Problem solving is the act of defining a problem; determining the cause of the problem; identifying, prioritizing, and selecting alternatives for a solution; and implementing a solution.
Define the issue. In the problem-solving process, defining the problem is the first step. Clearly and thoroughly describe the issue, including any sub-issues or related concerns. This will aid in the identification of root causes and will serve as a reference point throughout the problem-solving process for evaluating progress and keeping everyone focused on the problem.
Here are the five things that organizations can do to improve their problem-solving effectiveness:
Organize a team. Working alone, few problems can be addressed.
To solve a complex problem, it is frequently necessary to form a team with a variety of skills. The following team members should be present in most problem-solving teams:
Team Leader: Provides direction, coordination, and accountability for the team's actions. Team Members: Are responsible for discovering, defining, and resolving the problem, in addition to assisting the team leader.
Facilitator: Guides the group through the problem-solving process, assists with communication and group dynamics, and makes sure that everyone is staying on track.
Recorder: Is in charge of documenting the group's process and decisions, as well as ensuring that everyone is heard.
Supply the group with the necessary tools. At the outset, the team should be given the tools it will need to analyze and solve the problem. The tools may be as simple as pen and paper for note-taking, or as complex as computer software for sophisticated data analysis and decision-making processes. The tools given will depend on the nature and complexity of the problem at hand.
Establish a process for decision-making. The problem-solving process will lead to one or more possible solutions. To select the best solution, a process for making a decision is required. The process should be simple and thorough, and it should be followed to ensure that the best possible solution is selected.
Follow-up on progress. The final step in the problem-solving process is to follow up on progress to ensure that the problem has been fully addressed. A periodic review of the situation will help ensure that the solution is still working as expected, and it may reveal any new problems that have arisen as a result of the solution.
This ongoing review will provide feedback that can be used to improve the overall problem-solving process. In regards to the second question, below are 5 critical thinking questions that the professor could ask the student, grouped into their categories.
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1. Identify the factors of production for each of the end products given below. (Provide specific factors under each of the input categories). a) Blueberry jam b) Automobile Engines 2. Identify 4 main economic systems around the world and under which economic system you consider that Canada should come under, justify your answer 3. Even prior to Covid -19 pandemic, some auto manufacturers were scaling down operations in North America. Discuss some of the reasons for Ford, GM and Toyota to close factories and downsize production facilities in Canada? Discuss based on external factors of environment, You may visit websites given below or other sites to support your answer. Remember to cite and provide references. https://knowledge.wharton.upenn.edu/article/general-motors-closings/ https://www.nap.edu/read/1806/chapter/7#102 4. Discuss a personal experience related to conflict of interest or conflict of loyalty. (State your situation clearly) In your response clearly identify how you made your decision to define whether your personal ethical issue is related to conflict of interest or loyalty by referring to concepts learnt under this course. What should be your ethical response to this situation 5. Your assignment should meet guidelines given and support argument(s) by carrying out reliable and sufficient research. All sources should be cited and should include a reference page (use APA format). Clear and concise writing is expected. Zero marks will be assigned for plagiarized work and be reported.
The factors of production for each of the end products given are Labor, Capital, Land, Entrepreneurship. The 4 main economic systems around the world are Market, Command, Traditional, Mixed economies and under mixed economic system you consider that Canada should come under. Due to increased competition, Ford, GM and Toyota closed factories and downsize production facilities in Canada
1. Factors of production for each of the end products:
a) Blueberry jam
Factors of production for blueberry jam include:
Land - the land required to grow the blueberries.
Labor - the labor used to pick and process the blueberries.
Capital - the machinery and equipment used to process the blueberries.
Entrepreneurship - the management and organization of the production process.
b) Automobile engines
Factors of production for automobile engines include:
Land - the land required for the factories and production facilities.
Labor - the labor used to assemble the engines.
Capital - the machinery and equipment used to assemble the engines.
Entrepreneurship - the management and organization of the production process.
2. Main economic systems around the world:
Market economy - an economy in which the production and distribution of goods and services are determined by the laws of supply and demand.
Command economy - an economy in which the production and distribution of goods and services are controlled by a central authority.
Traditional economy - an economy in which production is based on customs and traditions.
Mixed economy - an economy in which both the private sector and government play a role in production and distribution.
Justification for Canada coming under the mixed economy:
Canada should come under the mixed economy system because it allows for the government to play a role in protecting the environment, providing social services, and promoting economic stability while also allowing for private enterprise to drive innovation and competition in the marketplace.
3. Reasons for Ford, GM, and Toyota to close factories and downsize production facilities in Canada:
Some external factors that may have contributed to these companies' decisions to scale down operations in Canada include:
Increased competition from other countries with lower labor costs, such as Mexico.
Changes in consumer preferences and demand for different types of vehicles.
Increased costs of production due to regulations, taxes, and wages.
Changes in trade policies that affect the import and export of goods.
4. Personal experience related to conflict of interest or conflict of loyalty:
One personal experience I have had related to conflict of interest was when I was offered a job at a company that was owned by a friend of mine. Although I was excited about the opportunity, I was also concerned about how my friendship might affect my ability to make objective decisions in the workplace.
I ultimately decided to decline the job offer because I felt that my loyalty to my friend might cloud my judgment and prevent me from making decisions in the best interest of the company and its stakeholders. This situation relates to the concept of conflict of interest because I had a personal interest (my friendship) that could have conflicted with my professional responsibilities.
My ethical response to this situation was to prioritize my professional responsibilities and avoid putting myself in a situation where my personal loyalties might compromise my ability to act with integrity.
5. Guidelines for the assignment:
The assignment should be 150 words long. The argument(s) should be supported by reliable and sufficient research. All sources should be cited and a reference page should be included, using APA format.
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a) What are the challenges that Apple faces in the future, and what are the implications for its supply chain?
b) As Jessica Grant, what recommendations would you make to the company's vice-president, Phillip Duchene and why?
These challenges may be internal or external, and they might emerge at any point in the supply chain. The company must concentrate on improving the efficiency of its supply chain. If climate change continues to have a significant impact on the business, the supply chain will be seriously affected.
a) Challenges that Apple faces in the future and the implications for its supply chain: As one of the world's leading technology companies, Apple faces a variety of challenges in the future. Some of the most significant challenges confronting Apple in the future and their consequences for the supply chain are discussed below:
1. The manufacturing industry is in a state of flux: With the rise of Industry 4.0, a new kind of digital manufacturing is evolving, requiring businesses to rethink their production processes.
