You will summarize a theory of alfred marshal briefly explain the
contribution to the study of economics he has made and the impact
to society or academic understanding.
You must cite your sources in

s in Hong Kong. PH has been facing financial difficulties due to increasing competition and a decline in consumer demand for its products. As a result, the company's profitability has been decreasing, and its share price has been falling.

Closing down the factory in Shenzhen and outsourcing production to a cheaper location. Expanding its retail operations in mainland China to tap into a larger consumer market. Diversifying its product line to include accessories and handbags. Implementing cost-cutting measures across all operations, including reducing staff and overhead expenses. Seeking a strategic partnership or merger with another footwear company. Please evaluate each option based on its potential benefits, risks, and alignment with PH's current situation.

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To create a histogram with 10 classes, follow these steps:

Determine the range of the data set: Identify the minimum and maximum values in the data set.

Calculate the class width: Divide the range by the number of desired classes (10 in this case). Round up to the nearest whole number to ensure equal class intervals.

Determine the class boundaries: Start with the minimum value and add the class width successively to define the upper boundary of each class. Continue until you reach the maximum value.

Count the frequency of each class: Analyze the data set and count the number of data points falling within each class interval.

Create the histogram: On the x-axis, label the class boundaries. On the y-axis, label the frequency or count of data points. Construct rectangles (bars) above each class interval, with the height corresponding to the frequency count.

Label the axes and add a title: Include clear labels for the x-axis, y-axis, and a descriptive title for the histogram.

Remember to choose appropriate scales and formatting for your histogram based on the data and the desired level of detail.

Since I cannot view the data set you mentioned or the available histograms, I am unable to determine the correct histogram for you. However, by following the steps provided above, you should be able to create a histogram with 10 classes accurately.

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In October, The Polaris Company, which utilizes a job-order costing system, had two significant transactions related to raw materials. Firstly, they purchased raw materials on account for a total of $209,000. Secondly, they used $189,000 worth of raw materials in production.

These transactions have implications for the cost of goods sold and inventory valuation, as well as the overall financial records of the company. The purchase of raw materials on account for $209,000 is a significant transaction for The Polaris Company. This transaction increases the raw materials inventory and creates an accounts payable liability. The raw materials are considered an asset on the balance sheet until they are used in production. The second transaction involves the usage of $189,000 worth of raw materials in production. This usage directly impacts the cost of goods sold (COGS) and the inventory valuation. The raw materials used are transferred from the raw materials inventory to the work-in-progress (WIP) inventory as they are incorporated into the production process. To calculate the COGS, the cost of the raw materials used in production is transferred from the WIP inventory to the finished goods inventory. From the finished goods inventory, the cost is then transferred to the COGS when the goods are sold. These transactions also have implications for the financial records of The Polaris Company. The purchase of raw materials increases the accounts payable, which represents the amount owed to suppliers. The usage of raw materials affects the inventory valuation and ultimately impacts the company's financial statements, such as the balance sheet and income statement. Overall, these transactions involving the purchase and usage of raw materials in October have a direct impact on the cost of goods sold, inventory valuation, and financial records of The Polaris Company.

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Straight rebuy decisions occur when correct option is d. needs have been predetermined. A straight rebuy is a common purchasing pattern that occurs when buyers re-order an existing product with the same specifications and the same supplier.

Straight rebuy decisions occur when needs have already been predetermined and the purchasing process is routine. This means that the buyer is likely to reorder the same products from the same suppliers without considering alternative options. Straight rebuys are common in businesses where purchasing decisions are made frequently and quickly, such as in the procurement of office supplies or raw materials for production.

This often leads to a routine and efficient purchasing process, as the buyer is familiar with the supplier and the product specifications. Since the requirements are already known, there is no need to evaluate alternative sources or products, making the straight rebuy decision a straightforward and time-saving choice.

