The journal entry for the first-year amortization expense includes a debit to Amortization expense and a credit to Patent, accumulated amortization, both for [tex]\$71,250[/tex].
The journal entry to record the amortization expense for the first year includes a debit to Amortization expense for [tex]\$71,250[/tex] and a credit to Patent, accumulated amortization for [tex]\$71,250[/tex]. This entry is made based on the formula for calculating amortization expense, which is the cost of the asset divided by its useful life. In this case, the cost of the patent is [tex]\$1,425,000[/tex] and its useful life is [tex]20[/tex] years, resulting in an annual amortization expense of [tex]\$71,250[/tex]. To record this expense, the Amortization expense account is debited, representing the expense incurred, while the Patent, accumulated amortization account is credited to reflect the reduction in the asset's value over time.In conclusion, the journal entry to record the first-year amortization expense for the purchased patent would involve a debit of [tex]\$71,250[/tex] to Amortization expense and a credit of [tex]\$71,250[/tex] to Patent, accumulated amortization. This entry reflects the amortization expense calculation based on the cost of the asset and its expected useful life of [tex]20[/tex] years.
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Calculate the government-spending multiplier in each of the following examples. Instructions: Round your answers to two decimal places.
a. The marginal propensity to consume (MPC) = 0.2. .
b. The marginal propensity to consume (MPC) = 0.5. .
c. The marginal propensity to consume (MPC) = 0.8. .
The government-spending multiplier in each of the following examples are:
a. 1.25
b. 2
c. 5
What is the government spending?The government spending multiplier can be calculated using the formula:
Multiplier = 1 / (1 - MPC)
Where:
MPC= Marginal propensity to consume.
a. Given MPC = 0.2:
Multiplier = 1 / (1 - 0.2)
Multiplier = 1 / 0.8
Multiplier = 1.25
b. Given MPC = 0.5:
Multiplier = 1 / (1 - 0.5)
Multiplier = 1 / 0.5
Multiplier = 2
c. Given MPC = 0.8:
Multiplier = 1 / (1 - 0.8)
Multiplier = 1 / 0.2
Multiplier = 5
Therefore, the government spending multipliers for the given examples are: a. 1.25, b. 2, c. 5.
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Luma, who works for Microsoft Corp and owns 10,000 shares of American Airlines borrowed
the following amounts:
A) $50,000 from her father at no interest. B) $80,000 from Microsoft Corp at no interest.
C) $60,000 from American Airlines at no interest Assume the applicable federal rate is 4 percent. Required: (14 points)
a. Explain the tax consequences (for both Luma and the lenders) of these loans if Luma uses the
money for a vacation.
b. How would your answer change if Luma uses the money to invest in bonds paying 6 percent interest?
a) Luma borrows $60,000 from American Airlines, which is interest-free, and it will not be treated as income to Luma, but the IRS may scrutinize the deal and impose the market interest rate on the interest-free loan, which is 4% for a mid-term loan as of 2021, and tax Luma on it.
b)Luma can only claim a tax deduction of $3,200, which is less than the total amount of interest she received from her investment. The result is taxable income of $8,200.
a) Tax consequences:When Luma borrows money from her father and spends it on vacation, there are no tax consequences to either Luma or her father. The reason being is that gifts between family members are not considered taxable income or a tax-deductible expense.
If Luma borrows money from Microsoft, the interest-free loan will be considered as income, but the interest amount is not included. The interest amount is taxable as ordinary income.
b) If Luma uses the borrowed amount of $190,000 to invest in bonds that pay 6% interest, she will earn $11,400 in interest income annually.
Luma must pay income tax on this interest income. Luma can use the interest paid on the $80,000 loan as a tax deduction. However, she will not be able to use the $50,000 and $60,000 interest amounts as deductions since these loans are interest-free, and no interest is paid.
Luma can only deduct the interest amount that is attributable to her investment, i.e., $80,000 x 4% = $3,200.
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Ulnad Co has annual sales revenue of $6 million and all sales are on 30 days' credit, although customers on average take ten days more than this to pay. Contribution represents 60% of sales and the company currently has no bad debts. Accounts receivable are financed by an overdraft at an annual interest rate of 7%. Ulnad Co plans to offer an early settlement discount of 1.5% for payment within 15 days and to extend the maximum credit offered to 60 days. The company expects that these changes will increase annual credit sales by 5%, while also leading to additional incremental costs equal to 0.5% of turnover. The discount is expected to be taken by 30% of customers, with the remaining customers taking an average of 60 days to pay. Required: (a) Evaluate whether the proposed changes in credit policy will increase the profitability of Ulnad Co. (6 marks)
The proposed changes in credit policy will increase the profitability of Ulnad Co by $14,725.
Yes, the proposed changes in the credit policy will increase the profitability of Ulnad Co. by $59,000. The annual contribution of the company is $3.6 million and the annual sales revenue is $6 million.
As customers on average take ten days more to pay, it implies that accounts receivable have an average of 40 days ($6,000,000 / 360 x 40) outstanding.
The cost of the overdraft is 7% per annum and the accounts receivable balance is $2.667 million ($6 million x 350/360). Therefore, the annual cost of accounts receivable financing is $186,690 ($2.667m x 0.07).
The incremental costs are equal to 0.5% of turnover, so they are $30,000 ($6m x 0.5%). The annual cost of the early settlement discount is $33,345 ($6m x 0.05 x 30% x 1.5%).
The company will benefit from additional cash flows of $77,760 ($6m x 0.05 x 70%).
Thus, the net benefit is $14,725 ($77,760 – $33,345 – $30,000 – $186,690).
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and Elise buy five-year-old used Toyota from a dealership for $15499. They put down 5% down and finance the rest with the dealership at 7.9% add on interest. They agree to 60 monthly payments. 3 a. Find the size of each payment 77445=14724.05 >>FV=PLI+/+) manhis = 5yrs 1472/05 (1+2 b. Prepare an amortization schedule for the first three months of the loan. Balance Total payment Interest portion Month number Principal portion 1 2 3
Based on the information that is given, it should be noted that the monthly payment will be $247.24.
How to calculate the valueEach payment is $247.24 in size. The following formula can be used to compute this:
(loan amount * interest rate) / (1 - (1 + interest rate)(-number of payments)) = monthly payment
The loan amount in this case is $14,724.05, the interest rate is 7.9%, and the number of payments is 60. When we enter these values into the formula, we get:
Monthly payment = (14,724.05 * 0.079) / (1 - (1 + 0.079)⁻⁶⁰
= $247.24
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Blessed wants to get some to start some business after graduating from NIPA. She has registered her business with PACRA and wants to borrow from Muchie Bank.
