The reorder point for plastic with safety stock is more than 225 pounds. The correct option is b.
To calculate the reorder point with safety stock, we need to consider the average demand for plastic in a 7-day period, the standard deviation of this demand, the lead time from the supplier, and the desired service level.
First, we calculate the safety stock by multiplying the standard deviation of 7-day demand (5) by the number of standard deviations required to reach the acceptable service level (1.645). This gives us a safety stock of 8.225 pounds.
Next, we calculate the reorder point by multiplying the average demand for plastic in a 7-day period (50 pounds) by the lead time from the supplier (14 days) and adding the safety stock (8.225 pounds). This gives us a reorder point of 708.25 pounds.
Therefore, the correct answer is more than 225 pounds, which is option (b). Bright Tots Toys should reorder plastic when their inventory reaches this level, in order to maintain an acceptable service level of 95 percent and avoid stockouts.
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Tasty Bakery applies overhead based on direct labor costs. The company reports the following costs for the year: direct materials, $740,000; direct labor, $3,900,000; and overhead applied, $2,730,000. 1. Determine the company's predetermined overhead rate for the year. 2. The ending balance of its Work in Process Inventory account was $80,000, which included $29,000 of direct labor costs. Determine the direct materials costs in ending Work in Process Inventory.
The direct materials costs in ending Work in Process Inventory is $51,000.
To determine the company's predetermined overhead rate for the year, we need to divide the overhead applied by the direct labor costs.
Predetermined Overhead Rate = Overhead Applied / Direct Labor Costs
Predetermined Overhead Rate = $2,730,000 / $3,900,000
Predetermined Overhead Rate = 0.7 or 70%
Therefore, the company's predetermined overhead rate for the year is 70%.
To determine the direct materials costs in ending Work in Process Inventory, we need to use the information given in the question.
Ending Work in Process Inventory = $80,000
Direct Labor Costs in Ending Work in Process Inventory = $29,000
We know that the total cost of ending Work in Process Inventory includes both direct materials and direct labor costs.
Total Cost in Ending Work in Process Inventory = Direct Materials Cost + Direct Labor Cost
Total Cost in Ending Work in Process Inventory = Direct Materials Cost + $29,000
We can rearrange this equation to solve for the Direct Materials Cost.
Direct Materials Cost = Total Cost in Ending Work in Process Inventory - Direct Labor Cost
Direct Materials Cost = $80,000 - $29,000
Direct Materials Cost = $51,000
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calculate a stock turn at retail; bom inventory 40 cases $20 a case, eom inventory 60 cases $21 a case net sales at retail $15,000
Stock, usually referred to as equity or shares, is a symbol of ownership in a business. By purchasing stock, you join the firm as a shareholder and are entitled to a share of its assets and profits.
For The stock turn at retail, we need to use the following formula:
Stock Turn = (Net Sales at Retail) / ((Beginning of Month Inventory at Retail) + (End of Month Inventory at Retail)) / 2)
First, let's convert the beginning-of-month inventory and end-of-month inventory from cases to dollars at retail value:
BOM Inventory at Retail = 40 cases x $20 per case = $800
EOM Inventory at Retail = 60 cases x $21 per case = $1,260
Now we can calculate the stock turn:
Stock Turn = ($15,000) / (($800 + $1,260) / 2)
Stock Turn = $15,000 / ($1,030)
Stock Turn = 14.56
Therefore, the stock turn at retail for this period is 14.56.
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Your family business is expanding. Based on your experience and in depth knowledge of the market, you have estimated the following results for the first 2 years (8 quarters) of the project.
Expected revenues for the first two years are as follows.
In addition, sales for the 1st quarter of Year 3 are projected at $520,000.
Year 1 (‘000s)
Year 2 (‘000s)
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
40
72
128
160
224
280
352
440
General and administrative expenses (wages, taxes, office etc.) are estimated to be 15% of sales.
Sales salaries and commissions are estimated to be 10% of sales.
Accounts receivable at the beginning of this expansion are $0.
Collection period = 30 days
Accounts payable at the beginning of the expansion are $0.
The Company quarterly purchases from suppliers = 50% of the next quarter’s forecasted sales.
Suppliers are paid on average in 60 days.
You will need to buy new equipment & furniture in both Year 1 â€" Q1 and Year 1- Q4 for $40,000 ($80,000 total in Year 1).
To help start the expansion you have secured an initial cash loan from the bank of $80,000. Interest on this loan is $2,400 per quarter. The company will pay back the full $80,000 in the Year 2 â€" Q4.
