Probability of no units in the systemThe probability of no units in the system is given by the formula: P0= 1 - λ / μwhere λ is the arrival rate and μ is the service rate. Substituting the given values, we get:P0 = 1 - λ / μ= 1 - 1.8 / 4= 0.55Therefore, the probability that no units are in the system is 0.55.b.
a. Probability of no units in the systemThe probability of no units in the system is given by the formula: P0= 1 - λ / μwhere λ is the arrival rate and μ is the service rate. Substituting the given values, we get:P0 = 1 - λ / μ= 1 - 1.8 / 4= 0.55Therefore, the probability that no units are in the system is 0.55.b. Probability that one customer is receiving a haircut and no one is waitingThe probability that one customer is receiving a haircut and no one is waiting is given by the formula: P1 = λ/μ * P0where P0 is the probability that no units are in the system. Substituting the given values, we get:P1 = λ/μ * P0= 1.8/4 * 0.55= 0.2475Therefore, the probability that one customer is receiving a haircut and no one is waiting is 0.2475.c. Probability that one customer is receiving a haircut and one customer is waitingThe probability that one customer is receiving a haircut and one customer is waiting is given by the formula: P2 = (λ/μ)^2 * P0/2!where P0 is the probability that no units are in the system. Substituting the given values, we get:P2 = (λ/μ)^2 * P0/2!= (1.8/4)^2 * 0.55/2!= 0.2025Therefore, the probability that one customer is receiving a haircut and one customer is waiting is 0.2025.d. Probability that one customer is receiving a haircut and two customers are waitingThe probability that one customer is receiving a haircut and two customers are waiting is given by the formula: P3 = (λ/μ)^3 * P0/3!where P0 is the probability that no units are in the system. Substituting the given values, we get:P3 = (λ/μ)^3 * P0/3!= (1.8/4)^3 * 0.55/6= 0.0501Therefore, the probability that one customer is receiving a haircut and two customers are waiting is 0.0501.e. Probability that more than two customers are waitingThe probability that more than two customers are waiting is given by the formula:P(More than 2 waiting) = 1 - (P0 + P1 + P2 + P3)Substituting the values of P0, P1, P2 and P3, we get:P(More than 2 waiting) = 1 - (0.55 + 0.2475 + 0.2025 + 0.0501)= 0.9504Round off to four decimal places, P(More than 2 waiting) = 0.9504.f. Average time a customer waits for serviceThe average time a customer waits for service is given by the formula: Wa= λ/μ * P0 * (μ / λ - 1)where P0 is the probability that no units are in the system. Substituting the given values, we get:Wa= λ/μ * P0 * (μ / λ - 1)= 1.8/4 * 0.55 * (4 / 1.8 - 1)= 0.2046 minutesTherefore, the average time a customer waits for service is 0.2046 minutes.
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Suppose that: • Sharon is an IT Help Desk employee at Lenovo. • During the pandemic, Sharon virtually troubleshoots hardware problems for clients. • To resolve the client's computer hardware issues, Sharon relies heavily on a software program that uses a 'knowledge & reasoning' methodology. • The software was developed based on a bunch of 'if-Then' rules typically used by computer hardwale troubleshooting experts. Question: What type of software is this? As with the other questions on this quiz, select only one (best) choice. Transaction Processing System O Expert System Office Automation System.
The software program that Sharon relies heavily on to resolve client's computer hardware issues, and that uses a 'knowledge & reasoning' methodology is an Expert System.
'What is an expert system'? Expert system refers to a computer program that employs an artificial intelligence system to resolve complex issues in a particular domain that usually requires a human expert, like accounting or medicine. It is developed based on a knowledge and reasoning methodology that enables it to reach conclusions and solve problems based on the rules and information that have been entered into it.
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Given the following data for Chipotle Inc: Current liabilities = 873 million; Cash and Marketable Securities = 1,076 million; Account receivables = 193 million; Inventory = 32 million; calculate its quick ratio: 1.45 1.23 1.38 1.17 Question 14 4 pts The spot rate = 1.349 AUD/US$; the one year forward rate = 1.355 AUD/US$. A US exporter denominates its exports to Australia in AUD and expects to receive AUD 100,000 in one year. What will the value of these exports in one year in US$ given that the firm executes a forward hedge? (Ignore transaction costs) US $134,900.00 US $135,500.00 US $74,128.98 US $73,800.74
The quick ratio for Chipotle Inc is 1.45, indicating a relatively healthy liquidity position.
The value of the exports in one year in US dollars, considering the forward hedge, would be US $135,500.00. The forward hedge allows the exporter to mitigate the risk of exchange rate fluctuations and ensures a fixed exchange rate for the future transaction.
The quick ratio for Chipotle Inc can be calculated by adding together the cash and marketable securities, account receivables, and inventory, and then dividing that sum by the current liabilities. Using the provided data, the quick ratio would be 1.45.
To calculate the value of the exports in one year in US dollars, given the forward hedge, we need to consider the one-year forward rate. The exporter expects to receive AUD 100,000 in one year. By executing a forward hedge, the exporter locks in the exchange rate of 1.355 AUD/US$ for the future transaction. Therefore, the value of the exports in US dollars would be AUD 100,000 multiplied by the forward rate of 1.355 AUD/US$, resulting in US $135,500.00.
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Which statement best describes contract of bailment? O A. It makes the hirer the owner of goods already in his possession in the course of installment payments B. the hirer obtains possession of the goods but ownership vests in the owner O C.It entities the hirer ownership after payment of the periodic installments, and for nominal consideration D. It provides an option of buying the goods after the stated hire installments have been paid Reset Selection
The statement that best describes a contract of bailment is B. In a bailment, the hirer or bailee obtains possession of the goods but ownership still vests in the owner or bailor.
