Tri Fecta, a partnership, had revenues of $366,000 in its first year of operations. The partnership has not collected on $46,400 of its sales and still owes $39,200 on $170,000 of merchandise it purchased. There was no inventory on hand at the end of the year. The partnership paid $34,400 in salaries. The partners invested $41,000 in the business and $29,000 was borrowed on a five-year note. The partnership paid $3,190 in interest that was the amount owed for the year and paid $8,800 for a two-year insurance policy on the first day of business. Compute net income for the first year for Tri Fecta.
Answers
The net income for the first year of operations for Tri Fecta partnership is $183,610.
To compute the net income for the first year, we need to consider the revenues and expenses of the partnership.
The revenues for the year are given as $366,000. However, the partnership has not collected $46,400 of its sales, so we need to subtract this amount from the revenues.
Therefore, the adjusted revenues are $319,600.
Next, we need to consider the expenses. The partnership paid $34,400 in salaries, $3,190 in interest, and $8,800 for a two-year insurance policy.
These expenses are subtracted from the adjusted revenues.
Finally, we take into account the partners' investments and the borrowed amount.
The partners' investment of $41,000 does not affect the net income calculation. However, the interest paid on the borrowed amount of $29,000, which is $3,190, is already included in the expenses.
By subtracting all the expenses from the adjusted revenues, we find that the net income for the first year of operations for Tri Fecta partnership is $183,610.
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Related Questions
Length and and width of rectangular feild are 50m and 15 m repectively. Find cot of barberd wire around feild at rate of r 9 per meter
Answers
The dimension of rectangular field is 50 m x 15 m. If the cost per meter is 9 rupee, the cost of the wire around the field is 1,170 rupee.
The formula for the perimeter of a rectangle is given by:
P = 2 (l + w)
Where:
P = perimeter
l = length
w = width
Information available in the problem:
l = 50 meters
w = 15 meters
Hence, the perimeter is:
P = 2 ( 50 + 15)
P = 2 x 65 = 130 meters
The cost of the wire is r 9 per meter. Therefore, total cost for 130 meters is:
Cost = 9 x 130 = 1,170
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describe one procedure used when processing accounts.
Answers
- financial statements
A
person who
owns stock in a
corporation.
Answers
SCM426 Case Study 2 - Lower Transportation Costs With Load Planning High transportation rates are not always the root cause of inflated transportation costs. A large food processor was surprised when they had completed benchmarking their operations and discovered that they were spending more on freight than the average industry competitor. What seemingly contradicted this finding was that their transportation rates were found to be especially low, among the best in the industry. Management was shocked to see that this was not translating to the bottom line. In addition, the shipping department had implemented procedures to consolidate outbound customer orders wherever possible, which should have also translated to lower freight costs. Closer examination by management often uncovers some surprising revelations. Much of the savings the company thought they were achieving through the combination of outbound orders were being passed along to a transportation broker. The company was combining several loads a day manually, yet they still were sending these full truckloads through a broker. This broker would charge them LTL rates for these shipments, even though most of the consolidation was completed by the company. Management began to realize that manually combining orders into full loads was not efficient, especially with the high number of orders shipped per day. To really lower transportation costs and gain a significant competitive advantage, load planning had to be completed at a more detailed level. This would require more time and effort from the load planner From the requirements generated from the design, a new PC-based load planning package was acquired to support the operation. The package provided the load planner with the capability to view all open orders, even those that were not expected to ship for several days. Loads could be created days in advance, with the flexibility to adjust them up until the day of shipment. This allowed for a much more extensive level of consolidation, and a cost-effective pool distribution network. The pool distribution network was established in five major market areas. Outbound orders to the regions surrounding the major markets were combined, and sent in full truckloads direct to that market on a daily basis. Once the loads arrived at the market, they were broken down and shipped via LTL carriers to their end destination. This method of shipping helped to further reduce transportation costs. The long travel distance was covered at much cheaper full truckload rates, with the shorter remaining distance from the major market to the end customer covered at the more expensive LTL rates. Furthermore, by shipping to these markets daily in full truckload quantities, service times did not decrease from the standard LTL shipments. The resulting load planning process will reduce transportation rate costs over 15 percent, or roughly $800,000. As with many companies, it was assumed that low transportation rates translated into lower transportation costs. Negotiating the lower rates was only the first step in reducing transportation costs. The important step is making sure the outbound loads ship at these low rates. 1. What were the Management's findings regarding transportation and what were the reasons? 2. What new load planning process the management came up with, and what were the results? 3. What are the lessons you learnt from this case study?
