SU,V,N=aU(V/N)
where U is the thermal energy, V is the volume, N is the number of particles, and a is a constant.
In: Physics
In: Statistics and Probability
Question 7
In Santa Monica, California, it was reported that a “finder’s fee”—an up-front payment of up to $5,000—was being required of prospective tenants seeking to rent special apartments. What is this an example of?
the black market
a price floor
price gouging
a government price ceiling
Question 8
Mesa Petroleum Company built a small park in front of its corporate office. This is an example of __________.
imposing external costs on its shareholders
providing a pure public good
providing external benefits to the community
assuming city responsibilities
Question 9
What is the most frequently cited example of an externality?
service charges
public protest
pollution
sales taxes
Question 10
A negative externality exists when __________.
all costs are taken into account in the demand curve
all costs are taken into account in the supply curve
the market demand curve is not the true demand curve
the marginal social costs are not taken into account in the supply cur
In: Economics
| Choice Hotels | Marriott International | (2016/2015)-1 | (2016/2015)-1 | |||||||
| 10-K | CHH 2016 10-K Report | CHH 2015 10-K Report | 10-K USD ($) $ in Millions | MAR 2016 10-K Report | MAR 2015 10-K Report | Choice percent change from 2015 to 2016 | Marriott percent change from 2015 to 2016 | |||
| Account Name | 2016 10-K | 2015 10-K | Account Name | 2016 10-K | 2015 10-K | Choice | Marriott | |||
| ASSETS | ASSETS | |||||||||
| Current assets | Current assets | |||||||||
| Cash and cash equivalents | $ 202,463.00 | $ 193,441.00 | Cash and equivalents | $ 858,000.00 | $ 96,000.00 | |||||
| Receivables (net of allowance for doubtful accounts of $11,332 and $8,557, respectively) | $ 107,336.00 | $ 89,352.00 | ||||||||
| Income taxes receivable | $ 316.00 | $ 5,486.00 | Prepaid expenses and other | 168,000 | $ 77.00 | |||||
| Notes receivable, net of allowance | $ 7,873.00 | $ 5,107.00 | Accounts and notes receivable, net | 1,695.000 | $ 1,103.000 | |||||
| Other current assets | $ 26,885.00 | $ 17,567.00 | Assets held for sale | 588.000 | $ 78.00 | |||||
| Total current assets | Assets, current, total | Total current assets | 53% | 654% | ||||||
| Property and equipment, at cost, net | $ 84,061.00 | $ 88,158.00 | Property and equipment, net | 2,335,000 | $ 1,029,000 | |||||
| Goodwill | $ 78,905.00 | $ 79,327.00 | Goodwill | 7,598,000 | $ 943,000 | |||||
| Intangible assets, net | $ 15,738.00 | $ 11,948.00 | Goodwill and intangible assets, net, total | 7,598,000 | $ 943,000 | |||||
| Notes receivable, net of allowances | $ 110,608.00 | $ 82,572.00 | Notes receivable, net | 245,000 | $ 215,000 | |||||
| Investments, employee benefit plans, at fair value | $ 16,975.00 | $ 17,674.00 | Equity and cost method investments | 728,000 | $ 165,000 | |||||
| Investments in unconsolidated entities | $ 94,839.00 | $ 67,037.00 | Intangible assets | 7,598,000 | $ 943,000 | |||||
| Deferred income taxes | $ 52,812.00 | $ 42,434.00 | Deferred tax assets | 116,000 | $ 672,000 | |||||
| Other assets | $ 53,657.00 | $ 16,907.00 | Other noncurrent assets | 477,000 | $ 223,000 | |||||
| Total assets | $ 852,468.00 | $ 717,010.00 | Total assets | 24,140,000 | $ 6,082,000 | Total assets | 19% | 297% | ||
| LIABILITIES AND SHAREHOLDERS EQUITY | LIABILITIES AND SHAREHOLDERS EQUITY | |||||||||
| Current liabilities | Current liabilities | |||||||||
| Accounts payable | $ 48,071.00 | $ 64,431.00 | Current portion of long-term debt | $ 309,000 | $ 300,000 | |||||
| Accrued expenses and other current liabilities | $ 80,888.00 | $ 70,648.00 | Accounts payable | $ 687,000 | $ 593,000 | |||||
