Within an organization, the CEO is the best strategist that is responsible for providing ethics leadership. The following are five reasons to support this answer:
1. Sets the Tone at the Top: The CEO is the person who sets the tone for ethical leadership, and this sets the tone for the entire organization. The CEO must lead by example in order to establish and maintain an ethical culture.
2. Creates the Organizational Culture: The CEO is responsible for creating the organizational culture, which must be ethical, inclusive, and supportive of employees. An ethical culture is critical in attracting and retaining top talent.
3. Implements Ethical Practices: The CEO must establish ethical practices that guide decision-making and behavior throughout the organization. This includes the establishment of codes of conduct, policies, and procedures that address ethical concerns.
4. Acts as a Role Model: The CEO is a role model for the rest of the organization. The CEO must model ethical behavior in order to reinforce the importance of ethical leadership and practices throughout the organization.
5. Ensures Compliance: The CEO is responsible for ensuring that the organization is in compliance with all applicable laws, regulations, and standards.
This includes ethical standards that govern the behavior of employees and the organization as a whole. The CEO must take a proactive approach to compliance and establish an ethical framework that promotes compliance.
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eBook Print References Below are certain events that took place at Hazzard, Inc., last year: a. Collected cash from customers. b. Paid cash to repurchase its own stock. c. Borrowed money from a creditor. d. Paid suppliers for inventory purchases. e. Repaid the principal amount of a debt. f. Paid interest to lenders. g. Paid a cash dividend to stockholders. h. Sold common stock. 1. Loaned money to another entity. J. Paid taxes to the government. k. Pald wages and salaries to employees. 1. Purchased equipment with cash. m. Paid bills to insurers and utility providers. Required: Indicate how each of the transaction would be classified on a statement of cash flows. Place an X in the Operating, Investing, or Financing column as appropriate. Transaction a. Collected cash from customers b. Paid cash to repurchase its own stock c. Borrowed money from a creditor d. Paid suppliers for inventory purchases e. Repaid the principal amount of a debt f. Paid interest to lenders g. Paid a cash dividend to stockholders h. Sold common stock i. Loaned money to another entity j. Paid taxes to the government k. Paid wages and salaries to employees 1. Purchased equipment with cash m. Paid bills to insurers and utility providers Activity Operating Investing Financing
Operating activities: a, d, f, j, k, m
Investing activities: i, l
Financing activities: b, c, e, g, h
Classifications of the transactionsHere's the classification of each transaction on a statement of cash flows:
a. Received payment from customers: Operating
b. It paid cash to buy back its own stock: financing
c. Borrowed money from a creditor: Financing
d. Paid suppliers for inventory purchases: Operating
e. Repaid a debt's principal: Financing
f. Paid interest to lenders: Operating
g. Distributed a cash dividend to stockholders: financing
h. Sold common stock: financing Financing
i. Loaned money to another entity: Investing
j. Paid government taxes:
k. Wages and salaries paid to employees:
l. Purchased equipment with cash: Investing
m. Insurance and utility bills paid: Operating
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Shockley Co.reported the following amounts in its financial statements Financial Statements for Year Ended December 31. 2020 2021 2022 720,000 852,000 $ 775,000 225,000 280,000 236,000 1,165,000 1,275,000 1,110,000 1,297,000 1,440,000 1,242,000 a) Cost of goods sold b Profit (c) Total current assets d Equity In making the physical cdonts of inventory, the following errors were made: Inventory on December 31,2020:understated $71.000 Inventory on December 31,2021:overstated $31,000 Required: For each of the preceding financial statement items-a),b),(c),and(d-prepare a schedule similar to the following and show the adjustments that would have been necessary to correct the reported amounts.(Negative answers should be indicated by a minus sign.)
In the financial statements provided for Shockley Co. for the years 2020, 2021, and 2022, certain inventory errors were identified. The inventory on December 31, 2020 was understated by $71,000, and the inventory on December 31, 2021 was overstated by $31,000.
Cost of goods sold:
Adjustment for 2020:
Original reported amount: $720,000
Adjustment: Understated inventory by $71,000
Corrected amount: $720,000 + $71,000 = $791,000
Adjustment for 2021:
Original reported amount: $852,000
Adjustment: Overstated inventory by $31,000
Corrected amount: $852,000 - $31,000 = $821,000
Adjustment for 2022:
Original reported amount: $775,000
No adjustment needed since it is the current year's amount.
Profit:
Profit is calculated using the formula: Revenue - Cost of goods sold
Adjustment for 2020:
Original reported amount: $225,000
Adjustment: Corrected cost of goods sold is $791,000 (from part a)
Corrected amount: $225,000 - $791,000 = -$566,000
Adjustment for 2021:
Original reported amount: $280,000
Adjustment: Corrected cost of goods sold is $821,000 (from part a)
Corrected amount: $280,000 - $821,000 = -$541,000
Adjustment for 2022:
Original reported amount: $236,000
No adjustment needed since it is the current year's amount.
Total current assets:
Adjustment for 2020:
Original reported amount: $1,165,000
Adjustment: None since it is not affected by inventory errors.
Adjustment for 2021:
Original reported amount: $1,275,000
Adjustment: None since it is not affected by inventory errors.
Adjustment for 2022:
Original reported amount: $1,110,000
No adjustment needed since it is the current year's amount.
Equity:
Adjustment for 2020:
Original reported amount: $1,297,000
Adjustment: None since it is not affected by inventory errors.
Adjustment for 2021:
Original reported amount: $1,440,000
Adjustment: None since it is not affected by inventory errors.
Adjustment for 2022:
Original reported amount: $1,242,000
No adjustment needed since it is the current year's amount.
Cost of goods sold: The adjustments for each year involve correcting the reported amounts by considering the inventory errors. In 2020, the inventory was understated by $71,000, so the cost of goods sold needs to be increased by that amount. In 2021, the inventory was overstated by $31,000, so the cost of goods sold needs to be decreased by that amount. No adjustment is needed for 2022 since it is the current year's amount.
Profit: Profit is calculated by subtracting the cost of goods sold from the revenue. To determine the corrected profit, we need to adjust the reported cost of goods sold by considering the inventory errors. In both 2020 and 2021, the adjustments to the cost of goods sold result in negative profits, indicating losses. No adjustment is needed for 2022 since it is the current year's amount.
