An auditor is required to establish an understanding with a client regarding the responsibilities for each engagement. This understanding generally includes: The auditor's responsibility to plan and perform the audit to provide reasonable, but not absolute, assurance of detecting material errors or fraud.
Who is an auditor?An auditor is a person qualified to examine financial documents, confirm their accuracy, and make sure businesses are following tax regulations. They guard companies against fraud, call attention to inconsistencies in accounting procedures, and, occasionally, they operate as consultants, assisting firms in identifying ways to improve operational efficiency. Within various industries, auditors serve in a variety of roles.
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Sharon owns a law firm. She has recently begun earning more money, and the firm
finances are doing well. In which business life cycle stage is Sharon?
Success
Survival
Existence
Sharon is in the Success business life cycle stage.
In the success stage, owners must choose now whether to capitalize on the business's successes and grow or maintain it steady and profitable so that it may serve as a foundation for future owner initiatives.
The progression of a business in stages through time is called the business life cycle. A life cycle is a term used in business to describe the beginning, development, and final demise of a good or service. Businesses can make wiser financial decisions if they comprehend the sequence of events in a life cycle.
In order to properly plan and set attainable goals for the future, it is crucial that you correctly identify the life cycle stage of your company. A firm goes through four stages in its life cycle: start-up, expansion, maturity, and decline.
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maurice has the following utility function: u(x,y)20x80y2 where x is his consumption of cds with a price of $ and y is his consumption of movie videos, with a rental price of $. he plans to spend $ on both forms of entertainment. determine the number of cds and video rentals that will maximize maurice's utility.
The utility function in 873 is maximised by 7 Cd abd 17 movie videos.
We use the Excel solver to resolve this:
A. B C D
1. CD Movie
2. Price 1 2
3. Q 7 17
4.Subtotal 7 34 41
Each product's subtotal is the price per amount, which we add together to obtain the overall price.
The utility function = 20 is then written
*B3+80*C3-POWER(B3;2)-2*POWER(C3;2)
873 Utility
By changing cells B3 and C3, we can maximise the function of the hat
with the restriction of D4 being less than or equal to 41
What is Utility function ?The utility function is a tool used in economics to gauge a consumer's wellbeing or level of happiness in relation to their use of tangible commodities like food and clothing. In rational choice theory, utility function is frequently used to examine behavioural patterns in people.
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george contemplates purchasing 100 shares of a stock selling at $15 per share. the history of the stock indicates that it should grow at a rate of 12%, compounded twice per year. how many years would it take for the worth of george’s shares to double? round to the nearest tenth.
Share value should be doubled in years. By compound interest the share value is doubled in 6 years.
What is compound interest?The interest you receive is referred to as compound interest. Using simple math, you can see how this works: if you have $100 and it generates 5% interest annually, you will have $105 at the end of the first year. You'll have $110.25 at the conclusion of the second year.
What is share value?A value stock is a term used to describe shares of a firm that appear to sell for less than its fundamentals, such as dividends, earnings, or sales, attracting value investors. Typically, a growth stock and a value stock can be compared.
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when you drive, there is an underlying trade-off: you have the of driving: getting from one place to another quickly and easily. on the other hand, you have to incur the of driving: paying for gasoline and some wear and tear on the car. (enter one word in each blank.)
When you drive there is an underlying trade-off: you have the benefit of driving: getting from one place to another quickly and easily. On the other hand, you have to incur cost of driving: Paying for gasoline and some wear and tear on the car.
The function of underlying trade-off is we can getting from one place to another quickly and easily. So we have the benefit of driving. On the other hand, we have to incur the cost of driving include paying for gasoline and some wear and tear on the car.
A trade-off (or tradeoff) can be defined as a situational decision that involves diminishing or losing one quality, quantity, or property of a set or design in return for gains in other aspects. In simple terms, a tradeoff can be defined as the thing increases, and another must decrease.
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matt and meg comer are married and file a joint tax return. they do not have any children. matt works as a history professor at a local university and earns a salary of $70,000. meg works part-time at the same university. she earns $33,000 a year. the couple does not itemize deductions. other than salary, the comers’ only other source of income is from the disposition of various capital assets (mostly stocks). (use the tax rate schedules, dividends and capital gains tax rates.) (round your final answers to the nearest whole dollar amount.)