| Deferred revenue | $ 133,318.00 | $ 71,587.00 | Accrued payroll and benefits | $ 1,174,000 | $ 861,000 | |||||
| Current portion of long-term debt | $ 1,195.00 | $ 1,919.00 | Liability for guest loyalty programs | $ 2,675,000 | $ 1,622,000 | |||||
| Income taxes payable | $ 796.00 | $ 159.00 | Accrued expenses and other | $ 1,111.000 | $ 527,000 | |||||
| Total current liabilities | $ 263,668.00 | $ 208,016.00 | Liabilities, current, total | $ 5,147,000 | $ 3,233,000 | Total current liabilities | 27% | 59% | ||
| Long-term debt | $ 838,409 | $ 812,945.00 | Long-term debt | $ 8,197,000 | $ 3,807,000 | |||||
| Deferred compensation and retirement plan obligations | $ 21,595 | $ 22,859.00 | Liability for guest loyalty programs | $ 2,675,000 | $ 1,622,000 | |||||
| Deferred income taxes | $ 292 | $ 506.00 | Deferred tax liabilities | $ 1,020,000 | $ 16,000 | |||||
| Other liabilities | $ 38,853 | $ 65,583.00 | Other noncurrent liabilities | $ 1,744,000 | $ 861,000 | |||||
| Total liabilities | $ 1,163,817.00 | $ 1,112,909.00 | Shareholders’ equity | |||||||
| Common stock, $0.01 par value, 160,000,000 shares authorized; 95,065,638 shares issued at September 30, 2017 and December 31, 2016 and 56,593,820 and 56,299,949 shares outstanding at September 30, 2017 and December 31, 2016, respectively | $ 951 | $ 951.00 | Class A Common Stock | $ 5,000,000 | $ 5,000,000 | |||||
| Additional paid-in-capital | $ 159,045 | $ 149,895.00 | Additional paid-in-capital | $ 5,808,000 | $ 2,821,000 | |||||
| Retained earnings | $ 607,560 | $ 514,897.00 | Retained earnings | $ 6,501,000 | $ 4,878,000 | Retained earnings | 18% | 33% | ||
| Treasury stock (38,471,818 and 38,765,689 shares at September 30, 2017 and December 31, 2016, respectively), at cost | 1,070,,383 | $ 1,052,864.00 | Treasury stock, at cost | $ (6,957,000) | $ (11,294,000) | |||||
| Accumulated other comprehensive loss | $ 8,522 | $ 8,778.00 | Accumulated other comprehensive loss | $ (497,000) | $ (196,000) | |||||
| Total shareholders equity | $ 311,349 | $ 395,899.00 | Stockholders' equity (deficit) attributable to parent | $ 5,357,000.00 | $ (3,590,000.00) | |||||
| Total liabilities and shareholders equity | $ 852,468 | $ 717,010.00 | Liabilities and equity (deficit), total | 24,140,00 | $ 6,082,000 | Total liabilities and equity | 19% | -60% | ||
1. Based on your horizontal analysis of Choice Hotels' and Marriott International's total assets, total liabilities, and total equity, which company is most attractive for an acquisition by the equity firm and why?
2. What advice would you give to the client, Choice Hotels, to reduce its total liabilities?
3. Based only on the balance sheet, which company would you invest in and why?
In: Finance
Let X and Y be independent Exponential random variables with common mean 1.
Their joint pdf is f(x,y) = exp (-x-y) for x > 0 and y > 0 , f(x, y ) = 0 otherwise. (See "Independence" on page 349)
Let U = min(X, Y) and V = max (X, Y).
The joint pdf of U and V is f(u, v) = 2 exp (-u-v) for 0 < u < v < infinity, f(u, v ) = 0 otherwise. WORDS: f(u, v ) is twice f(x, y) above the diagonal in the first quadrant, otherwise f(u, v ) is zero.
(a). Use the "Marginals" formula on page 349 to get the marginal pdf f(u) of U from joint pdf f(u, v) HINT: You should know the answer before you plug into the formula.
(b) Use the "Marginals" formula on page 349 to get the marginal pdf f(v) of V from joint pdf f(u, v) HINT: You found f(v) in a previous HW by finding the CDF of V. You can also figure out the answer by thinking about two independent light bulbs and adding the probabilities of the two ways that V can fall into a tiny interval dv.