Total current assets: The total current assets are not affected by the inventory errors. Therefore, no adjustments are necessary for any of the years.
Equity: Similarly to total current assets, equity is not affected by the inventory errors. Therefore, no adjustments are required for any of the years.
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1. Consider the Solow growth model without productivity growth. The production func- tion is K¹/3L2/3, population growth is n = .01, and depreciation is d = .05. Define the Golden Rule and find the saving rate s that achieves the Golden Rule. Show your work!
In the Solow growth model, capital accumulation is the main driver of economic growth. In this model, capital per worker increases with the saving rate, so the saving rate determines the long-term growth rate. The Golden Rule saving rate is the saving rate that maximizes consumption per worker. It is the saving rate that leads to the highest sustainable level of consumption per worker.
In Solow growth model without productivity growth, the production function is K¹/³L²/³, population growth is n = .01, and depreciation is d = .05. We can find the Golden Rule saving rate that achieves maximum consumption per worker by following the steps below:-
The per-worker production function is given byf(k) = k¹/³ (A L)²/³ = (A/4) (kL)²/³where k = K/L and A is a constant representing technology. We can write the steady-state equation as:sf(k) – (n + d)k = 0where s is the saving rate. In the absence of technological progress, the saving rate determines the long-run growth rate.In the steady state, we havek* = [s/(n + d)]¹/1–αf(k*) = sf(k*) = (n + d)k*We want to find the Golden Rule saving rate that maximizes consumption per worker. Since consumption per worker is given byc = (1 – s)f(k*)we can write the per-worker consumption function as:c = (1 – s) (A/4) (k*)²/³The first-order condition for maximizing consumption per worker with respect to the saving rate isdc/ds = – (A/4) (k*)²/³ = 0s* = 1/3 and the second-order condition isd²c/ds² = (2A/27) (k*)⁴/³ < 0Therefore, s* = 1/3 is the Golden Rule saving rate that achieves maximum consumption per worker.
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which of the following is true of financing small businesses? select one: a. funding is only important when a business is just starting. b. the most popular source of financing for start-ups is from commercial banks. c. there are several resources available for financing start-ups. d. a business has the same financial goals in all stages of its development.
Option C is the correct answer.
Several resources are available for financing start-ups is true of financing small businesses.
Financing refers to the provision of funds or capital for a business or any other venture. Financing is crucial for small businesses, especially during the start-up phase. Financing can help entrepreneurs purchase equipment, inventory, and property to start their businesses.Small businesses are usually financed by the following methods:Borrowing from Family and Friends: Many entrepreneurs begin their businesses by borrowing money from family and friends. This can be an excellent way of raising capital without incurring interest expenses or complying with strict requirements imposed by traditional lenders, such as commercial banks.Personal Savings: Entrepreneurs can use their savings to start their businesses. This method of financing is beneficial because it eliminates the need for interest expenses or complying with strict lending requirements.Traditional Bank Loans: Commercial banks offer business loans to small businesses. Banks offer loans at a reasonable interest rate, depending on the entrepreneur's credit score. Banks may also require collateral to secure the loan, such as inventory or property.For such more questions on financing
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Pam has made her best affordable choice of cookies and granola bars. She spends all of her weekly income on 30 cookies at $1 each and 5 granola bars at $2 each. Next week, she expects the price of a cookie to fall to 50¢ and the price of a granola bar to rise to $5. 1. Will Pam be able to buy and want to buy 30 cookies and 5 granola bars next week? 2. Which situation does Pam prefer: cookies at $1 and granola bars at $2 or cookies at 50¢ and granola bars at $5? 3. If Pam changes how she spends her weekly income, will she buy more or fewer cookies and more or fewer granola bars? 4. When the prices change next week, will there be an income effect, a substitution effect, or both at work?
1. No, Pam will not be able to buy and want to buy 30 cookies and 5 granola bars next week.
2. Pam prefers the situation where cookies are priced at $1 and granola bars are priced at $2.
3. If Pam changes how she spends her weekly income, she will buy fewer cookies and fewer granola bars.
4. When the prices change next week, both income and substitution effects will be at work.
1. Pam's weekly income is allocated to buy 30 cookies at $1 each, totaling $30, and 5 granola bars at $2 each, totaling $10. The total cost is $40, which matches her weekly income. However, next week, the price of cookies will fall to 50¢ each and the price of granola bars will rise to $5 each. Buying 30 cookies at 50¢ each would cost $15, and buying 5 granola bars at $5 each would cost $25. The total cost would be $40, which exceeds Pam's weekly income. Therefore, she will not be able to buy and want to buy 30 cookies and 5 granola bars next week.
2. Pam prefers the situation where cookies are priced at $1 and granola bars are priced at $2 because it allows her to maximize her consumption within her limited budget. With the current prices, she can afford to buy 30 cookies and 5 granola bars while fully utilizing her weekly income. If the price of cookies falls to 50¢ and the price of granola bars rises to $5, Pam will not be able to afford the same quantity of both items and may have to compromise on her consumption choices.
3. If Pam changes how she spends her weekly income, such as allocating more towards cookies or granola bars, she will buy fewer of the other item. For example, if she decides to spend more on cookies, she will have less money available to spend on granola bars, leading to a reduction in the quantity of granola bars she can purchase. The same applies if she shifts her spending towards granola bars, resulting in fewer cookies purchased.
4. When the prices change next week, both income and substitution effects will be at work. The income effect refers to the change in purchasing power due to the change in prices. In this case, with the price of cookies falling, Pam's purchasing power increases, which allows her to buy more cookies or granola bars or a combination of both. The substitution effect refers to the change in relative prices leading to a substitution of one good for another. As the price of granola bars rises relative to cookies, Pam may choose to substitute cookies for granola bars to maintain her overall consumption level within her budget constraint.
Pam will not be able to buy and want to buy the same quantities of cookies and granola bars next week due to the change in prices. She prefers the current situation where cookies are priced at $1 and granola bars are priced at $2. If Pam changes her spending pattern, she will buy fewer of the item she allocates less money towards. When the prices change next week, both income and substitution effects will come into play, affecting Pam's consumption choices.
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Write an essay using Christian world view about payroll
management.