Answers
The case study emphasizes the importance of detailed load planning, efficient consolidation, and strategic transportation decision-making to achieve cost savings and gain a competitive advantage.
1. Management's findings regarding transportation were surprising and contradictory to their expectations. They discovered that despite having low transportation rates, they were spending more on freight than the average industry competitor. This was a result of several factors. Firstly, the company was manually combining outbound customer orders into full truckloads but still sending them through a transportation broker, who charged them LTL rates for these shipments. This meant that the savings the company thought they were achieving through consolidation were being passed on to the broker. Secondly, management realized that manually combining orders into full loads was not efficient, especially considering the high number of orders shipped per day. These findings highlighted the need for a more detailed load planning process to truly lower transportation costs.
2. In response to the findings, management implemented a new load planning process. They acquired a PC-based load planning package that allowed the load planner to view all open orders, even those not expected to ship for several days. This enabled the creation of loads in advance, with the flexibility to adjust them until the day of shipment. By utilizing this software, the company was able to achieve a more extensive level of consolidation and establish a cost-effective pool distribution network. They combined outbound orders to major market areas into full truckloads and then broke them down for LTL shipment to their final destinations. This method reduced transportation costs by covering the long travel distance at cheaper full truckload rates and the shorter remaining distance at more expensive LTL rates. The load planning process resulted in a 15 percent reduction in transportation rate costs, equivalent to approximately $800,000.
3. The case study teaches several important lessons. Firstly, low transportation rates do not necessarily translate into lower transportation costs. It is crucial to ensure that the outbound loads ship at these low rates to achieve cost savings. Secondly, manual load consolidation may not be efficient, especially when dealing with a high volume of orders. Using technology and software solutions can significantly improve load planning and consolidation processes. Thirdly, establishing a pool distribution network can be a cost-effective strategy to reduce transportation costs. By combining shipments to major markets and then utilizing LTL carriers for the final leg, companies can save on transportation expenses.
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Despite the insights that PERT provides, there are still practical limitations that impact its usefulness. All of the following difficulties are associated with the use of PERT EXCEPT: Group of answer choices It often requires more effort to generate three estimates than one. It highlights uncertainty in project duration It does not accurately address the case when two activities both need to be accomplished before a third can begin. There is no assurance that three estimates are any more accurate than one
Answers
The practical limitations of PERT do not include its failure to accurately address the case when two activities both need to be accomplished before a third can begin.
PERT, or Program Evaluation and Review Technique, is a project management tool that helps in analyzing and scheduling complex projects. While it offers valuable insights, there are certain practical limitations that can impact its usefulness. One such limitation is that it often requires more effort to generate three estimates than one.
PERT involves estimating the optimistic, pessimistic, and most likely durations for each activity, which can be time-consuming and resource-intensive.
Additionally, PERT highlights the uncertainty in project duration by using probabilistic techniques, which some stakeholders may find challenging to comprehend or accept.
Furthermore, PERT does not provide assurance that three estimates are any more accurate than a single estimate. The use of multiple estimates may create a false sense of precision and overlook the inherent uncertainty in project planning.
However, it is important to note that the given statement specifically mentions that the limitation associated with the case when two activities both need to be accomplished before a third can begin is not a difficulty of PERT. PERT is designed to handle such dependencies and can effectively identify critical paths and interdependencies among activities.
In conclusion, PERT has practical limitations such as increased effort in generating multiple estimates and highlighting uncertainty, but it does address the case when two activities both need to be accomplished before a third can begin. It is a valuable tool for project management, but stakeholders should be aware of its limitations and use it appropriately.