Interest on any additional short-term borrowing is expected to be 3% per quarter.
The Company wishes to maintain an $80,000 minimum balance at all times to best manage its working capital and any unexpected commitments.
Question #1 â€" (20 marks)
Based on the information above build a Cash Budget for the expansion. Use Appendix A
From above, does the company require any short-term financing? Explain. (50 â€" 100 words)
If so, use the template in Appendix B to build a Short-Term Financing Plan.
This plan should detail the total short-term borrowings and interest payments throughout the expansion period, allowing the company to manage its working capital efficiently and accommodate any unexpected financial commitments.
Based on the provided information, a cash budget for the expansion can be constructed as follows:
For each quarter, calculate sales, general and administrative expenses (15% of sales), sales salaries and commissions (10% of sales), and quarterly purchases (50% of next quarter's sales). Consider the loan repayment and interest payments, as well as equipment and furniture expenses.
Quarterly cash flows can be calculated by considering the collections from accounts receivable and payments for accounts payable, loan repayment, and expenses. By maintaining an $80,000 minimum balance, the company can determine if any additional short-term financing is required.
Upon analyzing the cash budget, it is evident that the company may require short-term financing in certain quarters to maintain the minimum balance and cover expenses. Specifically, this could occur in Year 1 - Q1 and Q4, when the company purchases new equipment and furniture.
To develop a short-term financing plan, consider the required financing for each quarter and the associated interest (at 3% per quarter).
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what process does the net present value method use to help management determine whether a project is acceptable to a company?
The answer is that the Net Present Value (NPV) method uses the process of discounting future cash flows to determine a project's acceptability to a company.
1. Identify the project's cash flows: Estimate the cash inflows and outflows associated with the project over its entire life.
2. Determine the discount rate: This is the company's required rate of return, which is used to discount the future cash flows.
3. Calculate the present value of cash flows: Using the discount rate, find the present value of each cash inflow and outflow by applying the formula: PV = Cash Flow / (1 + Discount Rate)ⁿ (n=period)
4. Sum the present values: Add up the present values of all cash inflows and outflows to calculate the Net Present Value.
5. Evaluate the project: If the NPV is positive, it means the project is expected to generate more cash than the required rate of return and is considered acceptable. If the NPV is negative, the project is not acceptable as it is expected to generate less cash than the required rate of return.
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using a push strategy, a firm directs its promotional efforts toward __________.
A push strategy is a marketing approach in which a firm directs its promotional efforts toward intermediaries, such as wholesalers, distributors, and retailers.
By using a push strategy, the firm aims to create demand among intermediaries by offering incentives, such as discounts, promotional materials, or sales support. This approach helps to increase product visibility and availability to the target market, as intermediaries play a crucial role in the distribution process.
Push strategies are particularly effective when the product requires an extensive distribution network or when the target market is not yet aware of the product's existence. By partnering with intermediaries, the firm can leverage its existing customer relationships and market knowledge to quickly introduce the product to a wider audience.
In summary, a push strategy involves directing promotional efforts toward intermediaries to increase product visibility, distribution, and sales. While this approach can be effective for reaching a larger target market, it requires close collaboration and support for the intermediaries involved.
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which type of incident response team is made up of experts who have other duties? permanent team temporary team hybrid team virtual team
The type of incident response team that is made up of experts who have other duties is a hybrid team.
A hybrid team consists of both permanent members who have dedicated roles in incident response and temporary members who are experts in their respective fields but have other duties outside of incident response.
These temporary members are brought in as needed to assist with specific incidents, and then return to their regular duties once the incident has been resolved.
In addition, hybrid teams may also include virtual team members who work remotely and collaborate with the rest of the team through technology.
Overall, a hybrid team offers the benefits of both a permanent and temporary team, allowing for flexibility and expertise to be utilized when needed.
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what is the reason that oligopolists do not sign an enforceable agreement to cooperate rather than compete?
The reason that oligopolists do not sign an enforceable agreement to cooperate rather than compete is because each firm has an incentive to cheat on the agreement and gain a competitive advantage over the others.
This is known as the "prisoner's dilemma" in game theory. Even if all firms would benefit from cooperating, each individual firm may be tempted to break the agreement and capture more market share or profit. Additionally, antitrust laws may prohibit such agreements as they can lead to anti-competitive behavior and harm consumers. Therefore, oligopolists often engage in tacit collusion, where they signal their intentions to cooperate without explicitly agreeing to do so.
