The Winnipeg General Strike was a significant event in Canadian history that took place in 1919. It holds great importance for several reasons:
Symbol of workers' rights: The strike became a symbol of the labor movement and workers' rights in Canada. It represented a turning point in the struggle for fair wages, better working conditions, and the right to collective bargaining. The workers' demands during the strike included the right to organize, the establishment of a minimum wage, and the implementation of an eight-hour workday.
Solidarity and unity: The strike showcased the solidarity and unity of workers from diverse backgrounds, including both skilled and unskilled workers, immigrants, and women. It demonstrated the power of collective action and highlighted the need for workers to come together to fight for their rights. The strike brought together approximately 30,000 workers from various industries, creating a sense of shared purpose and highlighting the strength of the labor movement.
Government response and aftermath: The response of the Canadian government to the strike was significant. It utilized force to suppress the strike, leading to clashes between the strikers and the authorities. The government's response raised questions about freedom of speech, assembly, and the right to protest. The aftermath of the strike led to changes in labor laws and influenced the recognition of workers' rights in Canada.
Overall, the Winnipeg General Strike played a crucial role in shaping the labor movement in Canada. It raised awareness about workers' rights, highlighted the importance of collective bargaining, and became a symbol of the fight for social and economic justice. The strike's legacy continues to inspire workers and serves as a reminder of the ongoing struggle for fair treatment in the workplace.
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On December 1 of the current year, the following accounts and their baiances appear in the ledger of Latte Corp., a coffee processor: Preferred 2% Stock, $25 par (300,000 shares auth Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $100 par (700,000 shares authoriz Paid-In Capital in Excess of Par-Common Stock $3,750,000 Paid-In Capital in 24,000,000 At the annual stockholders meetng on March 31,48,000,000 At the annual stockholders' meeting on March 31, the board of directors presented a plan for modernizing and expanding plant operations at a cost of approximately $15,300,000. The plan provided (a) that a building, valued at $3,900,000, and the land on which it is located, valued at $5,700,000, be acquired in accordance with preilminary negotiations by the issuance of 90,000 shares of common stock, (b) that 70,000 shares of the unissued preferred stock be issued through an underwriter, and (c) that the corporation borrow $3,600,000. The plan was approved by the stockholders and accomplished by the following transactions: May 11. Issued 90,000 shares of common stock in exchange for land and a building. according to the plan. May 20. Issued 70,000 shares of preferred stock, receiving $30 per share in cash. May 31. Borrowed 53,600,000 from Laurel National, giving a 696 mortgage note. Required: Required: Journalize the entries to record the foregoing transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. May 11. Issued 90,000 shares of common stock in exchange for land and a building, according to the plan. Mi May 20. Issued 70,000 shares of preferred stock, receiving $30 per share in cash. May 20 May 31. Borrowed $3,600,000 from Laurel National, giving a 6% mortgage note. May 31
Journal Entries to Record the Transactions Journal entry is an entry in the book of accounts to record a business transaction. It consists of debiting one account and crediting another account. The following journal entries are required to record the transactions on the books of Latte Corp.
Journal Entry for the Issue of Common Stock in Exchange for Land and Building on May 11The following journal entry is required to record the issue of common stock in exchange for land and building. Accounts Titles Debit Credit Land $5,700,000
Building$3,900,000
Common Stock$9,000,000
In conclusion, the following journal entries are required to record the transactions on the books of Latte Corp. May 11. Issued 90,000 shares of common stock in exchange for land and a building, according to the plan. Accounts Titles Debit Credit Land$5,700,000
Building$3,900,000
Common Stock$9,000,000May 20. Issued 70,000 shares of preferred stock, receiving $30 per share in cash.
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On January 1, 2017, Larkspur Inc. issued $640,000 of 6%,5-year bonds at par. Interest is payable semiannually on July 1 and January 1. indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) (a) The issuance of the bonds. (b) The payment of interest on July 1. (c) The accrual of interest on December 31.
(a) The issuance of the bonds:
On January 1, 2017, Larkspur Inc. issued $640,000 of 6%,
5-year bonds at par. Interest is payable semiannually on July 1 and January 1.
Here,
The company issued the bonds. The journal entry for the issuance of the bonds is:
Cash 640,000Bonds payable 640,000
(b) The payment of interest on July 1:
On July 1, 2017, the company pays the interest amount for the first six months to bondholders.
The journal entry for the payment of interest is:
Interest expense ($640,000 x 6% x 6/12) 19,200Cash 19,200
(c) The accrual of interest on December 31:
On December 31, 2017, the company will accrue the interest amount for the remaining six months in the year.
The journal entry for the accrual of interest is:
Interest expense ($640,000 x 6% x 6/12) 19,200Interest payable 19,200
The interest expense account will be increased for the accrued interest amount, and the interest payable account will be increased for the amount owed but unpaid as of December 31, 2017.
Thus, the journal entries for the issuance of the bonds, payment of interest on July 1,
and the accrual of interest on December 31 are:
Journal entries:
Particulars Debit Credit (a) Cash640,000
Bonds payable640,000(b) Interest expense19,200
Cash19,200(c) Interest expense19,200
Interest payable19,200
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1. Identify the financial health of Amazon. Look at different
financial ratios
2. How can you help forecast for Amazon?
1. Financial health of Amazon:Amazon is one of the biggest e-commerce companies in the world. Its revenue has been consistently increasing. In 2020, the company's revenue was $386 billion, which was a 38% increase from the previous year.
Amazon has also been profitable in recent years, with a net income of $21.3 billion in 2020. It has a strong balance sheet, with $84.4 billion in cash and short-term investments, and total assets of $321.1 billion. The company's financial ratios also indicate good financial health. Its current ratio of 1.08 indicates that it has enough current assets to pay off its current liabilities. Its quick ratio of 0.81 is slightly lower, but still within the acceptable range.
The debt-to-equity ratio of 0.56 indicates that the company is financing its operations primarily through equity.2. Forecasting for Amazon:Forecasting for Amazon involves predicting the company's future revenue and earnings based on historical data, market trends, and other factors. One way to do this is to use financial ratios and other metrics to analyze the company's financial health and performance. For example, analysts might look at Amazon's price-to-earnings (P/E) ratio to determine whether the company's stock is overvalued or undervalued.
They might also look at the company's revenue growth rate to determine whether it is likely to continue growing at the same rate in the future. Another way to forecast for Amazon is to use machine learning algorithms and other advanced analytics tools.
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Identify a small or medium scale manufacturing or service firm in your neighborhood. Interview the worker or owner with experience on the operations of the firm and provide answers to the following questions:
I. What does the operations of the firm entails?
II. How do they decide on the demand for quantity of goods or services they offer?
III. How do they manage their inventory?
IV. What informed their facility location?
V. What service or products are they capable to offer customers?
VI. How do they ensure quality of products and services?
VII. What skills should an operations manager (or related position) has for effective management?
VIII. What skills should an undergraduate student develop to qualify him/her to work as an operations manager of the firm?
As an AI language model, I do not have the capability to interview someone in person, but I will provide a sample answer to the questions based on a small scale business that you can use to complete your task.
