Answer:
The map of the current process is found in the attached
The minimum cycle time is 1 min 40 seconds
The longest cycle time is 2 min 35 seconds
The new minimum cycle is 1 min 15 seconds
The new longest cycle time is 2 mins
The potential problem that could surface from splitting the process is that once the customer has finished paying the customer has to wait for about 30 to 55 seconds before the second attendant finishes with packaging,hence ,a queue would likely be formed awaiting the second attendant.
The problem could be solved by ensuring the taking money and packaging takes the same time.
Explanation:
Minimum cycle time=20+55+25=100 seconds=1 minute 40 seconds
The longest cycle time=30+90+35=155 seconds=2 min 35 seconds
The new minimum cycle time=20+55=75 seconds=1 min 15 seconds
Taking customer's money also happened in the first 35 seconds of the 55 seconds above.
The new longest cycle time=30+90=120 seconds=2 mins
The economy is currently in long-run equilibrium. If the central bank increases the money supply, in the long run the price level will raises.
<h3>What is long-run equilibrium?</h3>
The term “long-run equilibrium” is used in economics to represent a theoretical idea in which all markets are in equilibrium and all prices and quantities have fully adjusted to achieve equilibrium.
The long-run differs from the short-run, which has some limitations and markets that are not entirely balanced.
Currently, the economy is in long-run balance. If the central bank expands the money supply, the price level will rise in the long run.
Therefore, in the long run, the price level will raise as the central bank increases the money supply.
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In order to preserve independence, Michael must "Remove himself from the engagement as he considers the offer." (Option B). It is to be noted that this is an internal control problem.
<h3>
What is Independence in this case?</h3>
The absence of situations that jeopardize the internal audit activity's capacity to carry out internal audit tasks objectively is called Independence.
Practically, independence is achieved by ensuring that the internal audit activity has no management control for any of the organization's non-audit functions that are subject to internal audit assessments, and by distancing the internal audit activity's management from the functional oversight of the organization's senior management.
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Full Question:
Michael was on the ABC Accounting Firm's audit team for the Rasmussen Corporation audit. Rasmussen's officers were so impressed with Michael that they offered him a job as Director of Internal Audit at Rasmussen. What should Michael do in order to preserve independence?
A) Tell his superiors as soon as he has decided whether or not to accept the offer.
B) Remove himself from the engagement as he considers the offer.
C) Pray for divine guidance.
D) If he decides to reject the offer, remove himself permanently from the engagement.
Answer: a.$4,576
Explanation:
Sometimes the cash balance according to the books is not the same as the cash in the bank account and this is due to some transactions not being recorded by either the bank or the firm.
Adjusted cash balance per books = Unadjusted cash balance + Note receivable and interest collected by bank - Bank charge for check printing - NSF Check
= 4,022 + 746 - 28 - 164
= $4,576
Answer:
The equilibrium price will increase
Explanation:
Equilibrium price is defined as the price at which the quantity demanded and quantity supplied are equal.
At this point there is no excess demand or supply, they are both equal.
I'm the given scenario the new rice diet that is being marketed in the U.S. as a cure for cancer will lead to increase in demand for rice.
While a flood that affects the rice crop in California will reduce the ability of suppliers to supply. Leading to reduced quantities supplied to the market.
This results in increased prices for the now scarce rice in the economy
It is illustrated in the attached diagram where price increases from P1 to P2.
The new equilibrium quantity is Q1
