, Jameson and Co. issued 20-year coupon bonds. The yield to maturity at the time of issuance was 5 percent and the bonds sold at par. The bonds are currently selling at 90 percent of par value. What is the current yield to maturity for these bonds? [Assume that the coupon is paid annually]. (Round your answer to 2 decimal places and record as a percent but without a percent sign. For example, record 18.3893 2.71 % as 18.39).
The current yield to maturity for these bonds is 5.56%.
The current yield to maturity (YTM) for the bonds can be calculated using the following steps:
1. Calculate the annual coupon payment:
- Since the bonds were issued with a yield to maturity of 5 percent and sold at par, the coupon rate must also be 5 percent.
- Multiply the coupon rate by the par value of the bond to get the annual coupon payment.
2. Determine the current price of the bond:
- The bonds are currently selling at 90 percent of par value, which means the price is 0.9 times the par value.
- Multiply the par value by 0.9 to get the current price.
3. Calculate the current yield to maturity:
- Divide the annual coupon payment by the current price of the bond.
- Multiply the result by 100 to convert it to a percentage.
Here's an example calculation:
Let's say the par value of the bond is $1,000.
1. The annual coupon payment is 5 percent of $1,000, which is $50.
2. The current price of the bond is 0.9 times $1,000, which is $900.
3. The current yield to maturity is ($50 / $900) * 100 = 5.56%.
Therefore, the current yield to maturity for these bonds is 5.56%.
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A true marketing decision support system (dss) possesses all of the following characteristics except
A true marketing decision support system (DSS) possesses all of the following characteristics except that it does not have a defined set of data and analytical tools.
A marketing decision support system (DSS) is a software application or tool that assists marketers in making informed decisions by providing them with relevant data, analysis, and models. It helps marketers gather, analyze, and interpret information to support their marketing strategies and tactics. A true marketing DSS typically possesses the following characteristics:
1. Data Integration: It integrates data from various sources, such as sales data, customer data, market research data, and external data, to provide a comprehensive view of the marketing environment.
2. Analysis Capabilities: It includes analytical tools and techniques to process and analyze the data, such as statistical analysis, data mining, predictive modeling, and simulation.
3. Interactive Interface: It offers an interactive user interface that allows marketers to explore data, perform analysis, and generate insights through visualizations, dashboards, and reports.
4. Decision Support: It provides decision support by generating recommendations, forecasts, and scenarios based on the analysis results. It assists marketers in evaluating alternative strategies and making data-driven decisions.
5. Flexibility and Adaptability: It is designed to be flexible and adaptable to changing marketing needs and requirements. It allows marketers to customize and configure the system to suit their specific needs and preferences.
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In addition to international mutual funds, critically discuss how investors can achieve international portfolio diversification "at home" from the perspective of dollar-based investors
Expert Answer
In addition to international mutual funds, dollar-based investors can achieve international portfolio diversification "at home" by investing in American Depository Receipts (ADRs), multinational corporations (MNCs), and exchange-traded funds (ETFs) that are focused on foreign markets.
ADRs are certificates issued by a US bank that represent ownership of a foreign company's stock and are traded on US exchanges. MNCs are companies that operate in multiple countries and generate revenue and profits from foreign operations. ETFs provide exposure to foreign markets by investing in a basket of stocks from a particular country or region. Investing in ADRs, MNCs, and ETFs can provide investors with exposure to foreign markets while avoiding the complications and risks associated with investing directly in foreign stocks. These investments also provide the benefits of diversification across sectors and industries within foreign markets, which can help reduce risk and increase returns.
However, investors should be aware that there are risks associated with investing in international markets, such as currency risk, political risk, and economic risk. Therefore, it is important to conduct thorough research and due diligence before making any investment decisions and to diversify across different asset classes and regions to manage risk. In conclusion, dollar-based investors can achieve international portfolio diversification "at home" by investing in ADRs, MNCs, and ETFs that provide exposure to foreign markets while minimizing the risks associated with investing directly in foreign stocks. It is important to be aware of the risks associated with investing in international markets and to diversify across different asset classes and regions to manage risk.
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During any given year, each stock in a portfolio will either increase in value or decrease in value (no stock will remain exactly even). Assume that each stock in the portfolio has a 56% chance of increasing in value. The portfolio contains six different stocks and the stock prices are independent of each other. (a) What is the probability that all of the stocks decrease in value during the year? (Round answer to four decimal places.) (b) What is the probability that at least one of the stocks will increase in value during the year? (Round answer to four decimal places.) (c) What is the probability that at least one of the stocks will decrease in value during the year? (Round answer to four decimal places.)
(a) Probability of all stocks decreasing = 0.0146, (b) Probability of at least one stock increasing = 0.9854, (c) Probability of at least one stock decreasing = 0.8926
To solve these probability questions, we need to use the concept of independent events. Let's calculate the probabilities for each scenario:
(a) The probability that a single stock decreases in value is 1 - 0.56 = 0.44. Since the stock prices are independent of each other, the probability that all six stocks decrease is the product of the individual probabilities: 0.44^6 = 0.0146 (rounded to four decimal places).
(b) The probability that at least one stock increases in value is equal to 1 minus the probability that all stocks decrease. So, it is 1 - 0.0146 = 0.9854 (rounded to four decimal places).
