Task 2:
A CPA firm is preparing for the year 6 audit of Hiver Co., a calendar-year-end non-issuer. An audit staff member used the year 5 audit request list for Hiver as the basis for drafting the year 6 request list. Additional client information was obtained during the audit planning meeting with the client.
As the audit senior for this engagement, it is your responsibility to review and revise the year 6 request list for Hiver, as needed. Use the additional client information in the file ACCT444CD#2Exhibits to revise the draft request list, correcting any errors and removing any inappropriate or unnecessary items, given the overall context and purpose of the list. Ensure that the year 6 list is appropriate, given the information provided.
Materiality for the year 6 financial statement audit is $55,000.
To revise the Audit Request List, go to each section of red text below and select the needed correction, if any, from the list provided. If the underlined text is already correct in the context of the note disclosure, select [Leave Original text] from the list. If removal of the entire underlined text is the best revision to the list, select [Delete] from the list.
Hiver Co.
Year ended December 31, year 6
Audit Request List (DRAFT)
Please have the materials listed below ready when we arrive on site. Unless a different date is specifically stated, these documents should be as of and for the year ended December 31, year 6.
1. Final trial balance
2. Bank reconciliations for March, September, and December, year 6
3. Bank statements for December, year 6, and January, year 7
4. Property, plant and equipment roll-forward
5. Edgewater Industrial Estate Lease Agreement: Chose an option below
a. [Leave Original text] Edgewater Industrial Estate Lease Agreement
b. Delete Text
c. Change text to Edgewater Industrial Estate property tax expense analysis
d. Change text to Edgewater Industrial Estate purchase contract
e. Change text to Proof of Edgewater Industrial Estate property insurance
6. Furniture and fixtures purchase documentation: Choose an option below
a. [Original text] Furniture and fixtures purchase documentation
b. [Delete Text]
c. Furniture and fixtures sale documentation
d. Office equipment purchase documentation
e. Office equipment sale documentation
7. New motor vehicle purchase agreement
a. [Original text]
b. [Delete Text]
c. Documentation supporting the sale of the motor vehicle asset
d. Documentation supporting the scrapping of the motor vehicle asset
e. New motor vehicle lease agreement
8. Accounts receivable aging analysis
9. Documentation supporting the allowance for doubtful accounts
10. Accounts payable aging analysis
11. Finished inventory detail
12. WIP inventory detail
13. Raw material inventory detail
14. Documentation supporting issuance of 50,000 shares at $0.30 per share
a. [Original text]
b. [Delete Text]
c. Documentation supporting issuance of 150,000 shares at $0.10 per share
d. Documentation supporting issuance of 150,000 shares at $0.20 per share
e. Documentation supporting issuance of 150,000 shares at $0.30 per share
f. Documentation supporting issuance of 50,000 shares at $0.10 per share
g. Documentation supporting issuance of 50,000 shares at $0.20 per share
15. Quarterly board of directors meeting minutes
16. Management's review of third-party loan interest
a. [Original text]
b. [Delete Text]
c. Copy of the loan agreement with J. Hiver
d. Copy of the loan agreement with M. Moore
e. Evidence of approval by D. Chen for the loan to J. Hiver
f. Management's due diligence work related to providing the loans
17. Prepaid expenses analysis
18. Accrued expenses analysis
19. Sales register
20. Documentation supporting dividends paid
21. Account 6900 expense analysis
a. [Original text]
b. [Delete Text]
c. Account 6806 expense analysis
d. Account 7115 expense analysis
e. Account 7500 expense analysis
22. Payroll reconciliation
Answers
Upon reviewing the year 6 audit request list for Hiver Co., the following revisions should be made based on the additional client information provided:
Edgewater Industrial Estate Lease Agreement:
[Delete Text]
Furniture and fixtures purchase documentation:
[Delete Text]
New motor vehicle purchase agreement:
[Delete Text]
Documentation supporting issuance of 50,000 shares at $0.30 per share:
[Delete Text]
Management's review of third-party loan interest:
[Delete Text]
Account 6900 expense analysis:
[Delete Text]
The sections mentioned above contain items that are either incorrect, unnecessary, or inappropriate for the audit request list based on the provided information. Therefore, those items should be removed from the list.
