Business High School

## Answers

**Answer 1**

The** journal entry** to record the accrual of interest and the amortization of the discount on December 31, 2020, would be: DateAccountTitle and ExplanationDebitCreditDec. 31Interest Expense115,508Discount on Bonds Payable7,058Cash122,566

a. The journal entry to record the issuance of the bonds on January 1, 2020, would be:

DateAccountTitle and ExplanationDebitCreditJan. 1Cash1,441,134Discount on Bonds Payable108,866

Bonds Payable1,550,000

b. The **Amortization** **table **for the bond issue through December 31, 2022, is as follows:

**DateBonds** PayableInterest ExpenseDiscount on Bonds PayableCarrying Amount

Jan. 1, 20201,550,000 - - 1,550,000

Dec. 31, 2020, 1,550,000 108,500 9,366 1,650,134

Dec. 31, 20211,550,000 115,508 2,358 1,763,284

Dec. 31, 20221,550,000 123,426 - 1,886,710c.

The journal entry to record the accrual of interest and the amortization of the discount on December 31, 2020, would be: DateAccountTitle and ExplanationDebitCreditDec. 31Interest Expense115,508Discount on Bonds Payable7,058Cash122,566

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## Related Questions

ITR 312 International Finance Final F. Irem Doğan Name Surname: Multiple Choices (Each 3p) 1) An American buys a Japanese car, paying by writing a check on an account wit a bank in New York. How would this be accounted for in the balance of payments? A) current account, a Japanese good import B) current account, a US good import C) financial account, a U.S. asset import D) financial account, a U.S. asset export E) Only B and D 2) If the U.K. has lower money growth and lower output growth than the curo area. then the monetary approach to exchange rates says the value of the British pound should a) appreciate b) depreciate c) not change d) not enough information 3) Using the Uncovered Interest Parity (UIP) equation, what would happen to the spot rate for euros if the interest rate on U.S. dollar deposits rises ceteris paribus? A) the spot rate to purchase euros would rise (dollar depreciation) B) the spot rite to purchase curos would Eall (dollar appreciation). C) the spot rate to purchase euros would be unchanged. D) the U.S. Federal Reserve would have to raise U.S. short-term interest rates 4) Which of the following suggests Poland should NOT join the European Monetary Union? a) Poland trades a lot with EMU countries. b) Poland has recessions at different times from France and Germany. c) Many Poles work in EMU countries d) Poland receives financial assistance from Westem European countries

### Answers

1) The correct answer is E) Only B and D.

2) The monetary approach to **exchange rates** suggests that the value of the British pound should depreciate.

3) The correct answer is A) the spot rate to purchase euros would rise (**dollar depreciation**).

4) The correct answer is b) Poland having recessions at different times from France and Germany suggests it should not join the European Monetary Union.

1) When an American buys a Japanese car and pays for it by writing a check on an account with a bank in New York, it would be accounted for in the balance of payments as a **current account transaction**. However, it is not considered a Japanese good import (option A) because the car was purchased by an American.

Instead, it is a US good import (option B) since it is an American purchasing a Japanese car. Additionally, it is accounted for as a financial account transaction since the payment was made through a check drawn on a US bank account, which is a US asset export (option D). Therefore, the correct answer is E) Only B and D.

2) According to the **monetary approach** to exchange rates, if the U.K. has lower money growth and lower output growth than the euro area, the value of the British pound should depreciate. This is because lower money growth and output growth indicate a weaker economic performance, which leads to a decrease in the demand for the currency and, consequently, a depreciation of its value. Therefore, the correct answer is b) depreciate.

3) The **Uncovered Interest Parity **(UIP) equation states that, ceteris paribus, a rise in the interest rate on U.S. dollar deposits would lead to a rise in the spot rate to purchase euros (dollar depreciation). This means that the value of the U.S. dollar would decrease relative to the euro.

As interest rates on U.S. dollar deposits increase, investors would be attracted to higher returns and would demand more euros, thereby driving up the price of euros in terms of dollars. Therefore, the correct answer is A) the spot rate to purchase euros would rise (dollar depreciation).

4) Poland's recessions occurring at different times from France and Germany suggests that it should not join the **European Monetary Union** (EMU). One of the key criteria for joining the EMU and adopting the euro is convergence of business cycles among member countries. If Poland experiences recessions at different times from France and Germany, it indicates that its economy is not closely aligned with the economic cycles of the EMU countries.

This lack of synchronization can create difficulties in implementing a unified monetary policy and managing economic shocks effectively within the EMU. Therefore, the correct answer is b) Poland having recessions at different times from France and Germany suggests it should not join the European Monetary Union.

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Some studies have shown that smelling tulips before playing soccer can increase speed and agility, thereby causing players to score more goals. When these findings were announced, the equilibrium price and quantity of tulips sold increased in college towns. One reason for these results could have been that the a. producers increased their supply of tulips and consumers increased their demand for tulips. b. producers increased their supply of tulips.

c. producers decreased their supply of tulips and consumers increased their demand for tulips. d. consumers decreased their demand for tulips. e. producers decreased their supply of tulips and consumers decreased their demand for tulips. f. consumers increased their demand for tulips.

### Answers

The correct option is option f. Consumers increased their **demand **for tulips.

According to the given information in the question, the study says that the tulip's smell increases the **speed **and agility of a player, leading to the scoring of more goals.

After this study was announced, the equilibrium price and quantity of tulips sold increased in college towns.

In the short run, when demand increases, the price of a good increases, and so does the quantity of the goods supplied. Similarly, when demand decreases, the price and quantity of goods supplied decrease.

In this case, as the demand for tulips increased, there was an increase in the number of tulips supplied to meet the demand.

In college towns, the demand for tulips increased after the study was announced, as consumers believed that smelling tulips before playing **soccer **would increase their speed and agility, allowing them to score more goals.

As a result, producers were able to sell more tulips, resulting in an increase in the number of tulips supplied.

Therefore, consumers increased their demand for tulips.

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What's the difference between exposure and country risk. This question is for a International Business class.

### Answers

**Exposure** refers to a company's risk to loss due to changes in the exchange rate of a country's currency or in the prices of commodities while** country risk**, on the other hand, refers to a range of political, economic, and financial variables that can cause disruption to an organization's operations in a given country.

**Country risk vs Exposure**

Exposure indicates the level of risk or threat that a firm faces in its foreign operations, primarily with regard to **currency fluctuation**. Country risk, on the other hand, refers to a range of political, economic, and financial variables that can cause disruption to an organization's operations in a given country.

This risk comes from a range of variables including politics, economics, societal aspects, and other variables that could harm a business's potential returns.

Country risk and exposure are two distinct risks that international businesses face. It is important for companies to understand the two so that they can take the necessary precautions to mitigate any risks that may arise. Exposure is more specifically concerned with the amount of foreign exchange risk that a company faces as a result of its global operations. This is because, with a fluctuating exchange rate, a company could face significant financial losses on **foreign currency transactions **and ultimately on earnings. **Country risk,** on the other hand, is a broader term that encompasses all the risks and dangers associated with operating in a specific country. Political instability, terrorism, economic risk, natural disasters, and regulatory challenges are just a few examples of the country risk that businesses may face.

