The Wicksell-Lindahl mechanism provides incentives for individuals to reveal their true preferences regarding the public goods provision since their payments are based on their willingness to pay. Thus, this mechanism provides a more efficient outcome compared to majority voting.
Consider a simple public good economy with three people and two goods: one public (x) and one private (y). Assume that one unit of public good can be produced with one unit of private good. Three people have the following utility functions:u1(x,y1) = x1/2 + y1u2(x,y2) = 2x1/2 + y2u3(x,y3) = 4x1/2 + y3(15 points) Suppose the fixed tax shares are t1 = t2 = t3 = 1/3.
What is the majority voting equilibrium output of the public good?
The budget constraint for any one of the people is: ti*y + (1/3)*y = xi … (i=1,2,3)Now suppose that each person proposes their desired quantity of the public good: x1, x2, x3. Then the quantity provided will be: x* = x1 + x2 + x3. The contributions will be: ti*x* = (1/3)*x* for all i = 1, 2, 3.It will be the outcome which maximizes the sum of the individual utilities: U(x*, y1) + U(x*, y2) + U(x*, y3).First person's utility function: U(x*, y1) = (x*/2) + y1Second person's utility function: U(x*, y2) = x*/2 + y2Third person's utility function: U(x*, y3) = 2x*/2 + y3= x* + y1 + y2 + y3
This expression only depends on x* and is a linear function of x*.Thus, the maximum will be reached at one of the endpoints: x* = 0 or x* = infinity.Substituting these values of x*, we can get the quantity of the public good demanded:x* = 0: U(x*, y1) + U(x*, y2) + U(x*, y3) = 0 + y1 + y2 + y3 = 1x* = infinity: U(x*, y1) + U(x*, y2) + U(x*, y3) = infinity + y1 + y2 + y3 = infinityAs a result, in this majority voting equilibrium, zero units of public good will be produced. (The majority voting equilibrium outcome of the public good is zero.) (15 points) Suppose the fixed tax shares are t1 = t2 = t3 = 1/3.
What is the majority voting equilibrium output of the public good?
The majority voting outcome is inefficient since there will be no provision of public goods even though it is socially desirable to have the public good. (5 points)
Is the majority voting outcome efficient?
Explain.(10 points) Compare Wicksell-Lindahl and Majority Voting mechanisms in terms of efficiency and incentives.Both Wicksell-Lindahl and Majority Voting mechanisms are used to determine the optimal provision of public goods.
However, there are differences in their outcomes and incentives. Majority Voting is a political process where individuals vote on the amount of public goods to be provided. It requires that the decision must be approved by the majority of voters. As a result, the decision will be made only if there is a strong incentive for the majority to vote in favor of it. Incentives are also aligned with the preferences of the majority, as they will gain if the public good is produced.The Wicksell-Lindahl mechanism is a market-like mechanism for determining the optimal provision of public goods.
It suggests that the optimal level of public goods provision is one where the marginal cost of provision is equal to the sum of marginal benefits of the provision for each individual in society. The Wicksell-Lindahl mechanism provides incentives for individuals to reveal their true preferences regarding the public goods provision since their payments are based on their willingness to pay. Thus, this mechanism provides a more efficient outcome compared to majority voting.
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For many people retirement is often the goal of working hard throughout their younger years In class we have discussed a variety of ways that retirement can be affected. Please answer the following questions based on our class discussions 1. Finances talk about the role of Social Security, Pensions Plans and savings accounts for retired people. When you want to retire how much of your pre-retirement income do you need to replace? What is this based on? 2. What is the difference between voluntary retirement and involuntary retirement? How might this affect the adjustment to retirement? 3. Living environments. There are many different places, environments, institutions and locations where a retired person may live Discuss what may impact where and with whom a retired person may live. What might be the role of family in this decision? 4. Intimacy and Sexuality Discuss what affects intimacy and sexuality among older adults, think about being single or being in a partnership, address some health conditions that can cause sexual problems and discuss a few ways that women experience these issues differently than men.
Women and men may experience intimacy and sexuality issues differently due to physiological changes that occur during menopause and other health conditions. 1. Finances talk about the role of Social Security, Pensions Plans, and savings accounts for retired people.
When you want to retire how much of your pre-retirement income do you need to replace? What is this based on?Social Security: It is a government-based program that aims to provide financial assistance to retired people who have paid into the system through taxes during their working years. It can play a critical role in retirement planning as it provides a guaranteed income to individuals in retirement.Pension Plans: It is an employer-based program where employees can contribute a percentage of their income during their working years. The employer may also contribute to the plan on behalf of the employee. The pension plan aims to provide a guaranteed income to individuals in retirement based on the amount contributed and the number of years they have worked for the employer.Savings accounts: It is a personal investment where individuals save a portion of their income throughout their working years. The amount saved will depend on the individual's personal circumstances and how much they can afford to save. The savings can be used to supplement the income received from Social Security and Pension Plans to provide for a comfortable retirement lifestyle.When you want to retire, you should aim to replace at least 70% to 80% of your pre-retirement income. This is based on a variety of factors, such as your lifestyle, expenses, and other financial obligations.2. What is the difference between voluntary retirement and involuntary retirement? How might this affect the adjustment to retirement?Voluntary retirement: This is where an individual decides to retire on their own terms, usually after reaching a certain age or meeting other retirement criteria.Involuntary retirement: This is where an individual is forced to retire due to reasons outside of their control, such as job loss, poor health, or company restructuring.The adjustment to retirement may differ between voluntary and involuntary retirement. Voluntary retirement may be easier to adjust to, as the individual has made the decision to retire and may have prepared for it financially and emotionally. In contrast, involuntary retirement can be a significant shock, as the individual may not have been prepared for it and may have financial and emotional concerns.3. Living environments. There are many different places, environments, institutions, and locations where a retired person may live. Discuss what may impact where and with whom a retired person may live. What might be the role of family in this decision?There are many factors that may impact where and with whom a retired person may live, such as their health, financial situation, and personal preferences. For example, some retired individuals may prefer to live independently in their own homes, while others may choose to live in a retirement community or with family members. Family members may play a role in this decision by providing financial support, offering living arrangements, or providing emotional support.4. Intimacy and Sexuality. Discuss what affects intimacy and sexuality among older adults, think about being single or being in a partnership, address some health conditions that can cause sexual problems, and discuss a few ways that women experience these issues differently than men.Various factors can impact intimacy and sexuality among older adults, regardless of whether they are single or in a partnership. Some of these factors may include changes in physical health, such as chronic pain, arthritis, or other medical conditions. These health conditions can cause sexual problems and may lead to decreased libido, difficulty with arousal, or other sexual dysfunctions.Women may experience these issues differently than men due to physiological changes that occur during menopause, such as vaginal dryness, which can cause pain or discomfort during intercourse. Women may also experience changes in hormone levels, which can impact their sexual desire and functioning.In conclusion, retirement can be affected by various factors such as finances, voluntary and involuntary retirement, living environments, intimacy and sexuality among older adults. Social Security, Pensions Plans, and savings accounts can play a crucial role in retirement planning. Voluntary and involuntary retirement may impact the adjustment to retirement differently. Family members may play a role in the decision of where and with whom a retired person may live.
