Answer and Explanation:
The journal entries are given below:
a. Materials $225,750
To Accounts Payable $225,750
(Being material purchased on account is recorded)
b. Work in Process $200,000
Factory Overhead $17,600
Materials $217,600
(Being requisitioned of the material is recorded)
c. Work in Process $607,700
Factory Overhead $72,300
Wages Payable $680,000
(Being wages payable is recorded)
d. Factory Overhead $330,000
Selling Expenses $180,000
Administrative Expenses $126,000
Accounts Payable $636,000
(Being account payable is recorded)
e. Factory Overhead $27,500
Selling Expenses $8,100
Administrative Expenses $5,250
To Prepaid Expenses $40,850
(Being prepaid expense expired is recorded)
f. Depreciation Expense- Office Building $44,500
Depreciation Expense- Office Equipment $16,800
Factory Overhead $55,100
Accumulated Depreciation - Building & equipment $116,400
(Being the depreciation expense is recorded)
g. Work in Process $548,000
Factory Overhead $548,000
(Being work in process is recorded)
h. Finished Goods $1,140,000
Work in Process $1,140,000
(Being job completed is recorded)
i. Cost of Goods Sold $1,128,000
Finished Goods $1,128,000
(Being cost of goods sold is recorded)
In a market economy resources tend to be allocated optimally. Discuss how the interaction of consumers and producers makes this happen
Answer:
In a market economy resources tend to be allocated optimally is discussed below in detail.
Explanation:
In a market economy, resource allocation is circumscribed by the supply and request forces. In other speeches, the allocation of resources is determined using the payment mechanism. The resource allocation in a projected economy, on the other hand, is circumscribed by management or a central administration.
If the direct labor rate variance is $500 favorable, and the direct labor efficiency variance is $250 unfavorable, the journal entry will include a: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) check all that apply Debit to direct labor rate varianceunanswered Credit to direct labor rate varianceunanswered Debit to direct labor efficiency variance Credit to direct labor efficiency variance
Answer:
Debit to direct labor efficiency variance
Credit to direct labor rate variance
Explanation:
Preparation the journal entry
Based on the information given in a situation where the direct labor rate variance is favorable with the amount of $500 which means that the FAVOURABLE VARIANCE will be CREDITED and in a situation where the direct labor efficiency variance is unfavorable with the amount of $250 which means that that UNFAVORABLE VARIANCE will be DEBITED reason been that FAVOURABLE VARIANCE are tend to be CREDITED while UNFAVORABLE VARIANCE on the other hand are tend to be DEBITED .
Therefore the journal entry will include a:
Debit to direct labor efficiency variance (UNFAVORABLE)
Credit to direct labor rate variance (FAVOURABLE)
Assume the following information: Amount Per Unit Sales $ 300,000 $ 40 Variable expenses 120,000 16 Contribution margin 180,000 $ 24 Fixed expenses 121,000 Net operating income $ 59,000 If the variable expenses increase by $1 per unit, the advertising expenditures increase by $15,000, and unit sales increase by 5%, then the best of estimate of the new net operating income is:
Answer:
Net income= $45,125
Explanation:
Giving the following information:
Amount Per Unit:
Contribution margin 180,000 $ 24
Fixed expenses 121,000
Variations:
Unitary variable cost= up by $1
Fixed costs= up by $15,000
Sales increase= 5%
First, we need to calculate the new unitary contribution margin and sales in units:
New contribution margin= 40 - 17= $23
Sales in units= (300,000/40)*1.05= 7,875
Now, we can calculate the new net income:
Total contribution margin= 7,875*23= $181,125
Fixed costs= (121,000 + 15,000)= (136,000)
Net income= 45,125
A long year-end status report for work is 138 pages long. You need to print 13 copies for a meeting next week. How much is the paper going to cost for those reports
Answer:
The paper that cost for those reports is $3.59
Explanation:
The computation of the paper that cost for those reports is shown below:
= (Number of pages in long × number of copies printed) ÷ (paper sold in ream)
= (138 pages × 13 copies) ÷ (500 pages)
= 1,794 ÷ 500 pages
= $3.59
Hence, the paper that cost for those reports is $3.59
The same is to be relevant
Suppose you knew that there was going to be 25 percent inflation between now and five years from now, and suppose you knew that the current minimum wage of $7.50 was only enough to get a family of three to 70 percent of the poverty line. In order to make the minimum wage earn enough to be at that poverty line in five years, the minimum wage in five years would have to be
Answer:
In order to make the minimum wage earn enough to be at that poverty line in five years, the minimum wage in five years would have to be:
$9.38.