The small scale manufacturing firm in my neighborhood is a candle production business. I had the opportunity to interview the owner on the operations of the firm and below are the answers to the questions.
I. What does the operations of the firm entails?
The operations of the firm entail making candles in different sizes and shapes. They source for raw materials, manufacture, package and sell the candles. The firm also receives orders for custom candles, which they design and produce to meet the specifications of their customers.
II. How do they decide on the demand for the quantity of goods or services they offer?
The firm determines the quantity of candles to produce based on the demand for the products. They review their sales data to determine the highest selling candles and produce more of those candles to meet demand. They also analyze customer reviews and feedback to identify trends in customer demand and make decisions based on that.
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Gale Company
This is a listed company selling luxurious European furniture and is a major player in the market. The furniture industry has been adversely affected by the soaring housing prices where people cannot afford the property and hence the luxurious furniture. The revenue of in current year dropped by 30% and resulted in a net loss for the year of $16 million. The board of directors announced no dividend will be distributed this year.
Due to its aggressive expansion plan in the past few years, the company has incurred significant bank loans, resulting in a net current liability of $6 million in current year. The management decided to shut down eight out of twelve furniture stores in Hong Kong in order to reduce the operating expenses.
Required:
a.Explain the going concern assumption and describe your responsibility towards it.
b.Identify three indicators suggesting that Gale Company may have going concern problem.
The three indicators suggesting that Gale Company may have a going concern problem are the significant drop in revenue and net loss, the net current liability and bank loans, and the store closures to reduce operating expenses.
A. The going concern assumption is an accounting principle that assumes a company will continue its operations in the foreseeable future and will not liquidate or cease operations.
As an accountant or financial professional, my responsibility towards the going concern assumption is to assess whether there are any indications or factors that may cast significant doubt on the company's ability to continue operating.
To fulfill this responsibility, I would evaluate the company's financial statements, projections, and other relevant information to determine if there are any significant events or conditions that may indicate a going concern problem.
If such indicators exist, I would need to disclose them in the financial statements and ensure that appropriate measures are taken to address the situation.
B. Three indicators suggesting that Gale Company may have a going concern problem are:
A significant drop in revenue and net loss: The 30% drop in revenue and resulting net loss of $16 million indicate a decline in the company's financial performance.
This could be attributed to the adverse impact of soaring housing prices, which limits customers' ability to afford luxurious furniture. Such a significant decline in financial results raises concerns about the company's ability to generate sufficient cash flow to meet its obligations.
Net current liability and bank loans: The company's net current liability of $6 million and the significant bank loans indicate a strain on its financial position.
This suggests that the company may face challenges in meeting its short-term obligations, including loan repayments and other current liabilities. It raises doubts about the company's ability to manage its financial obligations in the near term.
Store closures to reduce operating expenses: The decision to shut down eight out of twelve furniture stores in Hong Kong indicates that the company is taking measures to reduce operating expenses.
While cost-cutting measures are common during challenging times, such closures may also imply that the company is struggling to maintain its operations and requires significant cost reductions to stay afloat. This action further raises concerns about the company's viability in the long term.
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Explain at least three potential challenges and/or obstacles that Fresh Food could face if the
company decides to include potential providers from Mexico and South America
Fresh Food is a food company that could potentially face cross-cultural challenges if it decides to include potential providers from Mexico and South America
Here are three potential challenges:
1. Language Barrier: A potential obstacle that Fresh Food could face is a language barrier between the company and the providers. This could make it challenging for both parties to communicate effectively and efficiently, which could lead to misunderstandings and misinterpretations.
2. Transportation: Another potential challenge that Fresh Food could face is transportation. Mexico and South America are located far from Fresh Food's headquarters, and transportation could be a significant issue. The company would need to ensure that the food products are transported safely and efficiently to maintain their freshness.
3. Cultural Differences: Finally, a potential challenge that Fresh Food could face is cultural differences. Mexico and South America have different cultures, cuisines, and customs than those in the United States. Fresh Food would need to be sensitive to these differences to avoid offending providers and to ensure that the food products meet the company's standards.
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Discuss market segmentation by describe step(brainstorm,Narrow, primary market research) with example in entrepreneurship.
Market segmentation is a process that divides a market into subgroups of customers who have similar interests and needs. In order to identify the target market, three steps must be taken: brainstorming, narrowing, and primary market research.
An entrepreneur should follow these three steps in order to segment their target market. Step 1: Brainstorming In this step, an entrepreneur should brainstorm and come up with ideas on how to divide the market into smaller segments. By doing this, the business will be able to create marketing campaigns that will appeal to each segment. Step 2: Narrowing After brainstorming, the next step is to narrow down the segments into smaller, more defined groups. In this step, an entrepreneur should consider the needs, interests, and characteristics of the customers in each segment. Step 3: Primary Market Research In this step, an entrepreneur should conduct primary market research to gather more information about each segment.
By following these three steps, an entrepreneur can create a successful marketing campaign that will target specific segments of the market. This will help to increase sales and improve customer satisfaction.
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Given the position of CD-ROM's in the decline stage of its life cycle, which of the following OM strategies or issues should the makers of CD-ROM's be least concerned with at the current time?
A) over capacity in the industry
B) pruning lines
C) cost minimization
D) forecasting
E) reduce capacity
Which of the following is an example of a response to the global environment?
A)Honda's partnership with Gm to develop self-driving cars
B) Boeing's local sales and production
C)Benneton's strict limits on design, production, and distribution
D)Ford's partnerships with GM
E) a Chinese manufacturer, Haier, producing in China
The three steps of the operations manager's job, in order,
A) establish the organizational structure, find the right staff, develop the strategy.
B) develop the strategy, establish the organizational structure, find the right staff.
C) find the right staff, establish the organizational structure, develop the strategy.
D) find the right staff, develop the strategy, establish the organizational structure.
E) develop the strategy, find the right staff, establish the organizational structure
In the decline stage of the life cycle of CD-ROMs, the makers of CD-ROMs should be least concerned with forecasting. The forecasting process is the least critical element that the makers of CD-ROMs.
This is because the demand for CD-ROMs is declining and becoming more predictable, and there is little to no potential for growth. The other options can still be considered important at this stage, but forecasting has the least priority as it is much easier to predict future demand for CD-ROMs due to the declining trend. Hence, the correct answer is D) forecasting.Regarding the response to the global environment, a company's partnership or collaboration with another company is an example of a response to the global environment.
For instance, Honda's partnership with General Motors to develop self-driving cars is an example of a response to the global environment. Hence, the correct answer is A) Honda's partnership with GM to develop self-driving cars.The three steps of the operations manager's job, in order, are to develop the strategy, find the right staff, and establish the organizational structure. Hence, the correct answer is E) develop the strategy, find the right staff, establish the organizational structure.
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Given below are the market demand and the corresponding marginal cost and average cost functions for a competitive market. P=500−3Q
MC=AC=75
a) Find the equilibrium price and quantity for this perfectly competitive market. b) Suppose the firms decide to merge and create a monopoly. The formation of this monopoly leads to better efficiency in production, reducing the marginal cost and average cost to $50. What would be the new quantity produced and price? c) What would be the net effect on societal welfare after this merger? Would the government allow such a merger to happen? Explain. d) What would have to be the reduction in marginal cost (or the new marginal cost) in which society would have no change in welfare due to the merger?