Payroll management is an essential part of running a business. It ensures that employees are paid accurately and on time. As a Christian, the way we manage our finances and treat our employees is an important reflection of our faith. Therefore, it is vital to approach payroll management with a Christian worldview.
Firstly, it is crucial to pay employees fairly. The Bible teaches that “the laborer deserves his wages” (1 Timothy 5:18). This means that employees should be compensated for the work they do, and it is our responsibility as employers to ensure that they receive what they deserve. It is also essential to avoid exploiting our employees for our own benefit. Instead, we should strive to be generous and fair in all aspects of our business, including payroll management.
Secondly, we should prioritize honesty and integrity when managing payroll. The Bible teaches us to “do unto others as you would have them do unto you” (Matthew 7:12). This means that we should treat our employees with honesty and transparency, especially when it comes to their pay. Payroll management should be done with the utmost integrity, ensuring that employees are paid what they are owed and that all transactions are recorded accurately.
Finally, as Christians, we should view payroll management as an opportunity to serve others. The Bible teaches that “whatever you did for one of the least of these brothers and sisters of mine, you did for me” (Matthew 25:40). Therefore, we should approach payroll management with a servant’s heart, seeking to serve our employees and meet their needs.
In conclusion, payroll management is an important aspect of running a business. As Christians, we should approach it with a worldview that emphasizes fairness, honesty, and service to others. By doing so, we can reflect our faith in all aspects of our business, including payroll management.
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Finance leases under US GAAP or all leases under IFRS have front-loaded expenses because the interest expense of each period is determined based on the present value of remaining lease liability. As a result, interest expense is higher in earlier years than later years. In contrast, an operating lease under US GAAP has straight-line lease expense (i.e., the same expense for every period).
Comparing the two income statements you completed under US GAAP (Operating Leases) and IFRS, what is the difference in total expenses (before rounding) after five years?
The total expenses under IFRS for leases will be higher than under US GAAP for operating leases after five years.
Under US GAAP for operating leases, the lease expense is recognized on a straight-line basis, resulting in the same expense amount for each period. However, under IFRS or US GAAP for finance leases, the interest expense is determined based on the present value of the remaining lease liability, resulting in front-loaded expenses with higher interest expense in earlier years. Over a period of five years, the cumulative interest expense for finance leases will be higher than the expense recognized under US GAAP for operating leases. Therefore, the total expenses under IFRS will be higher than under US GAAP for operating leases after five years.
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Given the following data: E₁=Y105 = $1.00 Et+1=Y90 = $1.00 (one year later) Japan = 12% annually lus. = 15% annually Calculate the future value of a $1,000 investment. If the $1000 is invested in the U.S., the future value is $ 1150. (Round your response to two decimal places.) If the $1000 is invested in Japan (and repatriated back to dollars), the future value is $. (Round your response to two decimal places.)
If the $1000 is invested in Japan (and repatriated back to dollars), the future value is $869.57.
To calculate the future value of an investment, we need to consider the interest rates in both countries. In the U.S., the interest rate is 15% annually, while in Japan, it is 12% annually.
Step 1:
In the U.S., the future value of the $1000 investment can be calculated using the formula for compound interest:
Future Value = Principal * (1 + interest rate)^time
Here, the principal is $1000, the interest rate is 15% (0.15), and the time is one year. Plugging these values into the formula:
Future Value = $1000 * (1 + 0.15)^1 = $1000 * 1.15 = $1150
Step 2:
On the other hand, if the $1000 is invested in Japan and then repatriated back to dollars, we need to take into account the exchange rate between the Japanese yen (JPY) and the U.S. dollar (USD). Let's assume the exchange rate is 1 USD = 105 JPY initially and 1 USD = 90 JPY after one year.
To calculate the future value in dollars, we need to convert the final amount in yen back to dollars using the exchange rate.
First, we calculate the future value in yen using the compound interest formula:
Future Value in yen = Principal * (1 + interest rate)^time
= ¥1000 * (1 + 0.12)^1
= ¥1000 * 1.12
= ¥1120
Next, we convert the future value in yen to dollars using the exchange rate:
Future Value in dollars = Future Value in yen / Exchange rate
= ¥1120 / 90 JPY/USD
≈ $12.44
Therefore, if the $1000 is invested in Japan and repatriated back to dollars, the future value is approximately $12.44.
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Which of the following is true of ownership changes in a partnership? O O O O A. Admitting a new partner does not change the core structure of the old partnership B. Any time the partner mix changes, the old partnership ceases to exist and a new partnership begins C. A person can become a partner by purchasing an existing partner's interest, even without the approval of the other partners. D. The purchase of an existing partner's interest is a transaction between the new partner and the partnership firm.
Any time the partner mix changes, the old partnership ceases to exist and a new partnership begins is true of ownership changes in a partnership. Option B is correct.
A partnership is an official agreement between two or more people to run a business and share profits. There are many different kinds of partnerships. Specifically, in an organization business, all accomplices share liabilities and benefits similarly, while in others, accomplices might have restricted risk.
A partnership has the following advantages: More than one head is better than none at all. Your company is simple to start, and starting costs are low. The company now has access to more capital. You'll be able to borrow more money.
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The standard time for producing 260 articles is 75 hours. The rate of wages is R3.00 per hour. The actual time taken for producing 260 articles is 65 hours. What are the earnings of the worker under the Rowan plan?
The earnings of the worker under the Rowan Plan would be found to be R 221.
How to find the earnings ?The total earnings under the Rowan Plan would be:
= Hours worked × Rate per hour + ( Time saved/ time allowed × hours worked × rate per hour )
The hours worked = 65 hours
Rate per hour = 3 per hour
Time allowed is 75 hours
The total earnings are:
= ( 65 x 3 ) + ( 10 / 75 x 3 )
= 195 + ( 1, 950 / 75 )
= 195 + 26
= R 221
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If Francois spends all of his time cooking, he is able to cook 40 hamburgers or 60 hotdogs an hour. What is his opportunity cost of cooking 1 hamburger? hotdogs What is his opportunity cost of cooking 1 hotdog? hamburgers Question 7 4 pts If Gerta spends all day. her time washing vehicles, she is able to wash 15 cars or 25 motorcycles each What is her opportunity cost of washing 1 car? motorcycles What is her opportunity cost of washing 1 motorcycle? cars
For Francois opportunity cost of cooking 1 hamburger is 1.5 hotdogs and Opportunity cost of cooking 1 hotdog = 0.67 hamburgers, while For Gerta, Opportunity cost of washing 1 car is 1.67 motorcycles and Opportunity cost of washing 1 motorcycle is 0.6 cars.