Explanation:
a) Data and Calculations:
Current minimum wage = $7.50
Inflation rate between now and five years from now = 25%
The minimum wage in five years should be $9.38 ($7.50 * 1.25)
b) When the minimum wage increases from $7.50 to $9.38 in five years, it will match the inflation rate between now and give years' time of 25% because the difference in minimum wage of $1.88 (9.38 - $7.50) is equal to 25% ($1.88/$7.50 * 100). If the minimum wage of $9.38 is earned the wage earner will be able to get a family of three to 70% of the poverty line, just as $7.50 is able to get the family of three to 70% of the poverty line in the current year.
What term is used to refer to the decision about whether to report an item in the financial statements
Answer:
Recognition.
Explanation:
Recognition is a term used to refer to the decision about whether to report an item in the financial statements.
The expense recognition principle is an accounting principle which is typically used on accrual basis accounts and it states that expenses incurred by an individual or business entity should be recognized and matched in the same period with respect to the revenues they are related to.
For instance, company XYZ purchases a property worth $90,000 in June, it was then sold in July for $250,000. Based on the expense recognition principle, the $90,000 cost shouldn't be recognized by company XYZ as an expense until July, when the related revenue would be recognized also. Else, if recognized, its expenses would be overstated by $90,000 in June, and consequently understated to the tune of $250,000 in July.
Additionally, the expense recognition principle helps business owners to calculate their taxes and profits or losses properly.
6. Microeconomics and macroeconomics Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics. Microeconomics Macroeconomics The effect of government regulation on a monopolist's production decisions The effect of an increase in the money supply on the rate of inflation The government's decision on how much to spend on public projects
Answer:
Macroeconomics are for economic events that affect the entire economy not just singular parties in it while Microeconomics studies the effects of economic events on the parties in the economy such as consumers and companies.
The effect of government regulation on a monopolist's production decisions ⇒ MICROECONOMICS
This concerns the effect of an economic event (government regulation) on a party in the system which are monopolists.
The effect of an increase in the money supply on the rate of inflation ⇒ MACROECONOMICS
This concerns the effect of an increase of money supply on the rate of inflation for the whole country which makes it Macro.
The government's decision on how much to spend on public projects ⇒ MACROECONOMICS
Public works will affect the entire country and its economic system so the decision to see how much to spend is a Macroeconomic activity.
