Article: B.C. minimum wage stagnates - http://www.merrittnews.net/article/20100422/MERRITT0101/100429986/-1/MERRITT01/bc-minimum-wage-stagnates
Summary: Since 2001, BC's minimum wage has remained at $8 and has steadily dropped from being the highest to the lowest minimum wage in the country. Also, students who start work must be paid $6 per hour for their first 500 hours of work. This allows employers to lay off students once they reach 500 hours of work to avoid paying them minimum wage. B.C's Federation of Labour President Jim Sinclair says that this is exploitation that is being allowed by the government. Despite the fact that BC's Minister of Labour: Murrey Coell says that the government has done a great deal to inprove the life of low income earners, some are still struggling to earn a living wage.
Connections: Chapter 15 talks about payroll accounting. Payroll accounting involves taking a person's gross pay, and taking deductions. Each working individual has numerous deductions to account for. These deductions include income tax, CPP, RPP, health insurance, and employment insurance. All these must be paid regardless of the fact that someone is still making $6 per hour.
Reflections: I believe that the minimum wage in BC is way too low. $8 per hour is too little to pay for the high cost of living in BC. I find it remarkable that BC and Vancouver have the highest living costs in the country, yet have the lowest minimum wage. I also thin it's unfair that the training wage is only $6 per hour. Some people would have to work for 3 months before they even reach the minimum wage of $8! Take the deductions off that, and almost nothing is left. RI believe that raising the minimum wage to $10, and eliminating the training wage will greatly reduce the poverty rate in Canada.
Wednesday, April 28, 2010
Tuesday, April 13, 2010
Chapter 15: Analyzing Financial Statements
Article: Corus profits drop 50% in Q2 http://www.vancouversun.com/business/fp/Corus+profit+drops/2905229/story.html
Summary: Corus, a medai company reported that their profits dropped 50% in Q2 of 2010. The company earned $14.6 million in Q2 of 2010 compared to $29 million the same time last year. Adding to that is the fact that losses to the corporate segment of the company have almost doubled in the same time period. The $14.3 million loss was blamed on debt refinancing. Consolidated revenues and segment profits however, when up during the same period. The company's CEO: John Cassady said that the advertising recession was behind them and that the advertising problems facing the industry was over.
Connections: Chapter 15 talks about outsiders and insiders. Outsiders are interested in the revenues and profits of a company to analyze how they are performing. Insiders are concerned in making sure the company does it's best since their jobs usually depend on it. They analyze more information than outsiders and they do so more thoroughly. Insiders are the ones that must work hard to make sure Corus gets back up to previous profit levels.
Reflections: I am not surprised that their profits dropped as compared to the previous year. Companies were more reluctant to spend much money on advertising since they were amidst a recession. I also agree with CEO John Cassady in thatt the problems facing the industry is over. Now that we are out of a recession, people are willing to spend more, which in turn will allow companies to put more money back into avertising.
Summary: Corus, a medai company reported that their profits dropped 50% in Q2 of 2010. The company earned $14.6 million in Q2 of 2010 compared to $29 million the same time last year. Adding to that is the fact that losses to the corporate segment of the company have almost doubled in the same time period. The $14.3 million loss was blamed on debt refinancing. Consolidated revenues and segment profits however, when up during the same period. The company's CEO: John Cassady said that the advertising recession was behind them and that the advertising problems facing the industry was over.
Connections: Chapter 15 talks about outsiders and insiders. Outsiders are interested in the revenues and profits of a company to analyze how they are performing. Insiders are concerned in making sure the company does it's best since their jobs usually depend on it. They analyze more information than outsiders and they do so more thoroughly. Insiders are the ones that must work hard to make sure Corus gets back up to previous profit levels.
Reflections: I am not surprised that their profits dropped as compared to the previous year. Companies were more reluctant to spend much money on advertising since they were amidst a recession. I also agree with CEO John Cassady in thatt the problems facing the industry is over. Now that we are out of a recession, people are willing to spend more, which in turn will allow companies to put more money back into avertising.