(c) Similarly, the probability that at least one stock decreases in value is 1 minus the probability that all stocks increase. Since the probability of a stock increasing is 0.56, the probability of all stocks increasing is 0.56^6 = 0.1074 (rounded to four decimal places).
Therefore, the probability that at least one stock decreases is 1 - 0.1074 = 0.8926 (rounded to four decimal places).
In summary, the probabilities are:
(a) Probability of all stocks decreasing = 0.0146
(b) Probability of at least one stock increasing = 0.9854
(c) Probability of at least one stock decreasing = 0.8926
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On April 1, Julie Spengel established Spengel's Travel Agency. The following transactions were completed during the month. 1. Invested $15,000 cash to start the agency. 2. Paid $600 cash for April office rent. 3. Purchased equipment for $3,000 cash. 4. Incurred $700 of advertising costs in the Chicago Tribune, on account. 5. Paid $900 cash for office supplies. 6. Performed services worth $10,000:$3,000 cash is received from customers, and the balance of $7,000 is billed to customers on account. 7. Withdrew $600 cash for personal use. 8. Paid Chicago Tribune $500 of the amount due in transaction (4). 9. Paid employees' salaries $2,500. 10. Received $4,000 in cash from customers who have previously been billed in transaction (6). Instructions :
a. Prepare a tabular analysis of the transactions using the following column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Owner's Capital, Owner's Drawings, Revenues, and Expenses. b. From an analysis of the owner's equity columns, compute the net income or net loss for April. European settlers catalyzed all of the following ecological changes in North America except:
a. A decline in species diversity b. Climatic change c. Air pollution from greenhouse gases
Here is the tabular analysis of the transactions provided: Tabular Analysis Date Transaction No. Cash Accounts Receivable Supplies Equipment Accounts Payable Owner's Capital Owner's Drawings Revenue ExpenseApr-
011$15,000$15,000Apr-02(600)(600)$14,400Apr-03(3,000)(3,000)$11,400Apr-04700$700$12,100Apr-05900$(900)$11,200Apr-06$3,000$7,000$10,000Apr-07(600)(600)$9,400Apr-08(500)$8,900Apr-09(2,500)(2,500)$6,400Apr-10$4,000$10,400.
Total $8,500$7,000$(900)$3,000$500$10,400$2,100$10,000$3,100 From the tabular analysis above, you can see that the net income for April is $3,100.
Therefore, the answer to the second part of the question is: b. Net Income or Net Loss for April is $3,100.
European settlers catalyzed all of the following ecological changes in North America except air pollution from greenhouse gases.
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James and Martha also run a small convenience store with their gas station. They sell fresh produce, which it obtains from local farmers. During the cherry season, demand for fresh cherries can be reasonably approximated by a normal distribution with a mean of 128 pounds per day and a standard deviation of 16.57 pounds per day. During the day, cherries can only be delivered once a day in the morning. Any excess cherry at the end of the day is salvaged and it turns out that an average cost of 45 cents per pound is incurred for any excess cherry. Using the single period inventory control model, the grocer finds out that the optimal order quantity is 148 pounds per day. a) What is the implied shortage cost per pound? b) Your answer from part (a) has been presented to Martha. She responds saying that the amount is too high and the actual unit shortage cost is far less. Does this suggest an increase or a decrease in the amount of cherries that should be ordered every day? Explain briefly (max 2 sentences please). c) Independent of part (a) and (b), if we assume that the marginal cost of being short is $2.15 /pound, what should be the optimal order quantity?
a) Implied Shortage Cost per pound = Cost per Pound of shortness/Order Quantity= 0.85 cents.
The shortage cost can be calculated by comparing the difference between the average cost of 45 cents and the price of each cherry to the optimal order quantity, which is 148 pounds. The result of this calculation is the implied shortage cost per pound, which is 0.85 cents.
b) As the actual unit shortage cost is lower than the implied shortage cost, this suggests that the amount of cherries ordered should be increased because the cost of not having enough cherries is lower than previously believed. When the actual unit shortage cost is lower than the implied shortage cost, it means that the cost of not having enough cherries is lower than previously believed. Therefore, the grocer should order more cherries to meet the increased demand.
c) The optimal order quantity = √[(2 × D × C0) ÷ Cm]= approximately 196 pounds. Cm represents the marginal cost of being short, which is $2.15/pound. C0 is the cost of excess or shortage, which is 45 cents/pound. D is the demand for cherries, which is 128 pounds/day. Using the formula, the optimal order quantity is about 196 pounds.
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MNO's taxable income was $900 during 2023. MNO had product warranty costs of $360 recognizable for tax purposes and $400 recognizable for financial accounting purposes. MNO had no other temporary differences. MNO's pre-tax accounting income for 2023 would be: a. $860 b. $900 c. $940 d. $1,260
MNO's pre-tax accounting income for 2023 would be $940.Explanation:Temporary differences are the differences between the financial accounting and tax bases of assets and liabilities that will reverse and affect taxable income in future years.