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I. The amount of shipments in transit at costIn order to determine the amount of shipments in transit at cost, we first need to compute the branch cost of merchandise sold. We can do this by adding the beginning inventory to the cost of shipments to the branch and then subtracting the ending inventory of the branch. The calculation is shown below:Beginning inventory $36,000Cost of shipments from home office 210,000Purchases 225,000Cost of merchandise available for sale 471,000Less: Ending inventory (54,000 - 12,000) 42,000Branch cost of merchandise sold $429,000Now, to determine the cost of shipments in transit, we need to subtract the branch cost of merchandise sold from the total shipments from home office:Shipments from home office $210,000Less: Branch cost of merchandise sold 429,000Cost of shipments in transit (219,000)II. The overstatement of branch cost of salesTo determine the overstatement of branch cost of sales, we need to calculate the correct cost of merchandise sold by the branch. The cost of merchandise sold by the branch is the beginning inventory plus the cost of shipments from the home office plus the purchases minus the ending inventory. The calculation is shown below:Beginning inventory $36,000Cost of shipments from home office 210,000Purchases 225,000Cost of merchandise available for sale 471,000Less: Ending inventory (54,000 - 12,000) 42,000Correct cost of merchandise sold by the branch $429,000The overstatement of branch cost of sales is the difference between the correct cost of merchandise sold and the reported cost of merchandise sold. The reported cost of merchandise sold is $540,000, as given in the question. Thus, the overstatement is:Reported cost of merchandise sold $540,000Less: Correct cost of merchandise sold 429,000Overstatement of branch cost of sales $111,000III. The combined net income for the yearThe combined net income for the year is the sum of the net incomes of the home office and the branch. To calculate these, we first need to compute the cost of sales and gross profit for each entity. The calculations are shown below:Home OfficeBranchSales $900,000 $540,000Cost of merchandise sold (inventory, Jan. 1 + purchases + shipments - inventory, Dec. 31) 510,000 429,000Gross profit $390,000 $111,000Now, we can calculate the net income for each entity by subtracting operating expenses from gross profit:Home OfficeBranchGross profit $390,000 $111,000Less: Operating expenses 217,500 82,500Net income $172,500 $28,500Finally, we can calculate the combined net income for the year by summing the net incomes of the home office and the branch:$172,500 + $28,500 = $201,000Therefore, the combined net income for the year is $201,000.

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False. If a bond portfolio is immunized, the client's investment horizon is equal to the modified bond duration.

Immunization is an investment strategy aimed at matching the duration of a bond portfolio with the client's investment horizon. The modified bond duration is used to measure the sensitivity of bond prices to changes in interest rates. While the investment horizon is an important consideration in determining the duration of a bond portfolio, it is not necessarily equal to the modified bond duration.

False. Segmented market hypothesis relates to any shape of yield curve.

The segmented market hypothesis suggests that the yield curve is determined by supply and demand factors within specific maturity segments of the bond market. It does not assume that the yield curve can take any shape. The segmented market hypothesis implies that different segments of the bond market operate independently, and changes in one segment may not affect the yields in other segments.

False. "In a barbell strategy, funds are invested in both high grade and low grade bonds"

In a barbell strategy, funds are invested in a combination of high-grade and low-grade bonds. This strategy involves concentrating investments in two extremes of the credit quality spectrum, typically high-grade bonds with low default risk and low-grade bonds with higher default risk. The intention is to balance the potential for higher returns from low-grade bonds with the stability and safety provided by high-grade bonds.

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“It is often argued that, under socialism, the distribution of income will be a) more equal than under market capitalism. b) less equal than under market capitalism. c) about the same as under market capitalism. d) impossible to assess due to differences in both systems?” is a) more equal than under market capitalism.

It is often argued that, under socialism, the distribution of income will be more equal than under market capitalism. This is because socialist theory emphasizes the need to decrease inequality and ensure that all citizens have access to basic resources and services. Socialism aims to create a system in which the wealth of society is distributed more equally, rather than being concentrated in the hands of a few rich individuals or corporations.

In contrast, market capitalism tends to lead to greater inequality because it allows for the accumulation of wealth and power by a small group of people who control the means of production. The market system is based on competition, which can lead to winners and losers. The winners tend to accumulate more wealth and power over time, while the losers are left behind.In conclusion, socialism aims to create a more equal distribution of income and wealth, while market capitalism tends to produce greater inequality. Therefore, it is often argued that under socialism, the distribution of income will be more equal than under market capitalism.

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Past consideration is not sufficient to support a promise to pay made after the services have been provided. However, if the promise is made before the act, it could be enforceable because the promise would have been given in exchange for an act that had yet to occur. For example, if someone promises to pay $100 to another person if he completes a task and the person finishes the job, then the consideration is good.

Past consideration is not considered a good consideration. The principle of consideration is fundamental to the formation of a contract. Consideration refers to the requirement that each party to a contract provides something of value in exchange for the other party's promise. Good consideration refers to a benefit or detriment that the parties have yet to incur. On the other hand, past consideration refers to an act performed or a benefit conferred before the contract was formed. In simple words, a person cannot do something in the past and then later expect payment or a reward. Therefore, past consideration is not sufficient to support a promise to pay made after the services have been provided. However, if the promise is made before the act, it could be enforceable because the promise would have been given in exchange for an act that had yet to occur. For example, if someone promises to pay $100 to another person if he completes a task and the person finishes the job, then the consideration is good.