The bailee has a duty to take care of the goods and return them to the bailor at the end of the bailment period. The bailment can be for a specific purpose or for a specific period of time, and the bailee is usually not allowed to use the goods for any other purpose than what was agreed upon.
Option A describes a contract of installment sales, where the hirer becomes the owner of the goods after all installment payments have been made. Option C describes a lease agreement, where the lessee obtains ownership of the goods after a specified period of time. Option D describes an option to purchase, which is not part of a bailment agreement.
Overall, a contract of bailment is a common arrangement in business and personal transactions, where one party entrusts goods to another for safekeeping or temporary use. It is important for both parties to clearly understand their rights and responsibilities under the contract to avoid any misunderstandings or disputes.
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Question 1 Microboards manufactures scooters in two models: X and Y. The company currently uses an absorption costing system for internal reporting purposes. Its budgeted profit statement for the year ended 31 March 2022 is provided in the following table: X Y Total (£) (£) (£) 1,200,000 500,000 700,000 Sales revenues Cost of goods sold Gross profit 240,000 380,000 620,000 260,000 320,000 580,000 Variable marketing & admin 153,000 Fixed marketing & admin 270,000 Profit 157,000 The following information from the budget is also available: X (Units) (Units) Opening inventory 1,000 1,000 Production volume 2,000 1,500 Closing inventory 1,400 600 The production of each unit of X takes 25 labour hours, while each unit of Y requires 30 labour hours. The budgeted fixed manufacturing overheads for this period are £475,000. Required: (a) Using labour hours as overhead allocation base, rewrite the budgeted profit statement in a variable costing format. Show all workings clearly. [37 marks] (b) Compare the budgeted profit calculated under absorption costing with the budgeted profit calculated under variable costing and explain what causes the difference in profit figures. Show all workings clearly. [13 marks]
The budgeted profit figures calculated under the two costing methods, we can assess the impact of allocating fixed manufacturing and evaluate the cost structure and profitability.
(a) The budgeted profit statement in variable costing format is provided in the following table: X Y Total Sales revenues (2,000 × £120) + (1,500 × £130) 240,000 195,000 435,000 Cost of goods sold Opening inventory £80 (£20 + £5) per unit × 1,000 20,000 80 (£26.67 + £6.67) per unit × 1,000 26,670 46,670 Production cost 25 × £10 + £23 (variable manufacturing overhead) 253 30 × £10 + £23 (variable manufacturing overhead) 323 Closing inventory (40 × £10) + (60 × £23) 1,820 (20 × £10) + (10 × £23) 530 Total cost of goods sold 22,073 27,523 49,596 Gross profit 217,404 167,477 384,881 Variable marketing & admin 153,000 Fixed marketing & admin 270,000 Profit 157,881
(b) The budgeted profit calculated under absorption costing is £157,000. The budgeted profit calculated under variable costing is £157,881. The difference is £881 (£157,881 − £157,000).The difference in profit figures is due to the use of different approaches in allocating fixed manufacturing overhead to the cost of goods sold. The absorption costing method applies the total fixed manufacturing overhead of £475,000 to the cost of goods sold. The variable costing method, on the other hand, only applies the variable portion of manufacturing overhead, which is 2,000 labour hours for X and 1,500 labour hours for Y at £23 per hour, or £92,000 (£46 per unit) and £69,000 (£46 per unit), respectively, to the cost of goods sold. All other fixed manufacturing overhead costs are expensed directly to the income statement as period costs. This results in the allocation of a lower amount of fixed manufacturing overhead costs to the cost of goods sold under variable costing, and hence, a higher profit figure.
The use of a different approach in allocating fixed manufacturing overhead to the cost of goods sold causes a difference in the budgeted profit calculated under absorption costing and the budgeted profit calculated under variable costing.
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which type of society produces the least economic inequality?
There is no one type of society that can guarantee the least economic inequality, as there are many factors that can contribute to economic inequality.
However, studies suggest that societies with strong social safety nets, progressive tax systems, and comprehensive labor protections tend to have lower levels of economic inequality. In addition, societies with a high degree of income redistribution, such as through social welfare programs or universal basic income initiatives, may also help to reduce economic inequality.
Ultimately, reducing economic inequality requires a multifaceted approach that takes into account both economic and social factors.
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what is ordinarily the first step in the formation of a corporation
The first step in the formation of a corporation is typically filing the necessary legal documents with the appropriate state authority. This process is known as "incorporation" and involves submitting the required paperwork and fees to establish the corporation as a separate legal entity.
When forming a corporation, the initial step usually involves preparing and filing the articles of incorporation or certificate of incorporation with the designated state authority, often the Secretary of State's office. The articles of incorporation contain essential information about the corporation, such as its name, purpose, registered address, stock structure, and initial directors. This document serves as the foundation for the corporation's legal existence.
Filing the articles of incorporation initiates the process of legally establishing the corporation. It is important to ensure compliance with the specific requirements and regulations of the state where the corporation is being formed. Additionally, fees associated with the filing must be paid at this stage.
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The safety stock for an item is 150 units, and the lead
time is two weeks. If the lead time changes to three weeks,
calculate the new safety stock.
The new safety stock for the item would be 225 units. Safety stock is the inventory that is held as a buffer against uncertain demand and supply variability.
It is a quantity of stock that is maintained to ensure that the inventory level does not fall below the desired level during the lead time. In this case, the safety stock for the item is 150 units, and the lead time is two weeks. This means that during the two-week lead time, the inventory level must be maintained at 150 units to avoid stockouts.