Temporary differences may arise from differences in the timing of when transactions affect the two different bases, differences in the measurement of tax rules and financial accounting rules, and the use of different tax rates to calculate tax expense. In the given scenario, the amount of product warranty costs of $400 recognizable for financial accounting purposes will be reversed as taxable income in future years. So, this represents a temporary difference.The taxable income of MNO is $900, which represents the amount that is calculated as per tax rules. For temporary differences, the accounting income is adjusted to derive the taxable income. Thus, pre-tax accounting income = taxable income + temporary differences. Temporary difference = $400 - $360 = $40. Pre-tax accounting income for MNO would be:$900 + $40 = $940Hence, the correct answer is option C.
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a. If I purchased a copier machine for the office costing $11,699, what would be the initial entry to record the purchase?
b. What is paramount to the role of Accounting?
c. Accounting standards are designed to enforce ______________ in organizations.
d. When customers don’t pay the amount due, we call that?
e. If I purchased a copier machine for the office costing $11,699, what would be the initial entry to record the purchase?
By using accounting standards, businesses can ensure that financial statements are reliable and accurate. It promotes transparency and increases the confidence of investors and other stakeholders in the organization.
a. When purchasing a copier machine for the office costing $11,699, the initial entry to record the purchase will be to debit the office equipment account for $11,699, and credit cash or accounts payable for $11,699. The office equipment account will be recorded in the balance sheet of the company.
b. The primary function of accounting is to offer a comprehensive overview of the company's financial information. This is necessary for business owners to make informed decisions about the future of their business. The role of accounting is critical in managing a company's financial health and well-being.
c. Accounting standards are designed to enforce consistency in organizations. They offer guidelines that businesses must follow to ensure that they accurately record financial transactions.
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Which equity-based mode of entry is a cooperative effort among two or more organizations that share a common interest in a business undertaking?
joint venture
The equity-based mode of entry that is a cooperative effort among two or more organizations that share a common interest in a business undertaking is known as a joint venture.
Joint Venture:
Joint Venture is a method of business expansion in which two or more parties agree to pool their money, resources, and expertise in order to achieve a specific objective. Two or more companies come together to undertake a business venture. The enterprise created by the Joint Venture, or JV, is its own entity.
Each party in the JV has an ownership stake and shares the risks and rewards. A joint venture is a form of business collaboration that is a cooperative effort among two or more organizations that share a common interest in a business undertaking.
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Which of the following risks is not diversifiable? systematic risk non-systematic risk idiosyncratic risk total risk
Among the following risks, systematic risk is not diversifiable. Systematic risk is a type of market risk that is unpredictable and affects the overall market. It is associated with external factors such as fluctuations in interest rates, economic recessions, and political instability and it cannot be eliminated through diversification. Systematic risk is a type of risk that is unpredictable and affects the overall market.
It is associated with external factors such as fluctuations in interest rates, economic recessions, and political instability. Systematic risk is different from non-systematic risk because non-systematic risk affects specific companies or industries, whereas systematic risk is more general and affects the overall market. Because systematic risk is related to the market and external factors, it cannot be eliminated through diversification. Investors can reduce their exposure to systematic risk by investing in different types of assets such as bonds, commodities, and real estate. However, they cannot completely eliminate systematic risk. In contrast, non-systematic risk and idiosyncratic risk can be reduced through diversification. Idiosyncratic risk is specific to individual companies or industries and can be eliminated through diversification. Non-systematic risk is similar to idiosyncratic risk but affects multiple companies or industries. It can also be reduced through diversification. Total risk is the combination of systematic risk and non-systematic risk.
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which of the following is a risk management strategy where you place the responsibiility of loss due to a risk onto antoher
When assigning responsibilities for monitoring risk mitigation plans, the following criteria is most important: To properly assess the monitoring process, those doing the monitoring must hear from those close to the risks/controls. The correct option is A.
This criterion emphasizes the importance of obtaining input and feedback from individuals who are directly involved in or have knowledge of the risks and controls being monitored. By involving those close to the risks and controls, the monitoring process can gather valuable insights, identify potential issues or gaps, and ensure a comprehensive assessment of risk mitigation efforts.
Thus, the ideal selection is option A.
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The complete question might be:
When assigning responsibilities for monitoring risk mitigation plans, which of the following criteria is most important?
a. To properly assess the monitoring process, those doing the monitoring must hear from those close to the risks/ controls
b. Monitoring should focus on established, not emerging, risks
c. To insure an independent attitude, monitoring responsibility should be limited to higher levels rather than at levels where detailed processes occur
d. Those with monitoring responsibility can generally minimize consideration of cost-benefit analysis
Suppose the monetary policy curve is given by r=1.5%+0.75π, and the IS curve is Y=13−100r. a. Calculate an expression for the aggregate demand curve. b. Calculate aggregate output when the inflation rate is 2%,3%, and 4%. c. Draw graphs of the IS, MP, and AD curves, labeling the points in the appropriate graphs from part (b) above
a) We know that AD= C + I + G + (X-M)
where, C= Consumption
I= Investment
G= Government expenditure
X-M= Net exports
Also, C=C0 + c(Y-T)
where, C0= Autonomous Consumption
c= Marginal Propensity to Consume
m= Autonomous imports (Assuming net exports = 0)
M = m(Y-T)
Here, M is imports and m is marginal propensity to imports.