For Francois:
Opportunity cost of cooking 1 hamburger = Number of hotdogs forgone / Number of hamburgers produced
Opportunity cost of cooking 1 hamburger = 60 hotdogs / 40 hamburgers
Opportunity cost of cooking 1 hamburger = 1.5 hotdogs
Opportunity cost of cooking 1 hotdog = Number of hamburgers forgone / Number of hotdogs produced
Opportunity cost of cooking 1 hotdog = 40 hamburgers / 60 hotdogs
Opportunity cost of cooking 1 hotdog = 0.67 hamburgers
For Gerta:
Opportunity cost of washing 1 car = Number of motorcycles forgone / Number of cars washed
Opportunity cost of washing 1 car = 25 motorcycles / 15 cars
Opportunity cost of washing 1 car = 1.67 motorcycles
Opportunity cost of washing 1 motorcycle = Number of cars forgone / Number of motorcycles washed
Opportunity cost of washing 1 motorcycle = 15 cars / 25 motorcycles
Opportunity cost of washing 1 motorcycle = 0.6 cars
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Talk to me about
Social Media
AND ANY OTHER creative strategies you can think of. Would you use
these vehicles to promote? Why and
How?
Be as
precise and detailed
as you can.
Creative strategies refers to plan and outline how firm will use creative element like visuals, messaging and media placement to achieve its marketing goals.
To effectively promote vehicles, there are several creative strategies that the brand can employed such as:
To stand out in a competitive market, it is important to highlight vehicle's unique features and benefits.Emotional appeal with customers creates a strong bond and envision themselves experiencing positive moments to a desire to own it.Collaborating with celebrities or famous personalities in the related industries can enhance brand visibility and credibility.Encouraging customers to share their personal experiences will be highly effective in building social proof and authenticity. Promoting Eco-friendly aspects of vehicles can be an effective strategy to attract environmental conscious customers.Overall, by leveraging these creative strategies, vehicle advertising can effectively communicate a vehicle's value proposition, create an emotional connection with customers, and differentiate itself in a highly competitive marketplace.
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Some say the value is driven entirely by feelings. Do you agree or disagree?
Is the valuation of a scenario in risk assessment objective or subjective?
Define the term "disutility." Is disutility an absolute or relative value?
Discuss the connection between value and the "asset" part of the security context.
1. The statement that "value is driven entirely by feelings" is subjective because it assumes that people's perceptions and emotions are the only determining factors in an item's worth. 2. The valuation of a scenario in risk assessment can be both objective and subjective.3. Disutility is a term used in economics to refer to the negative effects of consuming a good or service. 4. The asset is a critical component of the security context because it is what is being evaluated and protected. Value is directly related to the asset because it represents the worth or significance of the asset.
While emotions and feelings may influence a person's perception of an item's value, there are also objective factors such as scarcity, utility, and demand that contribute to an item's worth. Therefore, one can disagree with the statement that value is driven entirely by feelingsObjective risk assessment is a mathematical method of determining risk based on data and evidence. This can include calculating probabilities and using other quantitative measures. Subjective risk assessment, on the other hand, is based on personal judgments and experiences. It involves assessing risk based on one's own perceptions of the likelihood and severity of an event. So, the valuation of a scenario in risk assessment can be both objective and subjective.It is the dissatisfaction, discomfort, or inconvenience that a person experiences as a result of consuming a good or service. Disutility can be an absolute value, meaning that it is a fixed, measurable amount of discomfort or dissatisfaction. Alternatively, it can be a relative value, meaning that it varies depending on the individual and their circumstances.In security terms, the value of an asset is often based on its importance to an organization or its market value. The security measures put in place to protect an asset are directly related to its value. The more valuable an asset is, the more security measures are likely to be put in place to protect it. In summary, the value of an asset is an essential part of the security context because it determines the extent of the protection that is required to safeguard it.Learn more about Risk assessment: https://brainly.com/question/1224221
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After losing his own zoo in a legal battle, Joe Exotic is in the process of planning his next business venture. At the moment, he's thinking about selling plush toy tigers to other zoos' gift shops in the US and Canada. However, before embarking on his next business adventure, he wants to estimate the market share he will need to break even on his investment. Joe will manufacturer the toy tigers and sell them to a wholesaler who will then sell them to zoo gift shops throughout the US and Canada. The zoo gift shops will price the toy tigers at $10 and take a 30% gross margin, while the wholesaler will take a 20% gross margin. Joe estimated that his fixed costs will be $200,000 and his variable costs will be $3.60 per unit. An industry report estimates that a total of 10 million plush toy animals are sold in US and Canadian zoo gift shops every year. Based on these estimates, what market share does Joe need to breakeven
Joe Exotic needs approximately 0.3125% of the market share in US and Canadian zoo gift shops to break even on his investment.
To determine the market share Joe Exotic needs to break even on his investment, we can calculate the breakeven point by considering his fixed costs, variable costs, and the pricing and margins in the distribution chain.
The breakeven point can be calculated using the following formula:
Breakeven Point (in units) = Fixed Costs / (Selling Price - Variable Cost per Unit)
Fixed Costs = $200,000
Selling Price per Unit = $10 (as set by the zoo gift shops)
Variable Cost per Unit = $3.60
Breakeven Point = $200,000 / ($10 - $3.60)
Breakeven Point = $200,000 / $6.40
Breakeven Point = 31,250 units
Now, to determine the market share Joe needs to breakeven, we need to compare the breakeven point (31,250 units) with the total market size of plush toy animals in US and Canadian zoo gift shops (10 million units).
