On October 29, 2014, Lobo Co. Began operations by purchasing razors for resale. Lobo uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any nonworking razor. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $15 and its retail selling price is $60 in both 2014 and 2015. The manufacturer has advised the company to expect warranty costs to equal 6% of dollar sales. The following transactions and events occurred. 2014 Nov. 11 Sold 70 razors for $4,200 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 14 razors that were returned under the warranty. 16 Sold 210 razors for $12,600 cash. 29 Replaced 28 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. 2015 Jan. 5 Sold 140 razors for $8,400 cash. 17 Replaced 33 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. 1. 1 Prepare journal entries to record these transactions and adjustments for 2014. 1. 2 Prepare journal entries to record these transactions and adjustments for 2015
Answers
1. In 2014, Lobo Co. recorded the sale of 70 razors for $4,200 cash and recognized warranty expense for November sales with an adjusting entry. The estimated warranty liability was calculated as 6% of the sales revenue for each period.
1.2 In 2015, Lobo Co. recorded the sale of 140 razors for $8,400 cash and replaced 33 razors under warranty. They recognized warranty expense for January sales with an adjusting entry.
1.1 Journal entries to record transactions and adjustments for 2014:
Nov. 11:
Cash 4,200
Sales Revenue 4,200
(To record the sale of 70 razors for $4,200 cash)
Nov. 30:
Warranty Expense 252
Estimated Warranty Liability 252
(To recognize warranty expense for November sales, calculated as 6% of $4,200)
Dec. 9:
Estimated Warranty Liability 210
Merchandise Inventory 210
(To remove 14 razors from inventory and record replacement under warranty)
Dec. 16:
Cash 12,600
Sales Revenue 12,600
(To record the sale of 210 razors for $12,600 cash)
Dec. 31:
Warranty Expense 756
Estimated Warranty Liability 756
(To recognize warranty expense for December sales, calculated as 6% of $12,600)
1.2 Journal entries to record transactions and adjustments for 2015:
Jan. 5:
Cash 8,400
Sales Revenue 8,400
(To record the sale of 140 razors for $8,400 cash)
jan. 17:
Estimated Warranty Liability 990
Merchandise Inventory 990
(To remove 33 razors from inventory and record replacement under warranty)
Jan. 31:
Warranty Expense 504
Estimated Warranty Liability 504
(To recognize warranty expense for January sales, calculated as 6% of $8,400)
In 2014, Lobo Co. recorded the sale of 70 razors for $4,200 cash and recognized warranty expense for November sales with an adjusting entry. They also replaced 14 razors under warranty and recorded the sale of 210 razors for $12,600 cash.
In 2015, Lobo Co. recorded the sale of 140 razors for $8,400 cash and replaced 33 razors under warranty. They recognized warranty expense for January sales with an adjusting entry.
These transactions were recorded using journal entries to reflect the impact on cash, sales revenue, warranty expense, estimated warranty liability, and merchandise inventory. The estimated warranty liability was calculated as 6% of the sales revenue for each period.
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Related Questions
i will give brainliest if correct
Which two sentences describe the characteristics of a corporation?
The company is treated as a separate tax entity by law.
The owners have to accept partial liability for debts.
It is possible to raise large amounts of capital by selling company stock.
The owners are known as corporators.
Answers
Answer:
I believe that it is A and C
Explanation:
Answer:
I believe that it is A and C
Explanation: on plato
If a company increases its sales price per unit for product a, the new breakeven point will:________
Answers
When there is an increase in customer sales, it means that there is higher demand. A company then needs to produce more of its products to meet this new demand which, in turn, raises the BEP in order to cover the extra expenses.
When the variable cost per unit increases the break-even point increases?If variable costs per unit increase, then the breakeven point will decrease.
If variable costs per unit increase, then the breakeven point will also increase.
The break-even point is where total sales revenue equals total cost. If fixed costs increase, the break-even point decreases.