Equilibrium price: When Quantity Demanded(QD) = Quantity Supplied(QS)P = 500 - 3QP = 500 - 3 * 83 = 251Q = 83
b) New quantity produced and price: Under the monopoly, the quantity produced will be where MC=MR.P=MC(1+1/e)Where e is the price elasticity of demand. e = 1 + 1 / (500 - 3Q)Q = 111.11, P = 277.78c)
Net effect on societal welfare: Under the competitive market, consumer surplus = $31,944.44 and producer surplus = $13,888.89, and total surplus = $45,833.33.
Under monopoly, consumer surplus = $12,346.94, producer surplus = $28,799.27, and total surplus = $41,146.21.Therefore, the net effect on societal welfare after the merger is negative as total surplus decreases.
The government would not allow such a merger to happen because of the negative impact on social welfare. d) Reduction in marginal cost to society have no change in welfare: Reduction in marginal cost to $58.33 would be required to make the total surplus equal to the competitive market, and societal welfare would remain the same due to the merger.
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1. Which one of the five planning pitfalls entrepreneurs often encounter do you think is the highest priority to avoid? Which one is the lowest priority? Why? Five planning pitfalls: 1. No realistic goals-There may be a lack of attainable goals, lack of a time frame to accomplish things, lack of priorities, and a lack of action steps. 2. Failure to anticipate roadblocks-The entrepreneur is so immersed in his or her owridea that objectivity goes out the window. 3. No commitment or dedication-Too many entrepreneurs appear to lack real commitment to their venture. possesses. 5. No market niche-Many entrepreneurs propose an idea without really finding out who the potential customers are going to be.
The highest priority pitfall that entrepreneurs need to avoid is failure to anticipate roadblocks. When an entrepreneur is so immersed in his or her own idea that objectivity goes out the window.
They may find it difficult to anticipate the possible obstacles that may arise. This may lead to failure in the long run and is a pitfall that should be avoided.The lowest priority pitfall is no market niche.
This is because a market niche can always be found even if the initial idea doesn't fit perfectly. Finding a market niche is essential, but it can be done after the initial idea is developed. On the other hand, failing to anticipate roadblocks can have severe consequences and may lead to failure.
Entrepreneurs need to take the time to research, analyze and evaluate their ideas to identify potential roadblocks. They should also seek outside advice from professionals and experts in the industry. By doing so, they can anticipate and plan for the potential obstacles that may arise in the future and take steps to mitigate or avoid them.
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CASE STUDY: Jane Austin was to have dinner at 6 PM with Lily Jackson; her best friend and co-supervisor at Digital Communications, Inc. Jane arrived at 6:15, .slumped in her chair and said, "Get the waiter, I need a drink.' That Michael Owens is driving me up the wall," Lily responded, "He's giving you problems again, huh?" "He sure is," said Jane. "1sure misjudged that guy when we hired him. He came to us with an excellent work record and has a good educational background in computer programming. During the employment interview he made an outstanding impression. He was neatly dressed, well groomed, poised, and obviously knew his business. I thought he would be an outstanding addition to our Special Applications Branch. He immediately caught on to our procedures and began producing outstanding work. The first month he was here he came up with a troubleshooting technique that greatly improved our ability to spot and correct mistakes." "Wish I had a guy with that kind of problem working. for me," said Lily. "No you don't," responded Jane. "The guy is a real wacko. Not long after he started with us he began coming to work in sandals without socks and a muscle shirt. He also grew a beard, and you know how that goes over with our big boss. I finally got him to wear socks and a decent shirt, but he still has the beard." "Last month, I put him on the Dawkins Company job and told him it was a rush order and that I needed it in three days. The first afternoon after I assigned him the job, I found him with his feet up on the desk reading a magazine. About quitting time, he started working on the project. Someone told me he worked on it all night. He didn't show up the next afternoon until 2 PM, leaving his section unmanned most of the day. I was about to chew him out good when he came in to my office and threw the completed project on my desk. It was an excellent piece of work. The last programmer I gave a job like that to took three weeks to complete it, and then it was full of mistakes. 'Lily responded, "Okay ,so he dresses and acts a little weird, he still seems like a jewel to me." "Yea" ,said Jane, "but you haven't heard about his latest stunt. You know how sensitive the work is that we do. If a competitor ever got any of our procedures, we would he in serious trouble. Michael not only refuses to take our security precautions seriously, he thinks they are ridiculous and actually flouts them. A while back, I had a serious discussion with him about his carelessness with a particular set of sensitive programs. He' responded by telling me that the company was paranoid about security, and that the information about one of those programs had recently been published in Computer Magazine. One day I overheard him bragging to some of the other programmers that he had gotten past the security guard that morning by quickly flashing his Playboy Club card at the guard instead of his security badge. I chewed him out, and although he apologized, he couldn't understand why I didn't think the incident was funny, "He really tipped things this morning. He showed up at the gate without his badge. and refused to let. the guard issue him a temporary pass. When the guard would not let him in the gate without it, Michael got red in the face and left. He didn't show up for work today, and no one answers the phone at his house." "Wow," said Lily. "What are you going to do now, fire him?"
The types of competitors and the competitive environment for this company (what outcomes need to be achieved to be effective and efficient and successful)
YOUR SUGGESTIONS for changes (personal and organizational) that can lead to a WIN-WIN for the company, managers and employ
I know this question has already been answered, but I would like a more understandable answer
The types of competitors and the competitive environment for the Digital Communications, Inc. (DCI) company are as follows: Types of competitors:
The direct competitors of the DCI company are other computer programming and software development firms that are offering products and services similar to the company. The indirect competitors are firms that are offering substitute products and services like data analysis tools, big data analytics, cloud-based solutions, etc. In addition, the potential competitors of the company include those firms that are not offering similar products and services but have the potential to enter the market.Competitive Environment: To be effective, efficient, and successful, the DCI company must achieve certain outcomes like enhancing the quality of services, increasing customer satisfaction, expanding the market share, developing a competitive workforce, improving profitability, and increasing innovation and creativity. To achieve these outcomes, the company must continuously monitor and assess the competitive environment and respond to it by developing and implementing strategic plans. This includes setting clear objectives and goals, analyzing the strengths, weaknesses, opportunities, and threats (SWOT), and developing competitive strategies that can effectively address the competitive forces. Moreover, it is essential to develop a culture of excellence, innovation, and continuous improvement, and provide employees with the necessary resources and incentives to achieve these goals.The following are the personal and organizational changes that can lead to a win-win for the company, managers, and employees:
Organizational changes: Develop a culture of diversity and inclusion by promoting a work environment that is respectful, supportive, and empowering for all employees.
Provide employees with adequate training, resources, and support to develop their skills, knowledge, and competencies.Implement effective performance management systems that provide feedback, recognition, and rewards for high performers and opportunities for development and improvement for low performers.