The tax liability for Matt and Meg Comer as they file a joint tax return is $11239.
What is a joint tax return?It should be noted that a joint tax simply means a single tax return that is filed by the married couple who had married before the tax year.
The tax liability for the Comer's will be:
Salaries = $70000 + $30000 = $100000
Short term gains = $9000 - $2000 = $7000
Long term capital = $15000 - $6000 = $9000
Adjusted gross income = $116000
Less: Standard deduction = $24400
Taxable income = $91600
Less preferred taxes income = $9000
Income taxed at ordinary rate = $82600
Income taxed at capital gain rate = $9000
Regular tax = 9086 + (82600 - 78950) × 22% = $9889
Preferential tax = (9000 × 15%) = 1350
Tax liability = $9889 + $1350 = $11239
Note that some values were gotten from the tax table.
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jamie is a development engineer for a manufacturer of solar panels for both residential and commercial purposes. her company uses pert network software for all development projects. as she assesses her timeline for completing a new panel the company plans to introduce for the agriculture industry, jamie will need to focus on
As she assesses her timeline for completing a new panel the company plans to introduce for the agriculture industry, Jamie will need to focus on: D. the critical path of the PERT network.
What is a timeline?A timeline simply refers to a list of important events or activities that are arranged in a chronological sequence, which is the order in which they happened (occurred).
What is PERT?PERT is an abbreviation for Program Evaluation and Review Technique and it can be defined as a network model that was designed and developed in the late 1950's for the Polaris project of the United State Navy, which had thousands of contractors.
Additionally, the Program Evaluation and Review Technique (PERT) network helps project manager to significantly reduce both the cost and amount of time that is required to successfully complete a project, as well as randomness in activity completion times.
In conclusion, we can reasonably infer and logically deduce that the main purpose of determining the critical path on a Program Evaluation and Review Technique (PERT) network is to enable project managers in identifying the sequence of tasks that takes the longest time to complete, during the execution of a project.
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Complete Question:
Jamie is a development engineer for a manufacturer of solar panels for both residential and commercial purposes. Her company uses PERT network software for all development projects. As she assesses her timeline for completing a new panel the company plans to introduce for the agriculture industry, Jamie will need to focus on
A. ISO 14001 standards.
B. the priority bar of the PERT chart.
C. marketing efforts for promotion.
D. the critical path of the PERT network.
sustainable economic development always generates greater profitability. meets present needs without compromising the ability of future generations to meet their needs. meets future needs without compromising present needs. is an idea proposed by frank and lillian gilbreth to cut costs and increase efficiency. produces greater diversity in the workforce.
A right answer is option (c). The ability of future generations to meet their requirements is not compromised by sustainable economic development, which satisfies current wants.
What does it mean to have a sustainable economy?"Sustainable development" is a method of economic planning that seeks to advance economic growth while preserving the quality of the environment for future generations. Sustainable development is based on the idea that natural systems must be preserved so that they can continue to offer the ecosystem services and natural resources that are essential to the economy and society.
Why is a sustainable economy crucial?Economic stability is produced through economic sustainability, which makes the economy resilient to risk factors such as future increases in the cost of energy and water. Economic sustainability protects your industry, ensuring that your operations remain resilient and strong in the face of change.
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The correct question is:
Sustainable economic development _______
A) produces greater diversity in the workforce.
B) always generates greater profitability.
C) meets present needs without compromising the ability of future generations to meet their needs.
D) meets future needs without compromising present needs.
E) is an idea proposed by Frank and Lillian Gilbreth to cut costs and increase efficiency.
in a legal memorandum, you have cited u.s. motors v. gen. motors europe, 559 u.s. 939 (2010). in the very next sentence, without any intervening cites, you wish to cite to page 942 of the same case.
In the very next sentence, without any intervening cites, for one who wishes to cite to page 942 of the same case will use id. at 942.
Id meaning idem is a Latin concept meaning "the same". It is usually abbreviated as id., which is majorly used in legal citations to denote the previously cited source.
