Answer:
The correct answer is
D) keep old machine and save $580 in equivalent
good luck ❤
The correct choice is 3. Given the cost and maintenance calculations for both machines, continuing to use the old machine saves $388 in equivalent annual costs. Therefore, the best decision is to keep the old machine.
The correct choice is 3. To decide whether to continue using the less efficient machine or to purchase a more efficient one, we need to compare their costs in present value terms over the next 5 years.
Current Machine:
Annual Cost: $8,000Duration: 5 yearsCost of Capital: 15%Using the formula for the present value of an annuity (PVA), we calculate:PVA = C * [1 - (1 + r)^-n] / r, where C = $8,000, r = 0.15, and n = 5.PVA = 8000 * [1 - (1 + 0.15)^-5] / 0.15 = $26,100.67New Machine:
Initial Cost: $12,000Annual Maintenance: $5,000Duration: 5 yearsCost of Capital: 15%First, calculate the PVA of the maintenance costs:PVA = 5000 * [1 - (1 + 0.15)^-5] / 0.15 = $16,312.92Total Cost = Initial + PVA of Maintenance = $12,000 + $16,312.92 = $28,312.92Equivalent Annual Cost (EAC):
EAC converts total present value cost into an annual figure.For Current Machine: EAC = (r * PV) / [1 - (1 + r)^-n]EAC_current = (0.15 * 26100.67) / [1 - (1 + 0.15)^-5] = $8,004.50For New Machine: EAC = (r * PV) / [1 - (1 + r)^-n]EAC_new = (0.15 * 28312.92) / [1 - (1 + 0.15)^-5] = $8,393.00The EAC for the current machine is $388 less than that for the new machine, so you should keep the old machine and save $388 in equivalent annual costs. Hence, option (c) is correct.
Are there any similarities between the characteristics demanded of an entrepreneur and those of a professional athlete? Would an athlete be a good prospect for entrepreneurship? Why or why not? Could teamwork be important in an entrepreneurial effort? Why or why not?
Answer:
The demands of an entrepreneur and a professional athlete are more comparative than one may expect.
Explanation:
Professional athlete are required to place in extended periods of time, remain submitted, deal with their bodies, keep an expert notoriety, and deal with their own image. An entrepreneur must work unusual hours, stay with their objectives, deal with themselves, arrange and keep up great associations with sellers and clients, and advance their organisation. So yes they both have similarities and an athlete can work as an entrepreneur because he knows how to work with team members and how to stay on objectives.
Entrepreneurial traits can overlap with characteristics of professional athletes, highlighting similarities and differences in their skill sets.
Similarities between entrepreneurs and professional athletes include traits like drive, determination, and resilience. Athletes often possess strong work ethic and discipline, essential for entrepreneurship. However, entrepreneurship requires additional skills like innovation, adaptability, and risk-taking that may not be as prominent in athletes.
An athlete could be a good prospect for entrepreneurship if they can transfer their competitive mindset and work ethic into business strategies. Teamwork is crucial in entrepreneurial efforts as it allows for diverse skills and perspectives to come together to tackle challenges and drive success.
Which of the following is least likely to be considered a risk assessment procedure?A. Analytical procedures.B. Inspection of documents.C. Observation of the counting of inventory.D. Observation of the performance of certain accounting procedures.
Answer:
C. Observation of the counting of inventory.
Explanation:
Risk assessment procedures involve all the steps that represent the evaluation of procedures which are company specific and not individual item specific.
These assessments are done in order to ensure the accounting procedures are fair that are followed by the company.
Thus, the observation of counting of inventory is substantative in nature and not investigating like, risk assessment test.
All other steps mentioned are part of risk assessment procedure.
Final answer:
Among the choices given for risk assessment procedures, observation of the performance of certain accounting procedures is least likely to be considered a direct risk assessment method as it is more about monitoring existing controls rather than identifying new risks.
Explanation:
The question asks which of the listed options is least likely to be considered a risk assessment procedure. In the context of a risk assessment process, which involves identifying and quantifying potential risks, certain procedures are standard. These include analytical procedures, inspection of documents, and observation of various activities such as the counting of inventory or the performance of accounting procedures. Among the options given:
Analytical procedures (A) are often used to understand financial data and spot inconsistencies or potential areas of risk.
Inspection of documents (B) is crucial for verifying the accuracy of records and identifying discrepancies that might indicate risk.
Observation of the counting of inventory (C) helps ensure the physical assets match the records, revealing potential risk of loss or theft.
Observation of the performance of certain accounting procedures (D) can identify inefficiencies or irregularities that may pose financial risk.