best clients and we do amazing work together so for that reason I have something called incentive based pricing where if you make a decision on the call with me today I waive the $2,000 setup fee and it’s just $2,000 /month." Then shut up. This SILENCE here is the most crucial part of your entire call. You MUST not cave in and you MUST remain silent until the prospect speaks. Sometimes this silence is longer than 1-2 mins. Part twelve is continued on the next page… Continued from the previous page… We’re waiting for any words that mean let’s move forward with this: "What’s the next step?" "Ok well what’s next?" "Ok how do we get started?"] "Ok let’s do it!" When they are ready to move forward say: Awesome! Well we can get you started right now if you want. (OK well how do we do that… OK how do we do the payment… Words like this….) We can do credit card over the phone if you want. (OK cool…. Or words to this effect) So is that VISA or MASTERCARD, collect the details and BOOM! What we will not accept Any words that do not mean YES or NO. This decision is BINARY not a grey area. "OK well can you send me something via email?" "OK well how do i get back in touch with you if i decide to move forward?" "Ok I’m going to need to think about this" "Ok I’m going to have to ask my business partner, wife etc." Handling Objections Objection: How much time do I have to decide? "How much time do you need
Answer:
B
Explanation:
B
g A bank offers to lend you for 1 year on a loan contract that calls for you to make interest payments of at the end of each month and then pay off the principal amount at the end of the year. What is the effective annual rate on the loan
Answer: 12.68%
Explanation:
First find the nominal interest rate per month:
= Interest payment/Loan
= 100/ 10,000
= 1%
Effective annual rate is:
= (1 + Interest rate per quarter)^no. of compounding periods - 1
= (1 + 1%)¹² - 1
= 12.68%
A stock sells for $10 per share. You purchase 100 shares for $10 a share (i.e., for $1,000), and after a year the price rises to $17.50. What will be the percentage return on your investment if you bought the stock on margin and the margin requirement
Answer:
300% returns
150% returns
100% returns
Explanation:
given data
stock sells = $10 per share
purchase = 100 shares
price rises = $17.50
solution
Profit per share is =17.5 - 10 = 7.5
Total profit is = 100 × 7.5 = 750
if here margin requirement is 25%
then here you invest = 100 ×10 × 25% = $250
Percent of return = Profit ÷ Capital
return % = (750 ÷ 250) × 100
and get return = 300%
and
if here margin requirement is 50%
then here you invest = 100 ×10 × 50% = $500
Percent of return = Profit ÷ Capital
return % = (750 ÷ 500) × 100
and get return = 150%
and
if here margin requirement is 75%
then here you invest = 100 ×10 × 75% = $750
Percent of return = Profit ÷ Capital
return % = (750 ÷ 750) × 100
and get return = 100%
For each of the following numbered situations below, select the best letter answer concerning accounting for investments: (A) Increase the investment account. (B) Decrease the investment account. (C) Increase dividend revenue. (D) No adjustment necessary.
Answer:
(A) Increase the investment account
Explanation:
When the investment is made, the accounting entries required is to debit the Investment Account to shows the increase in Assets and credit the Cash Account to show the decrease in assets used to acquire the investment.
On April 1, Garcia Publishing Company received $2,448 from Otisco, Inc. for 36-month subscriptions to several different magazines. The subscriptions started immediately. What is the amount of revenue that should be recorded by Garcia Publishing Company for the first year of the subscription assuming the company uses a calendar-year reporting period
Answer:
the amount of revenue recorded for the first year is $612
Explanation:
The computation of the amount of revenue recorded for the first year is shown below:
= Amount received × given months ÷ total number of months
= $2,448 × 9 months ÷ 36 months
= $612
The 9 months are considered from April 1 To December 31
hence, the amount of revenue recorded for the first year is $612
A corporation's earnings are taxed as corporate earnings and as dividends to the stockholders. This is known as:
Answer:
Double taxation.
Explanation:
Taxation can be defined as the involuntary or compulsory fees levied on individuals or business entities by the government to generate revenues used for funding public institutions and activities.
There are three (3) types of taxation used by the government, these are;
1. Progressive taxation: it involves charging individuals having higher incomes a higher percentage of their total income.
- For instance, John pays 30% on $70,000 and Joyce pays 10% on $45.000.
2. Proportional taxation: it involves charging both lower and higher income earners equally in proportion to their income.
- For instance, John pays 20% on $50,000 and Joyce pays 20% on $36,000.
3. Regressive taxation: it involves charging individuals with low incomes a higher percentage of their total income and vice-versa.
- For instance, John pays 15% on $60,000 and Joyce pays 20% on $36,000.
In this scenario, a corporation's earnings are taxed as corporate earnings and as dividends to the stockholders. This is known as double taxation.