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The paragraph below comes from the rental agreement Susan signed when she opened her account at Super Video. "All rentals are due back by midnight of the due date as printed on the transaction receipt. Any rental not received by midnight on the day it is due is subject to a late charge of $1. 50 for each day it is late. Any rental not returned by the fifth day after the due date will be transferred to a sale. The Customer will then be required to pay the purchase price of the item in addition to five (5) days of late fees. The Customer will not be required to return the product once the total balance is paid. " Both of Susan’s movies are three days late. According to her receipt, the purchase price of one of her movies is $12. 00 while the purchase price for the other movie is $15. 0. If she turns both of them in today, how much will Susan owe Super Video? a. $4. 50 b. $9. 00 c. $27. 00 d. $38. 0.
Answers
The amount that Susan owed to Super Video is $9.00. This is the total of late charges on both the movies for 3 days.
What is a rental agreement?Rental agreement refers to an agreement between the owner of a property and the tenant which specifies the terms and conditions regarding the use of property rented.
The agreement is assumed to be agreed upon by both parties when both of them sign the agreement.
The agreement between Susan and Super Video stipulates certain conditions that are, the rentals are due by midnight of the day it was due and shall be subject to a late charge of $1.50 per day after that.
Also, if the rental is not returned by the fifth day, the customer will need to pay the late charge for 5 days along with the purchase price of the item.
Susan's movies are three days late, the amount she owes to Super Video will be the amount of late charge on both the movies for three days. The amount Susan owes is:
\(\rm (1.50 \times 3) + (1.50 \times 3) = \$9.00\)
Therefore, the correct option is B.
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The amount that Susan owed to Super Video would be $9.00. This will be the total late charges on all the videos.
What is the rental agreement?It is a written contract of rent, between the owner of a property and a tenant who wants to take possession of the property for a specified time, the contract would be complete when both the parties sign the contract.
In the above situation, Susan and Super Video's agreement specifies certain conditions that are, the rentals are due by midnight of the day it was due and shall be subject to a late charge of $1.50/- day after that,
and If on a 5th-day rental is not completed, the customer will be liable to pay the late charge for 5 days along with the purchase price of the item. The movies of Susan are late for three days, the amount she owes to Super Video will be the amount of late charge on both the movies for three days.
The total amount, that would be owed by Susan:
\((1.50\times3) + (1.50\times3) = \$9.00\)
Therefore, B is the correct option.
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Sharon is the chief marketing officer for a well-known bank. After looking at the
company's sales data, she recognizes that most of the accounts were held by clients
who lived in the neighboring city. She decides she will boost advertisements in the
neighboring city to increase their number of bank accounts. What did Sharon
determine by looking at her company's sales data?
- Revenue
- Target market
- Pricing
- Value proposition
Answers
Based on the sales data that Sharon saw, she was able to determine the company's target market.
What is a target market?This refers to the market segment that mostly uses or patronizes the goods and services offered by a company.
In this case, Sharon noticed that their company is usually patronized by clients in the neighboring city. This is therefore their target market as they are the majority market segment using the company's services.
In conclusion, option B is correct.
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I really need help with this asap
Answers
Strategic decisions consider, in part, uncertainty and complexity.- True- False
Answers
Strategic decisions take into account many factors, but uncertainty and complexity are not necessarily considered.
Strategic decisions are aimed at creating long-term value and are based on assessing current and future opportunities and threats. While uncertainty and complexity may be a factor that influences strategic decisions, they are not the only elements to be considered.
Other factors include the organization's mission and vision, its goals and objectives, the competitive landscape, industry trends, political and economic environments, and the organization's capabilities. Strategic decisions are made with the understanding that the future is unpredictable, but they are also made with the knowledge that the organization can use the available data and resources to make the best possible decision for the future.
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What hazard is a farmer hoping to prevent by installing a thick mat on the floor at his loading dock?
heat exposure
joint injuries
excessive noise
unclean conditions
Answers
Answer:
joint injuries
Explanation:
Repetitive motions like bending and lifting can cause severe damage on workers’ joints. Installing a thick mat on the floor will help act as a shock absorber for the workers’ joints.
Answer:
joint injuries
Explanation:
Many organizations assert that using project management provides advantages, such as ____.a.lower profit marginsb.lower costs c.less internal coordinationd.lower worker morale
Answers
Options b (lower costs) and c (less internal coordination) are the true advantages associated with the use of project management, while options a (lower profit margins) and d (lower worker morale) are not accurate representations.