If the lead time changes to three weeks, the safety stock needs to be adjusted to account for the longer lead time. The formula for calculating safety stock is: Safety stock = (Maximum daily usage x Maximum lead time in days) – Average daily usage x Average lead time in days Assuming that the usage rate remains constant, the new safety stock can be calculated as follows: New safety stock = (Maximum daily usage x 21 days) – (Average daily usage x 14 days) = (150 x 21) – (150 x 14) = 3150 – 2100 = 1050 units
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Barriers to Exit-The Steel Trap¹ If firms incur a cost to exit the market, they may not shut down in the short run even if their revenues do not cover variables costs. The firms stay in operation, at least for awhile, so that they can avoid paying the exit costs. For decades, many integrated U.S. steel mills-factories that produce steel from iron ore-were operating at losses. Before the 1950s, U.S. firms could produce at lower costs than international rivals despite having high wages because their mills were more productive and abundant supplies of coal and iron ore kept their energy and material costs relatively low. In the 1950s and 1960s, discoveries of rich iron ore sources, lower wages, and newly built, state-of-the-art mills enabled many foreign steel firms to produce at lower cost than U.S. firms. As a result, the share of worldwide sales of U.S. integrated steel firms fell from 90% in 1960 to less than 65% in the 1980s. U.S. firms have been too slow to leave the market. Not until the late 1970s, did Youngstown Sheet & Tube and the United States Steel Corporation in Youngstown, Ohio, close. The next closing did not occur until 1982. Rather than close, firms have continued to operate aging, inefficient, and unprofitable plants. A steel firm faces substantial costs in closing a mill and terminating contracts. Union contracts obligate the firm to pay workers severance pay, supplemental unemployment benefits, and to make payments to cover additional pensions and insurance benefits in the future. Usually, union members are eligible for pensions when their age plus years of service equals 75; however, workers laid off due to plant closings are eligible when their age plus years of service equals 70. Thus, by not closing plants, firms can substantially reduce pension payments. The United States Steel Corporation's cost of closing down various operations in 1979, was $650 million, of which about $415 million-or $37,000 per laid-off worker-was labor related. These costs have risen 45% since then. Because they avoided shutting down to avoid exit costs, U.S. steel mills have sold most products at prices below average variable cost since the 1970s. For example, in 1986, the average variable cost of hot-rolled sheets per ton was $305 and the average cost was $406, but the price was only $273. Many of these mills stayed in business for decades despite sizable losses. Eventually, these mills will close unless the recent increase in profitability in the industry continues. a. Can you think of other firms or industries that would suffer large shut-down costs? What would be the source of these costs? b. Is it possible that the firms are playing a "waiting game" to see if others will drop out before them? Under what circumstances might this allow a remaining firm to become profitable again?
a. Other firms or industries that could suffer large shut-down costs include heavy manufacturing industries, such as automobile manufacturing or chemical production, where the closure of plants would involve significant expenses.
The sources of these costs may vary but can include severance pay and benefits for laid-off workers, termination of contracts and leases, dismantling and disposal of equipment, environmental cleanup, and potential legal liabilities. Additionally, industries with long-term capital investments, such as oil refineries or power plants, may face substantial costs in shutting down operations and decommissioning infrastructure.
b. It is possible that firms are playing a "waiting game" to observe if others will exit the market before them. This strategy is often employed when firms anticipate that competitors' exit will lead to a reduction in industry capacity and potential market consolidation.
Under such circumstances, a remaining firm may benefit from reduced competition, increased market share, and improved pricing power. With fewer competitors, the remaining firm could achieve economies of scale, better utilize its resources, and potentially improve profitability. However, the success of this strategy depends on various factors, including the nature of the industry, market demand, cost structure, and the ability of the remaining firm to adapt and capitalize on the changing market dynamics.
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Identify three sustainability strategies, and describe them using a few words or descriptive phrase.
By embracing renewable energy, reducing waste, and optimizing supply chains, businesses can contribute to a greener and more sustainable future while also improving their own operational efficiency and competitiveness.
Renewable Energy Adoption: Transitioning to clean and renewable energy sources to reduce dependence on fossil fuels and mitigate climate change.
Waste Reduction and Recycling: Implementing measures to minimize waste generation and promote recycling and reuse to conserve resources and reduce landfill waste.
Supply Chain Optimization: Analyzing and optimizing supply chains to reduce environmental impact and enhance efficiency, such as through sourcing locally, using eco-friendly materials, and implementing green transportation methods.
Renewable Energy Adoption: Embracing clean power sources
Installing solar panels and wind turbines
Investing in geothermal energy systems
Promoting hydroelectric power generation
Waste Reduction and Recycling: Minimizing waste and promoting circularity
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Arguello Corporation makes silly fridge magnets. Budget information regarding the current period is:
Revenue (180,000 pins at $3.05) 549,000
Direct Materials 118,000 Direct Labor 244,800
Variable Manufacturing Overhead 25,200
Fixed Manufacturing Overhead 35,000
A High Tech company approached Arguello with a special order for 3,500 magnets at a price of $3.75 per magnet.
Variable costs will be the same as the current production, and the special order will not impact the rest of the company’s orders. However, Arguello is operating at capacity and will incur an additional $5,000 in fixed manufacturing overhead if the order is accepted.
What is the differential income or loss with accepting this special order? (Show your calculation)
To compute the differential income or loss from accepting the special order, we must compare the order's revenues and expenditures to the current period's planned statistics. Here's the maths:
3,500 magnets * $3.75 per magnet = $13,125 from the special order.
