describe a time when you went above and beyond to provide excellent customer service
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One time, I was working as a customer service representative at a retail store, and a customer came in with a complaint about a defective product they had purchased. The customer was very upset and was demanding a refund or replacement. After listening to the customer's concerns and thoroughly examining the product, I found that it was indeed defective and needed to be replaced.
However, the store's policy at the time was to only offer a refund or exchange if the product was unopened or in its original packaging. Since the customer had already opened the product, I knew that a refund or exchange was not an option.
Despite the policy, I decided to go above and beyond to provide excellent customer service. I offered to personally buy the customer a new product of their choice, at no cost to them, to make sure that they were satisfied with their shopping experience. The customer was very grateful for my offer and was impressed with the level of customer service that I provided.
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Related Questions
Describe how the language and the culture you grew up with, play a role in your communication styles?
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What is the role of transnational and multinational corporations?
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Transnational Corporations (TNCs) have been shown to be of great assistance to the growth of the economy of many developed and developing nations by obtaining global managerial, technical, and behavioral skills and resources.
One of the most crucial topics in international economics is transnational firms. They have a direct impact on emerging worldwide business trends, global competition on global marketplaces, as well as state and national economies. Because they have been moving manufacturing to nations with generally lower unit labor costs in order to boost profits and returns for shareholders, TNCs are a major force behind globalization. Multinational corporations can drop prices and boost global customer purchasing power by producing identical goods at lower costs.
Direct financial investment abroad and employment creation in such nations' local economies are two further advantages.
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aileen lee is ranked among the world's top venture capitalists, but when she invests in a company, she cannot demand more than a. established cash flows. b. what is earned. c. those who have invested debt in the enterprise. d. anticipated future financing.
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Aileen Lee is ranked among the world's top venture capitalists, but when she invests in a company, she cannot demand more than established cash flows.
What is company?
A corporation is a business entity created by a group of people to conduct and manage a business enterprise, whether it be commercial or industrial. Depending on the corporate law of the its jurisdiction, a company may be set up in a variety of ways for tax and financial liability reasons. The type of business structure a company chooses, such as a partnership, sole proprietorship, or corporation, will typically depend on the industry it operates in. The ownership structure of a business is also indicated by these structures. Additionally, they can tell private from public companies. Both have different ownership arrangements, laws, and rules regarding financial reporting. A company, also referred to as corporate personhood, is largely an artificial person in that it exists independently of the people who own, direct, and support its business.
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The Discount Rate is equal to 1% and the Fed Funds Rate is equal to .5%
At what rate would banks be able to borrow from each other's reserve balances?
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The Discount Rate is the interest rate that the Federal Reserve charges banks to borrow funds on a short-term basis. It is typically set higher than the FFR as a tool for controlling monetary policy.
However, since the given Discount Rate of 1% is higher than the FFR of 0.5%, it is unlikely that banks would borrow from the Discount Window. Instead, they would prefer to borrow from each other's reserve balances at the lower FFR rate of 0.5%.
Therefore, the rate at which banks would be able to borrow from each other's reserve balances in the given scenario is 0.5%.
review question explain why diversification is such an important concept when it comes to investing for your future.
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Due to its ability to reduce risk and improve overall portfolio performance, diversification is a crucial idea in investing for the future. Diversification attempts to lessen the negative effects of any one underperforming investment on the portfolio as a whole by distributing assets among several asset classes, sectors, locations, and securities.
First off, diversification aids in reducing exposure to the risk associated with specific assets. Under various market circumstances, various asset classes—such as stocks, bonds, and real estate—tend to perform differently. When one asset class performs poorly, another may make up for it, reducing losses and balancing overall returns.
Second, diversification reduces exposure to specific hazards related to certain businesses or industries. The effects of any unfavourable occurrences or industry-specific risks are lessened by investing across a variety of businesses and assets.This lessens the possibility of substantial losses as a result of things like regulatory adjustments, technology upheavals, or economic downturns affecting a certain sector.