Market Share for Breakeven = (Breakeven Point / Total Market Size) * 100
Market Share for Breakeven = (31,250 / 10,000,000) * 100
Market Share for Breakeven = 0.3125%
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Current Attempt in Progress On March 3, Sunland Company sells $768,600 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 5% of the amount of receivables sold. Prepare the entry on Sunland Company' books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not Indent manually)
The entry on Sunland Company's books to record the sale of the receivables and the service charge can be recorded as follows:
Date: March 3
Accounts Receivable (Dr) $768,600
Service Charge Expense (Dr) $38,430
Sales Revenue (Cr) $768,600
Explanation:
1. The debit to Accounts Receivable represents the removal of the receivables from Sunland Company's books as they have been sold to Western Factors Inc. for $768,600.
2. The debit to Service Charge Expense represents the service charge assessed by Western Factors Inc., which is calculated as 5% of the amount of receivables sold ($768,600 * 5% = $38,430).
3. The credit to Sales Revenue represents the recognition of the revenue generated from the sale of the receivables.
By recording this entry, Sunland Company recognizes the sale of its receivables and the associated service charge expense, reflecting the transfer of the receivables to Western Factors Inc. and the financial impact on Sunland's books.
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On January 1, 2017, Beyonce Company leased a music studio from Simon company on a 5-year lease term at P150,000 annual rental payable in advance. Simon offered Beyonce the option to purchase the asset at a bargain price of P200,000 at the end of the lease contract. The estimated economic life of the asset is 15 years, and its estimated residual value is P4,000. the interest implicit in the lease is 12%. (Please round off present value factors to 4 decimal places.) At the end of the lease term, Beyonce did not purchase the right of use asset. How much loss on failure to exercise the bargain purchase option is to be reported by Beyonce in its 2021 financial statement?
Present value of lease payments was already calculated above and it is P540,720 and loss is P342,989.60.
The first step in solving the problem is to calculate the present value of the lease payments. To determine the present value of the lease payments, the following formula is used:
PV (present value) = Annuity factor * Rental payment
PV = Annuity factor * P150,000
Calculate the annuity factor:
Annuity factor = PV of annuity due of 1 for n = 5 at 12%
Annuity factor = 3.6048 (to 4 decimal places)
Then, calculate the present value of the lease payments for 5 years:
P = 3.6048 * P150,000
P = P540,720
Since Beyonce did not purchase the asset at the end of the lease term, they lost the opportunity to acquire it at a bargain price of P200,000.
Thus, they incurred a loss on failure to exercise the bargain purchase option. The loss is calculated as follows:
Loss = Fair value - Option priceFair value = PV of the asset's cash flows
Fair value = Present value of lease payments + present value of residual value
Present value of residual value = FVIF at 12%, 5 years * Residual value
Present value of residual value = 0.5674 * P4,000
Present value of residual value = P2,269.60
Present value of lease payments was already calculated above and it is P540,720So,
Fair value = P540,720 + P2,269.60
Fair value = P542,989.60
Loss = P542,989.60 - P200,000
Loss = P342,989.60
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Use the following for questions 9-11 - The income statement of Dolan Corporation for 2018 included the following items:
Interest revenue $131,000
Salaries and wages expense 170,000
Insurance expense 15,200
The following balances have been excerpted from Dolan Corporation's balance sheets:
December 31, 2018 December 31, 2017
Interest receivable $18,200 $15,000
Salaries and wages payable 17,800 8,400
Prepaid insurance 2,200 3,000
9. *99. The cash received for interest during 2018 was
a. $112,800. b. $127,800. c. $131,000. d. $134,200.
10.*100. The cash paid for salaries during 2018 was
a. $179,400. b. $160,600. c. $161,600. d. $187,800.
11.*101. The cash paid for insurance premiums during 2018 was
a. $13,000. b. $12,200. c. $16,000. d. $14,400.
From Dolan Corporation's income statement and balance sheet:
9. the cash received for interest during 2018 was $127,800. Therefore, the correct option is B.
10. The cash paid for salaries during 2018 was $160,600. Therefore, the correct option is B.
11. The cash paid for insurance premiums during 2018 was $14,400. Therefore, the correct option is D.
9. Since Interest Revenue is recorded on the income statement, and interest receivable is recorded on the balance sheet. Therefore, cash received for interest will be:
Interest Revenue - increase in interest receivable
$131,000 - ($18,200 - $15,000)
Cash received for interest = $127,800
Therefore, the cash received for interest during 2018 was $127,800 which corresponds to option B.
10. Since Salaries and Wages Expense is recorded on the income statement and Salaries and Wages Payable is recorded on the balance sheet. Therefore, cash paid for salaries will be:
Salaries and Wages Expense - Increase in Salaries and Wages Payable
$170,000 - ($17,800 - $8,400)
Cash paid for salaries = $160,600
Therefore, the cash paid for salaries during 2018 was $160,600 which corresponds to option B
11. Since Insurance Expense is recorded on the income statement and Prepaid Insurance is recorded on the balance sheet. Therefore, cash paid for insurance premiums will be:
Insurance Expense - Decrease in Prepaid Insurance
$15,200 - ($3,000 - $2,200)
Cash paid for insurance premiums = $14,400
Therefore, the cash paid for insurance premiums during 2018 was $14,400 which corresponds to option D.
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which of the following is not a characteristic of an element that makes a good currency? a. extremely high melting point b. solid at room temperature c. nonreactive d. appropriate level of rarity
Extremely high melting point among the following is not a characteristic of an element that makes a good currency. Option A is correct.
It very well may be referenced that incredibly high softening point probably won't be a trait of a decent cash since it would be challenging for assembling the actual money endlessly and that is the justification for why gold is utilized as cash in old times since it has relative low dissolving moment that contrasted with that of platinum.
Durability, portability, uniformity, divisibility, limited supply, and acceptability are characteristics of money. In foreign markets, a country's imports are less expensive and its exports are more expensive when its currency is worth more. A lower-esteemed money makes a nation's imports more costly and its commodities more affordable in unfamiliar business sectors.
Cash fills in as a mode of trade, as a store of significant worth, and as a unit of record. Communication channel. The primary function of money is as a means of exchange that enables transactions.
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a manufacturer's operating budgets consists of the: (check all that apply.)
The main components of a manufacturer's operating budgets typically include: Sales Budget , Production Budget , Sales Budget and Labor Budget:
Sales Budget: This budget estimates the expected sales revenue for a specific period. It takes into account factors such as market demand, pricing strategy, and sales projections to determine the anticipated sales volume and sales value.