What will Muchie bank look at to see if Blessed will manage to honor her obligations?
In order for Muchie Bank to determine if Blessed will be able to meet her obligations, it will assess her creditworthiness and loan repayment capacity. The main answer is that the bank will review her credit history, debt-to-income ratio, and financial stability.
This will help the bank to determine whether Blessed will be able to honor her loan obligations. It is essential to note that creditworthiness is the primary factor that banks consider when deciding whether to grant a loan :When banks lend money to clients, they want to ensure that they can get their money back. As a result, they consider numerous factors that could impact the loan repayment process, such as the client's credit history, debt-to-income ratio, and financial stability.
The bank will first review Blessed's credit history to determine if she has any unpaid debts or defaults on previous loans. This will provide them with insight into her repayment capacity and whether she will be able to repay the loan on time. They will also analyze her debt-to-income ratio, which is the proportion of her income that goes toward debt repayments. This will help them to determine whether she can afford to take on additional debt.Lastly, the bank will evaluate her financial stability, which includes looking at her income, assets, and expenses. This will help them determine if she has enough financial resources to cover her loan repayments. In conclusion, the bank will consider a variety of factors before deciding whether to lend money to Blessed, and these factors will help them determine whether she will be able to honor her loan obligations.
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at 500 units of output, total cost is $50,000 and variable cost is $5,000. what is fixed cost at 500 units?
The fixed cost at 500 units is $45,000.
To determine the fixed cost at 500 units, we need to understand the components of total cost. Total cost consists of fixed cost (FC) and variable cost (VC). Variable cost varies with the level of output, while fixed cost remains constant regardless of the level of output.
Given that the total cost at 500 units is $50,000 and the variable cost is $5,000, we can calculate the fixed cost. The formula for total cost is TC = FC + VC. Rearranging the formula, we get FC = TC - VC.
Substituting the given values, FC = $50,000 - $5,000 = $45,000. Therefore, the fixed cost at 500 units is $45,000.
The fixed cost at 500 units is an essential component of total cost and remains constant regardless of the level of output. In this scenario, with a total cost of $50,000 and a variable cost of $5,000, the fixed cost is calculated to be $45,000. Understanding the distinction between fixed and variable costs helps businesses analyze their cost structure and make informed decisions regarding production levels and profitability.
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true/false. understanding the relationship between the task and the biofeedback signal is important if biofeedback is to be effective.
True. Understanding the relationship between the task and the biofeedback signal is important for biofeedback to be effective.
Biofeedback involves providing individuals with real-time information about their physiological processes or bodily functions. The feedback signal helps individuals become aware of these processes and learn to regulate them consciously. To effectively utilize biofeedback, individuals need to understand how their actions and mental states relate to the feedback signal. This understanding allows them to make conscious adjustments and learn to control their physiological responses or achieve desired outcomes.
For example, in biofeedback therapy for stress management, individuals need to learn how their breathing, muscle tension, or heart rate relate to the biofeedback signals. By understanding this relationship, they can practice techniques like deep breathing or progressive muscle relaxation to modulate their physiological responses and achieve relaxation. In summary, understanding the relationship between the task and the biofeedback signal is crucial for individuals to effectively utilize biofeedback and gain control over their physiological processes.
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list five things that should be taken into consideration when
making revisions to diversity policies
Diversity policies refer to the guidelines, rules, and procedures that organizations adopt to promote diversity and inclusion among employees. The first step in making revisions to diversity policies is to evaluate the existing policy to determine what works and what does not.
Diversity policies refer to the guidelines, rules, and procedures that organizations adopt to promote diversity and inclusion among employees. Revising diversity policies can be a challenging task because it involves evaluating the current state of diversity in an organization, identifying areas that require improvement, and implementing changes to existing policies to promote diversity and inclusion. The following are five things that should be taken into consideration when making revisions to diversity policies:
1. Evaluate the Current Diversity Policy
The first step in making revisions to diversity policies is to evaluate the existing policy to determine what works and what does not. This evaluation should be based on data collected on the diversity of employees in the organization and their experiences. This data can be gathered through surveys, focus groups, or interviews with employees.
2. Identify Areas that Require Improvement
After evaluating the current diversity policy, the next step is to identify areas that require improvement. This may include reviewing the recruitment process, employee training and development programs, and performance evaluation criteria. This review should be done in consultation with employees and other stakeholders.
3. Develop a Plan for Change
Once the areas that require improvement have been identified, the next step is to develop a plan for change. This plan should be based on the data collected during the evaluation phase and should include specific goals, objectives, and timelines.
4. Implement the Changes
Once the plan for change has been developed, the next step is to implement the changes. This may involve revising existing policies, creating new policies, or introducing new training and development programs.
5. Monitor and Evaluate the Changes
The final step in making revisions to diversity policies is to monitor and evaluate the changes. This may involve collecting data on the impact of the changes on the diversity of employees, their experiences, and the overall performance of the organization. Based on this evaluation, further revisions may be needed. In conclusion, making revisions to diversity policies requires careful planning, evaluation, and implementation of changes to promote diversity and inclusion among employees.
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The total (after-tax) cost of a laptop computer is $1619.18. The local sales tax rate is 6.4%. What is the retail (pre-tax) price? The retail (pre-tax) price of the computer is $ (Simplify your answer. Round to the nearest cent as needed.)
The total (after-tax) cost of a laptop computer is $1619.18. The local sales tax rate is 6.4%. What is the retail (pre-tax) price.The retail (pre-tax) price of the computer is $1521.42 (rounded to the nearest cent)
Solution:Let's represent the retail (pre-tax) price with r. The local sales tax rate is 6.4% which is represented as 0.064 as a decimal.
We have that:The total (after-tax) cost = retail price + tax ⇔ 1619.18 = r + 0.064rUsing distributive property, we can write:1619.18 = r(1 + 0.064)1619.18 = 1.064rDividing both sides by 1.064: $\frac{1619.18}{1.064}= \frac{1.064r}{1.064}$1,521.42 = r
Therefore, the retail (pre-tax) price of the computer is $1521.42 (rounded to the nearest cent).