Last but not least, diversification increases the chance of long-term growth. Contrary to concentrated portfolios, diversified portfolios have historically demonstrated more stable returns over time. Diversification increases the possibility of profiting from numerous economic sectors by preventing an overreliance on a single investment and enabling participation in a variety of market opportunities.
In conclusion, diversity is essential for long-term investing since it lowers exposure to specific risks, protects against volatility, lowers risk exposure overall, and increases the possibility for long-term growth. Investors may be able to strike a balance between risk and return while increasing their chances of reaching their financial objectives by taking a diversified approach.
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Wheeler’s Bike Company manufactures custom racing bicycles. The company uses a job order cost system to determine the cost of each bike. Estimated costs and expenses for the coming year follow
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Answer:
predetermined overhead rate: 14.51 dollars per labor hour
applied overhead at 18,500 hours: 268,435 dollars
Explanation:
we distribute the expected overhead over the cost dirver. In this case direct labor hour:
cost driver: labor hours:
labor cost: 231,322 / 12.71 labor rate = 18,200 labor hours
expected overhead:
depreciaiton 53,500
supervisor 135,000
supplies 42,900
property tax 32,750
total overhead 264,150
overhead rate: 264,150 / 18,200 = 14,51373626373626 = 14.51/hr.
applied: 18,500 x 14.51 = 268.435
which of the following contributes to the competitive advantage enjoyed by service firms using lean concepts? multiple choice backup employees to cover for absenteeism one hundred percent inspection to remove defects dedicated equipment to reduce unit costs safety stocks to prevent stockouts greater flexibility to cope with change
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The competitive advantage enjoyed by firms using lean production contributes greater flexibility to cope with change.
A company that offers professional services is referred to as a firm. This can be a corporation, limited liability company (LLC), or partnership. Most businesses have a single location. A commercial firm, however, comprises of one or more physical locations that are all owned by the same person and share the same employer identification number (EIN).
The term "firm" can refer to a wide range of enterprises, including finance, consulting, marketing, and graphic design firms, among others. When used in a title, "firm" is often linked with companies that offer expert legal and accounting services.
A business entity may have one or more locations, all of which are under the same ownership and EIN reporting requirements.
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You are the owner of a bakery that makes a complete line of specialty breads, pastries, cakes, and pies for the retail and wholesale markets. A summer intern has just completed an activity-based costing study that concluded, among other things, that one of your largest recurring jobs is losing money. A local luxury hotel orders the same assortment of desserts every week for its Sunday brunch buffet for a fixed price of $975 per week. The hotel is quite happy with the quality of the desserts the bakery has been providing, but it would seek bids from other local bakeries if the price were increased.
The activity-based costing study conducted by the intern revealed that the cost to the bakery of providing these desserts is $1,034 per week, resulting in an apparent loss of $59 per week or over $3,000 per year. Scrutinizing the intern's report, you find that the weekly cost of $1,034 includes facility-level costs of $329. These facility-level costs include portions of the rent on the bakery's building, your salary, depreciation on the office personal computer, and so on. The facility-level costs were arbitrarily allocated to the Sunday brunch job on the basis of direct labor-hours.
Should you demand an increase in price from the luxury hotel for the Sunday brunch desserts to at least $1,034 ? If an increase is not forthcoming, should you withdraw from the agreement and discontinue providing the desserts?
Answers
A careful examination of the cost structure based on the ABC analysis reveals that the $329 facility level cost is incorporated into the overall cost. These facility-level expenses are fixed costs that are incurred on a global scale. Therefore, it is a wasted expense and has no bearing on decisions.
What is cost structure?
