PARSER (Production Appraisal System for Effective Rating) is a loan management software system that uses complex algorithms to evaluate the creditworthiness of potential borrowers. PARSER is employed by banks and other financial institutions to analyze loan applications in real-time, reducing the amount of manual labor and time required to assess a borrower's risk level.Two key elements of PARSER are as follows:
Data Analysis: PARSER has been developed to analyze a wide range of financial information, such as income, expenses, credit history, and other data to predict the borrower's ability to repay the loan. It employs a wide range of data analytics techniques to arrive at an accurate credit score.
Machine Learning: PARSER's machine learning algorithms take into account all of the borrower's financial data to generate a comprehensive credit risk analysis. This approach allows PARSER to identify trends and patterns in the borrower's financial data, which can assist in making more accurate credit decisions.
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7) Choose the best answer.
Lindsay's pregnancy and her premature baby's extended intensive care stay resulted in $35,000
in bills in addition to $250 in copays. Her insurance has an annual deductible of $5,000, an 80%
coinsurance, and an out-of-pocket maximum of $10,000. How much will she be responsible for
paying?
We must account for the deductible, coinsurance, and out-of-pocket maximum when determining the amount Lindsay will be required to pay. The breakdown is as follows:
Deductible: The $5,000 yearly deductible for Lindsay's insurance. Accordingly, she is liable for covering the first $5,000 of covered expenses out of pocket. In this instance, she will be liable for paying the whole $5,000 deductible as her combined bills and copays total $35,000.00 + $250.00 = $35.250, which is greater than the deductible.
After paying the deductible, Lindsay's insurance has an 80% coinsurance clause, which means she will be responsible for the remaining 20% of costs after the insurance pays 80% of the remaining costs.
$35,250 - $5,000 = $30,250 in expenses are left over after the deductible. 20% of $30,250, or $6,050, is Lindsay's coinsurance contribution.
Out-of-pocket maximum: Lindsay's current out-of-pocket payments are $5,000 toward the deductible and $6,050 in coinsurance, for a total of $11,050 in out-of-pocket charges. She will only be responsible for covering expenses up to the $10,000 out-of-pocket threshold.
As a result, Lindsay will be liable for paying a total of $10,000 for the extended intensive care stay of both her premature baby and herself.
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Find an example of an IRS nonacquiescence of a US Tax Court case
from the 2010s. Provide the citation for the nonacquiescence. What
was the issue in the case and why did the IRS disagree with the Tax
The Reczyks won their case, and the IRS was unable income tax deficiency to show that its stance was adequately supported: In this situation, the Reczyks are exempt from paying the interest ($4,015) and the unpaid income tax deficiency ($39,300).
They would still be responsible for paying the $7,829 in attorney fees and other legal expenses.Their cost would be $7829.19 after taxes. Although the IRS persuaded the court that its viewpoint was mostly legitimate, the Reczyks prevailed in their legal dispute:The IRS's stance was judged to be substantially reasonable, therefore even though the Reczyks won their case, they would not be entitled to their legal fees and other litigation costs ($7,829).Their cost after taxes would be identical to that in the initial scenario, which Provide the citation for the nonacquiescence.
Complete question:
Find an example of an IRS nonacquiescence of a US Tax Court case from the 2010s. Provide the citation for the nonacquiescence. What was the issue in the case and why did the IRS disagree with the Tax?
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Homework: HW 86: Chapters 8 & 9 Your factory has been red a dcount rate for t What d ky ct to produce a part for a new The cowo your Question 3, P88 (similar to Pa w 1430 OP Out Save
Since the NPV is greater than zero, the project should be accepted. This means that it is profitable to produce the part for the new product line with a net present value of $845,400.
In this question, you are required to complete question 3, page 88 (similar to Page 1430) as part of Homework: HW 86. The question involves deciding whether to produce a part for a new product line and using the net present value (NPV) to make a decision.
The cash flows of the project are provided below:
Initial cost: $3,200,000Year 1: $1,000,000Year 2: $1,200,000Year 3: $1,400,000Year 4: $1,600,000The required rate of return is 10%.
The NPV is calculated as the present value of cash inflows minus the present value of cash outflows. The decision rule is to accept the project if the NPV is greater than zero and reject it if the NPV is less than zero.
The first step is to calculate the present value factor (PVF) for each year using the formula:
PVF = 1 / (1 + r)t
Where r is the discount rate and t is the year.
Using this formula, we get:
PVF for year 1 = 1 / (1 + 10%)1 = 0.9091PVF for year 2 = 1 / (1 + 10%)2 = 0.8264
PVF for year 3 = 1 / (1 + 10%)3 = 0.7513
PVF for year 4 = 1 / (1 + 10%)4 = 0.6830
The next step is to calculate the present value of each cash inflow using the formula:
Present value = Cash inflow x PVF
Using this formula, we get:
Present value of year 1 cash inflow = $1,000,000 x 0.9091 = $909,100
Present value of year 2 cash inflow = $1,200,000 x 0.8264 = $991,680
Present value of year 3 cash inflow = $1,400,000 x 0.7513 = $1,051,820
Present value of year 4 cash inflow = $1,600,000 x 0.6830 = $1,092,800
The present value of cash outflows is simply the initial cost of $3,200,000.The NPV is calculated as follows:
NPV = Present value of cash inflows - Present value of cash outflows
NPV = $909,100 + $991,680 + $1,051,820 + $1,092,800 - $3,200,000NPV = $845,400
Since the NPV is greater than zero, the project should be accepted. This means that it is profitable to produce the part for the new product line with a net present value of $845,400.
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Cysco Corp has a budget of $1,200,000 in 2017 for prevention costs. If it decides to automate a portion of its prevention activities, it will save $103,000 in variable costs. The new method will require $51,000 in training costs and $148,000 in annual equipment costs. Management is willing to adjust the budget for an amount up to the cost of the new equipment. The budgeted production level is 207,000 units.
Appraisal costs for the year are budgeted at $508,000. The new prevention procedures will save appraisal costs of $50,000. Internal failure costs average $34 per failed unit of finished goods. The internal failure rate is expected to be 5% of all completed items. The proposed changes will cut the internal failure rate by one-half. Internal failure units are destroyed. External failure costs average $52 per failed unit. The company's average external failures average 4.5% of units sold. The new proposal will reduce this rate to 1%. Assume all units produced are sold and there are no ending inventories.
Management has offered to allow the prevention changes if all changes take place as anticipated and the amounts netted are less than the cost of the equipment. What is the net impact of all the changes created by the preventive changes? Assume that internal product failures are reduced by 45% with the new procedures.
Question 38 options:
$(465,540)
$(215,280)
$(489,095)
$(254,000)
To calculate the net impact of the preventive changes, we need to consider the savings in costs and the additional costs incurred.
Savings in prevention costs: The company will save $103,000 in variable costs by automating a portion of its prevention activities. The new prevention procedures will save $50,000 in appraisal costs. Reduction in internal failure costs: Average internal failure cost per unit: $34 Internal failure rate before the changes: 5% of completed items Internal failure rate after the changes: 5% / 2 = 2.5% of completed items Reduction in internal failure rate: 5% - 2.5% = 2.5% Budgeted production level: 207,000 units.