T= Taxes
So, AD = C0 + c(Y-T) + I + G (assuming X-M=0)
Now, Y=C0 + c(Y-T) + I + GY-cY + cT= C0 + I + G -cT => Y= (C0+I+G)/ (1-c) = AD
Now, C0= 10, I= 2, G= 5, T= 4 and c= 0.75Y = (10+2+5)/(1-0.75)
Y= 34
Aggregate demand curve is Y= 4 + 0.25Yb) We are given that,
MP curve: r= 1.5%+ 0.75π => π= (r-1.5%)/ 0.75 => π= (r-0.015)/ 0.0075IS curve: Y= 13- 100rWe need to find aggregate output, Y when inflation rate is 2%, 3% and 4%For π=2%, r= 0.29% => Y= 13- (100*0.29%)= 10.71For π=3%, r= 0.54% => Y= 13- (100*0.54%)= 10.46For π=4%, r= 0.79% => Y= 13- (100*0.79%)= 10.21c)
The three curves are drawn in the graph below:
Graph of the IS, MP, and AD curves. IS curve, MP curve, and AD curve are shown on the same graph.
Intersection of the AD curve with IS and MP curve gives the desired values for the aggregate output for 2%, 3% and 4% inflation rate.
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Omar's brokerage account has 275 shares of Stock X with $52 per share and 240 shares of Stock Y with $23 per share. The portfolio weight of Stock X is • .7816 • .8117 • .2785 • .2387 • .7215
A portfolio weight is the percentage of a portfolio's holdings represented by a particular security.
The portfolio weight of Stock X is calculated as follows:
Total value of Stock X = 275 x $52 = $14,300
Total value of Stock Y = 240 x $23 = $5,520
Total portfolio value = $14,300 + $5,520 = $19,820
Therefore, the portfolio weight of Stock X is:
Portfolio weight of Stock X = (Total value of Stock X / Total portfolio value) x 100%
Portfolio weight of Stock X = ($14,300 / $19,820) x 100%
Portfolio weight of Stock X = 72.15% or .7215 (rounded to four decimal places)
Therefore, the correct option is .7215.
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Net profit margin =10%, Assets turover =2. Total assets =$100,000, Total equity =$70,000. Using the DuPont system, find the ROE. Select one: a. 14% b. 20% c. 28.57% d. 1.42 times
The ROE using the DuPont system given the following details is 28.57%. Therefore, the correct is option C) 28.57%.
DuPont system
The DuPont Model is a system of financial analysis that is used to determine the potential return on equity investment (ROE).
The ROE is calculated by multiplying a firm's profit margin, asset turnover, and financial leverage together.
ROE = (Net profit margin × Asset turnover × Financial leverage)
Net profit margin = Net profit margin = (Net profit / Sales revenue) × 100%
Assets turnover = Sales revenue / Total assets
To find ROE using the DuPont system given the following details:
Net profit margin = 10%
Assets turnover = 2
Total assets = $100,000
Total equity = $70,000
ROE = (Net profit margin × Asset turnover × Financial leverage)
Net profit margin = 10%
Assets turnover = 2
Financial leverage = Total assets / Total equity
Financial leverage = $100,000 / $70,000
= 1.43
ROE = (10% × 2 × 1.43)
ROE = 28.57%
Therefore, the correct is option C) 28.57%.
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Describe different programs of training and development and how
it influence employee performance
Training and development programs help organizations develop and retain talent, resulting in increased employee performance and productivity.
The following are some training and development programs that can influence employee performance:
1. On-the-job training: This type of training happens while an employee is working and gaining experience. This training can involve job rotation, coaching, and mentoring.
2. Classroom training: This type of training can be conducted at the workplace, offsite, or online. It involves lecture-based sessions or interactive training sessions such as case studies, simulations, and role-plays.
3. Cross-functional training: Cross-functional training involves employees from various departments who participate in a shared training program. This training helps employees understand the importance of cooperation and collaboration.
All these training and development programs influence employee performance in the following ways:
- Employees gain new skills and knowledge, which helps them improve their performance and productivity.
- Employees become more motivated and engaged, leading to better job satisfaction.
- Employees feel valued and appreciated, leading to better retention rates.
- Employees learn to adapt to new technologies, processes, and procedures, leading to increased efficiency and effectiveness.
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On November 1, 2021, Aviation Training Corp. borrows $58,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation's year-end is December 31.
Required:
1.-3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
View journal entry worksheet
No
1
Date
General Journal
Debit
Credit
November 01, 2021
Cash
58,000
December 31, 2021
Interest Expense
580
3
February 01, 2022
Notes Payable
2
58,580
1. November 1, 2021: Debit Cash $58,000, Credit Notes Payable $58,000.
2. December 31, 2021: Debit Interest Expense $580, Credit Notes Payable $580.
3. February 1, 2022: Debit Notes Payable $58,580, Credit Cash $58,580.
1. On November 1, 2021, Aviation Training Corp. borrows $58,000 cash, which increases their cash balance and creates a liability called Notes Payable. The entry reflects this by debiting Cash and crediting Notes Payable.
2. On December 31, 2021, Aviation Training Corp. accrues interest expense for the three-month period. Since the interest is payable at maturity, there is no cash transaction. The entry debits Interest Expense to recognize the expense and credits Notes Payable to reduce the liability.