Monday, March 29, 2010
Chapter 14 - Cash Control and Banking
Article: Take action to protect yourself against fraud -http://www.canada.com/business/Take+action+protect+yourself+against+fraud/2739737/story.html
Summary: A recent poll conducted by TD Canada Trust reveals some promising statistics. The study showed that 73% shred documents, 62% shield their PINs amd 12% have spoken to their bank asking them to lower their daily widthrawal limits. TD's vice-president said that the results are very encouraging that many Canadians are taking steps to protect their personal information. There are still some people, however, that do very dangerous activities such as sending their credit card numbers through email, telling others their pin numbers and carrying their PINs in their wallets.
Connections: Chapter 14 talks about the safekeeping of money. A major part of that is proctecting your personal banking information. Identity theft is very common and can cause your bank account to become comprimised. Once your account has been comprimised, it is often very long and tedious process to get your money back and to prove that you have been compramised. It is not rare for bank accounts to get compramised, it happens to millions each year.
Reflection - I do believe that your bank information is one of the most dangerous pieces of information you have. Once others have that information, all your hard earned money is put at risk. Protecting your personal information is quite easy. Shredding your documents, shielding your pin, and protecting your bank card, and being carefull about entering your personal information over the internet will protect your account and information from being comprimised.
Summary: A recent poll conducted by TD Canada Trust reveals some promising statistics. The study showed that 73% shred documents, 62% shield their PINs amd 12% have spoken to their bank asking them to lower their daily widthrawal limits. TD's vice-president said that the results are very encouraging that many Canadians are taking steps to protect their personal information. There are still some people, however, that do very dangerous activities such as sending their credit card numbers through email, telling others their pin numbers and carrying their PINs in their wallets.
Connections: Chapter 14 talks about the safekeeping of money. A major part of that is proctecting your personal banking information. Identity theft is very common and can cause your bank account to become comprimised. Once your account has been comprimised, it is often very long and tedious process to get your money back and to prove that you have been compramised. It is not rare for bank accounts to get compramised, it happens to millions each year.
Reflection - I do believe that your bank information is one of the most dangerous pieces of information you have. Once others have that information, all your hard earned money is put at risk. Protecting your personal information is quite easy. Shredding your documents, shielding your pin, and protecting your bank card, and being carefull about entering your personal information over the internet will protect your account and information from being comprimised.
Tuesday, January 19, 2010
Chapter 12 - Cash Discounts
Article: Paying with Cash could soon pay off. http://online.wsj.com/article/SB124225813836317307.html
Summary: The U.S Senate is considering charging users who use credit cards a higher price when they shop. This is due to the fact that between 1.5-2% of the purchase price of the product goes to pay for the fees of the credit card company. The legislation would require businesses to post 2 prices for their product, 1 showing the price if you pay by cash, the other if you pay by credit card.
Connections - Chapter 12 focused on cash discounts. Cash discounts are used by stores as incentive to make them pay early for their purchases. This article talks about increasing the price of products for consumers who pay with a credit card. In both cases, consumers are given discounts to pay early or pay with cash. Both of these methods also help a business keep costs low and help with their profit.
Reflection: In my opinion, I believe that paying cash is better for both the consumer, and the buisness. Paying in cash would help the business save money in credit card fees and would also help consumer be more conscious about the amount of money thier spending since they are paying with cash.
Summary: The U.S Senate is considering charging users who use credit cards a higher price when they shop. This is due to the fact that between 1.5-2% of the purchase price of the product goes to pay for the fees of the credit card company. The legislation would require businesses to post 2 prices for their product, 1 showing the price if you pay by cash, the other if you pay by credit card.
Connections - Chapter 12 focused on cash discounts. Cash discounts are used by stores as incentive to make them pay early for their purchases. This article talks about increasing the price of products for consumers who pay with a credit card. In both cases, consumers are given discounts to pay early or pay with cash. Both of these methods also help a business keep costs low and help with their profit.