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The consolidated balances for Innovus and ChipTech are as follows: Revenues Cost of goods sold Depreciation expense Amortization expense Dividend income Net income Consolidated $3,200,000 $590,000 $105,000 $73,000 $(40,000) $1,455,000 The consolidated trial balance of Innovus and ChipTech is shown below:

Current assets Investment in ChipTech Equipment (net) Trademark Existing technology Goodwill Total assets Liabilities Common stock Additional paid-in capital Retained earnings Total liabilities and equity Consolidated $1,085,000 $670,000 $865,000 $355,000 $500,000 $3,475,000 $780,000 $225,000 $1,072,000 $3,475,000

The fair value consideration transferred for ChipTech was $670,000. According to the information given in the question, this consideration was allocated among ChipTech's net assets in the following manner:Book value of ChipTech: $500,000Excess fair value over book value to trademark (10-year remaining): $80,000Existing technology (5-year remaining life): $120,000Goodwill: $50,000The impairment loss for the entire amount of goodwill from the ChipTech acquisition in 2021 would be $50,000. Since the goodwill has not been amortized or used, its carrying value is equal to its book value of $50,000. The carrying amount of goodwill is compared to its fair value to determine if there is any impairment loss. Since the goodwill is considered to have an indefinite useful life, it is not amortized. Therefore, the only time that a goodwill impairment loss would be recorded is if the carrying amount of goodwill exceeds its fair value.

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Based on the given information, we can observe that both the current ratio and the quick ratio have decreased from the previous year to the current year. However, we cannot determine whether cash increased or inventory increased based solely on this information.

The current ratio measures a company's ability to pay its current liabilities with its current assets. A higher current ratio indicates a stronger liquidity position. The quick ratio is a more stringent measure of liquidity that excludes inventory from current assets. A higher quick ratio indicates a stronger liquidity position and suggests that a company has sufficient liquid assets to meet its short-term obligations.

A decrease in both ratios could be an indication of a decrease in current assets, an increase in current liabilities, or both. It is also possible that the decrease in the ratios is due to an increase in inventory (a current asset) and not necessarily a decrease in cash.

Therefore, we cannot determine with certainty whether cash increased or inventory increased based solely on the given information.

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To calculate the year-to-year depreciation of a John Deere tractor, model 3405, with a purchase price of RM80,000, an estimated economic life of 10 years, and a salvage value of 10% of the purchased price, three depreciation methods can be used: (a) Sum-of-digits depreciation, (b) Declining-balance depreciation, and (c) Straight-line depreciation.

(a) Sum-of-digits depreciation: In this method, the depreciation expense for each year is determined by multiplying the depreciable base (purchase price minus salvage value) by a fraction. The fraction is calculated by assigning weights to the years of the asset's useful life.

For example, for a 10-year useful life, the weights assigned could be 10, 9, 8, and so on until 1. The depreciation expense for each year is then determined by dividing the assigned weight for that year by the sum of all assigned weights and multiplying it by the depreciable base.

(b) Declining-balance depreciation: In this method, a fixed percentage (usually a multiple of the straight-line rate) is applied to the book value of the asset at the beginning of each year.

The book value is calculated by subtracting the accumulated depreciation from the purchase price. The depreciation expense decreases over time, as the percentage is applied to a decreasing book value.

(c) Straight-line depreciation: In this method, the depreciation expense is spread evenly over the asset's useful life. The depreciation expense per year is calculated by dividing the depreciable base by the useful life.

The following is a summary of the depreciation amounts for each method:Straight-line depreciation = RM7,200 per year, Declining-balance depreciation = RM125,233.49, Sum-of-digits depreciation = RM64,000 / 10 = RM6,400 per year.

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One example of an International Risk being realized is the 2008 global financial crisis.

The crisis began in the United States due to the housing market collapse and spread throughout the world due to interconnected financial markets. The crisis led to a worldwide economic recession and significant financial losses for individuals, businesses, and governments. The issue was resolved through a combination of government interventions, such as the bailout of banks and the implementation of economic stimulus packages, as well as market adjustments and restructuring. However, the effects of the crisis continue to be felt, particularly in countries that were hit the hardest.