However, when comparing these options, observation of the performance of certain accounting procedures (D) is less a direct "risk assessment" method and more a procedure for ensuring that existing controls are being followed. It is more about monitoring than assessing new risks. Therefore, it is considered least likely to be a risk assessment procedure compared to the others listed.
Robert Lewis Stevenson’s story, Imp in the Bottle, features a fabulous bottle whose owner will be granted any wish by the imp who lives within the bottle. The problem is that anyone who buys the bottle must sell it at a lower price or else suffer eternity in hell. [If you do not believe in hell, assume that you do for the purposes of this question.] Assuming the smallest possible unit of currency is one cent, would you buy the bottle if it were offered to you for $1,000? Explain your reasoning.
Answer:
Yes.
Explanation:
I would buy the bottle as anything can be asked for from the bottle and it will come true. Hence once the bottle is bought anything can be wished for and then the bottle can be sold off at a lower price than $1000.
Labor data for making one pound of finished product in Curling Co. are as follows: Price-hourly wage rate $11.00, payroll taxes $1.80, and fringe benefits $1.20. Quantity-actual production time 1.1 hours, rest periods and clean up 0.25 hours, and setup and downtime 0.15 hours. Compute the following. (Round answers to 2 decimal places, e.g. 52.75.) Standard direct labor rate per hour Standard direct labor hours per pound hours Standard cost per pound.
Answer:
Standard direct labor rate per hour $14
Standard direct labor hours per pound hours 1.5 hours
Standard cost per pound $21
Explanation:
The computation is shown below:
For Standard direct labor rate per hour:
= Price-hourly wage rate + payroll taxes + fringe benefits
= $11 + $1.80 + $1.20
= $14
For Standard direct labor hours per pound hours:
= Quantity-actual production time hours + rest periods and clean up hours + setup and downtime hours
= 1.1 + 0.25 + 0.15
= 1.5 hours
For Standard cost per pound:
= Standard direct labor rate per hour × Standard direct labor hours per pound hours
= $14 × 1.5 hours
= $21
Franco converted a building from personal to business use in May 2016 when the fair market value was $72,500. He purchased the building in July 2013 for $116,000. On December 15 of this year, Franco sells the building for $58,000. On the date of sale, the accumulated depreciation on the building is $7,315. What is Franco’s recognized gain or loss on the sale?
Answer:
Total loss will be equal to $7185
Explanation:
We have given market value of the building = $72500
He sells the building at $58000
Accumulated depreciation = $7315
We have to find the loss or gain
In this case there will be loss as the market value is greater than the sell value
So loss will be equal to
Loss = Market value of building - sale value - accumulated depreciation
So loss = $72500-$5800-$7315 = $7185
So loss will be equal to $7185
Franco experiences a recognized loss of $50,685 on the sale of the building, calculated from the sale price minus the adjusted basis.
Explanation:When Franco converted the building from personal to business use in May 2016, the fair market value was $72,500. However, by the time he sold the building, it had depreciated, so he only received $58,000 for it. In order to evaluate his gain or loss, you need to calculate the adjusted basis which is the purchase price ($116,000) minus the accumulated depreciation ($7,315).
So, the adjusted basis would be $116,000 - $7315 = $108,685.
Then, the recognized gain or loss can be calculated as the sale price ($58,000) minus the adjusted basis ($108,685). Therefore, the recognized loss Franco experiences is $58,000 - $108,685 = -$50,685.
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Cynthia Knott's oyster bar buys fresh Louisiana oysters for $5 per pound and sells them for $9 per pound. Any oysters not sold that day are sold to her cousin, who has a nearby grocery store, for $2 per pound. Cynthia believes that demand follows the normal distribution, with a mean of 100 pounds and a standard deviation of 15 pounds. How many pounds should she order each day?
Answer:
103
Explanation:
Please see attachment .
The number of pounds to be ordered each day is 103 pounds. This is calculated using the news vendor model.
What is the news vendor model?The news vendor model is used to determine the optimum inventory level in case of uncertainties. The level of inventory is calculated using z score of the probability. The probability under this model can be calculated as:
[tex]\rm P = \dfrac{Co}{Cu+Co}[/tex]
Where Co is the cost of actual Utilization, and Cu is the cost of under Utilization.
[tex]\rm Co = Selling\:price - Cost\\\\\rm Cu = Cost - Receipt\:from\:sale\:of \:unsold\:stock[/tex]
The quantity can be calculated as:
[tex]\rm Quantity = Mean + (Standard \:deviation \times z\: score\: of \:probability)[/tex]
The z score of probability can be calculated from the table.