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Prepare the Statement of Financial Position as at 28 February 2022. The notes to the financial statements are not required. (20 Marks) INFORMATION The trial balance, adjustments and additional information given below were extracted from the accounting records of Woodford Limited for the financial year ended 28 February 2022. WOODFORD LIMITED PRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022 Debit (R) Credit (R) Balance sheet accounts section Capital 1 000 000 Retained earnings 300 000 Land and buildings 878 000 Vehicles at cost 572 000 Equipment at cost 480 000 Accumulated depreciation on vehicles 384 000 Accumulated depreciation on equipment 168 000 Fixed deposit: Fin Bank (9% p.a.) 144 000 Trading inventory 123 000 Debtors control 146 000 Provision for bad debts 8 000 Bank 120 000 Cash float 7 000 South African Revenue Services: Company tax 30 000 Creditors control 134 000 Mortgage loan: Fin Bank (12% p.a.) 240 000 Nominal accounts section Sales 1 635 000 Cost of sales 432 000 Sales returns 9 000 Salaries and wages 427 000 Bad debts 13 000 Stationery 21 000 Rates and taxes 57 000 Motor expenses 96 000 Directors’ fees 120 000 Audit fees 20 000 Repairs to building 17 000 Telephone 32 000 Electricity and water 48 000 Bank charges 6 000 Insurance 62 000 Interest on mortgage loan 19 000 Interest on fixed deposit 10 000 3 879 000 3 879 000 Adjustments and additional information 1. The telephone account for February 2022 was due to be paid on 03 March 2022, R4 000. 2. A debtor, P. Martin, was declared insolvent. His account must now be written off, R3 000. 3. Stocktaking on 28 February 2022 revealed the following on hand: 3.1 Trading inventory R121 000 3.2 Stationery R1 000 4. The provision for bad debts must be increased by R700. 5. Directors’ fees unpaid amounted to R14 000. 6. The insurance total includes an amount of R6 000 that was paid for the next accounting period. 7. Provide for the outstanding interest on the mortgage loan, R9 800. Interest is not capitalised. Loan repayments (excluding interest) totalling R30 000 are expected to be made in the next financial year. 8. Provide for outstanding interest on fixed deposit. Interest is not capitalised. The investment in fixed deposit was made on 01 March 2021 and it matures on 28 February 2024. 9. Provide for depreciation as follows: 9.1 On equipment, R72 000. 9.2 On vehicles, R37 600. 10. Company tax for the financial year ended 28 February 2022 amounted to R39 860. 11. The profit after tax for the year ended 28 February 2022 amounted to R93 000, AFTER the above was taken into account. 12. A final dividend of 80 cents per share was declared by the directors
The Statement of Financial Position or Balance sheet is an accounting report that lists an organization's assets, liabilities, and shareholder equity at a specified point in time.
Below is the statement of financial position for Woodford Limited as at 28 February 2022.Statement of Financial Position for Woodford Limited as at 28 February 2022Assets(R)Non-current assets Land and buildings878,000Vehicles at cost572,000Equipment at cost480,000Less accumulated depreciation(552,000)Total non-current assets1,378,000Current assets .
Trading inventory121,000Debtors control146,000Less provision for bad debts(10,000)Stationery1,000Bank120,000Cash float7,000.Total current assets285,000Total assets1,663,000Equity and Liabilities(R)Capital1,000,000Retained earnings393,000Total equity1,393,000Non-current liabilities Mortgage loan240,000Outstanding interest9,800.
Total non-current liabilities249,800Current liabilities Creditors control134,000Telephone4,000Rates and taxes57,000Motor expenses96,000Directors’ fees unpaid14,000Audit fees20,000Repairs to building17,000Electricity and water48,000Bank charges6,000Total current liabilities446,000.
Total equity and liabilities1,663,000Explanation:Financial position refers to an organization's financial health. It encompasses the ability of the firm to settle its obligations in the short term and its overall fiscal health. Repairs to the building are a current liability, as they are expected to be paid within a year.
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A. Briefly explain the term efficient portfolio.
B. Briefly explain the different types of mergers.
A. An efficient portfolio refers to a combination of assets or investments that maximize expected returns for a given level of risk or minimize risk for a given level of expected returns. B. Mergers are strategic business combinations that involve the joining of two or more companies to form a single entity.
A. An efficient portfolio refers to a combination of assets or investments that maximize expected returns for a given level of risk or minimize risk for a given level of expected returns. It is constructed by selecting a mix of assets with varying risk and return profiles, aiming to optimize the overall performance of the portfolio. The concept of efficiency is based on the principle that investors seek to achieve the highest possible returns while taking on an acceptable level of risk.
Efficient portfolios are typically constructed using diversification, which involves spreading investments across different asset classes, industries, regions, and securities. By diversifying, investors can reduce the overall risk of their portfolio since not all investments will perform identically under different market conditions. An efficient portfolio strikes a balance between risk and return, aiming to achieve the maximum return for the level of risk the investor is willing to take or to minimize risk for a desired level of return.
B. Mergers are strategic business combinations that involve the joining of two or more companies to form a single entity. There are different types of mergers based on the nature and objectives of the combination:
Horizontal merger: This type of merger occurs between two companies operating in the same industry and at the same stage of the production process. It aims to achieve economies of scale, increase market share, and reduce competition.
Vertical merger: Vertical mergers involve the integration of companies operating at different stages of the production process within the same industry. This type of merger aims to streamline operations, increase efficiency, and control costs.
Conglomerate merger: Conglomerate mergers involve the combination of companies operating in unrelated industries. The goal of this merger is to diversify business interests, reduce risk, and create synergies between different business lines.
Market extension merger: Market extension mergers occur when two companies operating in the same industry but in different geographic areas merge to expand their market reach and customer base.
Product extension merger: Product extension mergers involve companies operating in the same industry but with different product lines. The aim is to expand the range of products offered and capture a larger share of the market.
Reverse merger: In a reverse merger, a private company acquires a publicly traded company, allowing the private company to go public without undergoing the traditional initial public offering (IPO) process.
Each type of merger serves different strategic objectives and offers unique benefits to the participating companies, such as increased market power, synergies, cost savings, or diversification. The choice of merger type depends on the specific goals and circumstances of the companies involved.