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While Pope Francis and Karl Polanyi share the belief that putting humanity at the center of economic activity is crucial, the adoption of Polanyi's view by all religions is a subjective matter.

It is worth noting that religious teachings encompass a wide range of values, principles, and perspectives on economic matters. While some religions may align with Polanyi's view of establishing an economy that serves people rather than the other way around, others may have different interpretations and priorities.While Pope Francis, as the leader of the Catholic Church, has advocated for an economy that prioritizes the needs of humanity, it does not necessarily imply that all religions should adopt Polanyi's specific viewpoint. Religions can contribute to the discourse on economic systems by offering moral guidance, promoting social responsibility, and advocating for fair and just economic practices.

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The merchandise that was excluded from the physical inventory count on December 31, 2020, must be added to the $445,000 to determine the correct merchandise inventory balance of Bridgeport Company Limited

Inventory is an asset account that reflects the cost of the goods held for sale by a company. Physical inventory count refers to the actual counting of the inventory of goods and materials by a company. It is done to ensure that the merchandise inventory account of a company is accurately reported in the financial statements of a company.

Bridgeport Company Limited's physical inventory count on December 31, 2020, was $445,000. However, some merchandise items were not included in the count. The merchandise that was excluded from the physical inventory count on December 31, 2020, must be added to the $445,000 to determine the correct merchandise inventory balance of Bridgeport Company Limited.

The merchandise that was excluded from the physical inventory count could be for a variety of reasons, including damaged goods, misplaced goods, or theft. Whatever the reason, the merchandise must be counted and added to the $445,000 to determine the correct inventory balance of Bridgeport Company Limited.

Therefore, the main answer to the given question is that the merchandise that was excluded from the physical inventory count on December 31, 2020, must be added to the $445,000 to determine the correct merchandise inventory balance of Bridgeport Company Limited.

The physical inventory count is an important part of the inventory accounting process, and it must be done accurately and completely to ensure the correct reporting of inventory in the financial statements of a company.

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The Calculation for labour price variance=Actual direct labor hours * (Actual labor rate - Standard labor rate) = 3,610 hours * ($18 - $17) = $3,610. Calculation for actual cost per pound of raw materials=Actual price paid for raw materials / Actual quantity purchased = $186,150 / 34,150 lbs = $5.45

UCalculation for variable overhead rate variance=Actual direct labor hours * (Actual variable overhead rate - Standard variable overhead rate) = 3,610 hours * ($7.06 - $7) = $1,088 FCalculation for variable overhead efficiency variance=Standard variable overhead rate * (Actual direct labor hours - Standard direct labor hours) = $7 * (3,610 hours - 3,760 hours) = $203 UCalculation for direct material price variance=(Actual quantity purchased * Actual price per unit) - (Actual quantity purchased * Standard price per unit) = ($186,150 / 34,150 lbs * 34,150 lbs) - ($186,150 / 36,500 lbs * 34,150 lbs) = $1,350 FCalculation for direct material quantity variance=(Actual quantity used - Standard quantity allowed) * Standard cost per unit = (34,150 lbs - 31,820 lbs) * $5 = $1,337 UCalculation for direct labor rate variance=Actual direct labor hours * (Actual labor rate - Standard labor rate) = 3,610 hours * ($18 - $17) = $101 UCalculation for direct labor efficiency variance=Standard labor rate * (Actual direct labor hours - Standard direct labor hours) = $17 * (3,610 hours - 3,760 hours) = $350 UCalculation for total standard cost of direct materials=Standard cost per unit * Actual output = $35.50 * 4,500 units = $159,975Calculation for actual cost per pound of raw materials=Actual price paid for raw materials / Actual quantity purchased = $186,150 / 34,150 lbs = $5.45

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The elasticity of demand, given the demand function Q = 120 - 6p + 28Y, at the point where p = 10 and Q = 20 is ε = -3.

The elasticity of demand measures the responsiveness of the quantity demanded to changes in price. It is calculated by taking the derivative of the demand function with respect to price (dQ/dp) and multiplying it by the ratio of price to quantity (p/Q).

At the given point, where p = 10 and Q = 20, we can substitute these values into the demand function to find the derivative:

dQ/dp = -6

Then, we can calculate the elasticity of demand:

ε = (dQ/dp) * (p/Q)

  = (-6) * (10/20)

  = -3

Therefore, the elasticity of demand is -3 at the point where p = 10 and Q = 20.