The revised Audit Request List for Hiver Co. should include the following sections and items:
Final trial balance
Bank reconciliations for March, September, and December, year 6
Bank statements for December, year 6, and January, year 7
Property, plant and equipment roll-forward
Accounts receivable aging analysis
Documentation supporting the allowance for doubtful accounts
Accounts payable aging analysis
Finished inventory detail
WIP inventory detail
Raw material inventory detail
Quarterly board of directors meeting minutes
Prepaid expenses analysis
Accrued expenses analysis
Sales register
Documentation supporting dividends paid
Payroll reconciliation
These sections and items are relevant to the audit objectives and financial statement assertions, and they should be included in the revised audit request list for the year 6 audit of Hiver Co.
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Related Questions
karume starts his own business as a sole proprietor. this form of business has the advantage of .
Answers
Karume starts his own business as a sole proprietor. The advantage of this type of business is that he will get all the profits of the business and he is the sole owner of the business.
What is a business?A business is an organization that engages in commercial, industrial, or professional activities with the aim of earning a profit.
The primary objective of most businesses is to create and deliver products or services that meet the needs or wants of their customers while generating revenue and profits for the owners or shareholders.
Th business that Karume start is sole proprietorship. He gets all the profits of the business by himself and he is the only owner of the business.
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Cultures that score high on the Uncertainty Avoidance Index
O seldom experience much stress.
O take an empirical approach to knowledge.
O enjoy ambiguity.
O value security and try to always follow the rules.
Answers
Answer:
seldom experience much stress.
Explanation:
countries that have high levels of uncertainty avoidance tend to be less stress-prone and more likely to take an empirical approach to knowledge. They also generally enjoy ambiguity and value security.
It is difficult to say definitively what the effects of scoring high on the Uncertainty Avoidance Index are, as every culture is different. However, in general, it seems that cultures that score higher on this index tend to experience more stress, take an empirical approach to knowledge, and value security more. They may also try to always follow the rules, which can lead to a feeling of rigidity.
Describe one accountability issue of a business
Answers
Answer:
Accountability in the workplace is about employees taking responsibility and ownership for their decisions, actions, performance and behaviour. Accountability in the workplace is also about building trust and staying committed to doing the right thing for the business consistently.
This research aims to distinguish marketing strategies for acquiring new customers versus product marketing strategies for retaining customers. Are these conflicting objectives? Can Capri Sun find the ""Goldilocks"" product strategy for achieving both goals?
Answers
The primary conflict between the two marketing objectives, i.e acquiring new customers and retaining existing ones, is that they require different strategies and tactics. Capri Sun can find the perfect product strategy that achieves both marketing objectives by developing a balance between the two conflicting goals and adapting to the market's changing trends.
In contrast, customer retention requires building a more personal relationship with customers and developing long-term loyalty through excellent customer service, product quality, and brand reputation.
Acquiring new customers requires more aggressive marketing strategies to reach new audiences, such as advertising campaigns, product launches, and market research, among other things. Furthermore, the cost of acquiring new customers is typically higher than retaining existing ones, making it challenging to find a balance between the two objectives.
Capri Sun can find the "Goldilocks" product strategy for achieving both goals by creating a balance between the two conflicting objectives. The company can retain its existing customer base while simultaneously targeting new customers by focusing on product innovation and improving brand awareness.
Capri Sun can achieve this by launching new products that cater to the needs of its existing customer base while also introducing new products that target potential customers.
In addition, the company can create customer loyalty programs that reward customers for their continued patronage. The customer retention program can offer incentives such as discounts, promotions, and special offers to retain their existing customer base. Capri Sun can use customer feedback and data analytics to understand what their customers want and provide them with personalized offers.
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Points which will benefit in business
Answers
Answer:
thanks ms girl :)))
Explanation:
:)))
Examine the four different companies in the table, which shows their yearly
income and their tax rate. Which type of taxation does this table best
represent?
Tax rate
20%
Total income
$50 million
$100 million
$150 million
$200 million
Company A
Company B
Company C
Company D
15%
12%
10%
A. Regressive
B. Progressive
C. Indirect
D. Proportional
Answers
The Type of taxation this table represent is Option A Regressive Tax.
Type of TaxationThere are mainly four types of Taxes, these are Regressive, progressive, Indirect, and Proportional. In the given question the Regressive Taxation system is represented.
A Regressive Taxation system is one where Companies which have lower income have higher tax rate in comparison to big companies. In the given question the company which have lowest income is giving 15% of total income, while the largest company is giving 10% of their income.