Given:
Mean is 100
Standard deviation is 15
Cost is $5
Selling price is $9
Selling price of unsold stock is $2
Therefore Co and Cu will be:
[tex]\rm Co = Selling\:price - Cost\\\\Co = \$9 - \$5\\\\Co= \$4[/tex]
And,
[tex]\rm Cu = Cost - Receipt\:from\:sale\:of \:unsold\:stock\\\\ Cu = \$5 - \$2\\\\ Cu = \$3[/tex]
The probability will be:
[tex]\rm P = \dfrac{Co}{Cu+Co}\\\\\rm P =\rm \dfrac{\rm Co}{\rm Cu+Co}\\\\\rm P = 0.5914[/tex]
The z score of this probability is 0.18
Therefore the quantity will be:
[tex]\rm Quantity = Mean + (Standard \:deviation \times z\: score\: of \:probability)\\\\\rm Quantity = 100+ (15\times 0.18)\\\\\rm Quantity = 100+ 2.7\\\\\rm Quantity = 102.7 \\\\\rm Quantity = 103\:pound[/tex]
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A bank features a savings account that has an annual percentage rate of 3.4% with interest compounded quarterly. Ashley opens one of these brand new savings accounts and deposits $2,000 into the account. What is her account balance after 4 years, rounded to the nearest cent?
Answer:
$2,290.05
Explanation:
Principle, P = $2,000
Rate of interest, r = 3.4%
Time period, t = 4 years
n = 4
Therefore,
[tex]Amount=P(1+\frac{r}{n})^{nt}[/tex]
[tex]Amount=2,000(1+\frac{3.4}{400})^{4\times 4}[/tex]
[tex]Amount=2,000(1+\frac{3.4}{400})^{16}[/tex]
= $2,290.05
Hence, account balance after 4 years is $2,290.05.
A fall in the price level:____________.
A. reduces the value of money in peoples' pockets, so people buy less goods.
B. reduces the value of money in peoples' pockets, so people buy more goods.
C. increases the value of money in peoples' pockets, so people buy more goods.
D. increases the value of money in peoples' pockets, so people buy less goods.
Answer:
C. increases the value of money in peoples' pockets, so people buy more goods.
Explanation:
If there is a general decline in price levels, there is a deflation.
When there's a fall in price, the same amount of money can buy more goods and services. Therefore, the value of money has increased and aggregate demand will increase.
Inventory at the beginning of the period had a debit balance of $7,000, and a debit balance of $10,000 at the end of the period. Using the indirect method, this will be reported in the operating section of the statement of cash flows as: Click the answer you think is right. a decrease of $3,000 which will be added to net income a decrease of $3,000 which will be subtracted from net income an increase of $3,000 which will be subtracted from net income an increase of $3,000 which will be added to net income Read about this Do you know the answer?
Answer:
an increase of $3,000 which will be subtracted from net income
Explanation:
an increase of $3,000 which will be subtracted from net income .Increase in Inventory = 10000-7000 = $3000 .Increase in Inventory is reported as a decrease and subtracted from net income .an increase of $3,000 which will be subtracted from net income
The stockholders’ equity section of Jun Company’s balance sheet as of April 1 follows. On April 2, Jun declares and distributes a 20% stock dividend. The stock’s per share market value on April 2 is $15 (prior to the dividend).
Common stock—$5 par value, 475,000 shares authorized, 250,000 shares issued and outstanding $ 1,250,000
Paid-in capital in excess of par value, common stock 590,000
Retained earnings 883,000
Total stockholders' equity $ 2,723,000
Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
Brandon walked out of a team meeting with the understanding that none of the team could take vacation time for the next month. What was actually stated in the meeting was that the project was under a strict deadline, and an employee would need to have their part finished before taking vacation time. This is an example of which barrier to effective communication?
A) Bias
B) Lack of trust
C) Lack of engagement
D) Filtering
Answer:
D) Filtering
Explanation:
Filtering is the act of hearing what one expects or wants to hear instead of what was actually stated. In this case, Brandon assumed none of the team could take vacation time for the next month while what was really said is that only one employee would need to have their part finished before taking vacation time.
The answer is D) Filtering
In the short run, the quantity of output that firms supply can deviate from the natural rate of output if the actual price level in the economy deviates from the expected price level. Several theories explain how this might happen.For example, the sticky-price theory asserts that the output prices of some goods and services adjust slowly to changes in the price level. Suppose firms announce the prices for their products in advance, based on an expected price level of 100 for the coming year. Many of the firms sell their goods through catalogs and face high costs of reprinting if they change prices. The actual price level turns out to be 90. Faced with high menu costs, the firms that rely on catalog sales choose not to adjust their prices. Sales from catalogs will _______(Remain the same/fall/rise), and firms that rely on catalogs will respond by _______ (Increasing/Reducing) the quantity of output they supply. If enough firms face high costs of adjusting prices, the unexpected decrease in the price level causes the quantity of output supplied to ______ (Fall below/Rise above) the natural rate of output in the short run.