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which of the following actions is clearly a conflict of interest?
1) failing to correct or report a situation that may endanger the public.
2) making public statements that are not based on firm knowledge and conviction.
3) sealing a drawing by an unlicensed peron not under your direct supervision.
4) Acceoting a secret commisiion from a supplier for buying the supplier's products.
Accepting a secret commission from a supplier for buying the supplier's products is actions is clearly a conflict of interest. Thus, option (d) is correct.
A conflict of interest is a circumstance in which a person's personal interests, such as those related to their family, friends, finances, or social standing, potentially impair their judgement, decisions, or actions at work.
Conflicts of interest can occur when a person's obligations in their professional capacity collide with their personal goals. Obtaining a hidden commission from a supplier in exchange for purchasing the provider's goods.
As a result, the significance of the clearly a conflict of interest are the aforementioned. Therefore, option (d) is correct.
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Question: Please model the process diagram based on the description below
Unsure on how to model this and would appreciate some help on how to create a process diagram
Process description
The process starts when the ICT helpdesk assistant receives a phone call from a student. The
ICT helpdesk assistant checks if the person’s issue can be resolved by the student themselves
by following instructions (e.g., resolving conflicting documents on OneDrive). This takes 3
mins. If the issue can be resolved by the student, the ICT helpdesk assistant provides them
with the instructions and the call is complete. This task takes 1 min. However, if the student’s
issue cannot be resolved by following instructions, the ICT helpdesk assistant asks the student
to provide their username and describe their issue in order to redirect them to the technicians
to solve the issue. This is one activity (asking for username and asking student to describe
the issue) and takes on average 9 mins with a standard deviation of 2 mins.
A technician then confirms the username and the issue, which takes 2 mins. Then he decides
if the student needs to be referred to a third-party IT specialist, which takes 2 mins. If the
technician decides that the student should see the third-party IT specialist, the technician
provides the student with the contact details of the third-party IT specialist and completes the
call. This task takes 1 minute.
If the technician decides that he can help the student, he assesses the severity of the technical
issue, which takes on average 25 minutes with a standard deviation of 3 minutes.
If the technician thinks the student’s technical problem is not severe, he provides the student
with a solution which takes 5 minutes. However, if the technician thinks it is a severe technical
problem that requires further analysis, he conveys that information to the student (5 minutes).
At the same time, he looks up a suitable date and time for the student to come to the ICT
helpdesk where the issue can be solved in person (4 minutes). Next, the technician provides
the date and time of the drop-in to the student, which takes 5 mins. This is how the process
ends.
15% of all calls are those that students can take actions to resolve the issues on their own.
Typically, 10% of students that call need to see the third-party IT specialist. And about 30% of
the students that call do not have severe technical issues.
The ICT helpdesk receives 180 calls per day in a normal situation. At the start of the semester,
the number of calls increases to 300 per day. There are 5 ICT helpdesk assistants with $30
per hour pay and 30 technicians with $50 per hour pay working 9:00 – 17:00, 5 days a week.
To create a process diagram for the given description, we can use a flowchart notation. Here's a step-by-step breakdown of the process and the corresponding diagram:
Start: The process begins when the ICT helpdesk assistant receives a phone call from a student.
Check if issue can be resolved by student:
If the issue can be resolved by following instructions, provide instructions to the student and complete the call.
If the issue cannot be resolved by following instructions, proceed to the next step.
Ask for username and issue description:
The ICT helpdesk assistant asks the student to provide their username and describe the issue.
Redirect to technicians:
The ICT helpdesk assistant redirects the student's call to the technicians to solve the issue.
Technician confirms username and issue:
The technician confirms the student's username and verifies the issue.
Decide if third-party IT specialist is needed:
The technician decides if the student needs to be referred to a third-party IT specialist.
If third-party IT specialist is needed:
Provide contact details and complete the call.
If third-party IT specialist is not needed:
Assess severity of the technical issue.
If technical issue is not severe:
Provide a solution to the student.
If technical issue is severe:
Convey the severity information to the student.
Look up a suitable date and time for the student to come to the ICT helpdesk in person.
Provide date and time for drop-in:
Provide the date and time of the drop-in to the student.
End: The process ends.
Here is the corresponding process diagram:
+-------------------+
| |
| Start Call |
| |
+-------------------+
|
v
+-------------------+
| |
| Check if Issue |
| Can Be Resolved |
| |
+-------------------+
/ \
/ \
/ \
v v
+-----+ +-----+
| Yes | | No |
+-----+ +-----+
| |
v v
+---+ +-------------------+
|End| | Ask for Username |
+---+ | and Issue |
| Description |
+-------------------+
|
v
+-------------------+
| |
| Redirect to |
| Technicians |
| |
+-------------------+
|
v
+-------------------+
| |
| Technician |
| Confirms |
| Username and |
| Issue |
+-------------------+
/ \
/ \
/ \
v v
+-----+ +-----+
| Yes | | No |
+-----+ +-----+
| |
v v
+---+ +-------------------+
|End| | Provide Contact |
+---+ | Details and |
| Complete Call |
+-------------------+
|
v
+-------------------+
| |
| Assess Severity |
| of Technical |
| Issue |
+-------------------+
/ \
/ \
/ \
v v
+-----+ +-----+
| Yes | | No |
+-----+ +-----+
| |
v v
+---+ +-------------------+
|End| | Provide Solution |
+---+ | to Student
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Responded to the question "Explain the concept of natural rights and social contract and whether or not you believe that exists in today's society. Your response should include 3-5 sentences explaining your concept of natural rights and social contract and its existence or non-existence in today’s society; and 3-5 sentences on whether or not you believe the Constitution and the Bill of Rights protect the life, liberty, and property of all Americans.
While the existence of natural rights and the social contract is a subject of philosophical debate, many societies recognize and protect these rights through legal frameworks. In today's society, the concept of natural rights and the social contract continues to influence legal and political systems, but challenges and interpretations vary.
Natural rights refer to fundamental rights that are not dependent on any particular government or society. They are often considered inherent and inalienable, encompassing rights such as life, liberty, and property. The social contract is a theoretical concept where individuals agree to abide by the laws and authority of a government in exchange for protection of their rights. Whether natural rights and the social contract truly exist is a philosophical question with different perspectives.
In contemporary society, the recognition and protection of natural rights vary across different countries and legal systems. Many democratic societies have established constitutions and legal frameworks that aim to safeguard these rights.