(c) Find the conditional pdf of V, given that U = 2. (See page 411). HINT: You can figure out what the answer has to be by thinking about two independent light bulbs and remembering the memoryless property.
(d) Find P( V > 3 | U= 2 ). (See bottom of page 411. Do the appropriate integral, but you should know what the answer will be.)
(e) Find the conditional pdf of U, given that V = 1. (See page 411).
(f) Find P ( U < 0.5 | V = 1).
HINT: You should know ahead of time whether the answer is > or < or = 1/2.
In: Math
Consider each of the following independent and material situations, identified below (i-v). In each case: • the balance date is 30 June 2020; • the field work was completed on 12 August 2020; • the Directors’ Declaration and the Audit report were signed on 19 August 2020; • the completed financial report accompanied by the signed Audit report was mailed to the shareholders on 25 August 2020. (i) On 29 September 2020, you discovered that a debtor at 30 June 2020 had gone bankrupt on 1 September 2020. The debt had appeared collectible at 30 June 2020 and 19 August 2020. (ii) On 12 August 2020, you discovered that a debtor had gone bankrupt on 1 August 2020. The sale took place on 15 July 2020. The cause of the bankruptcy was a major uninsured fire at one of the debtor’s premises on 1 July 2020. (iii) On 13 August 2020, you discovered that a debtor at 30 June 2020 had gone bankrupt on 5 August 2020. The cause of the bankruptcy was an unexpected loss of a major lawsuit issued against the debtor on 10 June 2020. (iv) On 20 August 2020, the company settled a legal action out of court that had originated in 2016 and was listed as a contingent liability at 30 June 2020. (v) On 1 September, you found a letter dated 15 August with a $2 million fine from Environmental Protection Agency. The letter stated that company had illegally dumped chemicals on 15 May 2020. Required: 1. For each of the events described above (i-v), select the appropriate action from the list below, and justify your response. A. Adjust the 30 June 2020 financial report. B. Disclose the information in the notes to the 30 June 2020 financial report. C. Request that the client recall the 30 June 2020 financial report for revision. D. No action is required. (5*1.5= 7.5 marks) 2. If no action is taken by management for each of the events described above (i-v), determine the most appropriate audit opinion to be issued.
In: Accounting
1. The author compares the current economic crisis to an event that has taken place in the United States in its history. What is the event? Why does he compare the COVID-19 pandemic to that crisis? 2. Identify two tools typically used by economists to combat economic downturns. Why are these tools unlikely to help in the current situation? 3. The near-collapse of the US economy has made it very difficult for economists to predict what will likely happen to the economy as it begins to re-open. Identify two reasons that are given that make it hard to predict what will happen to the US economy as the pandemic control measures are lifted. A. B.
Subject: Economics
Read this to answer questions:
The numbers evoke the worst economic nightmares in American history. But White House economic adviser Kevin Hassett freely admits he can't map the path out.
"A lot of it depends on things I have no expertise in," Hassett, previously a CNN contributor, said in an interview this past week with Poppy Harlow.
That's the surreal reality facing President Donald Trump's economic team as growth turns into contraction and 30 million Americans have lost their jobs. It is a Great Depression-level economic crisis that has everything to do with public health -- but, unlike the 2008 financial collapse, very little to do with anything wrong in the underlying economy.
As a result, the tools economists typically use for adjusting supply and demand -- targeted spending, tax cuts, changes to trade and regulatory policy -- hold little power. The restoration of American prosperity lies more in the hands of the public health officials, epidemiologists and scientists racing to develop a coronavirus vaccine.
"The No. 1 rule of virus economics is, go stop the virus if you want to fix the economy," says Austan Goolsbee, a former economic adviser to President Barack Obama. He suggested that White House economists pore over state-by-state data to identify the best ways to halt epidemic spread.
Success would preserve the possibility of the rapid "V-shaped" recovery that the Trump administration has embraced as its objective. The quest to achieve it has led Trump to allow federal guidelines to expire and goad governors into re-opening their states for business despite warnings from public health officials of resurgent infections.
The Congressional Budget Office, which rarely tracks administration optimism, also envisions a solid rebound as economic activity resumes. After plummeting at a 40% annual rate during April, May and June, the CBO forecasts, output will grow at a 17% rate in the second half of 2020.