Double taxation can be defined as a phenomenon in which an individual or business entity pays income tax twice on the same income source such as corporate earnings and as dividends to their stockholders.
0 1 2 3 $600 $1,200 $1,800 At an annual interest rate of 7%, the present value of this timeline in year 0 is closest to:
Answer:
Total PV= $3,078.22
Explanation:
Giving the following information:
Cash flows:
Cf1= $600
Cf2= $1,200
Cf3= $1,800
Interest rate= 7%
To calculate the present value, we need to apply the following formula to each cash flow:
PV= Cf/(1+i)^n
PV1= 600/1.07= 560.75
PV2= 1,200/(1.07^2)= 1,048.13
PV3= 1,800/(1.07^3)= 1,469.34
Total PV= $3,078.22
The present value of the cash flows at an interest rate of 7% is approximately $3,080.
What is the present value?Present value is the concept that states the amount of money today is worth more than the amount of money in the future. The formula to calculate the present value of cash flows is:
[tex]\rm PV = FV\dfrac{1}{(1+r)^n}[/tex], where PV is the present value, FV is the future value, r is the rate of return and n is the number of periods.
The present value of $600 at the end of first year is:
[tex]\rm PV = 600\dfrac{1}{(1+0.07)^1}\\\\PV = 600\dfrac{1}{(1.07)^1}\\\\PV = \$512.82[/tex]
The present value of $1,200 at the end of the second year is:
[tex]\rm PV = 1,200\dfrac{1}{(1+0.07)^2}\\\\PV = 1,200\dfrac{1}{(1.07)^2}\\\\PV = \$1,048.13[/tex]
The present value of $1,800 at the end of the third year is:
[tex]\rm PV = 1,800\dfrac{1}{(1+0.07)^3}\\\\PV = 1,800\dfrac{1}{(1.07)^3}\\\\PV = \$1,469.34[/tex]
Therefore the total present value of the cash flows is:
[tex]\rm Total\:PV= \$560.75+\$1,048.13+\$1,469.34\\\\\rm Total\:PV= \$3,078.22[/tex]
Therefore the correct option is $3,080.
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slader When you decided to start your consulting company, you were previously earning $ 50,000/year working forthe large private consulting company Accenture. When you started the business it cost $ 100,000 to rent anoffice building, purchase computers, furniture and other office equipment. What was your opportunity costof opening your own consulting company
Answer:
Opportunity cost refers to value of sacrifice one make for making a particular decision. Here, the cost of opportunity of leaving a job to start a business will be = Salary lost due to starting a business + Money initially spend on setting up of business + interest lost on initial investment (which you could have otherwise earned had you invested the money elsewhere) - potential profit from the business
Calculating the annual opportunity cost
Salary lost per year = $50,000
Money initially spend = $100,000
Let us assume the interest rate to be 2% and at this rate as i have not spend the money on starting the business. So interest per year = 100,000 * 2 * 1 / 100 = $2000
Thus, opportunity cost = $50,000 + $100,000 + $2000 - potential profit from the business. So therefore, Opportunity Cost is $152,000 - potential profit from the business per year.
Apart from the extent of the re-engineering, the principal factors that affect re-engineering costs are: The quality of the software to be re-engineered. The tool support available for re-engineering. The extent of data conversion required. The availability of expert staff. Select one: a. Only 1, 2 are Correct b. Only 2, 3, 4 are Correct c. All 1, 2, 3, 4 are Correct d. All 1, 2, 3, 4 are Incorrect
Answer:
C. All of 1, 2, 3, 4 are correct
Explanation:
Software reengineering can be defined as examining and altering a system so as to reconstitute it to be in a newer form.