Answer:
The actual price level turns out to be 90. Faced with high menu costs, the firms that rely on catalog sales choose not to adjust their prices. Sales from catalogs will remain the same, and firms that rely on catalogs will respond by increasing the quantity of output they supply.
If enough firms face high costs of adjusting prices, the unexpected decrease in the price level causes the quantity of output supplied to rise above the natural rate of output in the short run.
Explanation:
The inputs are based on the sticky-price theory, with explaination as below:
"In the short run, the quantity of output that firms supply can deviate from the natural rate of output if the actual price level in the economy deviates from the expected price level. Several theories explain how this might happen. For example, the sticky-price theory asserts that the output prices of some goods and services adjust slowly to changes in the price level."
The payroll register of Charbroil Company indicates $1,200 of social security tax withheld and $300 of Medicare tax withheld on total salaries of $20,000 for the period. Assume earnings subject to state and federal unemployment compensation taxes are $7,000, at the federal rate of 0.8% and the state rate of 5.4%. What is the total amount of payroll tax expense?a. $1,878b. $1,500c. $1,556d. $1,934
Answer:
d. $1,934
Explanation:
Total amount of payroll tax expense=Social security tax withheld+Medicare tax withheld +State and federal unemployment compensation taxes on earnings=1200+300+.062*7000=$1934 (d. $1,934)
A proposed new investment has projected sales of $585,000. Variable costs are 44 percent of sales, and fixed costs are $187,000; depreciation is $51,000. Prepare a pro forma income statement assuming a tax rate of 21 percent. What is the projected net income? (Input all amounts as positive values.)
Answer:
The projected Net Income is $70,784
Explanation:
The Pro- forma income Statement
Working Note:
Variable cost = Sales × 44%
= $585,000 × 44%
= $257,400
EBT (Earnings before Tax) = Sales - Variable cost - fixed cost - depreciation
= $585,000 - $257,400 - $187,000 - $51,000
= $89,600
Net Income = EBT × Tax rate
= $89,600 × 21%
= $70,784
Final answer:
By calculating the total variable costs, deducting them along with the fixed costs and depreciation from sales, and subtracting the taxes from EBIT, the projected net income for the proposed investment is found to be $70,784.
Explanation:
Pro Forma Income Statement Calculation
To calculate the projected net income for the proposed investment, we need to follow these steps:
Calculate total variable costs by multiplying projected sales by the variable cost percentage. In this case, $585,000 * 44% = $257,400.
Subtract variable costs and fixed costs from sales to determine the earnings before interest, taxes, depreciation, and amortization (EBITDA). Therefore, $585,000 - $257,400 - $187,000 = $140,600.
Next, subtract depreciation to find earnings before interest and taxes (EBIT). Here, $140,600 - $51,000 = $89,600.
Now, calculate the taxes by multiplying EBIT by the tax rate. So, $89,600 * 21% = $18,816.
Finally, subtract taxes from EBIT to determine the projected net income. Thus, $89,600 - $18,816 = $70,784.
The projected net income for the new investment is $70,784.
Twenty-two-year-old Chad has just graduated from college. He wants to buy a new car to celebrate. He expects to be able to make payments through his new job. His parents tell him that they will help him out, if he has difficulty making payments down the road, so he buys the car. Shortly thereafter, he loses his job, and can’t make the car payment. He tells the dealer that his parents have agreed to cover for him, but they have had unexpected home repair expenses, and it would be a hardship for them to cover for Chad. Which of the following is true?A. The dealer cannot legally require the parents to make the payment.B. The dealer can legally require the parents to make the payment.C. Only Chad can legally require his parents to make the payment.D. none of the above.
Answer:
A. The dealer cannot legally require the parents to make the payment.
Explanation:
According to the law the dealer cannot legally require the parents to make the payment because the merchandise is not legal, therefore there is no legal contract.
Yard Tools manufactures lawnmowers, weed-trimmers, and chainsaws. Its sales mix and unit contribution margin are as follows.
Sales Mix Unit Contribution Margin
Lawnmowers 20 % $32
Weed-trimmers 50 % $24
Chainsaws 30 % $45
Yard Tools has fixed costs of $4,944,500.