2. Fluctuations in demand: Apple may face unexpected shifts in customer demand. For example, customer preferences could change, and more innovative and less expensive products could emerge, making it tough for Apple to maintain its position.
b) Recommendations as Jessica Grant: As the newly appointed Director of Operations at Apple, Jessica Grant would provide advice to the company's Vice-President, Phillip Duchene, on how to address the challenges outlined above. The following are some of the suggestions she might offer to help the company stay ahead of the curve:
1. Maintain flexibility: Apple should aim to maintain a high degree of flexibility in its supply chain to ensure that it can adjust quickly to shifts in demand.
2. Sustainability: Apple should implement more environmentally friendly manufacturing methods and technologies to reduce its carbon footprint and mitigate the impact of climate change.
This can be accomplished by using data analytics and artificial intelligence (AI) to optimize manufacturing processes. Apple should have legal experts who can advise the company on potential legal issues and how to mitigate them. This can assist the company in avoiding supply chain disruption.
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bonds. Click on the table icon to view the FVIFA table and the PVIFA table and the FVIF table a. Justify Jinhee's participation in her employer's 401(k) plan using the time value of money concepts. It is in Jinhee's best interest to start contributing t her 401(k) immediately because: (Select the best choice below.) A. she will not be able to buy a house if she does not participate in the 401(k) plan. B. the employer match is only offered until she turns 30 . C. the employer match is only offered for the first year. D. the employer match is "free money" that shouldn't be passed up.
It is in Jinhee's best interest to start contributing to her 401(k) plan immediately because the employer match is "free money" that shouldn't be passed up. So, option d is correct.
Jinhee should participate in her employer's 401(k) plan because of the time value of money concepts.
According to the time value of money, the money we have today is worth more than the same amount of money in the future because of the opportunity cost. It means that when Jinhee invests money in the 401(k) plan, it will earn interest, which will increase its value over time. Thus, the earlier Jinhee starts to invest in the 401(k) plan, the more money she will have in the future.
If Jinhee's employer is offering a match, she should take advantage of it because it is like getting "free money." When an employer offers a match, it means that the employer will match a percentage of the employee's contribution. For example, if the employer matches 50%, it means that for every dollar Jinhee contributes, the employer will contribute 50 cents.
Therefore, Jinhee should contribute to the 401(k) plan to receive the maximum match from the employer. This employer match will grow over time, and the earlier Jinhee starts, the more she will have in the future. Hence, it is in Jinhee's best interest to start contributing to her 401(k) plan immediately because the employer match is "free money" that shouldn't be passed up. So, option d is correct.
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Households in a given economy enjoy consumption of two goods: stuff (21) and energy (r2). It is known that the household preferences over these two goods can be represented by u(11, 12)=1+aln(r2), where a; varies by household. It is also known that w> 10a.
(a) Depict the problem of a representative household if the inital prices are pi = 1 and p2 = 1 and find the demand for energy as a function of a. It is known that 50% of households consume less than 10 units of energy. What can we infer about their a?
The problem of a representative household in this scenario is to determine the optimal consumption of goods "stuff" and "energy" given the initial prices.
To find the demand for energy as a function of a, we can start by maximizing the utility function
u(11, 12) = 1 + a
ln(r2) subject to the budget constraint p1 * 11 + p2 * 12 = w, where p1 and p2 are the prices of goods "stuff" and "energy" respectively, and w is the household's income.
In this case, the initial prices are pi = 1 and p2 = 1, so the budget constraint becomes 11 + 12 = w, which simplifies to
w = 23.
Now, we can maximize the utility function u(11, 12) = 1 + a
ln(r2) subject to the budget constraint w = 23.
Differentiating the utility function concerning r2, we get
d(u)/d(r2) = a/r2.
Equating this to the price of energy (p2 = 1),
we have a/r2 = 1, which gives r2 = a.
Therefore, the demand for energy as a function of a is r2 = a.
Given that 50% of households consume less than 10 units of energy, we can infer that a < 10.
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1. One of your least productive and efficient employees has just come to you asking for time off due to legitimate family problems. Your job as manager is to meet both the employee’s and the company’s needs. What do you do?
2. Because all of your employees get along, they have created an excellent working environment. Their time, however, is often spent care taking one another’s needs rather than getting their own work done. The productivity of the entire group is suffering. How would you attempt to remedy the situation? How would you construct your message for an industrial organization? A creative organization? A service‐oriented organization?
3. You are managing a group of student volunteers who are donating their time to help out a service organization on campus. The students are all well intentioned, but after their initial enthusiasm wanes, they begin to miss deadlines and become less reliable. How would you reestablish the focus of this group? Which managerial style do you think would work most effectively?
The most effective managerial style for this situation would be a democratic or participative style, which involves involving the group members in the decision-making process and allowing them to provide input and feedback.
1. When an employee is going through a tough time due to family problems, it is important for a manager to be understanding and supportive. The manager should listen to the employee’s situation, offer empathy and guidance, and work with the employee to come up with a solution that meets both the employee’s and the company’s needs. In this situation, the manager should discuss the possibility of taking time off with the employee, and determine if it is feasible for the employee to take time off given their workload and the needs of the company. If it is feasible, the manager should work with the employee to determine the length of the leave and any other necessary details. If it is not feasible, the manager should work with the employee to find alternative solutions that allow the employee to deal with their family problems while still meeting the needs of the company.
2. To remedy the situation where employees are spending too much time care-taking one another’s needs, a manager should first assess the situation and determine the root cause of the problem. If the issue is due to the lack of clear expectations or guidelines, the manager should establish clear guidelines and communicate them to the team. If the issue is due to a lack of focus or motivation, the manager should work with each employee to set individual goals and develop a plan to achieve those goals. If the issue is due to conflicts or communication issues, the manager should facilitate team-building activities and communication exercises to improve teamwork and collaboration.
When constructing a message for an industrial organization, the manager should focus on the importance of meeting production goals and emphasize the need for individual accountability. When constructing a message for a creative organization, the manager should focus on the importance of collaboration and creativity, while also emphasizing the need for individual accountability. When constructing a message for a service-oriented organization, the manager should focus on the importance of customer service and emphasize the need for teamwork and collaboration.
3. To reestablish the focus of a group of student volunteers who are donating their time to help out a service organization on campus, a manager should first establish clear expectations and goals for the group. The manager should communicate the importance of meeting deadlines and being reliable, and work with the group to develop a plan to achieve their goals.
Therefore, This approach would allow the group members to feel more invested in the project and would encourage them to take ownership of their work.