Why should one use of id. citation?Id." is a purpose - encompassing short form referencing which could be used for any cited authority apart from internal cross-references. "Id." always refers to the immediately preceding cited authority, either in the same footnote or the previous footnote provided that it is the only authority cited in the preceding footnote.
Therefore, the correct answer is as given above.
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method uses a visual list of the pros and cons of buying now or waiting, buying the salesperson's product versus a competitor's, and buying versus not buying
The required details about the pros and cons are mentioned below.
The advantages and drawbacks of something are its pros and negatives, which you carefully weigh in order to come to a wise decision.
A drawback or justification for not acting: The higher operating costs of a larger car are one of its drawbacks. Before making a choice, you must consider all the advantages and disadvantages of the situation.
an advantage or justification for action: The benefits and drawbacks of outsourcing the task had to be weighed. professional noun; informal.
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An Objection method uses a visual list of the pros and cons of buying now or waiting, buying the salesperson's product versus a competitor's, and buying versus not buying.
Walberg associates, antique dealers, purchased goods for $75,000. Terms of the purchase were fob shipping point, and the cost of transporting the goods to walberg associates’s warehouse was $2,400. Walberg associates insured the shipment at a cost of $300. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $980. Determine the cost of inventory.
The cost of inventory of Walberg Associations will be $3680 as per given shipping cost, transportation cost and warehousing cost.
Inventory costs are incurred during the assembly/preparation of a product for sale and might include warehouse costs and insurance expenses.
Here it will be - Warehouse cost ($2,400) + Shipment cost ($300) + Cleaning and refurbish cost ($980) = $3680.
Cost of inventory, also known as typical holding costs, are among the most difficult challenges in inventory management. Increasing inventory costs may appear to suggest unproductive or wasteful operations. A corporation might very well miss out on future opportunities if excessive capital is locked up in inventory levels. Slow-moving inventory, excess safety stock, suboptimal inventory management, as well as other relevant factors can all influence high inventory costs.
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If the minimum wage for teenagers increased to a rate higher than their market equilibrium wage, what would be the effect on their wage and employment?.
The effect on wage is increase and the effect of employment is decrease if the minimum wage for teenagers increased to a rate higher than their market equilibrium wage.
A minimum wage can be described as the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. Minimum wage cannot be reduced by collective agreement or an individual contract. The minimum wage legislation had introduced by most of countries in the end of the 20th century.
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in the form of a zero-interest-bearing note (face amount $150,000). the note is to be repaid on december 31, 2022. the prevailing rate of interest for a loan of this type is 10%, and the present value of $150,000 at 10% for three years is $112,695. what amount of interest income should ms. ladd recognize in 2020?
The interest income received by Ms. Ladd on zero-interest bearing note in year 2020 will be $15,000.
The interest income will be calculated as follows:
Present value = $150,000
Rate of interest (r) = 10%
Interest income of 2020 =150,000*10%
= $15,000
Zero interest bearing notes are debt instruments with no dividend yield attached that have been issued by an organization. When such instruments are issued, the issuing corporation is not required to give investors any ongoing interest payments. These are also known as bonds with zero coupons.
Zero interest bearing notes are issued by the company at a massive discount to their face value because they are not subject to any periodic interest. A predetermined maturity period is also a feature of these securities. The firm is mandated to return the full-face value of the notes to the investors whenever they mature.
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you have agreed to deliver the underlying commodity on a futures contract in 90 days. today the underlying commodity price rises and you get a margin call. you must have:
You must hold a long position in a futures contract, is the answer underlying commodity.
An agreement to acquire or sell an item at a specified price and at a future date is known as a futures contract. They are frequently used to protect against losses due to negative price changes by hedging the movement of the underlying asset's price underlying commodity.
Forward contracts are exchanged over-the-counter, and the terms are negotiated by the counterparties. In that it locks in a future price in the present, it is comparable to a futures contract long position.
However, since futures contracts are standardized and each participant is subject to the same conditions regardless of the counterparty, they are applicable in this situation.