For the second scenario, given the demand function Q = 10p^(-2), we can calculate the elasticity of demand as follows:

Taking the derivative of the demand function with respect to price:

dQ/dp = -20p^(-3)

Substituting the values into the elasticity formula:

ε = (dQ/dp) * (p/Q)

  = (-20p^(-3)) * (p/(10p^(-2)))

  = -2p^(-1)

The elasticity of demand is equal to -2p^(-1). The exact value of the elasticity depends on the specific value of p.

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Managed Care Organizations (MCOs) are preferred by employers due to their provision of effective healthcare services to their employees.

Additionally, managed care organizations offer a low-cost alternative to traditional health care, allowing employers to provide their employees with comprehensive coverage while saving money.The following are some of the reasons why employers prefer MCOs:Cost-effectiveness: MCOs provide comprehensive coverage at a lower cost than traditional health insurance plans. Employers save money by choosing MCOs, and this cost savings can be passed on to employees in the form of lower premiums and/or deductibles.

MCOs have evolved considerably over the years, particularly in terms of their structure and service delivery. MCOs now provide more comprehensive services and incorporate more diverse provider networks. They offer a wide range of services, including mental health and substance abuse treatment, preventive care, and alternative therapies. MCOs are now more flexible in terms of offering different benefit packages to meet the needs of employers and employees.

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B hotels is pursuing market development in the European market.

By opening more hotel properties in the European market after successfully establishing 100 hotels in the USA, B hotels is pursuing market development. Market development refers to expanding into new geographical markets with existing products or services. In this case, B hotels is leveraging its experience and success in the USA to enter the European market and tap into new customer segments.

This strategy allows them to reach a broader audience and increase their market share by offering their established hotel concept to a new set of customers. Through market development, B hotels aims to extend its reach and grow its business internationally.

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1) MRP is related to MPP because the value of an additional unit of input depends on the additional revenue it generates. 2) As more input is added, initially, marginal product increases, but eventually, it diminishes, leading to higher marginal costs. 3) The common misperception is that firms select a price and quantity to maximize profit.

1) Total Physical Product (TPP) represents the total output obtained from a specific quantity of inputs. Marginal Physical Product (MPP) measures the additional output gained from an extra unit of input. The relationship between TPP and MPP is that MPP initially increases due to specialization and efficient resource utilization, reaches a maximum when diminishing returns set in, and eventually declines. Marginal Revenue Product (MRP) reflects the change in total revenue resulting from an additional unit of input. MRP is related to MPP because the value of an input depends on the additional revenue it generates. For example, if a news article mentions a company increasing its production by hiring more workers, the MPP and MRP can be analyzed to understand the relationship between input quantity and output. Total Physical Product (TPP) represents the total output obtained from a given quantity of inputs, while Marginal Physical Product (MPP) is the additional output gained from one additional unit of input. The relationship between TPP and MPP is that MPP initially increases, reaches a peak, and then starts to decline as more units of input are added. Marginal Revenue Product (MRP) measures the change in total revenue resulting from an additional unit of input.

2) Economists use three cost curves to analyze costs: Total Cost (TC), which represents the overall cost of producing a given output level; Average Total Cost (ATC), which calculates the cost per unit of output by dividing TC by the quantity produced; and Marginal Cost (MC), which measures the change in TC resulting from producing one additional unit of output. The marginal product relationship shows how costs change as output varies. Initially, as output increases, marginal product rises, leading to economies of scale and lower costs. However, beyond a certain point, marginal product decreases, causing diminishing returns and higher costs. For instance, a news article may describe a company experiencing higher production costs as it expands its operations or faces supply chain disruptions. Economists use three types of cost curves: Total Cost (TC), Average Total Cost (ATC), and Marginal Cost (MC). TC represents the total cost of producing a given quantity of output, ATC is the cost per unit of output, and MC measures the change in total cost resulting from producing one additional unit of output. The marginal product relationship shows how changes in input quantity affect output.

3) The common misperception is that firms select a price and quantity to maximize profit independently. In reality, firms consider market conditions and the activities of other firms competing for market share. Pricing decisions depend on factors like demand elasticity, competitive landscape, and production costs. If competitors lower their prices, a firm may need to adjust its pricing strategy to remain competitive and maintain profitability. An example from a news article could involve a company adjusting its pricing and output levels in response to a competitor's new product launch or a market consolidation effort. The firm's profit-maximizing strategy takes into account the dynamic nature of the market and the actions of other players.

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Economists view the role of markets as effective in protecting the environment by providing economic incentives. They see market-based instruments such as taxes, subsidies, and tradable permits as effective tools.