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Ellie is 30 years old and just started working for Microsoft. She is paid on the 1st of each month. Upon receipt of her gross monthly salary of $9,000, she immediately contributes $1,000 to the Group Registered Retirement Savings Plan (RRSP) where at the same time, the company matches her contribution. She guesses that she could earn 6% interest compounded weekly over this period. a) If she continues to do so for the next 35 years, how much will she have accumulated in her RRSP for her retirement? (1 mark) Calculate the amount that Ellie will receive: (1 mark)
If Ellie contributes $1,000 to her Group RRSP each month and Microsoft matches her contributions for 35 years, with a 6% annual interest rate compounded weekly, she will accumulate approximately $2,420,846 in her RRSP for her retirement.
To calculate the accumulated amount in Ellie's RRSP, we need to consider her contributions and the company's matching contributions. Since both Ellie and Microsoft contribute $1,000 each month, her total monthly contribution is $2,000.
The formula to calculate the future value of an ordinary annuity with interest compounded weekly is:
FV = P * (((1 + r)^nt - 1) / r)
Where:
FV = Future Value
P = Monthly payment (in this case, $2,000)
r = Interest rate per week (6%/52, as there are 52 weeks in a year)
n = Number of weeks per year (52)
t = Number of years (35)
Step 1: Calculate the weekly interest rate:
r = 0.06 / 52 = 0.001153846
Step 2: Calculate the number of weeks for the 35-year period:
nt = 52 * 35 = 1,820
Step 3: Calculate the future value of Ellie's RRSP:
FV = 2000 * (((1 + 0.001153846)^1820 - 1) / 0.001153846)
FV ≈ 2,420,846
In conclusion, Ellie will accumulate approximately $2,420,846 in her RRSP for her retirement if she continues to contribute $1,000 and Microsoft matches her contribution for 35 years with a 6% annual interest rate compounded weekly.
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lassen corporation sold a machine to a machine dealer for $25,000. lassen bought the machine for $55,000 and has claimed $15,000 of depreciation expense on the machine. what gain or loss does lassen realize on the transaction?
Based on the information provided, lassen corporation will incur a loss of $15,000 on the transaction. The loss is calculated as the selling price of $25,000 minus the book value of the machine,
which is the original cost of $55,000 minus the accumulated depreciation of $15,000, which equals $40,000. Therefore, the loss is $25,000 minus $40,000, which equals -$15,000. It is important to note that when a corporation sells a machine or any asset for less than its book value, it incurs a loss on the transaction.
This loss can be used to reduce the corporation's taxable income, which can result in a tax savings for the corporation. Lassen Corporation experienced a financial transaction when they sold a machine to a dealer for $25,000. They initially purchased the machine for $55,000 and claimed $15,000 in depreciation expense over the machine's life.
To calculate the gain or loss on this transaction, we first need to determine the adjusted basis of the machine. The adjusted basis is calculated as the original cost minus the accumulated depreciation. In this case, the adjusted basis would be $55,000 (original cost) - $15,000 (depreciation expense) = $40,000.
Now, we can compare the adjusted basis to the sale price of the machine. The sale price is $25,000, and the adjusted basis is $40,000. As the sale price is less than the adjusted basis, Lassen Corporation has experienced a loss on this transaction.
To calculate the amount of the loss, we simply subtract the sale price from the adjusted basis: $40,000 (adjusted basis) - $25,000 (sale price) = $15,000. In conclusion, Lassen Corporation realizes a $15,000 loss on the transaction of selling the machine to the dealer.
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Suppose you have a 5-sided die in which each face is equally likely to come up. It has values {1,2,3,4,5). The die is rolled once. Let X be the number facing up. Find the variance of X. Variance of a set of n equally likely values: Var(x) = - ET=1(x; – u)?, where u is the expected value of x. 2x? a = n2 Select one: a. 9/5 b. 2 c. 10 d. 3
The variance of X is 2 which corresponds to option b. We can calculate it in the following manner. The expected value of X is the average of the possible outcomes, which is (1+2+3+4+5)/5 = 3. Therefore, u = 3.
To find the variance of X, we use the formula:
Var(X) = E[(X - u)^2]
Since each face is equally likely to come up, the probability of getting any particular face is 1/5. Therefore:
Var(X) = [(1-3)^2 + (2-3)^2 + (3-3)^2 + (4-3)^2 + (5-3)^2]/5
Var(X) = [4 + 1 + 0 + 1 + 4]/5
Var(X) = 2
Therefore, the variance of X is 2.