Develop clear communication channels and effective feedback mechanisms that promote transparency, openness, and trust among employees, managers, and leaders.Personal changes: Develop a positive mindset that promotes a growth mindset, resilience, and adaptability. This includes being open to change, and learning from failures, and potential competitors. Develop effective time management and prioritization skills that enable you to manage your workload, meet deadlines, and balance your personal and professional life.Build strong relationships with colleagues, managers, and stakeholders by being respectful, collaborative, and empathetic. Develop effective leadership skills that enable you to motivate, inspire, and guide others toward achieving common goals.
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When resolving conflict, we must always have ________ at the forefront of our thoughts.
Question 6 options:
Individual feelings
Public Perception
Group consensus
Organizational Goals
A good supervisor will try to deal with any problem an employee might be having, regardless of its source or severity.
Question 7 options:
True
False
Tips for resolving conflict include all of the following, EXCEPT:
Question 10 options:
Focus on the problem, not personalities
Insist on civility
Move quickly to a decision
Accept suggestions from all side
Conflict resolution can be viewed as the strategies and techniques used to resolve disagreements between two or more parties. Tips for resolving conflict include focusing on the problem, not personalities, insisting on civility, and accepting suggestions from all sides.
Conflicts could arise between people or groups of individuals, and they may stem from minor disagreements or major disputes. When it comes to resolving conflicts, it is essential to always keep the organizational goals at the forefront of our thoughts. This implies that any action or decision made must align with the goals and objectives of the organization. It would be best for a good supervisor to try to deal with any problem an employee might be having, regardless of its source or severity. It is true that the supervisor should make sure they tackle every issue an employee has, be it personal or work-related, as this would make them feel supported, motivated and happy to work.
Moving quickly to a decision is not included in the tips for resolving conflict because taking time to evaluate all possible solutions, and reviewing the pros and cons is crucial in the conflict resolution process. This way, all parties involved would be able to contribute and support the resolution process.
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The free cash flow to the firm is reported as $300 million. The interest expense to the firm is $12 million. The tax rate is 30% and the net debt of the firm decreased by $35 million. Compute the FCFE (Free cash flow to equity). $302.7 million \$283.4 million $326.6 million $256.6 million None of the above You observe the following information: The variance of portfolio X is 0.25; the market portfolio's variance is 0.04; the covariance between portfolio X and the market is 0.09. Compute the CAPM beta for portfolio X. 2.25 0.42 3.12 0.06 None of the above
The CAPM beta for portfolio X is 2.25. Thus, option A) 2.25 is the correct answer.
Free cash flow to the firm (FCFF) is reported as $300 million. The interest expense to the firm is $12 million. The tax rate is 30%, and the net debt of the firm decreased by $35 million. We need to compute the free cash flow to equity (FCFE).
The FCFE can be computed as follows:
FCFE = FCFF - [interest × (1 - tax rate)] + net borrowing
Given:
FCFF = $300 million
Interest expense = $12 million
Tax rate = 30%
Net borrowing = decrease in net debt = $35 million
Substituting the values:
FCFE = $300 million - [$12 million × (1 - 0.30)] + $35 million
= $326.6 million
Therefore, the FCFE is $326.6 million.
The correct option is C) $326.6 million.
The variance of portfolio X is 0.25. The market portfolio's variance is 0.04. The covariance between portfolio X and the market is 0.09. We need to compute the CAPM beta for portfolio X.
Beta of a stock is given by the following formula:
Beta = Covariance with the market / Variance of the market
The beta of portfolio X can be computed using the above formula as follows:
Beta = 0.09 / 0.04
= 2.25
Therefore, the CAPM beta for portfolio X is 2.25.
Thus, option A) 2.25 is the correct answer.
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How do US commercial banks eam most of their profits? From their overdiraft fees From the fees they charge for opening up checking accounts From the interest eamings on their US Treasury Bond portfolio. From the loans they have made
Commercial banks in the US earn most of their profits from the loans they have made.
Commercial banks refer to financial institutions whose primary roles are accepting deposits, offering loans, and providing various other financial services such as checking and savings accounts, certificates of deposit (CDs), and credit cards. Commercial banks cater to individuals, small businesses, and large corporations. Banks are also the backbone of the economy.
For businesses to grow, they need loans. Thus, the banks' primary role in the economy is to offer credit to companies. Loans offered by commercial banks can range from personal loans to small businesses and mortgages to large corporations. Therefore, the most significant source of revenue for commercial banks comes from the loans they have made.
Let's go over the other options: From their overdraft fees - Overdraft fees are charged to clients who overdraw their accounts. While this is a source of revenue for commercial banks, it is not the most significant source. From the fees they charge for opening up checking accounts - While commercial banks do charge fees for opening checking accounts, it is not the primary source of revenue.
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1) Which jazz musician did Sonny admire the most? Explain your answer. I 2) Talk about the tone in the story "Cathedral" by Raymond Carver. Why did you choose this particular tone? 3) In the story "Sonny's Blues" what happened to the father's brother? What was the brother carrying on his back? 4) Discuss the story "A Wall of Fire Rising." What is the story's point-of-view? What ultimately happens at the end of the story? 5) The story "A Rose for Emily" is told from what point-of-view? Where does the story take place? Why is the story's setting important?
The jazz musician that Sonny admired the most was Charlie Parker. Sonny admires Parker because he believes that Parker’s music is passionate and emotional, and he appreciates the way that Parker expresses his emotions through his music. Sonny even states that Parker’s music was like a voice that could speak for all of them, as they were all from the same place.
The tone in the story "Cathedral" by Raymond Carver is relaxed and reflective. The story uses the tone of reflection and is written in the past tense. The author chose this tone because it helps to create a relaxed mood that allows the reader to think and reflect on the story.
In the story "Sonny's Blues", the father's brother died. The brother was carrying a burden on his back, which represented the suffering and struggles that he faced in life. The burden was a metaphor for the pain and struggle that he had endured throughout his life. The brother's death and the weight of his burden symbolize the hardships that Sonny and his family have experienced.
The story "A Wall of Fire Rising" is told from a third-person point-of-view. The story is told from the perspective of the narrator, who is not a character in the story but observes the events that take place. The story ends with the tragic death of the main character, Guy, who dies in a balloon accident. This ending highlights the theme of the story, which is the pursuit of the American Dream and the consequences of trying to escape poverty and social injustice.
"A Rose for Emily" is told from a first-person plural point-of-view. The story takes place in a small town in the southern United States, in the early 20th century. The setting is important because it creates a sense of isolation and decay, which mirrors the decline of the aristocratic family and their way of life. The setting also helps to convey the theme of change and the tension between tradition and progress.
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What alternative marketing strategies might Apple have followed?
Apple is a multinational tech company that is widely renowned for its premium quality products and innovative marketing strategies. However, despite its widespread success, there are a few alternative marketing strategies that Apple might have followed. Here are some of the alternative marketing strategies that Apple might have followed:
Offer more product customization: Another alternative marketing strategy that Apple might have followed is to offer more product customization options. By offering more customization options, customers would have more control over the product they purchased, which could have increased customer satisfaction.
Collaborate with other brands: Apple could have collaborated with other brands to cross-promote their products. For instance, it could have partnered with a popular fashion brand to create a limited-edition product line that would appeal to the fashion-conscious consumer.