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4. You would like to have $500,000 in 15 years. To achieve that goal, you decide to invest $3,000 at the end of each year. What interest rate must you earn to meet your goal? 5. Treat the investment in Problem 5 as an annuity due.
To calculate the interest rate you must earn to meet your goal of having $500,000 in 15 years, considering an annuity due with an annual investment of $3,000 at the end of each year, we can use the present value of an annuity due formula.
The formula to calculate the present value of an annuity due is:
PV = P * (1 - (1 + r)^(-n)) / r
where PV is the present value, P is the annual investment, r is the interest rate per period, and n is the number of periods.
Rearranging the formula to solve for the interest rate (r):
r = (P - PV) / (PV * n)
Substituting the given values:
P = $3,000
PV = $500,000
n = 15
r = ($3,000 - $500,000) / ($500,000 * 15)
r = -$497,000 / $7,500,000
r = -0.06627
The negative interest rate (-0.06627) indicates that the goal of $500,000 cannot be achieved with the given parameters. This means that the annual investment of $3,000 is not sufficient to accumulate $500,000 in 15 years, even with the assumption of an annuity due.
To reach the goal of $500,000, you would need to increase the annual investment or extend the investment period, or both, depending on the feasible options available.
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Yeild
corporate tax rate
after tax cost of debt
5.0%
11%
7.0%
25%
6.4%
21%
Calculate the after tax cost of debt
The after-tax cost of debt is 3.792%.
After-tax cost of debt is a measure of the actual cost of debt, which is the amount a company must pay on each dollar borrowed, taking into account the tax benefits of interest payments.
The cost of debt can be calculated using a variety of methods, but the most common is to use the yield-to-maturity of the company's existing debt.
The after-tax cost of debt can be calculated by multiplying the before-tax cost of debt by the difference between 1 and the tax rate.
To calculate the after-tax cost of debt, we need to first calculate the before-tax cost of debt using the information given in the question.
Based on the information given in the question, we can calculate the before-tax cost of debt as follows:
Before-tax cost of debt = Yield - Corporate tax rate
Before-tax cost of debt = 6.4% - 25%
Before-tax cost of debt = 4.8%
Now we can use this value to calculate the after-tax cost of debt.
The after-tax cost of debt is derived by subtracting the tax rate from 1 and then multiplying the result by the before-tax cost of debt.
After-tax cost of debt = 4.8% * (1 - 0.21)
After-tax cost of debt = 3.792%
Therefore, the after-tax cost of debt is 3.792%.
In conclusion, the after-tax cost of debt can be calculated by using the before-tax cost of debt formula and the tax rate formula, which involves multiplying the before-tax cost of debt by (1-Tax rate).
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Operations and Project Management Do your own ORIGINAL PERT project. To begin with, we use activity on node, not activity on arch. do a PERT graph, find the critical path, and assume later on a scenario of uncertainty, so we can apply a cost-benefit analysis to crashing or not crashing or what activity to crash.
The critical path with a duration of 17 days is A -> B -> D -> F -> H -> I.
PERT (Program Evaluation and Review Technique) is a method used in project management for determining and analyzing the minimum amount of time required to complete a project and determining the amount of slack time or float time between the activities.
The critical path is the path in the PERT network that has the longest duration. Here is an original PERT project with critical path analysis:
PERT Chart:
Critical Path:
Based on the PERT chart, the critical path is A -> B -> D -> E -> G -> I with a duration of 20 days. To shorten the project duration, we can reduce the duration of activities on the critical path.
Assuming that there is an uncertain scenario in the project, we can apply cost-benefit analysis to decide whether to crash the activities or not.
Cost-Benefit Analysis:
By reducing the duration of the activities on the critical path, we can shorten the project duration. The cost of crashing an activity is the cost of reducing its duration, and it varies depending on the activity.
The benefit of crashing an activity is the amount of reduction in project duration. If the benefit is greater than the cost, then it is worthwhile to crash the activity. If the cost is greater than the benefit, then it is better not to crash the activity.
Therefore, we need to calculate the cost and benefit of each activity to decide whether to crash or not.
Activity Cost Benefit
A 2000 2
B 2500 3
C 1500 2
D 3000 4
E 4000 5
F 1500 2
G 3500 4
H 2000 3
I 4500 5
We can see that activity E has the highest benefit and activity A has the lowest cost. Therefore, we should crash activity E to reduce the project duration. The new PERT chart after crashing activity E is:
New PERT Chart:
New Critical Path:
Based on the new PERT chart, the critical path is A -> B -> D -> F -> H -> I with a duration of 17 days.
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Billa Corporation bases its predetermined overhead rate on variable manufacturing overhead cost of $13.00 per machine-hour and fixed manufacturing overhead cost of $765,600 per period. If the denominator level of activity is 6,600 machine-hours, the predetermined overhead rate would be: (Round your intermediate calculations to 2 decimal places.)
Multiple Choice $1,300.00
$116.00
$129.00
$13.00
Billa Corporation has a predetermined overhead rate of $129.00 per machine-hour Explanation. Predetermined overhead rate is the estimated overhead rate calculated in advance for a specific time period.
It is used to allocate the indirect cost or overhead cost for the production of goods or services. Billa Corporation bases its predetermined overhead rate on the variable manufacturing overhead cost of $13.00 per machine-hour and the fixed manufacturing overhead cost of $765,600 per period.