Compute the number of units of each product that Yard Tools must sell in order to break even under this product mix. (Use the Weighted-Average Unit Contribution Margin Ratio rounded to 2 decimal places e.g. 0.25 and round final answers to 0 decimal places, e.g. 2,510.)
Answer:
Instructions are listed below.
Explanation:
Giving the following information:
Sales Mix Unit Contribution Margin
Lawnmowers 20 % $32
Weed-trimmers 50 % $24
Chainsaws 30 % $45
Break-even point (units)= Total fixed costs / (weighted average selling price - weighted average variable expense)
Break-even point (units)= 4,944,500/ ( 0.20*32 + 0.5*24 + 0.30*45)
Break-even point (units)= 155,000 units
Each product:
Lawnmowers= 0.20*155,000= 31,000
Weed-trimmers= 0.50*155,000= 77,500
Chainsaws= 0.30*155,000= 46,500
During the latest year. XYZ Corporation has total sales of $400,000. net income of 10000, and its year end total sses were S 500 000. The firm's total debt to total assets ratio was 30%, what is firm's profit margin? (Enter your answers as a decimal rounded to 4 decimal places, not a percentage. For example, enter 0. 0843 instead of 8.43 Your Answer: Answer D View hint for Question 23 Question 24 (1 point) If a company's ROA is 9% and its total long-term debt to total assets ratio is 40%, what is its ROE (return on. equity)? (Enter your answers as a decimal rounded to 4 decimal places, not a percentage For example enter 00843 instead of 843%) Your Answer:
Answer:
2.50%; 15%
Explanation:
Profit margin = (Net income ÷ sales) × 100
= ($10,000 ÷ $400,000) × 100
= 2.50%
Total long-term debt to total assets ratio = 40%
So,
= Total equity ÷ Total assets
= 60%
Equity multiplier = Total assets ÷ Total equity
= 1.66667
ROA = 9%
ROE (return on equity):
= (Profit margin × Total assets turnover) × Equity multiplier
= ROA × Equity multiplier
= 9% × 1.66667
= 15%
Final answer:
The profit margin of XYZ Corporation is 0.0250. To find it, divide the net income of $10,000 by the total sales of $400,000. Similarly, a firm's accounting profit with a sales revenue of $1 million and various costs would be $50,000.
Explanation:
To calculate the profit margin of XYZ Corporation, we divide its net income by its total sales. The profit margin formula is: Profit Margin = (Net Income / Total Sales).
In this case, XYZ Corporation's net income is $10,000 and its total sales are $400,000. Therefore, the profit margin would be calculated as follows: Profit Margin = ($10,000 / $400,000) = 0.025. So, the profit margin, when entered correctly as a decimal, is 0.0250.
For the self-check question regarding the firm with sales revenue of $1 million, the accounting profit is found by subtracting the total costs (labor, capital, and materials) from the sales revenue. The firm's accounting profit would be: $1 million - ($600,000 + $150,000 + $200,000) = $1 million - $950,000 = $50,000.
A manufacturing firm is considering two locations for a plant to produce a new product. The two locations have fixed and variable costs as follows: The locations area: Atlanta ($80,000, $20) and Phoenix ($140,000, $16) . The first number with in the parentheses is the fixed cost and the second number is the variable cost per unit If the annual demand is 20,000 units, what would be the cost advantage of the better location? Select one: A. $60,000 B. $80,000 C. $480,000 D. $20,000 E. $460,000
Answer:
D. $20,000
Explanation:
Considering the cost elements of Atlanta
Fixed cost = $80,000
Variable cost per unit = $20
Where 20,000 units are produced (to meet annual demands)
Total cost = 80,000 + (20000 × 20)
= 80,000 + 400,000
= $480,000
Considering the cost elements of Phoenix
Fixed cost = $140,000
Variable cost per unit = $16
Where 20,000 units are produced (to meet annual demands)
Total cost = 140,000 + (20000 × 16)
= 140,000 + 320,000
= $460,000
Comparing the cost of production in the two locations, the cost advantage of the better location (Phoenix)
= 480,000 - 460,000
= $20,000
Gregory Trout has just received a memo explaining that because of his department's success with the newly developed Trout, Inc., that his request for three new employees has been approved. Gregory now faces the challenge of working with the areas of human resource management in recruiting, selecting, training and maintaining eFective employees. In recruiting and selecting employees for the new positions, Gregory will apply which human resource management goal?
a. Implementing strategies
b. Managing talent
c. Maintaining the company mission
d. finding the right people
e. Controlling strategies
Answer:
d. finding the right people
Explanation:
As the George's department had successfully satisfied the needs of the new developed Trout , Inc. IT might happen that work will be extended. This will require Goerge to increase the workforce those are having skill sets that matches the Trout, Inc. needs.