The cost factors which are to be considered here are:
1. Quality of this software which is going to be reengineered.
2. Consideration on whether expert staffs are available
3. Tool support availability
4. The extent of the required data conversion.
Therefore all the options are correct
Denise works in the quality control section of a large shipping company. In this capacity, she monitors and reports on how well (or how poorly) the system operates and how well the subsystems of the company relate to each other. With what does Denise provide her organization
Answer:
Feedback loops
Explanation:
In the given situation since it is mentioned that denise who works in the quality control section and she monitors and reports how well or how poor the system operates so here she provide the feedback loops to the organization as it deals with the event that varies from the response
So according to the given situation, the feedback loops is the answer
You are offered an investment opportunity in which you will receive $25,000 in one year in exchange for paying $23,750 today. Suppose the risk-free interest rate is 6% per year. Should you take this project
Answer:
It is more profitable to receive $23,750 today than $25,000 in one year.
Explanation:
Giving the following information:
Future Value= $25,000
Present Value= $23,750
Risk-free interest rate= 6%
We need to calculate the future value of $23,750. If it is higher, it is more convenient to receive $23,750 today.
FV= PV*(1+i)^n
FV= 23,750*(1.06^1)
FV= $25,175
It is more profitable to receive $23,750 today than $25,000 in one year.
(True) or (False)? GAAP decides whether a company should use FIFO, LIFO, Weighted Average Cost, or Specific Identification to value its inventory cost.
Answer:
False
Explanation:
In order to choose which inventory method i.e. FIFO, LIFO, weighted average cost, or specific identification method the company can free to choose which any of the inventory methods to determine the inventory cost
There is no need to decided by GAAP
hence, the given statement is false
Therefore it is not a true statement
year forward rate of the British pound is quoted at $1.60, and the spot rate of the British pound is quoted at $1.63. Is the
Answer:
1.84 %
Explanation:
Given,
Forward rate of British pound = $1.60
Spot rate of British pound= $1.63
We have to find forward discount.
Now,
The spot rate is greater than the forward rate then it is forward discount.
Forward discount= [tex]\dfrac{1.63-1.60}{1.63}[/tex]
= 1.84 %
Hence, forward discount percent is 1.84%.
The question is incomplete. The complete question is :
The one-year forward rate of the British pound is quoted at $1.60, and the spot rate of the British pound is quoted at $1.63. The forward ________ is _______ percent.
Solution :
The future yield of any bond is known as the Forward Rate. It is the interest rate that is applicable to any financial transaction which will occur in the future.
According to the question,
The forward rate of the British pound for one year is = $ 1.60
The spot rate of the British pound is = $ 1.63
Therefore,
[tex]$=\frac{\text{Forward rate}}{\text{spot rate}}-1$[/tex]
[tex]$=\frac{1.60}{1.63}-1$[/tex]
= 0.98 - 1
= -0.018
Thus it is forward discount and the percentage is 1.8 %
If Hoboken Industries is able to obtain part MR24 from an outside supplier at a unit purchase price of $17, what is the monthly usage at which it will be indifferent between purchasing and making part MR24?
The question is incomplete. The complete question is as follows,
Hoboken Industries currently manufactures 30,000 units of part MR24 each month for use in production of several of its products. The facilities now used to produce part MR24 have a fixed monthly cost of $150,000 and a capacity to produce 84,000 units per month. If the company were to buy part MR24 from an outside supplier, the facilities would be idle, but its fixed costs would continue at 40 percent of their present amount. The variable production costs of part MR24 are $11 per unit.
If Hoboken Industries is able to obtain part MR24 from an outside supplier at a unit purchase price of $17, what is the monthly usage at which it will be indifferent between purchasing and making part MR24?
Answer:
The monthly usage at which the company will be indifferent between the two options is 15000 units.
Explanation:
Let x be the number of units of MR24
The equation for cost of producing MR24 internally can be written as,
Cost = 150000 + 11x
The equation for cost for the option of buying MR24 externally can be written as,
Cost = (150000 * 0.4) + 17x
Equating both the equations,
150000 + 11x = (150000 * 0.4) + 17x
150000 + 11x = 60000 + 17x
150000 - 60000 = 17x - 11x
90000 = 6x
90000 / 6 = x
x = 15000 units
The monthly usage at which the company will be indifferent between the two options is 15000 units.