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Answer:proportional
Explanation:just took the testt
The corporate office has awarded a $3,000 bonus to be distributed evenly among the 12 employees in your department. Each employee also receives a $100 gift card.
What is the total amount each employee receives in bonuses?
$150
$242
$250
$258
$350
Answers
from the perspective of ownership risk, the best form of business organization is the:a. Partnershipb. S Corporationc. Sole proprietorship
Answers
The corporation is the ideal type of commercial structure from the perspective of ownership risk.
The legal position of a corporation is distinct from that of its stockholders. Corporations have many of the same legal rights and duties as humans. Contracts can be signed, loans can be given and received, lawsuits can be filed, workers can be hired, property can be owned, and taxes can be filed. Creating a corporation is a form of legal entity done so that investors, shareholders, or other independent parties can profit from it. Legally speaking, businesses have the ability to enter into agreements, file lawsuits, act as their own attorneys in court, own property, and pay both federal and state taxes in addition to borrowing money from banking institutions.
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Para pintar una casa se utilizaron: 10 litros de pintura blanca,3 3/4 litros de pintura azul y 2/3 litros de pintura verde ¿que cantidad de pintura se utilizo en total?
Answers
Para comprender cuánta pintura se utilizó en total, primero debemos calcular la cantidad de cada color utilizado.
¿Cuánta pintura se usó de cada color?El comunicado nos brinda la información que se utilizaron 10 litros de pintura blanca, 3 3/4 de pintura azul y 2/3 de pintura verde. Para sumar estas cantidades, convertimos la fracción mixta 3/4 en una fracción impropia:
3 3/4=(4x3+3)/4=15/4Ahora, sumando las tres cantidades tenemos:
10l+15/4l+2/3lComo tenemos un denominador diferente para las fracciones, tenemos que encontrar un denominador común. Multipliquemos 15/4 por 3 para obtener un denominador común de 12.
10l + (15/4x3)/(4x3)l + (2/3 x4)/(3x4)l= 10l + 45/12l + 8/12l= 10l+ 53/12lPara simplificar esta fracción mixta, podemos convertirla de nuevo a una fracción impropia:
10l+4 5/12l= (10x12+5)/ 12l= 125/12lPor lo tanto, se utilizaron 125/12 litros de pintura en total, lo cual se puede expresar como 10 5/12 litros aproximadamente.
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You work as a logistics director for an international mining equipment company. You coordinate the transportation and deployment of equipment for various mining sites around the world. You are reviewing global mining trends to better anticipate future needs. What is the trend in gold exploration?
Answers
As of my knowledge cutoff in September 2021, gold exploration was experiencing a steady upward trend.
Despite the pandemic-induced market uncertainty and economic downturn, gold prices surged to record levels in 2020 as investors sought safe haven assets amidst the uncertainty. This increase in demand for gold has driven exploration efforts in many parts of the world, with companies seeking to capitalize on the high prices by discovering new gold deposits.
In terms of geographic trends, the majority of gold exploration activity is concentrated in regions known for their gold reserves, such as the Americas, Australia, and Africa. In some cases, companies are exploring new regions or reviving old mines that were previously thought to be unviable due to low gold prices or other factors. In addition to traditional mining methods, companies are also exploring new technologies such as autonomous drilling and data analytics to optimize exploration efforts and increase efficiency. This is especially important given the rising costs of exploration and the need to balance profitability with sustainability.
Overall, while the COVID-19 pandemic has had an impact on the mining industry, the trend in gold exploration remains positive as companies seek to meet the demand for this precious metal and capitalize on the high prices.
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Question 13 What is the value of Country 2's net exports?
А. $35 billion
B $45 billion
C $55 billion
D $75 billion
Answers
True or false, Restitution may be available in situations when damages cannot be proved or are difficult to prove.
Answers
The given statement "Restitution may be available in situations when damages cannot be proved or are difficult to prove" is true because it is a legal remedy that seeks to restore the defendant to their financial position before the unjust enrichment or misconduct occurred.
Restitution is a legal remedy that is sometimes available in situations where damages cannot be proved or are difficult to prove. Unlike damages, which refer to the monetary compensation awarded to the victim to make up for their loss and attempt to restore the victim to their financial position before the loss, restitution aims to restore the defendant to their financial position before the unjust enrichment or misconduct occurred.