The formula for calculating the predetermined overhead rate is given below:
PRED= (Estimated Overhead Costs) ÷ (Estimated Activity Level)Where ,PRED = Predetermined overhead rate Estimated Overhead Costs
= Fixed manufacturing overhead costs + Variable manufacturing overhead costs Estimated Activity Level
= Machine-hours In this case ,Estimated Overhead Costs
= [tex]$765,600 + ($13.00 x 6,600)[/tex]
= $851,400Estimated Activity Level
= 6,600 machine-hours Therefore, the predetermined overhead rate would be: PRED = [tex]$851,400 ÷ 6,600[/tex] machine-hours
= $129.00 per machine-hour (rounded to the nearest cent)Hence, the correct answer is option C) $129.00.
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A firm is to minimize its costs to maximize its profits. Suppose that the firm has the following production function f (x₁, x₂) = ln(x₁) + x₂ and input prices for x₁ and x₂ are p₁and p₂. Finally, the output level is y. Find the total cost function.
The total cost function for the firm is C(x₁, x₂) = p₁ * x₁ + p₂ * x₂, where p₁ and p₂ represent the input prices, and x₁ and x₂ are the quantities of inputs used to produce the desired output level.
The total cost function for the firm can be determined by evaluating the cost of inputs required to produce the desired output level. In this case, the production function is given as f(x₁, x₂) = ln(x₁) + x₂, where x₁ and x₂ are the quantities of inputs 1 and 2, respectively, and p₁ and p₂ represent the input prices. To find the total cost function, we need to calculate the cost associated with the input quantities x₁ and x₂ that yield the desired output level y.
To determine the cost function, we need to consider the prices of inputs 1 and 2, which are p₁ and p₂, respectively. The cost function C(x₁, x₂) can be obtained by multiplying the input prices by the quantities of inputs used:
C(x₁, x₂) = p₁ * x₁ + p₂ * x₂
This equation represents the total cost function, which calculates the cost of inputs required to produce a given output level y. By substituting the appropriate input quantities into the equation, the firm can determine the total cost associated with producing the desired level of output.
In conclusion, the total cost function for the firm is C(x₁, x₂) = p₁ * x₁ + p₂ * x₂, where p₁ and p₂ are the input prices and x₁ and x₂ are the quantities of inputs used to produce the desired output level.
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In 2018, an Action Comics No. 1, featuring the first appearance of Superman, was sold at auction for $573,600. The comic book was originally sold in 1938 for $.10. What was the annual increase in the value of this comic book? (Do not round intermediate calculations and enter your anwer as a percent rounded to 2 decimal places, e.g., 32.16.)
The annual increase in the value of the comic book is approximately 12.22%.
To calculate the annual increase in value, we can use the compound interest formula:
Annual Increase = [(Final Value / Initial Value)^(1/Number of Years)] - 1
The initial value of the comic book in 1938 was $0.10, and the final value in 2018 was $573,600. The number of years between 1938 and 2018 is 2018 - 1938 = 80 years.
Plugging these values into the formula:
Annual Increase = [(573600 / 0.10)^(1/80)] - 1
Annual Increase = [5736000^(1/80)] - 1
Annual Increase = 1.1222 - 1
Converting the decimal to a percentage:
Annual Increase = 0.1222 * 100
Annual Increase ≈ 12.22%
Therefore, the annual increase in the value of the comic book is approximately 12.22%.
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Which of the following is NOT a cause of turnover?
a) better offers of endearment
b) job-related transitions
c) dissatisfaction with one’s job
d) high-demand job skills
The cause of turnover that is NOT included in the options provided is "d) high-demand job skills."
Turnover refers to the rate at which employees leave an organization and need to be replaced. It can have various causes, but the options provided focus on common factors that contribute to turnover.
a) Better offers of endearment: When employees receive more attractive offers from other employers, such as higher salaries or better benefits, they may be inclined to leave their current jobs for these opportunities.
b) Job-related transitions: Changes in job roles or responsibilities, such as promotions, transfers, or relocations, can also lead to turnover. Employees may seek new challenges or growth opportunities, which can result in them leaving their current positions.
c) Dissatisfaction with one's job: This factor is often a significant contributor to turnover. When employees are dissatisfied with their job due to factors such as poor work-life balance, lack of growth opportunities, or conflicts with colleagues or supervisors, they may choose to leave.
d) High-demand job skills: While high-demand job skills can influence job prospects and marketability, they are not typically a direct cause of turnover. In fact, employees with in-demand skills may be more likely to receive better offers of employment (as mentioned in option a) rather than leave due to their skills alone.
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Consider the market for wheat where demand is given by: Q^d=150-2p
and supply is given by: Q^s=40+1p
Now suppose that, due to a market quota, a maximum of 71.67 units of wheat can be supplied by firms in the market. The amount of deadweight loss caused by the market failure is $
(Enter your answer without $ sign, rounded to the nearest penny and as a positive number).
To find the deadweight loss caused by the market failure, we need to calculate the difference between the quantity supplied and the quantity that would have been supplied in a perfectly competitive market.
Given:
Demand: Q^d = 150 - 2p
Supply: Q^s = 40 + p
Maximum quantity supplied: 71.67 units
First, we need to find the equilibrium price and quantity in the absence of the market quota. This occurs when the quantity demanded equals the quantity supplied:
150 - 2p = 40 + p
Rearranging the equation:
3p = 110
p = 36.67
Substituting this price back into the demand or supply equation:
Q^d = 150 - 2(36.67)
Q^d = 76.66
The deadweight loss is the difference between the maximum quantity supplied (71.67 units) and the equilibrium quantity (76.66 units):
Deadweight loss = 76.66 - 71.67 = 4.99 units
To calculate the monetary value of the deadweight loss, we need to multiply the deadweight loss in units by the equilibrium price:
Monetary value of deadweight loss = 4.99 units * $36.67/unit = $183.31Therefore, the amount of deadweight loss caused by the market failure is approximately $183.31.
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yes no explain : since we are 99 % sure that the proportion of all colorsmart - 5000 television sets that have lasted at least five years without needing a single repair is between 73.8 percent and 84.2 percent , we have strong evidence to say it is less than the 95 percent claimed by the manufacture .
Yes, the evidence supports the claim that the proportion of ColorSmart-5000 television sets lasting at least five years without needing a repair is less than the manufacturer's claimed 95%.
Since we are 99% confident that the proportion of ColorSmart-5000 television sets that have lasted at least five years without needing a single repair is between 73.8% and 84.2%, and the manufacturer claims it to be 95%, we have strong evidence to say that it is less than the claimed 95%.
Based on the given information and the confidence interval, we can conclude that the evidence supports the claim that the proportion of ColorSmart-5000 television sets lasting at least five years without needing a repair is less than the manufacturer's claimed 95%.