Many organizations assert that using project management provides advantages, such as lower costs and less internal coordination.
a. Lower profit margins: This statement is not typically associated with the advantages of project management. Project management aims to optimize resources, improve efficiency, and achieve project goals, which can positively impact profit margins. However, lower profit margins are not a direct advantage of project management.
b. Lower costs: Project management focuses on planning, organizing, and controlling resources effectively, which can lead to cost savings. By implementing project management practices, organizations can streamline processes, reduce waste, improve resource allocation, and optimize project budgets, resulting in lower costs.
c. Less internal coordination: Project management emphasizes clear roles, responsibilities, and communication channels within a project team. It promotes efficient collaboration and coordination among team members, stakeholders, and departments, reducing duplication of efforts, minimizing conflicts, and enhancing overall project coordination.
d. Lower worker morale: This statement is not aligned with the advantages of project management. Effective project management involves engaging and empowering team members, setting clear expectations, providing support, and recognizing achievements. When done well, project management can contribute to higher worker morale by promoting teamwork, providing opportunities for skill development, and fostering a sense of accomplishment.
Therefore, options b (lower costs) and c (less internal coordination) are the true advantages associated with the use of project management, while options a (lower profit margins) and d (lower worker morale) are not accurate representations.
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. What is the practice where the differences between low-end and high-end jobs become greater and the number of people in the middle levels decreases
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The practice where the differences between low-end and high-end jobs become greater and the number of people in the middle levels decreases is called "polarization" or "job polarization."
The practice where the differences between low-end and high-end jobs become greater and the number of people in the middle levels decreases is called "polarization" or "job polarization." Job polarization refers to the phenomenon where the job market becomes increasingly divided into high-skilled, high-paying jobs and low-skilled, low-paying jobs, with fewer opportunities for middle-skilled, middle-paying jobs. This can be driven by a number of factors, including automation, globalization, and shifts in demand for different types of skills. As technology continues to advance and automation becomes more prevalent, many routine, middle-skill jobs are becoming obsolete, while high-skill jobs requiring specialized knowledge and expertise are in greater demand. At the same time, there is a growing supply of low-skill, low-paying jobs in areas like service and retail. The result is a shrinking middle class, with fewer opportunities for upward mobility and greater income inequality. Policymakers and business leaders are increasingly focused on finding ways to address job polarization and ensure that all workers have access to good-paying, stable employment opportunities.
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Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called Group of answer choices auditing. economics. finance. accounting.
Answers
Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called accounting.
Accounting is a fundamental process in business and financial management. It involves systematically recording financial transactions, classifying them into appropriate categories, and summarizing the information to create financial statements such as the income statement, balance sheet, and cash flow statement. These financial statements provide a snapshot of a company's financial performance, position, and cash flows, enabling decision-makers to analyze and make informed decisions about the organization's operations, investments, and financial strategies.
While auditing, economics, and finance are related disciplines, each has its own distinct focus. Auditing involves examining and evaluating financial records and statements to ensure accuracy, compliance, and reliability. Economics studies the production, distribution, and consumption of goods and services within an economy. Finance, on the other hand, focuses on managing financial resources, investments, and the financial aspects of decision making. However, accounting serves as the foundation for providing the necessary financial information in these areas.
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1. You deposit $5000 each year into an account earning 5% interest compounded annually. How much will you have in the account in 35 years?
$________
2. You deposit $400 each month into an account earning 7% interest compounded monthly.
a) How much will you have in the account in 20 years?
$______
b) How much total money will you put into the account?
$___________
c) How much total interest will you earn?
$_______________
3. You have $400,000 saved for retirement. Your account earns 7% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 25 years?
$___________
PLEASE HELP ME IM STRUGGLING IN THIS PLEASE I DON'T WANT TO FAIL. LAST PERSON ANSWERED WRONG PLEASE HELPPP THANK YOU
Answers
1. You deposit $5000 each year into an account earning 5% interest compounded annually. How much will you have in the account in 35 years?
The formula for calculating the future value of an annuity is:FV = PMT × (((1 + r)n - 1) / r), where:FV = Future Value of the AnnuityPMT = Amount Deposited each Yearr = Interest Rate Per Periodn = Number of PeriodsFor the given problem, the amount deposited each year (PMT) is $5000, the interest rate (r) is 5% and the number of periods (n) is 35.