But all forecasts for this unprecedented situation depend on factors no economist can confidently anticipate. How many businesses will have preserved enough of their workforces and customers to profitably re-open when governors flash the green light? If
infections spike again, can advances in testing and treatments contain them? Or could renewed shutdowns throw the economic engine back into reverse this fall?
The mix of public fear, financial hardship and business uncertainty creates enormous doubt -- which is Kryptonite to corporate planners and consumers alike.
"This isn't going to be a V, let's face it," concludes former CBO director Doug Holtz-Eakin. The job for Trump's economic team, Holtz-Eakin says, is identifying "the right set of policies to support the economy in this new world we're in." That could include regulatory changes that help businesses adapt workplaces to accommodate health concerns, or expansion of broadband infrastructure to meet increased demand for telehealth and other services provided at a distance.
The pandemic threatens permanent damage to sectors requiring close-quarters contact among large groups, such as the cruise ship industry. Shuttered malls, which for years have lost market share to online retailers, may never recover.
Yet the most urgent immediate economic task is simply preserving connections among businesses, their workers, and their customers so they can restore familiar patterns when health conditions permit.
"Try to reduce the permanent destruction," says Betsey Stevenson, another former Obama economist. "Every single day, there's a little bit of crumbling going on."
Too much crumbling would transform a short-term coronavirus shutdown into long-term economic blight. Business failures turn sound bank loans into defaults, which in turn could create a self-perpetuating financial crisis.
To stave that off, the Federal Reserve and Congress alike have thrown a lifeline of cash at the entire American economy. Instead of altering the economy's path, the goal is simply to keep its head above water until the pandemic storm has passed.
"We're just going to have to keep doing it," says Andrew Metrick, who directs the Yale University Program on Financial Stability. "Traditional economic policy things -- that's not what we need right now."
But that's easier to sustain for the independent Fed through its credit facilities than for a divided Congress and President through direct spending decisions. As the trillions mount and aid priorities widen, the Republican President and Senate have begun to balk.
"The liquidity and cash phase is coming to an end," White House National Economic Council director Larry Kudlow cautioned in recent days. He signaled a return to the president's pre-pandemic agenda, including tax-cuts and infrastructure investment.
With Trump now trailing in crucial battleground states, election-year pressures threaten to create new risks. After other White House aides suggested punishing Beijing over the coronavirus by defaulting on Chinese-held US debt -- a step certain to raise borrowing costs and damage the nation's financial pre-eminence - Trump's economic team rushed to publicly quash the idea.
The turn toward recriminations and traditional priorities signals confidence among some advisers -- if not those responsible for public health - that progress against the virus has opened the door to economic resurgence. "We're on the other side of the medical aspect of this," the president's son-in-law Jared Kushner said last week. Hassett sounded less sure. "Opening up will be a significant positive event," he cautioned, "but only if opening up does not lead to a renewal of this terrible contagion."
In: Economics
In 2015, in a presentation at Charis Bible College in Colorado, Christian author David Barton reiterated his belief that God will never allow a cure or vaccine for HIV to be discovered because the disease is divine punishment for homosexuality.
In December 2014, Pastor Steven Anderson, a Baptist pastor from Tempe, Arizona; called for the murder of every g-a-y or bisexual person as a solution to end HIV and AIDS. His sermon titled “AIDS: The Judgement of God,” which was given the day before World AIDS day, evoked Levitical law saying “G-A-Y people should be killed.”
How would you refute these claims with a scientific (rather than theological) argument?
In: Biology
What is leadership? The author of your first reading describes a variety of leadership traits that may fit different circumstances differently. What do you believe are the key essential characteristics of a leader? Does a leader get things done ("cause and effect"), does she motivate or does he steer the organization toward bottom-up solutions and answers? What is your perspective after having read "What is this thing called leadership?"
In: Finance
Joseph Carson of Thycotic, the author of the book "Cybersecurity for Dummies" wrote a free version of his text as a guide for the general public. The AICPA obviously had a specific target market for an article it published: "Top 20" article: Top 20 Cybersecurity Checklist for accountants. Compare what you learned in Carson's text to the AICPA's "Top 20" Cybersecurity Checklist.
Discuss similarities and differences between these two. Also consider approaches offered in 2018 SANS Security Awareness Report available online at SANS Institute.org.
In: Accounting