The types and proportional distributions of fixed and variable expenses that an organisation incurs are referred to as cost structure. Smaller definitions of the notion are possible, for example, for each product, service, product line, client, division, or geographical area. If you are utilising a cost-based pricing approach, cost structure is used as a technique to calculate prices as well as to emphasize areas in which expenses may be lowered or at the very least subjected to greater control. The cost structure notion is therefore exclusive to management accounting and does not apply to financial accounting.The updated cost structure :
$1034- $329 will be equal to $ 705.
Given that the quoted price is $975 and the cost is 705, there is a weekly contribution margin of $ 270. ($975- $705) . If the luxury hotel does not agree to the price hike, the company may continue with the current pricing of $975.
Since the contribution is beneficial, the agreement shouldn't be cancelled and dessert manufacture should continue.
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what is a factor that affects a business relations with its customers?
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There are the following factors on which the business relationship with its customers depends.
1. Treat your customers politely: Customers become happy only if all their issues are resolved correctly and early. Being a representative of your business address your customers by their name and with due respect at the very beginning of the conversation to let them know that you know their very Vell name and try to interact with them genuinely to know their problems and to fix them all.
2. Become a good listener: Always try to hear your customer what is saying and listen to their problems. Truly listening to your customers is very important it not only helps to resolve issues rather it is one of the customer relationship building processes Listening gives them satisfaction. They will get satisfaction after positively talking to you.
3. Try to build trust: It needs many positive experiences to cover up the dissatisfaction of a single negative experience of a customer. In the customer relationship-building process it is necessary to build trust among your customers. always say the truth to your customers. Let your customers know clearly about all the new positive and negative changes occurred in your products or services. Be honest as well as transparent because these are crucial factors in customer relationship building.
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You are out on your own and you have come into the sad issue of the old car (20+ years old, 150k miles) your parents gave you having a blown transmission unexpectedly. (It really wasn’t. You just put it off because it’s not cheap.) You now have the dubious choice to purchase a new\used car OR to repair the car your parents gave you free and clear. Assume you have a part-time job making $10 an hour at 30 hours a week and a 15% tax rate. Your total living expenses are $700 a month. The repairs for a transmission at $2,500 dollars, which you can finance at 17% interest. A new vehicle would be $20,000 at 10% interest, and a used vehicle would be $9,000 at 12% interest with unknown driver history. Create a flowchart, trace-table, and UML for these options and then in a one-page paper, discuss which you would choose and why. Discuss affordability, reliability, and return on investment.
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I would choose to repair the car with the blown transmission. Despite the upfront cost, it offers affordability since the repair cost is lower than purchasing a new or used car.
In this scenario, repairing the car with the blown transmission is the more prudent choice. While the repair cost of $2,500 may seem significant, it is still more affordable than purchasing a new or used car. With a part-time job earning $10 an hour at 30 hours a week, the monthly income is $1,200 Lastly, the existing car holds sentimental value as it was given by my parents. By repairing it, I can continue to use a vehicle that has personal significance and is already familiar to me. Overall, considering affordability, reliability, sentimental value, and long-term financial benefits, repairing the car is the preferable choice in this situation.
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FIFO Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process
Dama Company produces women's blouses and uses the FIFO method to account for its manufacturing costs. The product Dama makes passes through two processes: Cutting and Sewing. During April, Dama's controller prepared the following equivalent units schedule for the Cutting Department:
Direct Material Conversion Costs
Units started and completed 40,000 40,000 Units, beginning work in process: 10,000 × 0% — — 10,000 × 50% — 5,000 Units, ending work in process: 20,000 × 100% 20,000 — 20,000 × 25% — 5,000 Equivalent units of output 60,000 50,000 Costs in beginning work in process were direct materials, $20,000; conversion costs, $80,000. Manufacturing costs incurred during April were direct materials, $240,000; conversion costs, $320,000.