Restitution seeks to prevent unjust enrichment, which refers to any situation where one person unfairly benefits at the expense of another person. It can apply in a variety of situations, such as when there is a breach of contract, fraud, or theft.
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Question 20 lg pts Holding all else constant, while government is borrowing to cover budget deficits, the crowding out concept suggests that interest rates__borrowing and spending by business and households. o rise and encourage o fall and encourage o fall and discourage o rise and discourage
Answers
Holding all else constant, while government is borrowing to cover budget deficits, the crowding out concept suggests that interest ratesrise and discourage borrowing and spending by business and households Therefore the correct option is D.
When the government borrows money, it increases the demand for credit, which causes interest rates to rise.
As interest rates rise, borrowing becomes more expensive, which discourages private sector investment and spending. This results in a reduction in the overall level of economic activity, which is known as crowding out.
Hence the correct option is D
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Which of the following is not an example of professional behavior
?
Answers
When a production function is graphed with Real GDP on the vertical axis and labor on the horizontal axis, an advancement in technology ________________________which shifts the LRAS curve ____________ resulting in ______________________.
Answers
When a production function is graphed with Real GDP on the vertical axis and labor on the horizontal axis, an advancement in technology affects the production process which shifts the LRAS curve to the right resulting in higher Real GDP levels.
When graphing a production function with Real GDP on the vertical axis and labor on the horizontal axis, an advancement in technology has an impact on the Long-Run Aggregate Supply (LRAS) curve, resulting in a shift. The question asks for an explanation of this relationship.
An advancement in technology positively affects the production process by increasing productivity and efficiency. As a result, the LRAS curve shifts to the right. This shift signifies an expansion in the economy's productive capacity. With the advancement in technology, more output can be produced using the same amount of labor, leading to higher Real GDP levels.
The shift of the LRAS curve represents the long-term impact of technological progress on the economy's potential output. Therefore, an advancement in technology shifts the LRAS curve to the right, resulting in an increase in Real GDP levels and the economy's productive capacity.
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A new school building was recently built in the area. The entire cost of the project was $20,000,000. The city has put the project on a 20-year loan with an APR of 2.7%. There are 21,000 families that will be responsible for making monthly payments towards the loan. Determine the total amount that each family should be required to pay each year to cover the cost of the new school building. Round your answer to the nearest cent, if necessary.
Answers
Each family should be required to pay approximately $25.71 per year to cover the cost of the new school building.
To determine the total amount that each family should be required to pay each year to cover the cost of the new school building, we can follow these steps:
Calculate the total loan amount.
The loan amount is the cost of the project, which is $20,000,000.
Calculate the annual interest payment.
The annual interest payment can be calculated using the formula:
Annual Interest Payment = Loan Amount * Annual Interest Rate
Annual Interest Rate = APR / 100
In this case, the annual interest rate is 2.7% or 0.027.
Annual Interest Payment = $20,000,000 * 0.027 = $540,000
Determine the number of families responsible for payments.
There are 21,000 families responsible for making monthly payments.
Calculate the total amount each family should pay each year.
Total Amount per Family = Annual Interest Payment / Number of Families
Total Amount per Family = $540,000 / 21,000
Rounding the result to the nearest cent, each family should be required to pay approximately $25.71 per year to cover the cost of the new school building.
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Which of the following characteristics of a professional business letter distinguishes it from a personal business letter?
Answers
Characteristics of a professional business letter distinguish it from a personal business letter is many professional business letters are printed on letterhead". Option (D) is correct.
What is Business letter?A business letter is a communication between two businesses, or between businesses and their clients, consumers, or other outside parties. The relationship between the parties affects the letter's overall style.
Formal letters address someone professionally, whereas informal letters do so in a more personal manner. This is the major distinction between formal and informal letters. In addition, professional letters must adhere to a particular format, whereas casual letters can use any format.
Therefore, Option (D) is correct.
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Your question is incomplete, the complete question is;
which of the following characteristics of a professional business letter distinguishes it from a personal business letter? a. professional business letters come from individuals writing on their own behalf. b. many personal business letters are printed on letterhead. c. personal business letters come from individuals representing a company. d. many professional business letters are printed on letterhead.
According to the unit, what percentage of shoppers used a coupon in 2012?
