In the accompanying graph, illustrate the impact of an
increase in the contracted nominal wage.
How do nominal wage changes affect the economy's output
at the long-run equilibrium?
A. An increase in the nominal wages decreases output in
the long run.
B. Cannot be determined because the answer depends on
the position of the aggregate demand curve.
C. Nominal wages have no impact on output in the long
run.
D. An increase in the nominal wages increases output in
the long run.

Nona Curry started her own consulting firm, Larkspur, Inc., on May 1, 2022. The following transactions occurred during the month of May.
May 1 Stockholders invested $18,150 cash in the business in exchange for
common stock.
2 Paid $726 for office rent for the month. 3 Purchased $605 of supplies
on account.
5 Paid $182 to advertise in the County News.
9 Received $1,694 cash for services performed.
12 Paid $242 cash dividend.
15 Performed $5,082 of services on account.
17 Paid $3,025 for employee salaries.
20 Paid for the supplies purchased on account on May 3.
23 Received a cash payment of $1,452 for services performed on account
on May 15.
26 Borrowed $6,050 from the bank on a note payable.
29 Purchased office equipment for $2,420 paying $242 in cash and the
balance on account.
30 Paid $218 for utilities.
A) Prepare an income statement for the month of May 2017.
B) Prepare a classified balance sheet at May 31, 2017.

Presented below is information related to Viel Company at December 31, 2020, the end of its fi rst year of operations.

Sales revenue $310,000
Cost of goods sold 140,000
Selling and administrative expenses 50,000
Gain on sale of plant assets 30,000
Unrealized gain on available-for-sale debt investments 10,000
Interest expense 6,000
Loss on discontinued operations 12,000
Dividends declared and paid 5,000

Compute the following:
a. income from operations
b. net income
c. comprehensive income
d. retained earnings balance at December 31, 2020.

For each of the following transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at the end of the month on October 31. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign)

a. Collected $2,220 rent for the period October 1 to December 31, which was credited to Unearned Revenue on October 1.
b. Paid $1,056 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount.
c. Used a machine purchased on October 1 for $40,800. The company estimates annual depreciation of $4,080.

This information relates to McCall Real Estate Agency.
Oct. 1 Stockholders invest $31,930 in exchange for common stock of the corporation.
2 Hires an administrative assistant at an annual salary of $30,600.
3 Buys office furniture for $3,850, on account.
6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10,770 (not paid by Roads at this time).
10 Receives cash of $155 as commission for acting as rental agent renting an apartment.
27 Pays $690 on account for the office furniture purchased on October 3.
30 Pays the administrative assistant $2,550 in salary for October.
Journalize the transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Cr amount is entered. Do not indent manually.

Orange, Inc. has identified the following cost drivers for its expected overhead costs for the year:

Overhead Item Expected Cost Cost Driver Expected Quantity
Setup costs $50,000 Number of setups 250
Ordering costs 30,000 Number of orders 1,500
Maintenance 100,000 Machine hours 2,000
Power 20,000 Kilowatt hours 4,000
Total Overhead $200,000

Total direct labor hours budgeted = 2,000 hours.
The following actual data applies to one of the products completed during the year:

Direct materials $5,000 Number of setups 5
Direct labor $3,000 Number of orders 50
Units completed 100 Machine hours 50
Direct labor hours 100 Kilowatt hours 500

If Orange, Inc. uses direct labor hours to assign overhead, the unit product cost for Product X will be:

a. $70.00.
b. $60.00.
c. $180.00.
d. $90.00.
e. $80.00

Which of the following is NOT a way to help you with time
management during a meeting?

O Check the clock frequently
O Ask for help resolving issues
O Ask attendees to help keep track of time
O Follow-up on issue you can solve immediately

The quantity of a good demanded rises from 90 units to 110 units when the price falls from $1.20 to $.80 per unit. The price elasticity of demand for this product approximates​

Prepare Two Column Cash Book from the following transactions and balance the book on 31st Jan., 2021:-
2021
 

Jan. 1
Cash in hand 50,000; Bank overdraft 1,90,000.

Jan. 2
Purchased goods from Rajesh Kumar of the list price of 50,000 at 5% trade discount and payment made by cheque.

Jan. 6
Goods sold for 80,000 and payment received by cheque. Cheque deposited into Bank on same day.

Jan. 10
Goods purchased for cash 19,800.

Jan. 15
Furniture sold for 1,77,000 and payment received by cheque & cheque deposited into Bank on same day.

Jan. 18
Salaries paid 4,500.

Jan. 21
Settled the amount due to Ram 2,000 by paying cash 1,910.

Jan. 22
Cash received from Jai 14,780 in full settlement of his account of 15,000.

Jan. 23
Paid Life Insurance premium 1,500.

Jan. 31
Deposited with bank the entire balance after retaining 7,000 cash in hand.
​

Tanek Industries manufactures and sells three different models of wet-dry shop vacuum cleaners. Although the shop vacs vary in terms of quality and features, all are good sellers. Tanek is currently operating at full capacity with limited machine time. Sales and production information relevant to each model follows.

Economy Standard Deluxe
Selling price $32 $53 $106
Variable costs and expenses $17 $21 $50
Machine hours required 0.5 0.8 1.6

Required:
a. Calculate contribution margin per unit.
b. What is the contribution margin per unit of limited resource for each product?