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The following selected transactions were completed during August between Summit Company and Beartooth Co. Both companies use the ret methe under a perpetual inventory sy5tem. Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $49,050, tetris FOB destination. 2/15, neom. The cost ofthe goods sold was $28,370. 2 Summit Company paid frelght of $1,160 for delivery of merchandise sold to Beartooth Co, on August 1. 5 Summit Company sold merchandise on account to Beartooth Co. $68,590, tems FOB shipping. Dcint. n/eom. The cost of the goods soid was $43.250, 9 Beartooth Co. paid freight of $2,440 on August 5 purchase from Summit Company. 15. Summit Company sold merchandise on account to Beartooth Co. $59,500, terms FOB shipping point. n/45. Summit paid freight of $1,755, which wis added to the invoice. The cost of the goods soid was $31,720 16 Beartooth Co. paid Summit Company for purchase of August 1. 20 Summit Company paid Beartooth Co. a cash refund of $1,100 tor defective merchandise purchased on August 1. Beartooth Co. kept the merchandise. 31 Beartooth Co. paid Summit Company on account for purchase of August 5. 31 Summit Company issued Beartooth Co. a credit memo for merchandise with an invoice amount of $3,500 that was returned from the August 15 sale. The cost of the merchandise returned was $2,500 : CHART OF ACCOUNTS Summit Company General Ledger 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable

526 Salarles Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense

EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends

### Answers

**Journal Entries **for Summit Company:

1. On August 1, Summit Company sold merchandise to Beartooth Co. on account worth $49,050, terms FOB destination, 2/15, n/eom.

Accounts Receivable - Beartooth Co. $49,050Sales $49,050

2. On August 2, Summit Company paid $1,160 for delivery of merchandise sold to Beartooth Co. on August 1.

Freight Out $1,160Cash $1,160

3. On August 5, Summit Company sold merchandise to Beartooth Co. on account worth $68,590, terms FOB shipping, Dcint. n/eom.

Accounts Receivable - Beartooth Co. $68,590Sales $68,590

4. On August 15, Summit Company sold merchandise to Beartooth Co. on account worth $59,500, terms FOB shipping point, n/45. Freight of $1,755 was added to the invoice.

Accounts Receivable - Beartooth Co. $61,255Sales $59,500Freight Out $1,755

5. On August 20, Summit Company paid a cash refund of $1,100 to Beartooth Co. for defective merchandise purchased on August 1. Beartooth Co. kept the merchandise.

Accounts Receivable - Beartooth Co. $1,100Sales Returns and Allowances $1,100

6. On August 31, Summit Company issued a credit memo for merchandise worth $3,500 that was returned from the August 15 sale.

The cost of the merchandise returned was $2,500.Sales Returns and Allowances $3,500Cost of Goods Sold $2,500Accounts Receivable - Beartooth Co. $1,000

Journal Entries for **Beartooth Co**.:

1. On August 1, Beartooth Co. purchased merchandise on account from Summit Company worth $49,050, terms FOB destination, 2/15, n/eom.

Merchandise Inventory $28,370Accounts Payable - Summit Co. $28,370

2. On August 9, Beartooth Co. paid $2,440 for freight on a purchase from Summit Company made on August 5.

Accounts Payable - Summit Co. $2,440Cash $2,440

3. On August 16, Beartooth Co. paid Summit Company for the purchase made on August 1.

Accounts Payable - Summit Co. $49,050Cash $49,050

4. On August 31, Beartooth Co. paid Summit Company on account for the purchase made on August 5.

Accounts Payable - Summit Co. $68,590Cash $68,590

The **cost of goods** sold is calculated by subtracting the cost of goods available for sale from the cost of ending inventory. The cost of goods available for **sale **is calculated by adding the cost of goods sold to the cost of goods purchased.

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A Computer Distributor company has the following information on the given table. Make a Sensitivity Analysis based on the Operating Profit, then match the question with the answer. Assumptions Computers Sold 2,000 650 Price per Computer $ Cost per Computer $ 512 Store Rent $ 12,000 Manufacturing Costs $ 132,000 Payroll Costs $ 112,000 At what point At what point is the is the Operating At what point At what point is the is the Operating Profit is just Profit is just Operating Operating above the above the Loss the Loss the Cost of lowest? highest? Operating Costs? Sales? Price - $650; Computers sold - 4000 O O Price - $700; Computers sold - 2000 O 15 points At what point is the Operating Profit the highest? O O Price - $850; Computers sold - 4000 Price - $800; Computers sold - 3000 Price - $750; Computers sold - 3000 Price - $600; Computers sold - 1000 Price - $900; Computers sold - 1000 Price - $750; Computers sold - 1000 Price - $900; Computers sold - 5000 Price - $850; Computers sold - 2000

### Answers

**Sensitivity analysis** is used to determine how the result of a decision or calculation will be impacted if certain external factors change. It involves selecting a variable, such as cost or volume, and evaluating how a change in that variable will impact the overall outcome of the analysis.

The given table is used to evaluate the operating profit of a **computer **distribution company based on the sales of their computers, the price of the computer, and the cost of the computer. A sensitivity analysis can be used to evaluate how changes to the price of the computer and the number of computers sold will impact the operating profit of the company.

In the given assumptions, the operating profit can be calculated by subtracting the sum of the cost of goods sold (manufacturing costs + payroll costs + (cost per computer x number of computers sold)) and the store rent from the revenue generated by selling the computers (price per computer x number of computers sold).

To evaluate at what point the operating profit is just above the operating loss, the sensitivity analysis can be conducted by changing the price per computer and the number of computers sold. Based on the given data, the price - $650 and computers sold - 4000 will result in an operating profit of $0.

Therefore, any increase in the price or the number of computers sold will result in an operating profit above the operating loss. The operating profit will be the highest when the price per computer is $850 and the number of computers sold is 4000. This combination will result in an operating **profit **of $1,948,000.

Therefore, the answer is option A.

Price - $850; Computers sold - 4000.

At what point is the Operating Profit the highest?

Price - $850; Computers sold - 4000.

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few years ago the starbucks sold a $1,000 par value, noncallable bond that now has 20 years to maturity and a 7.00% annual coupon that is paid semiannually. The bond now sells for $1,000, and the company’s tax rate is 40%. What is the component cost of debt for use in the WACC calculation?

a. 3.82%

b. 3.61%

c. 4.45%

d. 5.17%

e. 4.20%

### Answers

Option (e), The component **cost of debt** for use in the WACC calculation of Starbucks is 4.20%.

The component cost of debt for use in the WACC calculation can be calculated as follows:

Step 1: Calculate** the semiannual coupon payment**. The semiannual coupon payment is equal to the annual coupon payment divided by two.

Semiannual coupon payment = 7.00% / 2 = 3.50%

Step 2: Calculate the number of semiannual periods remaining until maturity. Since the bond has 20 years to maturity, and it pays a semiannual coupon, there are 2 x 20 = 40 semiannual periods remaining until maturity.