A. 78%
B. 85%
C. 93%
D. 100%
Answers
today's world, 96% of consumers have used a coupon in the past 90 days. JC Penney tried to break consumers of the coupon habit in 2012 and quickly saw a 23% drop in sales for the first three quarters of 2012. If JC Penney couldn't change people's shopping behavior, you probably can't either.n: so i guess its c
Answer:
78%
Explanation:
I take nutrition and wellness, and this was the correct answer for me. Just took the test as well :P
according to the textbook, insider trading can occur when one invests based on privileged information overheard simply by chance off the job. group of answer choices true false
Answers
True, according to the textbook, insider trading can occur when one invests based on privileged information overheard simply by chance off the job.
While the common perception of insider trading often involves individuals who hold positions within a company and use their access to confidential information for personal gain, it is important to note that insider trading can occur in various forms.
According to the textbook you mentioned, it suggests that insider trading can occur when someone invests based on privileged information overheard by chance, even if it was not obtained through their official role or job.
This scenario implies that the individual accidentally comes across material information that is not publicly available and makes investment decisions based on that information.
For example, imagine a person overhearing a confidential conversation at a public place, such as a restaurant, where executives of a company discuss significant upcoming developments or financial results.
If this person then decides to trade stocks based on the information they overheard, they would be considered an insider trader, even if they are not officially connected to the company.
The textbook's point highlights the broader concept of insider trading, emphasizing that it is not limited to individuals who are employed or hold positions within the company.
It acknowledges that privileged information can be obtained through chance encounters or accidental access, and the use of such information for trading purposes is still considered insider trading.
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Under which type of policy does the government reduce its expenditures and increase tax rates? A. contractionary monetary policy B. contractionary fiscal policy C. expansionary fiscal policy D. expansionary monetary policy
Answers
Answer:
B. contractionary fiscal policy
Explanation:
The government influences economic direction through fiscal policy measures of increasing or decreasing its expenditure and taxation. Therefore, fiscal policies involve the government's actions of adjusting its spending and taxation to achieve desired economic objectives.
Fiscal policies can either be contractionary or expansionary. Contractionary measures are applied to control rising inflation and moderate the rate of growth. These policies aim at reducing liquidity in the market, thereby achieving stable prices. A reduction in government spending and an increase in taxation reduces liquidity or money circulation.
Answer:
b
Explanation:
Drag each option to the correct location.
Match the scenarios to the factors that affect the labor market.
foreign direct investment
outsourcing
immigration
Answers
Each scenario should be matched to the factors that affect the labor market as follows:
Immigration: Carlos is moving from Mexico to the United States because he got a job in a bank. He had his interview last month, and the bank agreed to hire him because he was willing to work for 10% less than most American workers, even though he has the same qualifications.Foreign direct investment: A US supermarket chain is going to open a few supermarkets in Europe because a recent survey showed that the chain has a huge potential for profits in Europe.Outsourcing: A renowned US information technology firm has recently signed a contract with a company based in the Philippines. The Filipino company will handle the accounts of the US firm. The US firm made this decision to reduce labor costs.What is immigration?Immigration can be defined as the movement of a group of people from one geographical region to another geographical destination such as a city, especially in search of any of the following:
Good governanceSecurityBetter living conditions.WorkJobsSocial amenitiesWhat is a foreign direct investment?A foreign direct investment (FDI) simply refers to a type of investment which is made by an individual or business organization (investor) into an investment market that is located in another country.
In conclusion, an example of foreign direct investment (FDI) is a US supermarket chain that is planning to open a few supermarkets in a country in Europe.
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Answer:
Post Test: Free Market and Businesses
Unit: 2
Economics
Question #12
__________________________________________________________
This is 100% right because I took the test
Go to explanation for picture with answers
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Explanation:
Here's the picture and I hope this helped!
Have a nice day!
Assume that the interest rate on borrowings in Japan is 3 percent while the interest rate on bank deposits in a U.S. bank is 5 percent. Laura, an active currency trader, borrows in Japanese yen, converts the money into U.S. dollars and deposits it in a U.S. bank. Laura is engaging in
Answers
Answer:
"Carry Trade", is the right answer.
Explanation:
Laura is engaged in "Carry Trade" because the carry trade refers to the process to borrow from the country where the interest rate is lower and deposit the borrowed money in other countries in which the person earns more interest. Therefore, the process for borrowings and deposits from low and high-interest rates respectively is called the carry trade.
What is the difference between job satisfaction and organizational commitment? Which do you Think would be more strongly related to performance? Which would be more strongly related to Turnover?