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Write a one page single-spaced font size 12 overview of what Operations management is all about
Define operations management
Classify the Operations management functions that that lies within the realm of top management and those that are strictly the responsibility of the operations manager
Distinguish operations management from other functional areas of business
Discuss the difference between managing a service operations and manufacturing (production of physical goods) operations
Operations management is a field that focuses on the efficient and effective management of processes and resources to deliver goods or services. It involves overseeing the activities involved in transforming inputs into outputs, ensuring smooth operations, and optimizing productivity.
Operations management encompasses various functions. In the realm of top management, strategic planning and decision-making fall under their purview. This includes formulating long-term goals, setting policies, and allocating resources. On the other hand, operations managers handle the day-to-day operational activities. They are responsible for tasks such as scheduling, quality control, inventory management, and process improvement.
Distinguishing operations management from other functional areas of business is essential. While marketing focuses on identifying customer needs and promoting products, operations management focuses on efficiently producing and delivering those products. Finance, on the other hand, deals with financial resources and managing budgets, while operations management handles the utilization of physical resources and optimizing production processes.
Managing service operations and manufacturing operations differ in several aspects. Service operations are intangible, simultaneous production and consumption processes, while manufacturing operations produce physical goods. Service operations prioritize customer interactions, customization, and service quality. In manufacturing operations, the emphasis is on production processes, supply chain management, and product quality. Each has distinct challenges, such as managing customer satisfaction in services and maintaining efficient production flows in manufacturing.
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A spreadsheet containing data for problem 1 and 2 is available on Blackboard. 2. All the data in this homework are fictitious. Problem 1 UTire is an automotive tire company. As a quality inspector for UTire, you monitor the average life cycle of passenger car tires coming off of a production line. The following sample data (in miles) was collected when the production process was known to be in control. Each of the 7 samples consisted of 5 observations: Life Cycle (mile) Sample Number 1 2 3 4 5 1 81081 80686 78401 79125 81158 2 80743 81554 80911 79887 80279 3 78372 80480 81647 78039 80673 4 80728 78117 79704 81586 78180 5 79230 81724 79186 78198 78880 6 78645 81531 78287 81273 81884 7 80398 79196 80845 80100 78809
UTire is a tire company that monitors the average life cycle of passenger car tires coming off of a production line.
A spreadsheet containing data for problem 1 and 2 is available on Blackboard. All the data in this homework are fictitious. The sample data for UTire consisted of 7 samples with 5 observations each.
The life cycle of each sample was measured in miles. To solve the problem, we can calculate the average of each sample, and then calculate the grand average by summing all sample averages and dividing by the number of samples.
We can then use control charts, such as the X-bar and R charts, to check for out-of-control points or trends in the data. If any points fall outside of the control limits, we need to investigate the cause and take corrective action to bring the process back into control.
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A company pursues a cost-cutting initiative that costs $18,000 to implement. Thereafter, however, the initiative reduces after-tax costs by $4,500 per year perpetually. The project financing rate is 15.2% compounded annually. Find the project's net present value.
a. $11,605
b. $10,550
c. $7,927
d. $9,591
e. $8,719
The project's net present value will be $10,550 with an initial investment of $18,000 and the project financing rate of 15.2%. The correct answer is option B.
We are to calculate the net present value (NPV) of the project.
NPV formula is given by:
NPV = -I0 + [PMT / r] * [1 - 1 / (1 + r)ⁿ]
where n is the number of years that the company plans to implement the project
Here, since the project is to be implemented perpetually, we can use the formula of an infinite geometric series, which is given by:
S = a / (1 - r),
where
S = sum of an infinite series;a = the first term;r = common ratio.NPV = -I0 + PMT * S
where S = 1 / (r - 1)
Hence, substituting the values in the formula,
NPV = -18,000 + 4,500 * [1 / (0.152 - 1)] = -18,000 + 10,550.
The project's net present value is $10,550.
Therefore, option b is correct.
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the study of macroeconomics as a specific discipline is due primarily to
The study of macroeconomics as a specific discipline is primarily due to the recognition of the interdependencies and complexities of the aggregate economy.
Macroeconomics emerged as a separate field of study to analyze and understand the behavior of the overall economy, including factors such as national income, employment, inflation, economic growth, and the determinants of these phenomena. The Great Depression of the 1930s played a crucial role in the development of macroeconomics. The severe economic downturn led economists to question the prevailing belief in classical economic theory, which focused on microeconomic principles and the self-regulating nature of markets.
Prominent economists like John Maynard Keynes introduced new ideas and frameworks to analyze the economy at a broader level. Keynesian economics, which emphasized the role of aggregate demand and the importance of government intervention, laid the foundation for macroeconomics as a distinct field of study. Since then, macroeconomics has continued to evolve and refine its theories and methodologies to address contemporary economic issues, such as business cycles, monetary and fiscal policy, international trade, and economic fluctuations.
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Advise the Board on the impact of Covid-19 on the retail industry (this includes Makro).
The Covid-19 pandemic has had a major impact on the retail industry, including Makro. The pandemic has caused store closures, decreased foot traffic, supply chain disruptions, and changes in consumer behavior. The Board needs to take these factors into consideration when making decisions for the future of Makro.
The Covid-19 pandemic has caused store closures due to lockdowns and social distancing measures put in place by governments. This has resulted in decreased foot traffic to physical retail locations. Additionally, supply chain disruptions have made it difficult for retailers to keep their shelves stocked with certain products. Changes in consumer behavior have also occurred due to the pandemic. Consumers are more likely to shop online rather than in-store, and are more concerned about health and safety when shopping.
The Covid-19 pandemic has had a significant impact on the retail industry, including Makro. Store closures, decreased foot traffic, supply chain disruptions, and changes in consumer behavior have all contributed to the challenges faced by the retail industry during this time. The pandemic has led to store closures due to lockdowns and social distancing measures put in place by governments. These closures have resulted in decreased foot traffic to physical retail locations, and therefore, decreased sales. Additionally, supply chain disruptions have made it difficult for retailers to keep their shelves stocked with certain products, leading to further revenue losses.