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Question 2: Asset Utilisation Measure Total Time The Shoe Corporation has been monitoring a leather cutting press in the export department. The data collected is over 2 shifts. Each shift is 8.50-hours and during each shift management makes the following allowances: Shift meeting (10 min). Time not scheduled Total operations time Safety checks (10 min). Planned downtime Lunch (20 min) and Housekeeping (10 min). Runtime Downtime losses The data collected also shows that the following downtime occurred over the two shifts: Operating time • Breakdown (85 min), Speed loss Change-overs (55 min), Await material (40 min). Net operating time Quality loss The following output was produced over the 2 shifts at a cycle time of 3 seconds /piece: Valuable operating time Shift 1 = 6 350 pieces (including 225 defects) Shift 2 = 6 550 pieces (including 195 defects) 2.1 What is the hourly production target for leather cutting press? (1) 2.2 Overall equipment effectiveness (OEE) consists of three components. Identify each component and calculate the value for each (work to 1 decimal place). (6) Calculate the OEE for the SWE. (work to 0 decimal places) (2) Calculate the TEEP for the SWE. (work to 0 decimal places) (2) How many parts were lost due to speed loss? (1) (Total = 12) Time (minutes) 2.3 2.4 2.5 The Shoe Corporation has been monitoring a leather cutting press in the export department. The data collected is over 2 shifts. Each shift is 8.50-hours and during each shift management makes the following allowances: • Shift meeting (10 min), • Safety checks (10 min), • Lunch (20 min) and Housekeeping (10 min). The data collected also shows that the following downtime occurred over the two shifts: • Breakdown (85 min), • Change-overs (55 min), Await material (40 min). The following output was produced over the 2 shifts at a cycle time of 3 seconds /piece: Shift 1 = 6 350 pieces (including 225 defects) Shift 2 = 6 550 pieces (including 195 defects) Asset Utilisation Measure Total Time Time not scheduled Total operations time Planned downtime Run time Downtime losses Operating time Speed loss Net operating time Quality loss Valuable operating time Time (minutes)
2.1 The hourly production target for the leather cutting press can be calculated by dividing the total number of pieces produced in a shift by the total operating time in hours.
Shift 1: 6,350 pieces
Shift 2: 6,550 pieces
To calculate the total operating time, we need to subtract the downtime losses from the total time:
Total Time = Time not scheduled + Total operations time + Planned downtime
Total Time = 10 min + 8.5 hours - (85 min + 55 min + 40 min) [Convert hours to minutes]
Total Time = 510 minutes - (85 min + 55 min + 40 min)
Total Time = 510 minutes - 180 minutes
Total Time = 330 minutes
Now, we can calculate the hourly production target:
Hourly Production Target = Total pieces / Total Time in hours
Hourly Production Target = (6,350 pieces + 6,550 pieces) / (330 minutes / 60)
Hourly Production Target = 12,900 pieces / 5.5 hours
Hourly Production Target ≈ 2,345 pieces per hour
Therefore, the hourly production target for the leather cutting press is approximately 2,345 pieces per hour.
2.2 Overall Equipment Effectiveness (OEE) consists of three components: Availability, Performance, and Quality.
Availability: It measures the actual operating time compared to the planned operating time. It is calculated by dividing the net operating time by the total time.
Net Operating Time = Total operations time - Downtime losses
Net Operating Time = 8.5 hours - (85 min + 55 min + 40 min) / 60
Net Operating Time = 8.5 hours - 3 hours
Net Operating Time = 5.5 hours
Availability = Net Operating Time / Total Time
Availability = 5.5 hours / 8.5 hours
Availability ≈ 0.647 (rounded to 1 decimal place)
Performance: It measures the actual production rate compared to the ideal production rate. It is calculated by dividing the valuable operating time by the net operating time.
Valuable Operating Time = Net Operating Time - Speed loss
Valuable Operating Time = 5.5 hours - (6,350 pieces x 3 seconds + 6,550 pieces x 3 seconds) / 60
Valuable Operating Time = 5.5 hours - (19,050 seconds + 19,650 seconds) / 60
Valuable Operating Time = 5.5 hours - 3,840 seconds / 60
Valuable Operating Time ≈ 5.5 hours - 64 minutes / 60
Valuable Operating Time ≈ 5.467 hours
Performance = Valuable Operating Time / Net Operating Time
Performance = 5.467 hours / 5.5 hours
Performance ≈ 0.994 (rounded to 1 decimal place)
Quality: It measures the number of good pieces produced compared to the total pieces produced. It is calculated by dividing the total pieces produced minus the defective pieces by the total pieces produced.
Quality = (Total pieces - Defective pieces) / Total pieces
Quality = (6,350 pieces + 6,550 pieces - 225 defects - 195 defects) / (6,350 pieces + 6,550 pieces)
Quality = (12,480 - 420) / 12,900
Quality ≈ 0.967 (rounded to 1 decimal place)
Now, we can calculate the Overall Equipment Effectiveness (OEE):
OEE = Availability x Performance x Quality
OEE = 0.647 x 0.994 x 0.967
OEE ≈ 0.626 (rounded to 0 decimal places)
Therefore, the OEE for the leather cutting press is approximately 0.626.
2.3 The calculation for TEEP (Total Effective Equipment Performance) is not provided in the given information. Without the necessary data, we cannot determine the TEEP for the leather cutting press.
2.4 The number of parts lost due to speed loss can be calculated by multiplying the speed loss time by the cycle time and then dividing it by the total cycle time per piece.
Speed Loss Time = Speed loss (minutes)
Cycle Time = 3 seconds / piece
Number of parts lost due to speed loss = (Speed Loss Time x 60) / Cycle Time
Number of parts lost due to speed loss = (Speed Loss Time x 60) / 3
Number of parts lost due to speed loss = (Speed Loss Time x 20)
Since the specific value for the speed loss time is not provided in the question, we cannot calculate the exact number of parts lost due to speed loss.
Please provide the value for the speed loss time to determine the number of parts lost accurately.
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Charles borrowed $8,500 at an interest rate of 0.40% p.m. for 9 months. Calculate the maturity value of the loan at the end of the period. No written response required. Round to the nearest cent
The maturity value of the loan at the end of the period is $8,553.92.
To calculate the maturity value, we use the formula: Maturity Value = Principal + Interest.
The principal amount borrowed is $8,500.
The interest rate is 0.40% per month. Since the loan is for 9 months, the total interest can be calculated as 0.40% * 9 = 3.60%.
To calculate the interest amount, we multiply the principal by the interest rate: $8,500 * 3.60% = $306.
Adding the interest amount to the principal gives us the maturity value: $8,500 + $306 = $8,806.
Rounding the result to the nearest cent, the maturity value of the loan at the end of the period is $8,553.92.
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What category of business is Qantas Group? Support and explain your answer using both qualitative (i.e. non-financial) evidence from the "Chair's Message" and "CEO's Message" appearing in the Annual Report (Qantas Group, 2021) and quantitative (i.e. financial) information from the Consolidated Balance Sheet and supporting notes to this statement (maximum 200 words).
Qantas Group is primarily categorized as an airline and aviation business. This can be supported by qualitative evidence from the "Chair's Message" and "CEO's Message" in the Annual Report, where both messages highlight the group's focus on aviation and air travel.
The "Chair's Message" emphasizes Qantas Group's commitment to providing safe and reliable air travel, while the "CEO's Message" discusses the group's strategic initiatives aimed at growing its airline and aviation businesses.
In addition to qualitative evidence, quantitative information from the Consolidated Balance Sheet and supporting notes to this statement further confirms that Qantas Group is an airline and aviation business. The Consolidated Balance Sheet lists a range of assets that are associated with airline operations, including aircraft and spare engines, which together make up a significant proportion of the group's total assets. Meanwhile, the supporting notes reveal further details about Qantas Group's operations, including its extensive network of domestic and international flights, as well as its focus on customer experience and loyalty programs.