On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $42,000 and giving a short-term note for $307,000. Legal fees paid were $2,335, delinquent taxes assumed were $11,900, and fees paid to remove an old building from the land were $19,800. Materials salvaged from the demolition of the building were sold for $5,200. A contractor was paid $1,061,000 to construct a new warehouse. Determine the cost of the land to be reported on the balance sheet.
Answer:
$377,835
Explanation:
The cost of an assets include Purchase Costs and other costs directly related to place to asset in the location and condition intended for use by the management.
Thus, calculation of the Cost of the Land will be as follows :
Cash payment $42,000
Short term note $307,000
Legal Costs $2,335
Delinquent taxes $11,900
Fees to remove old buildings ($19,800 - $5,200) $14,600
Total $377,835
Conclusion :
Therefore, the cost of the land to be reported on the balance sheet is $377,835
A company's ____________ are the priorities, principles, and beliefs that guide the company.
A.
Strengths
B.
Demographics
C.
Values
D.
Opportunities
Answer:
C. values
Explanation:
Lenox Corp. sold merchandise for $5,900 to M. Baxter on May 15, 2017, with payment due in 36 days. Subsequent to this, Baxter experienced cash-flow problems and was unable to pay its debt. On August 10, 2017, Lenox stopped trying to collect the outstanding receivable from Baxter and wrote off the account as uncollectible. On December 1, 2017, Baxter sent Lenox a check for $1,100 and offered to sign a two-month, 9%, $4,800 promissory note to satisfy the remaining obligation. Baxter paid the entire amount due Lenox, with interest, on January 31, 2018. Lenox ends its accounting year on December 31 each year and uses the allowance method to account for bad debts.
Required:
1. Prepare all of the necessary journal entries on the books of Lenox Corp. from May 15, 2014 to January 31, 2015.
2 Why would Baxter bother to send Lenox a check for $1,000 on December 1 and agree to sign a note for the balance, given that such a long period of time had passed since the original purchase?
Answer:
1) May 15, 2017, merchandise sold on account to Baxter
Dr Accounts receivable 5,900
Cr Sales revenue 5,900
Sometime prior to August 10, but after May 15, bad debt must be recorded
Dr Bad debt expense 5,900
Cr Allowance for doubtful accounts 5,900
August 10, 2017, write off of uncollectible account
Dr Allowance for doubtful accounts 5,900
Cr Accounts receivable 5,900
December 1, 2017, write off is reversed
Dr Accounts receivable 5,900
Cr Allowance for doubtful accounts 5,900
December 1, 2017, check received + notes receivable
Dr Cash 1,100
Dr Notes receivable 4,800
Cr Accounts receivable 5,900
December 31, 2017, accrued interest revenue
Dr Interest receivable 36
Cr Interest revenue 36
January 1, 2018, collection of notes receivable
Dr Cash 4,872
Cr Interest receivable 36
Cr Interest revenue 36
2) If a company owes money, the option of a lawsuit exists, even if Lenox does not fila a lawsuit, Baxter's credit history will be negatively affected. A bad credit history negatively affects both individuals and businesses.
37.Ralph is known throughout the company as being an old curmudgeon. But, he is without a doubt the most knowledgeable person in the fraud analysis department. The system project you are working on has to have an interface to various fraud applications. How should you prepare for an interview with Ralph
Answer:
Make Ralph understand WHY he needs to be interviewed. Make sure he understands the business value of the proposed system and why his input is vital. Send him questions in advance; talk to somebody who knows him so you can understand him more.
Explanation:
In the given scenario Ralph was described as an old curmudgeon. This means he is an ill tempered person that generally expresses no joy.
However he is without a doubt the most knowledgeable person in the fraud analysis department.
In preparation to interview him there is a need to make him understand why there needs to be an interview. When he sees the need for the interview he will be more engaged.