We need to calculate the future value (FV) of the annuity.So, we get:FV = $5000 × (((1 + 0.05)35 - 1) / 0.05)FV = $5000 × (((3.386) / 0.05))FV = $5000 × 67.72FV = $338,581.74Therefore, the amount in the account after 35 years will be $338,581.74. 2.
You have $400,000 saved for retirement. Your account earns 7% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 25 years?To find out the amount you can withdraw each month, we can use the formula for Present Value of an Annuity, which is given as:PV = PMT x ((1 - (1 + r)-n) / r), where:PV = Present Value of Annuity
PMT = Amount of each paymentr = Interest rate per periodn = Number of periodsWe are given that the amount in the account is $400,000, the interest rate (r) is 7% and the number of periods (n) is 25 x 12 = 300 months. We need to calculate the amount that can be withdrawn each month (PMT).
So, we get:$400,000 = PMT x ((1 - (1 + 0.07)-300) / 0.07)Simplifying this equation gives:PMT = $400,000 / ((1 - (1 + 0.07)-300) / 0.07)PMT = $2,864.49Therefore, you will be able to withdraw $2,864.49 each month for 25 years.
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if the direct labor rate variance is $500 favorable, and the direct labor efficiency variance is $250 unfavorable, the journal entry will include a:
Answers
Variation in the debit to DL efficiency and variance in credit to the DL rate.
What is variance?In probability theory and statistics, variance is the expectation of the squared deviation of a random variable from its population mean or sample mean. Variance is a measure of dispersion, meaning it is a measure of how far a set of numbers is spread out from their average value.The term variance refers to a statistical measurement of the spread between numbers in a data set. More specifically, variance measures how far each number in the set is from the mean (average), and thus from every other number in the set. Variance is often depicted by this symbol: σ2. It is used by both analysts and traders to determine volatility and market security.The square root of the variance is the standard deviation (SD or σ), which helps determine the consistency of an investment’s returns over a period of time.To learn more about Variance refer to:
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a geocentric staffing policy multiple choice requires host-country nationals to be recruited to manage subsidiaries, while parent-country nationals occupy key positions at corporate headquarters.requires extensive documentation.is compatible with both international and localization strategy.leads to ineffective use of human resources.
Answers
A geocentric staffing policy requires extensive documentation.
Option B is correct.
What is the main responsibility for staffing?The first and principal function of staffing is to gain good labor force for distinctive jobs place in the confederation. In staffing, the right person is inked for the right jobs, therefore it leads to maximum productivity and refined performance.
What is staffing policy and procedure?Staffing process helps in mastering right people for the right job at right time. The function of staffing helps the operation to decide the number of workers called for the confederation and with what qualifications and experience. Staffing process helps to bettered organizational productivity.
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Besides individuals, who else pays taxes in our country?
Answers
Answer:
Aliens?
Explanation:
Dixie Corporation distributes $31,000 to its sole shareholder, Sally. At the time of the distribution, Dixie's Earnings and Profits (E&P) is $25,000 and Sally's basis in her Dixie stock is $10,000. Sally's basis in her Dixie stock after the distribution is (A). $31,000 (B). $25,000 (C). $10,000 (D). $4,000
Answers
Answer:
(D) $4,000
Explanation:
Initial amount distributed is $31,000
Earnings and Profit (E & P) $25,000
Therefore, Distribution in excess of earnings and Profit would be;
= Initial amount distributed - Earnings and Profit
=$31,000 - $25,000
=$6,000
Sally basis in her Dixie stock after the distribution would be ;
= Basis - Excess distribution
=$10,000 - $6,000
=$4,000
What could happen when requesting an interview if a job applicant hadn't prepared a 30-
Second Commercial?
Answers
Why are companies required to perform payroll withholding?
A. To make sure employees are being paid fairly
B. To make sure employees can pay their taxes
C. To help employees save for retirement
D. To help the company pay its share of taxes
Answers
Answer:
its B
Explanation:
TRUST
A restaurant prepares 200.00 pizza slices and sells them at a rate of $15.00/ slice. Expenses for the restaurant include raw material for pizza at $6.00 per slice, $118.00 for monthly rental and monthly insurance of $34.00. Lost sale are taken as $5.00 per unhappy customer. Leftover pizza can be sold for $2.00. The restaurant is open only for 25 days in a month. Today there was a party at nearby office so the demand for pizza went up to 221.00 slices. How much profit could the restaurant earn today? Answer format: Currency: Round to: 0 decimal places.