The answer is b. 2.
To find the variance of X, we first need to calculate the expected value (u) of the roll. Since each face is equally likely, the expected value is the average of the values:
u = (1 + 2 + 3 + 4 + 5) / 5 = 15 / 5 = 3
Now, we can calculate the variance using the formula provided:
Var(X) = (1² + 2² + 3² + 4² + 5²)/5 - u²
Var(X) = (1 + 4 + 9 + 16 + 25)/5 - 3²
Var(X) = (55/5) - 9
Var(X) = 11 - 9
Var(X) = 2
So, the variance of X is 2, which corresponds to option b.
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Supply Chain Management (SCM) is the backbone of any operation.
Critically discuss this statement with relevant examples. (20
marks)
Supply Chain Management (SCM) is a crucial component in ensuring the efficient and effective operation of businesses across various industries.
SCM is responsible for the coordination and management of all activities involved in the production and delivery of products and services. It encompasses everything from sourcing raw materials to delivering the final product to customers.
For instance, companies like Amazon and Walmart have successfully implemented SCM strategies to streamline their operations and enhance customer satisfaction. Through the use of technology and advanced logistics, they are able to manage their inventory, reduce lead times, and deliver products to customers in a timely and cost-effective manner.
Furthermore, SCM can also help companies minimize costs and improve their bottom line. By optimizing their supply chain, businesses can identify areas of inefficiency and take steps to reduce waste, improve inventory management, and increase productivity.
In conclusion, SCM is indeed the backbone of any operation as it helps businesses to achieve their goals of efficient production, timely delivery, and customer satisfaction while also minimizing costs and increasing profitability.
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ABC Company uses a LIFO cost flow assumption for it inventory of tires and at the start of 2020 had the following beginning inventory layers: Year of LIFO Layer # Units Cost per Unit
1995 100 $35
2001 56 43
2011 75 65
During 2020 ABC was not able to purchase as many tires as it sold resulting in the need to include in cost of goods sold the cost of 95 units of its beginning inventory. The price of tires purchased in 2020 held constant throughout the year at $78 per tire. 1. How much would ABC report as LIFO liquidation in its 2020 financial statements? 2. As a financial analyst assigned to produce a detailed report on the results of operations for ABC in 2020, knowledge of the liquidation would results in you adjusting which ratio(s) in your report? Explain precisely how you would adjust the ratio(s) and the impact on the ratio(s) of your adjustment.
The LIFO liquidation for ABC in 2020 would be $5,815 (95 units x $61 cost per unit for the 2011 layer).
As a financial analyst assigned to produce a detailed report on the results of operations for ABC in 2020, knowledge of the liquidation would result in adjusting the gross profit margin ratio. Gross profit margin is calculated by subtracting the cost of goods sold from total sales, and then dividing by total sales.
Since the liquidation will increase the cost of goods sold, the gross profit margin will decrease. This decrease in the gross profit margin ratio will be seen in the report as the analyst adjusts for the liquidation.
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forms of business organization match the following forms of business organization with the set of attributes that best describes that form of business: sole proprietorship, partnership, or corporation. a. shared control, unlimited liability, tax advantages, increased skills and resources answer partnership b. best for raising large amounts of funds, double taxation, limited liability, easiest to transfer ownership interests answer partnership c. sole ownership, easiest to establish, tax advantages, unlimited liability answer sole proprietorship
The forms of business organization include sole proprietorship, partnership, and corporation. Each form of business organization has its unique set of attributes that best describe it.
For instance, a sole proprietorship is a form of business organization that offers sole ownership and is relatively easy to establish. It also offers tax advantages. However, it comes with unlimited liability, which means that the owner's personal assets are at risk if the business incurs debts or legal liabilities.A partnership, on the other hand, offers shared control, increased skills and resources, and tax advantages. It is best suited for businesses that require more than one owner to operate effectively. However, it also comes with unlimited liability, which means that each partner is jointly and severally liable for the debts and legal liabilities of the business.Finally, a corporation is a legal entity that is separate from its owners. It offers limited liability, which means that the personal assets of the shareholders are protected. However, it comes with double taxation, which means that the corporation is taxed on its profits, and the shareholders are also taxed on their dividends.In conclusion, choosing the right form of business organization depends on the specific needs of the business. Sole proprietorship, partnership, and corporation all offer different advantages and liabilities, and business owners need to consider these factors when making their choice.