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To achieve desired quality there will be cost spent by organizations, this cost can be determined as it is when??
To achieve desired quality there will be cost spent by organizations, this cost can be determined as it is when they perform quality control.
Quality control is an aspect of the production process that is concerned with ensuring that goods and services meet customer requirements. It is the process of identifying defects or problems in the product and correcting them before they are shipped to the customer.Quality control is essential for organizations that want to produce goods and services that meet or exceed customer expectations.
To achieve this, organizations need to spend money on the tools and processes needed to perform quality control, including quality control training, quality control testing equipment, and quality control inspections. By spending money on quality control, organizations can reduce the cost of defects and rework, which can ultimately lead to greater customer satisfaction and increased profits.
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P7.5B (LO 5) (Bad-Debt Reporting) Presented below is information related to the Accounts Receivable accounts of Tans Inc. during the current year 2020 . 1. An aging schedule of the accounts reccivable as of December 31,2020 , is as follows: TThe \$4,600 weite-off of receivables is related to the 91 -to-120 day category. 2. The Accounts Receivabte control account has a debit balance of $466,750 on December 31,2020 . 3. Two entries were made in the Bad Debt Expense account during the year: (1) a debit on December 31 for the amount credited to Allowance for Doubtful Accounts, and (2) a credit for $4,600 on November 3, 2020, and a debit to Allowance for Doubtful Accounts because of a bankruptcy. 4. Allowance for Doubtful Accounts is as follows for 2020: 5. Acredit balance exists in the Accounts Receivable (60-90 days) of $12,500, which represents an advance on a sales contract. Instructions Assuming that the books have not been closed for 2020, make the necessary correcting entries.
The Accounts Receivable accounts for Tans Inc., the following entries are necessary: a debit entry to Bad Debt Expense for $4,600 to write off receivables in the 91-to-120 day category, a debit entry to Allowance for Doubtful Accounts for $4,600 due to a bankruptcy, and a credit entry to Accounts Receivable (60-90 days) for $12,500 to reverse an advance on a sales contract.
Tans Inc. needs to make several correcting entries in their Accounts Receivable accounts for the year 2020. Firstly, a debit entry of $4,600 should be made to Bad Debt Expense to write off receivables in the 91-to-120 day category. This adjustment recognizes the uncollectible amount and reduces the net receivables balance.
Secondly, there were two entries made in the Bad Debt Expense account during the year. On December 31, a debit entry should be made for the amount credited to Allowance for Doubtful Accounts. This adjustment reflects the necessary expense for estimated bad debts and updates the allowance account accordingly.
Additionally, on November 3, 2020, a credit entry was made for $4,600, and a subsequent debit entry was made to Allowance for Doubtful Accounts due to a bankruptcy. To correct this, a corresponding debit entry should be made to Bad Debt Expense to offset the previous credit entry.
Lastly, there is an existing credit balance of $12,500 in the Accounts Receivable (60-90 days) account, representing an advance on a sales contract. To rectify this, a credit entry should be made to reverse the advance and adjust the accounts accordingly.
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There is an assembly line balancing problem with nine tasks (A,
B, C, D, E, F, G, H, and I) to be assigned to workstations, with
intent to minimize the idle time, given the throughput rate of 275
unit
Assembly line balancing is a problem that requires assigning tasks to workstations while minimizing the idle time, given the throughput rate.
There are nine tasks A, B, C, D, E, F, G, H, and I, and the throughput rate is 275 units. The goal is to distribute these tasks across the assembly line such that the total idle time is minimized. Various methods can be used to solve the assembly line balancing problem. These include the Ranked Positional Weight (RPW) method, the Continuous Parallel Operations (COP) method, and the Helgeson-Birnie (HB) method.
However, for the nine tasks in this problem, the RPW method would be most appropriate. RPW involves computing the workload of each task and the cycle time for each workstation. The RPW is then calculated for each task by dividing the workload by the cycle time.
The task with the highest RPW is then assigned to the first workstation, and the remaining tasks are assigned to subsequent workstations in descending order of RPW.
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When a company creates a logistics strategy it is defining the service levels at which its logistics organization is at its most cost-effective. Because supply chains are constantly changing and evolving, a company may develop a number of logistics strategies for specific product lines, specific countries, or specific customers. With this regard, 1.1 Explain the influence of customers in developing a successful logistics strategy. (10) 1.2 Critically evaluate the relationship between lean and agile strategies in managing logistical costs. Support your answer with suitable examples
Influence of customers in developing a successful logistics strategyCustomers play an important role in developing a successful logistics strategy. Customer needs and preferences are used to guide logistics decisions.
Logistics managers must be able to respond to customers’ needs, and the service levels offered must be in line with customer expectations. The logistics strategy should be developed to provide customers with the service they need at the lowest possible cost. Agile strategies, on the other hand, are focused on flexibility and responsiveness to changing customer needs and market conditions.
Both lean and agile strategies have their advantages and disadvantages, and companies need to evaluate which approach is best for their specific situation. In some cases, a combination of lean and agile strategies may be the most effective approach.By developing a logistics strategy that balances efficiency, flexibility, and responsiveness, companies can optimize their supply chain and achieve their business goals.
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You are the Economic Advisor to the Mayor of St. Charles. The Mayor wants to impose a Price Ceiling on rent prices in St. Charles to make housing more affordable for Lindenwood students. What are the economic and business implications of this proposed policy? Explain using a graph that shows the price control and its economic implications.
A price ceiling is a government-imposed limit on how much a product may be sold for, typically set below the equilibrium price in order to make the product more affordable.
In this case, the Mayor of St. Charles wants to impose a price ceiling on rent prices in St. Charles to make housing more affordable for Lindenwood students.However, a price ceiling may have unintended consequences, including reduced quantity supplied, increased quantity demanded, and shortages.
The price ceiling may lead to a decrease in the quantity and quality of rental properties, as well as increased demand, as renters flock to take advantage of the lower prices.In addition, it may lead to a decrease in the availability of affordable housing, as landlords are unable to cover their costs at the lower price.
In the long term, the price ceiling may lead to a decrease in the quantity and quality of rental properties, as well as increased demand, as renters flock to take advantage of the lower prices.Over time, the price ceiling may lead to a reduction in the number of rental properties on the market, as landlords find it difficult to cover their costs at the lower price.
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a) Performance standard; b) operational definition; c) target; d) upper and lower specification limits; e) defect. Pg 84-89 11. What is discrete data? What is continuous data? Examples of each. Which one is preferred for LSS projects? Why?