Answers
Today, the restaurant could earn a profit of $1,870.00.
The profit earned by the restaurant today can be calculated by considering the revenue from pizza sales and deducting the expenses incurred. First, let's calculate the revenue from pizza sales. The restaurant prepared 200.00 pizza slices and sold them at a rate of $15.00 per slice. However, due to the increased demand of 221.00 slices, the total revenue from pizza sales would be 221.00 slices multiplied by $15.00, which equals $3,315.00.
Next, let's calculate the expenses. The raw material cost for each pizza slice is $6.00, and since the restaurant prepared 200.00 slices, the total raw material expense would be 200.00 slices multiplied by $6.00, which equals $1,200.00. Additionally, the monthly rental expense is $118.00, and the monthly insurance expense is $34.00, which sums up to $152.00 for the day.
To account for potential lost sales, we need to consider the number of unhappy customers. Since the demand was 221.00 slices and the restaurant prepared 200.00 slices, there could be 221.00 minus 200.00 unhappy customers, which equals 21. Multiplying this by the lost sale value of $5.00 per unhappy customer, we get a total lost sale expense of 21 multiplied by $5.00, which equals $105.00.
Finally, let's calculate the profit. We subtract the total expenses ($1,200.00 for raw material, $152.00 for rental and insurance, and $105.00 for lost sales) from the total revenue from pizza sales ($3,315.00). Thus, the profit earned by the restaurant today is $3,315.00 minus ($1,200.00 + $152.00 + $105.00), which equals $1,870.00.
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When making decisions, managers often must decide between doing what is beneficial for the firm in the short term, and what is beneficial for both the firm and society in the long term. To address this conflict, a firm must
Answers
When making decisions, managers are often faced with a conflict between what is beneficial for the firm in the short-term and what is beneficial for both the firm and society in the long-term.
This conflict arises because the actions that benefit the firm in the short-term may not necessarily align with the interests of society as a whole, which can lead to negative consequences for both the company and society in the long-term.
To address this conflict, a firm must adopt a long-term orientation and consider the broader social and environmental impacts of its decisions. This means looking beyond immediate financial gains and recognizing that actions taken today can have far-reaching implications for the company's reputation, customer loyalty, employee morale, and overall sustainability.
Firms that prioritize social responsibility and sustainable business practices are more likely to build strong relationships with stakeholders, including customers, employees, investors, and regulators. They are also better equipped to weather economic downturns and other disruptions, as they have diversified their risk and invested in building resilient supply chains and communities.
Ultimately, the key to addressing the conflict between short-term gains and long-term benefits is a commitment to corporate social responsibility (CSR) and sustainable business practices. By prioritizing the needs of society and the environment alongside those of shareholders, firms can create value for all stakeholders over the long-term, ensuring their continued success and impact.
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giso applies for a job with a company with 30 employees. the employer does not hire him because of his ethnicity, or national origin. this is
Answers
The employer does not hire him because of his ethnicity, or national origin this is called Disparate Treatment Discrimination.
Discrimination is the unfair treatment of people and groups based on points such as race, gender, age, or sexual orientation. Disparate Treatment Discrimination in simple terms is illegal employment discrimination.
In other words, the employee must show that he or she was treated differently than other employees who don't share the same characteristic. During court hearings, the arguments are usually over how similarly the other employees were compared and whether the employer's decision was made because of the employee's protected characteristic or for other reasons.
We see this a lot mainly in foreign countries, sometimes people get rejected for a job just because they are from a particular country or a gender.
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Allegra wants to purchase a cruise to alaska. in the search process, she discovers this purchase is different from an expenditure on a car in that the cruise ______.
Answers
What Allegra is going to discover is that this purchase is different from an expenditure on a car in that the cruise cannot be easily separated from the service providers such as the stewards and crew.
What is a purchase?
This is a term that is used to refer to the fact that a person has acquired a good or a commodity.
The purchase of this product is one that can not be differentiated from one that would have all the crew members intact.