Does raising prices lower the break-even point?As a simple mathematical identity, raising prices increases contribution per unit, which lowers the number of units required to break even.
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https://brainly.com/question/15281855#SPJ4HAS ANYONE TAKEN THE 2020 ALGEBRA 1 EOC IN FLORIDA THIS YEAR?? IF U HAVE PLZ TELL ME WHAT QUESTIONS THEY ASKED U
Answers
Answer:
They just ask you what you have learned in your previous math courses.
Explanation:
What are three ways to make money through investing in real estate?
Answers
Answer:
There are three primary ways investors could potentially make money from real estate: An increase in property value. Rental income collected by leasing out the property to tenants.
Answer: By a sudden positive change in the economy, by renting out residences or land to customers, or by being smart about when and how the properties are put up for sale or rent
Explanation:
managers can improve return on investment (roi) by improving either
Answers
Managers can improve return on investment (ROI) by improving either the numerator or the denominator of the ROI formula. The ROI formula is typically expressed as:
ROI = (Net Profit / Investment) x 100
To increase ROI, managers can focus on improving the following:
Net Profit: Managers can work on increasing revenues and reducing costs to improve the net profit of the organization. This can be achieved through strategies such as increasing sales, improving pricing strategies, reducing expenses, optimizing operations, and enhancing productivity. By generating higher profits for the same level of investment, managers can improve ROI.
Investment : Managers can also focus on optimizing the investment component of ROI. This involves making strategic decisions related to capital investments, resource allocation, and utilization of assets. By maximizing the efficiency and effectiveness of investments, managers can achieve higher returns for the same level of investment, thereby improving ROI.
It's important for managers to strike a balance between improving net profit and managing the investment side of the equation. By carefully evaluating business opportunities, implementing effective strategies, and monitoring performance, managers can make informed decisions to enhance ROI and create value for the organization.
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the amount of money you earn has nothing to do with your life style budget T F
Answers
Answer: True, unless you're on your own it kinda does, considering bills, financial stuff, etc.
Choose ONE question only
(Write between 180 to 200 words)
A) Breakfast is a very important meal. Around the world, different people have different ways of preparing it. Write an article for your school magazine describing the process of preparing your favourite breakfast.
OR
B) Bahrain celebrates a number of festivals on a national scale every year. Write a report for your school magazine about a festival of your choice with recommendations for improving it next year.
:In your writing, include
.The report's title -1
Give your overall opinion -2
Write the conclusion and give -3
.recommendations for the future
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Breakfast, the first meal of the day, holds a special place in our lives. It energizes us, kick-starts our metabolism, and sets the tone for the day ahead. Among the plethora of breakfast options available, my personal favorite is a wholesome and delicious combination of scrambled eggs, avocado toast, and a refreshing cup of coffee.
Let me take you on a culinary journey as I describe the process of preparing this invigorating breakfast that never fails to brighten my mornings.
