66829 – Student Number: (enter on the line below)Student Name: , 66822 – Payroll ProjectAs the accountant for Veneskey & Son’s,

Student Number: (enter on the line below)Student Name: (enter on the line below)HI5016INTERNATIONAL TRADE AND ENTERPRISESUPPLEMENTARY ASSESSMENTTrimester 1 2021TIME ALLOWED: 4.5 hoursAll answers must be submitted within this time frame. Late submissions are not accepted.Assessment Weight: 50 total marksInstructions:• All questions must be answered by using the answer boxes provided in this paper.• Completed answers must be submitted to Blackboard by the published due date and time.Submission instructions are at the end of this paper.Purpose:This assessment consists of six (6) questions and is designed to assess your level of knowledge of the key topics covered in this unitQuestion 1 (7 marks)i. The Gravity Model is used to explain trade flows. Define the gravity model. Specify the variables employed. Use the Gravity Model to explain recent increases in North East Asian trade – and employ relevant examples. (3 marks)ANSWER: ** Answer box will enlarge as you typeii. In the 19th Century British trading patterns were countries from distant locations such as North America, Latin America, Africa and Asia. Today, most British trade patterns are European countries. Examine the causes of the British changing trade pattern with reference to the Gravity Model.Consider: 18th century trade patterns, relationship of UK with the Commonwealth countries, importation of raw materials and export of finished goods, Brexit and preferential treatment for UK exports to commonwealth countries. (4 marks)ANSWER:Question 2 (7 marks)“A nation’s production capacity is explained by the PPF and the differences give rise to trade.” Define a PPF. Describe the issues of ‘trade – off’ of production. (4 marks)In developing your explanation consider the following: “…a nations terms of trade and welfare is determined by price and a nation’s volume of exports and imports.”Define “Terms of Trade”. Explain whether it is negative or positive which increases national welfare. (3 marks)ANSWER:Question 3 (7 marks)Instruments of Trade PolicyDefine using examples:i. Specific tariffs. (2 marks)ii. Ad valorem tariffs. (2 marks)iii. Compound tariffs. (2 marks)Plus one mark for a relevant exampleANSWER:Question 4 (7 marks)Controversies in Trade Policyi. The U.S. is probably the most open international market among the industrialized countries. What then does the U.S. have to gain by joining the WTO? (2 marks)ANSWER:ii. “Infant industry protection” is a key solution for the growth of industrialization of developing countries. Discuss tariff process used, bases for financial charge, and allocation difficulties resulting, use examples. (3 marks)ANSWER:iii. What are the benefits/difficulties with the “infant industry” argument? Give relevant examples. (2 marks)ANSWER:Question 5 (11 marks)Different market structures1. Assume that you have been hired as a market entry consultant to advise an American bank which wants to enter into the Australian banking industry. This bank has a number of different services including corporate, investment banking, agricultural and retail banking services.Given the top 4 banks in Australia control 80% of the market what issues with respect to oligopolistic market structure compared to other market structures would you discuss?Describe all four of the market structures and how each one may or may not be conducive to entry of a new bank into the Australian market. (4 marks)ANSWER:2. You decide to advise your client to start a business focusing on one of its specialty services. In other words within a monopolistic market structure.What would you say to your client with respect to market entry and the prospects of growing the business?In answering this question, explain why monopolistic structure is best entry strategy, which one of the specialty services should the bank focus on, importance of product differentiation, opportunity to capture super profits. (7 marks)ANSWER:Question 6 (11 marks)Absolute and Comparative AdvantageIndia can produce 100 units of rice and 300 hundred units of wheat using 1 unit of labour. However, Nepal uses 1 unit of labour to produce 20 units of rice and 20 units of wheat. Use this information to answer the following questions.a. Define absolute advantage and say which country has absolute advantage in the production of rice and wheat? Justify your answer. (2 marks)ANSWER:b. Define comparative advantage and use the matrix below to show which country has a comparative advantage in rice and wheat production. Show calculations of comparative advantages/opportunity costs. (9 marks)India NepalWheat 300 20Rice 100 20ANSWER:END OF SUPPLEMENTARY ASSESSMENTSubmission instructions:• Save submission with your STUDENT ID NUMBER and UNIT CODE e.g. EMV54897 HI5016• Submission must be in MICROSOFT WORD FORMAT ONLY• Upload your submission to the appropriate link on Blackboard• Only one submission is accepted. Please ensure your submission is the correct document.• All submissions are automatically passed through SafeAssign to assess academic integrity.