This can be done by explaining business value of the proposed system and why his input is vital.
Also questions can be sent to him ahead of the interview songs can better prepare
Which of the following data analysis models use optimization techniques? Group of answer choices Prescriptive analytics Predictive analytics Diagnostic analytics Descriptive analytics
Answer:
Prescriptive analytics.
Explanation:
Prescriptive analytics can be defined as a type of data analysis model which typically comprises of descriptive data and forecasting techniques used for identifying the decisions that are most likely to yield an optimum or best performance.
Hence, prescriptive analytics is a data analysis model that use optimization techniques.
For example, prescribing a car that is capable of finding the best route for a road trip.
Prescriptive analytics.
Prescriptive analytics is a type of data analysis model that often includes descriptive data and forecasting approaches for finding the decisions that are most likely to produce the best or optimum results. Prescriptive analytics is a data analysis approach that employs optimization methods.For instance, prescribing an automobile capable of determining the most efficient route for a road trip.Prescriptive analytics use optimization techniques
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BE6.10 (LO 4) Henry Quincy wants to withdraw $30,000 each year for 10 years from a fund that earns 8% interest. How much must he invest today if the first withdrawal is at year-end
Answer:
$201,302
Explanation:
Calculation for How much must he invest today if the first withdrawal is at year-end
First step is to calculate (FVF-OAn,i) using financial calculation
R = 30,000
n = 10
i = 8%
(FVF-OAn,i)=(6.71008)
Now let calculate the amount to be Invested today using this formula
Investment today = R (FVF-OAn,i)
Let plug in the formula
Investment today= 30,000 (6.71008)
Investment today = $201,302
Therefore the amount he must invest today if the first withdrawal is at year-end is $201,302
If the United States exports more goods/services than it imports, then the U.S. would have a(n)Multiple Choicetrade deficit.unfavorable balance of trade.trade surplus.favored trading nation.increased global impact.
Answer: trade deficit.
Explanation:
Countries have to trade with other nations in order to have access to other goods and services and sometimes these countries can import more goods and services than they export. When this happens this is called a Trade deficit.
Trade deficits can be bad because it means that a country is spending more outside than it is receiving so a sustained trade deficit is not ideal.
Assume that January sales for the fourth year turn out to be $295,000. What was your forecast error the models in parts 2, 3, and 4
Answer:
4th year difference in forecast $120,000
Explanation:
The forecast is prediction of future cashflows of a business. The forecasts are rarely accurate as there are many uncontrollable factors such as demand, seasonal effect and government influence which are results of the deviation from the forecast cashflow. In the given scenario the management forecast that the January sales will be $295,000 but the actual sales are $120,000 only. The main reason for such big difference is government taxes that are imposed on seafood. The prices are increased therefore consumers have reduced their seafood consumption.
Describe the philosophy and practice of integrated marketing communications (IMC) and the five key features of IMC.
Answer: Profile the identified target market, Using relevant media channels,
Achieve communication synergy–this is speaking with a single voice, Influence target market’s behaviour, Build customer relationships
Explanation:
1. Profile the identified target market. IMC starts with profiling and understanding customer (‘outside-in’) needs, wants, opinions, interest, purchase behaviours and media habits to determine those communication methods that will best serve the customers’ information needs and motivate them to purchase the brand.
2.Using relevant media channels.
That is, carefully select those toolsthat are most appropriate for the communications objective at hand
and relevant to your brand’s target audience.
3 Achieve communication synergy–this is speaking with a single voice.
All brand elements must strive to present the same message and convey that message consistently across diverse message channels, or points of contact.
4.Influence target market’s behaviour.
Marketing communications must do more than just awareness but rather try to move people to action
5.Build customer relationships.
Successful relationships betweencustomers and brands lead to repeat purchasing and perhaps evenloyalty toward a brand. One way to build brand/customer relationships is the use of frequency, loyalty, or ambassador programs.