Required:
1. Prepare a physical flow schedule for April.
Dama Company
Physical Flow Schedule
Units to account for: Units, beginning work in process Units started Total units to account for Units accounted for: Started and completed Units, beginning work in process Units, ending work in process Total units accounted for Feedback
1. A physical flow schedule shows the units to account for and what happened to them.
2. Compute the cost per equivalent unit for April. If required, round your answer to the nearest cent.
$ per equivalent unit
3. Determine the cost of ending work in process and the cost of goods transferred out.
Cost of ending work in process $
Cost of goods transferred out $
Feedback
2. The equivalent units schedule measures the output of the period. A fully completed unit is counted as a unit of output. Output for a unit in ending work in process is counted by its degree of completion.
3. Unit cost = Costs of the period ÷ Output of the period. The cost of goods (services) transferred out is the unit cost multiplied by the units completed. The cost of EWIP is the unit cost multiplied by the equivalent units found in EWIP.
4. Prepare the journal entry that transfers the costs from Cutting to Sewing.
Work in Process-Sewing Work in Process-Cutting
Answers
Answer:
1. Physical Flow Schedule for April:
Units to account for:
Units, beginning work in process: 10,000
Units started: 40,000
Total units to account for: 50,000
Units accounted for:
Started and completed: 40,000
Units, ending work in process: 10,000
Total units accounted for: 50,000
2. Cost per equivalent unit for April:
Direct Materials:
Costs in beginning work in process: $20,000
Costs added during April: $240,000
Total costs: $260,000
Equivalent units of output: 60,000
Cost per equivalent unit of direct materials: $260,000 ÷ 60,000 = $4.33
Conversion Costs:
Costs in beginning work in process: $80,000
Costs added during April: $320,000
Total costs: $400,000
Equivalent units of output: 50,000
Cost per equivalent unit of conversion costs: $400,000 ÷ 50,000 = $8.00
3. Cost of ending work in process and the cost of goods transferred out:
Cost of ending work in process:
Direct materials: 20,000 × 100% × $4.33 = $86,600
Conversion costs: 5,000 × 25% × $8.00 = $10,000
Total cost of ending work in process: $96,600
Cost of goods transferred out:
Direct materials: 40,000 × $4.33 = $173,200
Conversion costs: 40,000 × $8.00 = $320,000
Total cost of goods transferred out: $493,200
4. Journal entry to transfer costs from Cutting to Sewing:
Debit: Work in Process - Sewing $493,200
Credit: Work in Process - Cutting $493,200
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can someone help pick 1, 2,or 3 ?
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Answer:
2no I think you are confused so
Define the word extractive!
Thanks!
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Pleasing or appealing to the senses
How do you calculate marginal cost from production cost?
Answers
marginal cost The difference in total production costs caused by creating or producing one extra unit is known as the marginal cost in economics.
Divide the variation in production costs by the variation in quantity to determine marginal cost. In managerial accounting, the idea of marginal cost is crucial because it may be used to maximize production through economies of scale within an organization. The overall costs involved in producing an additional good are what is referred to as the marginal cost. Therefore, it can be evaluated by changes in the costs associated with each extra unit. Because a corporation seeking to maximize profits will only create until marginal cost (MC) equals marginal income, marginal cost is a key concept in economic theory.
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a bank's insurance company refuses to provide insurance coverage to applicants in a particular neighborhood because of the ethnic or racial characteristics of the neighborhood. which of the following is true?
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The bank's insurance company is engaging in redlining, which is illegal and discriminatory. This violates fair lending laws and could result in legal consequences for the bank and insurance company.
The bank's insurance company is engaging in a practice called "redlining." Redlining is illegal and discriminatory, as it denies insurance coverage based on the ethnic or racial characteristics of a neighborhood rather than individual qualifications or risks. This practice violates the Fair Housing Act and other anti-discrimination laws.
Redlining is a discriminatory practice that involves denying or limiting financial services, such as loans or insurance, to individuals or communities based on their race, ethnicity, or other protected characteristics. The term originated in the 1930s when the U.S. government created maps of neighborhoods that were considered too risky for investment, often based on the racial makeup of the area.
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Which type of ma plan is an hmo plan that also covers some benefits out-of-network, generally at a higher cost?.