Thus, while recruiting and seelcting for the new positon Georgy will apply HRM goal of finding the right set of people for the required project.
Assume instead that the fair market value of the land was $87,000 and that of the building was $65,000. Determine Gerald's adjusted basis for the land and building. Gerald's basis for gain: Gerald's adjusted basis for the land is $. Gerald's adjusted basis for the building is $. Gerald's basis for loss: Gerald's adjusted basis for the land is $. Gerald's adjusted basis for the building is $.
Answer:
Please see attachment
Explanation:
Please see attachment
X Company is considering replacing one of its machines in order to save operating costs. Operating costs with the current machine are $64,000 per year; operating costs with the new machine are expected to be $50,000 per year. The new machine will cost $70,000 and will last for five years, at which time it can be sold for $3,000. The current machine will also last for five more years but will not be worth anything at that time. It cost $34,000 three years ago but is currently worth only $5,000. Assuming a discount rate of 7%, what is the incremental net present value of replacing the current machine with the new machine?
Answer:
7.915
[tex]23313 {6}^{2} [/tex]
Consider the following information about a business Diane opened last year: price = $20, quantity sold = 25,000; implicit cost = $255,000; explicit cost = $360,000. Assuming that all relevant costs and revenue are noted, what was Diane's accounting profit?
Answer:
Explanation: $140,000
Accounting profit is the difference between revenue and explicit cost.
Explicit costs are the actual costs incurred in the running of the business.
Revenue = price × quantity sold
= $20 × 25000 = $500,000
$500,000 - $360,000 = $140,000
Implicit costs are also referred as opportunity cost. They are used in calculating the economic profit.
Economic profit = Accounting profit - implicit cost
Sell or Process Further Rise N' Shine Coffee Company produces Columbian coffee in batches of 6,000 pounds. The standard quantity of materials required in the process is 6,000 pounds, which cost $5.50 per pound. Columbian coffee can be sold without further processing for $9.22 per pound. Columbian coffee can also be processed further to yield Decaf Columbian, which can be sold for $11.88 per pound. The processing into Decaf Columbian requires additional processing costs of $10,230 per batch. The additional processing also causes a 5% loss of product due to evaporation. a. Prepare a differential analysis dated October 6 on whether to sell regular Columbian (Alternative 1) or process further into Decaf Columbian (Alternative 2). For those boxes in which you must enter subtracted or negative numbers use a minus sign.
Answer:
Please see attachment
Explanation:
Please see attachment
develop a product service idea.
A. Describe the product/service including the benefits of using the product/service
B. Discuss the potential customers for this product/service
2. Based on the nature of the product/service, recommend at least 3 possible social media to use in marketing the product/service. Describe your recommendations and discuss the advantages and disadvantages of each.
Answer:
Read the following explanation.
Explanation:
1a- My products idea is the auto-home temperature control system which will benefit the customers to control the temperature of their home in winter time. this product is both automatic means customer can control this system with remote and use of internet as well as manually by changing its settings.
b- The potential customers for this product are based on geographic segmentation in which customers who live in cold countries like Canada, America, Atlanta, Russia will be targeted.
another potential custome segmentation will be based on demographic in which customers who are professionals like doctors, lawyers, or job doers and having average to high income level will be targeted like income level from $50000-above $150000.
2-the three possible way to market my product are-
a-Use of google in which customers will type the name of my product and it will list on top because of SEO and i will rank my product on top list so that customers can click and read about my product on my website easily.
the pro of this that customers will get information easily and place order. this will help to build good image of my product being top at google list.
the con is that this may cost more to put my product on top of search engine list.
b- The use of social media like Fb post, instagram etc in which my product will get advantage of being marketed to wide range of audience at low cost. also there are billions of users on social media so we can reach to them in less time.
the con of this is that use of social media involves other big brands and products already so customers tend to ignore such ads.
c- the third would be use of TV commercials in which we would use celebrity influenece to market my products. the advantage of this is that Customers will be influneced by celebrity power and will order the product. Tv commercials will have customers who are ignored by social media.
the con of this is that this may cost extra to hire celebrity also customers who are to watch Tv shows or movies tend to skip ads.
Pam works for a corporation that recently fired three top managers who were caught using the company credit cards to lavishly furnish their offices and even purchase "office" furniture that was found in their personal homes. Which method of maintaining an ethical culture is Pam's company pursuing? A) serve as a visible role model B) communicate ethical expectations C) provide ethical training D) visibly punish unethical acts E) provide protective mechanisms
Answer:
(D). Visibly punish unethical acts
Explanation:
Ethics refer to how people conduct themselves morally. Each organization has an Ethical Code they expect their employees to abide by.