Production Budget: The production budget outlines the quantity of goods that the manufacturer plans to produce during a given period.
It considers factors such as sales forecast, desired inventory levels, and production capacity to determine the optimal production volume.
Direct Materials Budget: This budget focuses on estimating the quantity and cost of direct materials required for production. It considers factors such as the production volume, desired inventory levels, and material costs to determine the quantity of materials to be purchased and the associated costs.
Direct Labor Budget: The direct labor budget estimates the labor costs associated with the manufacturing process. It considers factors such as the production volume, labor requirements, labor rates, and any anticipated changes in workforce to determine the labor costs.
Manufacturing Overhead Budget: This budget accounts for the indirect costs of production, such as factory utilities, equipment maintenance, and other overhead expenses.
It estimates the expected overhead costs based on historical data, projected activity levels, and any anticipated changes in overhead expenses.
These budgets are interrelated and provide a comprehensive framework for planning and controlling the manufacturing operations of a company. They help in aligning production activities with sales targets, managing costs, and ensuring efficient resource allocation.
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Supplier Reliability: Ingrid shows data for total deliveries per year and on-time deliveries per year. What is an actionable metric that Ingrid could develop from these two pieces of data? That is, what is a metric that could be measured on a periodic basis (monthly, quarterly, annually) to show if the supplier is improving or not?
Supplier Manageability: Ingrid is using distance from headquarters as a metric for supplier manageability. Do you think that distance from headquarters is a good metric for supplier manageability? In other words, does distance from headquarters measure what is important to FarmCo in a way that shows whether the supplier is improving or not? How might suppliers respond to orders (manage lead times) even though they are located a far distance?
Supplier Importance: Ingrid is measuring supplier importance based on the number of product variants using parts from a supplier. Is this really a scorecard measure (ie, a measure of the supplier’s performance) or is this more like a dimension that could be used in the Supplier Segmentation Matrix (Kraljic Matrix)? In other words, as currently measured, is supplier importance something suppliers can actually do well at? Or improve on? Explain why or why not?
Supplier Dispensability: We will discuss a similar metric (recovery time) when we discuss supply chain risk. If a supplier has a low supplier dispensability rating, would this be something that a supplier would need to take action on? Or would it make more sense that FarmCo would take action here? Again, the question here is – should supplier dispensability actually be on a performance scorecard? Or should it be part of a broader discussion about how FarmCo manages risk in its supply chain?
Describe the main issue that FarmCo is having in this case.
FarmCo should consider revising their scorecard to include more appropriate metrics that accurately reflect supplier performance.
A metric that Ingrid could develop from these two pieces of data is the percentage of on-time deliveries. This metric could be measured on a periodic basis (monthly, quarterly, annually) to show if the supplier is improving or not.Supplier Manageability: Distance from headquarters may not be the best metric to measure supplier manageability.
This is because suppliers may respond to orders (manage lead times) even though they are located a far distance. Instead, metrics like lead time, response time, and flexibility may be better indicators of supplier manageability. Suppliers could respond to orders (manage lead times) even though they are located a far distance.
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Emancipation and Cultural Dilemma was from what time period?
1864-1921
1860-1920
1865-1925
1865-1920
All the above
Emancipation and Cultural Dilemma were from the time period of 1865-1920.
Emancipation is the act of being set free from legal, social, or political restrictions. In the United States, the word Emancipation has a strong association with the freeing of slaves before and after the Civil War. The Emancipation Proclamation, issued by Abraham Lincoln in 1863, declared that all enslaved individuals in states that were in rebellion against the federal government were to be set free.
A cultural dilemma is a situation where a group of people is presented with conflicting beliefs, ideas, or practices that they must decide how to resolve. This often arises when a group is confronted with external influences that challenge their existing cultural practices or values. The group must then decide whether to adapt to the new influences or maintain their existing ways of life. Cultural dilemmas can lead to social conflict and tensions if not resolved effectively.
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An accountant recognizes the impact of a business event when cash is teived or paid in which basis of accounting OA. Managerial OB. Cash-basis OC. Financial OD. Accrual Time Remaining: 00:41 17 Next
Previous question
An accountant recognizes the impact of a business event when cash is received or paid in cash-basis accounting.
The cash basis of accounting is a system of accounting in which income is accounted for when cash is collected, and expenses are accounted for when cash is paid out. It is a straightforward approach to accounting that is commonly used by small businesses who do not require financial statements that adhere to generally accepted accounting principles (GAAP). Therefore, the answer to this question is Option B. Cash-basis accounting.
In cash-basis accounting, revenue and expenses are recorded when cash is received or paid, respectively. The system does not account for accounts receivable or accounts payable, and the recognition of revenue and expenses is postponed until payment is received or made.
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Create a General Ledger with the required information including Account Numbers.
On Jan 2., Wally deposited $200,000 of his own money into the company.
On Jan 3, Wally purchased supplies on account for $50,000
On Jan 4, Wally paid rent in cash on his building - $5,000
On Jan 5, Wally sold $10,000 worth of Widgets for $10,000 on account to Sal's Supplies with terms 2%10, net 30.
On Jan 10, Sal's supplies paid their outstanding invoice.
On Jan 11, Wally paid his employee Pat Pickel $800 for one week's salary.
In accounting, a ledger is a book with many accounts in which records of transactions relating to a particular account are kept. It is often referred to as the major book of Accounts or the Book of final entries. All transactions, whether credited or debited, are kept in this book.
A ledger, usually referred to as a general ledger, is a log of a company's financial dealings. It lists all of the company's earnings and outlays together with its debts and assets. Assets, liabilities, equity, revenue, and costs are the five primary categories into which transactions in a general ledger are divided.
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Which sentence uses numbers correctly?
A. Musashi is leaving work at 4 o’clock today to go to a doctor’s appointment.
B. Musashi is leaving work at 4:00 o’clock today to go to a doctor’s appointment.
C. Musashi is leaving work at four-o-clock today to go to a doctor’s appointment
The sentence that uses numbers correctly is:
B. Musashi is leaving work at 4:00 o’clock today to go to a doctor’s appointment.
In this sentence, the number "4" is written as a numeral, indicating the hour. The colon (:) is used to separate the hour and minutes, and the additional "o'clock" after the numeral "4" is not necessary. Therefore, option B is the correct choice.