The definitions of discrete data, performance standards, target, upper and lower specifications limits is explained below.
Discrete data is the data that can only be counted and cannot be measured. Examples of discrete data include the number of defects, number of patients, and number of complaints.
Continuous data, on the other hand, is data that can be measured, and there is no limit to the number of values that can be taken. Examples of continuous data include height, weight, and length. Continuous data is preferred for LSS projects because it allows the identification of variations more easily.
a) Performance standard: This is a document that defines the expected level of performance in terms of accuracy, speed, or quality. Performance standards are often established to ensure that the products or services offered by an organization meet the expectations of customers.
b) Operational definition: This is a statement that describes how to measure or observe a variable. The operational definition of a variable is important because it helps ensure that different researchers or observers will measure or observe the variable in the same way.
c) Target: This refers to the desired level of performance or quality. Targets are often established to help motivate employees and to ensure that products or services meet the expectations of customers.
d) Upper and lower specification limits: These are the maximum and minimum values that are acceptable for a variable. Upper and lower specification limits are often established to ensure that products or services meet the expectations of customers.
e) Defect: This refers to a non-conformity in a product or service. Defects are often measured as the number of units that do not meet the specified requirements.
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Chapter 7S Problem 2 (Breakeven)
Breakeven analysis is a tool that tells a firm what capacity it must have to achieve profitability. It is the point, in dollars and units, at which costs equals revenue. To achieve profitability firms must operate above this point. Page 307 - 308 provides formulas for calculating BEP in dollars or units.
Given the following data, calculate the BEP in units, BEP in dollars, and profit at 100,000 units;
P=$8/unit
V=$4/unit
F= $50,000
Breakeven analysis is a helpful tool that helps businesses understand what capacity is required to be profitable. It is the point, measured in dollars and units, at which the cost is equal to the revenue.
To be profitable, companies must operate beyond this point.
Here,
we will be discussing how to calculate the BEP in units, BEP in dollars, and profit at 100,000 units given that
P=$8/unit, V=$4/unit, and F=$50,000.
In this scenario, BEP (units) = Total Fixed Costs/ Contribution Margin per unit
Contribution Margin per unit = Price - Variable cost per unit.
So,
CM= P - V= $8/unit - $4/unit = $4/unit
BEP(units) = $50,000/$4/unit = 12500 units
Therefore, at 12500 units, the firm would break even.
This indicates that any units sold beyond this will result in profits.
Now, let’s calculate BEP in dollars.
BEP (Dollars) = BEP(units) * price per unit= 12500 * $8/unit= $100,000At 100,000 units
,P = $8/unit
V = $4/unit
F = $50,000
Total Sales = 100,000*8= $800,000
Total Variable Costs = 100,000*4 = $400,000
Total Fixed Costs = $50,000
Profit = Total Sales - Total Variable Costs - Total Fixed Costs= $800,000 - $400,000 - $50,000= $350,000
Therefore, the profit at 100,000 units is $350,000, the BEP in units is 12,500 units, and the BEP in dollars is $100,000.
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Write a professional memo to your boss (CEO) on how Amazon has been dealing with unethical working conditions in the organization. What could be done to fix these problems within the company?
MemorandumTo: CEO Subject: Unethical Working Conditions in AmazonCompany BackgroundAmazon is a renowned e-commerce firm that was founded by Jeff Bezos in 1994. It is headquartered in Seattle, Washington, and has over 800,000 employees across the globe.
Despite its impressive performance, the company has faced allegations of unethical working conditions. This memo highlights the unethical practices that have been reported in the company and provides recommendations on how to resolve these issues.Working Conditions in AmazonThere are several ethical concerns that have been raised regarding Amazon's operations.
Amazon must take steps to address the ethical concerns that have been raised regarding its operations. By addressing these issues, the company will be able to restore employee morale, improve working conditions, and maintain a positive reputation. The recommendations provided in this memo are a good starting point to address these issues.
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Widmer Company had gross wages of $177,000 during the week ended June 17. The amount of wages subject to social security tax was $159,300, while the amount of wages subject to federal and state unemployment taxes was $22,000. Tax rates are as follows: The total amount withheld from employee wages for federal taxes was $35,400. If an amount box does not require an entry, leave it blank. If required, round answers to two decimal places. a. Journalize the entry to record the payroll for the week of June 17. June
The journal entry for the payroll for the week of June 17 would be as follows:
Date: June 17
Wage Expense $177,000
Social Security Payable $159,300
Federal and State Unemployment Taxes Payable $22,000
Federal Taxes Payable $35,400
To journalize the entry to record the payroll for the week of June 17, you will need to record the following transactions:
1. Debit the Wage Expense account for the gross wages of $177,000.
2. Credit the Social Security Payable account for the social security tax withheld from employee wages, which is $159,300.
3. Credit the Federal and State Unemployment Taxes Payable account for the federal and state unemployment taxes, which is $22,000.
4. Credit the Federal Taxes Payable account for the federal taxes withheld from employee wages, which is $35,400.
The journal entry for the payroll for the week of June 17 would be as follows:
Date: June 17
Wage Expense $177,000
Social Security Payable $159,300
Federal and State Unemployment Taxes Payable $22,000
Federal Taxes Payable $35,400
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What are the common errors that are
common during organizational change?
How can each be avoided? If they occur,
how can each be addressed?
During organizational change, there are several common errors that can occur. These include:
1. Lack of clear communication: This error can be avoided by ensuring that communication channels are open and transparent. It is important to clearly communicate the reasons for the change, the desired outcomes, and the roles and responsibilities of all individuals involved.
2. Resistance to change: To avoid this error, it is crucial to involve employees in the change process from the beginning. By soliciting their input, addressing their concerns, and providing training and support, resistance can be minimized.
3. Inadequate planning: This error can be avoided by conducting a thorough analysis of the change requirements and developing a comprehensive plan. This plan should include realistic timelines, clear objectives, and sufficient resources.
4. Poor leadership and support: To address this error, leaders should actively support and champion the change effort. They should provide guidance, motivate employees, and address any issues or challenges that arise.
5. Lack of employee engagement: To avoid this error, it is important to involve employees in the change process. This can be done through regular communication, soliciting feedback, and involving them in decision-making.
If any of these errors occur during organizational change, they can be addressed by taking the following steps:
1. Identify the issue: Determine which error or errors are present and causing the problem.
2. Take corrective action: Once the issue is identified, develop a plan to address it. This may involve providing additional training, improving communication channels, or addressing concerns and resistance.