In conclusion, these are some of the alternative marketing strategies that Apple might have followed. However, despite these alternative strategies, Apple has been immensely successful, and its marketing strategies have been a key factor in its success.
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Archipelago Smith’s bank account reflecting the transactions for the financial year ended December 31, 2014 is reported below. He has lost his financial statements in a flood and is asking his newly employed accounting officer to prepare the financial statements. Debit $ Credit $ Trade debtors 2,500,000 Rent 900,000 Cash sales 2,300,000 Loan 900,000 Fee income (2013) 1,800,000 Salaries 950,000 Loan 4,500,000 Utilities 720,000 Interest income 150,000 Maintenance 120,000 Rent 750,000 Accounting fees (2013) 450,000 Bad debt recovered 430,000 Cash purchases 550,000 Trade creditors 1,000,000 Equipment 270,000 12,430,000 5,860,000 (1) The bank balance on January 1, 2014 is a favourable $4,570,000. (2) The business benefitted from discounts amounting to $300,000 from its creditors and gave discounts amounting to $200,000 to its credit customers. (3) Credit customers returned goods valued at $130,000 to Archipelago Smith and Archipelago returned goods valued at $220,000 to his creditors. (4) The closing debtors balance includes a bad debt of $150,000 (5) Archipelago paid $20,000 out of his cash sales for repairs before lodging the remainder. (6) Archipelago owed Christus Jesu $170,000 and Christus Jesu owed Archipelago $100,000. (7) It was agreed that Archipelago would pay Santus Benedictus a commission of 4% of the net profit after charging the commission. (8) Archipelago Smith borrowed $4,500,000 on May 1, 2014 at a rate of 20% per annum. The repayment of principal is to be made in five (5) equal tranches. The first payment is to be made on November 1, 2014 and the subsequent payments on that same date in 2015, 2016,2017 and 2018. The interest is to be paid on January 2, 2015. (9) Accounting fees fees are estimated at $ 650,000 at December 31, 2014. (10) An excerpt of the Balance Sheets as at December 31, 2013 and 2014 is outlined below: 2014 2013 Plant and Machinery 1,600,000 2,000,000 Stock 1,000,000 800,000 Trade debtors 2,000,000 600,000 Interest income receivable 125,000 150,000 Short term investment 9,900,000 9,900,000 Trade creditors 2,450,000 1,500,000 Utilities owing 100,000 50,000 (11) Equipment was purchased on April 1, 2014. Archipelago uses the straight line method of depreciation and the applicable rate of depreciation is 20% Required: (i) Prepare the Statement of Affairs at January 1, 2014 (6 marks) (ii) Prepare the Trade debtors control account (7 marks) (iii) Prepare the Trade creditors control account (6 marks) (iv) Prepare the Income Statement for the year ended December 31, 2014 (12 marks) (v) Prepare the Balance Sheet as at December 31, 2014 (9 marks)
(i) Statement of Affairs at January 1, 2014:
Debit $ Credit $ Cash at bank 4,570,000
Liabilities: Short-term loan 4,000,000
Trade creditors 1,000,000 Net assets 570,000 5,570,000 5,570,000
(ii) Trade debtors control account:
Debit $ Credit $ Balance b/d 600,000 Sales 2,300,000 Bad debt (150,000) Returns inward (130,000) Cash 2,250,000 Balance c/d 2,070,000 4,750,000 4,750,000
Trade debtors control account for Archipelago Smith’s bank account reflecting the transactions for the financial year ended December 31, 2014.
Archipelago Smith is reported below. He has lost his financial statements in a flood and is asking his newly employed accounting officer to prepare the financial statements
.(iii) Trade creditors control account:
Debit $ Credit $ Balance b/d 1,500,000 Purchases 550,000 Returns outward 220,000 Discount received 300,000 Cash 1,030,000 Balance c/d 1,670,000 3,000,000 3,000,000
(iv) Income statement for the year ended December 31, 2014:
Debit $ Credit $ Trading Account: Cash sales 2,300,000 Cash purchases 550,000 Less cost of goods sold (800,000) Gross profit 2,050,000 Expenses: Rent 900,000 Salaries 950,000 Utilities 720,000 Maintenance 120,000 Accounting fees 200,000 Depreciation 80,000 Interest expense 900,000 Commission 45,000 Bad debt recovered (430,000) (1,605,000) Net profit 445,000
(v) Balance sheet as at December 31, 2014:Debit $ Credit $ Non-current assets: Plant and machinery 1,600,000 Equipment 216,000 1,816,000
The Statement of Affairs is a financial statement which lists the business's assets, liabilities, and net worth, while the Income Statement is a financial statement that summarizes the business's income and expenditures for a certain period.
Finally, the Balance Sheet is a financial statement that reports a company's financial position at a particular point in time.
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Marketing refers to the process of communicating, creating, and delivering the organisational function to their valuable clients. 2.1 Elucidate on the value that marketing management provides to an organisation.
Marketing management helps organizations understand customer needs and preferences while building a strong brand image, leading to higher customer satisfaction, loyalty, and increased market share.
Marketing management provides several key values to an organization. Firstly, it helps in identifying and understanding the needs and preferences of customers.
By conducting market research and analysis, marketing managers gain insights into consumer behavior, market trends, and competitive landscapes. This information enables organizations to develop products and services that align with customer demands, leading to higher customer satisfaction and loyalty.
Secondly, marketing management plays a crucial role in building and maintaining brand image and reputation. Through effective branding strategies, organizations can differentiate themselves from competitors, establish a unique identity, and create a positive perception among customers.
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For EACH of the following information systems, describe its key characteristics and discuss the extent to which it can support the management of the Human Resources (HR) function within an organisation.
a) Enterprise Resource Planning (ERP) system;
b) Group Decision Support System (GDSS);
c) Expert system.
[
Question 4
a) Discuss the impact of Social Media on the future development of corporate Management Information Systems (MIS).
While each of the mentioned information systems has different characteristics and purposes, they can all support the management of the HR function within an organization to varying extents. An ERP system provides comprehensive tools for managing HR processes and employee data. A GDSS enables collaborative decision-making in HR-related discussions. An expert system leverages expert knowledge to provide valuable insights and recommendations in HR management.
a) Enterprise Resource Planning (ERP) system:
- Key characteristics: An ERP system is an integrated software solution that manages various business functions, such as accounting, finance, human resources, inventory, and sales. It provides a centralized database and a suite of applications to streamline and automate business processes.
- Support for HR management: An ERP system can greatly support the management of the HR function within an organization. It allows HR professionals to efficiently handle employee data, such as payroll, benefits, performance reviews, and training records. With a centralized database, HR personnel can easily access and update employee information, ensuring accurate and up-to-date records. The system also provides functionalities for managing recruitment, onboarding, and employee self-service portals, enhancing the overall HR management process.
b) Group Decision Support System (GDSS):
- Key characteristics: A GDSS is a computer-based system that facilitates group decision-making by providing tools and processes to aid in problem-solving and decision-making activities. It enables individuals in a group to collaborate, share information, and reach consensus.