3. On February 1, 2022, when the note matures, Aviation Training Corp. pays off the loan. They debit Notes Payable to reduce the liability and credit Cash to reflect the cash outflow.
These entries ensure accurate recording of the borrowing, recognition of interest expense, and repayment of the loan in the company's financial statements.
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In early 2018, Coca-Cola Company (KO) had a share price of
$45.3,
and had paid a dividend of
$1.52
for the prior year. Suppose you expect Coca-Cola to raise this dividend by approximately
6.2%
per year in perpetuity.
a. If Coca-Cola's equity cost of capital is
8.3%,
what share price would you expect based on your estimate of the dividend growth rate?
b. Given Coca-Cola's share price, what would you conclude about your assessment of Coca-Cola's future dividend growth?
If Coca-Cola's equity cost of capital is 8.3%, Given data: Share price of Coca-Cola Company (KO), Po = $45.3Dividend paid in the prior year, Do = $1.52Expected dividend growth rate, g = 6.2%Cost of equity capital, Ke = 8.3%Dividend discount model is used to calculate the intrinsic value of the stock.
The formula is given by:[tex]Po = (Do (1 + g)) / (Ke - g)[/tex] On substituting the given values, we get[tex]Po = (1.52 (1 + 6.2%)) / (8.3% - 6.2%) = $66.96[/tex] Therefore, based on the given estimate of dividend growth rate, the expected share price of Coca-Cola Company is $66.96.
Given Coca-Cola's share price, what would you conclude about your assessment of Coca-Cola's future dividend growth?The current share price of Coca-Cola Company is $45.3. We have calculated the expected share price based on the given dividend growth rate, which is $66.96.
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7. A marketing channel intermediary knows its customers want to be able to buy in large quantity, so it needs to be especially concerned about the it provides to customers. a. spatial convenience b. service backup c. lot size d. waiting time e. product variety 8. A company that is developing a national chain of dealerships to sell used cars at one fixed price needs to be concerned about providing its customers with which of the following services desired by customers? a. a high level of spatial convenience b. product differentiation c. market aggregation d. Form utility e. a narrow assortment breadth 9. With which of the following products is its manufacturer most likely to use exclusive distribution? a. men's dress shirts b. pruning sheers c. handheld calculator d. baby grand piano e. Star Wars merchandise 10. Channel objectives should be: a. stated in terms of which channels will be used b. written with the strengths and weaknesses of intermediaries in mind c. uniform across product lines d. designed to be impervious to temporary changes in the external environment e. all of the above 11. Once channel objectives have been established the next step in channel design is to: a. determine service output levels b. select the channel members c. set up contingency plans in the event of environmental changes d. identify the major channel alternatives e. evaluate the major channel alternatives
A marketing channel intermediary knows its customers want to be able to buy in large quantity, so it needs to be especially concerned about the "lot size" it provides to customers. A lot size is the quantity of a product offered for sale.
A company that is developing a national chain of dealerships to sell used cars at one fixed price needs to be concerned about providing its customers with which of the following services desired by customers? The correct answer is "product differentiation." A company that is developing a national chain of dealerships to sell used cars at one fixed price must provide product differentiation to differentiate its product from competitors.
With which of the following products is its manufacturer most likely to use exclusive distribution? The correct answer is "baby grand piano." A baby grand piano is the product with the most exclusive distribution as it is costly and needs the utmost attention to detail during transportation and delivery.
Channel objectives should be "written with the strengths and weaknesses of intermediaries in mind." Channel objectives should be defined in line with the strengths and weaknesses of intermediaries so that effective strategies could be developed to achieve channel objectives.
Once channel objectives have been established the next step in channel design is to "identify the major channel alternatives." This is the most critical step as the channel objectives decide how the manufacturer plans to sell its product, and the right distribution channels must be chosen to ensure that the product reaches the right consumers.
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Which of the following is true regarding the relationship between total variable cost (TVC) and marginal cost (MC)? A. The marginal cost curve is equal to the slope of the total variable cost curve. B. Since the total variable cost curve is always upward sloping, the marginal cost curve must always be upward sloping. C. Marginal cost is given by the equation: MC=△TVC×△q. D. The total variable cost and marginal cost curves are unrelated
Marginal cost (MC) and total variable cost (TVC) are directly related. Option A: The marginal cost curve is equal to the slope of the total variable cost curve is true regarding the relationship between total variable cost (TVC) and marginal cost (MC).
More than 100 words explanation: The marginal cost of a product is the cost of producing one more unit of the product. The cost of producing an additional unit is compared to the cost of producing the prior unit to calculate the marginal cost. The total cost of producing a specific amount of a product is known as the total variable cost. As the number of units produced rises, the total variable cost curve increases.
The MC curve is similar to the TVC curve in this regard. Both MC and TVC are determined by the firm's output levels. Marginal cost and variable cost both rise as output increases, according to the laws of supply and demand. The total cost curve is derived by adding fixed and variable costs.
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I enter an agreement with my neighbor to buy 215 sheep on August 31 st. What type of contract is this and what is my position? Long futures position Short futures position Long forward position Short forward position
When a person enters an agreement with a neighbor to buy 215 sheep on August 31st, the contract is referred to as a Long forward position.