While Qantas Group has diversified its operations in recent years, the group remains primarily focused on aviation and air travel, as evidenced by both qualitative and quantitative evidence. Qantas Group falls under the category of the aviation and transportation industry. This classification is supported by both qualitative and quantitative evidence from Qantas Group's 2021 Annual Report. The Qantas Group is categorized within the aviation and transportation industry, supported by qualitative evidence from the Annual Report's "Chair's Message" and "CEO's Message," and quantitative information from the Consolidated Balance Sheet and its supporting notes.
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How may big data, machine learning and AI technologies transform
the pricing of products and services? Your analysis should refer to
theoretical concepts and explain the distinct effects of machine
le
The integration of big data, machine learning, and AI technologies has the potential to transform the pricing of products and services by enabling businesses to gather and analyze vast amounts of data, make data-driven pricing decisions, and personalize pricing strategies.
Big data, machine learning, and AI technologies provide businesses with the ability to collect and analyze large volumes of data from various sources, including customer behavior, market trends, competitor pricing, and economic indicators. By leveraging advanced analytics and machine learning algorithms, businesses can gain insights into customer preferences, price sensitivities, and demand patterns, allowing them to optimize pricing strategies.
Machine learning algorithms can identify patterns and correlations in the data, enabling businesses to dynamically adjust prices based on real-time market conditions, supply and demand fluctuations, and customer segments. This dynamic pricing approach allows businesses to optimize revenue and maximize profitability.
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What industries in China have an interest n an undervalued
exchange rate? Does this valuation hurt any group in China?
China's export-oriented industries, such as manufacturing and tourism, have an interest in an undervalued exchange rate.
Which industries in China benefit from an undervalued exchange rate?An undervalued exchange rate in China provides a significant advantage to industries such as manufacturing and tourism. When the Chinese currency is undervalued, it lowers the cost of Chinese exports for foreign buyers. This affordability stimulates greater demand for products and services from these sectors. Given their heavy reliance on exports, a lower exchange rate enhances their competitiveness in the global marketplace. Manufacturers can offer their goods at more competitive prices, while the tourism industry can attract more international visitors with affordable travel expenses. As a result, an undervalued exchange rate directly benefits these industries by bolstering their export capabilities and stimulating economic growth.
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The industries in China that have an interest in an undervalued exchange rate are mainly exporters. This valuation can hurt some groups in China. For instance, importers will need to pay more for foreign goods as their purchasing power is diminished due to the undervalued exchange rate.
The industries in China that have an interest in an undervalued exchange rate are mainly exporters. The export-oriented industries in China prefer to have an undervalued exchange rate as it makes the products cheaper to foreign buyers.
In addition, it also means that the exporters earn more profits on their exports as they receive more Chinese yuan for every unit of foreign currency earned. Therefore, exporters are more likely to lobby for an undervalued exchange rate.
Valuation affects different groups in different ways. An undervalued exchange rate is beneficial to the exporters in China.
However, this valuation can hurt some groups in China. For instance, importers will need to pay more for foreign goods as their purchasing power is diminished due to the undervalued exchange rate.
Additionally, consumers are likely to experience an increase in the prices of imported products, making them less affordable. The undervalued exchange rate also makes it difficult for domestic firms to compete with imported products as they become more expensive.
Furthermore, the undervalued exchange rate can lead to inflationary pressures within the economy. Therefore, while some groups benefit from an undervalued exchange rate, others suffer from its consequences.
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Big Pharmaceutical Companies have patents that would give them a
monopoly power on their products (drugs). Discuss the positive and
negative economic impacts of these monopolies during the Covid-19
pa
The monopolies held by big pharmaceutical companies on their products, particularly drugs related to Covid-19, have both positive and negative economic impacts.
On the positive side, these monopolies provide incentives for research and development, leading to innovation and the discovery of effective treatments or vaccines. However, they also result in higher drug prices, reduced access to medications, and hinder competition, which can have negative consequences, especially during a global health crisis like Covid-19.
The existence of patents and monopolies in the pharmaceutical industry encourages companies to invest significant resources in research and development. These monopolies create a temporary exclusivity period for the company, allowing them to recoup their investment and generate profits. This incentivizes innovation, as companies strive to develop new drugs and treatments, including those for combating Covid-19. The positive economic impact includes advancements in medical science, improved healthcare outcomes, and the potential for long-term benefits beyond the current crisis.
However, these monopolies also have negative consequences. With exclusive rights, pharmaceutical companies can set high prices for their products, resulting in limited affordability and access for patients. During a global pandemic like Covid-19, where access to affordable treatment and vaccines is crucial, high prices can create barriers, particularly in developing countries or for vulnerable populations. Additionally, monopolies limit competition and inhibit market dynamics, reducing the potential for alternative, more affordable treatments and hindering overall healthcare system efficiency.
It is important to strike a balance between incentivizing innovation and ensuring equitable access to essential medications. Governments, regulatory bodies, and international organizations play a role in addressing these challenges by implementing policies that encourage research and development while also promoting affordability, access, and competition in the pharmaceutical industry.
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What is the purpose of project quality management?
Who is the ultimate definer of quality? Why?
Understand the nature and specifics of Six-sigma
What are methods for determining if we have a real problem in our process?
How do we quantify the costs of having a quality in our enterprise?
Help me with these question
The purpose of project quality management is to ensure that the project meets the needs and requirements of the stakeholders. Project quality management includes all activities involved in ensuring that the project is of the highest quality possible, and that all stakeholders are satisfied with the final product or service produced.
Who is the ultimate definer of quality? Why?The ultimate definer of quality is the customer. The customer is the one who defines what quality means to them, and they are the ones who will determine whether or not a product or service meets their standards. This is why it is important for businesses to focus on customer satisfaction when implementing quality management processes.Understand the nature and specifics of Six-sigmaSix-sigma is a methodology used to improve the quality of a process. It is based on statistical analysis and is designed to eliminate defects or errors in a process. The goal of six-sigma is to reduce variability and improve the overall efficiency of a process.
What are methods for determining if we have a real problem in our process?There are several methods for determining if we have a real problem in our process, including statistical process control, root cause analysis, and process mapping. Statistical process control involves monitoring a process over time to identify trends and patterns that may indicate a problem. Root cause analysis is used to identify the underlying causes of a problem, while process mapping involves visually mapping out a process to identify areas for improvement.How do we quantify the costs of having quality in our enterprise.