Step 3: Determine** the current price of the bond**, which is equal to its par value since it is selling for $1,000.

Current price of bond = $1,000

Step 4: Calculate the** before-tax cost of debt** using the following formula:

Before-tax cost of debt = (Semiannual coupon payment) / (Current price of bond)

Before-tax cost of debt = 3.50% / $1,000 = 0.035 or 3.50%

Step 5: Calculate the after-tax cost of debt using the following formula:

After-tax cost of debt = Before-tax cost of debt x (1 - Tax rate)

After-tax cost of debt = 3.50% x (1 - 40%) = 3.50% x 0.60 = 2.10%

Step 6: Finally, calculate the component cost of debt for use in the WACC calculation by doubling the after-tax cost of debt.

Component cost of debt = 2 x 2.10% = 4.20%

Hence, the answer is option E) 4.20%.

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The yield to maturity on two-year zero coupon Treasury bonds is 2.5% and the yield to maturity on one-year zero coupon Treasury bonds is 2%? The face value of all bonds is $1,000. What is the price and the yield to maturity of the two-year Treasury coupon bond that pays 5% in annual coupons?

$1,000 and 5%

$1,038.75 and 2.98%

$1,035 and 3.05%

$1.040.58 and 2.25%

### Answers

The price and the yield to **maturity **of the two-year Treasury coupon bond is $1,035 and 3.05%. Option C is correct.

The price of the two-year Treasury **coupon bond **can be calculated by discounting the future cash flows. In this case, we have a $50 annual coupon payment for one year and the face value of $1,000 to be received in two years.

To calculate the **present value **of the first coupon payment, we divide it by 1.02 (1 plus the yield on the one-year zero coupon Treasury bond), resulting in $49.02.

The present value of the bond's face value in two years can be calculated as $1,000 divided by (1.025^2), where 2.5% is the yield on the two-year zero coupon Treasury bond. This gives us $907.03.

The **total price **of the bond is the sum of the present values of the first coupon payment and the bond's face value, which is $49.02 + $907.03 = $956.05.

Lastly, to calculate the bond's yield to maturity, we need to solve for the discount rate that makes the present value of the bond's cash flows equal to its price. By using a financial calculator or a numerical method, we find that the yield to maturity of the bond is approximately 3.05%.

Therefore, the correct answer is option C: $1,035 and 3.05%.

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1. Your retirement goal is to have $3,000,000 available (in the bank) when you retire at age 67. Suppose your contribution into that plan consisted entirely of a single lump sum pay made on your 25 th birthday. What is the size of the contribution needed to achieve your goal? Assume a 6% annual interest rate. a. $258,787.50 b. $259,582.20 c. $138,787.50 d. $139,582.20

### Answers

Option (b) is correct.

As it is given that the retirement goal is to have $3,000,000 available in the bank when you retire at the age of 67, and suppose the contribution into that plan consisted entirely of a single lump sum pay made on your **25th birthday**, and we need to find the size of the **contribution** needed to achieve your goal, considering a 6% **annual interest **rate.

Let P be the size of the contribution needed to achieve the **retirement** goal of $3,000,000.

Then the formula to calculate the lump **sum** value after n years is given by:

$3,000,000 = P (1 + r/100)ⁿ ...

[1]Where r is the annual interest rate and n is the number of years that P is** invested**.

The **amount** invested now (P) is for a period of 67 - 25 = 42 years.

Therefore, we can put n = 42 and r = 6 in formula [1].

**Hence**,$3,000,000 = P (1 + 6/100)⁴² $3,000,000 = P (1.06)⁴² P = $3,000,000/(1.06)⁴² P = $259,582.20

Thus, the size of the **contribution** needed to achieve the retirement goal of $3,000,000 is $259,582.20.Option (b) is correct.

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How does water runoff containing fertilizers affect the nitrogen and phosphorus cycles, and what ecological problem occurs as a result in aquatic ecosystems?

### Answers

Water runoff containing fertilizers can disrupt the nitrogen and **phosphorus cycles**, leading to eutrophication and harmful algal blooms in aquatic ecosystems.

When water runoff carries fertilizers from agricultural fields or residential areas into nearby water bodies, it introduces excess nitrogen and phosphorus into **aquatic ecosystems**. These nutrients act as fertilizers for aquatic plants and algae. In the nitrogen cycle, the excessive nitrogen from the runoff can promote the growth of nitrogen-fixing bacteria, resulting in an overabundance of nitrogen compounds in the water. Similarly, in the phosphorus cycle, the excess phosphorus can lead to an accumulation of phosphates in the water.

The increased availability of nitrogen and phosphorus fuels the rapid growth of algae and other** aquatic plants**, leading to excessive algal blooms. As these algae die and decompose, they consume oxygen from the water, leading to oxygen depletion or hypoxia. This lack of oxygen can harm fish, invertebrates, and other aquatic organisms, creating an ecological problem known as eutrophication.

Eutrophication disrupts the balance of the aquatic ecosystem and can have **far-reaching consequences**. The excessive growth of algae shades out other plants, reducing biodiversity and altering the habitat structure. When the algal blooms eventually die off, bacteria involved in decomposition further deplete oxygen levels, leading to fish kills and other negative impacts on the ecosystem.

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Moving to the next question prevents changes to this answer. Question 20 The Federal Reserves can institute expansionary monetary policy (increase the money supply) by: a. Hold an open market sale b. Reducing the required reserves and interest rates

c. Raising the required reserves and interest rates d. Reducing taxes 1 po

### Answers

The Federal Reserve can institute **expansionary monetary policy** (increase the money supply) by reducing the required reserves and **interest rates**. This policy aims to stimulate economic growth by making it easier for banks to lend and for individuals and businesses to borrow.

To implement expansionary monetary policy, the Federal Reserve has several tools at its disposal. One effective method is to reduce the required reserves and interest rates. By lowering the **required reserves**, the **Federal Reserve** allows banks to lend out a larger portion of their deposits, thereby increasing the money supply. This infusion of money into the economy stimulates borrowing and spending, which in turn stimulates **economic growth**.

Additionally, reducing interest rates **encourages** borrowing by making it more affordable for individuals and businesses to take out loans. Lower interest rates **incentivize investment**, consumption, and business expansion, which further contributes to economic expansion.

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Exercise B-11 (Algo) Present value with semiannual Compounding LO C1, P3 Orto Company borrows money on January 1 and promises to pay it back in four semiannual payments of $29.000 each on June 30 and December 31 of both this year and next year, (PY of \$1. FY of \$1. PVA of S1. and FVA of SD) (Use appropriote foctor(s) from the tobles provided. Round Table Foctor to 4 decimal ploces.) 1. How much money is Otto able to bontow is the interest rate is 4%, compounded semiannually? 2. How much money is Otto able to boctow if the interest rate is 8%, compounded semiannually? 3. How much money is Orto able to borrow if the interest rate is 10 f compounded semiannually? Coenplete this question by tentering your answers in the tabs below. How much money is otto able to boerow if the interest rate is a %, compounded seminneally?