Answers
Answer:
job satisfaction is having feelings ofand motivation with ones job.
Organizational commitment is how the employee feels toward the organization they work for
Explanation:
Job satisfaction describes a feeling of satisfaction in ones job. Job satisfaction gives us a measure of if a worker is contended with their job and all aspects of their job. It tells the extent to which an employee feels in terms of self motivation and contentment with their job.
Organizational commitment is how members of an organization feel towards the organization that they work. An employee that feels positively about the organization he works for would put in his best as he see the organization as his own.
Job Satisfaction is related to performance. If the employee is satisfied with his or her job, he would want to put in his best at all times.
Organizational commitment is related to turnover. An employee who is committed to his organization will always see the organization as his own and think of how to increase profit
.Un capital de$ 8.000.000 a un interés de 4% en 6 meses
.Un Capital de $20.000.000 a un interés del 7% en un año
.Un capital de $3.000.000 a un interés del 5% en 8 meses
Usted obtiene un préstamo de $5.000.000 para pagar en 6 meses con
un interés del 4% mensual. Cuanto debe cancelar al finalizar el plazo?
(Capital más intereses)
Answers
Explanation: I don’t know
Answer:
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uppose that you are interested in an investment that offers to pay you $750 at the end of year 1, $1,000 at the end of years 2 and 3, and $1,500 at the end of year 4. What is the maximum price that you can pay for this investment and still achieve your required rate of return of 6% per year
Answers
The maximum price for the investment, considering a required rate of return of 6%, is $3623.32.
Given the following information about an investment: Year 1: $750, Year 2-3: $1000, Year 4: $1500
The required rate of return is 6%. We have to find the present value of the future cash flows. We will use the present value formula to find the maximum price that you can pay for this investment.
Present Value = Future Value / (1 + r)ⁿwhere,r = the required rate of return, n = the number of years
Future value in Year 1 = $750, Future value in Year 2 = $1000, Future value in Year 3 = $1000, Future value in Year 4 = $1500
Calculating present value in year 1: PV1 = $750 / (1 + 0.06)¹= $750 / 1.06= $707.55
Calculating present value in year 2:PV2 = $1000 / (1 + 0.06)²= $1000 / 1.1236= $889.99
Calculating present value in year 3:PV3 = $1000 / (1 + 0.06)³= $1000 / 1.191016= $839.62
Calculating present value in year 4:PV4 = $1500 / (1 + 0.06)⁴= $1500 / 1.26248= $1186.16
Now, we can find the maximum price that you can pay for this investment by adding up the present values of all cash flows. PV of the investment = PV1 + PV2 + PV3 + PV4= $707.55 + $889.99 + $839.62 + $1186.16= $3623.32
Therefore, the maximum price that you can pay for this investment and still achieve your required rate of return of 6% per year is $3623.32.
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Video game designers can do visual design or programming.
A.
True
B.
False
Answers
QUESTION 4 of 10: One survey has 3 respondents, and another 100. Which survey is more likely to accurate data? a) The one with the larger sample size b) The one the smaller sample size
I need help
Answers
Answer:
The one with the larger sample size
Explanation:
Larger sample sizes provide more accurate mean values, identify outliers that could skew the data in a smaller sample and provide a smaller margin of error.
The survey is more likely to have accurate data is the one with larger sample size. Thus the correct option is A.
What is Survey?The survey is referred to as a technique of data collection with the objective to perform research by asking questions. In surveys, a group of participants is involved in which questions related to the research are asked.
The accuracy of the average values will increase with the size of the sample. In addition to providing smaller margins of error, larger sample sizes aid researchers in discovering patterns in data.
The smaller sample size cannot be considered accurate due to its value. The smaller sample size is cost-effective and time-saving but cause more error in data collection.
Therefore, option A one with the larger sample size is appropriate.
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The four-firm concentration ratios for industries X and Y are 89 percent and 62 percent, respectively, while the corresponding Herfindahl-Hirschman indexes are 2,600 and 1,200. The Dansby-Willig performance index for industry X is 0.6, while that for industry Y is 0.8. Based on this information, which would lead to the greatest increase in social welfare: A slight increase in industry X
Answers
As per the given information, the four-firm concentration ratios for industries X and Y are 89 percent and 62 percent, respectively, while the corresponding Herfindahl-Hirschman indexes are 2,600 and 1,200.
The Dansby-Willig performance index for industry X is 0.6, while that for industry Y is 0.8.