Step 1: Gather the Ingredients:To begin, gather all the necessary ingredients. You will need fresh eggs, ripe avocados, whole wheat bread, butter, salt, pepper, olive oil, and ground coffee beans. Using high-quality ingredients is essential to ensure a delectable and nourishing breakfast experience.Step 2: Brew the Perfect Cup of Coffee:While the coffee is brewing, start preparing the other components of the breakfast. Grind the coffee beans to the desired consistency, and then carefully measure the appropriate amount of coffee grounds. Pour hot water into the coffee maker, allowing the aromatic brew to fill the kitchen with its enticing aroma.Step 3: Preparing the Avocado Toast:Slice the ripe avocados in half and remove the pit. Scoop out the creamy flesh into a bowl and mash it with a fork. Add a pinch of salt and pepper, and mix well to enhance the flavor. Toast the whole wheat bread until it turns golden brown. Spread a generous amount of butter on the toast, and then evenly distribute the avocado mixture on top. The creamy avocado, paired with the wholesome bread, creates a delightful combination of textures and flavors.Step 4: Scramble the Eggs:Crack the fresh eggs into a bowl, ensuring no shell fragments are present. Whisk the eggs vigorously until the yolks and whites are well combined. Season the mixture with a pinch of salt and pepper, adding a touch of grated cheese if desired. Heat a non-stick pan over medium heat and drizzle a small amount of olive oil. Pour the egg mixture into the pan and gently stir with a spatula, allowing the eggs to cook slowly and form fluffy, moist curds. Remove the pan from the heat just before the eggs are fully set, as they will continue to cook slightly off the heat.Step 5: Presentation and Enjoyment:With all the components prepared, it's time to plate the breakfast. Arrange the scrambled eggs on a warm plate, alongside a slice of avocado toast. Pour yourself a steaming cup of freshly brewed coffee, relishing the rich aroma that fills the air. Take a moment to appreciate the vibrant colors and inviting textures on your plate. As you savor each bite, the combination of creamy avocado, fluffy eggs, and the toasty crunch of the bread will provide a delightful symphony of flavors.Conclusion:
Preparing my favorite breakfast is a ritual that brings joy to my mornings. The process of crafting a wholesome and delicious meal nourishes not just my body but also my mind and soul. The simplicity of scrambled eggs, the creaminess of avocado toast, and the invigorating aroma of freshly brewed coffee combine to create a perfect start to the day. So, take a moment each morning to indulge in a breakfast that satisfies both your taste buds and your spirit, setting the stage for a successful and fulfilling day ahead.
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which are 2 open issues that you can view from the transaction review tab? transactions without dates reclassified transactions transactions posted to the wrong period unapplied payments undeposited funds
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The transaction review tab, under the headings Transactions without payees and Unrelated Transactions, lists the two open issues.
What is the purpose of transaction review?You can mark a transaction as reviewed using the review feature on the Transactions page, which helps you make sure all the transaction's specifics have been confirmed.
Can my client modify transactions made within the closed period?A closure date with a password has been set. If so, how would you keep track of any changes to transactions made during the closed time if your customer is able to make changes? Sure, but only if they are aware of the password. Tracking changes is impossible. No. No transaction can be changed on or before the closing date, even if the user knows the password.
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A bank's net interest margin is calculated by taking net interest income and:
a. dividing it by the bank's capital.
b. dividing it by the bank's assets.
c. dividing it by the sum of the bank's assets and capital.
d. subtracting taxes.
Answers
A bank's net interest margin is calculated by taking net interest income and dividing it by the bank's assets. The correct answer is option (b).
Net interest margin is a key performance indicator that reflects the difference between the interest income earned by a bank on its interest-earning assets and the interest expense paid on its interest-bearing liabilities. Net interest income is the difference between interest income and interest expense, and net interest margin is calculated by dividing net interest income by the bank's average interest-earning assets.
Therefore, option (b) is the correct answer.
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a college student is thinking about running an ice-cream truck over the summer. what would economists say is the student's main objective?
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Ice cream cones' price, The truck's price, How much gasoline costs, THE TOTAL COST WOULD INCLUDE ALL OF THESE.
.In economics, the cheapest way to create a specific quantity of product is called total cost (TC). The fixed cost of production, which is unaffected by the quantity of a good produced and includes inputs like buildings and machinery, possibly including sunk costs, and the variable cost, which varies with the quantity of a good produced and includes inputs like labor and raw materials, make up the total economic cost of production. In economics, the total opportunity cost of each manufacturing factor is accounted for as one of the fixed or variable costs in the total cost. The additional overall cost incurred by an additional unit of output is known as the marginal cost.
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The internal auditing staff of a local manufacturing company performs a sample audit each quarter to estimate the proportion of accounts that are more than 90 days overdue (i.e., delinquent). The historical records of the company show that over the past 8 years, the average has been that 13% of the accounts have been delinquent. For this quarter, the auditing staff randomly selected 250 customer accounts. What is the probability that no more than 40 accounts will be classified as delinquent? (Round to 4 decimal places.)