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consider an economy that produces only smartphones and laptops. last year, 10 smartphones were sold at $800 each, and 5 laptops were sold at $1,000 each, while this year, 15 smartphones were sold at $900 each, and 10 laptops were sold at $1,100 each. real gdp this year, using last year as a base year, is:
Real GDP this year, using last year as a base year, is: $13000
Nominal GDP is a measure of an economy's economic output that takes into account current pricing for goods and services. The monetary worth of goods and services generated is often used to calculate GDP.
Nominal GDP= (Price of smartphones x Quantity of smartphones) +(Price of laptops x Quantity of laptops)
Price of smartphones=$800
Quantity of smartphones=10
Price of laptops=$1000
Quantity of laptops=5
Nominal GDP=($800x10) +($1000x5)
=$8000+$5000
=$13,000
Consequently, actual GDP affords a greater correct portrait of monetary increase than nominal GDP because it makes use of consistent prices, making comparisons among years greater significant via way of means of taking into account comparisons of the real quantity of products and offerings without thinking about inflation.
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Knowing about the money supply of the Federal Reserve (FED) can be useful to understand mainly
- when it is best to invest
- what companies to invest in
- how often to invest -
- why to invest
Being able to know the money supply of the Federal Reserve can come in handy when in knowing when it is best to invest.
What is the benefit of knowing monetary policy?The monetary policy of the Federal Reserve allows us to know the money supply in the economy. It is important to note that when the money supply is high, the interest rates on loans are low and when money supply is low, the interest rates are high.
Knowing the money supply would therefore help us to navigate when best to invest because we can then know to invest when money supply is low to make more returns.
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which community of interest usually takes the lead in information asset risk management? which community of interest usually provides the resources used when undertaking information asset risk management?
Risk management can be defined as the process of discovering and assessing the risks to an organization's operations and determining how those risks can be controlled or mitigated. There are four types of risk management, such as:
Risk acceptance.Risk transference.Risk avoidance.Risk reduction.When an organization consider the full range of risks it faces, risk management program helps those organization. Risk management also examines the cascading impact they could have on an organization's strategic goals and the relationship.
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john got a part time weekend job at a local restaurant to save for a new car. he plans on depositing $110 per month for the next 4 years in a savings account with a rate of 4% per year compounded monthly. how much will he have saved toward his down payment at the end of the 4 year period?
The amount John will save is equal to $5710.97 toward his down payment at the end of the 4 year period.
To determine the amount John will save if he plans on depositing $110 per month for 4 years with a rate of 4% per year compounded monthly, we first calculate the monthly rate.
Interest rate = 4% ÷ 12 = 0.04 ÷ 12
Interest rate = 0.0033
Now, we use the formula for future value to calculate the final value as follows;
FV = (A × {[1 + i]^n - 1}) / i
Here A represents the deposit amount which is $110
n = number of months = 4 × 12 = 48
i = interest rate = 0.0033
Putting values in the formula;
FV = (110 × {[1.0033^48] - 1}) / 0.0033
FV = $5710.97
Hence, $5710.97 will be saved by John toward his down payment at the end of the 4 year period by monthly compounding.
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Duland industries purchases inventory on account with terms 3/10, n/30 for $3,800 on july 15th. Mcleod also pays shipping costs of $150 on july 15th. What would be the net cost of the inventory if mcleod pays the invoice on july 29th?.
Since the payment term is 3/10, n/30, Duland industries is not qualified for the discount and the net cost of the inventory on july 29th is $3,950.
The credit term 3/10, n/30 means:
3/10 : if the buyer pays the invoice within 10 days, then a 3% discount will apply.
n/30 : if the buyer doesn't pay the invoice within 10 days to get the discount, then the full or net amount is due within 30 days.
From the problem:
The purchase date is 15th and the payment date is july 29th. It is more than 10 days, then Dulan industries is not qualified for the 3% discount.
The net cost of the inventory = inventory price + shipping cost
= $3,800 + $150
= $3,950
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jose was concerned about a memo he received from his supervisor, kayla, regarding a change in the pay structure. he was anxious for a response and did not know where she was, so he sent her a text message asking specific questions about the memo. kayla received the message and, given its complexity, did not respond right away. jose became frustrated and even more anxious about the changes, and ultimately went to kayla’s immediate supervisor for clarity. this created problems in his working relationship with kayla and kayla’s supervisor. given the complexity of the message, what communication channel should jose have used in the first place to avoid this situation?