3. Monitor progress: Continuously assess the effectiveness of the corrective actions taken and make adjustments as necessary.
By being aware of these common errors and taking proactive steps to avoid or address them, organizations can increase the chances of successful organizational change.
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Make the following entries for this problem:
1) On September 8, Esther invested $30,000 to buy mango trees.
On September 9, Esther sells hay to the agro center for $300.
Esther pays $260 in cash for the purchase of equipment.
Here are the journal entries for the given transactions: On September 8th:Cash Account Debit: $30,000.
Credit: $30,000(To record the investment of $30,000 in mango trees)On September 9th:Cash Account Debit: $260Credit: $260(To record the purchase of equipment in cash)Cash Account Debit: $300Revenue Account Credit: $300(To record the sale of hay to agro center for $300)The journal entry is a crucial part of accounting, which is used to record financial transactions in chronological order.
In this case, Esther invested $30,000 in mango trees on September 8th and on September 9th, she sold hay to the agro center for $300 and also purchased equipment worth $260 in cash. Hence, these are the journal entries for the given transactions.
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How
was the Scottish banking system different from England's? Why do
you think the game of bank bargains turned out different for
Scotland?
The Scottish banking system was different from England's in a few key ways. One major difference was that Scotland had a higher number of banks per capita compared to England. Additionally, Scottish banks had more freedom to issue their own banknotes, which was not the case in England. This led to a more decentralized and competitive banking system in Scotland.
The game of bank bargains turned out differently for Scotland because of the more liberal banking laws in the country. Scottish banks were able to issue their own banknotes, which allowed them to compete with each other and offer better deals to customers. This competition led to a greater variety of banking options and potentially better bargains for customers in Scotland. In contrast, England had more centralized banking regulations, which limited the ability of banks to compete and offer unique deals.
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Unless an item of income is specifically excluded by some section of the Code, it is includible in gross income.
True
False
Parent transferred real estate to two children. Children then sold the real estate to Third Person. In determining who must include the gain in gross income, it is irrelevant whether Parent had already began negotiating the sale to Third Person.
True
False
Lawyer performs services for Restaurant Owner in exchange for a free dinner for Lawyer and Lawyer’s spouse, for which Restaurant Owner would normally charge $350. Lawyer and Restaurant Owner both recognize gross income of $350.
True
False
True: Unless an item of income is specifically excluded by some section of the Code, it is includible in gross income. False: In determining who must include the gain in gross income, it is irrelevant whether Parent had already began negotiating the sale to Third Person.
False: Lawyer performs services for Restaurant Owner in exchange for a free dinner for Lawyer and Lawyer’s spouse, for which Restaurant Owner would normally charge $350. Lawyer and Restaurant Owner both recognize gross income of $350.The Internal Revenue Code (IRC) is a federal law that establishes tax guidelines and regulations. The vast majority of U.S. citizens must pay income tax to the federal government on their wages, salaries, and other earnings. An income item must be specifically excluded by some provision of the Code to avoid being included in gross income, unless the item is specifically excluded by some provision of the Code.
In determining who must include the gain in gross income, it is relevant whether Parent had already begun negotiating the sale to Third Person.The lawyer and the restaurant owner will not both recognize gross income of $350. The lawyer is performing services, which should be reflected in income.
However, it is debatable whether the lawyer's services are worth $350. In terms of the restaurant owner's revenue, the exchange of a meal worth $350 is no different than receiving $350 in cash for the meal. Therefore, the Restaurant Owner will recognize gross income of $350, but the Lawyer will only include income to the extent that the value of the meal exceeds the value of the Lawyer's services.
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Not all products follow the same product lifecycle, and as a result, a number of product lifecycle patterns exist. With the aid of examples, discuss the seven (7) lifecycle patterns (7 marks will be awarded for the theoretical discussion and for the examples provided). Then identify which product lifecycle pattern the Clover Danao product would most probably follow and justify your answer with evidence from the case study
The product lifecycle consists of seven patterns: introduction, growth, maturity, saturation, decline, rejuvenation, and discontinuation. Based on the case study, the Clover Danao product is likely in the introduction stage, aiming to establish market acceptance and awareness as a new and innovative dairy-based beverage.
Product lifecycle refers to the stages a product goes through from its introduction to the market until its eventual decline. Different products exhibit various lifecycle patterns based on factors such as market demand, competition, technological advancements, and consumer preferences. Here are seven common product lifecycle patterns with examples:
Introduction: In this stage, a new product is introduced to the market. Sales are initially low as consumers become aware of the product. Example: Smartwatches when they were first introduced.
Growth: The product gains market acceptance, and sales begin to increase rapidly. Competitors may enter the market, leading to intensified competition. Example: Electric vehicles (EVs) as they gained popularity in recent years.
Maturity: Sales reach their peak, and the market becomes saturated with competitors. Price competition becomes more intense, and companies focus on product differentiation. Example: Smartphone market, where numerous brands compete for market share.
Saturation: Sales plateau, and the market becomes saturated with similar products. Companies struggle to differentiate their offerings. Example: DVD players as streaming services became more prevalent.
Decline: Sales start to decline as the product becomes outdated or replaced by newer technologies. Companies may discontinue or phase out the product. Example: Film cameras with the rise of digital photography.
Rejuvenation: Companies make significant updates or improvements to revive declining sales and extend the product's lifecycle. Example: Nintendo's release of the Nintendo Switch, revitalizing the gaming console market.
Discontinuation: The product is phased out entirely, either due to lack of demand or obsolescence. Example: VCRs, which became obsolete with the rise of DVDs and digital streaming.
Based on the case study, the Clover Danao product is a dairy-based beverage targeting health-conscious consumers. Given its introduction into the market, it aligns with the Introduction stage of the product lifecycle. The case study mentions that the product is new and innovative, offering a healthier alternative to traditional beverages. This suggests that it is in the early stages of market acceptance and awareness. The focus is on creating demand and establishing the product in the market.
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Victor’s birthday party is tomorrow. He wants to play country music during his party because it is his favorite genre. However, he is worried that his friends will think of him negatively and may even make fun of him if he plays country music. As a result, for his party he plays a pop playlist and pretends to enjoy the music. What concept best explains Victor’s thought process?
Group of answer choices
(Symbolic interactionism’s) Looking glass self
(Media multiplexity theory’s) The weakness of strong ties
(Privacy management theory’s) Boundary turbulence
(Social information processing theory’s) Limited cues environment
The concept that best explains Victor’s thought process is the "Looking glass self" of Symbolic interactionism.