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The type of ma plan is an hmo plan that also covers some benefits out-of-network, generally at a higher cost is: Private Fee-for-Service (PFFS), Medicare Supplement Insurance Plan.
What is medicare advantage plan?Medicare advantage plan can be defined as a health insurance coverage plan that help to cover the medical costs of people under the plan.
The type of Medicare advantage plan that also covers some benefits out-of-network are:
Private Fee-for-Service (PFFS)Medicare Supplement Insurance PlanPreferred Provider Organization (PPO)Point-of-Service (POS) Plan(right)Learn more about medicare here:https://brainly.com/question/1960701
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Who is the leader of EG
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Answer:
The company, the U.S. unit of U.K.-based EG Group Ltd has named George Fournier as its new president.
WHATS AN APPLE PLZ TELL ME OR I WILL STEAL YOUR TOES
Answers
Answer: an apple is a fruit that grows from trees
Explanation:
Answer:
An apple is a fuit that is very popular. They have a variety of kinds with different colors. Many people enjoy apple slices with peanut butter. Although some people cut apples into slices others just take a bite out of it.
In the center they have a core which holds the seeds. That part is not fun to eat so just throw it away.
how can a job (or occupation) impact your life? explain in 50-100 words.
I'd rly appreciate anyone's help asap, thanks in advance! (not business, it's career ed. just chose the subject closest to it).
Answers
Answer:
Find the essay below.
Explanation:
A job or occupation is a line of work or business through which a person earns a living. A job can positively impact a person's life because it gives one a sense of purpose most especially if it is work that one truly enjoys. Over-reliance on people to provide us with the basic necessities of life can erode respect and result in a lack of self-esteem. When a person rather works hard to earn a living, it gives a sense of purpose and fulfillment.
An occupation is dignifying. Knowing that you are doing something beneficial can also bring happiness.
july 1 beginning inventory 30 units at $60 5 purchases 180 units at $56 14 sale 120 units 21 purchases 90 units at $58 30 sale 84 units assuming that a perpetual inventory system is used, what is ending inventory (rounded) under the average-cost method for july?
Answers
$5508 is ending inventory (rounded) under the average-cost method for July. The cost of goods sold is the amount of sales that the company incurred as a result of the sold products.
The cost of goods sold is the amount of sales that the company incurred as a result of the sold products. This is used to calculate gross profit, which is calculated as sales minus cost of goods sold.
The average cost method determines the cost of inventory items by dividing the total cost of goods purchased or produced in a period by the total number of items purchased or produced. The weighted-average method is another name for the average cost method.
$5508 is ending inventory (rounded) under the average-cost method for July.
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Gloria Catering provided $1,000 of catering services and billed its client for the amount owed. Determine the general journal entry that Gloria Catering will make to record this transaction.
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The general journal entry that Gloria Catering will make to record this transaction is: Debit Accounts receivable $1000; Credit Catering revenue $1000.
Journal entryAssuming Gloria Catering provided the amount of $1,000 of catering services and billed its client for the amount owed. The appropriate journal entry to record this transaction is :
Gloria Catering Journal entry
Debit Accounts receivable $1000
Credit Catering revenue $1000
(To record account receivable)
Inconclusion the general journal entry that Gloria Catering will make to record this transaction is: Debit Accounts receivable $1000; Credit Catering revenue $1000.
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A PDF file is used to display a file as it will look when _______.
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Answer:
a pdf file is used to display a file as it will look when _____.
A capital projects fund for a new city courthouse recorded a receivable of $300,000 for a state grant and a $450,000 transfer from the general fund. What amount should be reported as revenue by the capital projects fund
Answers
Answer:
$300,000
Explanation:
The grant of $300,000 happens not to have any restrictions mentioned alongside it in the question and as such will be declared or reported as revenue as an unrestricted grant. This is acceptable by the Governmental Accounting Standards Board, GASB.
