Ulta Inc. allows each employee to earn 15 paid vacation days each year with full pay. Unused vacation time can be carried over to the next year. If not taken during the next year, unused vacation time is lost. By the end of 2020, all but 3 of the 30 employees had taken their earned vacation time. The three employees carried over to 2021 a total of 20 vacation days, which represented 2020 salary of $7,800. During 2021, all of these three used their 2020 vacation carryover; none of them had received a pay rate change from 2020 until the time they used their carryover. Total cash wages paid: 2020, $910,000; 2021, $962,000. There was no carryover of vacation time earned in 2021. Required:
a. Provide the entry for Ulta Inc. to accrue compensated absences on December 31, 2020, and for the payment of vacation days in 2021.
b. Compute the total amount of salaries expense for 2020 and 2021. How would the vacation time carried over from 2020 affect the December 31, 2020 balance sheet?

You manage an equity fund with an expected risk premium of 10% and a standard deviation of 14%. the rate on treasury bills is 6%. your client chooses to invest $60,000 of her portfolio in your equity fund and $40,000 in a t-bill money market fund. what is the expected return and standard deviation of return on your client’s portfolio?

Jameson manages a well-known cell phone company. this company has been voted as having the best cell-phone service. consumers appreciate the fact that they can call from almost anywhere in the world and the service still gets through. jameson knows that the company's product far surpasses that of the competition. one thing has been bothering him, though. in order to put so many resources into ensuring the best service, jameson has cut back on employees at the firm's customer call center. recently, consumers have begun complaining about long wait times when they call in with a problem or concern. although its cell phone service is still considered one of the best, customer satisfaction with the firm's customer service has plummeted. jameson does not understand why consumers are getting so upset. he believes the exceptional cell phone service more than makes up for long waiting periods and other issues with its customer service. "after all," he says, "they can't have it all. if i invest more in customer service, that means less investment on ensuring the quality of our product offering."refer to scenario. jameson has asked you, a marketing consultant, to give him advice. he cannot understand how a cell-phone company with the best product offering in the cell-phone service industry could get such low satisfaction ratings simply because the customer service is not up to par. you suggest that jameson has a narrowly defined view of the company's product offering. you tell jameson that successful marketers should define their products as what they

True or false: banks are required to make electronically deposited funds available on the same day of the deposit