Symbolic interactionism is a theory that deals with how people are influenced by symbols and the interactions they have with one another.
The "Looking glass self" concept is a central concept of this theory that explains how individuals develop their sense of self based on the reactions of others to their actions.
The Looking Glass Self theory describes that a person's self-concept and self-esteem depend on the feedback they receive from others, either positive or negative. Victor is worried about his friends' negative reactions to his love for country music.
As a result, he chose to play pop music, which his friends would appreciate and not judge him. His actions show that he is concerned about how his friends view him, and his actions are an attempt to maintain his self-concept as positive. Although Victor may be a country music lover, his need for approval from others is strong.
This is what is known as the "Looking Glass Self" concept, where people's perceptions of themselves are constructed from feedback they receive from others and how they believe others perceive them.
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1) Consider the graph below. Assume that the price of Good 1 has DECREASED. Find the total, substitution and income effects for the consumption of Good 1. Be sure to show the substitution budget line.
When price changes, the total effect is a combination of substitution and income effects. The substitution effect happens when the relative price of a good changes.
While the income effect happens when the purchasing power of a person changes. Here, we will assume that the price of Good 1 has decreased.
The substitution effect for the consumption of Good 1 is the change in consumption due to the relative price change while keeping the utility constant. A decrease in the price of Good 1 will make it more attractive than Good 2. The relative price of Good 1 falls from P1 to P1'. The consumer will buy less of Good 2 (from Y to Y1) and more of Good 1 (from X to X1), with the original budget line being AB, and the new budget line being AD.
Since the utility is constant, the consumer moves to the highest indifference curve and consumes less of Good 2 and more of Good 1.The income effect for the consumption of Good 1 is the change in consumption due to the change in purchasing power. Since the price of Good 1 has decreased, the purchasing power of the consumer has increased.
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The following table gives the number of pints of type A blood used at Damascus Hospital in the past 6 weeks: Week Of August 31 September 7 Pints Used 360 389 September 14 408 September 21 378 September 28 368 October 5 374 a) The forecasted demand for the week of October 12 using a 3-week moving average 373.33 pints (round your response to two decimal places) b) Using a 3-week weighted moving average, with weights of 0.15, 0.25, and 0.60, using 0.60 for the most recent week, the forecasted demand for the week of October 12= 373.10 pints (round your response to two decimal places and remember to use the weights in appropriate order the largest weight applies to most recent period and smallest weight applies to oldest period.) c) If the forecasted demand for the week of August 31 is 360 and a week of October 12 (round your responses to two decimal places) 0.30, using exponential smoothing, develop the forecast for each of the weeks with the known demand and the forecast for the Week Of Pints Used Forecast for this Date 360 360 August 31 September 7 389 360.00 September 14 408 368.70 September 21 378
The given table represents the number of pints of type A blood used at Damascus Hospital in the past 6 weeks:Week Of August 31 September 7 Pints Used 360 389 September 14 408 September 21 378 September 28 368 October 5 374.
Using a 3-week moving average, the forecasted demand for the week of October 12 would be the average of pints used in the most recent three weeks (September 21, September 28, and October 5), which can be computed as: Forecast for the week of October 12 = (378 + 368 + 374)/3 = 373.33 pints.Using a 3-week weighted moving average, with weights of 0.15, 0.25, and 0.60, using 0.60 for the most recent week, the forecasted demand for the week of October 12 is given by:
Forecast for the week of October 12 = 0.15(378) + 0.25(368) + 0.60(374) = 373.10 pints .If the forecasted demand for the week of August 31 is 360 and a week of October 12 0.30, using exponential smoothing, develop the forecast for each of the weeks with the known demand and the forecast for the Week Of Pints Used Forecast for this Date 360 360 August 31 September 7 389 360.00 September 14 408 368.70 September 21 378 372.80 September 28 368 373.16 October 5 374 372.91 October 12
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From a mature Zambian company's perspective, examine the practicality of Modigliani and Miller's Dividend Irrelevance Hypothesis. 3. Generally, the purpose of financial statements is to help investors and other users make informed financial decisions about the entity in which they have an interest or stakeholding. Financial statements provide the owners of the business with some means of assessing the proficiency with which their business is being run. These statements are therefore one way in which shareholders can assess or evaluate the directors' performance in running the company. This is because financial statements report the impact management decisions have on the company's financial position and cash flows for the year. However, with creative accounting being practiced by the corporate world, it seems published financial statements rarely serve the purpose for which they are prepared. Discuss. 3. Generally, the purpose of financial statements is to help investors and other users make informed financial decisions about the entity in which they have an interest or stakeholding. Financial statements provide the owners of the business with some means of assessing the proficiency with which their business is being run. These statements are therefore one way in which shareholders can assess or evaluate the directors' performance in running the company. This is because financial statements report the impact management decisions have on the company's financial position and cash flows for the year. However, with creative accounting being practiced by the corporate world, it seems published financial statements rarely serve the purpose for which they are prepared. Discuss.
Modigliani and Miller's Dividend Irrelevance Hypothesis proposes that a company's dividend policy has no effect on its value.
What does it entail?It suggests that a firm's value is determined by its earnings power and the risk of its underlying assets. The hypothesis also assumes that there are no taxes or transaction costs. According to this theory, investors are indifferent to receiving dividends or capital gains, as they can always create their own dividends by selling some of their shares. So, in this way, the practicality of the hypothesis can be examined from a mature Zambian company's perspective. Financial statements, on the other hand, are an essential part of a company's transparency. The purpose of financial statements is to provide information to investors, creditors, and other stakeholders regarding the financial position, performance, and cash flow of an entity. Financial statements provide users with valuable insights into the operations of a business and allow them to make informed decisions. However, it has been observed that the corporate world uses creative accounting practices that hamper the reliability and accuracy of financial statements.Creative accounting techniques are used to inflate the financial position of a company artificially. This is done to boost the value of the company's shares and attract new investors.
Thus, the published financial statements are rarely used for their intended purpose.
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Find two different companies, one company that produces goods and one company that delivers a service. From an Operations Management perspective, compare these two companies. Your answer can be in chart form.
Operations Management involves overseeing the day-to-day operations of a company, encompassing production, inventory management, quality control, and supply chain management. Let's compare two companies, Toyota Motors and Amazon Web Services (AWS), from an Operations Management perspective.
Company Name: Toyota Motors
Product Type: Automobiles
Product Design: Toyota is renowned for high-quality, durable, and reliable automobiles. The company emphasizes continuous improvement and implements lean manufacturing principles. It employs a just-in-time inventory system to minimize waste and maintain production efficiency. Toyota maintains a strong commitment to ensuring quality at every stage of the production process.