The face-to-face communication channel should Jose have used in the first place to avoid this situation.
Face-to-face communique is whilst two or more human beings see and physical interaction with every other. It's also known as a non-public communique.
Face-to-face verbal exchange is the distinction of being able to see the opposite celebration or parties in a verbal exchange.
It allows for a higher exchange of facts on the grounds that each speaker and listener are capable of seeing and interpreting frame language and facial expressions.
Here are a few different situations wherein face-to-face interaction is suitable: offering non-public, one-on-one conversations with teammates and Discussing potentially touchy place of job statistics.
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a. a marketing firm is looking for a candidate with a business degree and at least five years of work experience. multiple choice 1 a union an intersection b. a family has decided to purchase a toyota minivan or a honda minivan. multiple choice 2 a union an intersection
A. A marketing company is seeking an applicant with a business degree and at least five years of professional experience. An intersection.
B. A family has made the decision to buy a Honda or Toyota minivan. a union.
What exactly is a marketing firm?
Effective marketing strategies are developed and put into action with the aid of marketing agencies. This frequently starts with marketing research to determine what aspects of the current marketing strategy are working and which ones are not, then moves on to demographic research to develop an accurate picture of the ideal client.
A marketing company can help you create and implement a plan for specific marketing campaigns, assess their effectiveness, and develop an overall marketing strategy once it has a clear understanding of who you are marketing to and what you have already tried to do to reach them.
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the three amigo's company produced and sold 500 dog beds. the average cost of production per dog bed was $50. each dog bed can be sold for a price of $65. the three amigo's total costs are
The three amigo's total costs are $25000 if they produced and sold 500 dog beds and the average cost of production per dog bed was $50.
To determine the total cost, we use multiplication. Multiplication is one of the basic arithmetic operations and can be described as the process of repeated addition of the same number.
As the average cost of production was $50 and 500 dog beds were produced, we can determine the total cost by multiplying the number of dog beds produced by the average cost of production.
Total cost = Number of dog beds produced × average cost
Substituting the values;
Total cost = 500 × 50
Total cost = $25000
Hence, the total cost of the three amigo's is calculated to be $25000.
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Question 15 of 20
The supply of a good available in a market is likely to increase when:
A. new regulations increase the cost of making the product.
B. few workers have the skills needed to create the product.
C. technology used to make the product is not widely available.
D. companies believe that the product's selling price will go up.
The supply of a good available in a market is likely to increase when actually and generally new regulations increase the cost of making the product Option(A) is correct.
What is Supply?In Financial aspects, supply is how much an asset that organizations, makers, suppliers of monetary resources, or other monetary specialists are willing and ready to give to the commercial center or to a person.
Supply can be in delivered products, work time, unrefined components, or some other scant or significant item. Supply is many times plotted graphically as a supply bend, with the cost per unit on the upward pivot and amount provided as a component of cost on the even hub.
Therefore Option(A) is correct This inversion of the typical place of the reliant variable and the autonomous variable is a lamentable yet standard show.
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using the contribution margin ratio, the impact on net income for a change in sales dollars is blank . multiple choice question. variable expense per unit - contribution margin ratio change in total contribution margin × contribution margin ratio change in sales dollars × contribution margin ratio change in sales dollars per unit - contribution margin ratio
The contribution margin exists estimated as Revenue - Variable Costs. The contribution margin ratio exists computed as (Revenue - Variable Costs) / Revenue.
What is meant by the Contribution Margin Ratio?The difference between a company's sales and variable costs, represented as a percentage, is the contribution margin ratio. The total income that can be used to cover fixed costs and turn a profit is represented by an entity's total margin.
The contribution margin exists estimated as Revenue - Variable Costs. The contribution margin ratio exists computed as (Revenue - Variable Costs) / Revenue.
The accounting term contribution margin ratio aids managers and business owners in monitoring the profitability of their products. Because it demonstrates how much of a product's income is available to pay fixed costs and contribute to the company's profit, the contribution margin is crucial to comprehend.