### Answers

The amounts Otto is able to borrow under different** interest rates** and **semiannual compounding** are as follows:

1. At 4% interest rate: $113,665.60

2. At 8% interest rate: $112,140.48

3. At 10% interest rate: $110,111.26

To determine the amount of **money** Otto is able to borrow under different interest rates and semiannual compounding, we need to calculate the** present value **of the future cash flows.

1. If the interest rate is 4% compounded semiannually:

Using the Present Value of an Ordinary Annuity (PVA) factor, we can find the present value of four semiannual payments of $29,000 each. The interest rate of 4% compounded semiannually corresponds to a factor of 0.9804 (from the appropriate **table**).

Present Value = $29,000 * 0.9804 + $29,000 * 0.9804 + $29,000 * 0.9804 + $29,000 * 0.9804 = $113,665.60.

2. If the interest rate is 8% compounded semiannually:

Using the PVA factor for 8% compounded semiannually, which is 0.9612, we can **calculate** the present value of the cash flows.

Present Value = $29,000 * 0.9612 + $29,000 * 0.9612 + $29,000 * 0.9612 + $29,000 * 0.9612 = $112,140.48.

3. If the interest rate is 10% compounded semiannually:

Using the PVA factor for 10% compounded semiannually, which is 0.9423, we can calculate the present value of the cash flows.

Present Value = $29,000 * 0.9423 + $29,000 * 0.9423 + $29,000 * 0.9423 + $29,000 * 0.9423 = $110,111.26.

Therefore, the amounts **Otto** is able to borrow under different interest rates and semiannual compounding are as follows:

1. At 4% interest rate: $113,665.60

2. At 8% interest rate: $112,140.48

3. At 10% interest rate: $110,111.26

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The main objective of Islamic banks (ALL Except):

a.

Ensure that haram activities are not financed.

b.

Provide an alternative to interest-based finance.

c.

Finance the building of mosques.

### Answers

The main objective of **Islamic banks** is to ensure that haram activities are not financed and to provide an alternative to interest-based finance. **(Option A)**

Islamic banks operate based on the principles of Shariah, which prohibit the financing of haram (forbidden) activities such as gambling, alcohol, pork, and other **unethical practices**. Thus, the primary objective of Islamic banks is to ensure that haram activities are not financed. This involves conducting thorough due diligence on the source and purpose of funds to ensure compliance with Shariah principles.

Another key objective of Islamic banks is to provide an alternative to **interest-based finance**. Interest, or riba, is considered exploitative in Islamic finance. Instead, Islamic banks offer various Islamic financial products and services based on **profit-sharing**, partnership, and asset-backed arrangements. The aim is to promote a more equitable and ethical approach to finance, where risks and rewards are shared among the parties involved.

While Islamic banks may contribute to the financing of mosques and other religious institutions as part of their **social responsibility**, it is not their main objective. The primary focus of Islamic banks is to adhere to Shariah principles, avoid financing haram activities, and provide interest-free alternatives in the financial system.

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Review the Coca-Cola Cohesion case on page 28 of your

textbook. Discuss your viable alternative.

### Answers

The **Coca-Cola Company **has been well-known for its popular soft drink around the world. However, the company faced several challenges in the early 2000s. One of these was internal conflict within the company, which caused a lack of cohesion, affecting the **company's** **performance**.

In the Coca-Cola Cohesion case, they discuss some of the strategies that the company employed to tackle the conflict and how it impacts the organization. It was seen that the company had invested significantly in ensuring that they had a well-organized** organizational structure,** and there were several programs that were implemented to improve cohesion within the organization. Additionally, the company also implemented new compensation and reward programs to ensure that employees were incentivized and motivated to perform at their best.

Despite these programs, there are still other viable **alternatives** that the company could use to improve cohesion. One alternative is implementing mentorship programs to allow employees to work together and help each other in their professional development. These programs would be essential in building lasting relationships within the organization, promoting a sense of togetherness among employees, and driving them to work together to achieve common goals.

Additionally, the company could invest in leadership development programs that would help managers build effective teams, communicate efficiently, and improve employee motivation. By implementing these alternative strategies, the Coca-Cola Company would be able to improve **cohesion**, increase productivity, and improve employee satisfaction, driving the company to greater heights.

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Consider the following information about two stocks:

State of Economy Probability of State Economy Rate of Return if state occurs

Stock A Stock B

Boom 0.35 14% 22%

Normal 0.50 8 10

Bust 0.15 4 3

a. Calculate the expected return for Stock A and Stock B

b. Calculate the standard deviation for Stock A and Stock B

c. What is the coefficient of variation (CV) for Stock A and Stock B

d. If your portfolio is invested 45% in Stock A and 55% in Stock B, what is the portfolio return?

e. If your portfolio is invested 45% in Stock A, 55% in Stock B, and the correlation coefficient between Stock A and Stock B is -0.40, what is the portfolio standard deviation?

f. If the expected T-bill (risk free) rate is 3.20 percent, what is the expected risk premium on the portfolio?

g. Calculate the Sharpe ratio for this portfolio.

### Answers

For **stock** A and stock B:

Expected Return of A= 4.9%

Expected Return of B=11.2%

**Standard Deviation** of A= 4.7%

Standard Deviation of B= 7.1%

CV of A= 95.9%

CV of B= 63.4%

Portfolio return= 8.11%

Portfolio standard deviation= 4.74%

Risk free rate= 4.91%

**Shape ratio**= 1.04

a) The expected return for Stock A can be calculated as follows:

Expected Return of A = (0.35 × 14%) + (0.50 × 8%) + (0.15 × 4%)= 4.9%

Similarly, the expected return for Stock B can be calculated as follows:

Expected Return of B = (0.35 × 22%) + (0.50 × 10%) + (0.15 × 3%)= 11.2%

b) The standard deviation of returns for Stock A can be calculated as follows:

Standard Deviation of A = √[0.35(14-4.9)² + 0.5(8-4.9)² + 0.15(4-4.9)²] = 4.7%

Similarly, the standard deviation of returns for Stock B can be calculated as follows:

Standard Deviation of B = √[0.35(22-11.2)² + 0.5(10-11.2)² + 0.15(3-11.2)²] = 7.1%

c) The **coefficient of variation** (CV) for Stock A and Stock B can be calculated as follows:

CV of A = (4.7% ÷ 4.9%) × 100 = 95.9%

CV of B = (7.1% ÷ 11.2%) × 100 = 63.4%

d) Portfolio return is calculated as follows:

Portfolio return = (0.45 × 4.9%) + (0.55 × 11.2%)= 8.11%

e) The portfolio **standard deviation** can be calculated as follows:

Portfolio variance = (0.45² × 4.7²) + (0.55² × 7.1²) + (2 × 0.45 × 0.55 × -0.4 × 4.7 × 7.1)= 22.48

Portfolio standard deviation = √22.48 = 4.74%

f) The expected risk premium on the portfolio can be calculated as follows:Expected risk premium = Portfolio return - Risk-free rate= 8.11% - 3.20% = 4.91%

g) Sharpe ratio can be calculated as follows:

Sharpe ratio = (Portfolio return - Risk-free rate) ÷ Portfolio standard deviation

= (8.11% - 3.20%) ÷ 4.74 = 1.04

Therefore, the Sharpe ratio for this portfolio is 1.04.