Answers
The probability that no more than 40 accounts will be classified as delinquent is 0.9999.
To calculate the probability, we can use the binomial distribution formula, which considers the number of trials (250 accounts), the probability of success (13% delinquent accounts), and the desired outcome (no more than 40 delinquent accounts).
Using this formula, we find the probability to be 0.9999, or 99.99%, rounded to four decimal places.
The binomial distribution is a probability model that helps us calculate the probability of a specific number of successes in a fixed number of trials. It is applicable when the trials are independent, each trial has two possible outcomes (success or failure), and the probability of success remains constant throughout the trials. In this case, the auditing staff randomly selected customer accounts, and the proportion of delinquent accounts (13%) serves as the probability of success. By applying the binomial distribution formula, we can determine the probability of observing a specific range of delinquent accounts.
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Carla's Cards uses a ________ to sell and market the entire line of greeting cards. It designs promotional plans, sets prices, determines distribution policies, and makes recommendations to Carla on product strategy.
Answers
Answer: selling agent
Explanation:
A selling agent is an agent who sells a product for an economic agent such as an individual, firm or government and gets commission for the products sold.
Carla's Cards uses a selling agent to sell and market the entire line of greeting cards. It designs promotional plans, sets prices, determines distribution policies, and makes recommendations to Carla on product strategy.
*ECONOMICS* please help
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with the implementation of the affordable care act, there are now penalties for employers (excluding small employers) who do not offer affordable health coverage for their employees. t/f
Answers
True. There are now penalties for employers (excluding small employers) who do not offer affordable health coverage for their employees.
The Affordable Care Act, also known as Obamacare, includes a provision known as the employer mandate, which requires employers with 50 or more full-time equivalent employees to provide reasonable health insurance to full-time employees or risk a penalty. This provision was implemented to encourage employers to offer health coverage to their employees and to help make health insurance more affordable for individuals. A full-time equivalent employee is defined as an employee who works an average of 30 hours or more per week. Employers are required to offer coverage to at least 95% of their full-time employees and dependents up to age 26. The coverage must be affordable, which means that the employee's share of the premium must not exceed 9.78% of their household income for the year. The employer mandate has been a subject of much debate since its implementation, with some employers arguing that it imposes a significant financial burden on them, while others argue that it helps ensure that more Americans have access to affordable health insurance.
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please solve!
The principal P is borrowed at a simple interest rate r for a period of time t. Find the simple interest owed for the use of the money. Assume there are 360 days in a year. P=$5000, r=6.0%, t= 15 mont
Answers
The simple interest owed for borrowing $5000 at a rate of 6% for 15 months is $4500.
Simple interest is a fixed percentage of the principal that is lent or borrowed for a period of time. The simple interest owed for borrowing $5000 at a rate of 6% for 15 months is to be determined.
We have the
principal, P= $5000
The rate of interest, r= 6%
Time period, t= 15 months
Let's recall the formula for calculating the simple interest which is given by;
Simple Interest= P×r×t/100
Plugging in the given values in the above formula, we get
simple Interest= 5000 × 6 × 15/100
Simple Interest= 4500
So, the simple interest owed for borrowing $5000 at a rate of 6% for 15 months is $4500.
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QUESTION 6 of 10: What markup percentage does New York magazine state that Macy's at Herald Square in New York City uses to mark up
accessories?
a) 72%
b) 127%
c) 185%
Od) 233%
Answers
In conclusion correct option for this question is (d) 233%
Why it is?
The markup percentage mentioned by New York magazine for accessories at Macy's in Herald Square is 185%. This means that the price of the accessory is marked up by 185% of its cost.
This markup percentage is considered high and may reflect the expenses that the store incurs, such as rent, salaries, and other operating costs. It is also likely that the markup is influenced by the store's brand recognition and the demand for its products.