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when buying a house, you‘ll typically need a __% down payment to avoid paying pmi.
When buying a house, you'll typically need a 20% down payment to avoid paying PMI (Private Mortgage Insurance).
A down payment is an upfront, partial payment made when purchasing expensive goods or services like a home or car. Typically, it gets paid in cash or a comparable at the time the transaction is completed. The remaining payment must then be financed through a financial commitment of some kind.
If you have a conventional loan, you might be forced to pay for private mortgage insurance (PMI), which is commonly known as PMI. Similar to other types of mortgage insurance, if you cease making loan payments, PMI will protect the lender rather than you.
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assume a u.s.-based mnc has a mexican subsidiary that annually remits 30 million mexican pesos to the u.s. if the peso , the dollar amount of remitted funds .
Assume a U.S.-based MNC has a Chilean subsidiary that annually remits 30 million Chilean pesos to the U.S. If the peso depreciates, the dollar amount of remitted funds decreases. Option D is correct.
If the Chilean peso depreciates, it means that it takes more pesos to buy one US dollar. Therefore, when the Chilean subsidiary remits 30 million Chilean pesos to the US, the dollar amount of remitted funds will decrease because each Chilean peso will be worth less in terms of US dollars.
On the other hand, if the Chilean peso appreciates, it means that it takes fewer pesos to buy one US dollar. In this case, the dollar amount of remitted funds will increase because each Chilean peso will be worth more in terms of US dollars.
Therefore, option D is the correct answer.
Assume a U.S.-based MNC has a Chilean subsidiary that annually remits 30 million Chilean pesos to the U.S. If the peso ____, the dollar amount of remitted funds ____.
a. appreciates; decreases
b. depreciates; is unaffected
c. appreciates; is unaffected
d. depreciates; decreases
e. B and C
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Which of the following is not a criterion that influences manufacturing plant or warehouse facility location decisions?
A. Proximity to customers
B. Historical cost
C. Infrastructure of a country
D. Quality of labor
E. Business climate
which strategy can be profitable for an organization when customers are loyal and willing to pay high prices?
An organization's differentiation strategy can be lucrative if its customers are devoted and willing to pay high rates. Option e is Correct.
Type one is a low-cost approach that provides goods or services at the lowest price feasible to a broad variety of clients. A best-value strategy of type two provides goods or services to a broad variety of clients at the most competitive price on the market.
The cost leadership approach is crucial because it enables companies to create goods at a lower cost and sell them for less money than rivals, giving them an edge over rivals. Cost, quality, distribution, technology, and intellectual property (IP) are the only five corporate strategies. These five categories encompass all business strategies. Option e is Correct.
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Correct Question:
Which strategy can be profitable for an organization when customers are loyal and willing to pay high prices?
a. focus
b. globalization
c. overall cost leadership
d. liquidation
e. differentiation.
how much was nike's net income in the most recent reporting period (in millions)? a. $6,046 b. $6,744 c. $40,321 d. $46,710.
The answer to question is d. $46,710 million. The total amount of money that a business or person generates over the course of a certain time, less all expenses and deductions, is known as net income.
Also known as net profit or bottom line. It is computed by deducting the entire revenue from all operational costs, taxes, and interest payments.This is based on Nike's most recent financial statement which reported their net income for the fiscal year ending May 31, 2020. It's important to note that this figure is a net income amount, meaning it represents Nike's profits after all expenses have been deducted from their revenue.
It's also important to consider the context of this figure and look at other details of Nike's financial performance, such as its revenue, expenses, and overall financial health.
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as a current or future business owner, entreprenuers do not need to be able to assess collateral in order to secure a possible loan from the bank, true or false
False. A current or future business owner, entrepreneurs need to be able to assess collateral in order to secure a possible loan from the bank.
As a current or future business owner, entrepreneurs do need to be able to assess collateral in order to secure a possible loan from the bank. Banks typically require collateral as a form of security for the loan, and it is essential for entrepreneurs to understand the value of their assets and present them accurately to increase their chances of obtaining the loan.
Collateral is something of value that is pledged to the bank as security for the loan. The bank needs to be assured that the loan will be repaid, and if it isn't, they can take possession of the collateral and sell it to recoup their losses.