The long forward position means that the person has agreed to purchase an underlying asset (in this case, sheep) at a specified price (agreed upon with the neighbor) at a future date (August 31st). It is a contractual agreement between the two parties to buy and sell the asset at a predetermined price and date.
The buyer of the forward contract is said to hold a long position in the forward contract, while the seller of the forward contract is said to hold a short position in the forward contract.
In this case, the person who enters the agreement to purchase the sheep has a long forward position, which means that they are obligated to purchase the 215 sheep at the agreed-upon price on August 31st.If the person changes their mind and decides not to purchase the sheep, they would be in breach of the contract.
On the other hand, if the neighbor fails to deliver the sheep on August 31st, they would be in breach of the contract and may be liable for damages as a result. In summary, when a person enters an agreement with a neighbor to buy 215 sheep on August 31st, the type of contract is a Long forward position, and their position is that of the buyer or holder of the long position in the forward contract.
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Protein Futures has a $5 million bond obligation outstanding which it is considering refunding. The bonds were issued at 6% and the interest rates on similar bonds have declined to 3%. The bonds have six years of their 15 year maturity remaining. Protein Futures will pay a call premium of 4% and will incur underwriting costs of $353,000 immediately. There is no overlap period, and there is no underwriting cost considerations on the old bond. The company is in a 30% tax bracket. To analyze the refunding decision use a 6% discount rate. (this is already adjusted for risk). Required: A) How much is the call premium? B) How much is the total amount paid today in underwriting costs? $ C) How many years are the underwriting costs amortized over? D) How much is the annual tax savings each year as a result of the underwriting costs? $ E) How much are those annual tax savings, calculated in part D, worth today (round to nearest dollar)? $
The complete solution is given below. A) Call premium: The call premium is calculated as a percentage of the par value of the bond. Call premium = 4% × Par Value = 0.04 × $5,000,000
Call Premium = $200,000
B) Total amount paid today in underwriting costs: Underwriting cost = $353,000
C) Number of years the underwriting costs are amortized over: The underwriting cost is paid upfront, so it will be amortized over the remaining life of the bond. Amortization period = 15 − 6 = 9 years
D) Annual tax savings as a result of the underwriting costs:
Since the company is in the 30% tax bracket, the annual tax savings are:
Annual tax savings = 30% × $353,000 = $105,900
E) Present value of the annual tax savings:
Present value = Annual tax savings × Present value factor
Present value factor = Annuity factor (n = 9, r = 6%) × (1 + 6%)9
Present value factor = 6.1940 × 0.5645
Present value factor = 3.4965
Present value = $105,900 × 3.4965
Present value = $370,099
Therefore, the call premium is $200,000, the total amount paid today in underwriting costs is $353,000, the number of years the underwriting costs are amortized over is 9 years, the annual tax savings as a result of the underwriting costs is $105,900, and the present value of the annual tax savings is $370,099.
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Indigo Manufacturing is considering adding a second production line to meet the market demand. In order to add the second production line, Indigo needs to purchase $1.2 million worth of new machinery and spend another $100,000 improvement on its current building. This new production line would produce 200,000 units, with expected sale price of $4.65 and a variable cost of $2.90 respectively for each unit. The required net working capital is $36,000. The fixed cost is $42,000 each year. By adding the second production line, the gross profit from the current production would be reduced by $29,000 each year. The salvage value for the machinery and building improvement would be $390,000 and 80,000 respectively. Indigo uses straight-line depreciation over the life of this project (5 years), its required rate of return is 15% and the tax rate is 34%. The total cash flow in year 5 would be closest to A. $748,885 B. $553,085 C. $582,070 D. $589,085 E. $618,740
Net present value [tex](NPV) = PV1 + PV2 + PV3 + PV4 + PV5NPV = 3,051,383 + 2,651,008 + 2,300,929 + 1,998,257 + 1,748,888 NPV = $11,750,465[/tex]
The total cash flow in year 5 would be closest to $748,885 (Option A)
Therefore, the correct answer is A. $748,885.
Given, The cost of new machinery = $1,200,000Improvement on current building = $100,000
Net working capital = $36,000
Sale price per unit = $4.65
Variable cost per unit = $2.90
Annual fixed cost = $42,000
Gross profit from the current production will be reduced by $29,000 annually.
Salvage value of the machinery = $390,000
Salvage value of the building improvement = $80,000
Indigo uses straight-line depreciation over the life of this project (5 years)
Tax rate = 34%Required rate of return = 15%First, we will calculate the cash inflows.
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French Corporation wishes to hire Leslie as a consultant to design a comprehensive staff training program. The project is expected to take one year, and the parties have agreed to a tentative price of $60,000. French Corporation has proposed payment of one-half of the fee now, with the remainder paid in one year when the project is complete. Use Appendix A and Appendix B.
a. If Leslie expects her marginal tax rate to be 24 percent this year and 35 percent next year, calculate the after-tax net present value of this contract to Leslie, using a 6 percent discount rate.
b. French Corporation expects its marginal tax rate to be 21 percent both years. Calculate the net present value of French’s after-tax cost to enter into this contract using a 6 percent discount rate.
c-1. Given that Leslie expects her tax rate to increase next year, she would prefer to receive more of the income from the project up front. Consider an alternative proposal under which French pays Leslie $42,000 this year, and $16,000 in one year when the contract is complete. Calculate the after-tax benefit of this counterproposal to Leslie and the after-tax cost to French.
c-2. Are both parties better off under this alternative than under the original plan?