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after the end of the second year and all other factors remaining equal, a future value based on compound interest will never exceed the future value based on simple interest.
The answer to this question is false. Assuming that in both methods interest is calculated on an annual basis, the future value based on compound interest will always exceed the future value based on simple interest after the end of the second year.
What Is Future Value (FV)?The worth of a current asset at some point in the future based on an estimated rate of growth is known as future value (FV). For investors and financial planners, the future value is crucial because they use it to predict how much an investment made now will be worth in the future.
Investors can make wise investment choices based on their projected demands by knowing the future worth. However, external economic forces that depreciate an asset's value, such inflation, might have a negative impact on the asset's future worth.
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Long run competitive equilibrium a) isn't economically efficient b) will never change once it's realized c) is realized only in constant cost industries d) results in zero economic profits
Long run competitive equilibrium results in zero economic profits.
What determines a long run equilibrum?
In a perfectly competitive market, every economic profit is eliminated in the long-run equilibrum. Firms and businesses earn zero economic profit in a competitive market. An increase in the demand for goods is witnessed when there's an increase in the price of substitute. A positive economic profit leads to an increase in the number of new firms that enter into the market but conversly, a negative economic profit will result to firms exiting the industry till profits turn zero.
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legal regulation is not enough to insure society's protection from harmful business practices, this a strong sense of is needed for sound business decision making.
Legal restrictions alone won't guarantee society's safety from unethical business practices; sound business judgment also requires a strong sense of ethics.
Describe ethics.
Regarding freedom, responsibility, and justice, ethics considers how humans interact with the natural world and with one another. When ethics focuses on the interaction between people and the outside world, it can be said that it is generally concerned with human independence. The main prerequisite for any objective analysis of the facts and ethical decision-making is independence.
When someone decides to remove themselves as much as possible from their conditioning during a decision-making process, they are demonstrating independence. It will be understood that making ethical decisions is challenging insofar as this operation assumes a level of clarity that enables us to judge impartially and choose which course to take.
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isa pizza, a seller of frozen pizza, is considering introducing a healthier version of its pizza that will be low in cholesterol and contain no trans fats. the firm expects that sales of the new pizza will be million per year. while many of these sales will be to new customers, pisa pizza estimates that will come from customers who switch to the new, healthier pizza instead of buying the original version. a. assume customers will spend the same amount on either version. what level of incremental sales is associated with introducing the new pizza? b. suppose that of the customers who will switch from pisa pizza's original pizza to its healthier pizza will switch to another brand if pisa pizza does not introduce a healthier pizza. what level of incremental sales is associated with introducing the new pizza in this case?
When a new pizza is launched, incremental sales is $12.6 million, whereas in the second scenario, incremental sales is $17.472 million if the new pizza is introduced at the same time as others are releasing healthier pizza.
What are incremental Sales?In addition to the few units that could have been sold without a sales promotion contribution, incremental sales refer to the total number of units sold.
Let's calculate portion a) now, which determines the amount of extra sales that the new pizza will generate:
Incremental Sales = New Sales - Lost Sales of Actual Pizza
Incremental Sales 21,000,000 (40% x 21.000.000)
Incremental Sales = $12.600.000
The incremental sales connected to introduction of new pizza is $12.6 Million.
b) Calculation of the level of incremental sales, when related to the introduction of the new pizza:
Incremental Sales = New Sale - Lost Sales from Customer Switching Brand Incremental Sales = $21,000,000-42% x ( 40% ) x ($21,000,000)]
Incremental Sales = $21,000,000-$3528000
Incremental Sales = $17, 472,000
In instance (b), the additional sales associated with the introduction of the new brand of pizza total $17.472 Million.