Cheers
Daniel, age 38, is single and has the following income and expenses in 2021:
Salary income $65,000
Net rent income 6,000
Dividend income 3,500
Payment of alimony (divorce finalized in March 2019) 12,000
Mortgage interest on residence 9,900
Property tax on residence 1,200
Contribution to traditional IRA 6,000
Contribution to United Church 2,100
Loss on the sale of real estate (held for investment) 2,000
Medical expenses 3,250
State income tax 2,300
Federal income tax 5,800
a. Calculate Daniel’s AGI.
b. Should Daniel itemize his deductions from AGI or take the standard deduction? Explain.
Answers
In this case, Daniel should compare his itemized deductions ($38,550) to the standard deduction ($12,550). Since his itemized deductions exceed the standard deduction, it would be more beneficial for Daniel to itemize his deductions from AGI. By doing so, he can reduce his taxable income further and potentially lower his overall tax liability.
To calculate Daniel's Adjusted Gross Income (AGI), we need to subtract certain deductions from his total income. Let's go through the calculations:
a. Calculation of AGI:
Total Income:
Salary income: $65,000
Net rent income: $6,000
Dividend income: $3,500
Total deductions:
Payment of alimony: $12,000
Mortgage interest on residence: $9,900
Property tax on residence: $1,200
Contribution to traditional IRA: $6,000
Contribution to United Church: $2,100
Loss on the sale of real estate: $2,000
Medical expenses: $3,250
State income tax: $2,300
Federal income tax: $5,800
AGI = Total Income - Total Deductions
AGI = ($65,000 + $6,000 + $3,500) - ($12,000 + $9,900 + $1,200 + $6,000 + $2,100 + $2,000 + $3,250 + $2,300 + $5,800)
AGI = $74,500 - $44,550
AGI = $29,950
Therefore, Daniel's AGI is $29,950.
b. To determine whether Daniel should itemize his deductions or take the standard deduction, we compare the total amount of his itemized deductions to the standard deduction.
Itemized Deductions:
Payment of alimony: $12,000
Mortgage interest on residence: $9,900
Property tax on residence: $1,200
Contribution to United Church: $2,100
Loss on the sale of real estate: $2,000
Medical expenses: $3,250
State income tax: $2,300
Federal income tax: $5,800
Total Itemized Deductions = $12,000 + $9,900 + $1,200 + $2,100 + $2,000 + $3,250 + $2,300 + $5,800
Total Itemized Deductions = $38,550
Standard Deduction for Single Filer in 2021 = $12,550
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Sustainability has an important role in successful project
delivery. Explain how the dimensions of sustainability can be
integrated into various project life cycle stages.
Answers
Sustainability plays a crucial role in successful project delivery by ensuring that projects are environmentally responsible, socially equitable, and economically viable. Integrating sustainability dimensions into various project life cycle stages is essential for maximizing positive impacts and minimizing negative effects. Here's how sustainability can be incorporated into different stages of the project life cycle:
1. Initiation and Planning: During this stage, project managers can assess the sustainability implications of the project and define sustainability objectives and targets. They can conduct environmental and social impact assessments, identify stakeholders, and develop strategies for resource efficiency and waste management. This stage sets the foundation for integrating sustainability throughout the project.
2. Design and Development: In this stage, sustainable practices can be incorporated into the project design. This includes using green building materials, implementing energy-efficient technologies, considering renewable energy options, and designing for resource conservation. Additionally, social aspects such as community engagement, labor rights, and local economic development can be addressed.
3. Execution and Implementation: During this stage, project teams can ensure that sustainability practices are effectively implemented. This involves monitoring and managing resource consumption, waste generation, and emissions. It also includes promoting responsible procurement and supply chain practices, ensuring worker health and safety, and fostering inclusive and diverse workforce participation.