Providing her with a higher benefit. French Corporation's after-tax net present value also increases from $43,472.96 to $43,048.51, resulting in a lower cost
a. To calculate the after-tax net present value of the contract for Leslie, we need to consider the present value of the cash flows she will receive and apply the appropriate tax rates. The cash flows are $30,000 now and $30,000 in one year. Using a 6 percent discount rate, the present value of these cash flows is calculated as follows:
PV1 = $30,000 / (1 + 0.06) = $28,301.89
PV2 = $30,000 / (1 + 0.06)^2 = $26,744.68
The after-tax net present value for this year is ($28,301.89 - ($28,301.89 * 0.24)) = $21,513.52. For next year, it is ($26,744.68 - ($26,744.68 * 0.35)) = $17,381.35. The total after-tax net present value is the sum of these values:
Total after-tax NPV = $21,513.52 + $17,381.35 = $38,894.87
b. To calculate the net present value of French Corporation's after-tax cost, we consider the present value of the cash outflows, taking into account the tax rate. The cash flows are $30,000 now and $30,000 in one year. Using a 6 percent discount rate, the present value of these cash flows is:
PV1 = $30,000 / (1 + 0.06) = $28,301.89
PV2 = $30,000 / (1 + 0.06)^2 = $26,744.68
The net present value for this year is ($28,301.89 - ($28,301.89 * 0.21)) = $22,367.51. For next year, it is ($26,744.68 - ($26,744.68 * 0.21)) = $21,105.45. The total after-tax net present value is the sum of these values:
Total after-tax NPV = $22,367.51 + $21,105.45 = $43,472.96
c-1. Under the alternative proposal, Leslie would receive $42,000 this year and $16,000 in one year. Calculating the after-tax net present value for Leslie using the same discount rate of 6 percent:
PV1 = $42,000 / (1 + 0.06) = $39,622.64
PV2 = $16,000 / (1 + 0.06)^2 = $14,982.15
The after-tax net present value for this year is ($39,622.64 - ($39,622.64 * 0.24)) = $30,042.22. For next year, it is ($14,982.15 - ($14,982.15 * 0.35)) = $9,739.79. The total after-tax net present value is the sum of these values:
Total after-tax NPV = $30,042.22 + $9,739.79 = $39,782.01
The after-tax cost to French Corporation under this counterproposal can be calculated using the same discount rate:
PV1 = $42,000 / (1 + 0.06) = $39,622.64
PV2 = $16,000 / (1 + 0.06)^2 = $14,982.15
The after-tax net present value for this year is ($39,622.64 - ($39,622.64 * 0.21))
= $31,232.25. For next year, it is ($14,982.15 - ($14,982.15 * 0.21)) = $11,816.26. The total after-tax net present value is the sum of these values:
Total after-tax NPV = $31,232.25 + $11,816.26 = $43,048.51
c-2. Both parties are better off under the alternative proposal than under the original plan. Leslie's after-tax net present value increases from $38,894.87 to $39,782.01, providing her with a higher benefit. French Corporation's after-tax net present value also increases from $43,472.96 to $43,048.51, resulting in a lower cost. Therefore, the alternative proposal benefits both parties by providing a more favorable after-tax outcome.
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An asset having a cost of $70,000 and accumulated depreciation of $20,000 is revalued to $90,000 at the beginning of the current year. Depreciation for the year is based on the revalued amount and the remaining useful life of six years. Required: Prepare journal entries to reflect the revaluation of the asset and the subsequent depreciation of the revalued asset.
Revaluation Journal Entry:
Debit: Asset Cost ($70,000)
Credit: Accumulated Depreciation ($20,000) and Revaluation Surplus ($20,000)
Depreciation Journal Entry:
Debit: Depreciation Expense ($10,000)
Credit: Accumulated Depreciation ($10,000)
The journal entries for the revaluation of the asset and the subsequent depreciation of the revalued asset :
Part 1: Revaluation Journal Entry
The revaluation of the asset will result in the creation of a revaluation reserve account. The asset's original cost was $70,000, but it was revalued to $90,000 at the beginning of the current year. Therefore, the revaluation reserve account will be credited with $20,000 (90,000 – 70,000).
Revaluation Journal Entry:
Account Titles Debit Credit
Asset Cost $70,000
Accumulated Depreciation $20,000
Revaluation Surplus $20,000
Asset Cost $90,000
Part 2: Depreciation Journal Entry
The depreciation expense for the year will be computed on the basis of the revalued amount ($90,000) and the remaining useful life of six years. The depreciation expense will be $10,000 per year ($90,000/6).