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journal entries, financial statements, and closing entries for a capital projects fund the following transactions occurred during the fiscal year july 1, 2021 to june 30, 2022: 1. the city of spainville approved the construction of a city hall complex for a total cost of $120,000,000. a few days later, a contract with a 5 percent retainage clause was signed with paltrow construction for the complex. the buildings will be financed by a federal expenditure-driven grant of $25,000,000 and a general obligation bond issue of $100,000,000. during the current year, investment revenue of $4,000,000 is budgeted. (assume the budget is recorded in the accounts and encumbrance accounting is used.) 2. the bonds were issued for $90,000,000 (the face amount of the bonds was $100,000,000). the difference between the actual cost of the project and the bond and grant proceeds was expected to be generated by investing the excess cash during the construction period. 3. the city collected the grant from the government. 4. the city invested $90,000,000. 5. the contract signed with paltrow stipulated that the contract price included architect fees. the architects were paid their fee of $45,000 by spainville. retainage does not apply to the architect fees. (assume a vouchers payable account is used.) 6. paltrow submitted a progress billing for $25,000,000. the billing, less 5 percent retainage, was approved. assume that the city will use resources from the federal grant to make this payment. 7. investments that cost $5,000,000 were redeemed for a total of $5,020,000. note: the $20,000 increase represents interest income. 8. interest income totaling $3,500,000 was received in cash. 9. the contractor was paid the amount billed in transaction 6, less a 5 percent retainage. 10. the contractor submitted another progress billing for $25,000,000. the billing, less retainage, was approved. 11. investments totaling $14,600,000 were redeemed, together with additional interest income of $1,400,000. 12. the contractor was paid the amount billed in transaction 10, less a 5 percent retainage. 13. interest income of $250,000 was accrued. 14. bond interest totaling $10,000,000 was paid.
Funds for capital projects are accounted for on a modified accrual basis. When revenues are subject to accrual, they are recorded. The moment a liability is incurred is when expenses are recorded.
What does capital project fund accounting entail?
The financial resources utilized for the purchase or building of capital facilities are recorded using capital projects funding. These include real estate, upgrades to real estate, structures, structures' improvements, and infrastructure.
What last journal entries are there?
A journal entry that is made at the end of the accounting period is a closing entry. It entails transferring information from floating accounts on the income statement to floating accounts on the balance sheet. Retained earnings finally receive all balances from the income statement.
400,000 Cr. TAN Payable to Dr. Cash
Dr. Debt Services Expenditure 3,667 \sCr. 3,667 in accrued interest is due [400,000 x.01 x (11/12)]
Cash 100,000 Dr. Investments 100,000 Cr.
Dr. Cash Investment 100,000 [100,000 x.008 x (6/12)] = 400 Dr. Cash Investment 100,400 Cr. Revenue - Interest Revenue 400 Cr.
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as for-profit competitors like fedex and ups gained market share, the government-run united states postal service (usps) failed to implement managerial and process innovations. long chronically short on funding, the usps has faced even stiffer budget challenges as a result of losing business. what are the most likely reasons the usps failed to innovate? check all that apply.time to innovatelack of resourcesfailure to recognize opportunityresistance to change
The reasons that have caused the USPS to fail based on the question that we have here would be:
lack of resourcesfailure to recognize opportunityresistance to changeHow do businesses resist change?A business is going to be said to resist change when it refuses to take the new changes that has come into the business based on the age that they are in. For instance the competitors may have to upgrade based on new developments but they choose to remain the same way.
Another reason why that business failed is due to the fact that the question said that they lacked resources. This is due to the fact that it was said to have suffered a shortage on its funding at the time.
Also they did not recognize the opportunity that was before them at the time. Other companies had to utilize the opportunity.
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Companies that sell printers for at-home use usually sell the printers at a low price point and sell the corresponding ink cartridges at a very high price point. This strategy is known as ____________.
Companies that sell printers for at-home use usually sell the printers at a low price point and sell the corresponding ink cartridges at a very high price point. This strategy is known as Captive product pricing.
Captive product pricing refers to the price of goods that include both a core product and a number of auxiliary or supplementary products that are necessary for the primary product to give its full value. The core product might on occasion be cheap or offered at a discount as compared to peripheral products, which must be acquired in order for the core product to be valuable. This enables the sale of goods with greater margins than the primary item.
Making a core product that exemplifies the fundamental value of the entire product line and following it up with other items that provide enhanced value is one approach to achieving this. Product line pricing, which involves the division of goods and services into cost categories in order to generate multiple perceived quality levels in customers' thoughts, includes captive product pricing.
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