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Suppose a stock had an initial price of $76 per share, paid a dividend of $1.95 per share during the year, and had an ending share price of $68. Compute the percentage total return. (A negative answer should be indicated by a minus sign. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) What was the dividend yield and the capital gains yield? (A negative answer should be indicated by a minus sign. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
The percentage total return for the stock is -10.53%. The dividend yield is 2.57% and the capital gains yield is -13.10%.
To calculate the percentage total return, we use the formula:
Percentage Total Return = [(Ending Price - Beginning Price + Dividends) / Beginning Price] * 100
Given:
Beginning Price = $76
Ending Price = $68
Dividends = $1.95
Using the formula, we can calculate:
Percentage Total Return = [($68 - $76 + $1.95) / $76] * 100 ≈ -10.53%
The dividend yield is calculated by dividing the annual dividend per share by the beginning price and multiplying by 100:
Dividend Yield = ($1.95 / $76) * 100 ≈ 2.57%
The capital gains yield is calculated by dividing the change in stock price (ending price - beginning price) by the beginning price and multiplying by 100:
Capital Gains Yield = [($68 - $76) / $76] * 100 ≈ -13.10%
Therefore, the stock had a negative total return of -10.53%. The dividend yield was 2.57%, indicating the return from dividends relative to the initial price, and the capital gains yield was -13.10%, indicating the return or loss from changes in stock price.
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PART D) Risks and Benefits of CBDCS • Some perspective of political economy would be helpful. What are the updated roles of governments, central banks, regulatory institutions?
Central Bank Digital Currency (CBDC) is a digital form of fiat currency. CBDC is similar to paper currency, except it can be digital and may be utilized in both peer-to-peer and business-to-business transactions. It is currently being discussed and considered by many countries around the world as a possible alternative to physical cash.
CBDCs might aid in the inclusion of people who have traditionally been excluded from the financial system, particularly the unbanked.
Risks of CBDCs:
1. Systemic Risk:
CBDCs may be susceptible to hacker attacks, cyber threats, and other risks, which can have far-reaching consequences for the financial system.
2. Privacy and Security:
CBDCs' transactions are traceable, which might make them less anonymous than cash and provide a pathway for governments to monitor financial transactions more closely.
3. Decline in Bank Deposits:
The introduction of CBDCs might lead to a decline in bank deposits if consumers use CBDCs for payments instead of depositing funds in banks.
4. Inadequate legal framework
The creation of a legal framework for CBDCs, which is necessary for their adoption, may be insufficient or not in place, and this might have a negative impact on their adoption.
Roles of governments, central banks, regulatory institutions:
CBDCs have the potential to revolutionize the payment system and improve financial inclusion. Governments, central banks, and regulatory institutions all play a critical role in CBDC development, rollout, and usage.
1. Central Banks:
Central banks will likely be the primary regulators of CBDCs since they are responsible for managing the nation's money supply and the monetary system.
2. Governments:
Governments will have a significant impact on CBDCs since they are responsible for establishing laws and regulations.
3. Regulatory Institutions:
Regulatory institutions will likely be involved in CBDCs' development and implementation, ensuring that they are secure, transparent, and available to all citizens.
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What should be the prices of the following preferred stocks if comparable securities yield 7 percent?
a. MN, Inc., $5 preferred ($160 par) $_________
b. Inc., $5 preferred ($160 par) with mandatory retirement after 17________
a. MN, Inc., $5 preferred ($160 par) $114.29
$114.29b. Inc., $5 preferred ($160 par) with mandatory retirement after 17 $80.00 .
If comparable securities yield 7 percent, the prices of the following preferred stocks would be as follows:a. MN, Inc., $5 preferred ($160 par) $114.29 (rounded to the nearest cent)The price of a preferred stock can be determined by dividing the annual dividend payment by the yield rate (as a decimal).
The annual dividend payment for MN, Inc.'s $5 preferred stock is $5 per share ($160 par value x 3.125% dividend rate). The yield rate is 7%, which is equivalent to 0.07 as a decimal.
Therefore, the price of the stock can be found using the following formula:Price = Dividend payment ÷ Yield rate= $5 ÷ 0.07= $71.43 per share
However, the stock has a par value of $160, which means the price per share should be adjusted accordingly:Price per share = Par value ÷ Divisor= $160 ÷ 1.4 (the divisor is the inverse of the percentage of par value represented by the dividend rate, which is 3.125%)= $114.29 (rounded to the nearest cent)
b. Inc., $5 preferred ($160 par) with mandatory retirement after 17 years $80.00 (rounded to the nearest cent)The stock has a mandatory retirement date of 17 years from now, which means that the dividend payments are guaranteed only for the next 17 years. After that, the company can retire the stock at the par value of $160 per share. To calculate the stock price, we can use the present value formula for a growing perpetuity with a finite number of periods:PV = PMT ÷ (r - g) x (1 - (1 + g)⁻ⁿ)
where: PV = present value of the preferred stock PMT = dividend payment per period (annual in this case) r = required rate of return (yield rate, which is 7% in this case) g = growth rate of dividends (which is 0% since the dividend payments are guaranteed not to increase) n = number of periods (17 years in this case)
Plugging in the values, we get:PV = $5 ÷ (0.07 - 0) x (1 - (1 + 0)⁻¹⁷)= $5 ÷ 0.07 x (1 - 0)= $71.43 per share
The $71.43 per share value reflects the present value of the preferred stock's dividend payments for the next 17 years. To calculate the stock price at which it would be priced to retire at $160 per share in 17 years, we need to add the present value of the par value of the stock (which is $160) discounted back to present value using the same yield rate. We can use the formula:PV = FV x (1 + r)⁻ⁿwhere: FV = future value (the par value of the stock) n = number of periods (17 years in this case)
Plugging in the values, we get:PV = $160 x (1 + 0.07)⁻¹⁷= $43.31 per shareAdding the present values of the dividend payments and the par value of the stock, we get the total stock price:Total price per share = Present value of dividends + Present value of par value= $71.43 + $43.31= $114.74 per share
However, the stock has a par value of $160, which means the price per share should be adjusted accordingly:Price per share = Par value ÷ Divisor= $160 ÷ 2 (since the stock has a mandatory retirement date, the divisor is the number of periods remaining until retirement)= $80.00 (rounded to the nearest cent)
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The price elasticity of demand for a good is relatively elastic if: A. the good is less of a necessity. B. the consumer has more time to make decisions about purchasing the good. C. there are a large
The price elasticity of demand for a good is relatively elastic if B. the consumer has more time to make decisions about purchasing the good.