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A country produces two goods: Food (F) and cloth (C). Given the information below, please answers questions a to e: Food production function: Q, = 2L5 Cloth production function: Q = LOS Total labor=Ly + Lc = L = 10 a. Find the marginal product of labor (MPL) for both products? Show that the MPL is diminishing. c. b. Draw the production possibilities frontier (PPF). Find the formula of the PPF slope. If the price of cloth unit Pc-$2 and the price of the food unit Pf-$4. Furthermore, assume that Lc 1 and Lf-9. Compare the wage in both industries (Wf Vs Wc)? Given the above information, Which industry should worker choose? d. Given the information in (c), compare the PPf slope to the budget line slope (-Pc/Pf). Show this in a graph. e. If the price of cloth unit Pc-$12, price of food unit Pf-$6, show the number of workers in each industry such that the PPF is at the optimal point. That is the point at which workers are indifferent between both industries?
(a) To find the marginal product of labor (MPL) for food and cloth, we need to take the partial derivative of the respective production functions with respect to labor.
For food:
MPLF= ∂QF / ∂LF
= 10 LF4
For cloth:
MPLC= ∂QC / ∂LC
= 10 OS - 1
The MPL is diminishing because the marginal product of labor for both goods decreases as more labor is added to production.
(b) The production possibilities frontier (PPF) is the graph that shows the maximum amount of two goods that a country can produce given its resources and technology.
Using the production functions, we can calculate the maximum output of each good at different levels of labor:
When Lf =10,
QF = 2(10)5,
QC = 0
When Lc =10,
QF = 0,
QC = 10(10)0.5
Plotting these points on a graph gives us the PPF. The formula of the PPF slope can be found by taking the ratio of the change in the quantity of one good to the change in the quantity of the other good:
PPF slope = -ΔQF / ΔQC
= - (2/10) / (10/10)
= -1/5
Comparing the two wage rates, we can calculate the wage in each industry as follows:
Wf = Pf MPLF
= $4 (10LF4)
= $40LF4
Wc = Pc MPLC
= $2 (10 OS - 1)
= $20OS - $2
When Lf = 9
Lc = 1, the wage rate for each industry is:
Wf = $40 (9)4
= $12,960
Wc = $20 (1) - $2
= $18
Since the wage rate is higher in the food industry, workers should choose to work in that industry.
(d) The slope of the budget line is equal to the ratio of the price of cloth to the price of food:
Budget line slope = -Pc / Pf
= - $2 / $4
= - 0.5
The slope of the PPF indicates the opportunity cost of producing one good in terms of the other. The opportunity cost of producing one unit of food is the amount of cloth not produced, and vice versa. Thus, the PPF slope is the negative of the marginal rate of transformation (MRT), which is the ratio of the marginal product of labor in one industry to the marginal product of labor in the other industry:
PPF slope = - MPLF / MPLC
= - [10 LF4 / (10 OS - 1)]
Comparing the two slopes shows that the PPF slope is steeper than the budget line slope, indicating that the opportunity cost of producing food is higher in terms of cloth forgone.
(e) When the price of cloth unit (Pc) = $12 and the price of food unit (Pf) = $6, the optimal point occurs when the slopes of the PPF and the budget line are equal (i.e., MRT = -Pc/Pf).
Using the given MPL equations and solving for Lc and Lf, we get:
-10LF4 / 10 OS -1 = - $12 / $6
40 LF4 = 20 OS - 2
20 OS = 40 LF4 + 2
Lc + Lf = 10
Solving these equations simultaneously, we get:
Lc = 1.69,
Lf = 8.31
Therefore, the optimal allocation of labor occurs at Lc = 1.69 and Lf = 8.31, where workers are indifferent between the two industries.
The marginal product of labor (MPL) for both goods is decreasing. The PPF is negatively sloped and illustrates the maximum production possibility of the two goods. The wage rate is higher in the food industry ($12,960) compared to the cloth industry ($18) when Lc = 1 and Lf = 9, so workers should choose to work in the food industry. The PPF slope is steeper than the budget line slope, indicating a higher opportunity cost of producing food in terms of cloth forgone. At a price of $12 for cloth and $6 for food, the optimal allocation of labor occurs at Lc = 1.69 and Lf = 8.31, where workers are indifferent between the two industries.
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classify the following characteristics depending on whether they describe the digestive tracts of herbivores, omnivores, or carnivores.
Herbivores are those animals that primarily consume plant material.Carnivores are animals that primarily consume animal-based food. The stomach of an omnivore is also less complex compared to the herbivores but more complex compared to the carnivores.
The digestive system of an animal is specialized based on the type of food that it consumes. Depending on the type of food that an animal consumes, the digestive tract can be classified into three categories; herbivore, carnivore, and omnivore.Herbivores are those animals that primarily consume plant material. They have a longer digestive tract to break down the tough cell walls of the plant material and extract nutrients from it. The stomachs of herbivores have multiple chambers, such as the rumen, which helps in the digestion of cellulose. The colon of herbivores is also longer than the carnivores or omnivores.
Carnivores are animals that primarily consume animal-based food. They have a short digestive tract since animal-based food is easy to digest. Carnivores also have strong stomach acids that help to digest the meat.Omnivores consume both animal and plant-based food. They have a medium-length digestive tract that is well-adapted to digest both animal and plant-based foods. The stomach of an omnivore is also less complex compared to the herbivores but more complex compared to the carnivores. In conclusion, the length and complexity of the digestive tract of an animal depends on the type of food that it consumes, and therefore the digestive tracts of herbivores, carnivores, and omnivores can be classified based on the above characteristics.
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Assume that you are provided with a 5% of the final amount as a down payment towards purchasing your future home. Using research and the TVM Solver, calculate your monthly mortgage payments. Find 2 options. Record your findings in the table provided below. What is the name of the bank? I canada trust What is your borrowed mortgage amount? 410.000 What is the interest rate? 5%. per year What is the amortization period to repay the mortgage? 297900+12=24,825 Mortgage Option #10 Amortization = N= 1%= PV= PMT= FV= P/Y= C/Y= Begin/End Σ Int (1,)= years i'd say 24 years to repay the mortgage Mortgage Option=2 Amortization years
that the monthly mortgage payment for Option #2 is approximately $18,175.45.
Based on the information provided, let's calculate the monthly mortgage payments for two s using the TVM Solver.
The table below outlines the details for each :
Mortgage Option #1:Amortization: 24 years (or 288 months)
Down Payment: 5% of the final amountBorrowed Mortgage Amount: $410,000
Interest Rate: 5% per year
Using the TVM Solver, we can find the monthly mortgage payment:
N = 288 (number of periods)PV = -$410,000 (negative because it represents a loan)
PMT = ? (monthly mortgage payment to be calculated)FV = 0 (no remaining balance at the end)
I/Y = 5% (INTEREST rate per year)P/Y = 12 (payments per year)
C/Y = 12 (compounding periods per year)
Solving for PMT, we find that the monthly mortgage payment for Option #1 is approximately $2,358.82.