When employees act outside an organization's Code of Ethics, then punishing them visibly is a way to serve as a deterrent to other employees.
Employees should also be openly rewarded when they act in accordance to the Code of Ethics to encourage others to do the same.
In this case, Pam's company is using visible punishment to maintain its ethical culture and send a message to the other employees.
You plan to make five deposits of $1,000 each, one every 6 months, with the first payment being made in 6 months. You will then make no more deposits. If the bank pays 6% nominal interest, compounded semiannually, how much will be in your account after 3 years? One year from today you must make a payment of $4,000. To prepare for this payment, you plan to make two equal quarterly deposits (at the end of Quarters 1 and 2) in a bank that pays 6% nominal interest compounded quarterly. How large must each of the two payments be?
Answer:
Check the calculation below.
Explanation:
a) Amount in account after 3 years:
= $1,000 (1+ 0.03)5 + $1,000 (1+ 0.03)4+ $1,000 (1+ 0.03)3 + $1,000 (1+ 0.03)2 + $1,000 (1+ 0.03)
= $1,159.27 + 1,125.51 + 1,092.73 + 1,060.90 + 1,030
= $5,468.40
b) Calculation of amount of payment:
Let the amount of each of two payment be "P".
Now, $4,000 = P (1 + 0.015)3 + P (1 + 0.015)2
or,$4,000 = 1.0457 P + 1.0302 P
or, P = $4,000 / 2.0759
or, P = 1,927 (Approx)
To have $10,000 in ten years with 10% interest compounded annually, you need to deposit $3,874.38.
Explanation:To calculate how much money you need to put into a bank account to have $10,000 in ten years with 10% interest compounded annually, you can use the formula for compound interest, which is A = P(1 + r/n)^nt. In this case, P is the principal amount (the initial deposit), r is the interest rate (10% or 0.10), n is the number of times interest is compounded per year (1 for annually compounded interest), and t is the number of years (10).
Substituting these values into the formula, we get A = P(1 + 0.10/1)^(1*10) = 10,000. Rearranging the formula to solve for P, we have P = A / (1 + r/n)^nt. Plugging in the known values, we calculate P = 10,000 / (1 + 0.10/1)^(1*10) = $3,874.38.
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On January 1, the Matthews Band pays $66,000 for sound equipment. The band estimates it will use this equipment for four years and perform 200 concerts. It estimates that after four years it can sell the equipment for $1,000. During the first year, the band performs 45 concerts. Compute the first-year depreciation using the straight-line method.
Answer:
Annual depreciation= $16,250
Explanation:
Giving the following information:
On January 1, the Matthews Band pays $66,000 for sound equipment. The band estimates it will use this equipment for four years and perform 200 concerts. It estimates that after four years it can sell the equipment for $1,000.
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (66,000 - 1,000)/4= $16,250
The first-year depreciation using the straight-line method is $16,250.
Explanation:The first-year depreciation using the straight-line method can be calculated by subtracting the estimated salvage value from the initial cost of the equipment and then dividing the result by the estimated useful life of the equipment. In this case, the initial cost is $66,000, the estimated salvage value is $1,000, and the estimated useful life is 4 years.
To find the first-year depreciation, we use the formula: (Initial cost - Salvage value) / Useful life.
Therefore, the first-year depreciation is ($66,000 - $1,000) / 4 = $16,250.
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Divine Apparel has 4,000 shares of common stock outstanding. On October 1, the company declares a $0.75 per share dividend to stockholders of record on October 15. The dividend is paid on October 31. Record all transactions on the appropriate dates for cash dividends.
The declaration of a dividend initially reduces retained earnings and creates a liability. When the dividend is paid, the liability is removed, and cash is reduced accordingly.
On October 1, the date of declaration, the following journal entry is made:
[tex]\[ \text{Dividends Payable} \quad 3,000 \][/tex]
[tex]\[ \text{Retained Earnings} \quad -3,000 \][/tex]
On October 15, the date of record, no journal entry is required since the dividends payable have already been recorded on the declaration date.
On October 31, the date of payment, the following journal entry is made:
[tex]\[ \text{Dividends Payable} \quad -3,000 \][/tex]
[tex]\[ \text{Cash} \quad 3,000 \][/tex]
When a company declares a cash dividend, it affects the company's financial statements. The declaration of a dividend creates a liability for the company, which is the amount that the company owes to its shareholders. This liability is recorded in an account called Dividends Payable.