However, a high markup may also deter price-sensitive customers, making it important for businesses to strike a balance between profitability and affordability.
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CAN YALL PROMISE ME U WILL BE NICE TO EVERYONE please and thx
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Answer: yes
Explanation: because yes
Commenced business with cash of Rs 20,000 and Goods worth Rs 25,000
Answers
Answer:
Whats the question
Explanation:
Which type of commercial formula requires dilution with equal parts water?oReady-to-feedReady-to-feed formula does not require dilution; it comes premixed and is ready to use.CorrectoConcentrateConcentrate formula requires dilution with equal parts of formulaand water.oPowderPowder formula requires mixing of 2 oz of water with every scoop of formula
Answers
The correct option is B, commercial formula requires dilution with equal parts water is type of Concentrate. Concentrate formula requires dilution with equal parts of formula and water.
A commercial formula is a specific recipe or formula used to produce a commercial product. It is a set of instructions that includes the exact proportions of each ingredient needed to make a product consistently, efficiently, and cost-effectively. These formulas are typically created for products that will be mass-produced, such as food items, cleaning products, and personal care items.
The ingredients used in commercial formulas are carefully chosen to ensure the final product meets specific standards for quality, consistency, and shelf life. The formula may also include details on the manufacturing process, including equipment specifications and temperature requirements. The goal of a commercial formula is to produce a product that meets all regulatory requirements while maximizing efficiency and minimizing costs.
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Complete Question: -
Which type of commercial formula requires dilution with equal parts water?
A. Ready-to-feed. Ready-to-feed formula does not require dilution; it comes premixed and is ready to use.
B. Concentrate. Concentrate formula requires dilution with equal parts of formula and water.
C. Powder. Powder formula requires mixing of 2 oz of water with every scoop of formula.
D. Hydrolysate formula. Hydrolysate formula is a category of infant formula that may be available as ready-to-feed, concentrate, or powder. Preparation ofthis formula should follow the instructions on the container.
if the government levies a $700 tax per motorcycle on sellers of motorcycles, then the price paid by buyers of motorcycles would
Answers
Answer: increase by less than $700.
Explanation:
A writer, an illustrator, a publisher and an agent would form a
a. Functional team
b. Cross-functional team
C. Management team
d. Corporate team
Answers
Answer:
B. Cross-functional team
Explanation:
A writer, an illustrator, a publisher, and an agent would form a Cross-functional team. The correct option is B.
What are cross-functional skills?A Cross-Functional Candidate, according to Glassdoor, is a candidate with jack-of-all-trades abilities. In other words, a candidate with cross-functional skills is someone who is proficient in one or more related technologies or skills while also being knowledgeable in other technologies or skills.
Working cross-functionally, also referred to as working with teams other than your own, will inevitably occur at some point in your career. And doing it well can inspire innovative ideas, enhance your ability to interact with others, and improve your workplace's culture, productivity, and happiness.
Thus, the ideal selection is option B.
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The Money Multiplier. For this question c denotes the ratio of currency to deposits, rho denotes the ratio of required reserves to deposits, and e denotes the ratio of excess reserves to deposits. (a) (3 points) Express the money multiplier min terms of c, p, and e. (b) (4 points) Suppose that c0.5 0.1 = 0.02 Find the value of the money multiplier m. If the Fed's objective were to have a money supply equal to $1 trillion, then how large would the monetary base need to be? (c) (3 points) Now suppose that the ratio of currency to deposits c rises to 0.75. Assuming e and p remain constant, by how much would the Fed have to change the monetary base in order to keep the money supply constant and equal to S1 tin Will the Fed need conduct an open market purchase or sale? Answer: (a) The money multiplier: c+p+e (b) m- 2.4194 and MB $413.33 billion. (c) The money multipliefalls to 2.0115 and so the Fed would have to increase the monetary base MB to $497.14 billion by conducting open market purchases.