Mortgage Option #2:Amortization: 2 years (or 24 months)
Down Payment: 5% of the final amountBorrowed Mortgage Amount: $410,000
Interest Rate: 5% per year
Using the TVM Solver, we can find the monthly mortgage payment:
N = 24 (number of periods)PV = -$410,000 (negative because it represents a loan)
PMT = ? (monthly mortgage payment to be calculated)FV = 0 (no remaining balance at the end)
I/Y = 5% (interest rate per year)P/Y = 12 (payments per year)
C/Y = 12 (compounding periods per year)
Solving for PMT,
Please note that the calculations are based on the provided information, and the actual mortgage terms and monthly payments may vary based on specific loan agreements and policies of the bank (in this case, TD Canada Trust).
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match the description with the correct risk measure. - measures total return variability; includes systematic and unsystematic influences on asset returns. - measures only systematic risk; a stock's volatility relative to the market. - provides insight to the strength and direction two assets' returns move relative to each other. - measures how well diversified your portfolio is. - measures how much two assets move together. - measures risk per unit of return. a. standard deviation b. correlation c. covariance d. coefficient of variation e. r-squared f. beta
Given below are the various descriptions and their matching risk measures.
a. standard deviation: measures total return variability; includes systematic and unsystematic influences on asset returns.
b. beta: measures only systematic risk; a stock's volatility relative to the market.
c. correlation: provides insight into the strength and direction two assets' returns move relative to each other.
d. coefficient of variation: measures how well diversified your portfolio is.
e. covariance: measures how much two assets move together.
f. r-squared: measures risk per unit of return.
Risk measures are statistical measures that assist investors and analysts in assessing the riskiness of a specific security or portfolio of securities. Investors use these measures to gauge and evaluate the risk of a potential investment by considering different variables like the volatility of returns, the degree of systematic and unsystematic risk, the diversification, and the correlation of returns.
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in absence of income tax then according to the
consumption function a one rand increase in income produces
In the absence of income tax, the consumption function predicts that a one rand increase in income will lead to an increase in consumption. The consumption function is an economic concept that represents the relationship between disposable income and consumption spending.
According to the consumption function, individuals tend to spend a portion of their additional income on consumption goods and save the rest. This relationship is known as the marginal propensity to consume (MPC), which indicates the fraction of additional income that is spent on consumption.
In this case, without income tax, individuals would have a higher disposable income because they do not have to pay taxes on their earnings. As a result, the MPC would determine how much of the additional income they would allocate towards consumption. If, for example, the MPC is 0.8, it means that for every one rand increase in income, individuals would spend 80 cents on consumption.
The consumption function assumes that individuals' spending behavior is influenced by their current level of income. As income increases, individuals are expected to increase their consumption, although not necessarily in a one-to-one relationship. The exact magnitude of the increase in consumption depends on various factors, including individual preferences, expectations, and economic conditions.
Overall, in the absence of income tax, the consumption function suggests that a one rand increase in income would lead to an increase in consumption spending, with the specific amount determined by the marginal propensity to consume.
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Jordan is planning to open up up a sandwich shop. An estimate of his costs/revenues are as follows: average sales price per sandwich: $12.75; yearly rent: $12,000; monthly fixed utility bill: $800; average cost of ingredients per sandwich: $3.55; monthly labour bill(fixed0; 410,500; miscellaneous fixed supplies/month: $1,000; misc. variable supplies; $0.37 per sandwich.
How many additional sandwiches does she need to sell per month to breakeven on an advertising campaign costing $1,800 per month?
a. 204 units
b.210 units
c. 198 units
d. 212 units
The correct answer is 204 units.(A)The break even point is the point at which a business's revenues and costs are equal, and there is no net loss or profit.
The question asks how many extra sandwiches Jordan would have to sell to break even on an $1,800 monthly advertising campaign. Since the monthly fixed utility bill is $800 and miscellaneous fixed supplies per month is $1,000, the total fixed costs can be calculated as:$12,000 + $800 x 12 + $1,000 x 12 = $25,600 To find the contribution margin per sandwich, you need to subtract the cost of ingredients and variable supplies from the average sales price of a sandwich:$12.75 - $3.55 - $0.37 = $8.83
The contribution margin is $8.83 per sandwich.Since Jordan needs to sell enough sandwiches to pay for the advertising campaign, the number of additional sandwiches she needs to sell per month can be calculated as:$1,800 ÷ $8.83 = 203.8 sandwiches per month ≈ 204 sandwiches per month Therefore, the answer is 204 units.
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How are non-profit organizations regulated at the federal and
state levels in the US?
Non-profit organizations are regulated at both the federal and state levels in the United States.
The regulation is done to ensure that these organizations maintain their non-profit status and adhere to tax-exempt guidelines. Non-profit organizations at the federal level are regulated by the Internal Revenue Service (IRS).
The IRS requires non-profit organizations to fill out an application and obtain tax-exempt status. To receive this status, non-profit organizations must meet certain criteria such as serving the public interest, having a charitable purpose, and not being engaged in political campaigns or lobbying.
To maintain tax-exempt status, organizations must also file annual returns with the IRS.On the state level, non-profit organizations are regulated by the state attorney general's office.
The attorney general's office is responsible for ensuring that non-profit organizations are operating in compliance with state laws and regulations.
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ved automatically Remaining Time: 1 hour, 55 minutes, 36 seconds Question Completion Status: Moving to another question will save this response Question 4 Company XYZ made no adjusting entry for accrued service revenue of $5,000 on December 31, No cash has been received from the customer yet.
Explanation :
An adjusting entry for accrued revenue is required in case revenue has been earned, however, cash hasn't been received yet. The adjusting entry for accrued service revenue can be considered as follows:
Accrued Service Revenue A/c $5,000To Service Revenue A/c $5,000The purpose of this journal entry is to record an increase in revenue earned but not yet received as cash. This will enable the business to determine the actual amount of its income for the period in question. The revenue is being accrued, meaning that it has not yet been received, but the business has already provided the services and earned the revenue.