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Lennox Company borrowed $90,000 on August 31,2022 at 5\% interest. The debt must be repaid on August 31, 2023. How much interest expense should Lennox Company show on its income statement for the year ended December 31, 2022? $0 $1,875 $1,500 $4,500
Answers
Lennox Company borrowed $90,000 on August 31, 2022, at 5% interest and the debt is to be repaid on August 31, 2023. The question asks how much interest expense should be shown on Lennox Company's income statement for the year ended December 31, 2022.
The interest expense for the year ended December 31, 2022, can be calculated based on the number of months the loan was outstanding during that period. In this case, the loan was outstanding for four months (September, October, November, and December).
To calculate the interest expense, we can use the formula:
Interest Expense = Principal x Interest Rate x Time.
Given that the principal is $90,000, the interest rate is 5%, and the time is 4/12 (four months out of 12 months), we can calculate the interest expense as follows:
Interest Expense = $90,000 x 0.05 x (4/12) = $1,500.
Therefore, Lennox Company should show $1,500 as interest expense on its income statement for the year ended December 31, 2022.
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Maria has been invited back to speak at her high school by her swimming coach. Maria won a gold medal in the Olympics for swimming and her coach
would like for her to talk about setting goals and how to set bigger goals than what high school student might think are possible. What type of speech is
this considered?
Answers
Answer:
Explanation:
inspirational
________ is a term that refers to the level of detail represented by the data.
Group of answer choices
Intricacy
Complexity
Granularity
Interoperability
Answers
The correct option is (c).Granularity is a term that refers to the level of detail represented by the data.
The level of detail that the data represents is referred to as granularity. The data can be combined and summed to produce data with a finer granularity if it is too coarse. The idea of granularity represents the level at which we store data in our database.
If the data are detailed, we can keep going till we have stronger granularity for our analysis. If we wanted to be more specific, we could save client data month by month. We could also acquire specific information like how frequently customers visit the store or how frequently they purchase a particular product type.
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In what areas do federal agencies regulate to ensure safety and the general
wellness of US citizens?
a. Businesses
b. Environment
c. Products
d. All of the above
Answers
Answer:
d. All of the above
Explanation:
Government regulations are the rules that players in an industry must abide by. In a free-market economy like the US, the government's main role is to regulate economic activities. The government enforces regulation through its various agencies.
The areas of regulations include but are not limited to
Protecting consumers from undue exploitation by businesses, Encourage fair business competition Promote a healthy, safe work environment for employees Promote and sustain a clean environmentPrivate data protection and securityWhich of the following choices is not a step that can reduce your spending?
a.
eating at home, rather than dining out
b. using budgeted cash only
c. forgoing premium cable TV channels
d. purchasing reduced fat lattes during the week
Answers
Out of the given options, you won't reduce your spending by d. purchasing reduced fat lattes during the week.
How can we reduce spending?The best way to reduce spending is by spending less on things that we don't need or that we can do without.
In this case, spending on fat lattes won't be a way to reduce spending because they aren't very significant.
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A perpetuity of $5,000 per year beginning today is said to offer a 15% interest rate. What is its present value?
Answers
Answer:
The present value of the perpetuity is approximately $33,333.33.
Explanation:
To find the present value of a perpetuity, we can use the formula:
Present Value = Annual Payment / Interest Rate
In this case, the annual payment is $5,000 and the interest rate is 15% (or 0.15).
Present Value = $5,000 / 0.15
Present Value = $33,333.33
Therefore, the present value of the perpetuity is approximately $33,333.33.
A perpetuity of $5,000 per year beginning today is said to offer a 15% interest rate. The present value of this perpetuity is $33,333.33. Explanation: Perpetuity is a type of annuity that lasts forever. It can be defined as an endless annuity that pays out a fixed amount at each period without any end date. It is used to describe a type of security that pays a fixed stream of payments that do not have an end date.
The present value of a perpetuity can be calculated using the following formula: PV = PMT / r Where, PV = present value of the perpetuity PMT = payment per period r = discount rate The given perpetuity pays $5,000 per year. So, PMT = $5,000.The discount rate is given as 15%. Therefore, r = 15% = 0.15.Substituting the values in the formula, PV = PMT / r= $5,000 / 0.15= $33,333.33Therefore, the present value of this perpetuity is $33,333.33.
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