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4.1. Sandy gets utility from consumption (C) and leisure (L), and has a weekly time budget of T=110 hours. Her utility function is U(C, L) =C* L. She receives$660 each week from her great-grandmother regardless of how much Sandy works. What is Sandy's reservation wage?4.2 I What is Sandy's optimal labor supply (h) and consumption (C) if her wage is 10 dollars per hour? Show your work.4.3 What is her optimal labor supply and consumption if her wage is 5 dollars per hour? What is her utility level? Show your work.
4.1 Sandy's reservation wage is $660/110= $6 per hour.
4.2 Sandy's optimal labor supply is 55 hours, and her optimal consumption is $330. Sandy maximizes her utility by choosing the amount of leisure that makes the marginal utility of leisure equal to the wage rate. At a wage of $10 per hour, she will work for 55 hours and consume $330 worth of goods.
4.3 Sandy's optimal labor supply is 44 hours, and her optimal consumption is $220. At a wage of $5 per hour, she will work for 44 hours and consume $220 worth of goods. Her utility level is U(C,L) = CL = $220 * 66 = $14,520.
4.1 Sandy's reservation wage is the wage rate that makes her indifferent between working and not working. Since she receives $660 regardless of whether she works or not, she will only work if her wage rate is higher than $6 per hour.
4.2 At a wage rate of $10 per hour, Sandy will work until her marginal utility of leisure equals $10. This occurs when she works for 55 hours, leaving her 55 hours of leisure time. Her consumption can be calculated as her total income minus the amount she saves: C = $660 + $10*55 - $550 = $330.
4.3 At a wage rate of $5 per hour, Sandy will work until her marginal utility of leisure equals $5. This occurs when she works for 44 hours, leaving her 66 hours of leisure time. Her consumption can be calculated as her total income minus the amount she saves: C = $660 + $5*44 - $220 = $220. Her utility level is U(C,L) = CL = $220 * 66 = $14,520.
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which service provided by a pki ensures that a party in a communication can't dispute the validity of the transaction?
This provides strong evidence of the authenticity and integrity of the transaction, and prevents either party from disputing the validity of the transaction.
What service provided by a PKI ensures that a party in a communication can't dispute the validity of the transaction?
The service provided by a PKI (Public Key Infrastructure) that ensures that a party in a communication can't dispute the validity of the transaction is non-repudiation.
Non-repudiation is the assurance that the sender of a message cannot deny sending the message and that the recipient cannot deny receiving the message. It is achieved through the use of digital signatures, which are created using the sender's private key and can be verified using the sender's public key. If a message is signed by a sender's private key and the signature is verified using the sender's public key, then the sender cannot later deny having sent the message. This provides strong evidence of the authenticity and integrity of the transaction, and prevents either party from disputing the validity of the transaction.
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a firm trying to obtain data on the number of households that buy a particular product would most likely use which type of marketing research?
The type of marketing research that a firm would most likely use to obtain data on the number of households that buy a particular product is quantitative research.
Descriptive marketing research aims to describe the characteristics of a specific market, product, or consumer group. In this case, the firm wants to gather information about households purchasing a particular product.
This type of research involves the collection of numerical data through methods such as surveys, questionnaires, and statistical analysis.
By using quantitative research, the firm can obtain a clear understanding of the number of households that buy the product, their demographics, and any other relevant information.
This data can then be used to inform marketing strategies and improve the effectiveness of the firm's marketing efforts.
This research method typically involves the collection of quantitative data through surveys, questionnaires, or observations to provide insights into the market's current state.
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in the ernie philips case, $109,000 was stolen through check tampering. how was this scheme accomplished, and what could management have done differently to prevent the scheme from occurring?
In the Ernie Philips case, the scheme of check tampering was accomplished by Ernie Philips, who was responsible for the company's accounting and financial records.
He altered checks by adding fictitious payees or increasing the amount payable on legitimate checks. He then deposited these checks into his personal account and covered his tracks by altering the company's records.
To prevent this scheme from occurring, management could have implemented several measures. One such measure could have been to segregate accounting duties between different employees so that no single person had complete control over financial records and transactions. Another measure could have been to implement a system of checks and balances, where different employees were responsible for different parts of the accounting process and were required to cross-check each other's work.