Economists have long argued that the role of markets is crucial in protecting the environment. The market-based instruments are believed to provide economic incentives that help reduce the cost of pollution control. One way in which markets can protect the environment is through the imposition of taxes and subsidies. The taxes increase the price of polluting goods and services, providing an economic incentive for firms to reduce pollution to avoid the additional cost. Subsidies reduce the cost of environmentally friendly activities, making it more likely that firms and individuals will undertake such activities.

Another market-based instrument is tradable permits. These permits allow firms to buy and sell pollution allowances, which allow them to meet their pollution control requirements in the most cost-effective manner. Tradable permits work by providing an incentive to reduce pollution for those firms that can do so most cheaply. Those firms that have high pollution control costs may choose to buy permits instead of implementing expensive pollution control measures, making pollution control less expensive overall. In conclusion, economists see market-based instruments such as taxes, subsidies, and tradable permits as effective tools for protecting the environment by providing economic incentives.

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To reach a retirement savings goal of $2,000,000 in 25 years with an annual interest rate of 7%, you would need to save approximately $58,740.59 each year.

To calculate the annual savings required to reach a retirement goal, we can use the formula for the future value of a series of deposits:

Annual Savings = [tex]$\frac{{\text{{Future Value}} \times r}}{{(1 + r)^n - 1}}$[/tex]

Where:

Future Value = Desired retirement savings ($2,000,000)

r = Annual interest rate (7% or 0.07)

n = Number of years until retirement (25)

Plugging in the values into the formula, we can calculate the annual savings required:

Annual Savings =[tex]$\frac{{(2,000,000 \times 0.07)}}{{\left(1 + 0.07\right)^{25} - 1}}$[/tex]

Annual Savings = $140,000 / [1.07^25 - 1]

Annual Savings = $140,000 / [3.38042807 - 1]

Annual Savings = $140,000 / 2.38042807

Annual Savings ≈ $58,740.59

Therefore, to reach a retirement savings goal of $2,000,000 in 25 years with an annual interest rate of 7%, you would need to save approximately $58,740.59 each year.

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On August 1, 2021, LYZ Co. paid $12,000 for 12 months of rent coverage. There are no adjustments made to the prepaid rent account, and now it's December 31, 2021.

The rent expense for the period ending December 31, 2021, should be recorded as $2,000. To calculate the rent expense, we need to take the prepaid rent amount into account. Prepaid rent is an asset account, and the amount is a prepayment for the rent, which has not yet been earned. The prepaid rent should be amortized over the rental period's life, and the amortized amount should be expensed each month. For the given problem, rent is prepaid for 12 months, and no adjustments were made to the prepaid account. Hence, the full amount of $12,000 will be recorded as an asset, and the total amount will be expensed during the 12-month rental period, which started on August 1, 2021, and will end on July 31, 2022.

Therefore, the rent expense will be calculated for 5 months from August 1, 2021, to December 31, 2021, as follows: Rent expense = $12,000/12 * 5 months= $5,000 / 12 * 5= $2,083.33. Hence, the rent expenses till December 31, 2021 will be $2,000, which is the nearest answer to the calculated amount.

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Suppose that the economy was initially in a long-run equilibrium. Then the Federal Government decided to increase government spending by 1 trillion dollars on infrastructure. The following will happen: The increase in government spending will shift the aggregate demand (AD) curve to the right by the same amount as the increase in government spending, $1 trillion.

As a result, real GDP and the price level will increase, while the unemployment rate will fall. The short-run aggregate supply (SRAS) curve will shift to the left as wages and other input prices rise in response to the higher demand for goods and services. This will cause the price level to rise, while real GDP will be uncertain. The economy may or may not be able to produce additional output in the long run.

If the economy is capable of producing more output, the long-run aggregate supply (LRAS) curve will shift to the right, lowering the price level and increasing real GDP. However, if the economy is already at full capacity, the LRAS curve will not shift, and the increase in demand will only cause the price level to rise. This will lead to a temporary increase in real GDP and a temporary decrease in the unemployment rate. However, in the long run, the economy may or may not be able to produce more output, which will determine whether the increase in government spending leads to sustainable economic growth or merely higher prices.

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a) The main claim of Milton Friedman in his essay "The Social Responsibility of Business Is To Increase Its Profits" is that the primary responsibility of a business is to its shareholders and to maximize profits within the boundaries of the law and ethical considerations.

b) In his essay, Friedman argues against the concept of corporate social responsibility (CSR) and emphasizes that businesses should focus solely on generating profits for their shareholders. He believes that corporate executives are the agents of the shareholders and their primary duty is to carry out the shareholders' interests. According to Friedman, using business resources for social causes or pursuing objectives other than profit-making is a violation of the free market principles and the role of government.