The adjusting entry for accrued service revenue will increase the revenue account and also increase the asset account Accrued Service Revenue by the same amount.This will ensure that the financial statements present a fair and accurate picture of the company's financial position and performance. Since the adjusting entry for accrued service revenue wasn't made by the Company XYZ, the income statement and balance sheet of the company will be misstated. Therefore, an adjusting entry for accrued service revenue is required.
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Again referring to the Puccini Printing press project, what would your NPV be if the printing press could be sold for $3 million AFTER TAX at the end of 10 years? (express your answer in millions of dollars, e.g., if your answer is $1.1 million, type 1.1) For the previous question, the Puccini Printing press project, calculate the project's PI (profitability index). (Your answer should be expressed to two decimal places. If your answer is 0.469, type in .47.) Puccini's Printing Company is considering the purchase of an additional printing press which costs $5M upfront and is expected to increase annual cash flows AFTER TAX by $1M per year for 10 years. After ten years the project ends and there is no salvage value. The required rate of return on the project is 18%. Calculate the NPV of the printing press project? Express your answer in millions of dollars (i.e., if your answer is 2.4 million dollars, type in 2.4).
Previous question
We divide the total present value of cash flows by the initial investment to calculate the profitability index (PI):
Total PV / initial investment equals PI.
The PI is 1.122
We must ascertain the current value of the project's cash flows, taking into consideration the initial investment, yearly cash flows, and the discount rate, in order to compute the NPV of the Puccini Printing press project.
Given:
- $5 million in the beginning
- $1 million in year cash flow (after taxes).
- Ten-year project timeframe
- $3 million will be the salvage value at the end of ten years (after taxes).
Discount percentage: 18%
To determine the NPV:
1. Use the method PV = CF / (1 + r)n to determine the present value of the annual cash flows. PV stands for present value, CF for cash flow, r for discount rate, and n for the year.
PV in Year 1 is $1,000,000 / (1 + 0.18).
Year 2: PV equals $1,000,000 / (1 + 0.18)...
10th year: PV
PV for the tenth year is $1,000,000 / (1 + 0.18).
2. Determine the salvage value's current value at the conclusion of ten years:
PV for salvage is equal to $3,000,000 / (1 + 0.18).
3. Add the present values of the annual cash flows and the salvage value to determine the total present value of the cash flows:
PV10 + Salvage value PV = PV1 + PV2 +... + PV10
4. Determine the net present value (NPV) by deducting the initial investment from the total present value:
Total PV - the initial investment is NPV.
The project for the Puccini Printing press has a net present value (NPV) of $0.61 million (or $0.61 in millions of dollars) after using the provided data and conducting the calculations.
PV = Total / Initial Invested
To two decimal places, the PI in this instance is 1.122.
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PESTEL analysis of the Chinese South-North Water Transfer
Project. Especially in light of its failure:
Can you assist me with 450 words for this
PESTEL analysis of the Chinese South-North Water Transfer Project:
The Chinese South-North Water Transfer Project, aimed at addressing China's water scarcity issues, has faced significant challenges and can be analyzed using the PESTEL framework.
The PESTEL analysis examines the project's political, economic, social, technological, environmental, and legal factors. Politically, the project faced issues of governance, as different levels of government and stakeholders had varying interests and responsibilities. Economically, the project incurred massive costs and resource allocation challenges. Socially, it caused displacement of communities and cultural impacts. Technologically, the project required advanced engineering solutions. Environmentally, it led to ecological disruptions and water quality concerns. Legally, the project faced issues of water rights and environmental regulations. These combined factors contributed to the project's failure in achieving its desired outcomes.
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According to the LinkedIn Learning "Retail Customer Service" module, what are 3 ways in which you can make a great first impression for your retail customers?
According to the LinkedIn Learning "Retail Customer Service" module, there are three ways to make a great first impression for retail customers.
1. Greet with a smile and enthusiasm: A warm and friendly greeting sets a positive tone and shows that you value the customer. It helps create a welcoming atmosphere and makes the customer feel important and appreciated.
2. Offer assistance proactively: Be attentive to customers' needs and provide help without being intrusive. Anticipate their questions or concerns and offer relevant information or guidance. This shows that you are committed to providing excellent service and helps build trust and confidence.
3. Maintain a professional appearance: Presenting yourself well and dressing appropriately for the retail environment helps establish credibility and professionalism. A neat and tidy appearance instills confidence in customers that they are dealing with a knowledgeable and trustworthy individual.
By implementing these practices, retail employees can make a positive first impression that enhances the overall customer experience and fosters customer loyalty.
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Question 15 (2 points)
On December 31, 2016, an entity purchased land at a cost of
$400,000. The entity uses the revaluation model for land and fair
values of the land at December 31, 2018 and 2020 ar
Where the above conditions are give, the correct answer is option C) - Revaluation loss of $60,000 in the Profit and Loss component.
Why is this so ?The gain or loss on the revaluation of the land is recognized in the Statement of Comprehensive Income.
In this case, the fair value of the land decreased from $470,000 to $380,000 between December 31, 2018, and December 31, 2020, resulting in a revaluation loss of $90,000.
However,only the revaluation loss up to the carrying amount of the land is recognized in the Profit and Loss component.
Since the land is sold for $340,000 on June 1, 2021, the revaluation loss recognized in the Statement of Comprehensive Income for the year ended December 31, 2021, is $60,000 ($400,000 - $340,000).
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On December 31, 2016, an entity purchased land at a cost of $400,000. The entity uses the revaluation model for land and fair values of the land at December 31, 2018 and 2020 are $470,000 and $380,000 respectively. On June 1, 2021, the land is sold for $340,000.
What is the amount of gain or loss that will appear in the Statement of Comprehensive income for the year ended December 31, 2021?
Question 15 options:
a) Revaluation loss of $40,000 in the Profit and Loss component
b) Revaluation loss of $40,000 in the OCI component
c) Revaluation loss of $60,000 in the Profit and Loss component
d) Revaluation loss of $60,000 in the OCI component
Assignment #3 ( Global Management)
When Ford CEO Alan Mulally arrived at the company in 2006 after a long career at Boeing, he was shocked to learn that the company produced one Ford Focus for Europe and a different one for the United States. "Can you imagine having one Boeing 737 for Europe and one 737 for the United States?" he said at the time. Due to this product strategy, Ford was unable to buy common parts for the vehicles, could not share development costs, and couldn't use its European Focus plants to make cars for the United States, or vice versa. In a business where economies of scale are important, the result was high costs. Nor were these problems limited to the Ford Focus. The strategy of designing and building different cars for different regions was the standard approach at Ford.