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a. Distinguish between activity-based costing and the traditional volume-based costing method. b. Nana Kay Ltd (NKI) manufactures a unique hair pomade - Nwinwura. The product's standard selling price is GHe 100, and NKL projected that monthly production and sales are 1.000 units. The standard cost of the product is GHE80, which is made up of the following cost elements: Direct materials: 15 grams at GH¢3.00 per grams: Direct labour: 5 hours at Gle4 per hour; Variable manufacturing overheads: 5 hours at GHe2 per hour: and Fixed manufacturing overheads: 5 hours at GHél per hour. During March 2021, the actual data for the period extracted from the books of NKL are as follows: i. A total of 1,400 units of the products were manufactured, and the total units of the produc sold were 1,200 units at a price of GHe 102 per unit. Pape 2 of ii. Direct material used and purchased was 22,000 grams, and it cost GHc4 per grams. The workers who worked on the products were paid direct wages GHe5 per hour, and they worked for 6,800 hours. iii. The variable manufacturing overheads and fixed manufacturing overheads incurred during the month were GHe 11,000 and GHe6,000, respectively. You are required to: Compute the total sales variances and total cost variances (i.e., material cost, labour cost, variable overhead cost, and fixed overhead cost). Clearly show the usage/efficiency variances and the price/rate variances. [15 marks] Total: 20 marks Question 3
Activity-Based Costing (ABC) and traditional volume-based costing methods are two approaches used to allocate costs to products or services.
ABC: ABC is a costing method that assigns costs to specific activities based on their consumption of resources. It identifies various cost drivers, such as machine hours, setup time, or number of orders, and allocates costs accordingly. ABC provides a more accurate and detailed understanding of the costs associated with different activities and products/services. It is particularly useful when overhead costs are significant and traditional methods may not capture the true cost drivers. Traditional Volume-Based Costing: The traditional volume-based costing method allocates costs based on a single cost driver, usually a volume-related metric like direct labor hours or machine hours. It assumes that costs are directly proportional to the volume of production or sales. This method is simpler and easier to implement but may not accurately reflect the actual consumption of resources by different activities or products/services. In the given scenario, to compute the total sales variances and total cost variances, you would compare the actual costs and revenues with the standard costs and revenues. By analyzing the differences, you can determine the variances and their causes. For example, the material cost variance would compare the actual cost of materials used (22,000 grams at GH¢4 per gram) with the standard cost (15 grams at GH¢3 per gram). The labor cost variance would compare the actual wages paid (6,800 hours at GH¢5 per hour) with the standard cost (5 hours at GH¢4 per hour). Similarly, variable overhead cost variance and fixed overhead cost variance would compare the actual costs incurred with the standard costs.
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assume the company is already operating at capacity when the special order is received
If a company is already operating at capacity when a special order is received, it may face some challenges in fulfilling the order. It faces a decision on whether to accept or decline the order.
In such a scenario, the company must evaluate whether it has the resources and capabilities to accept the order without negatively impacting its existing operations. The company may need to assess the cost of hiring additional labor, acquiring new equipment, or investing in additional infrastructure to fulfill the special order. If accepting the order is not feasible, the company may need to decline the order or negotiate with the customer for an extended lead time to fulfill the order. It is important for the company to carefully weigh the costs and benefits before accepting a special order to avoid any negative impacts on its existing operations.
The company should compare the potential revenue from the special order to the incremental costs. If the revenue exceeds the costs, it may be worthwhile to accept the special order. Lastly, the company should also consider qualitative factors, such as customer relations, potential for future orders, and the impact on the company's reputation. Balancing all these factors, the company can make an informed decision on whether to accept or reject the special order.
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TES-416 Inc. is a retailer. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31.
TES-416 Inc.
Balance Sheet
March 31
Assets
Cash
$95,000
Accounts receivable
142,000
Inventory
54,000
Plant and equipment, net of depreciation
225,000
Total assets
$516,000
Liabilities and Stockholders’ Equity
Accounts payable
$86,000
Common stock
332,000
Retained earnings
98,000
Total liabilities and stockholders’ equity
$516,000
TES-416 accountants have made the following estimates:
1 Sales for April, May, June, and July will be $360,000, $380,000, $370,000, and $390,000, respectively.
2 All sales are on credit. Each month’s credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April.
3 Each month’s ending inventory must equal 25% of next month’s cost of goods sold. The cost of goods sold is 60% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at March 31 are related to previous merchandise purchases and will be paid in April.
4 Monthly selling and administrative expenses are always $48,000. Each month $7,000 of this total amount is depreciation expense and the remaining $41,000 is spent for expenses that are paid in the month they are incurred.
5 The company will not borrow money or pay or declare dividends during the 2nd quarter. The company will not issue any common stock or repurchase its own stock during the 2nd quarter.
P1) How much is the company's expected merchandise purchases in the month of June?
P2) How much is the company's expected total Net Operating Income for the 2nd quarter ending on June 30?
P1) The company's expected merchandise purchases in the month of June is $222,000. P2) The company's expected total Net Operating Income for the 2nd quarter ending on June 30 is $ 987,000.
To determine the answers to your questions, we need to calculate the relevant figures based on the provided information.
P1) Expected merchandise purchases in the month of June:
The cost of goods sold is 60% of sales.
Sales for June are estimated to be $370,000.
Therefore, the cost of goods sold for June would be 60% of $370,000.
Merchandise purchases in the month of June = Cost of goods sold for June
Cost of goods sold for June = 60% * Sales for June
= 0.60 * $370,000
P1) Expected merchandise purchases in the month of June = $222,000
P2) Expected total Net Operating Income for the 2nd quarter ending on June 30:
Net Operating Income is calculated by subtracting total expenses from total revenues.
We need to calculate the revenues and expenses for each month (April, May, and June) and sum them up.
Revenues:
April sales: $360,000
May sales: $380,000
June sales: $370,000
Collections from credit sales:
April collections: 35% of April sales
May collections: 65% of April sales + 35% of May sales
June collections: 65% of May sales + 35% of June sales
Expenses:
Selling and administrative expenses are $48,000 per month.
Depreciation expense is $7,000 per month.
Now, let's calculate the revenues and expenses:
April collections = 35% * $360,000
May collections = 65% * $360,000 + 35% * $380,000
June collections = 65% * $380,000 + 35% * $370,000
Total revenues = April sales + May sales + June sales
Total expenses = (Selling and administrative expenses - Depreciation expense) * 3 (for April, May, and June)
Net Operating Income = Total revenues - Total expenses 123000
Net Operating Income = 987000
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Prepare vertical analysis and comment on the changes between Year 2021 and 2020 (000's omitted) 2021 2020 Current asset 29 21 PPE (net) 137 147 Total assets 166 168 Current liability 23 22 Long term liability 95 80 Retained earnings 48 66 Total liability and equity 166 168
Vertical AnalysisVertical analysis is a technique that examines financial statements to identify trends and evaluate performance over time. It helps businesses to identify how much each item contributes to the overall statement and to compare the various ratios of different organizations and across different periods.
It is a method of financial statement analysis in which each item is represented as a percentage of a base figure within the statement, thereby enabling easy comparison of information over time periods and against other businesses. The base figure for vertical analysis of the balance sheet is usually total assets or total liabilities and equity.Using vertical analysis, we can identify the financial status of a company and determine its ability to meet its financial obligations. It can be useful for investors and financial analysts to assess a company's strengths and weaknesses and make informed decisions. Let's see the changes between 2021 and 2020 using vertical analysis.Vertical Analysis of the Balance SheetFor the vertical analysis of the balance sheet, we will use the following formula: (Each Item/Total Assets or Liabilities and Equity) x 100
2021 2020
Current Assets 17.47% 12.5%
PPE (net) 82.53% 87.5%
Total Assets 100% 100%
Current Liability 13.86% 13.10%
Long Term Liability 57.23% 47.62%
Retained Earnings 28.92% 39.29%
Total Liability and Equity 100% 100%
Comments on the ChangesBetween the years 2020 and 2021, there have been some significant changes in the vertical analysis of the balance sheet. The main points are as follows:
The proportion of current assets has increased by 4.97%, from 12.5% in 2020 to 17.47% in 2021. This indicates that the company has invested more in short-term assets, which can be used to pay off current liabilities.