He argues that social issues should be addressed by individuals or the government, not by businesses. Friedman's viewpoint highlights the importance of economic efficie ncy and individual freedom in the business realm, asserting that businesses should prioritize profit generation to benefit society as a whole through wealth creation and economic growth.

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The cash budget is required to help a business plan for and manage its cash flows effectively.

i) The cash budget for Energy Ltd for the six-month period to 30 November is as follows: Jun Jul Aug Sep Oct Nov Cash receipts Cash sales 4,000 7,000 10,000 22,000 22,000 22,000 Credit sales (80% of monthly sales) 4,800 8,400 12,000 26,400 26,400 26,400 Total cash receipts 8,800 15,400 22,000 48,400 48,400 48,400 Cash payments Credit purchases (6,000) (6,000) (6,000) (6,000) (8,000) (6,000) Wages and salaries (900) (900) (900) (900) (900) (900) Other overheads (500) (500) (500) (500) (650) (650) Equipment purchase - - - - (7,000) - Commissions (400) (700) (1,000) (2,200) (2,200) (2,200) Increase in inventory (1,000) (1,000) (1,000) (1,000) (1,000) (1,000) Interest (80) (80) (80) (80) (80) (80) Total cash payments (9,880) (9,880) (9,880) (10,680) (20,130) (9,830) Net cash flow (1,080) 5,520 12,120 37,720 28,270 38,570 Opening cash balance 3,800 2,720 8,240 20,360 58,080 86,350 Closing cash balance 2,720 8,240 20,360 58,080 86,350 125,920ii) The purpose of a cash budget is to ensure that the company has sufficient cash on hand to meet all of its financial obligations. A cash budget is an important tool for forecasting future cash flows and managing liquidity. The following are the key reasons why a business should have a cash budget:1. Helps in proper allocation of funds2. Helps in assessing the cash position3. Helps in making cash payments4. Helps in planning future cash flows5. Helps in managing liquidity6. Helps in forecasting future cash needs. Thus, the cash budget is required to help a business plan for and manage its cash flows effectively.

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Cash Budget for Energy Ltd for the Six-month period to 30 November. A cash budget is a financial statement that highlights the inflow and outflow of cash within an organization, and it aids in the efficient management of cash resources.

The Energy Ltd cash budget for the six-month period to 30 November is presented below:JunJulAugSepOctNov

Sales Revenue £8000 £11000 £14000 £19000 £22000 £22000

Add: cash received for credit sales £4000 £5500 £7000 £9500 £11000 £11000

Total revenue £12000 £16500 £21000 £28500 £33000 £33000

Less: Cash paid for inventory £9000 £10000 £11000 £12000 £13000 £13000

Cash paid for salaries £900 £900 £900 £900 £900 £900

Cash paid for overheads £500 £500 £500 £500 £650 £650

Cash paid for equipment £0 £0 £0 £0 £0 £7000

Total expenditure £10400 £11400 £12200 £13300 £14350 £21450

Net Cashflow £1600 £5100 £8800 £15200 £18650 £11550

Opening balance £3750 £5350 £10450 £19250 £34450 £530100

Cash Inflow £1600 £5100 £8800 £15200 £18650 £11550Total cash balance £5350 £10450 £19250 £34450 £53000 £64550

A cash budget is required for the business for the following reasons:

Planning: It aids in planning and implementing effective business strategies. By predicting the inflow and outflow of cash, it ensures that sufficient resources are available to meet the demands of the business.

Overdraft reduction: A cash budget may also assist a business in avoiding unnecessary overdrafts by ensuring that there is always sufficient cash available to meet the demands of the business.

Over-expenditure prevention: A cash budget aids in the detection of excessive expenditure and enables the business to plan its expenses in a more informed manner.

Credit control: By forecasting the collection of outstanding debts, the cash budget ensures that there is sufficient cash flow to meet business obligations.

Tax compliance: A cash budget is an essential tool for businesses to monitor their tax liabilities. It assists the business in ensuring that it has enough cash on hand to meet its tax obligations.

Predictions: A cash budget is an essential tool for businesses to use in predicting future cash flows. It aids in predicting the amount of cash required to fund future business operations and invest in future growth opportunities.