Reflection: In my opinion, I believe that paying cash is better for both the consumer, and the buisness. Paying in cash would help the business save money in credit card fees and would also help consumer be more conscious about the amount of money thier spending since they are paying with cash.
Monday, November 30, 2009
Chapter 2- Merchendising
Article: The Black Friday Effect
http://www.victoriaadvocate.com/news/2009/nov/28/jo_after_black_friday_112909_75900/?business&local-business
Summary: Black Friday is the day after the US Thanksgiving with signals the start of the holiday shopping season. It is also one of the biggest days for retailers in the US. Stores would offer huge discounts from anything to games, to toasters, to LCD TVs at huge discounts to boost sales.
Connections: This year has been very disappointing for retailers because of the state of the global economy. People are spending less than they have in previous years. This means that retailers have to offer huge discounts on Black Friday until Christmas Eve to encourage customers to open their wallets.
Reflection: Although prices throughout stores in America were very cheap, it was still hard to get discounts. Some people lined up days in advance of Black Friday just to make sure they were one of the first in the store. This resulted in most of the extremely discounted items to be sold in minutes.
http://www.victoriaadvocate.com/news/2009/nov/28/jo_after_black_friday_112909_75900/?business&local-business
Summary: Black Friday is the day after the US Thanksgiving with signals the start of the holiday shopping season. It is also one of the biggest days for retailers in the US. Stores would offer huge discounts from anything to games, to toasters, to LCD TVs at huge discounts to boost sales.
Connections: This year has been very disappointing for retailers because of the state of the global economy. People are spending less than they have in previous years. This means that retailers have to offer huge discounts on Black Friday until Christmas Eve to encourage customers to open their wallets.
Reflection: Although prices throughout stores in America were very cheap, it was still hard to get discounts. Some people lined up days in advance of Black Friday just to make sure they were one of the first in the store. This resulted in most of the extremely discounted items to be sold in minutes.
Wednesday, September 16, 2009
Chapeter 1 - Accounting Rules
Article: Accounting Changes need Global Reach
Summary: Accounting should be changed to make to be the same worldwide. Now that the recession is ending, the U.S is calling for changes in the accounting system to make it consistent with everywhere else in the world. The SEC is in the process of making U.S companies change their accounting procedures by 2014. The U.S would use the IFRS (International Financial Reporting Standards) instead of the current GAAP (Generally Accepted Accounting Principles)
Connections: GAAP is a set of rules that accountants in the United States currently follow. The IFRS is an accounting system that is being adopted in some countries like Russia and Canada. Accounting rules are important for fair practices and having them consistent throughout the world is important for companies that want to enter the U.S market. Accountants would also only need to learn one of the two procedures which would make it easier to do accounting in other countries.
Reflection: I think that it is important for accounting procedures to be the same all over the world. It would make accounting simpler and less complicated. The only downside I could possibly see from this is that it would be expensive to switch procedures. If this were to be enforced to all companies in the United States, it could be expensive for the small businesses to adapt to the changes.
Summary: Accounting should be changed to make to be the same worldwide. Now that the recession is ending, the U.S is calling for changes in the accounting system to make it consistent with everywhere else in the world. The SEC is in the process of making U.S companies change their accounting procedures by 2014. The U.S would use the IFRS (International Financial Reporting Standards) instead of the current GAAP (Generally Accepted Accounting Principles)
Connections: GAAP is a set of rules that accountants in the United States currently follow. The IFRS is an accounting system that is being adopted in some countries like Russia and Canada. Accounting rules are important for fair practices and having them consistent throughout the world is important for companies that want to enter the U.S market. Accountants would also only need to learn one of the two procedures which would make it easier to do accounting in other countries.
Reflection: I think that it is important for accounting procedures to be the same all over the world. It would make accounting simpler and less complicated. The only downside I could possibly see from this is that it would be expensive to switch procedures. If this were to be enforced to all companies in the United States, it could be expensive for the small businesses to adapt to the changes.
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