4. Monitoring and Control: Regular monitoring and evaluation of sustainability performance are crucial. Key performance indicators can be established to track progress towards sustainability goals. This stage allows project teams to identify areas for improvement, address any deviations, and make necessary adjustments to ensure project activities align with sustainability objectives.
5. Closure and Evaluation: When closing a project, it is important to consider sustainable decommissioning and waste management practices. Lessons learned from the project can be documented and shared to enhance future project sustainability. Evaluating the project's overall sustainability performance provides valuable insights for future projects and helps in refining sustainability practices.
By integrating sustainability dimensions into these project life cycle stages, organizations can ensure that their projects contribute to long-term environmental preservation, social well-being, and economic prosperity. This integration supports the development of sustainable infrastructure, fosters stakeholder engagement, and enhances the project's overall value and resilience.
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Epoxy Chemical Inc. produces an epoxy resin. Due to COVID-19, the company expects its production volume to decay exponentially according to relationship, yt = 4e-0.2t, where yt is the production rate at time t. Simultaneously, the unit price is expected to increase linearly over time at the rate ut = $50 (1 +0.08t). What is the expression for the present worth of sales revenue from t=0 to t = 30 at 1% interest compounded continuously?
Answers
In this case, the production rate follows an exponential decay function, while the unit price increases linearly. By integrating the product of these two functions and applying continuous compounding at a 1% interest rate, the expression for the present worth of sales revenue can be determined.
To find the expression for the present worth of sales revenue, we need to integrate the product of the production rate and the unit price over the time period from t = 0 to t = 30. In this scenario, the production rate follows an exponential decay function given by yt = 4e^(-0.2t), where t represents time. The unit price, on the other hand, increases linearly with time at a rate of ut = $50(1 + 0.08t).
The present worth of sales revenue can be expressed as the integral of the product of the production rate and the unit price over the specified time period. Mathematically, it can be represented as:
∫[0 to 30] yt * ut * e^(-0.01t) dt
Here, the exponential term e^(-0.01t) represents the continuous compounding at a 1% interest rate. By evaluating this integral expression, the present worth of sales revenue from t = 0 to t = 30 can be determined.
In summary, the present worth of sales revenue can be calculated by integrating the product of the production rate and the unit price over the specified time period while considering continuous compounding at the given interest rate. The integral expression captures the exponential decay of production rate and the linear increase in unit price, providing a comprehensive measure of the present value of sales revenue.
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Question 2. Small Town Sweets—audit planning analytics (4%)
Small Town Sweets is based in Molong, NSW, and produces a range of high-quality confectionery for the East Coast market. Small Town Sweets operates in a low-margin environment, which typically means that large volumes are required to cover overhead costs and generate profits. It also means that overheads need to be kept under control to ensure that a net profit is generated from its operations. Debt is also kept to a minimum to ensure that interest costs are low and that there is sufficient margin to protect solvency during downturns.
The company did not reach industry profitability benchmarks in the previous year and budgeted to do better in the current year. It thought that it could do so by keeping its costs down in relation to sales while allowing its gross margin to drop, evidently planning to generate a larger volume of sales. The company also planned to better manage its working capital by reducing inventory and accounts receivable levels, indicating that it expected to produce a healthy cash flow to enable it to do so. As part of the planning process MCA has produced the following analytical information:
Ratio Actual Budgeted Prior Year Industry
Return on equity % 12.9 16.6 14.8 15.5
Return on total assets % 10.7 14.2 13.1 14.5
Gross margin % 8.5 9.0 9.5 9.0
Marketing expense/sales % 2.6 1.8 2.0 2.2
Admin expenses/sales % 1.6 1.6 1.8 2.0
Interest coverage ratio 5.4 8.1 6.4 6.0
Days in inventory 33.1 30.4 31.1 30.0
Days in accounts receivable 50.0 48.0 49.7 45.0
Current ratio 1.3 1.2 1.2 1.5
Quick asset ratio 0.81 0.77 0.77 1.0
Debt to equity ratio 0.51 0.33 0.41 0.40
Required
With reference to ASA 315 and the information above, identify and justify:
the three ratios that would be of most interest in the planning of the audit.
the account balance that is most at risk for each ratio identified in 1.
the assertion most at risk for each account balance identified in 2.