Based on this information, a slight increase in industry Y would lead to the greatest increase in social welfare.
What is social welfare?Social welfare is a condition in which the welfare or the well-being of the general public is considered. It is concerned with the overall welfare of the general public.
It is a condition where there is a balance between the costs and benefits of the economy for the general public. Therefore, it is important to consider the social welfare of the people while making economic decisions.
To determine which industry leads to the greatest increase in social welfare, we need to look at the Dansby-Willig performance index for both industries.
The Dansby-Willig performance index measures the level of market performance, which is given by the ratio of deadweight losses under monopoly pricing to the deadweight losses under the socially efficient price. The higher the Dansby-Willig performance index, the greater the level of market performance.
In this case, the Dansby-Willig performance index for industry Y is 0.8, which is higher than the Dansby-Willig performance index for industry X, which is 0.6.
Therefore, a slight increase in industry Y would lead to the greatest increase in social welfare.
An increase in industry Y would increase the Herfindahl-Hirschman index, which would reduce competition in the industry. However, since the Dansby-Willig performance index is higher for industry Y, the level of market performance is better.
This would result in higher social welfare compared to a slight increase in industry X.
Therefore, a slight increase in industry Y would lead to the greatest increase in social welfare.
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the accounting for warranty cost is based on the expense recognition principle, which requires that the estimated cost of honoring warranty contracts should be recognized as an expense: a) only if the repairs are expected to be made within one year. (b) at the end of the warranty period. (c) in the period in which the product was sold. (d) when the product is brought in for repairs.
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The accounting for products warranty cost is based on the expense recognition principle. A product warranty is a written promise made to a customer by the producer or supplier of a good or service that. The correct answer is (d) when the product is brought in for repairs.
The event of a defect, the product will be fixed, replaced, or both, at no additional cost. The terms and conditions of the warranty will be outlined in the document's content.
Warranty costs must be reported using the matching principle of accounting, in which expenses are matched with the corresponding revenues. The warranty cost must therefore be reported in the fiscal year in which the sale was made rather than when the payment for the actual repair is made, unless the business is switching to cash basis accounting from accrual basis accounting
Complete question:
the accounting for warranty cost is based on the expense recognition principle, which requires that the estimated cost of honoring warranty contracts should be recognized as an expense:
a) only if the repairs are expected to be made within one year.
(b) at the end of the warranty period.
(c) in the period in which the product was sold.
(d) when the product is brought in for repairs.
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give at least 3 personal gains in your business (my gain,community gain and country gain) by considering the table below
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Answer:
My Business- Fashion Designing
My Gain- Daily profit generation, Job Satisfaction, Improvement of my business skill.
Community Gain- Access to well-designed dresses, Training for youths who wish to gain the skill
Country Gain- Employment of citizens, Contribution to the gross domestic product
Explanation:
In my business as a Fashion Designer, I benefit from the fact that I can make money for myself doing what I love. The business also affords me the opportunity to improve my business skill. For instance, good marketing helps me reach a wider audience.
The community I live in benefits from my service because they can always come to design their dresses in whatever styles they desire. Youths and others who wish to gain some skill can also register at an affordable price.
The country I reside in also benefits from the revenue generated from the business because it contributes to its gross domestic product. The citizens are also gainfully employed through the business.
My business: Pharmacy
My gain: Profit, income, access to free medical license drugs, safety, good health
Community gain: Access to good license My business: Pharmacy
My gain: Profit, access to free medical license drugs, safety, good health
Community gain: Access to good license drugs, ease of affordability, wellness and wholeness, free medical advice
Country gain: Employment of labor, access to good healthcare, tax, contribution to country's GDP, wellness and wholeness
for better understanding, lets explain what profits in business means
The aim of any business is to make profit. Business is referred to as any task or activity that aim to provide goods and services to people in order to make profitProfit is simply the amount of money a business earns above and beyond what it spends for salaries and other expensesbusiness gains covers the profit and other advantages be it pleasure, enjoyment, relaxation etc obtained or derived from any business transactionsfrom the above, we can therefore say that the answer My business: Pharmacy
My gain: Profit, access to free medical license drugs, safety, good health
Community gain: Access to good license drugs, ease of affordability, wellness and wholeness, free medical advice
Country gain: Employment of labor, access to good healthcare, tax, contribution to country's GDP, wellness and wholeness, is correct
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