Elasticity of demand measures the responsiveness of quantity demanded to changes in price. When the demand for a good is relatively elastic, it means that a small change in price leads to a relatively larger change in quantity demanded. In the context of the given options, if the consumer has more time to make decisions about purchasing the good, it implies that they have more flexibility and alternatives available.
This increased time allows consumers to compare prices, consider substitutes, and make more informed purchasing decisions. As a result, a change in price is more likely to have a significant impact on the quantity demanded, indicating a relatively elastic demand.
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tion to Friends Partnership has three partners. The balance of each partner capital is Ala 548 000 Manam $50,000 and Fatma $52.000 Aa withdraws from the Partnership. The remaining partners, Mariam and
Here the balance of each partner capital, as follows: Ala $548,000Manam $50,000Fatma $52,000Aa withdraws from the partnership. The amount that will be paid to Aa, assuming there are no adjustments to capital balances at the time of withdrawal, is $200,000.
If there are no adjustments to capital balances at the time of withdrawal, Aa' s capital account will be debited, and Aa will receive $200,000.
Calculation: Total Capital Balance = Ala's capital balance + Manam 's capital balance + Fatma's capital balance Total Capital Balance = $548,000 + $50,000 + $52,000Total Capital Balance = $650,000
Aa's capital account = Total Capital Balance - Aa' s Capital Balance Aa' s capital account = $650,000 - $50,000 - $52,000
Aa's capital account = $548,000Aa's withdrawal = $548,000 - $348,000
Aa's withdrawal = $200,000
Therefore, the amount that will be paid to Aa, assuming there are no adjustments to capital balances at the time of withdrawal, is $200,000.
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1) A two-year, $1,000 (i.e., face value) bond that pays an annual coupon of 10 percent and trades at a yield of 8 percent. Calculate Macaulay duration.
[Tip: try to draw a timeline with cash flow information.]
Group of answer choices
0.5234
1.8545
2.0
1.7690
1.9106
2) Assume the same information as in the previous question. A two-year, $1,000 (i.e., face value) bond that pays an annual coupon of 10 percent and trades at a yield of 8 percent. Calculate Modified Duration, and Dollar Duration.
Group of answer choices
1.6380 years; $1,696.37
1.8889 years; $1,956.25
1.769 years ; $1,832.08
1.769 years; $1,769.00
1.8519 years ; $1,917.89
3) Assume the same information as in the previous question. A two-year, $1,000 (i.e., face value) bond that pays an annual coupon of 10 percent and trades at a yield of 8 percent. What will be the change in price and the new price using the duration model if interest rates increase to 8.5 percent?
Group of answer choices
∆P = -$9.59 ; P = $990.41
∆P = -$9.59 ; P = $1026.07
∆P = -$9.16 ; P = $1026.50
∆P = -$8.85 ; P = $991.41
∆P = -$9.16 ; P = $990.84
Calculation of Macaulay duration.The formula for calculating the Macaulay duration is given by:= ∑t×Ct/(1+y)tWhere, Ct = Cash flow at time tY = YieldThe time 0 is the current time, time 1 is the end of period 1 and time 2 is the end of period 2.With the given data, we can draw a timeline as shown below:
Macaulay duration is given by: Therefore, the Macaulay duration of the given bond is 1.8545 years.2. Calculation of Modified duration and Dollar duration. Modified duration is calculated as:= Macaulay duration / (1 + Y/n)Where n is the number of compounding periods per year.Dollar duration is given by:= Modified duration × Bond price.
Modified duration of the bond is given by:= 1.8545 / (1+0.08/1)= 1.6380 yearsTherefore, the Modified duration of the given bond is 1.6380 years.Dollar duration is given by:= 1.6380 × 1000= $1638.003. Calculation of new price using duration model.To calculate the change in the price of a bond due to a change in interest rates, the following formula can be used Change in interest rates We have the following values Plugging these values into the formula, we ge Therefore, the change in price due to a 0.5% increase in interest rates is The new price of the bond can be calculated .
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The first step to a SWOT (Strength, Weakness, Opportunies, and Threats) analysis is an internal look at the organization for its strengths and weakness at the present time. The second step is to do a broad look at opportunies that maybe are or will be available and the threats that they may face or may face in the future.(Jones 2022)
A SWOT analysis determines the strategies used by looking strengths and weaknesses to opportunies and threats as a whole. On a Corperate-level if you have a strong team turning out a great product that people love then expanding the types of product my be the best fit. While at a Business-level strategies might have you lowering your prices by finding cheaper parts. While a Functional-level strategy looks at how to improve inside the organization, finding ways to improve the "factory line" improving output while keeping cost.
Michael Porter developed a theory to help gain a competitive advantage in a market or industry. His theory would allow an organization to counter industry forces. Those forces are rivalry, companies that compete with each other. Potential for entry, the easier it is for other organizations to enter. Large suppliers, if there is a limited amount of suppliers they can set the price. Large customers, if the large customer base is small they can bargain down on prices. Substitute products, having alternative products consumers may go to. His business-level plan was that managers need to either differentiate the product by increasing its worth to the consumers or lower the cost of making the brand. His argument also says managers need to choose between the whole market or narrowing their market, which would be focused low-cost and focused differentiation.(Jones 2022)
Bombas took a focused differentiation business-level strategy. They took advantage of digital ads being cheaper to buy more ads but used those ads to target more people. Their target group went from those who want to give to those who were suddenly home all day and likely not wearing shoes or outside much. Not only shifting their single customer based but also their large customer base. So they would reach out to hospital administrators rather than corportations for giveaways.(Helm 2020)
There are multiple strategies at corporate-level. Concentration on a single industry, by strengthing their competitive position that they are at. Vertical integration, either expanding themsleves back in to a new industry or forward into a new industry that may use or sell their product. Diversification strategy which could be related or unrelated. Related not being the same type but sharing facilities or ad campaigns. Unrelated being buying companies that have nothing to do with the current one. There is also an international expansion where managers decide if they can expand out into the rest of the world. Managers have to know the cultures of their potential new consumers, whether its okay to take a global strategy and sell the same as they do in their current market or go with a multidomestic strategy to customize their products and maketing. (Jones 2022)
Bombas took a concertation approach to their corperation-level strategy. They brought a strong focus on to their product and expanded their web of partners. While also building a relationship with more organizations to help their cause, to help the homeless.