Answer this question using the following headings:
1. Ratio
2. Account balance
3. Assertion
Answers
Ratio:
a) Return on equity %
b) Days in inventory
c) Days in accounts receivable
Account balance:
a) Net income
b) Inventory
c) Accounts receivable
Assertion:
a) Existence
b) Valuation
c) Completeness
Justification:
Ratio:
a) Return on equity %: Return on equity is a key profitability ratio that measures the company's ability to generate profits for shareholders. It is of interest to auditors as it provides insight into the effectiveness of the company's management team in generating profits. A lower than expected return on equity could indicate mismanagement or fraudulent activity.
b) Days in inventory: Days in inventory is a ratio that measures the average number of days it takes for inventory to be sold. It is of interest to auditors as it provides insight into the efficiency of the company's inventory management system. A high number of days in inventory could indicate that inventory is not being managed efficiently, leading to potential overstatement of inventory and understatement of cost of sales.
c) Days in accounts receivable: Days in accounts receivable is a ratio that measures the average number of days it takes for customers to pay their bills. It is of interest to auditors as it provides insight into the efficiency of the company's accounts receivable management system. A high number of days in accounts receivable could indicate that the company is not collecting receivables in a timely manner, leading to potential overstatement of accounts receivable and understatement of bad debts.
Account balance:
a) Net income: Net income is the primary measure of a company's profitability. It is at risk if the return on equity ratio is lower than expected, as it may indicate mismanagement or fraudulent activity.
b) Inventory: Inventory is a major component of cost of sales and is at risk if the days in inventory ratio is higher than expected, as it may indicate potential overstatement of inventory and understatement of cost of sales.
c) Accounts receivable: Accounts receivable represent amounts owed to the company by customers. They are at risk if the days in accounts receivable ratio is higher than expected, as it may indicate potential overstatement of accounts receivable and understatement of bad debts.
Assertion:
a) Existence: The existence assertion is at risk for net income if the return on equity ratio is lower than expected, as it may indicate mismanagement or fraudulent activity.
b) Valuation: The valuation assertion is at risk for inventory if the days in inventory ratio is higher than expected, as it may indicate potential overstatement of inventory and understatement of cost of sales.
c) Completeness: The completeness assertion is at risk for accounts receivable if the days in accounts receivable ratio is higher than expected, as it may indicate potential overstatement of accounts receivable and understatement of bad debts.
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How can tracking income and expenses influence future financial decisions?
Answers
In reality, by assisting individuals in developing better saving and budgeting practices, financial planning may have a significant positive influence on lower-income households.
What is the process of financial planning?It is a long-term strategy for effectively handling your money so that you may attain your goals and objectives while also overcoming the financial obstacles that invariably appear at every stage of your life.
Goals must first be set before a strong financial strategy can be developed.
Why is having a financial plan crucial?A financial plan serves as a roadmap for your financial future. In essence, it assists you in maintaining control over your earnings, outlays, and assets so that you may manage your finances and accomplish your goals.
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common misconception about entrepreneurship
Answers
Answer:
1. Entrepreneurs can only be successful if they have large funding backing them.
2. Entrepreneurs have cushy hours.
3. Entrepreneurs have to do everything themselves.
5. Entrepreneurs have to take huge risks.
7. Entrepreneurs are never stressed out.
8. Entrepreneurs are all wealthy.
9. Entrepreneurs are their own boss.
10. Entrepreneurs have more personal time.
Type the correct answer in the box. Spell all words correctly.
Ideally, what should more than one member of the family contribute to for a better financial position?
A family can have more than one person contributing to the household _______
for a better financial position.
Answers
A family can have more than one person contributing to the household income for a better financial position.
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