Answers
(a) The money multiplier (m) can be expressed as m = 1 / (c + p + e). (b) The required monetary base (MB) would be $620.42 billion. (c) Fed would need to increase the monetary base by $249.15 billion.
(a) The money multiplier (m) can be expressed in terms of c, rho (p), and e as follows: m = 1 / (c + p + e)
(b) Given c = 0.5, p = 0.1, and e = 0.02, we can calculate the money multiplier (m) using the formula:
m = 1 / (0.5 + 0.1 + 0.02) = 1 / 0.62 = 1.6129
To achieve a money supply of $1 trillion with this multiplier, the required monetary base (MB) would be:
MB = $1 trillion / m = $1 trillion / 1.6129 ≈ $620.42 billion
(c) If the ratio of currency to deposits (c) rises to 0.75 while e and p remain constant, the new money multiplier is:
m_new = 1 / (0.75 + 0.1 + 0.02) = 1 / 0.87 = 1.1494
To maintain a constant money supply of $1 trillion, the Fed would have to adjust the monetary base:
MB_new = $1 trillion / m_new = $1 trillion / 1.1494 ≈ $869.57 billion
To achieve this new monetary base, the Fed would need to conduct open market purchases, increasing the monetary base by approximately $249.15 billion ($869.57 billion - $620.42 billion).
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For a cash budget, you should use take-home pay just as you do when preparing the income and expense statement. a. true b. false
Answers
The answer is b. false. When preparing a cash budget, you should use net income or total income after taxes and deductions, not take-home pay.
A cash budget is a financial tool that helps businesses or individuals forecast and manage their cash inflows and outflows over a specific period, typically on a monthly or quarterly basis. It provides a detailed projection of expected cash receipts and payments, allowing for better financial planning and decision-making.
Here are the key components and steps involved in creating a cash budget:
Cash Inflows: Start by identifying and estimating all the sources of cash inflows. This includes revenue from sales, investments, loans, and any other sources of cash receipts. Consider both the timing and amount of these inflows.
Cash Outflows: Next, determine and categorize all the expected cash outflows. These can include expenses such as rent, utilities, salaries, raw materials, inventory purchases, loan repayments, taxes, and other operating expenses. It is important to consider the timing and frequency of these payments.
Opening Cash Balance: Begin the cash budget by recording the opening cash balance, which is the amount of cash available at the beginning of the budget period. This can be the cash on hand or the closing cash balance from the previous budget period.
Cash Receipts: Add up all the cash inflows based on the estimated timing and amounts.
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As a business owner, what steps might you be able to take to ensure there are control's and limits to the agency's power? How does this compare with the controls available to branches of the government?
Answers
Governors are in charge of carrying out state legislation and directing how the state executive branch is run in their capacity as state managers.
What is the law legislation?
The drafting and adoption of laws by a legislative body through its legislative process is referred to as legislation. The language used in the bill to convey the beliefs, opinions, and aims of the proposal are important to consider during the legislative process, which also involves assessing, modifying, and voting on proposed laws. A proposal is introduced into Congress in one of the four main forms—a bill, a joint resolution, a concurrent resolution, or a simple resolution. a law or collection of laws that a government recommends and that a parliament formally enacts: [+ infinitive] To regulate vehicle fuel emissions, the government has pledged to pass legislation.
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Financial literacy includes information about income, banking, loans, and credit cards.
True
False
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A stock is priced at $85 per share and pays a quarterly dividend of $2.10 per share. What is the dividend yield per stock share per year?
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which of the following is a common type of trespass to land? a. shooting a gun over the land. b. passing out real estate agency flyers. c. delivering and leaving a package on the doorstep. d. none of these choices.
Answers
The correct option is B, A common type of trespass to land is passing out real estate agency flyers.
Real estate is the ownership, management, and sale of land, buildings, and other types of property. It encompasses both commercial and residential properties and can include everything from a single-family home to a skyscraper. Real estate is often used as a form of investment, as properties can appreciate in value over time and provide a source of income through rent or leasing.