Company Name: Amazon Web Services (AWS)
Product Type: Cloud Computing Services
Product Design: AWS offers a range of cloud computing services, including data storage, computing power, and machine learning capabilities. Security is a top priority for AWS, employing a multi-layered approach to safeguard data privacy and protection. The company is dedicated to delivering exceptional customer service and support. AWS places a strong emphasis on innovation and continuous improvement to stay competitive.
The following chart summarizes the key differences between the two companies:
Criteria | Toyota Motors | Amazon Web Services (AWS)
Product Type | Automobiles | Cloud Computing Services
Product Design | High-quality, durable, | Multi-layered approach to security
| reliable | Data storage
| Continuous improvement | Computing power
| Lean manufacturing principles| Machine learning
| Just-in-time inventory system| Highest standards of customer service and support
| Focus on quality at every | Innovation and continuous improvement
| stage of production
In conclusion, although Toyota Motors and Amazon Web Services operate in different industries, both can benefit from a focus on Operations Management. By improving production processes, minimizing waste, maintaining high quality standards, and prioritizing customer satisfaction, these companies can enhance efficiency, increase profitability, and remain competitive in their respective markets.
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The following was extracted from the books of Emma. On 1st January, 2021, GH¢ Motor vehicles at cost Accumulated depreciation on vehicles 140,300 85,200 During the year, the following occurred: On 1 February 2021, Motor Vehicle costing GH 96,000 was purchased. Motor Vehicle purchased on 1 September 2017 for GHe 90,000 was disposed off for 20,000 in the month of March. On 6th June, Emma bought a new vehicle costing GHe 50,000 Gaga. Motor vehicles are depreciated at 10% per annum on straight line basis from the month of purchases to the month of sale. Required: Prepare the following account for the year ended 31 December 2020. i) Motor Vehicle at cost. ii) Motor Vehicle accumulated depreciation. iii) Disposal account for Motor Vehicle C.
The loss on disposal of motor vehicle C is GH¢ 30,250.
i) Accumulated Depreciation Account
iii) Disposal Account for Motor Vehicle
This means that we need to calculate the cost of motor vehicles and accumulated depreciation as well as prepare the disposal account for motor vehicle C. Below are the accounts:
i) Motor Vehicle AccountMotor vehicles were purchased at the beginning of the year, on 1st January 2021, which was given as GH 140,300.Cost of motor vehicle purchased on 1st February, 2021, is GH 96,000.Cost of motor vehicle purchased on 6th June, 2021, is GH 50,000.
Total cost of motor vehicles = 140,300 + 96,000 + 50,000
= GH 286,300
iii) Motor Vehicle Accumulated Depreciation on a straight-line basis from the month of purchase to the month of sale. Accumulated Depreciation at the beginning of the year, on 1st January 2021, was given as GH¢ 85,200. Depreciation for Motor vehicle purchased on 1st February, 2021, would be (10% × 11/12 × 96,000) = GH 8,800.
Depreciation for Motor vehicle purchased on 6th June 2021, would be (10% × 7/12 × 50,000) = GH 2,917.
Total accumulated depreciation for the year= 85,200 + 8,800 + 2,917= GH 96,917
iii) Disposal Account for Motor Vehicle CMotor vehicle C was purchased on 1st September 2017 for GH 90,000 and was disposed of for GH¢ 20,000 in the month of March.
As we can see from the calculation, the loss on disposal of motor vehicle C is GH¢ 30,250.
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Discuss how "The Cheesecake Factory" approaches and manages ethical issues.
Discuss a recent ethical issue involving "The Cheesecake Factory" and their management of the issue.
The Cheesecake Factory is committed to ethical business practices and approaches ethical issues with a comprehensive framework.
They prioritize integrity, fairness, and transparency in their operations. The company maintains a strong code of conduct that outlines expected behaviors and ethical standards for employees at all levels. They emphasize training and education to ensure employees understand and adhere to ethical guidelines. The Cheesecake Factory also encourages open communication, providing channels for employees to report any ethical concerns or violations. By fostering a culture of accountability and responsibility, The Cheesecake Factory strives to address ethical issues promptly and appropriately, safeguarding their reputation and maintaining trust with stakeholders.
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Your leadership team is asking to see how well your department/office is. This week’s assignment is to create a scorecard for your department that you could show your team. The purpose of this assignment is to build a scorecard.
*Extra credit opportunity: Interview a healthcare leader and profile their area for this assignment. Please reach out if you do not have access to a healthcare leader. Note that this interview does not replace the facility overview requirement outlined below.
Note this assignment is to showcase the creation of and utilization of formatting a scorecard. It is not to grade the feasible or status of your facility.
Please upload your scorecard in MS Excel.
Choose a specific department or medical practice to build a scorecard for. Examples of departments or areas to choose from:
Inpatient Heart Center
Hospital Emergency Room
Primary Care Practice
Stand Alone Urgent Care (not hospital-based)
Give a brief overview of the facility you are choosing (100-200 words).
Create or choose at least 10 measures for your outlined area’s scorecard.
Make sure you organize your metrics by category as discussed in this week’s module.
Track at least three months or one quarter for each measure.
Please make up the actual numbers for your facility.
Make-up targets for your metrics.
Use conditional formatting to score your facility vs. your target. Make sure there are at least three levels of conditional formatting (think exceeding, meeting, not meeting).
The facility chosen for this assignment is the Inpatient Heart Center. It is a center of excellence that offers specialized care for patients suffering from cardiac problems. The Heart Center has a team of experienced cardiologists, nurses, and other support staff who work together to provide the highest level of care to patients.
Scorecard Measures: The following are four measures for the Inpatient Heart Center scorecard:
1. Patient Satisfaction Score (PSS): This metric measures patient satisfaction levels through surveys. The target for this metric is a PSS of 90%.
2. Length of Stay (LOS): This metric measures the number of days a patient spends in the hospital. The target for this metric is an LOS of 4 days.
3. Mortality Rate (MR): This metric measures the number of deaths per 100 patients. The target for this metric is an MR of 2%.
4. Readmission Rate (RR): This metric measures the number of patients readmitted within 30 days of discharge. The target for this metric is an RR of 5%.
The center is equipped with state-of-the-art technology and facilities that enable it to diagnose and treat various heart conditions effectively. The conditional formatting used will be green for scores above 75%, yellow for scores between 70% and 74%, and red for scores below 70%.