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Assignment Details:
Payroll ProjectAs the accountant for Veneskey & Son’s, you have been hired to prepare the payroll and everything that goes along with it for Ol’Fashion Industries which has 4 employees. Their necessary payroll information is listed below and in the Excel spreadsheet for the current year. The employees are paid monthly (last day of the current month) and were last paid Sept. 30th. Assume this is an Indiana company and use the Indiana withholding rates. SUTA rate = 3.5%.Employee Gross Wages Marital Status Recent Termination per check Hire dateLarry 13,500 Married N/AKeagan 4,400 Single N/AMartha 3,700 Single Aug. 1st Nov. 30thNancy 3,500 Married Sept. 1st***All Medical Premium Insurance and Flexible Spending are part of a cafeteria plan***Larry – Has $450/ pay deducted for 401K, $500/pay deducted for Medical Premium insurance , and $400 withheld for his Flexible Spending Account (FSA). Step 3 of W4 = $2,500. Spouse does not work.Keagan – Has $300/ pay deducted for 401K, $250/pay deducted for Medical Premium insurance , and $150 withheld for FSA. Step 3 of W4 = $500Martha- Has $50/ pay deducted for 401K, $200/pay deducted for Medical Premium insurance , and $150 withheld for FSA. Nothing for Step 3 or 4Nancy- Has $50/ pay deducted for 401K, $350/pay deducted for Medical Premium insurance , and $400 withheld for FSA. Spouse makes the same as her (checked step 2 on W4)**Employer will match 401K contributions up to $500. Employer’s portion of the Medical Premiums is twice what the employee pays.**Instructions:1. Using the attached Excel Spreadsheet tabs, complete the payroll register for Oct., Nov., and Dec. (There is a separate monthly tab at the bottom of the Excel file).a. You may be creative and use your payroll template sheets instead of the nonformatted sheets in this Spreadsheet for Oct, Nov, and Dec register and journal entries. However, make sure your template sheets, if you use them, contain all the answers found in the original tabs provided.2. Using the Excel Spreadsheet or template sheet, complete the payroll journal entries for each month. Also include the entries to record payment of taxes and other benefits to the respectable parties as outlined below.** Note: Do Not include the Employers portion of 401K and Medical Premiums in with the Payroll Tax Expense. These are not taxes, but separate expenses.3. The taxes and other payroll benefit expenses are paid:a. F/W & FICA – every month (last paid Sept. 15th) next due Oct. 15th (Sept pay)i. See opening trial balance for current payments dueb. St/W – every 2 months (last paid Sept. 15th) next due Nov. 15th (Sept and Oct pay)i. For each 2 month item, use the separate Trial balance and your own T-Accts to help keep track of what is due (see below #5 trial balances)c. 401K – every 2 months (last paid Sept. 15th) next due Nov. 15th (Sept and Oct pay)d. Medical Prem. & FSA – every 2 months (last paid Sept. 15th) next due Nov. 15th (Sept and Oct pay)e. FUTA & SUTA – do not pay this year4. Create a checkbook record of each check written (included in each months Excel tab)a. Start with check 500 for the Oct 15th payment and then continue with checks 501 – 504 for each employee’s check.b. You may combine F/W and FICA for one check to the “Department of Treasury”i. Note: You should also refer to the open trial balance to determine how much is in each account to be paid. Due to the prior accountant not paying the correct amount in Sept., the Sept balances due will be a little different than the Oct. balances calculated.c. The following are the names of each department receiving checksi. St/W = “Ind. Dept. of Treasury”ii. 401K = TIAA Crefiii. Medical Ins. Prem. = “Anthem”iv. FSA = “Star Bank”5. Complete an updated trial balance for the end of each month ending Dec. 31st (separate Excel taps provided)a. Only update the balances for the entries you make. Thus leave all balance as is that are already filled in for Oct., Nov…etc.b. Use the attached T-Acct sheet to keep balance up-to-date6. Complete the W-2 for each employee (included in Dec. Excel tab)7. Complete Form 941 for the 4th Qtr (included in Dec. Excel tab)a. Show all work as formulas in current tab or in a separate tab for longer work explanations8. Complete Form 940 (included in Dec. Excel tab)a. Show all work as formulas in current tab or in a separate tab for longer work explanations

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