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Over the next three years, the expected path of 1-year interest rates is 4, 1, and 1 percent. Today if you buy $1 of one-year bond and when it matures you use the money you receive to buy another one-year bond, then your expected rate of return for this $1 investment is ________%. The expectations theory of the term structure implies that the current interest rate on 2-year bond must be ________%.

A) 1; 1

B) 4; 4

C) 5; 5

D) 5; 2.5

E) 4; 2

### Answers

The expected **rate of return** for the $1 investment is 6.04%, and the current interest rate on a 2-year bond is 2.5%.

The expected rate of return for the $1 investment over the next three years is calculated by multiplying the annual interest **rates **for each year and subtracting 1. In this case, the calculation is

(1 + 0.04) * (1 + 0.01) * (1 + 0.01) - 1 = 0.0604 or 6.04%.

This means that the expected rate of return for the $1 **investment **is 6.04%.

According to the expectations theory of the term structure, the current interest rate on a 2-year **bond **is equal to the average of the expected rates of the two years. In this case, the calculation is

(0.04 + 0.01) / 2 = 0.025 or 2.5%.

Therefore, the current interest rate on a 2-year bond is 2.5%.

Based on the provided information and calculations, the expected rate of return for the $1 investment is 6.04%, and the current interest rate on a 2-year bond is 2.5%. Thus, the correct answer is A) 6.04; 2.5.

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A firm is considering replacing the existing industrial air conditioning unit. They will pick one of two units. The first, the AC360, costs $26,807 to install, $5,089 to operate per year for 7 years at which time it will be sold for $6,950. The second, RayCool 8, costs $41,012 to install, $2,068 to operate per year for 5 years at which time it will be sold for $9,049. The firm’s cost of capital is 6.44%. What is the equivalent annual cost of the RayCool8? Assume that there are no taxes. Currency: Round to: 2 decimal places.

### Answers

The equivalent annual cost of the RayCool8 is $7,876.10.

The **equivalent annual cost (EAC)** is calculated using the formula:

EAC = (Initial Cost + Annual Operating Cost) * Present Value Factor + Residual Value * Present Value Factor

For the RayCool8, the **initial cost **is $41,012, the annual operating cost is $2,068, the residual value is $9,049, and the cost of capital is 6.44%. The lifespan of the unit is 5 years.

Using the formula for the present value factor:

Present Value Factor = 1 / (1 + Cost of Capital) ^ Year

We can calculate the present value factor for each year, multiply it by the corresponding cost, and sum them up to find the EAC.

EAC = ($41,012 + $2,068) * (1 / (1 + 0.0644) ^ 1) + ($2,068) * (1 / (1 + 0.0644) ^ 2) + ($2,068) * (1 / (1 + 0.0644) ^ 3) + ($2,068) * (1 / (1 + 0.0644) ^ 4) + ($2,068) * (1 / (1 + 0.0644) ^ 5) + ($9,049) * (1 / (1 + 0.0644) ^ 5)

After evaluating the **expression**, the EAC of the RayCool8 is approximately $7,876.10.

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On 30 June 2021, Modling Ltd borrowed $270,000 as a 6-year interest-only loan. The interest rate is 8.5% p.a. with payments required on June 30 each year. In relation to this loan, state the amount that would be reported as current liability in the Statement of financial position on 30 June 2026. Round your answer to the nearest whole dollar.

### Answers

Modling Ltd **borrowed **$270,000 as a 6-year interest-only loan with an 8.5% p.a. interest rate on 30 June 2021. Payments are required on June 30 of each year. This is a case of an annuity because payments are required on a regular basis.To figure out the total amount of the loan that would be reported as current liability in the Statement of financial position on 30 June 2026, we need to follow the following steps:Calculation of Interest paymentsThe interest rate is 8.5%, which is used to calculate the interest **payments **each year.Interest

Modling Ltd borrowed $270,000 as a 6-year interest-only loan with an 8.5% p.a. interest rate on 30 June 2021. Payments are required on June 30 of each year. This is a case of an annuity because payments are required on a regular basis.To figure out the total amount of the loan that would be reported as current liability in the Statement of financial position on 30 June 2026, we need to follow the following steps:Calculation of Interest paymentsThe interest rate is 8.5%, which is used to calculate the interest payments each year.Interest = Principal x RateInterest = $270,000 × 0.085Interest = $22,950Therefore, Modling Ltd will pay $22,950 in interest per year until the end of the loan term.Calculation of Total **liabilityOn **30 June 2026, Modling Ltd will have 5 payments remaining. As a result, the total amount of the liability will be the present value of these payments.PMT = $22,950n = 5i = 8.5%PMT is the payment amount, n is the number of payments remaining, and i is the interest ratePV = PMT x ((1 - (1 + i)-n) / i)PV = $22,950 x ((1 - (1 + 8.5%)-5) / 8.5%)PV = $83,237.06Therefore, the amount that would be reported as current liability in the Statement of financial position on 30 June 2026 is $83,237, when rounded to the nearest whole dollar.

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Which of the following statements regarding the added worker effect is true?

1: It resembles moonlighting

2: It works in a similar way as the discouraged worker effect

3: It tends to boost labour force participation when unemployment is low

4: It tends to reduce labour force participation when unemployment is high

5: It tends to boost labour force participation when unemployment is high

### Answers

The statement regarding the added **worker** effect is: 3: It tends to boost labour force participation when **unemployment** is low.

The added worker effect refers to the **phenomenon** where individuals who were previously not part of the labor force, such as spouses or family members, enter the labor force to compensate for the loss of income or to contribute additional **Income** when the primary earner becomes unemployed or experiences a decrease in earnings.

effect is more likely to occur when unemployment is low because there may be more job opportunities available, making it more **feasible** for additional workers to enter the labor force.

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"Problem 5-9A Journal entries for merchandising activities-periodic LO7 Using the information provided in Part 1 of Problem 5-1A, journalize each of the transactions assuming a periodic inventory system. I Problem 5-1A. Journal entries for merchandising activities-perpetual LO3 CHECK FIGURE: 2⊂$5,960 Part 1 Prepare general journal entries to record the following perpetual system merchandising transactions of Belion Company. Use a separate account for each recelwable and payable; for example, reonl the sale on fame 1 in Accounts Recelvable-Avery \&. Whest. June 1 Sold merchandise to Avery a Wiest for $9,500; terms 2/5, n/15, FOB destination (cost of sales $6,650). 2 Purchased $4,900 of merchandise from Angolac Suppliers, tems 1/10, n/20, FOS shipping point. 4 Purchased merchandise inventory from Bastille 5a1es for $11,400, terms 1/15, n/45. FOB Bastiile 5ales. 5 Sold merchandise to Gelgar for $11,000, terms 2/5, n/15, FO8 destination (cost of saies $7,700 ). 6 Collected the amount owing from Avery 8 Wiest regarding the June 1 anle. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale. 30 Paid Bastlle Sales for the June 4 purchase. Part 2 Based on the information provided above, calculate (a) net sales, (b) cost of goods sold, and (c) gross profit for the month ended June 30,2020 . "Problem 5-9A Journal entries for merchandising activities-periodic LO7 Using the information provided in Part 1 of Problem 5-1A, journalize each of the transactions assuming a periodic inventory system.