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Lower detection risk by itself, would not be consistent with a higher risk of material misstatement, RMM

Lower detection risk implies that the auditor is willing to accept a higher risk of material misstatement (RMM) because they rely less on substantive testing to detect errors or irregularities. A lower detection risk indicates that the auditor is more confident in the effectiveness of internal controls and relies more on their assessment rather than extensive testing. This would be consistent with a lower risk of material misstatement rather than a higher risk. Therefore, option b, lower detection risk, would not be consistent with a higher risk of material misstatement (RMM).

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Since partnership TNT has not established a business purpose for using a different tax year and has not made a fiscal year tax-year election, the partnership's taxable year will end on December 31st, which is the end of the calendar year.

This means that both Robin and Kristine, as calendar year taxpayers, will report their share of partnership income on their individual tax returns for the year ending on December 31st. It's important to note that the fact that Techron owns a 60% interest in partnership TNT does not affect the taxable year of the partnership.

The taxable year is determined solely by the partnership's actions and elections.

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The true cash balance for Duke Company is $2,200 This is the actual amount of cash that the company has available, as some checks have not yet cleared the bank and some deposits have not yet been credited to the account.

By reconciling the bank statement, Duke Company can ensure that their financial records accurately reflect their true cash position.

Therefore, the calculation would be:
Unadjusted Bank Balance = $2,300
Add: Deposits in Transit = $400
Subtract the outstanding checks ($500) from the unadjusted bank balance ($2,300).
$2,300 - $500 = $1,800
Add the deposits in transit ($400) to the balance calculated in Step 1.
$1,800 + $400 = $2,200

True Cash Balance = $2,200

The true cash balance for Duke Company is $2,200.

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Both the Great Depression and the Great Recession were severe economic downturns that had a significant impact on financial markets.

Monetary policy played a crucial role in both periods, but the approaches taken and their effects differed. During the Great Depression, which lasted from 1929 to the late 1930s, monetary policy was contractionary. The Federal Reserve implemented policies that tightened the money supply and raised interest rates. This contributed to a significant decline in investment, reduced consumer spending, and a contraction in the overall economy. The tight monetary policy aggravated the economic downturn and prolonged the duration of the Great Depression.

In contrast, during the Great Recession, which began in 2008, monetary policy was expansionary. Central banks, including the Federal Reserve and other major central banks, implemented unconventional measures to stimulate the economy. They lowered interest rates to near-zero levels and engaged in large-scale asset purchases, known as quantitative easing. These measures aimed to increase liquidity, lower borrowing costs, and encourage spending and investment. The objective was to stabilize financial markets, support economic growth, and prevent a deflationary spiral.

The impact on financial markets differed between the two periods. During the Great Depression, financial markets experienced significant turmoil. Stock prices plummeted, many banks failed, and there was a lack of liquidity in credit markets. The contractionary monetary policy exacerbated the financial crisis, leading to widespread economic distress.

In the Great Recession, financial markets also faced significant challenges. The collapse of the housing market and the subsequent subprime mortgage crisis triggered a financial crisis. Many financial institutions faced insolvency, credit markets froze, and there was a loss of confidence in the banking system. The expansionary monetary policy response, however, helped stabilize financial markets and prevent a complete collapse of the financial system. The injection of liquidity and measures to support the banking sector helped restore confidence and facilitate the recovery.

Overall, the role of monetary policy in the two periods was distinct. In the Great Depression, the contractionary policy aggravated the economic downturn, while in the Great Recession, expansionary measures aimed to stabilize financial markets and support economic recovery. The effectiveness of monetary policy in addressing economic challenges and financial market disruptions highlights the importance of appropriate policy responses during periods of crisis.

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In accounting, inventory valuation determines the cost of goods sold and ending inventory values. Inventory costing is the method by which a company determines its inventory's total worth at the end of an accounting period. It also aids in the determination of profits or losses for the period.

Therefore, keeping a proper inventory cost index is crucial to evaluate inventory cost accurately. The given table shows the inventory costs of the year ending December 31 for 4 years, 2021, 2022, 2023, and 2024, relative to the base year. By using these indexes, we can determine how much the inventory costs have changed over the years relative to the base year. In the year 2021, the inventory cost index was 1.10, and the inventory costs were $308,000. The following year, in 2022, the inventory cost index increased to 1.20, and the inventory costs increased to $396,000.

In 2023, the inventory cost index was 1.17, and the inventory costs decreased to $374,400. Finally, in the year 2024, the inventory cost index was 1.13, and the inventory costs fell to $367,250. Thus, this table displays how the inventory costs changed each year, relative to the base year.

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