On October 1, Divine Apparel declares a $0.75 per share dividend on 4,000 shares of common stock. To calculate the total amount of the dividend:
[tex]\[ \text{Total Dividend} = \text{Dividend per Share} \times \text{Number of Shares} \][/tex]
[tex]\[ \text{Total Dividend} = \$0.75 \times 4,000 \][/tex]
[tex]\[ \text{Total Dividend} = \$3,000 \][/tex]
The journal entry on October 1 records the dividend as a liability (Dividends Payable) and reduces the Retained Earnings by the same amount, since the dividend represents a distribution of the company's earnings to shareholders.
On October 15, the date of record, the company verifies which shareholders will receive the dividend. However, this does not require a journal entry because the liability was already recorded on the declaration date.
Finally, on October 31, when the dividend is paid, the company removes the liability by debiting Dividends Payable and crediting Cash for the same amount, which is $3,000. This reflects the cash outflow to pay the dividend to the shareholders.
During the year, credit sales amounted to $800,000. Cash collected on credit sales amounted to $780,000, and $16,000 has been written off. At the end of the year, the company adjusted for bad debts expense using the percent-of-sales method and applied a rate, based on past history, of 3.5%. The ending balance of Accounts Receivable is ________.
Answer:
Bad debt expense = $28000
Ending balance = $4000
Explanation:
given data
Credit sales= $800000
Cash collection = $780,000
Write off = $16,000
rate = 3.5 %
to find out
ending balance of Accounts Receivable is
solution
first we get Bad debt expense that is express as
Bad debt expense = 800000 × 3.5%
Bad debt expense = $28000
and
Ending balance is express as
Ending balance = Credit sales - Cash collection - Write off ..............1
put here value
Ending balance = $800000 - $780,000 - $16,000
Ending balance = $4000
Final answer:
The ending balance of Accounts Receivable is calculated $32,000 by adding credit sales to the beginning balance, subtracting cash collections and write-offs, and then adjusting for the bad debts expense calculated by the percent-of-sales method.
Explanation:
The student asked about calculating the ending balance of Accounts Receivable when given the credit sales, cash collected, amount written off, and bad debts expense using the percent-of-sales method. To calculate the ending balance of Accounts Receivable, you must account for the beginning balance, add credit sales, subtract cash collections and write-offs, and adjust for the calculated bad debts expense.
Here's a step-by-step process:
Calculate the bad debts expense using the percent-of-sales method: $800,000 (credit sales) × 3.5% = $28,000.
Determine the amount of Accounts Receivable before the adjustment for bad debts: $800,000 (credit sales) - $780,000 (cash collected) - $16,000 (write-offs) = $4,000.
Add the bad debts expense to the Accounts Receivable before adjustment: $4,000 + $28,000 = $32,000, which is the ending balance of Accounts Receivable.
Diamond Design Company makes custom chairs for individual customers. On September 1, there was one job in process, Job 243, with a cost of $2,000. Jobs 244, 245, and 246 were started during the month of September. Data on costs added during the month are as follows:
Job 243 Job 244 Job 245 Job 246Direct Materials $9,000 $2,280 $6,700 $8,000Direct Labor 2,240 1,000 2,300 2,530Overhead is applied to production at the rate of 60% of direct labor cost. Job 245 was completed on September 14 and the client was billed at cost plus 40%. All other jobs remained in process.
Calculate the balance in Work-in-Process on September 30.a. $15,820b. $17,717c. $30,512d. $22,875e. $32,820
Answer:
c. $30,512
Explanation:
Please see attachment
The ending work-in-process balance for Diamond Design Company on September 30 is $32,482, calculated by totaling the costs for jobs 243, 244, and 246 that were still in process at the end of the month.
Explanation:To calculate the balance in Work-in-Process on September 30 for Diamond Design Company, we will add the cost layers for each job that remained in process at the end of the month. We start with the opening balance of Job 243 and then add the direct materials, direct labor, and overhead applied to the jobs that were not completed within the month.
Here are the calculations:
Job 243: $2,000 (opening balance) + $9,000 (direct materials) + $2,240 (direct labor) + ($2,240 * 60% overhead) = $15,584Job 244: $2,280 (direct materials) + $1,000 (direct labor) + ($1,000 * 60% overhead) = $4,000Job 246: $8,000 (direct materials) + $2,530 (direct labor) + ($2,530 * 60% overhead) = $12,898Adding those amounts gives us the ending work-in-process balance:
$15,584 (Job 243) + $4,000 (Job 244) + $12,898 (Job 246) = $32,482
Therefore, the correct balance on September 30 for work-in-process is $32,482.