Maid For You Inc. a small housekeeping company in the Pacific Northwest has some great opportunities such as expanding the services offered, to include carpet washing, window washing, and possibly even light food prep. Offering discounts for clients with multiple locations. Expanding their area of service like another county. They face some serious threats including slow business when the economy isn't doing well. The threat of large housekeeping companies in the area that may have lower costs. Going green is a big deal to a lot of people in the Pacfic Northwest. Cleaning products can be really harsh in that field. Going green as much as they can for customers will make them feel good about using Maid For You Inc. Knowing the people cleaning carpooled to save resources, using all natural green products so when the client bathes their young child later they aren't worried about what cleaning chemicals were left behind when their child inevitably drinks the bath water.
According to the information we can infer that this post provides a comprehensive explanation of SWOT analysis, Michael Porter's theory of competitive advantage, and the strategies employed by Bombas and Maid For You Inc.
What we can infer from this post?The post provides an explanation of SWOT analysis, Michael Porter's theory of competitive advantage, and examples of strategic approaches used by Bombas and Maid For You Inc. SWOT analysis involves assessing internal strengths and weaknesses as well as identifying external opportunities and threats. ++
Michael Porter's theory focuses on countering industry forces through differentiation or cost reduction. Bombas used a focused differentiation strategy by targeting a specific customer base during the pandemic, while Maid For You Inc. has opportunities for service expansion but faces threats from competitors and customer preferences. The post offers insights into strategic concepts and real-world applications.
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2.5 pts Question 33 If a company receives $11,100 from a client for services provided, the effect on the accounting equation would be: O Liabilities increase $11.100 and equity decreases $11,100. Asse
The effect on the accounting equation is that assets increase by $11,100, and equity increases $11,100. Option E.
The effect on the accounting equation when a company receives $11,100 from a client for services provided would be:
The accounting equation is Assets = Liabilities + Equity, and it must always remain in balance.
In this scenario, when the company receives $11,100 from a client for services provided, it increases its cash holdings. Cash is classified as an asset on the balance sheet, so the asset side of the equation increases by $11,100. This is because the company now has an additional $11,100 in cash, which is a tangible resource it can use.
At the same time, the company has earned revenue from providing services to the client. Revenue increases the company's equity, specifically the retained earnings component. Since the company has now earned $11,100 from providing services, its equity increases by the same amount.
Therefore, the effect on the accounting equation is that assets increase by $11,100, reflecting the increase in cash, and equity increases by $11,100, representing the increase in retained earnings. SO Option E is correct.
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Note the complete question is
If a company receives $11,100 from a client for services provided, the effect on the accounting equation would be:
Multiple Choice
A.)Assets decrease $11,100 and equity decreases $11,100.
B.)Assets increase $11,100 and liabilities decrease $11,100.
C.)Assets increase $11,100 and liabilities increase $11,100.
D.)Liabilities increase $11,100 and equity decreases $11,100.
E.)Assets increase $11,100 and equity increases $11,100.
Which of the following is FALSE? (A) The classical dichotomy would suggest that money has no long-run effect on eco- nomic growth. (B) Neoliberalism is the best economic system. (C) Price controls can often work to improve productivity and growth. (D) Corporate taxes always reduce inflation.
Which of the following statements is TRUE? (A) You should always trust your doctor when it comes to your health. (B) Economists are the best at forecasting inflation. (C) It is a logical fallacy to rely on emotion to make an argument. (D) Being cringe is okay.
Which of the following is NOT one of the three classical purposes of education? (A) Truth. (B) Goodness (C) FBeauty. (D) Faith.
The false statement is B) Neoliberalism is the best economic system.
What is Neoliberalism?
Neoliberalism is a term that refers to the concept of reducing the role of the state in the economy. Neoliberalism, on the other hand, favours a market-driven economy in which the role of the state is diminished in favour of private enterprise. Neoliberalism is a political and economic philosophy that emphasises the importance of the free market in promoting economic growth and prosperity. It promotes the idea that the government should be minimally involved in the economy, leaving it to the private sector to generate wealth and promote social welfare.Below is the explanation of other options:
A) The classical dichotomy is an assumption that a distinction exists between real and nominal variables. Real variables are those that are measured in physical quantities like volume, price, and physical output. Nominal variables, on the other hand, are those that are measured in monetary units such as money prices. The classical dichotomy, which is central to classical economics, implies that changes in nominal variables do not affect real variables in the long term.
C) Price controls are legal restrictions on the prices of goods and services. When the government imposes price controls, it interferes with the market's price mechanism, which usually leads to inefficiencies. Furthermore, price controls can cause black markets to emerge, resulting in a loss of revenue for the government.
D) Corporate taxes, unlike personal taxes, do not directly affect consumer prices, as they are usually levied on profits rather than the sale price of a good or service.
A) It is essential to trust your doctor when it comes to your health, but it is also necessary to seek a second opinion if you are unsure. You must be able to communicate with your physician and take an active role in your treatment.
B) Economists are often involved in forecasting inflation, but they are not always accurate. There are several other factors that can affect inflation, and it is difficult to account for all of them.
C) Relying on emotion rather than logic to make an argument is a logical fallacy, known as an appeal to emotion. Emotion and logic are both important in making arguments, but it is important to use them in the right proportion and context.
D) Being cringe is not okay, and it is not desirable. Cringe refers to behaviour that is awkward, uncomfortable, or embarrassing.
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Bonds are priced at:
a. Present value of future cash flows at yield
b.Future value of coupon payments
c. Sum of future cash flows
d. Present value of future cash flows at coupon rate
e. Present value
Bonds are priced at the present value of future cash flows at yield. The correct answer is option(a).
Bonds are fixed-income securities that pay interest (coupon) and have a maturity date when the principal investment is returned to the investor. The cash flows paid to bondholders are based on the bond's face value and coupon rate. The face value of a bond, or par value, is the amount of money the bond will be worth at maturity. The coupon rate is the interest rate that is paid to bondholders.
Bond prices are determined by the present value of future cash flows, which are discounted using a bond's yield to maturity (YTM). Bonds are priced at the present value of future cash flows at yield. This means that the market price of a bond is the sum of the present values of all of its future cash flows, discounted at the bond's yield to maturity (YTM). The YTM is the rate that makes the present value of a bond's future cash flows equal to its market price.