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PS-10A. Journal Entries for Accounts and Notes Receivable Philly, Inc., began business on January 1. Certain for the year follow: LO2, 4 8 Received a $15,000, 60 day, nine percent note on account from J. Albert. 7 Received payment from J. Albert on his note (principal plus interest). June Aug. Sept. 1 Received a $40,000, 120 day, six percent note from R.T. Matthews Company on account. Dec. 16 Received a $28,800, 45 day, ten percent note from D. LeRoy on account. 30 R.T. Matthews Company failed to pay its note. 31 Wrote off R.T. Matthews' account as uncollectible. Philly's, Inc., uses the allowance method of providing for credit losses. 31 Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the allowance for doubtful accounts of $45,200. An analysis of aged receivables indicates that the desired balance of the allowance account should be $42,000. 31 Made the appropriate adjusting entries for interest. Required Record the foregoing transactions and adjustments in general journal form. MBC
Journal entries for accounts and notes receivable: Philly, Inc., began business on January 1. Transactions for the year follow:
Jan. 8 Received a $15,000, 60-day, nine percent note on account from J. Albert.
Jan. 8Account Receivable= $15,000Notes Receivable=$15,000
Feb. 7 Received payment from J. Albert on his note (principal plus interest)
Feb. 7Cash = $15,225 Note Receivable= $15,000Interest Revenue= $225
Jun. 1 Received a $40,000, 120-day, six percent note from R.T. Matthews Company on the account.
Jun. 1 Account Receivable= $40,000Notes Receivable= $40,000
Aug. 16 Interest Income= $2000 [(40,000*6%/12)*4]Notes Receivable= $40,000Interest Receivable= $2,000
Sept. 1Interest Received= $2,000Interest Receivable= $2,000
Sept. 16Interest Income= $400 [(28,800*10%/360)*106]Notes Receivable= $28,800Interest Receivable= $400
Dec. 16Received a $28,800, 45-day, ten percent note from D. Le Roy on the account.
Dec. 16Account Receivable= $28,800 Notes Receivable= $28,800
Dec. 31 wrote off R.T. Matthews' account as uncollectible.
Dec. 31Allowance for Doubtful Accounts= $40,000Accounts Receivable= $40,000Dec. 31Recorded expected credit losses for the year by an adjusting entry.
Dec. 31Bad Debt Expense= $3,200Allowance for Doubtful Accounts= $3,200
Accounts written off during this first year have created a debit balance in the allowance for doubtful accounts $45,200.
An analysis of aged receivables indicates that the desired balance of the allowance account should be $42,000.
Dec. 31Allowance for Doubtful Accounts= $3,200[45,200 (Actual balance) - 42,000 (Desired balance)]The adjusting entry reduces the actual balance to the desired balance.
Dec. 31Made the appropriate adjusting entries for interest.
Dec. 31Interest Receivable= $1,500 [$28,800*10%/360*30]Interest Income= $1,500
Therefore, The appropriate adjusting entry recognizes the interest earned but not collected.
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Read the case study below. List three other tasks that you think Bill has a to do in order to run Cosy Corner efficiently.
Based on the information provided, here are three additional tasks that Bill Murray likely has to do in order to run the Cosy Corner Convenience Store efficiently Inventory Management, Pricing and Promotions, and Store Maintenance and Security
1. Inventory Management: Bill needs to manage and track the inventory of products in the store. This involves monitoring stock levels, reordering items when necessary, and ensuring that popular items are always available to meet customer demands. Effective inventory management helps avoid stockouts and ensures that the store is adequately stocked to generate sales and satisfy customer needs.
2. Pricing and Promotions: Bill is responsible for setting competitive prices for the products in his store. This involves analyzing market trends, evaluating competitor prices, and adjusting the prices accordingly. Additionally, he may need to plan and implement promotional activities such as discounts, special offers, or loyalty programs to attract customers and boost sales.
3. Store Maintenance and Security: Bill is likely responsible for maintaining the cleanliness and organization of the store. This includes tasks such as cleaning, arranging products, ensuring proper signage, and creating an appealing shopping environment for customers. He also needs to address any maintenance issues promptly, such as repairing equipment or fixtures. Moreover, Bill must take necessary security measures, such as installing surveillance cameras, maintaining alarm systems, and ensuring the safety of the store premises and its contents.
Efficiently managing these tasks along with the previously mentioned responsibilities allows Bill to ensure smooth store operations, enhance customer satisfaction, maximize sales, and effectively handle the various aspects of running a convenience store as a sole trader.
The question was incomplete, Find the full content below:
The cosy Corner Convenience Store is owned and managed by Bill Murray. It is a sole trader business. Bill has no employees. He works a long day -12 hours usually. As he works alone in the business he has to do all the jobs which are involved in running a busy convenience store. Here is a list of just six of his tasks: ordering new stock, serving customers, going to the bank to pay in cash - he does this on Wednesday afternoons when the shop is closed, arranging shelf displays, keeping all the paperwork up to date, for example to make sure suppliers are paid on time, contacting the local newspaper to arrange an advertisement for the shop. Read the case study above. List three other tasks that you think Bill has to do in order to run Cosy Corner efficiently.
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Since you believe that Bitcoin’s price currently at 45,000$ will stay rangebound until the end of the year, you decide to sell one 48,000$ straddle for 12,000$. On expiry unfortunately the market has risen and reached 55,000$ what is the outcome of this trade?
· A gain of 2 000$
· A gain of 5 000$
· A loss of 2 000$
· A loss of 1 000$
· 0 as I can get out of this trade if it starts loosing money
If market has risen, reached $55000, then the outcome of this trade is : (b) gain of $5000.
A straddle is defined as options strategy where the trader sells both put option, call option with same strike-price and expiration-date. In this case, trader sold straddle with strike price of $48,000 and received premium of $12,000.
Since the market price of Bitcoin at expiry is $55,000, which is above strike price, both put and call options will expire out of money. This means that trader gets to keep entire premium of $12,000 as profit.
So, outcome of this trade is gain of $5,000 ($12,000 premium - $7,000 difference between market price and the strike price).
Therefore, the correct option is (b).
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The given question is incomplete, the complete question is
Since you believe that Bitcoin’s price currently at 45,000$ will stay rangebound until the end of the year, you decide to sell one 48,000$ straddle for 12,000$. On expiry unfortunately the market has risen and reached 55,000$ what is the outcome of this trade?
(a) gain of $2000,
(b) gain of $5000,
(c) loss of $2000,
(d) loss of $1000.