11-27 (Objectives 11-3 , 11-4) The following are misstatements that can occur in the sales and collection cycle:

A customer number on a sales invoice was transposed and, as a result, charged to the wrong customer. By the time the error was found, the original customer was no longer in business.

A former computer operator, who is now a programmer, entered information for a fictitious sales return and ran it through the computer system at night. When the money came in, he took it and deposited it in his own account.

A nonexistent part number was included in the description of goods on a shipping document. Therefore, no charge was made for those goods.

A customer order was filled and shipped to a former customer, which had already filed for bankruptcy.

The sales manager approved the price of goods ordered by a customer, but he wrote down the wrong price.

A computer operator picked up a computer-based data file for sales of the wrong week and processed them through the system a second time.

For a sale, a data entry operator erroneously failed to enter the information for the salesman’s department. As a result, the salesman received no commission for that sale.

Several remittance advices were batched together for inputting. The cash receipts clerk stopped for coffee, set them on a box, and failed to deliver them to the data input personnel.

Required

Identify the transaction-related management assertion(s) to which the misstatement pertains.

Identify one automated control that would have likely prevented each misstatement

Hearing that you are the greatest wills and estates lawyer in the country, Mary Jane Watson came to your office today to discuss the estate of her deceased husband, Peter Parker, who died of a spider bite on June 25, 2020.

Parker had written a will in June 2010, which in relevant part reads as follows: Disposition of Estate

A. I leave my comic book collection to my beloved wife, Mary Jane Watson. If Mary Jane predeceases me, I leave the collection to the Future Foundation, a 501(c)(3) charitable organization.

B. I leave $10,000 to my wonderful friend, Ned Leeds. C. I leave $40,000 to my siblings, share and share alike.

All the rest, residue, and remainder I leave to my best friend, Natasha Romanoff, and my Aunt May.

Parker had been having an affair with his best friend Natasha Romanoff, since 2009, and in September of 2016, Natasha died giving birth to her daughter, Anna May. Anna May is Peter Parker’s daughter, as well. In 2013, Peter had written a letter in his own handwriting to Natasha saying, “Natasha, everything I own is yours.” Peter signed the letter, and it was found with the 2010 will, but it was torn into two pieces.

Peter had four siblings when the will was executed but only his sister Sarah survived him. All siblings were married and have surviving children. Aunt May predeceased Peter, but left a son, Frankie. Anna May survived Peter.

1. Please explain to Mary Jane who will receive what from Peter’s estate, and why if:
The jurisdiction is a pure per stirpes jurisdiction, and does not allow a residue of a residue, but does allow holographic wills. Furthermore, the jurisdiction’s anti-lapse statute applies to grandparents, and lineal descendants of grandparents.

2. If Mary Jane is not happy with her share of the estate, what options does she have? What challenges can she bring and how likely is she to prevail?

3. How might your answer change if Ned Leeds served as a witness to the 2010 will?

n this chapter, we have noted how businesses are dynamic and constantly looking to exploit new opportunities that involve changing the way they operate production. What might not have been a success for some firms does not mean to say that there are no other firms that will be able to benefit. This article shows how problems faced by one firm in making sufficient profits are not necessarily shared by other firms as the use of factor inputs is changed.    

Best Buy Fails to Break UK Market.

US electrical retailer, Best Buy, made an attempt to enter the UK electrical retail market in 2010. The retailer is known across the united states for its high-quality sales staff and discount prices and attempted to bring its business model to the crowded UK market which features the likes of Currys, Argos, Dixons, and Comet.

The plans to enter the UK market arose when Best Buy Inc. brought half of the Carphone Warehouse's retail interests. Plans were made to open up to 200 so-called 'Big-Box' stores throughout the UK within the first one opening in Thurrock, Essex in April 2010. However, facing strong competition a lack of brand recognition by UK consumers, and the rapid growth of online retailing from firms like Amazon, Best Buy found things difficult and by January 2012 a decision was made to close down its 11bricks and mortar retail operations following losses of around 62 million pounds.

The decision to close down was made after consideration was given to commit more capital to its operations in an attempt to secure the advantages of large-scale production - economies of scale. In the end, the cost of such an investment in relation to the expected benefits in a market which was challenging (given the economic situation in the UK, the income elasticity of demand for electrical goods in general, and the increasing use of online as the medium of choice for shoppers), meant that option was discounted.

The decision to close down operations will have been takin in the light of the expected costs of trying to maintain its presence on the high street and the future of the industry as a whole. it would not have been taken lightly as reports suggested closing down would cost Best Buy and Carphone Warehouse around 100 million pounds.

One option being considered was selling its stores to the UK's fourth-largest supermarket group by share, Morrisons. Morrisons was reported to have expressed interest in acquiring the stores, mostly in large out-of-town retail sites, for its Kiddicare brand of baby, infant, and small children's products such as toys, pushchairs, costs, and so on.