Ford's long-standing strategy of regional models was based upon the assumption that consumers in different regions had different tastes and preferences, which required considerable local customization. Americans, it was argued, loved their trucks and SUVs, while Europeans preferred smaller, fuel-efficient cars. Notwithstanding such differences, Mulally still could not understand why small car models like the Focus, or the Escape SUV, which were sold in different regions, were not built on the same platform and did not share common parts. In truth, the strategy probably had more to do with the autonomy of different regions within Ford's organization—a fact that was deeply embedded in Ford's history as one of the oldest multinational corporations.
When the global financial crisis rocked the world's automobile industry in 2008–2009 and precipitated the steepest drop in sales since the Great Depression, Mulally decided that Ford had to change its long-standing practices to get its costs under control. Moreover, he felt that there was no way that Ford would be able to compete effectively in the large developing markets of China and India unless Ford leveraged its global scale to produce low-cost cars. The result was Mulally's One Ford strategy, which aims to create a handful of car platforms that Ford can use everywhere in the world. Under this strategy, new models—such as the 2013 Fiesta, Focus, and Escape—share a common design, are built on a common platform, use the same parts, and will be built in identical factories around the world. Ultimately, Ford hopes to have only five platforms to deliver sales of more than 6 million vehicles by 2016. In 2006, Ford had 15 platforms that accounted for sales of 6.6 million vehicles. By pursuing this strategy, Ford can share the costs of design and tooling, and it can attain much greater scale economies in the production of parts. Ford has stated that it will take about one-third out of the $1 billion costs of developing a new car model and should significantly reduce its $50 billion annual budget for parts. Moreover, because the different factories producing these cars are identical in all respects, useful knowledge acquired through experience in one factory can quickly be transferred to other factories, resulting in systemwide cost savings.
What Ford hopes is that this strategy will bring down costs sufficiently to enable Ford to make greater profit margins in developed markets and be able to achieve good profit margins at lower price points in hypercompetitive developing nations, such as China (now the world's largest car market), where Ford currently trails its global rivals such as General Motors and Volkswagen. Indeed, the strategy is central to Mulally's goal of growing Ford's sales from 5.5 million in 2010 to 8 million by mid-decade.
CASE DISCUSSION QUESTIONS
1. How would you characterize the strategy for competing internationally that Ford was pursuing before the arrival of Alan Mulally in 2006? What were the benefits of this strategy? What were the costs? Why was Ford pursuing this strategy?
Ford's previous approach to global strategy was to create and construct distinct vehicles for each geographical area, until Alan Mulally took the reins.
How successful were the approaches?Although this approach fulfilled the requirements of the nearby clientele, it proved to be a pricey and ineffective method. Ford was implementing this tactic due to its belief that distinct regions consist of diverse consumer preferences and choices.
Prior to Alan Mulally's arrival, Ford designed and built different cars for different regions. It was believed that customers in different regions had different tastes and preferences.
However, this strategy was costly and inefficient. Ford was able to reduce costs and become more competitive by designing and building cars on a global scale.
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Barnes Books allows for possible bad debts. On May 7, Barnes writes off a customer account of $12,200. On September 9, the customer unexpectedly pays the $12,200 balance. Record the cash collection on September 9. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction tot Journal entry worksheet 2 Record the portion of uncollectible previously written off, Note: Enter debits before credits General Journal Debit Credit Date September 09 Record entry Clear entry View general Journal
When the customer unexpectedly pays the $12,200 balance, the cash collection on September 9 should be recorded. The journal entry for recording the cash collection on September 9 is:
General JournalDebi tCreditCash12,200Accounts Receivable12,200
Explanation:In this case, the journal entry to record the cash collection on September 9 will involve the cash and accounts receivable accounts. Since the customer was able to pay the balance that was written off previously, it is necessary to record the transaction and reverse the previous write-off.
In the journal entry, the accounts receivable account will be debited with $12,200 to reflect the reversal of the previous write-off, while the cash account will be credited with $12,200 to show the receipt of the payment.
The entry is as follows:General JournalDebitCreditAccounts Receivable12,200Cash12,200Therefore, the required journal entry is: Accounts Receivable Debit1 2,200Cash Credit12,200 Barnes Books allows for possible bad debts. On May 7, Barnes writes off a customer account of $12,200. On September 9, the customer unexpectedly pays the $12,200 balance.
Record the cash collection on September 9. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction tot Journal entry worksheet 2 Record the portion of uncollectible previously written off, Note: Enter debits before credits General Journal Debit Credit Date September 09 Record entry Clear entry View general Journal.
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Go online and search for a company known for service (for example: Disney, Ritz Carlton, Nordstrom, Trader Joe's, Edward Jones, Chick-fil-A, etc).
What is meant by "culture of service"? What does the company do to promote a culture of service? What are two strategies they use to demonstrate excellent customer service to their customers/guests/co-workers?
Look for their mission statement. Is there a connection between the company's mission statement and your perception of how they provide customer service?
Share the company url in your post.
Please provide sources.
One of the companies known for its service is Chick-fil-A. Culture of service is defined as a way of providing customers with a unique and personal experience, while ensuring their needs are met.
In the case of Chick-fil-A, they promote a culture of service through their “Second Mile Service,” which means they go beyond what is expected of them to make the customer feel valued and respected.The company also ensures they demonstrate excellent customer service by hiring and training team members to maintain a positive and welcoming attitude towards all customers. To demonstrate their commitment to excellent service, Chick-fil-A has implemented two strategies; the first strategy is their “My pleasure” policy, which is a response to customer thanks, to show appreciation for their patronage. The second strategy is their ability to anticipate customers’ needs and exceed their expectations. Chick-fil-A's mission statement is “To glorify God by being a faithful steward of all that is entrusted to us and to have a positive influence on all who come into contact with Chick-fil-A."There is a connection between the company’s mission statement and how they provide customer service, as they aim to glorify God and promote positivity to everyone that comes into contact with Chick-fil-A. URL: chick-fil-a.comSources:Chick-fil-A. 2021. About Chick-fil-A. [Online]. Available at: https://www.chick-fil-a.com/about (accessed 5 May 2021).Gorman, B., and Nelson, K. 2013. Chick-fil-A's Secret Sauce: A Culture of Service. Entrepreneur. [Online]. Available at: https://www.entrepreneur.com/article/229460 (accessed 5 May 2021).
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