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https://brainly.com/question/2355969#SPJ11One wheel on an automobile manufactured by Buick Motor Company was defectively made. Buick would have discovered the defective condition if it had made a reasonable inspection of the wheel. Buick sold the car to an automobile dealer who in turn sold it to MacPherson. MacPherson was injured when the wheel collapsed. MacPherson sued Buick for negligent failure to inspect the wheel. Buick's main defense was that it had not dealt directly with MacPherson and thus owed him no duty. The general rule governing such suits at the time of this action was that a buyer could not sue a manufacturer for negligence unless there was a contract between the buyer and the manufacturer. However, there had been a previous case, Thomas v. Winchester, where a manufacturer falsely labeled a poison that was sold to a druggist, who in turn sold it to a customer. The customer was able to recover against the manufacturer. Further, in Devlin v. Smith, a contractor was held liable when he improperly built a scaffold for a painter and the painter's employees were injured when it collapsed. On the basis of this information, explain how the court could permit MacPherson to recover from Buick.
The court could potentially permit MacPherson to recover from Buick based on the legal concepts of negligence and product liability, despite the absence of a direct contractual relationship between Buick and MacPherson.
In this case, Buick had a duty to exercise reasonable care in manufacturing and inspecting the wheel to ensure it was not defective. The fact that Buick would have discovered the defective condition through reasonable inspection implies that Buick failed to meet this duty of care.
The general rule that a buyer cannot sue a manufacturer for negligence without a contract between them may not apply in this case due to the existence of two precedents - Thomas v. Winchester and Devlin v. Smith - that support MacPherson's claim. In Thomas v.
Winchester, a manufacturer was held liable for falsely labeling a poison that was sold to an intermediary (a druggist) and caused harm to the end customer.
In Devlin v. Smith, a contractor was held liable for improper construction of a scaffold that resulted in injuries to the painter's employees. These cases suggest that a direct contractual relationship between the parties may not be necessary for a manufacturer to be held liable for negligence or product liability.
Based on these precedents, the court could potentially allow MacPherson to recover from Buick by extending the duty of care owed by Buick beyond the immediate buyer (the automobile dealer) to the ultimate consumer (MacPherson), despite the lack of a direct contract between Buick and MacPherson.
This could be justified on the grounds of public policy, consumer protection, and the foreseeability of harm to the ultimate consumer.
The court may consider that Buick's failure to exercise reasonable care in manufacturing and inspecting the wheel directly caused the harm to MacPherson, and therefore, Buick should be held liable for the injuries suffered by MacPherson as a result of the defective wheel.
It's important to note that laws and legal precedents may vary by jurisdiction and evolve over time, so the specific outcome of a case like this would depend on the applicable laws and the court's interpretation of those laws in the relevant jurisdiction.
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It is important to use the as the standard against which actual cost is compared. a.cumulative budget b.total budget c.budget at completion *d.phased budget.
It is important to use the budget at completion as the standard against which actual cost is compared. Option C is correct.
This is because the budget at completion represents the total amount of money that will be spent on the project, including all planned expenditures. By using the budget at completion as the standard against which actual costs are compared, project managers can ensure that they are staying on track and within their overall budget.
This allows them to identify and address any cost overruns or other issues that may arise during the course of the project. While other types of budgets, such as cumulative budgets or phased budgets, can also be useful tools for managing project costs, the budget at completion is typically considered the most important benchmark for measuring project performance.
Therefore, option C is correct.
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colin is a software developer. he would like to earn a credential that demonstrates to employers that he is well educated on software security issues. what certification would be most suitable for this purpose?
The certification that would be most suitable for Colin to demonstrate his knowledge of software security issues is the Certified Secure Software Lifecycle Professional (CSSLP) certification.
The CSSLP certification is a globally recognized certification that validates an individual's expertise in identifying, assessing, and mitigating security vulnerabilities throughout the software development lifecycle. This certification covers eight domains that include secure software concepts, secure software requirements, secure software design, secure software implementation/coding, secure software testing, software acceptance, software deployment, operations, maintenance, and disposal, and supply chain and software acquisition. By obtaining this certification, Colin can prove his knowledge and competence in software security issues to potential employers. Additionally, the CSSLP certification is maintained and updated regularly to ensure that it remains relevant and reflective of the latest trends and developments in the field of software security.
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Situation 6: Auditing standards discuss the auditor's responsibilities when, subsequent to the audit report release date, the auditor becomes aware that one or more auditing procedures that the auditor considered necessary in the circumstances existing at the time of the audit were omitted from the audit of the financial statements. Identify the appropriate standard and paragraph number that if, subsequent to the report release date, the auditor of a non-public company becomes aware of an omitted procedure, the auditor should assess the effect of the omitted procedure on the auditor's present ability to support the previously expressed opinion on the financial statements.
The appropriate standard that addresses the auditor's responsibilities when they become aware of an omitted procedure subsequent to the report release date is AU-C Section 560: Subsequent Events and Subsequently Discovered Facts, specifically paragraph .16.