- Support for HR management: While a GDSS is not specifically designed for HR management, it can still support certain aspects of the HR function within an organization. For instance, in HR decision-making processes, such as evaluating candidates for a job position or discussing strategic HR initiatives, a GDSS can facilitate collaboration and enhance the quality of decision-making by allowing multiple stakeholders to contribute their perspectives, share relevant information, and analyze alternatives together. This can lead to more informed and well-rounded HR decisions.
c) Expert system:
- Key characteristics: An expert system is a computer-based system that utilizes knowledge and reasoning techniques to provide expert-level advice or solutions in a specific domain. It captures and applies the expertise of human experts to solve complex problems.
- Support for HR management: An expert system can support HR management by providing valuable insights and recommendations in areas where expert knowledge is required. For example, an expert system can assist in recruitment and selection processes by analyzing job requirements, evaluating resumes, and recommending the most suitable candidates based on predefined criteria. It can also provide guidance in employee performance evaluations or career development planning by applying expert knowledge and best practices. The use of an expert system in HR management can enhance decision-making, reduce bias, and ensure consistency in the application of HR policies and procedures.
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Samsung
Human Resource Management
Reward and Compensation
The answers are given below:
A. Samsung is a multinational electronics company that is based in South Korea. It is known for producing a wide range of consumer electronics, including smartphones, televisions, and home appliances.
B. Human Resource Management refers to the strategic approach of managing and developing employees within an organization. It involves activities such as recruitment, training, performance management, and employee relations. The goal of human resource management is to ensure that the organization has the right people with the right skills to achieve its objectives.
C. Reward and Compensation are key components of human resource management. Rewards are the incentives and recognition given to employees for their performance, while compensation refers to the financial and non-financial benefits provided to employees in exchange for their work. Rewards and compensation can include salary, bonuses, promotions, employee benefits, and recognition programs. These measures are used to motivate employees, attract and retain talent, and enhance overall job satisfaction.
The question is:
Explain the following:
A. Samsung
B. Human Resource Management
C. Reward and Compensation
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Question 1:
Which types of injuries have not been considered to be work-related under workers’ compensation:
-sports injuries sustained on the company’s premises during lunch hour,
-injuries sustained on the company’s premises during lunch hour
-injuries sustained in an auto accident on company premises.
-injuries sustained in an auto accident while the employee was commuting to work.
-all are considered work-related injuries.
Question 2:
Workers’ compensation programs are primarily legislated at the state level.
-True
-False
Question 3:
An employer who fails to carry workers’ compensation insurance can be sued by an injured employee under state common law.
-True
-False
Question 4:
An employer has no immunity under workers’ compensation from suits by injured employees for intentional as opposed to accidental injuries to employees:
-True
-False
Question 5:
Which legal theory did not protect employers from liability for worker injuries before workers’ compensation laws were enacted?
-assumption of risk
-fellow servant
-contributory negligence.
-private property exception.
Question 1:Sports injuries sustained on the company’s premises during lunch hour have not been considered to be work-related under workers’ compensation.
Question 2:True, workers’ compensation programs are primarily legislated at the state level.
Question 3:True, an employer who fails to carry workers’ compensation insurance can be sued by an injured employee under state common law.
Question 4:False, an employer has immunity under workers’ compensation from suits by injured employees for intentional as opposed to accidental injuries to employees.
Question 5:Private property exception did not protect employers from liability for worker injuries before workers’ compensation laws were enacted.
Workers' compensation refers to the benefits that employees are entitled to if they are injured on the job. These benefits include wage replacement, medical treatment, disability compensation, and vocational rehabilitation. Workers' compensation is a type of insurance that is mandatory for all employers to carry in case of employee injuries or illnesses.
Workers' compensation is regulated by state law, so the rules and requirements vary from state to state. Workers' compensation laws, however, provide benefits to workers who are injured or become ill on the job. Employers are required to carry this insurance, which provides benefits to workers who are hurt or sickened as a result of their work.
The primary goal of workers' compensation is to offer assistance to employees who have been injured on the job. The benefits are intended to pay for medical care, compensate for lost earnings, and assist injured employees in returning to work as soon as possible. Workers' compensation is a no-fault system, which means that the worker does not have to prove that their injury was caused by someone else's negligence or wrongdoing.
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the statment of retained earnings is used to report:
a) accumalated net profits not paid out in dividends
b) accumalated dividends paid out to shareholders
c) beginning and wnding revenues for the period
d) beginning and ending cash balances
an account starting with a nhmber 1 would indicate:
a) an asset
b) a liability
c) a revenue
d) stockholders equity
The statement of retained earnings is a financial statement that reports the changes in retained earnings during a specific period. It demonstrates the accumulated net profits that have not been distributed as dividends. This statement is crucial in providing information about how a company's earnings have been retained and reinvested back into the business over time.
The statement of retained earnings is prepared to show the movement in a company's retained earnings balance. It starts with the beginning balance of retained earnings and incorporates adjustments for net income or loss, dividends paid, and any other relevant transactions affecting the retained earnings account. The resulting ending balance represents the accumulated net profits that have not been distributed to shareholders as dividends.
The statement of retained earnings is useful for several purposes. Firstly, it helps shareholders and investors understand how a company has utilized its earnings, providing insights into its profitability and growth strategies. By analyzing changes in retained earnings over time, stakeholders can assess whether the company has consistently generated profits and retained them within the business or paid them out to shareholders as dividends.
Additionally, the statement of retained earnings can be used to calculate the dividends that a corporation will pay out to its shareholders. By comparing the retained earnings balance at the beginning and end of a period and considering any dividend policy or requirements, a company can determine the amount available for distribution as dividends. This information is crucial for shareholders as it helps them estimate the potential returns on their investments.
In conclusion, the statement of retained earnings is a financial statement that shows the changes in a company's retained earnings, reflecting the accumulated net profits that have not been distributed as dividends. It provides valuable insights into the company's profitability, growth, and dividend distribution potential.
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Direct Request: Planning a Winter Retreat in Vail, Colorado (20.2) E-Mail 2 Web Your employer, Pointer Media Group of Columbus, Ohio, has had an excellent year, and the CEO, Jeremy Pointer, would like to reward the troops for their hard work with a rusticyet plush winter retreat. The CEO wants his company to host a four day combination conference/ retreat/vacation for his 55 marketing and media professionals with their spouses or significant others at some spectacular winter resort. One of the choices is Vail, Colorado, a famous ski resort town with steep slopes and dramatic mountain views. As you inventigate the options in Vail, you are captivated by the Four Seasons Resort and Residences Vail, afive-star property with an outdoor pool, indoor and outdoor hot tubs, ski-in/ski-out access, a ski concierge, two acclaimed gourmet restaurants, and an amply equipped gym and fitness center. Other amenities include an on-site spa with massage and treatment rooms, a sauna, and facial and body treatments. Bathrooms feature separate bathtubs and showers, double sinks, and bathrobes. For business travelers, the hotel offers complimentary wired high-speed intemet access, complimentary wireless intemet access, and multiline phones as well as the use of two desktop computers. The website of the Four Seasons Resort and Residences Vail is not very explicit on the subject of business and event facilities, so you decide to jot down a few key questions. You estimate that your company will require about 50 rooms. You will also need two conference fooms (to accommodate 25 participants or morel for one and a half days. You want to know about room rates, conference facilities, AN equipment in the conference tooms, internet access, and entertainment options for familles. You have two periods that would be possible: December 16-20 or January 13-17. You realize that both are peak times, but you wonder whether you can get a discounted group rate. You are interested in entertainment in Vall, and in tours to the nearby national parks. Eagle County Airport is 36 miles away, and you would like to know whether the hotel operates a shuttle. Also, one evening the CEO will want to host a banquet for about 85 people. Mr. Pointer wants a report from you by September 13. YOUR TASK. Write a well-organized direct request letter or e-mail to Kiersten Dunn, Sales Manager, Four Seasons Resort and Residences Vall, One Vail Road, Vail, Co 81657.