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On July 31, ALOE Inc. received $5,000 cash from a customer who previously purchased ALOE's products on account. What entry should ALOE Inc. record at the time it receives cash?
A) Debit Cash, $5,000; credit Service Revenue, $5,000.
B) Debit Accounts Receivable, $5,000; credit Cash, $5,000.
C) Debit Cash, $5,000; credit Accounts Receivable, $5,000.
D) Debit Cash, $5,000; credit Accounts Payable, $5,000.
C) Debit Cash, $5,000; credit Accounts Receivable, $5,000. When ALOE Inc. receives $5,000 cash from a customer who previously purchased products on account, it needs to record the transaction accurately in its accounting records.
In this case, the customer is settling their accounts receivable balance by paying in cash. Debiting Cash and crediting Accounts Receivable reflects the decrease in the accounts receivable balance by the amount received in cash. Cash is debited to increase the cash asset account, while Accounts Receivable is credited to decrease the accounts receivable balance. Option A (Debit Cash, $5,000; credit Service Revenue, $5,000) would be incorrect as it suggests recording the cash received as service revenue, which is not appropriate in this context.
Option B (Debit Accounts Receivable, $5,000; credit Cash, $5,000) would be incorrect as it reverses the debit and credit entries, inaccurately increasing the accounts receivable balance instead of reducing it. Option D (Debit Cash, $5,000; credit Accounts Payable, $5,000) is unrelated to the transaction described and does not reflect the customer's payment.
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Please solve A-H Please
The assets of Dallas & Associates consist entirely of current assets and net plant and equipment, and the firm has no excess cash. The firm has total assets of $2.9 million and net plant and equipment
Given that the assets of Dallas & Associates consist entirely of current assets and net plant and equipment, and the firm has no excess cash and has total assets of $2.9 million and net plant and equipment. To calculate the current assets and net working capital, let us use the following assets are calculated as.
Current assets = Total assets - Net plant and the given values in the above formula, we get: Current assets = $2.9 million - Net plant and Net working capital is calculated as: Net working capital = Current assets - Current the given values, we have: Net working capital = Current assets - value of current assets obtained earlier, working capital = $2.9 million - Net plant and equipment - Current liabilities.
Now, we do not have any information about the current liabilities. Thus, we cannot compute net working capital without the knowledge of current liabilities. Hence, the calculation is not possible without the current liabilities. Therefore, the answer is it is impossible to calculate current assets and net working capital without the information about current liabilities.
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We have to solve parts A through H.A. Calculate the value of current assets for Dallas & Associates. Since the company has total assets of $2.9 million and no excess cash, the remaining amount is current assets.
Therefore, the value of current assets is $2.9 million. B. Determine the value of the net plant and equipment. The net plant and equipment are obtained by subtracting the value of current assets from the total assets: Net plant and equipment = Total assets - Current assetsNet plant and equipment = $2.9 million - $2.9 million Net plant and equipment = $0C. Calculate the total value of liabilities and stockholders' equity. The total value of liabilities and stockholders' equity is the same as the total assets: Total liabilities and stockholders' equity = Total assets Total liabilities and stockholders' equity = $2.9 million.
Determine the book value of total assets. The book value of total assets is the same as the total assets:Book value of total assets = Total assets Book value of total assets = $2.9 million E. Determine the market value of total assets.The market value of total assets can't be determined from the information given.F. Calculate the market value of equity if the stock sells for $22 per share. Since we don't know the number of shares outstanding, we can't calculate the market value of equity. G. Calculate the market-to-book ratio if the stock sells for $22 per share. As we don't know the market value of equity, we can't calculate the market-to-book ratio. H.
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when substitutes exist, a monopolist has power to raise price. a. no; infinite b. more; more c. fewer; less d. free; no
A monopolist will possess more power to raise the price when substitutes exist. The correct answer to the given question is the option b. more; more. A monopolist is defined as a single business that controls the entire supply chain of a good or service.
A monopolist is free to set its own prices, production rates, and marketing strategies because it has no direct competition. As a result, a monopolist has substantial market power and is more likely to earn high profits. However, in the absence of substitutes, a monopolist cannot increase prices beyond a certain threshold. When substitutes exist, the monopolist's power to raise prices is amplified because customers have an alternative option if prices rise too much or the quality of the goods or services deteriorates. Therefore, substitutes provide a natural limit on a monopolist's market power and help promote a more competitive environment. In conclusion, it can be said that monopolist has more power to raise the price when substitutes exist.
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If a business purchases a new fleet of delivery trucks, that business has made an investment in which factor of production? A. capital B. entrepreneurship C. labor D. land
If a business purchases a new fleet of delivery trucks, it has made an investment in the factor of production known as capital.
Capital refers to the physical assets and infrastructure used in the production process, including machinery, equipment, buildings, and vehicles. The new delivery trucks are tangible assets that enable the business to transport goods and provide delivery services. These trucks represent a significant investment and are essential for the business's operations and growth. By acquiring the trucks, the business is increasing its capital stock, which contributes to the production and efficiency of its operations. Therefore, the purchase of the fleet of delivery trucks represents an investment in the capital factor of production.
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Hoth Spa has a net accounts receivable opening balance of $183,000 and and ending balance of $193,000. The total sales amount for the year is $950,000, of which 50% is on credit. Calculate the Days' Sales Outstanding.
Hoth Spa has a Days' Sales Outstanding (DSO) of approximately 144.39 days.
To calculate the Days' Sales Outstanding (DSO), we need to determine the average accounts receivable for the period and divide it by the average daily credit sales.
First, let's calculate the average accounts receivable:
Average Accounts Receivable = (Opening Balance + Ending Balance) / 2
Average Accounts Receivable = ($183,000 + $193,000) / 2
Average Accounts Receivable = $188,000
Next, let's calculate the average daily credit sales:
Total Credit Sales = Total Sales × Percentage of Sales on Credit
Total Credit Sales = $950,000 × 0.5
Total Credit Sales = $475,000
Average Daily Credit Sales = Total Credit Sales / 365 (assuming a 365-day year)
Average Daily Credit Sales = $475,000 / 365
Average Daily Credit Sales ≈ $1,301.37
Finally, let's calculate the Days' Sales Outstanding:
DSO = Average Accounts Receivable / Average Daily Credit Sales
DSO = $188,000 / $1,301.37
DSO ≈ 144.39 days
Therefore, the Days' Sales Outstanding for Hoth Spa is approximately 144.39 days.