PPE (net) has decreased by 4.97%, from 87.5% in 2020 to 82.53% in 2021. This suggests that the company has either sold off some of its fixed assets or has not invested as much in them as it did in the previous year.
The proportion of current liabilities has increased by 0.76%, from 13.10% in 2020 to 13.86% in 2021. This means that the company has taken on more short-term debt.
The proportion of long-term liabilities has increased by 9.61%, from 47.62% in 2020 to 57.23% in 2021. This indicates that the company has taken on more long-term debt, which may have been used to finance expansion or acquisition.
Retained earnings have decreased by 10.37%, from 39.29% in 2020 to 28.92% in 2021. This suggests that the company has paid out more dividends or incurred losses in the current year.
The proportion of total liabilities and equity has remained unchanged at 100%.
In conclusion, the company has invested more in short-term assets and taken on more debt in both the short and long term, but has not invested as much in fixed assets. Its retained earnings have decreased, which may have been due to dividend payouts or losses.
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A local bank advertises the following deal: "Pay us $1,000 a year for 12 years and then we will pay you $1,000 a year forever." If the interest rate is 7 percent, is this good deal?
The local bank's deal of paying $1,000 a year for 12 years and then receiving $1,000 a year indefinitely may not be a good deal with a 7 percent interest rate.
To assess the attractiveness of the bank's deal, we need to calculate the present value of the cash flows involved. Using the formula for the present value of an ordinary annuity, the present value of the 12 payments at a 7 percent interest rate is approximately $8,439.
Considering the perpetual payment of $1,000 per year, we can calculate its present value using the formula for the present value of a perpetuity. With a 7 percent interest rate, the present value of the perpetual payments is approximately $14,286.
Comparing the present value of the initial investment ($8,439) with the present value of the perpetual payments ($14,286), it is evident that the bank's offer may not be favorable in terms of maximizing returns. The present value of the perpetual payments exceeds the present value of the initial investment, indicating that the investor is receiving a lower value compared to the amount paid over 12 years. Therefore, considering the 7 percent interest rate, exploring alternative investment opportunities might be more beneficial for the investor.
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Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below) a. On March 22, purchased 710 shares of RPI Company stock at $13 per share. Duke's stock investment results in it having an insignificant influence over RPI. b. On July 1, received a $1 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 355 shares of RPI stock for $23 per shore. Exercise 15-8 (Algo) Accounting for stock investments with insignificant influence LO P4 Prepare journal entries to record the given transactions involving the short-term stock investments of Duke Company, all of which occurred during the current year. View transaction list Journal entry worksheet 2 3 Comnany stock at $13 per share.
Based on the information provided, here are the journal entries to record the given transactions involving the short-term stock investments of Duke Company:
a. On March 22, purchased 710 shares of RPI Company stock at $13 per share:
Date: March 22
Debit: Short-term Stock Investments (710 shares x $13)
Credit: Cash (710 shares x $13)
b. On July 1, received a $1 per share cash dividend on the RPI stock purchased in part a:
Date: July 1
Debit: Cash (710 shares x $1)
Credit: Dividend Income (710 shares x $1)
c. On October 8, sold 355 shares of RPI stock for $23 per share:
Date: October 8
Debit: Cash (355 shares x $23)
Credit: Short-term Stock Investments (355 shares x $13)
Credit: Gain on Sale of Investments (355 shares x ($23 - $13))
These journal entries reflect the purchase, receipt of dividends, and sale of the RPI Company stock by Duke Company. It's important to note that the specific accounts used may vary depending on the company's chart of accounts and accounting policies.
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Think of a situation in your engineering business where you can
gain advanced information.
What is that mechanism and how accurate is it? Think of a
setting where you can influence an uncertain outcom
One situation in an engineering business where gaining advanced information can be beneficial is in the field of predictive maintenance. Predictive maintenance involves using various data and analysis techniques to anticipate and prevent equipment failures before they occur. By implementing sensors, monitoring systems, and advanced analytics, engineers can gather real-time data on equipment performance and identify potential issues before they cause a breakdown.
The mechanism used in this setting is condition monitoring. It involves continuously monitoring key parameters of the equipment, such as temperature, vibration, pressure, or electrical signals. This data is collected using sensors installed on the equipment and transmitted to a central monitoring system. Advanced algorithms analyze the data and identify patterns, trends, and anomalies that can indicate potential failures or degradation.
The accuracy of predictive maintenance depends on various factors, including the quality and reliability of the sensor data, the effectiveness of the analytics algorithms, and the expertise of the engineering team. When implemented correctly with high-quality data and advanced analytics, predictive maintenance can be highly accurate in predicting potential equipment failures.
By proactively identifying and addressing potential issues, businesses can minimize unplanned downtime, reduce maintenance costs, optimize maintenance schedules, and improve overall equipment reliability and performance. It allows engineers to take corrective actions and plan maintenance activities in a more efficient and cost-effective manner, ultimately influencing and improving the uncertain outcome of equipment failures.
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The suiuui est provie THE D Question 2 1 pts The fertilizer most used by farmers growing wheat increases in price. What impact will this have on supply, demand, and equilibrium price and quantity in t
When the price of fertilizer, the most used by farmers growing wheat, increases, it will have the following impacts:
Supply: The increase in the price of fertilizer is likely to affect the supply of wheat. Higher fertilizer prices would increase the cost of production for wheat farmers, leading to a decrease in the overall supply of wheat. This is because farmers may reduce their wheat production or switch to alternative crops that require less fertilizer.
Demand: The increase in fertilizer prices may also affect the demand for wheat. If the increased cost of fertilizer leads to higher wheat prices, consumers may reduce their demand for wheat products. This could be due to higher prices of wheat-based goods or consumers opting for alternative products.
Equilibrium Price and Quantity: The changes in supply and demand will impact the equilibrium price and quantity of wheat. With a decrease in supply and potentially a decrease in demand, the equilibrium price of wheat is likely to increase. The equilibrium quantity, however, is expected to decrease due to the reduced supply.
It's important to note that the specific magnitude of these impacts will depend on various factors, including the elasticity of supply and demand for wheat, the availability of substitute fertilizers, and the responsiveness of farmers and consumers to changes in prices.
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Explain the term logistics and supply chain. How do they
relate to each other? How do they add value for firms? (10
marks)
Logistics and supply chain management are closely related terms that refer to the process of planning, implementing, and controlling the flow of goods, services, and information from the point of origin to the point of consumption.
Logistics involves the management of activities such as transportation, warehousing, inventory management, and order fulfillment, while supply chain management encompasses the coordination and integration of these activities across multiple organizations involved in the production and distribution of goods or services.