Direct Materials + Direct Labour + Variable Manufacturing Overhead = $118,000 + $244,800 + $25,200 = $388,000 for the customised order.
Fixed manufacturing overhead for the special order = $5,000 if accepted.
Variable expenses + Fixed manufacturing overhead = $388,000 + $5,000 = $393,000 for the specific order.
Differential income or loss = Revenue from the special order - Total costs - Fixed manufacturing overhead
$13,125 - $393,000 - $35,000 equals differential income or loss.
-$414,875 differential income or loss
Losses are indicated by negative values. Accepting the particular order results in a loss of $414,875. Arguello Corporation would lose money by accepting the particular order.
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What is a key distinction in the presentation of the Statement of
Changes in Partners' Equity compared to a sole
proprietorship?
Group of answer choices
includes multiple column for every partner p
A key distinction in the presentation of the Statement of Changes in Partners' Equity compared to a sole proprietorship is the inclusion of multiple columns for each partner.
In a partnership, the Statement of Changes in Partners' Equity provides information about the changes in each partner's capital account over a specific period. Unlike a sole proprietorship, where there is only one owner, a partnership typically involves multiple partners. To accurately reflect the individual contributions, withdrawals, and share of profits or losses for each partner, the statement includes multiple columns for each partner.
Each column represents a specific partner's capital account and tracks their respective transactions. This allows for a detailed presentation of each partner's equity position and the changes that occurred during the reporting period. The columns typically include headings such as partner names, capital contributions, withdrawals, share of profits or losses, and ending capital balances. The use of multiple columns in the Statement of Changes in Partners' Equity provides transparency and clarity regarding the financial activities of each partner. It allows partners to review their individual contributions and distributions, facilitating a comprehensive understanding of their respective ownership interests and the overall financial health of the partnership.
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Compute the present value of the lease payments. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to 0 decimal places e.g. 5,275.) Present value of the lease payments $ 37429 eTextbook and Media Save for Later Attempts: 1 of 2 used Submit Answer Using multiple attempts will impact your score. 20% score reduction after attempt 1 Euren 24 PENS BUR MacBook Pro #tv · Question 3 of 5 0.53/2 On December 31, 2019, Tamarisk Corporation signed a 5-year, non-cancelable lease for a machine. The terms of the lease called for Tamarisk to make annual payments of $8,978 at the beginning of each year of the lease, starting December 31, 2019. The machine has an estimated useful life of 6 years and a $5,200 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Tamarisk uses the straight-line method of depreciation for all of its plant assets. Tamarisk's incremental borrowing rate is 11%, and the lessor's implicit rate is unknown. Click here to view factor tables. (a) Your answer is correct. What type of lease is this?
Based on the information provided, this lease can be classified as a finance lease.
A finance lease is a lease arrangement where the lessee effectively assumes the risks and rewards of ownership of the leased asset. In this case, Tamarisk Corporation signed a 5-year lease, is responsible for making annual payments, and the machine reverts back to the lessor at the end of the lease term. So, Tamarisk Corporation is making annual payments for the machine, and the lease term covers a significant portion of the machine's useful life. Additionally, there is an unguaranteed residual value, and the machine reverts back to the lessor at the end of the lease term. These factors indicate that Tamarisk has effectively taken on the risks and rewards associated with ownership, making it a finance lease.
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Which of the following are considered limitations of fiscal policy? a. liquidity log b. implementation lag B c. legislative log d. unemployment lag d. recognitioning
The limitations of fiscal policy include: a. Liquidity lag: Fiscal policy measures, such as changes in government spending or taxation, may take time to have an impact on the economy.
b. Implementation lag: The process of implementing fiscal policy measures, such as passing legislation or implementing new government programs, can be time-consuming. Delays in enacting and implementing fiscal policy measures can hinder their effectiveness, especially during times of economic crisis when quick action is often needed.
c. Legislative log: Fiscal policy decisions typically require legislative approval, which can introduce political and bureaucratic challenges. The legislative process may involve debates, negotiations, and delays, making it difficult to enact timely fiscal policy measures.
d. Unemployment lag: It takes time for fiscal policy measures to impact employment levels. Changes in government spending or taxation may not immediately translate into job creation or reduction in unemployment. There can be a lag between the implementation of fiscal policy and its effect on the labor market.
e. Recognition lag: Fiscal policymakers rely on accurate and timely economic data to assess the state of the economy and determine appropriate policy actions. However, there can be a delay in recognizing economic indicators, such as GDP growth or inflation, which can hinder the timely implementation of fiscal policy measures.
Overall, these limitations highlight the challenges and time constraints involved in implementing fiscal policy effectively to address economic conditions and achieve desired outcome.
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Southland Industries has $50,000 of 5% (annual interest) bonds outstanding, 1,000 shares of preferred stock paying an annual dividend of $5.00 per share, and 5,000 shares of common stock outstanding. Assuming that the firm has a 35% tax rate, compute earnings per share (EPS) for EBIT value of $36,000.
To compute earnings per share (EPS) for Southland Industries with given bond and stock information, as well as a 35% tax rate and an EBIT value of $36,000. The calculation involves determining the interest expense from the bonds and the preferred stock dividends, subtracting those from the EBIT, and dividing the result by the number of common shares outstanding to obtain EPS.
To compute the earnings per share (EPS) for Southland Industries, we need to consider the interest expense from the bonds and the preferred stock dividends.
First, we calculate the interest expense from the bonds by multiplying the bond amount ($50,000) by the interest rate (5%), resulting in $2,500.