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Below is data from Rahul Pharmaceutical Ltd presented at 30 June 2022: (a) Company has undertaken a research and development project back in 1 July 2020 and spent in 2022 $50,000 on testing the new drug on rats. At this stage testing results are not known yet and there is no signs of producing the new drug. (b) Rahul Ltd has purchased a patent at a cost of $800 000 in May 2022. This patent allows the production of 200 000 units. There are no other manufacturers who have the necessary knowledge to utilise the patent. (c) Rahul has acquired a franchise-'Syngene' for a cost of $600,000. There is good demand for the franchise in the market. As at 30 June 2022, it is considered that Rahul Ltd would easily be able to sell the franchise in the market for $800 000.
Required:
1. Determine the accounting treatment for (a), (b), and (c)
2. What is the total expenses in the year ended 30 June 20223.
c. What is the total value of the intangible assets in the year ended 30 June 2022.
Accounting treatment for the given transactions is as follows:
a) Expenditure incurred on R&D: All the R&D expenses should be immediately charged to expense in the period in which they are incurred. Therefore, in this case, $50,000 will be charged as R&D expenses in 2022.
b) Purchase of Patent: Patent acquisition costs should be capitalized. Therefore, the patent's cost ($800,000) should be capitalized as an intangible asset. Amortization expense for the patent can be recorded over the patent's life (20 years).
c) Acquiring a Franchise: A franchise can be capitalized, and its cost ($600,000) should be added to the intangible assets. But as of 30th June 2022, the franchise value is worth $800,000, which means an increment of $200,000. It should be recognized as income.
Total expenses for the year ended June 30, 2022, can be calculated as follows:R&D expenses: $50,000Amortization of patent: ($800,000/20) = $40,000
The total expense for the year will be the sum of both: $50,000+$40,000 = $90,000.
Intangible assets as of 30 June 2022: The total value of the intangible assets can be calculated as follows:Intangible assetsPatent (800,000-40,000) $760,000Franchise $800,000Intangible assets' total value as of 30 June 2022 is $1,560,000.
R&D expenses should be charged to expense as incurred.Patent acquisition costs should be capitalized and amortized over the patent's life.A franchise can also be capitalized if it has a determinable useful life, and its cost should be added to the intangible assets.
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Stephens, Inc. recently declared a dividend of $2 per share, but
the stock price only dropped by $1.60 cumdate/ex-date. What is the
implied tax rate for Stephens, Inc. investors
The implied tax rate, given the stock price drop and the dividend per share is 20 %.
How to find the implied tax rate ?To calculate the implied tax rate for Stephens, Inc. investors based on the given information, it is needed to determine the portion of the dividend that is subject to taxes.
Given that the stock price dropped by $1.60 cumdate/ex-date and the dividend declared is $2 per share, we can assume that the $1.60 drop in the stock price is due to the expected value of the dividend being factored into the stock price.
Implied tax rate = ( After-tax portion / Pre-tax dividend ) x 100
Implied tax rate = ( $0.40 / $2 ) x 100
Implied tax rate = 0.20 x 100
Implied tax rate = 20%
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Which of the following is least likely to be a key consideration when a company chooses a supplier? Multiple Choice 0 lead time and on-time delivery 0 value analysis 0 quality and quality assurance 0 flexibility of design change 0 reputation and financial stability
Reputation and financial stability are least likely to be a key consideration when a company chooses a supplier.
When a company chooses a supplier, it typically evaluates various factors to ensure an effective and efficient supply chain. The considerations usually include lead time and on-time delivery, value analysis, quality and quality assurance, flexibility of design change, and reputation and financial stability.
Lead time and on-time delivery are crucial factors as they impact the company's production schedule and ability to meet customer demand. Value analysis focuses on assessing the supplier's offerings in terms of cost-effectiveness and overall value. Quality and quality assurance ensure that the supplier's products or services meet the company's standards and customer expectations. Flexibility of design change is important when a company requires customization or adjustments in the supplier's offerings.
Reputation and financial stability, although important in certain situations, are generally not the key considerations when choosing a supplier. While a supplier's reputation and financial stability can provide some level of assurance, they do not directly address factors related to lead time, value, quality, and design flexibility that have a more direct impact on the company's operations and customer satisfaction.
Among the given options, reputation and financial stability are least likely to be the key consideration when a company chooses a supplier. While they may still hold some importance, other factors such as lead time, value analysis, quality, and flexibility of design change typically take precedence in supplier selection decisions.
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CX Enterprises has the following expected dividends: $1.07 in one year, $1.21 in two years, and $1.29 in three years. After that, its dividends are expected to grow at 3.7% per year forever (so that year 4's dividend will be 3.7% more than $1.29 and so on). If CX's equity cost of capital is 11.7%, what is the current price of its stock? The price of the stock will be $ (Round to the nearest cent.)
The dividend discount model (DDM) is used to determine the present value of a stock based on the sum of its future dividend payments, which are adjusted for the time value of money. Given that CX Enterprises has the following expected dividends: $1.07 in one year, $1.21 in two years, and $1.29 in three years and expected to grow at 3.7% per year forever, we will determine the current price of its stock given the equity cost of capital of 11.7%.
Formula for dividend growth model:P₀ = D₁/(k - g)Where:P₀ = price of stock todayD₁ = dividend to be received one year from nowk = required rate of returng = dividend growth rateGiven that g = 3.7%, k = 11.7%, and D₁ = $1.07P₀ = $1.07/(0.117 - 0.037)P₀ = $12.29Using the same formula, we can compute the present value of future dividends:$1.21/(1.117)² + $1.29/(1.117)³ + $1.29*(1 + 0.037)/(0.117 - 0.037)/(1.117)³P₀ = $12.29 + $10.38 + $10.65P₀ = $33.32 The current price of its stock is $33.32 (Round to the nearest cent.).
The dividend discount model is used to determine the present value of a stock based on the sum of its future dividend payments, which are adjusted for the time value of money. The current price of CX Enterprises stock can be calculated using this formula. CX Enterprises has expected dividends of $1.07 in one year, $1.21 in two years, and $1.29 in three years, with a 3.7% per year growth rate after that. If the equity cost of capital is 11.7%, the price of the stock today is $12.29 using the dividend discount model. The present value of future dividends is $10.38 for two years from now, $10.65 for three years from now, and $33.32 in total.
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