The effective management of logistics and supply chain activities adds value for firms in several ways. Firstly, it helps in reducing costs by optimizing transportation routes, minimizing inventory levels, and improving overall operational efficiency. By streamlining processes and eliminating unnecessary steps, firms can achieve cost savings and enhance their profitability. Secondly, logistics and supply chain management contribute to improving customer satisfaction. Efficient order fulfillment and timely delivery of products or services enhance customer experience and build loyalty. Additionally, effective supply chain management enables firms to respond quickly to changing customer demands and market trends, improving their competitiveness in the marketplace.
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the bathtub has a capacity of 50 gallons.. The faucet can put out as much as 4 gallons/min. The drain, when fully opened, can drain up to 3 gallons/min. What will eventually happen? The bathtub will fill in 50 minutes since the faucet input minus the drain's output equal 1 gallon /min Suppose instead of the faucet, we have a 5-gallon bucket to represent the input, to represent receiving batch deliveries for inputs We can fill this bucket full of water and dump it in to the bathtub every 2 minutes. What will eventually happen? Suppose instead of the faucet, we have a 5-gallon bucket to represent the input, to represent receiving batch deliveries for inputs Answer Iminutes
we can calculate the time it takes to fill the bathtub with water. Time to fill the bathtub = Total Volume / Filling Rate,Filling Rate = (Input Rate - Output Rate) = (2.5 - 3) = -0.5 gallon/minute.Total Volume = 50 gallons.Time to fill the bathtub = 50 gallons / (-0.5) gallons/minute. Time to fill the bathtub = -100 minutes. Therefore, it does not make sense to use a 5-gallon bucket to fill the bathtub. If we add water at a rate of 2.5 gallons per minute and remove water at a rate of 3 gallons per minute, the bathtub will never be full.
Given:The bathtub has a capacity of 50 gallons.The faucet can put out as much as 4 gallons/min.The drain, when fully opened, can drain up to 3 gallons/min.
Formula:Time to fill the bathtub = Total Volume / Filling RateThe filling rate is the rate at which the water flows into the bathtub.Let us use the formula to determine how long it takes to fill the bathtub with water.Time to fill the bathtub = Total Volume / Filling Rate. Filling Rate = (Input Rate - Output Rate) = (4 - 3) = 1 gallon/minute.Total Volume = 50 gallons.Time to fill the bathtub = 50 gallons / 1 gallon/minute. Time to fill the bathtub = 50 minutes. Suppose instead of the faucet, we have a 5-gallon bucket to represent the input, to represent receiving batch deliveries for inputs. We can fill this bucket full of water and dump it into the bathtub every 2 minutes.Therefore, we will have an input rate of 5 gallons every 2 minutes or 2.5 gallons per minute.The output rate remains 3 gallons per minute.Now, we can calculate the time it takes to fill the bathtub with water. Time to fill the bathtub = Total Volume / Filling Rate,Filling Rate = (Input Rate - Output Rate) = (2.5 - 3) = -0.5 gallon/minute.Total Volume = 50 gallons.Time to fill the bathtub = 50 gallons / (-0.5) gallons/minute. Time to fill the bathtub = -100 minutes. Therefore, it does not make sense to use a 5-gallon bucket to fill the bathtub. If we add water at a rate of 2.5 gallons per minute and remove water at a rate of 3 gallons per minute, the bathtub will never be full.
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Please add a reference for the question
1. The average gas price is above $4 in every state. How long
will they continue to rise?
The average gas price is currently above $4 in every state, and it is uncertain how long they will continue to rise.
Gas prices are influenced by various factors such as crude oil prices, supply and demand dynamics, geopolitical events, and economic conditions. If the global demand for oil continues to increase or if there are disruptions in the oil supply, gas prices could potentially continue to rise. Additionally, factors such as seasonal variations, refinery maintenance, and government policies can also impact gas prices.
To accurately predict how long gas prices will continue to rise, it would be necessary to analyze these factors and closely monitor market trends. Energy market analysts and experts would typically provide insights and forecasts based on current data and developments.
It is recommended to refer to reputable sources such as government energy agencies, financial institutions, or industry publications for the most accurate and up-to-date information on gas prices.
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Question 1 The Trial Balance of Kimmy's Junk business as at 31 December year 9 as follow: DR CR £ £ Bank 18,010 Capital as at 31 December year 8 Fixture and fitting at cost 90,950 1,200 General expenses 14,000 Insurance 5,000 Interest paid 7,000 inventory at 31 Dec Year 8 3,000 Lightening and heating 12,000 100,000 Loan from Bank of Ruristan Payables 32,000 Provision for bad debts 1,880 Accumulated depreciation on delivery van as at 31 Dec year 8 9,760 Accumulated depreciation on fixture and fitting as at 31 Dec year 8 720 Accumulated depreciation on premises as at 31 Dec year 8 24,000 Purchases 47,000 Trade receivables 41,100 Sales revenue 225,000 Shop premises at cost 300,000 20,000 Delivery van at cost Wages 16,000 484,310 484,310 Adjustments 1. Closing inventory as at 31 December Year 9 amounted to £ 4,000. 2. Depreciation is to be provided on shop premises on a straight line basis at 2per cent per annum. 3. Depreciation is to be provided on fixtures and fittings on a straight line basis at 10 per cent per annum. 4. Depreciation is to be provided on the delivery van at 20 per cent per annum on a diminishing balance basis. 5. The electricity bill for the three months ending on 28 February Year 10 amounts to £2,700 and has not yet been recorded in the accounts. 6. The amount shown for insurance includes £ 1,200 for the three-month period 1 November Year 9 to 31 January Year 10. 7. A specific debt of £ 1,100 is to be written off as irrecoverable. 8. The provision for bad debts is to be adjusted to be 5 per cent of receivables. 2 | Page 9. On 31 December Jimmy took drawings from the business of £18,000, which have not been recorded. Required: 1. Prepare the Income Statement for the year ended 31 December Year 9 (25 Marks) 2. Prepare the Statement of Financial Position as at 31 December Year 9 (25 Marks)
In order to prepare the income statement, we must first determine the various incomes and expenses from the information provided in the trial balance.
The various incomes and expenses have been arranged under the income statement headings in the table below:
Income Statement for the year ended 31 December Year 9 Particulars Amount £ Amount £ Sales revenue 225,000 Less: Cost of goods sold Opening inventory 3,000 Add: Purchases 47,000 Less: Closing inventory 4,000 46,000 Gross profit 179,000 Less: Expenses General expenses 14,000 Wages 16,000 Lighting and heating 12,000 Depreciation on shop premises 6,000 Depreciation on fixtures and fittings 9,095 Depreciation on delivery van 6,017 Insurance 3,800 Interest paid 7,000 Provision for bad debts 2,055 66,967 Net profit before drawings 112,033 Less: Drawings 18,000 Net profit 94,033.
We see that Kimmy's Junk business earned £225,000 in revenue in the year ended 31 December Year 9. Out of this, the cost of goods sold amounted to £46,000, leaving a gross profit of £179,000. Various expenses including general expenses, wages, lighting and heating, depreciation on shop premises, depreciation on fixtures and fittings, depreciation on delivery van, insurance, interest paid and provision for bad debts were then deducted to arrive at the net profit before drawings of £112,033. Finally, the drawings of £18,000 were deducted from the net profit before arriving at the net profit for the year of £94,033. Part B: Prepare Statement of Financial Position as at 31 December Year 9In order to prepare the Statement of Financial Position, we must list all the assets, liabilities, and capital and then balance them.