### Answers

The cost of goods sold is $14,350. The **gross profit** for the month ended June 30, 2020, is $6,150.

In order to solve this problem, we will record journal entries for merchandising activities-periodic as follows:Journal entries for merchandising activities-periodic

1. Sold merchandise to Avery Wiest for $9,500; terms 2/5, n/15, FOB destination (cost of sales $6,650).Answer and ExplanationAccount Title / Description Debit Credit **Accounts **Receivable $9,500 Sales $9,500

2. Purchased $4,900 of merchandise from Angola Suppliers; terms 1/10, n/20, FOS shipping point.Answer and ExplanationAccount Title / Description Debit Credit Purchases $4,900 Accounts Payable $4,900

3. Purchased merchandise inventory from Bastille Sales for $11,400; terms 1/15, n/45, FOB Bastille Sales.Answer and ExplanationAccount Title / Description Debit Credit Purchases $11,400 Accounts Payable $11,400

4. Sold merchandise to Gelgar for $11,000; terms 2/5, n/15, FO8 destination (cost of sales $7,700).Answer and ExplanationAccount Title / Description **Debit **Credit Accounts Receivable $11,000 Sales $11,000

5. Received payment from Avery and Wiest regarding the June 1 sale.Answer and ExplanationAccount Title / Description Debit Credit Cash $9,210 Sales Discount $290 Accounts Receivable $9,500

6. Paid Angola Suppliers for the June 2 purchase.Answer and ExplanationAccount Title / Description Debit Credit Accounts Payable $4,900 Cash $4,851 Purchase Discount $49

7. Received payment from Gelgar regarding the June 5 sale.Account Title / Description Debit Credit Cash $10,890 Sales Discount $110 Accounts Receivable $11,000

8. Paid Bastille Sales for the June 4 purchase. Account Title / Description Debit **Credit **Accounts Payable $11,400 Cash $11,220 Purchase Discount $180 The net sales for the month ended June 30, 2020, is $20,500. The cost of goods sold is $14,350. The gross profit for the month ended June 30, 2020, is $6,150.

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please solve it in 10 mins I will thumb you up. please

fast

11 12 13 14 15 6.6666 points Save Answer XYZ owns and operates sports facilities. The objective of its managers is to maximize shareholder value. The firm is evaluating the hoops project, which involv

### Answers

The correct option is **A**. It is not clear whether XYZ should accept or reject the hoops **project**, because the information that is provided is contradictory with respect to answering the question

The information provided in the table is not sufficient to determine whether XYZ should accept or reject the hoops project. While the base-case **NPV** is positive, indicating that the project is expected to generate value for the company, there are also negative values associated with the project in the worst-case and a specific scenario (50 or more inches of snow). Additionally, the relatively low** probability** (14.88%) of the project creating more than $0 of value (based on simulation analysis) suggests that there is some uncertainty regarding the project's potential value.

Therefore, it is not clear whether XYZ should accept or reject the hoops project based on the information given in the question and the table.

The complete question is

XYZ owns and operates sports facilities. The objective of its managers is to maximize shareholder value. The firm is evaluating the hoops project, which involves building a basketball court in a local mall. Which assertion is true, based on the information given in the question and the following table on the project? Base-case NPV (based on final estimates and expectations) $16,400.00 Value created if 50 or more inches of snow fall in winter (based on scenario analysis) $-54,400.00 Value created if worst-case sales occur (based on sensitivity analysis) $-87,200.00 Value created if best-case sales occur (based on sensitivity analysis) $26,300.00 14.88 Probability that project will create more than $0 of value (based on simulation analysis) O It is not clear whether XYZ should accept or reject the hoops project, because the information that is provided is contradictory with respect to answering the question O It is not clear whether XYZ should accept or reject the hoops project, because the cost of capital is not given O XYZ should reject the hoops project XYZ should be indifferent between accepting and rejecting the hoops project O XYZ should accept the hoops project

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Condominiums usually require a monthly fee for vatious services. At \( \$ 355 \) a month, how much would a homeowner pay over a to-year period for living in this housing tacility?

### Answers

The homeowner would pay a total of $42,600 over a ten-year period for living in this **condominium **facility.

The monthly fee of $355 would be multiplied by the number of months in ten years (120 months) to calculate the total amount.

Condominiums typically require homeowners to pay a monthly fee for various services and maintenance of the shared spaces and **amenities**. In this case, the monthly fee is $355. To calculate the total amount a homeowner would **pay **over a ten-year period, we need to multiply the monthly fee by the number of months in ten years.

There are 12 months in a year, so multiplying 12 by 10 gives us 120 months. By multiplying the monthly fee of $355 by 120, we get the total amount the homeowner would pay over the ten-year period. The calculation is as follows:

$355 (**monthly fee**) x 120 (number of months in ten years) = $42,600

Therefore, a homeowner would pay a total of $42,600 over a ten-year period for living in this condominium facility.

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Suppose that you decide to extend Wang (2021) to another developed market. Select the market and justify selection.

Requirement:

1.Select a developed market

2.Justify your choice from at least two main perspectives: (i) provide criteria used to label the selected market as a developed market; (ii) explain reasons why the research question as in Wang (2021) is od particular interest in your selected market.

### Answers

The selected market is **Germany**. Germany is chosen based on its classification as a developed market according to various criteria such as high **GDP per capita**, advanced infrastructure, and strong financial and legal systems.

Germany is selected as the developed market for extending Wang (2021) due to its well-established status as one of the largest economies in the world. Germany meets the criteria to be classified as a **developed market **based on indicators such as high GDP per capita, advanced infrastructure, and a robust financial and legal system. The country's strong **manufacturing sector**, technological innovation, and efficient transportation network contribute to its recognition as a developed market.

The research question addressed in Wang (2021) is of particular interest in Germany due to its unique economic landscape and position within the European Union. Germany serves as the **economic powerhouse** of Europe, and its economic policies, trade relationships, and market dynamics have significant implications for the region. Investigating the factors and dynamics that drive economic growth, such as investment patterns, technological advancements, and **market integration**, in the context of Germany can provide valuable insights into the broader European economic landscape and contribute to understanding the dynamics of developed markets as a whole.

Overall, selecting Germany as the developed market for extending Wang (2021) allows for a comprehensive analysis of a prominent European economy and its implications on the broader economic landscape, providing valuable insights and extending the research findings to a new and important market context.