Real estate transactions involve the transfer of ownership from one party to another, typically facilitated by a real estate agent or broker. The process of buying or selling a property can be complex, involving legal and financial considerations, as well as negotiations between the parties involved. Real estate is also influenced by economic factors such as interest rates, inflation, and market demand.
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Does the Way Your Classroom Is Decorated Affect Your Learning?
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customers are the element of an organization's task environment who
Answers
Customers are the element of an organization's task environment who directly interact with the organization by purchasing its products or services. Customers play a critical role in shaping an organization's success and influencing its operations.
They are the target audience for an organization's offerings and their needs, preferences, and satisfaction significantly impact business performance. Understanding customer behavior, preferences, and feedback is essential for organizations to develop and deliver products or services that meet their expectations.
Customers provide revenue and drive business growth, making them a key focus for organizations in terms of marketing, sales, and customer service efforts. Building strong relationships with customers, addressing their concerns, and delivering value to meet their needs are fundamental for attracting and retaining loyal customers.
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Zappos Zappos, the online shoe retailer with head office in Las Vegas, has over 200 call centre employees who work the customer service phones. At present, once per quarter after the required shifts are determined, the employees choose their preferred shifts in order of seniority by writing their names on sheets of paper listing the shifts. CEO Tony Hsieh noticed that the customer service centre's walls were covered-floor to ceiling-with sheets of printer paper listing the shifts. Hsieh is thinking of replacing the seniority-based system with a computerized open market pay model where busier hours pay higher (like Uber's surge pricing model). Demand is especially high in the early hours of weekdays, when customers on the East Coast are placing calls before starting their workdays. Those calls and online inquiries land in Zappos' Las Vegas call centre before dawn, when few workers want to be on the clock. Employees manning the customer service centre during those hours will earn a higher hourly rate. By contrast, workers will receive less pay if they work on the weekends, when Zappos receives fewer customer inquiries. Source: hithplifortune.com/2015/01/28/zappos-einployee:-payl 1ech Cocktail via I brkficiaulive Coiments Questions 1. What are the advantages of the computerized open market system for bidding for shifts? 2. What are the disadvantages of the computerized open market system for bidding for shifts?
Answers
The computerized open market system for bidding for shifts at Zappos offers several advantages. It allows for flexibility and customization, as employees can choose shifts based on their preferences and availability.
The system also incentivizes employees to work during high-demand hours by offering higher pay rates, ensuring adequate coverage during busy periods. Furthermore, it reduces administrative burden by eliminating the need for manual shift scheduling.
However, there are also some disadvantages to consider. The open market system may lead to increased competition among employees for desirable shifts, potentially causing conflicts and disputes. It could also create an imbalance in workload distribution if certain shifts consistently attract fewer bidders. Additionally, the system may result in increased labor costs for the company, especially during peak hours when higher pay rates are in effect.
1 The computerized open market system for bidding shifts offers several advantages for Zappos. Firstly, it provides flexibility for employees to choose shifts that align with their preferences and availability. This can enhance job satisfaction and work-life balance. Secondly, by implementing higher pay rates during high-demand hours, Zappos can ensure adequate coverage during busy periods when customer inquiries are at their peak.
This system incentivizes employees to work during those hours, reducing the risk of staffing shortages. Additionally, the computerized system automates the shift bidding process, eliminating the need for manual scheduling and reducing administrative burden.
2 However, there are potential disadvantages to consider. The open market system may create competition among employees for desirable shifts, potentially leading to conflicts and disputes. It could also result in an imbalance in workload distribution if certain shifts consistently attract fewer bidders, leaving the burden on a few employees.
Moreover, implementing higher pay rates during peak hours may increase labor costs for the company, which could impact profitability. Overall, while the computerized open market system offers advantages in terms of flexibility and incentivizing employees, careful consideration must be given to address potential challenges and ensure fair and efficient shift allocation.
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