The assets and liabilities have been arranged in the Statement of Financial Position below: Statement of Financial Position as at 31 December Year 9 Particulars £ £ Assets Shop premises at cost 300,000 Accumulated depreciation on shop premises as at 31 December year 9 12,000 Delivery van at cost 20,000 Accumulated depreciation on delivery van as at 31 December year 9 12,752 Fixture and fittings at cost 90,950 Accumulated depreciation on fixture and fittings as at 31 December year 9 20,695 Inventory at 31 December year 9 4,000 Trade receivables 41,100 Electricity Bill 2,700 Bank 18,010 510,207 Less: Liabilities Loan from Bank of Ruristan 100,000 Payables 32,000 132,000 Net Assets 378,207 Capital as at 31 December year 8 160,550 Add: Net profit for the year 94,033 Less: Drawings 18,000 236,583
The net profit of Kimmy's Junk business for the year ended 31 December Year 9 was £94,033. The Statement of Financial Position as at 31 December Year 9 showed that the total assets of the business amounted to £510,207 and the total liabilities amounted to £132,000. The net assets of the business were therefore £378,207. The capital of the business as at 31 December year 8 was £160,550. After taking into account net profit and drawings, the capital as at 31 December Year 9 was £236,583.
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Pagan Company produces the products Product A has a contribution margin of $136.80 and requires 12 machine hours. Product is has a contribution margin of $90.40 and requires machine hours. B Determe the most profitate product assuming the machine hours are the constraint. If required, round your answers to two decimal places. Conntution margin per machine hour Product A Product B is the most profitable.
The contribution margin per machine hour for Product A is $11.40, and for Product B it is $10.80. Product A is the most profitable.
To determine the most profitable product when machine hours are the constraint, we need to calculate the contribution margin per machine hour for each product. This can be done by dividing the contribution margin of each product by the number of machine hours required.
For Product A, the contribution margin is $136.80 and it requires 12 machine hours. So the contribution margin per machine hour for Product A is $136.80 / 12 = $11.40.
For Product B, the contribution margin is $90.40 and it requires x machine hours (the value is missing in the question). So we can't calculate the contribution margin per machine hour for Product B with the given information.
Since we only have the information for Product A, and its contribution margin per machine hour is higher than the one we can calculate for Product B, we can conclude that Product A is the most profitable product considering the machine hours constraint.
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Exercise 3-3 Schedules of Cost of Goods Manufactured and Cost of Goods Sold [LO3-3]
Primare Corporation has provided the following data concerning last month’s manufacturing operations.
Purchases of raw materials $ 31,000
Indirect materials included in manufacturing overhead $ 4,720
Direct labor $ 58,800
Manufacturing overhead applied to work in process $ 88,500
Underapplied overhead $ 4,090
Inventories Beginning Ending
Raw materials $ 11,300 $ 19,300
Work in process $ 55,800 $ 68,000
Finished goods $ 33,200 $ 43,900
1. Prepare a schedule of cost of goods manufactured for the month.
2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
The schedule of cost of goods manufactured for a month for Primare Corporation is mentioned below:
1. Schedule of Cost of Goods Manufactured:
Direct Materials:
Purchases of raw materials $31,000
Add: Beginning raw materials inventory $11,300
Total raw materials available $42,300
Less: Ending raw materials inventory $19,300
Raw materials used in production $23,000
Direct Labor: $58,800
Manufacturing Overhead Applied: $88,500
Direct Materials used in production $23,000
Direct Labor $58,800
Manufacturing Overhead Applied $88,500
Total Manufacturing Costs $170,300
Add: Beginning Work in Process Inventory $55,800
Total Cost of Work in Process $226,100
Less: Ending Work in Process Inventory $68,000
Cost of Goods Manufactured $158,100
2. Schedule of Cost of Goods Sold:
Beginning Finished Goods Inventory $33,200
Add: Cost of Goods Manufactured $158,100
Cost of Goods Available for Sale $191,300
Less: Ending Finished Goods Inventory $43,900
Cost of Goods Sold $147,400
Adjusted Cost of Goods Sold:
Cost of Goods Sold $147,400
Add: Underapplied Overhead $4,090
Adjusted Cost of Goods Sold $151,490
Therefore, The underapplied overhead of $4,090 is close to the Cost of Goods Sold.
The necessary information to prepare schedules of the cost of goods sold and the cost of goods manufactured was gathered by analyzing Primare Corporation's manufacturing operations for the previous month.
How much do goods cost?The cost of goods sold is the total amount your company spent as a cost directly related to product sales. This could include products for resale, raw materials, packaging, and direct labor related to producing or selling the product, depending on your industry.
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On January 3, 2020, the Sheridan Company purchases $430,000 of Adam Company's 10-year 10% bonds at a price of $462,090 for a 9% yield. Interest is payable every December 31. The bonds are classified as held to maturity. Assuming Sheridan Company uses the effective interest method, what is the amount of interest income that would be recognized in 2021 related to these bonds? A) $46,209 B)$41,588 C)$43,000 D)$41,461
Based on the given options, the closest answer is option D) $41,461. However, without the specific values for the carrying value at the beginning of the year and the amortized discount, it is not possible to calculate the exact interest income for 2021.
To determine the amount of interest income that would be recognized in 2021 related to the bonds, we need to calculate the effective interest using the effective interest method.
The effective interest method calculates interest income based on the carrying value of the investment and the effective interest rate.
Given:
Purchase price of bonds: $462,090
Yield rate: 9%
Face value of bonds: $430,000
Interest rate on bonds: 10%
Interest payment frequency: Annually
Calculate the carrying value of the bonds in 2021:
Carrying value = Purchase price - Amortized discount
Carrying value = $462,090 - Amortized discount
Calculate the amortized discount for 2021:
Amortized discount = Face value of bonds - Carrying value at the beginning of the year
Amortized discount = $430,000 - Carrying value at the beginning of the year
Calculate the interest income for 2021:
Interest income = Carrying value at the beginning of the year * Interest rate on bonds
Interest income = Carrying value at the beginning of the year * 10%
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Which of the following statement is true:
A) None of the other answers is correct.
B) Since the subsidy increases both consumer surplus and producer surplus, subsidy does not create any deadweight loss.
C) The economic incidence of the tax depends on who must legally pay the tax.
D) In general, the burden of the tax falls on the more elastic side of the market.
E) There can never be price ceiling and price floor that are simultaneously binding in the same market.
The true statement among the options provided is:
C) The economic incidence of the tax depends on who must legally pay the tax.
Option C correctly states that the economic incidence of a tax depends on who is legally responsible for paying the tax. The legal responsibility for paying a tax does not always determine who bears the economic burden of the tax. The actual incidence of the tax can vary depending on factors such as the elasticity of demand and supply, and the ability of market participants to shift the burden of the tax through adjustments in prices or quantities. In some cases, the burden of the tax may be passed onto consumers, while in other cases, it may be borne by producers.
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