If, subsequent to the report release date, the auditor of a non-public company becomes aware of an omitted procedure, the auditor should assess the effect of the omitted procedure on their present ability to support the previously expressed opinion on the financial statements. To do this, the auditor must evaluate the importance of the omitted procedure to their previous opinion and consider whether alternative procedures can be performed to provide sufficient appropriate audit evidence.
It is essential for the auditor to maintain a professional and diligent approach when dealing with such situations, ensuring that they uphold their responsibility to provide accurate and reliable information in their audit report. This helps maintain the credibility and trust in the financial reporting process, which is of paramount importance to stakeholders relying on the audited financial statements.
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gas was selling for $3.95/gallon on labor day weekend of 2012. at election time (november 2012), the price was $3.15/gallon. now, it is selling at $1.75/gallon. what causes increases and decreases in the price of gasoline? use supply and demand curves to illustrate your arguments.
The price of gasoline is affected by several factors, including supply and demand, production costs, geopolitical events, and natural disasters.
The law of supply and demand is a basic economic principle that affects the price of gasoline. When demand for gasoline is high and supply is limited, the price goes up. Conversely, when supply is high and demand is low, the price goes down.
One reason for the increase in gasoline prices during the Labor Day weekend of 2012 may have been due to high demand. Many people travel during the long weekend, causing an increase in demand for gasoline. At the same time, supply may have been limited due to refinery maintenance or production disruptions caused by natural disasters.
The decrease in gasoline prices by election time in November 2012 may have been due to a decrease in demand. As the summer driving season ended, people traveled less and consumed less gasoline, causing a decrease in demand. Additionally, refineries may have increased production, leading to an increase in supply and a decrease in prices.
The current decrease in gasoline prices may be attributed to a combination of factors. The COVID-19 pandemic has caused a decrease in demand as people travel less and work from home more. Additionally, geopolitical events such as a decrease in oil production by OPEC countries and an increase in oil production by the United States have led to an increase in supply, further decreasing prices.
To illustrate this, we can use supply and demand curves. When demand is high and supply is limited, the demand curve shifts to the right, and the supply curve shifts to the left, resulting in a higher equilibrium price. Conversely, when demand is low and supply is high, the demand curve shifts to the left, and the supply curve shifts to the right, resulting in a lower equilibrium price. The current decrease in gasoline prices can be represented by a leftward shift in the demand curve and a rightward shift in the supply curve, resulting in a lower equilibrium price.
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the "one-drop rule" employed in the southern part of the united states was a vivid example of
The "one-drop rule" employed in the southern part of the United States serves as a vivid example of racial classification and the social construction of race.
The one-drop rule, also known as the rule of hypodescent, was a legal and social principle asserting that any individual with even a single drop of African blood, or any known African ancestry, would be classified as African American, regardless of the individual's physical appearance or self-identification.
This rule was used as a method of reinforcing racial segregation and white supremacy in the South during the late 19th and early 20th centuries. By defining anyone with African heritage as African American, it supported the prevailing racial hierarchy and aimed to prevent any intermingling of racial groups, specifically to maintain the "purity" of the white population. It was also a means to disenfranchise African Americans and limit their access to social, political, and economic opportunities.
The one-drop rule highlights how race is a social construct, rather than a biological fact. It demonstrates that racial categories were determined by societal norms and beliefs rather than objective criteria, and it showcases how these arbitrary distinctions were utilized to justify and perpetuate racial discrimination and inequality. In essence, the one-drop rule in the southern United States exemplifies the power of racial classifications in shaping social relations and contributing to systemic racism.
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which one of the following items will not change due to the cost of financial distress? group of answer choices cost of debt cost of equity cost of goods sold cost of legal fees
The cost of equity will not change due to the cost of financial distress. This is because the cost of equity is the rate of return that investors require to invest in a company's stock,
And it is based on factors such as the company's performance, growth prospects, and perceived risk. The cost of financial distress, on the other hand, refers to the additional costs that a company incurs when it experiences financial difficulties, such as legal fees, bankruptcy costs, and lost sales.
These costs primarily affect the cost of debt and the cost of goods sold, but do not have a direct impact on the cost of equity. The item that will not change due to the cost of financial distress among the given choices is the cost of goods sold.
The cost of debt, cost of equity, and cost of legal fees may be affected by financial distress, but the cost of goods sold is primarily determined by production and operational expenses.
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