Depreciation Journal Entry:
Account Titles Debit Credit
Depreciation Expense $10,000
Accumulated Depreciation $10,000
Total $10,000 $10,000
In summary, the journal entries for the revaluation and subsequent depreciation are as follows:
Revaluation Journal Entry:
- Asset cost: $70,000
- Accumulated depreciation: $20,000
- Revaluation surplus: $20,000
Account Titles Debit Credit
Asset Cost $70,000
Accumulated Depreciation $20,000
Revaluation Surplus $20,000
Asset Cost $90,000
Depreciation Journal Entry:
- Depreciation expense: $10,000
- Accumulated depreciation: $10,000
Account Titles Debit Credit
Depreciation Expense $10,000
Accumulated Depreciation $10,000
Total $10,000 $10,000
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Which of the following describes a strategy used by workers to avoid competing with one another in the labor market and instead to sell their services collectively?
Multiple choice question.
a) Compartmentalization
b)Privatization
c)Unionization
d)Deindustrialization
The answer is c) Unionization. Compartmentalization is the division of a complex system into smaller, more manageable parts.
Privatization is the transfer of ownership of a business, enterprise, or public service from the public sector to the private sector.
Deindustrialization is the decline of manufacturing in a country or region. Unionization is the process of workers joining together to form a union, which is a collective bargaining unit that negotiates with employers on behalf of its members. By joining a union, workers can avoid competing with one another in the labor market and instead sell their services collectively. This gives them more bargaining power and allows them to negotiate for better wages, benefits, and working conditions.
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Sofie was injured when his Shopsmith combination power tool threw off a piece of wood that struck her in the head. SHe sued the manufacturer, claiming that he had followed the product instructions and that the product must be defective. Would tort law applies here? Explain. NOTE: Support your answer with a minimum of three paragraphs.
Tort law would apply in this case as Sofie suffered an injury due to a defective product. To prove her case, Sofie would need to establish that the product was defective and that she had used the product in the manner intended by the manufacturer.
To prove her case, Sofie would need to establish that the Shopsmith combination power tool was defective and that this defect caused her injury. She would also need to prove that she had used the product in the manner intended by the manufacturer, as stated in the product instructions. If Sofie can establish these elements, she may be entitled to damages under tort law.
The manufacturer of the Shopsmith combination power tool may be liable for Sofie's injury if it can be shown that the product was defective in some way. This could include a design defect, a manufacturing defect, or a failure to warn of potential risks associated with the product. If the manufacturer knew or should have known of the defect and failed to take appropriate action to address it, they may be found liable under tort law.
In conclusion, Sofie has a valid claim under tort law if she can prove that her injury was caused by a defect in the Shopsmith combination power tool and that she had used the product in the manner intended by the manufacturer. The manufacturer may be held liable if it can be shown that they were aware of the defect and failed to take appropriate action to address it.
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Continuing with the organization discussed, choose one of the
following for this week’s discussion:
a) up to two types of government regulations that are applicable
to the organization;
Two types of government regulations that could be applicable to any organization: Environmental Regulations and Safety Regulations.
Environmental regulations are guidelines and standards that organizations, individuals, and governments must follow to ensure that the environment is not adversely affected. The main aim of these regulations is to preserve the environment and reduce or eliminate the negative effects of pollution.
Environmental regulations usually target organizations that are known to cause environmental pollution, such as manufacturing companies and waste disposal firms. Environmental regulations govern issues such as waste disposal, air quality, water quality, noise pollution, and chemical exposure.
They vary depending on the country and may be influenced by international laws such as the United Nations Framework Convention on Climate Change (UNFCCC) and the Kyoto Protocol.
Safety regulations are designed to safeguard the well-being of individuals and groups within an organization. Safety regulations govern activities such as emergency evacuation procedures, fire safety, hazardous materials handling, and occupational health and safety.
These regulations are critical in preventing accidents, injuries, and fatalities in the workplace. They may be influenced by federal, state, or local laws and may vary depending on the industry in which the organization operates.
In summary, organizations need to comply with the applicable environmental and safety regulations to ensure that they are operating within the legal framework, as well as contributing to the welfare of the public and the environment.
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In an effort to increase employment by stimulating investment spending, policymakers would
a. sell bonds.
b. purchase US government bonds on the open market.
c. increase the federal funds rate.
d. increase government spending.
e. increase transfer payments.
The most relevant options for policymakers aiming to increase employment and stimulate investment spending would be to increase government spending (d) and increase transfer payments (e).
In an effort to increase employment by stimulating investment spending, policymakers would typically consider options such as:
d. Increase government spending: By increasing government spending on infrastructure projects, education, healthcare, or other sectors, policymakers can create job opportunities and stimulate investment in the economy. This can lead to increased economic activity and potentially higher employment levels.
e. Increase transfer payments: Increasing transfer payments, such as unemployment benefits, welfare programs, or social security payments, can provide individuals with additional income. This, in turn, can increase their spending power and stimulate demand for goods and services, thereby potentially boosting investment and employment.
Selling bonds (a) and purchasing US government bonds on the open market (b) are monetary policy tools rather than fiscal policy tools. While they can influence interest rates and the overall economy, they are not directly targeted at increasing employment.
Increasing the federal funds rate (c) is a monetary policy tool used by central banks to control inflation and manage the money supply. It is not specifically aimed at increasing employment or investment spending. In fact, increasing the federal funds rate may have the opposite effect by making borrowing more expensive and potentially reducing investment.
Therefore, the most relevant options for policymakers aiming to increase employment and stimulate investment spending would be to increase government spending (d) and increase transfer payments (e).
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