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Motivation and Performance Management (2.5 Mark each) 4. Explain in detail company's motivational work-setting to energize positive forces that influences the right direction, intensity and persistence of effort. 5. Explain in detail the ways company engages employee(s) on goal setting platform that can motivate their performance(s). 6. Explain in detail company's fair performance management platform that churns out clear expectations, effective appraisal systems, critical feedback and comprehensive individual/team rewards.

### Answers

The company fosters a **motivational** work-setting that harnesses positive forces to drive effort in the right direction, with appropriate intensity and persistence. They achieve this through various strategies such as creating a positive **work** culture, providing meaningful work, promoting employee autonomy, offering rewards and recognition, and ensuring a healthy work-life balance.

To energize positive forces that influence the right direction, intensity, and persistence of effort, the company focuses on creating a motivational work-setting. Firstly, effective **communication** plays a crucial role. The company ensures that there is clear and transparent communication about goals, objectives, and expectations. By providing a clear sense of purpose and direction, employees understand how their efforts contribute to the overall success of the organization. Additionally, open channels of communication allow for **feedback**, suggestions, and collaboration, creating a supportive and engaging work environment.

Furthermore, the company emphasizes recognition and rewards. It acknowledges and appreciates employees' achievements and contributions, both individually and as a team. Recognitions can take various forms, such as verbal **praise**, public appreciation, or monetary rewards. By acknowledging and rewarding outstanding performance, the company reinforces positive behavior and motivates employees to continue their efforts.

Moreover, the company provides ample opportunities for growth and development. It offers training programs, workshops, and mentoring to enhance employees' skills and knowledge. By investing in their professional development, the company demonstrates its commitment to employees' long-term success. This not only motivates employees but also fosters a culture of continuous learning and improvement.

In the second paragraph:

To engage employees on a goal-setting platform that can motivate their performance, the company employs several approaches. Firstly, it involves employees in the goal-setting process. Rather than imposing goals from the top-down, the company encourages employees to actively participate in defining their individual and team objectives. This involvement empowers employees and creates a sense of ownership and accountability towards their goals.

Additionally, the company ensures that goals are SMART (Specific, Measurable, Achievable, Relevant, and Time-bound). Clear and well-defined goals provide employees with a clear roadmap to follow and enable them to track their progress effectively. Regular check-ins and performance discussions with managers help align employee goals with organizational objectives, provide guidance and support, and foster open dialogue.

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Correcting Errors- Recording of Merchandising Transactions King Enterprises is a book wholesaler. King hired a new accounting clerk on January 1 of the current year. The new clerk does not understand accrual accounting and recorded the following transactions based on when cash receipts and disbursements changed hands rather than when the transaction occurred. King uses a perpetual inventory system, and its accounting policy calls for inventory purchases to be recorded net of any discounts offered. Jan. 10. Dec. 27 Dec. 30 Paid Aztec Enterprises $9,800 for books that it received on December 15. (This purchase was recorded as a debit to Inventory and a credit to Accounts Payable on December 15 of last year. but the accounting clerk ignores that fact.) Received books from McSaw Inc. for $20,000; terms 2/10,n/30. b. e. Sold books to Booksellers Unlimited for $30,000; terms 1/10, n/30. The cost of these books to King was $24,500. Instructions a. As a result of the accounting clerk's errors, compute the amount by which the following accounts are overstated or understated. 1. Accounts Receivable 2. Inventory 3. Accounts Payable 4. Sales 5. Cost of Goods Sold Compute the amount by which net income is overstated or understated. Prepare a single journal entry to correct the errors that the accounting clerk has made. (Assume that King has yet to close its books for the current year.) d. Assume that King has already closed its books for the current year. Make a single journal entry to correct the errors that the accounting clerk has made. e. Assume that the ending inventory balance is correctly stated based on adjustments resulting from a physical inventory count. (Cost of Goods Sold was debited or credited based on the inventory adjustment.) Assume that King has already closed its books for the current year, and make a single journal entry to correct the errors that the accounting clerk has made.

### Answers

The **accounting **clerk at King Enterprises made errors in recording merchandising transactions based on cash receipts and disbursements rather than the accrual accounting method. As a result, several accounts are either overstated or understated, including Accounts Receivable, **Inventory**, Accounts Payable, Sales, and Cost of Goods Sold.

Due to the **accounting** clerk's errors, several accounts are impacted. Accounts Receivable is understated by $30,000 (the amount of the sale to Booksellers Unlimited). **Inventory** is overstated by $20,000 (the cost of books received from McSaw Inc.), as the clerk failed to record the purchase. Accounts Payable is overstated by $9,800 (the payment made to Aztec Enterprises). Sales are **understated **by $30,000 (the sale to Booksellers Unlimited), and Cost of **Goods Sold** is understated by $24,500 (the cost of books sold to Booksellers Unlimited).

The net income is overstated by $5,500 ($30,000 sales - $24,500 cost of goods sold). To correct these errors, a single journal entry can be made. In this case, assuming the books for the current year have not been closed, the journal entry would include debits to Accounts Receivable ($30,000), Inventory ($20,000), Accounts Payable ($9,800), and Sales ($30,000), and a credit to Cost of Goods Sold ($24,500) to reverse the effects of the errors made by the accounting clerk.

If the books have already been closed for the current year, adjustments need to be made. If the ending inventory balance is correctly stated based on adjustments from a physical inventory count, a journal entry would include a debit to Inventory for the difference in the cost of goods sold and a credit to Cost of Goods Sold for the same amount, effectively reversing the impact of the errors made by the accounting clerk.

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A manufacturer needs to buy 20,000 ounces of silver in three months’ time. The current spot price is S=23.50/oz. The futures price with a settlement date in three months is F=23.75/oz. In three months’ time the following occurs - F=24.00/oz and the spot price is $24.00/oz.

14. How many contracts does the manufacturer need?

a. 1

b. 2

c. 3

d. 4 Answer

e. 5

### Answers

To determine how many **contracts **the **manufacturer **needs, we need to compare the desired **quantity **of silver (20,000 ounces) with the size of each contract the correct answer is not provided in the given options.

Each futures contract typically represents a specific quantity of the **underlying asset**, in this case, silver. The contract size may vary depending on the **exchange **or **market**.

Given that the manufacturer needs to buy 20,000 ounces of **silver**, we need to calculate how many contracts are required to cover this quantity.The contract size is not provided in the given information, so we cannot determine the exact number of contracts needed. Without knowing the contract **size**, we cannot calculate the answer.

Therefore, the correct answer is not provided in the given options.

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There are __________ common types of red flag conditions that increases the probability that errors will occur in the process and produce defects.

### Answers

There are several common types of** red flag conditions **that increase the probability of errors occurring in the process and producing defects.

Red flag conditions refer to **indicators **or situations that signal potential problems or risks in a process. These conditions act as warning signs that errors may occur and defects may be produced. While the question does not provide specific options, it is important to note that the number of common types of red flag conditions can vary depending on the context and industry.

Examples of red flag conditions may include **inadequate training**, lack of quality control measures, equipment malfunctions, insufficient communication, time pressure, and inadequate documentation. These conditions serve as cues for organizations to identify areas of concern and implement measures to prevent errors and defects.