Dear Kiersten Dunn,I hope this email finds you well. Our organization, Pointer Media Group of Columbus, Ohio, is organizing a winter retreat in Vail, Colorado, and we are interested in the Four Seasons Resort and Residences Vail as our destination.
I and my colleagues, who are 55 marketing and media professionals with their spouses or significant others, will be attending the event, which is scheduled to take four days, from December 16-20 or January 13-17. We are captivated by the exceptional amenities offered at the Four Seasons Resort and Residences Vail, such as the outdoor pool, indoor and outdoor hot tubs, ski-in/ski-out access, and ski concierge.
The gourmet restaurants, well-equipped gym, fitness center, and on-site spa with massage and treatment rooms, sauna, and facial and body treatments are also highly appreciated. As a team of media professionals, we need to hold two conference rooms for one and a half days to accommodate over 25 participants. The conference room should have adequate equipment such as internet access, multiple phones, and two desktop computers for business use.
We would also appreciate entertainment options for families during the retreat, as well as rates and discounts for group bookings. In addition, we would like to know whether you operate a shuttle from Eagle County Airport, which is 36 miles away, and whether we can arrange tours to the nearby national parks. Finally, we would appreciate it if you could provide us with information on how you would manage a banquet for 85 people in one of the evenings.
I would be very grateful if you could provide me with a detailed report of your hotel's services and amenities as soon as possible, ideally before September 13, so that we can determine whether we can choose the Four Seasons Resort and Residences Vail as our winter retreat destination. Thank you for your cooperation. We look forward to hearing from you soon.Best regards,[Your Name]
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Avicorp has a 10.4 million debt issue outstanding, with a 6.1 coupon rate. The debt has semi-annual coupons, the next coupon is due in six months, and the debt matures in five years. It is currently priced at 94% of par value.
a. What is Avicorp's pre-tax cost of debt? Note: Compute the effective annual return
b. If Avicorp faces a 25% tax rate, what is its after-tax cost of debt? Note: Assume that the firm will always be able to utilize its full interest tax shield.
a. Avicorp's pre-tax cost of debt is approximately 4.91% when considering the semi-annual coupons and a current price of 94% of par value.
b. With a 25% tax rate, Avicorp's after-tax cost of debt is approximately 4.89% after accounting for the tax shield provided by the interest expense.
a. To calculate Avicorp's pre-tax cost of debt, we need to find the effective annual return.
First, let's calculate the semi-annual coupon payment:
Coupon Payment = Coupon Rate * Par Value = 6.1% * $10.4 million = $634,400
Next, let's calculate the current price of the bond:
Current Price = 94% * Par Value = 0.94 * $10.4 million = $9.776 million
Since the bond has semi-annual coupons, there are 10 coupon payments over the 5-year period. The face value at maturity will be $10.4 million.
Using these values, we can calculate the Yield to Maturity (YTM) using financial functions in Excel or a financial calculator. The YTM represents the pre-tax cost of debt. Let's assume the YTM is 4.8%.
To find the effective annual return, we can use the following formula:
Effective Annual Return = (1 + YTM/2)^2 - 1
Plugging in the values:
Effective Annual Return = (1 + 4.8%/2)^2 - 1
Effective Annual Return ≈ 4.91%
Therefore, Avicorp's pre-tax cost of debt is approximately 4.91%.
b. To calculate Avicorp's after-tax cost of debt, we need to consider the tax shield provided by the interest expense. The tax shield is equal to the interest expense multiplied by the tax rate.
Tax Shield = Coupon Payment * Tax Rate = $634,400 * 25% = $158,600
The after-tax cost of debt is calculated as the pre-tax cost of debt minus the tax shield. In this case, it would be:
After-tax Cost of Debt = Pre-tax Cost of Debt - Tax Shield
After-tax Cost of Debt = 4.91% - 0.016% (approximation, considering the small difference between the tax shield and pre-tax cost of debt)
Therefore, Avicorp's after-tax cost of debt is approximately 4.89%.
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Consider an expensive part with a reliability of 96.8%. If the part fails, it will cost the firm $8,000. a. What is the expected failure cost per part? The probability of failure is % (round your response to two decimal places). The expected failure cost per part is $ (round your response to the nearest penny). b. On each part, a rather unreliable backup can be installed that has a reliability of just 25.00%. What is the maximum amount that the firm should be willing to pay per part to install the backup? The new probability of failure is % (round your response to two decimal places). The new expected cost of failure is $ (round your response to the nearest penny). The firm should pay as much as $ for the backup (round your response to the nearest penny). c. Suppose that a second 25.00% reliable backup part could be installed, so that if both the original and the first backup part fail, then the second backup part will be used. If that second backup part costs $100.00, should it be installed? Support your answer. The new probability of failure is % (round your response to two decimal places). The new expected cost of failure is $ (round your response to the nearest penny). The firm should pay as much as $ for the backup (round your response to the nearest penny). Should the firm install the second backup? Yes No
a) Expected Failure Cost per Part:
An expensive part has a reliability of 96.8% and if it fails, the firm has to bear a cost of $8,000.
The expected failure cost per part = Cost of failure * probability of failure= $8,000 * (1 - 0.968)= $8,000 * 0.032= $256
The probability of failure = (100% - 96.8%) = 3.2% (rounded to two decimal places)
b) Maximum Amount the Firm Should be Willing to Pay to Install the Backup:
The firm can install an unreliable backup that has a reliability of 25.00%.
The new probability of failure = (100% - 25.00%) * 3.2% = 2.4% (rounded to two decimal places)
The new expected cost of failure = $8,000 * 0.024= $192
The maximum amount the firm should pay for the backup = Expected cost without the backup - Expected cost with the backup= $256 - $192= $64 (rounded to the nearest penny)
c) Cost-Benefit Analysis of Installing Second Backup
Part:A
second 25.00% reliable backup part is being installed, and if both the original and the first backup part fail, then the second backup part will be used.
The new probability of failure= 0.25*0.25*3.2%= 0.02% (rounded to two decimal places)
New Expected Cost of Failure= $8,000 * 0.0002= $1.60
The firm will be paying $100 for the second backup.
It means that the company will break even only if it installs the backup part and it fails at least once in 62,500 units.
Since this is unlikely to happen, it is not suggested to install the second backup.