Next, we determine the preferred stock dividends by multiplying the number of preferred shares (1,000) by the annual dividend per share ($5.00), giving us $5,000.
We subtract the interest expense and preferred stock dividends from the EBIT value ($36,000) to get the earnings available to common shareholders. In this case, it would be $36,000 - ($2,500 + $5,000) = $28,500.
Finally, we divide the earnings available to common shareholders by the number of common shares outstanding (5,000) to calculate the earnings per share (EPS). In this case, it would be $28,500 / 5,000 = $5.70 per share.
Therefore, the earnings per share (EPS) for Southland Industries, with an EBIT value of $36,000, would be $5.70.
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negative real interest rates among developing countries result when they print too little money.falsetrue
The statement "negative real interest rates among developing countries result when they print too little money" is False.
Real interest rates are the actual, inflation-adjusted costs of borrowing. Nominal interest rates minus the rate of inflation equals the real interest rate. A positive real interest rate implies that the nominal interest rate is greater than the inflation rate, indicating that the borrower is being compensated for the cost of borrowing. If the nominal rate is less than the inflation rate, the real rate is negative, indicating that the borrower is paying more in inflation-adjusted terms than the nominal interest rate suggests. The fact that negative real interest rates are a result of printing too little money is incorrect. In fact, the opposite is true. If the supply of money is increased too quickly, inflation will rise, resulting in higher nominal interest rates to compensate lenders for the cost of money depreciation. As a result, real interest rates can fall below zero if inflation rates exceed nominal interest rates. Negative real interest rates result from inflation rates that are higher than nominal interest rates. Real interest rates can be negative or positive.
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overrun is the additional percentage amount by which estimates exceed actual costs
Overrun refers to the additional percentage amount by which estimated costs exceed the actual costs of a project or task. It indicates a deviation from the initial budget or estimate, indicating that the actual expenses have surpassed the projected or planned costs.
In project management and financial planning, estimating the costs involved is a crucial step. However, it is not uncommon for the actual costs to differ from the initial estimates. When the actual costs exceed the estimated costs, it results in an overrun. The overrun is expressed as a percentage, representing the additional amount by which the estimated costs have been exceeded. For example, if a project was initially estimated to cost $100,000, but the actual costs ended up being $120,000, the overrun would be 20%.
Overruns can occur due to various factors such as unforeseen circumstances, changes in project scope, fluctuations in market prices, delays, inefficiencies, or inaccurate initial estimates. They can have significant implications for project budgets, profitability, and overall financial planning.
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1.Ernie owns a water pump. Because pumping large amounts of water is harder than pumping small amounts, the cost of producing a bottle of water rises as he pumps more. Here is the cost he incurs to produce each bottle of water: Cost of first bottle $1 Cost of second bottle $3 Cost of third bottle $5 Cost of fourth bottle $7.
2.After economics class one day, your friend suggests that taxing food would be a good way to raise revenue because the demand for food is quite inelastic. In what sense is taxing food a "good" way to raise revenue? In what sense is it not a "good" way to raise revenue?
3.Daniel Patrick Moynihan, the late senator from New York, once introduced a bill that would levy a 10,000 percent tax on certain hollow-tipped bullets. a. Do you expect that this tax would raise much revenue? Why or why not? b. Even if the tax would raise no revenue, why might Senator Moynihan have proposed it?
4.Suppose that Congress imposes a tariff on imported automobiles to protect the U.S. auto industry from foreign competition. Assuming that the United States is a price taker in the world auto market, show the following on a diagram: the change in the quantity of imports, the loss to U.S. consumers, the gain to U.S. manufacturers, government revenue, and the deadweight loss associated with the tariff. The loss to consumers can be decomposed into three pieces: a gain to domestic producers, revenue for the government, and a deadweight loss. Use your diagram to identify these three pieces
5.Consider a country that imports a good from abroad. For each of following statements, state whether it is true or false. Explain your answer. a. "The greater the elasticity of demand, the greater the gains from trade." b. "If demand is perfectly inelastic, there are no gains from trade." c. "If demand is perfectly inelastic, consumers do not benefit from trade."
It is not a good way of raising revenue in the sense that it targets essential items consumed by people.
The concept of increasing costs is clearly depicted in the table given below: Ernie’s Water Pump Price of Water Bottles Cost of First Bottle$1 Cost of Second Bottle$3 Cost of Third Bottle$5 Cost of Fourth Bottle $7. It is shown in the above table that the cost of producing each bottle of water is increasing as more and more water bottles are produced. The first bottle cost $1 and the second bottle cost $3. So, the cost of the second bottle is $2 more than the first one. Similarly, the third bottle cost $5, which is $2 more than the second bottle. So, the cost of the fourth bottle will be $7, which is again $2 more than the third one.2. The main idea behind taxing food items is to generate revenue. Taxing food items is a good way of generating revenue because food has inelastic demand. In other words, regardless of the price, consumers would still be willing to purchase the item. Therefore, it generates a considerable amount of revenue for the government as it is consumed by a large number of people. However, it is not a good way of raising revenue in the sense that it targets essential items consumed by people.
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the+risk-free+rate+is+4%.+the+expected+market+rate+of+return+is+11%.+if+you+expect+cat+with+a+beta+of+1.0+to+offer+a+rate+of+return+of+10%,+you+should
The risk-free rate is 4%, and the expected market rate of return is 11%. If you expect CAT with a beta of 1.0 to offer a rate of return of 10%, you should sell.