The reports caused interest in the markets and some surprise given the challenges that exist in that market for some of the reasons that Best Buy found life difficult. An increasing trend to purchase goods online and the economic climate had already seen retailers like Mothercare and its Early Learning Centre stores facing declining sales and profits. Kiddicare had been an almost exclusively online operation and so the decision by Morrisons to move into the bricks and mortar sector was seen as a high-risk move.

Question:

Why might Carphone Warehouse and Best Buy incur a cost of as much as £100 million’ in closing down the stores?

Please provide me with right answer to this

Note: For the resource-based questions, please use the following definitions for the four categories of resources: Physical (property, plant, equipment, technology, intellectual property, etc.), Human (key people at all levels, their judgment, skills, knowledge, etc.), Organizational (culture, structure, processes, relationships, partnerships, etc.), and Financial (retained earnings, cash, access to capital markets, bonds, etc.)

Also recall that a resource is Valuable to the degree it helps a firm raise revenues or lower costs. It is Rare to the degree that it is possessed by fewer firms in the industry or sector. It is Inimitable (difficult to imitate) to the degree that costs and/time associated with acquiring the resource are high. And it is Well-organized to the degree that it is aligned and complementary to the firms other resources.

DC, which is Marvel’s long-time rival, happened on an innovation--a team of superheroes called The Justice League--which became “a surprise hit.” Marvel responded with a team of its own—the Fantastic Four. Assume that these new ensembles represented some kind of resource for both Marvel and DC and that result was increase sales and profits. Which statement of the following statements is most accurate?

Group of answer choices

This new resource was rare

This new resource was valuable

This new resource was rare but not valuable.

This new resource was difficult to imitate.

Suppose the incidence rate of myocardial infarction (MI)
was 5 per 1000 among 45- to 54-year-old men in 2000.
To look at changes in incidence over time, 5000 men in this
age group were followed for 1 year starting in 2010. Fifteen
new cases of MI were found.

7.12 Using the critical-value method with α = .05, test the
hypothesis that incidence rates of MI changed from 2000
to 2010.

7.13 Report a p-value to correspond to your answer to
Problem 7.12.

Suppose that 25% of patients with MI in 2000 died within
24 hours. This proportion is called the 24-hour case-fatality
rate.

7.14 Of the 15 new MI cases in the preceding study,
5 died within 24 hours. Test whether the 24-hour case fatality
rate changed from 2000 to 2010.

7.15 Suppose we eventually plan to accumulate 50 MI
cases during the period 2010–2015. Assume that the
24-hour case-fatality rate is truly 20% during this period.
How much power would such a study have in distinguishing
between case-fatality rates in 2000 and 2010–2015

Consider additional data for Archer-Daniels-Midland for fiscal years ending June 30, 2010 and 2011, in millions:

Fiscal Year End

(in millions)                June 30, 2011             June 30, 2010

Sales                          $80,676                       $61,682

Cost of goods sold      $76,376                      $57,839

Fiscal Year End

(in millions)                June 30, 2011             June 30, 2010

Accounts receivable   $9,816                        $6,122

Inventories                 $12,055                       $7,871

Accounts payable      $11,165                      $8,115

1. Calculate the DSO, DIO, and DPO for fiscal years ending June 30, 2010, and 2011.

2. How do the operating and cash conversion cycles compare for 2010 and 2011 with fiscal years ending in 2008 and 2009? What has changed and why?

Additional Information:

From the income statement, we need sales and cost of goods sold:

(in millions)                                 Fiscal Year End June 30, 2009

Sales                                          $69,207

Cost of goods sold                       $65,118

From the balance sheet we need the balances in receivables, inventories, and accounts payables:

                                                   Fiscal Year End

(in millions)                           June 30, 2009                        June 30, 2008

Accounts receivable                    $7,311                                     $11,483

Inventories                                 $7,782                                      $10,160

Accounts payable                       $5,786                                     $6,544

Question 5: Iris wants to save money to buy a new sailboat. • In 2010, Iris earns $20,000, and faces a marginal tax rate of 25 percent. • In 2015, Iris will earn $50,000, and face a marginal tax rate of 40 percent. • If she invests money from 2010 to 2015, she will earn interest totaling 50 percent of her initial investment. a. Explain the difference between a registered retirement savings plan (RRSP) and a tax free savings account (TFSA). b. Iris saves $4,000 of her before tax earnings in 2010. If she puts the money into an RRSP, how much can she consume in 2010? If she puts the money into a TFSA? c. How much interest will she earn in the five years from 2010 to 2015? d. In 2015, Iris withdraws the entire amount – principal plus interest – from her savings account. How much tax does she pay on the amount withdrawn from her savings account if it is an RRSP? What if the savings account is a TFSA (how much tax does she pay)? e. Which is the better investment strategy for Iris: putting money into an RRSP or a TFSA? Why?