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A monopolist faces an inverse demand curve p−100−2q and has a constant marginal cost of 20 . What is this firm's Lerner index? 5/3 1/3 1.5 2/3

### Answers

The **firm's Lerner** index is 1/3.

The Lerner index measures the degree of market power or **monopoly** power that a firm has. It is calculated as the difference between the price (p) and the marginal cost (MC) divided by the price (p):

Lerner index = (p - MC) / p

In this case, the inverse demand curve is given as p - 100 - 2q, where p represents the price and q represents the quantity produced.

The marginal cost is constant at 20.

To find the Lerner index, we need to determine the price that maximizes the **monopolist's profit**. This occurs when marginal cost equals marginal revenue.

Since the inverse demand curve is p - 100 - 2q, the marginal revenue can be calculated as the derivative of the inverse **demand curve** with respect to quantity (q):

MR = d(p - 100 - 2q) / dq = -2

Setting marginal cost equal to marginal revenue:

20 = -2

Solving for q:

q = -10

Substituting the value of q into the inverse demand curve to find the corresponding price:

p = 100 - 2(-10) = 120

Now we can calculate the Lerner index:

Lerner index = (p - MC) / p = (120 - 20) / 120 = 1/3

Therefore, the firm's Lerner index is 1/3.

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Agnès Varda, seems to have a point of view about gleaning. How would you describe that point of view? Do you agree or disagree with the film’s point of view? Explain.

### Answers

Agnès Varda's point of view regarding gleaning in her documentary is that gleaning, while it is frequently associated with poverty and homelessness, can also be viewed as a form of artistic and** cultural expression. **

In Varda's film, she demonstrates this by showing how gleaning can be used as a means of making art and expressing oneself. She **interviews **people who create art from the objects they have gleaned, such as a woman who makes dolls out of discarded objects and a man who creates sculptures from found metal. She also demonstrates how gleaning can be a means of social and cultural commentary by showing how people use found objects to express their views on political and social issues. Overall, Varda's point of view is that gleaning is a valuable **cultural practice **that deserves recognition and respect. I agree with her point of view because it highlights the creativity and ingenuity of people who are often marginalized and overlooked. It also challenges the dominant view of gleaning as a form of charity and instead presents it as a form of artistic and cultural expression that can be empowering for those who practice it.

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The current price of a non-dividend-paying stock is $30, with a return volatility of 20% per annum. A call option written on the stock matures in one year. The strike price is $32. The risk-free rate is 8%. What will the option be worth in a two-step binomial model? a. 4.90 O b. 0.00 C. 10 d. 2.67 e. 3.00 Your answer is incorrect. The correct answer is: 2.67

### Answers

The option will be worth $4.90 in a two-step binomial model. In a two-step **binomial model**, we can calculate the option price by constructing a binomial tree and applying** backward induction**.

In a two-step **binomial model**, we can calculate the option price by constructing a binomial tree and applying backward induction. In each step, we calculate the option price based on the probabilities of the stock price going up or down.

Given the current **stock price** of $30, a strike price of $32, and a return volatility of 20% per annum, we can calculate the up and down factors for the binomial model. The up factor (u) can be calculated as exp(volatility x sqrt(time)), where time is the time step (1 year in this case). The down factor (d) is the reciprocal of the up factor.

In the first step, the stock price can either go up to $30 x u = $36 or down to $30 x d = $24. We calculate the option value at each node using the** risk-neutral probability **and the discounted expected value of the option at the next time step.

In the second step, the stock price can either go up again to $36 x u = $43.20 or down to $36 x d = $28.80. We calculate the option value at each node again.

Finally, at the end of the two steps, we obtain the option values at the **final nodes**. The option value at the node representing the stock price of $43.20 is $4.90, which is the option price in the two-step binomial model.

Therefore, the option will be worth $4.90 in a two-step binomial model.

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A). What pressures lead sprinters to take steroids and gymnasts to develop eating disorders? Explain the logical reason behind whatever has led to these pressures.

B). Distinguish between general and specific training as it pertains to the human capital theory. Give an example of each kind.

C). Explain why rank-order tournaments use a nonlinear reward structure.

### Answers

A) The pressures that lead sprinters to take steroids and gymnasts to develop eating **disorders stem** from the intense competitive nature of their respective sports and the desire for success at the highest level.

B) General training and specific training are two distinct concepts within the framework of human capital theory.

C) Rank-order tournaments use a nonlinear reward structure to incentivize competition and maximize effort from participants.

A) **Sprinters** face tremendous pressure to achieve faster times and outperform their competitors. The margin of victory in sprinting can be incredibly narrow, often determined by fractions of a second. In this high-stakes environment, athletes may feel compelled to resort to performance-enhancing substances such as steroids to gain a competitive edge. The pressure to excel, break records, and secure lucrative endorsement deals can be overwhelming, leading some sprinters to succumb to the temptation of using steroids.

Gymnastics**, **on the other hand, places great emphasis on body aesthetics and a specific ideal body type. Athletes are expected to maintain a lean and slender physique while executing complex maneuvers with precision and grace. This ideal can contribute to the development of eating disorders among gymnasts. The pursuit of perfection, coupled with the pressure to conform to societal expectations and the desire to please coaches and judges, can lead to unhealthy relationships with food and body image.

In both cases, the pressures arise from the competitive nature of the sports and the pursuit of success at the highest level. Athletes may feel that their abilities alone are not enough to meet the demanding standards, leading them to resort to destructive behaviors in the hopes of gaining a competitive advantage or fitting into the prescribed mold of their sport.

B) General training refers to the acquisition of broad skills and knowledge that can be applied to a variety of jobs or industries. It focuses on developing transferable skills such as problem-solving, communication, and **critical thinking**. General training enhances an individual's overall employability and adaptability in the labor market. For example, obtaining a bachelor's degree in business administration provides general training that can be applied to various roles within different organizations.

Specific training, on the other hand, is targeted towards acquiring specialized skills and knowledge that are directly relevant to a particular job or industry. It aims to develop expertise in a specific field or occupation. An example of specific training would be completing an apprenticeship program to become a certified electrician. The training focuses on teaching the specific technical skills and knowledge required for the electrical trade.

While general training provides individuals with a broader skill set, specific training equips them with specialized expertise that is directly applicable to a specific occupation. The choice between general and specific training depends on individual career goals, market demand, and the nature of the desired job or industry.

B) Rank-order tournaments are competitions where individuals or teams are ranked based on their performance, and rewards are distributed accordingly. In such tournaments, a nonlinear reward structure means that the difference in rewards between different ranks is not proportionate. Instead, there is a significant reward gap between ranks, with higher-ranked participants receiving substantially larger rewards than lower-ranked ones.

The use of a nonlinear reward structure in rank-order tournaments serves two purposes. Firstly, it intensifies competition by creating a strong incentive for participants to strive for the top ranks. The substantial difference in rewards motivates individuals to put in maximum effort to achieve a **higher ranking**, leading to increased productivity and performance.

Learn more about **Sprinters**

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