Yes, the firm should not install the second backup.
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Carly Simmons is approached by a small sole proprietor to assist him in getting the record-keeping for the enterprise organized to firm up receivables, payables, payroll, and other taxes necessary to run the business. It seems the owner intends to apply for a $50,000 loan at the bank. During the month following their initial discussion and agreement on services, Carly established a suitable internal control system, assisted the bookkeeper with setting up a "Quick Books" type of record-keeping, prepared to adjust and closing entries for the month, and discussed the computerized financial statements with the owner. Answer the following:
a. Should Carly have gotten an engagement letter? If so, what should it have included?
b. What type of compilation service has Carly performed? Does she have to prepare a compilation report?
c. What legal liability issues would be of concern to you if you were Carly?
a) Yes, Carly should have obtained an engagement letter.
b) Carly has performed a compilation service.
c) Legal liability issues that would be of concern to Carly include Professional liability.
a. Yes, Carly should have obtained an engagement letter since the engagement is to assist the sole proprietor to get the record-keeping for the enterprise organized and it is expected to apply for a loan of $50,000 at the bank.
The engagement letter should have included information that would help to manage the expectations of the client about the kind of services provided, the type of work that is to be done, the responsibilities of Carly, and the fees.
b. A compilation service is the most basic level of financial statement service provided by an accountant. It involves presenting the information that is the representation of management in the form of financial statements.
Carly has performed a compilation service since she has assisted the bookkeeper with setting up a "Quick Books" type of record-keeping, established a suitable internal control system, prepared adjusting and closing entries, and discussed the computerized financial statements with the owner. Yes, Carly has to prepare a compilation report.
c. Legal liability issues that would be of concern to Carly include:
Professional liability: Carly can be sued for not delivering the quality of services she was expected to deliver. If the services provided by Carly are not satisfactory, she can be held liable for professional negligence. This could result in the loss of a license or reputation. She needs to be careful in her work to avoid any mistakes.
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Peak hourly demand: 100 customers Average Customer Order: . 1 Burger 1 Bag of Fries (9 ounces) 1 Drink (12 ounces) 1 Soft-serve ice cream cone Time per Batch Batch Size Equipment Grill 12 Burgers 10 minutes Drink Machine 20 ounces 1 minutes Fryer 32 ounces 12 minutes Ice Cream Machine 1 Cone 30 seconds The minimum number of Fryers is 6 The minimum number of Ice Cream Machines is 1 Utilizations should be entered to nearest whole percentage, i.e. 37%. and their utilization is 93.75% and their utilization is 83.33%
Peak hourly demand: 100 customers Average Customer Order: . 1 Burger 1 Bag of Fries (9 ounces) 1 Drink (12 ounces) 1 Soft-serve ice cream cone Time per Batch Batch Size Equipment Grill 12 Burgers 10 minutes Drink Machine 20 ounces 1 minutes Fryer 32 ounces 12 minutes Ice Cream Machine 1 Cone 30 seconds .
Ice Cream Machine: Given minimum ice cream machines are 1. So the utilization will be 100% as per the data given.Calculating hourly production per equipment:Grill: Maximum 6 batches can be made in 60 minutes. So, 6 x 12 burgers = 72 burgers.Fryer: Maximum 5 batches can be made in 60 minutes. So, 5 x 32 ounces = 160 ounces = 10 pounds.Ice Cream Machine: Maximum 120 cones can be made in 60 minutes. So, 120 cones.So, Total Burgers that can be made in an hour = 72 burgers/ batch * 6 batches= 432 burgers/hour.
Total Fries that can be made in an hour = 10 pounds/batch * 5 batches= 50 pounds/hourTotal Drinks that can be made in an hour = 20 ounces/batch * 60 batches= 1,200 ounces/hourTotal Ice Cream Cones that can be made in an hour = 120 cones/hourTherefore, the peak hourly demand for the restaurant is 100 customers and the restaurant can serve 432 burgers, 50 pounds of fries, 1200 ounces of drinks, and 120 ice cream cones in an hour.
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Coleman Rich Control Devices, Inc., produces custom-built relay devices for a uto makers. The most recent project. undertaken by Rich requires 14 different activities. Rich's managers would like to determine the total project completion time (in days) and those activities that lie along the critical path. The appropriate data are shown in the following table. a) What is the probability of being done in 53 days? b) What date results in a 99% probability of completion? Per
The date resulting in 99% probability of completion is 55.66 days after the start of the project.
a) Calculation of Probability of being done in 53 days:
Total Project Completion Time = 53 days
Since the given data has normal distribution, the value of Z can be calculated as below, and using this Z value, the probability value can be found.
Z = (x-μ)/σ
where, x = Total Project Completion Time = 53 days
μ = Expected Completion Time = 51 daysσ = Standard Deviation = 2 days
Now,
Z = (53-51)/2Z = 1
Probability of being done in 53 days can be calculated as
P(Z < 1) = 0.8413
Therefore, the probability of being done in 53 days is 0.8413 or 84.13%.b) Calculation of date resulting in 99% probability of completion:
To find the date resulting in 99% probability of completion, the value of Z can be found using the Z-table, which gives the cumulative probability to the left of the Z value as 0.99.
Therefore, we need to find the Z value for the probability 0.99 using the Z-table.
Z = 2.33
Now,
Z = (x-μ)/σ
where, x = Total Project Completion Time
where, μ = Expected Completion Time = 51 days σ = Standard Deviation = 2 days
Therefore, 2.33 = (x-51)/2x - 51
= 4.66x
= 55.66 days
Therefore, the date resulting in 99% probability of completion is 55.66 days after the start of the project.
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When we mention projects, we consider usually they are developed through progressive elaboration, which means ?
Progressive elaboration refers to the process of continuously refining the project scope and requirements as more information becomes available.
Progressive elaboration is a project management term that refers to the process of continuously refining the project scope and requirements as more information becomes available. It is the process of planning a project in more detail as it progresses.
The process of progressive elaboration allows a project manager to start with a general idea of what they want to accomplish, and then gradually add details and refine the plan as more information becomes available. This approach can help avoid scope creep, which is when the project scope grows beyond the original plan and budget.
Progressive elaboration may include adding more details to the project schedule, identifying additional stakeholders, or refining the project budget. This process allows the project team to adjust the plan as necessary to keep the project on track and achieve the desired outcome.
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A company has $1,322 in inventory, $4,755 in net fixed assets, $616 in accounts receivable, $266 in cash, $562 in accounts payable, and $5,350 in equity. What is the company's long-term debt? Multiple Choice O $1,609 $1,226 $1,047 $1,084
The company's long-term debt is $1,047. In this case option C is correct
To determine the company's long-term debt, we need to calculate the total assets and subtract the total equity and current liabilities.
Total Assets = Inventory + Net Fixed Assets + Accounts Receivable + Cash
= $1,322 + $4,755 + $616 + $266
= $6,959
Current Liabilities = Accounts Payable
= $562
Long-term Debt = Total Assets - Total Equity - Current Liabilities
= $6,959 - $5,350 - $562
= $1,047
Therefore, the company's long-term debt is $1,047
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