Option A includes the numeral "4" but adds the unnecessary "o'clock" after it. The correct way to represent the time would be "4 o’clock" without the additional "o'clock."
Option C, "four-o-clock," uses the spelled-out form of the number "four" instead of the numeral "4." While spelling out numbers is acceptable in certain contexts, when indicating time, it is more common and appropriate to use numerals.
Therefore, the correct sentence that uses numbers correctly is option B: "Musashi is leaving work at 4:00 o’clock today to go to a doctor’s appointment."
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Jerry Bildery's factory is considering three approaches for meeting an expected increase in demand. These three approaches are increasing capacity, using overtime, and buying more equipment. Demand wi
Jerry Bildery’s factory is considering three approaches for meeting an expected increase in demand. These three approaches are increasing capacity, using overtime, and buying more equipment.
Demand will be met effectively if the factory uses the best approach. Increasing capacity is the most effective way of meeting an expected increase in demand. This approach will help the factory produce more goods in the future, allowing it to meet demand. By using overtime, the factory can increase the number of hours employees work to increase production. However, the cost of this approach is high, as employees must be paid more for overtime. Buying more equipment is the least effective approach. While it may help increase production, the costs are high, and there is no guarantee that the equipment will meet the factory's requirements.
Therefore, Jerry Bildery's factory should increase capacity to meet an expected increase in demand. By increasing capacity, the factory can produce more goods without incurring additional costs. This will help it meet demand effectively, increase profits, and remain competitive. Increasing capacity is the most efficient approach, and it is the best way of meeting an expected increase in demand.
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which type of real option allows a firm to postpone a project until it can gather more information? a. Investment timing option b. Flexibility option c. Growth option d. Abandonment option
Investment timing option real option allows a firm to postpone a project until it can gather more information. Option A is the correct answer.
The option to invest right away, postpone investment for a while, or refrain from investing altogether is included in the time flexibility. With the timing option, you may make an investment at the ideal time. Option A is the correct answer.
The timing option does, however, also provide the management a reason to time the investment such that he benefits from greater latitude. The ideal investment strategy consists of a series of goal costs, below which investment occurs and beyond which it does not, supposing that investment costs are dispersed independently across time. In comparison to the situation when there is no time option, the timing option lowers ideal cost objectives.
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only need assistance for C-I. i have answeed A&B
Martin Office Supplies paid a $11 dividend last year. The dividend is expected to grow at a constant rate of 4 percent over the next four years. The required rate of return is 14 percent (this will al
The present value of the dividends for the next four years is $31.942.
The present value of the dividends for Martin Office Supplies, we can use the dividend discount model (DDM). The DDM formula is as follows:
PV = D / (r - g)
Where:
PV = Present value of the dividends
D = Dividend payment
r = Required rate of return
g = Growth rate
In this case, the dividend payment (D) is $11, the required rate of return (r) is 14%, and the growth rate (g) is 4%.
The present value for each year, we can use the formula
PV = D / (1 + r)ˣ
Where:
x = Number of years
Let's calculate the present value for each year:
Year 1:
PV₁ = $11 / (1 + 0.14)¹ = $9.649
Year 2:
PV₂ = $11 / (1 + 0.14)² = $8.449
Year 3:
PV₃ = $11 / (1 + 0.14)³ = $7.390
Year 4:
PV₄ = $11 / (1 + 0.14)⁴ = $6.454
To calculate the total present value of the dividends, we sum up the present values for each year:
PV(total) = PV₁ + PV₂ + PV₃ + PV₄
= $9.649 + $8.449 + $7.390 + $6.454
= $31.942
Therefore, the present value of the dividends for the next four years is $31.942.
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a scandal occurred in the 1950s regarding quiz show contestants because the contestants were being coached. due to the popularity of quiz shows, this was significant to the industry.
The given statement, "A scandal occurred in the 1950s regarding quiz show contestants because the contestants were being coached. Due to the popularity of quiz shows, this was significant to the industry." is true as Many people voiced concern over the potential for television, a relatively new medium, to negatively impact society.
The producers and competitors of a number of well-known American television quiz programs were involved in a number of controversies throughout the 1950s. While trying to fool the audience into thinking that these shows were impartial and fair competitions, the producers of these programs surreptitiously helped some of the competitors to predetermine the outcomes of the programs.
Due to a lack of legislation forbidding such conspiracies in game show productions, producers occasionally rigged the shows with the participants' permission and for a variety of reasons, including increasing ratings, avarice, and other motivations. The controversies occurred while television was only starting out as a medium and wasn't yet the well-established cultural force it is in modern American culture.
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Milo Company manufactures beach umbrellas. The company is preparing detailed budgets for the third quarter and has assembled the following information to assist in the budget preparation:
The Marketing Department has estimated sales as follows for the remainder of the year (in units):
July 36,500 October 26,500
August 83,000 November 13,000
September 52,000 December 13,500
The selling price of the beach umbrellas is $10 per unit.
All sales are on account. Based on past experience, sales are collected in the following pattern:
30% in the month of sale
65% in the month following sale
5% uncollectible
Sales for June totaled $320,000.
The company maintains finished goods inventories equal to 15% of the following month’s sales. This requirement will be met at the end of June.
Each beach umbrella requires 4 feet of Gilden, a material that is sometimes hard to acquire. Therefore, the company requires that the ending inventory of Gilden be equal to 50% of the following month’s production needs. The inventory of Gilden on hand at the beginning and end of the quarter will be:
June 30 86,950 feet
September 30 ? feet
Gilden costs $0.80 per foot. One-half of a month’s purchases of Gilden is paid for in the month of purchase; the remainder is paid for in the following month. The accounts payable on July 1 for purchases of Gilden during June will be $60,920.
Required:
1. Calculate the estimated sales, by month and in total, for the third quarter.
2. Calculate the expected cash collections, by month and in total, for the third quarter.
3. Calculate the estimated quantity of beach umbrellas that need to be produced in July, August, September, and October.
4. Calculate the quantity of Gilden (in feet) that needs to be purchased by month and in total, for the third quarter.
5. Calculate the cost of the raw material (Gilden) purchases by month and in total, for the third quarter.
6. Calculate the expected cash disbursements for raw material (Gilden) purchases, by month and in total, for the third quarter.