Calculation of the expected return for the stock:
The formula for the expected return is given below:
Expected Return = Risk-Free Rate + Beta * (Market Risk Premium)
Where, Risk-Free Rate = 4%
Market Risk Premium = Expected Market Return - Risk-Free Rate = 11% - 4% = 7%
Beta = 1.0
Expected Return = 4% + 1.0 * (7%) = 11%
Therefore, the expected return on CAT is 11%. The actual return on CAT is 10%, which is less than the expected return. So, the investor should sell the CAT stock to avoid loss.
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A. The manager of a small business reported 30 days of profit
which revealed that $200 was made on the first day, $210 on the
second day, $220 on the third day and so on.
i. Determine the general rule
The manager of a small business reported a pattern of increasing profits over a 30-day period. The profits started at $200 on the first day and increased by $10 each subsequent day. The task is to determine the general rule or formula that represents this pattern of increasing profits.
The given information suggests that the profits follow an arithmetic sequence, where each term increases by a fixed amount. In this case, the profits increase by $10 each day. We can represent the general rule for this pattern using the formula:
Profit = Initial Profit + (Day - 1) * Increment
In this formula, the Initial Profit represents the profit made on the first day, which is $200. The Day represents the specific day for which we want to calculate the profit, and the Increment represents the fixed increase in profit each day, which is $10.
Therefore, the general rule for this pattern of increasing profits can be expressed as:
Profit = $200 + ($n - 1) * $10
Where $n represents the specific day for which we want to calculate the profit. By substituting the value of $n, we can determine the profit made on any given day within the 30-day period.
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A ___ mortgage allows a person to borrow on the paid-up value of a home. O Conventional O Growing equity O Second O Share appreciation
A second mortgage allows a person to borrow on the paid-up value of a home.
A second mortgage is a type of mortgage that allows a homeowner to borrow against the equity they have built up in their home. It is called a "second" mortgage because it is taken out in addition to the primary mortgage on the property.
Unlike a conventional mortgage, which is used to purchase a home, a second mortgage allows homeowners to access the equity they have accumulated over time. This can be useful for various purposes, such as home improvements, debt consolidation, or other financial needs.
The paid-up value of a home refers to the portion of the property that the homeowner owns outright, free from any outstanding mortgage debt. By taking out a second mortgage, individuals can leverage this equity and borrow against it, using their home as collateral.
Therefore, a second mortgage allows a person to tap into the paid-up value of their home and borrow funds based on the equity they have built, providing them with additional borrowing power and financial flexibility.
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Standard Chartered plc operates as the leading emerging markets bank in the world. The banking group, known by many in the banking industry as Stanchart, operates over 500 offices in 50 countries throughout the Asia Pacific region, South Asia, the Middle East, Africa, the United Kingdom, and North and South America. Its wholesale banking unit caters to corporate clients in the trade finance, cash management, custody, lending, foreign exchange, interest rate management, and debt capital markets.
Read and understand the given Standard Chartered Strategy Report 2020, which will share with you some special insights into the many facets of the company then answer the questions below in relation to the given report.
Based on the information given in the report, write a summary of ways and strategic approach of Standard Chartered Bank to overcome the pandemic situation. The summary should be no longer than 350 words. (50 marks)
The world is currently facing a pandemic situation that has created disruptions in every sector, including banking. Standard Chartered Bank has identified the impact of the pandemic on its business, and hence, has developed a strategic approach to overcome it. The bank has been adapting and modifying its approach to ensure business continuity, retain customer confidence, and support the economies in which it operates.
The bank has adopted several measures to help its customers in the current situation. These include offering payment deferrals, loan moratoriums, and additional financing to help its clients meet their immediate liquidity requirements. The bank has also introduced digital solutions to enable customers to carry out their banking transactions remotely, reducing the need for physical contact.
In addition to customer support, the bank has also focused on maintaining its operational resilience. It has implemented robust business continuity plans, enabling employees to work remotely and reducing the risk of infection. The bank has also prioritized employee safety and well-being, offering mental health support and well-being programs. The bank has emphasized the importance of sustainability during the pandemic, recognizing that social and environmental risks are interrelated. It has continued to support sustainable projects, such as green finance and renewable energy, to help build a more resilient and sustainable future.
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An intern in a marketing research organization found out that there was a high correlation between the sale of newspapers and the rise in temperature. Thus, he concluded that rise in the temperature caused increase in sale of newspaper Identify two mistakes that he made during this analysis What would have been your next course of action if you found such a correlation? What is the term used to denote such a correlation? Which data analysis technique would you use to establish cause and effect relationship? (5)
The term used to denote such a correlation is "spurious correlation."It is difficult to establish a cause-and-effect relationship using a single data analysis technique. A more sophisticated research design such as an experiment or randomized controlled trial (RCT) is required to establish a cause-and-effect relationship.
The two mistakes made by the intern during this analysis are as follows:He assumed that correlation implies causation.He did not consider other factors that could contribute to the increase in sales.What would be the next course of action if such a correlation was found?The intern should have conducted further research to determine if there was indeed a causal link between the increase in temperature and the increase in sales of newspapers. They would have done so by considering other factors that may influence the sale of newspapers, such as advertising or seasonality. It would have been necessary to conduct a thorough analysis to establish causality and determine whether the correlation was spurious or legitimate.The term used to denote such a correlation is "spurious correlation."It is difficult to establish a cause-and-effect relationship using a single data analysis technique. A more sophisticated research design such as an experiment or randomized controlled trial (RCT) is required to establish a cause-and-effect relationship.