Calculate the quantity of Gilden (in feet) that needs to be purchased by month and in total, for the third quarter. Calculate the cost of the raw material (Gilden) purchases by month and in total, for the third quarter. (Round your Unit cost of raw materials to 2 decimal places.)
Calculate the estimated quantity of beach umbrellas that need to be produced in July, August, September, and October.
July August September October
Required production in units 43,475 78,350 48,175 24,475
July August September Quarter
Total units of raw materials to be purchased 253,050
Cost of raw materials to be purchased $202,440
Calculate the expected cash disbursements for raw material (Gilden) purchases, by month and in total, for the third quarter.
July August September Quarter
Total cash disbursements
Estimated sales for the third quarter: July - 36,500 units, August - 83,000 units, September - 52,000 units, October - 26,500 units.
Expected cash collections for the third quarter: July - $109,500, August - $539,500, September - $338,000, October - $172,250.
The Estimated sales for the third quarter:
July: 36,500 units
August: 83,000 units
September: 52,000 units
October: 26,500 units
November: 13,000 units
December: 13,500 units
The Expected cash collections for the third quarter:
July: (36,500 * $10 * 0.3) = $109,500
August: (83,000 * $10 * 0.65) = $539,500
September: (52,000 * $10 * 0.65) = $338,000
October: (26,500 * $10 * 0.65) = $172,250
November: (13,000 * $10 * 0.65) = $84,500
December: (13,500 * $10 * 0.65) = $88,250
The Estimated quantity of beach umbrellas to be produced:
July: 43,475 units
August: 78,350 units
September: 48,175 units
October: 24,475 units
The Quantity of Gilden (in feet) to be purchased for the third quarter:
July: (43,475 * 4) = 173,900 feet
August: (78,350 * 4) = 313,400 feet
September: (48,175 * 4) = 192,700 feet
October: (24,475 * 4) = 97,900 feet
Total: 777,900 feet
The Cost of raw material (Gilden) purchases for the third quarter:
July: (173,900 * $0.80) = $139,120
August: (313,400 * $0.80) = $250,720
September: (192,700 * $0.80) = $154,160
October: (97,900 * $0.80) = $78,320
Total: $622,320
The Expected cash disbursements for raw material (Gilden) purchases:
July: ($139,120 * 0.5) = $69,560
August: ($250,720 * 0.5) = $125,360
September: ($154,160 * 0.5) = $77,080
Total: $272,000
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Solbridge Venture, Inc. has developed software tools that help hotel chains solve application integration problems. Solbridge’s Application Integration Server (AIS) provides a two-way interface between central reservations systems (CRS) and property management systems (PMS). At least two important trends in the hotel industry are relevant. First, hotels are shifting away from the manual booking of room reservations and electronic bookings will continue to increase as more bookings are made over the Internet. Second, competitive pressures are forcing hotels to implement yield management programs and to increase customer service. By integrating the CRS and PMS through Solbridge’s AIS, inventories can be better managed, yields improved, and customer service enhanced.
All reservation traffic is routed from the CRS to individual hotel properties. This allows Solbridge Venture to create a database that can be used to track customers and to facilitate marketing programs, such as frequent stay or VIP programs, as a way of increasing customer satisfaction. Solbridge forecasts application integration expenditures in the hospitality industry exceeding $1 billion by 2016.
Bruce Willis founded Solbridge Venture in 2010 and developed the firm’s middleware software and hospitality applications. He has twelve years of systems applications experience and currently is Solbridge’s Chief Technology Officer. Matt Daemon joined Solbridge in early 2013 as President and CEO. Prior to that time, he worked in sales and marketing in the software industry for more than twenty years.
Solbridge Venture’ AIS software development which began in 2010 went through several design changes in 2011. The first product was sold and installed in 2012. Sales were only $500,000 in 2012. However, now that the firm has dependable market-tested AIS products ready to be shipped, revenues are expected to reach $20.8 million in 2016.
Bruce Willis founded Solbridge Venture with $50,000 of his own savings plus $50,000 from friends. Two private investors provided an additional $200,000 in 2011. In addition, $1 million was obtained from a venture capital firm, Katile Capital Partners, in early 2013 in exchange for an equity position in Solbridge. The firm currently is seeking an additional $5 million to finance sales growth.
A. Describe how Solbridge Venture’ AIS software is to help hotels improve customer satisfaction.
B. Describe the life cycle stages that Solbridge Venture has progressed through to date.
C. What types of venture financing have been obtained, or are being sought, by Solbridge?
D. If internal sales growth projections are revised downward after the current financing round, what, if any, disclosure to stakeholders (investors, employees, customers, etc.) should occur? Why?
Solbridge Venture's AIS software offers various benefits to hotels in improving customer satisfaction. It enables the creation of a database for tracking customers and implementing marketing programs like frequent stay or VIP programs to enhance satisfaction.
Additionally, integrating the Central Reservations Systems (CRS) and Property Management Systems (PMS) through Solbridge's AIS allows for better inventory management, improved yields, and enhanced customer service.
The software also facilitates a two-way interface between CRS and PMS, simplifying reservation and booking management for hotels.
Solbridge Venture has progressed through several life cycle stages.
It started with the Founding Stage in 2010 when Bruce Willis established the company with personal savings and funding from friends.
In the Seed Financing Stage in 2011, two private investors provided an additional $200,000.
The Startup Stage began in 2012 with the first product sale and installation, generating $500,000 in sales that year. During the Growth Stage from 2013 to 2016, the company secured $1 million in venture capital funding and projected revenues of $20.8 million in 2016. It is currently seeking an additional $5 million for sales growth financing.
Solbridge Venture has obtained venture financing through seed financing from private investors in 2011 and venture capital funding of $1 million from Katile Capital Partners in 2013.
The company is currently in the process of seeking an additional $5 million in venture capital financing to support its sales growth.
In the event that internal sales growth projections are revised downward following the current financing round, it is essential for Solbridge Venture to disclose this information to stakeholders.
Stakeholders, including investors, employees, and customers, have the right to be informed if the company fails to meet its projected sales growth targets, especially after raising funds from investors.
Failure to disclose such information can undermine stakeholder confidence and harm the company's reputation.
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