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You visit a grocery store with your friend after getting fully vaccinated. Your friend is surprised that prices of certain paper products, other essentials like diapers etc. is almost similar to pre-pandemic times. She insists there is no inflation but you claim that the prices have risen. How do you justify your response? Provide a brief explanation ( 1-2 lines)
I would justify my response by explaining that inflation is a complex economic phenomenon influenced by various factors.
While certain specific items may not have experienced significant price increases, overall inflation can still occur in the economy, impacting the prices of other goods and services. Factors like supply chain disruptions, changes in production costs, and shifts in consumer demand can lead to price fluctuations, even if they are not immediately noticeable in certain product categories.
The fundamental economic issue of scarcity arises when people have limitless desires but only finite resources to meet them. People are forced to make trade-offs in this situation, sacrificing the satisfaction of some needs to meet others. The goal of all human endeavours is to efficiently utilise the finite resources—whether they be labour, capital, or natural resources—to meet as many people's needs as possible.
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Normal Probability Distribution If the operating life of an electric mixer, which is normally distributed has a mean of 2200 h and a standard deviation of 120 h, what is the probability that a single electric mixer will fail to operate at 1900 h or less
The probability that a single electric mixer will fail to operate at 1900 h or less is 0.62%.
Normal probability distribution is a probability distribution that is used to model random variables, especially for continuous variables. This distribution is characterized by the bell-shaped curve. The mean (μ) and the standard deviation (σ) are the two parameters that fully describe this distribution.If the operating life of an electric mixer, which is normally distributed, has a mean of 2200 h and a standard deviation of 120 h, the probability that a single electric mixer will fail to operate at 1900 h or less can be calculated using the following formula:Z = (X - μ)/ σWhere X = 1900, μ = 2200, and σ = 120. Putting these values in the formula, we haveZ = (1900 - 2200)/120Z = -2.5The value of Z obtained represents the number of standard deviations that separate X from the mean (μ). The next step is to look up the corresponding area under the standard normal distribution curve. The area can be found in the z-table. Looking at the z-table, the area to the left of Z = -2.5 is 0.0062. Therefore, the probability that a single electric mixer will fail to operate at 1900 h or less is 0.0062 or 0.62%.
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Kenton Shoes Ltd is a small company that sells a range of Casual and Work shoes through the internet. The accountant has asked you to calculate the value of the company’s closing inventory on 31 December 20X1 for inclusion in the financial statements. The following additional information is available: 1. Pairs of shoes counted in the warehouse at the year-end stocktake were as follows:- Casual Shoes 10,000, Work Shoes 5,000 pairs
2. 2,000 pairs of Casual Shoes were received into stores on 3 January 20X2. The goods were ordered on 23 December 20X1 and invoiced on 24 December but were still in transit from the US supplier when the inventory count was being performed. The invoice for these goods is included in the purchase ledger and the trade payable has been recognised on 31 December 20X1.
3. Due to an increase in the price of toughened leather, the supplier of Work Shoes increases the cost of each pair from 1 November 20X1. Since this date, Kenton Shoes has received 3,000 pairs in its stores.
4. Selling price and cost per pair of shoes in 20X2. Casual Shoes Work Shoes £ £ Purchase cost: 01/01/20X2 - 01/11/20X2 6 12 01/11/20X2 - Present 6 17
5. It is company policy to use the FIFO method of recording the flow of inventory costs.
Required:- a) Prepare a calculation of the value of inventories to be included in the year end (31 December 20X1) financial statements, following IAS 2 – Inventories.
b) Write a report to the chief accountant explaining the reasons (under IAS 2) for valuing the inventories on the bases you applied in (a).
a)The value of Kenton Shoes Ltd's closing inventory on 31 December 20X1, following IAS 2 - Inventories, is £95,000.
b) The inventories were valued using the FIFO (First-In, First-Out) method, which assumes that the items acquired first are sold or used first. This method was applied to ensure a more accurate representation of the costs incurred to produce the goods sold. It considers the timing of purchases and recognizes the increase in the cost of toughened leather for Work Shoes received since 1 November 20X1. The total value of the closing inventory was calculated by multiplying the remaining quantities of shoes in stock by their respective costs per pair.
According to the given information, the closing inventory calculation is as follows:
Casual Shoes: 10,000 pairs * £6 = £60,000
Work Shoes: 5,000 pairs * £12 = £60,000
Additional Casual Shoes received (but not yet counted): 2,000 pairs * £6 = £12,000
Additional Work Shoes received since 1 November 20X1: 3,000 pairs * £17 = £51,000
Total value of closing inventory on 31 December 20X1: £60,000 (Casual Shoes) + £60,000 (Work Shoes) + £12,000 (additional Casual Shoes) + £51,000 (additional Work Shoes) = £183,000
However, since we need to determine the value of closing inventory on 31 December 20X1, we subtract the cost of additional Casual Shoes received on 3 January 20X2: £183,000 - £12,000 = £171,000.
Therefore, the value of Kenton Shoes Ltd's closing inventory on 31 December 20X1, following IAS 2 - Inventories, is £95,000.
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Nike subcontracts its manufacturing to approximately 350 factories in the Asia-Pacific region employing nearly 400,000 workers Select one: Ola Fully integrated global supply chain O b. Offshore manufacturing Oc International suppliers Od. International distribution system
The option b. offshore manufacturing is correct. Nike subcontracts its manufacturing to nearly 350 factories in the Asia-Pacific region employing almost 400,000 workers.
The subcontracting process is known as offshore manufacturing. As a result of increased globalization, numerous corporations, including Nike, have opted to outsource manufacturing processes to foreign countries. The majority of Nike's factories are located in Asia, with China, Indonesia, and Vietnam accounting for the majority of them. These factories generate millions of pairs of shoes and other apparel items each year, which are then shipped to Nike's regional warehouses and retail stores around the world. Thus, the correct option is option "b. Offshore manufacturing".
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Apex Lighting Inc. produces and sells lighting fixtures. An entry light has a total cost of $66 per unit, of which $32 is product cost and $34 is selling and administrative expenses. In addition, the total cost of $66 is made up of $35 variable cost and $31 fixed cost. The desired profit is $1 per unit. Determine the markup percentage on product cost. Round the answer to nearest whole number. 1.09375 X %
Markup Percentage on Product Cost = (Markup Percentage/(100 + Markup Percentage)) × 100 Markup Percentage on Product Cost = (1.515151515…/(100 + 1.515151515…)) × 100Markup Percentage on Product Cost = 1.493826304…% ≈ 1%Therefore, the markup percentage on the product cost is 1%. .
Markup Percentage = (Profit/Total Cost) × 100Firstly, we need to calculate the Total Cost per unit. Total Cost = Variable Cost + Fixed Cost = $35 + $31 = $66Since we want to earn a profit of $1 per unit, the Selling Price (SP) will be: SP = Total Cost + Desired Profit = $66 + $1 = $67 .
Therefore, the Profit is: Profit = Selling Price - Total Cost = $67 - $66 = $1Putting the values in the markup percentage formula, we have; Markup Percentage = (Profit/Total Cost) × 100Markup Percentage = ($1/$66) × 100 = 1.515151515…% .
Now, to find out the markup percentage on the product cost, we use the following formula; Markup Percentage on Product Cost = (Markup Percentage/(100 + Markup Percentage)) × 100 Markup Percentage on Product Cost = (1.515151515…/(100 + 1.515151515…)) × 100Markup Percentage on Product Cost = 1.493826304…% ≈ 1%Therefore, the markup percentage on the product cost is 1%.
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Assembly-line balancing operates under two constraints: 1)
precedence requirements; and, 2) cycle time restrictions. Select
one: True False
The statement is true. Assembly-line balancing operates under two constraints: precedence requirements and cycle time restrictions.
Assembly-line balancing is a technique used in production planning to optimize the allocation of tasks or activities among workstations in an assembly line. The goal is to achieve a balanced workflow and maximize productivity. Two key constraints in assembly-line balancing are precedence requirements and cycle time restrictions.
Precedence requirements refer to the specific order in which tasks must be performed. Some tasks may depend on the completion of previous tasks or require certain activities to be performed before others. By considering precedence requirements, assembly-line balancing ensures that tasks are assigned in the correct sequence, maintaining the logical flow of production.
Cycle time restrictions impose limits on the time available to complete each task or activity. It represents the maximum time allowed for a workstation to complete its assigned task before the next task arrives. By considering cycle time restrictions, assembly-line balancing aims to allocate tasks in a way that optimizes the utilization of resources and avoids bottlenecks or idle time.
Both precedence requirements and cycle time restrictions are crucial in assembly-line balancing to achieve an efficient and effective production process. By appropriately considering these constraints, manufacturers can improve productivity, reduce production time, and enhance overall operational performance.
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You borrow $16797 to buy a car. You will have to repay this loan by making equal monthly payments for 12 years. The bank quoted an APR of 6%. How much is your monthly payment (in $ dollars)? $_
The monthly payment for a loan of $16,797 with a 6% APR, to be repaid over 12 years, is approximately $168.25.
To calculate the monthly payment, we can use the formula for calculating the monthly payment on a fixed-rate loan. The formula is:
M = P * (r * (1 + r)^n) / ((1 + r)^n - 1)
Where:
M = Monthly payment
P = Principal loan amount
r = Monthly interest rate
n = Total number of payments
First, we need to convert the annual interest rate to a monthly interest rate. Since the APR is 6% and there are 12 months in a year, the monthly interest rate would be 6% divided by 12, which is 0.005.
Next, we calculate the total number of payments. Since the loan needs to be repaid over 12 years, which is 12 times 12 months, the total number of payments would be 144.
Now, we can substitute the values into the formula:
M = 16797 * (0.005 * (1 + 0.005)^144) / ((1 + 0.005)^144 - 1)
After evaluating this expression, the monthly payment comes out to be approximately $168.25.
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QS 7-6 Sales Journal P1 Caesar Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Prepare a sales journal like the one in Exhibit 7.5.
The sales journal allows Caesar Company to record, organize, and analyze sales transactions, enabling effective revenue tracking and financial statement preparation.
Sales Journal - Caesar Company
Date | Customer | Invoice No. | Sales Amount | Sales Tax | Total Sales
MM/DD | Customer A | INV-001 | $1,000.00 | $100.00 | $1,100.00
MM/DD | Customer B | INV-002 | $2,500.00 | $250.00 | $2,750.00
MM/DD | Customer C | INV-003 | $1,800.00 | $180.00 | $1,980.00
In the sales journal of Caesar Company, each entry represents a sales transaction. The columns in the journal provide the necessary information for recording and tracking sales activities. The "Date" column records the date when the sales transaction occurred. The "Customer" column specifies the name of the customer involved in the transaction. The "Invoice No." column denotes the unique invoice number assigned to each sale for reference and documentation purposes.
The "Sales Amount" column indicates the total amount of the sales before any sales tax is applied. The "Sales Tax" column shows the amount of tax charged on the sale. Finally, the "Total Sales" column calculates the total sales amount, including the sales tax.
By utilizing the sales journal, Caesar Company can systematically record and organize its sales transactions. This journal aids in tracking revenue, analyzing sales trends, and facilitating the preparation of financial statements.
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