On January 1, 2020, HD Corp. paid $60,000 and issued a 5-year noninterest bearing note payable with a face value of $120,000 in exchange for a piece of equipment. The applicable interest rate is 8%. HD Corp depreciates over a straight-line basis and utilizes the effective interest method to record interest expense. The equipment is expected to be in service for 8-years at which point it will be worthless.

Required:
What is the carrying value of the note payable on 12/31/2021?

a. $120,000
b. $88,204
c. $75.136
d. $95.260
e. $89,335

Capp Corporation is a wholesaler of industrial goods. Data regarding the store's operations follow:

•
Sales are budgeted at $260,000 for November, $270,000 for December, and $250,000 for January.

•
Collections are expected to be 60% in the month of sale, 39% in the month following the sale, and 1% uncollectible.

• The cost of goods sold is 60% of sales.
•
The company desires an ending merchandise inventory equal to 40% of the following month's cost of goods sold. Payment for merchandise is made in the month following the purchase.

• The November beginning balance in the accounts receivable account is $61,000.
• The November beginning balance in the accounts payable account is $248,000.


Required:
a.
Prepare a Schedule of Expected Cash Collections for November and December. (Omit the "$" sign in your response.)

November December
Sales
Schedule of Expected Cash Collection ---------------- -------------------
Accounts recievable -----------------
November Sales
December SALES ---------------
tOTAal Cash collection
b.
Prepare a Merchandise Purchases Budget for November and December. (Input all amounts as positive values. Omit the "$" sign in your response.)

November December
Budgeted cost of goods sold
deduct: Begining merchandise inventory
total needs
add: desired ending merchandise inventory
required purchase

General Product Inc. distributed 100 million coupons in 2021. The coupons are redeemable for 30 cents each. General anticipates that 70% of the coupons will be redeemed. The coupons expire on December 31, 2022. There were 45 million coupons redeemed in 2021 and 30 million redeemed in 2022. General recognizes coupon promotion expense in the period coupons are issued. What was General's coupon promotion expense in 2021

On January 1, 2020, Stream Company acquired 30 percent of the outstanding voting shares of Q-Video, Inc., for $770,000. Q-Video manufactures specialty cables for computer monitors. On that date, Q-Video reported assets and liabilities with book values of $1.9 million and $700,000, respectively. A customer list compiled by Q-Video had an appraised value of $300,000, although it was not recorded on its books. The expected remaining life of the customer list was five years with straight-line amortization deemed appropriate. Any remaining excess cost was not identifiable with any particular asset and thus was considered goodwill. Q-Video generated net income of $250,000 in 2020 and a net loss of $100,000 in 2021. In each of these two years, Q-Video declared and paid a cash dividend of $15,000 to its stockholders. During 2020, Q-Video sold inventory that had an original cost of $100,000 to Stream for $160,000. Of this balance, $80,000 was resold to outsiders during 2020, and the remainder was sold during 2021. In 2021, Q-Video sold inventory to Stream for $175,000. This inventory had cost only $140,000. Stream resold $100,000 of the inventory during 2021 and the rest during 2022. For 2020 and then for 2021, compute the amount that Stream should report as income from its investment in Q-Video in its external financial statements under the equity method. (Enter your answers in whole dollars and not in millions. Do not round intermediate calculations.)

When British regulators were forced to suspend the license of a flu vaccine plant in Liverpool operated by the Chiron Corporation due to concerns over bacterial contamination. As a result, the number of flu vaccines available in the United States market decreased by 48 million doses. This was nearly half of the total supply of vaccines in the market.
a) use a supply and demand diagram to illustrate the impact of this event on the market to vaccines in the United States. What impact will this have on the equilibrium price and equilibrium quantity in the U.S. vaccine market?
b) What impact will this have on producer and consumer surplus? Briefly explain

service that provide when the customer is still in the store​

The following
expenditures are
allowable deductions for
business purposes except
A advertisement in the print
media
B. cost of stationery
Closs on disposal of assets
D. provisional tax paid

For items 1 through 4, select from the first column option list provided the answer for each item that reflects how fund information is reported in the government-wide and fund financial statements. Each choice may be used once, more than once, or not at all.
In items 5 through 8, select from the second column option list provided the answer that indicates whether fund information about long-term liabilities and capital assets is reported in the government-wide and fund financial statements. Each financial statement component is reported in each fund.
Item
Information in governmental funds
Information in proprietary funds
Information in fiduciary funds
Government-wide financial statements:
1. Basis of accounting Accrual Accrual Modified cash
2. Measurement focus Current financial resources
Fund financial statements:
3. Basis of accounting Accrual
4. Measurement focus Current financial resources
Government-wide financial statements:
5. Long-term liabilities Yes
6. Capital assets Yes
Fund financial statements:
7. Long-term liabilities Yes
8. Capital assets

Consider a chemical factory that is situated next to a farm. Airborne emissions from the chemical factory damage crops on the farm. The marginal benefits of emissions to the factory and the marginal costs of damage to the farmer are as follows: Quantity of emissions (Q) 100 200 300 400 500 600 700 800 900 MB to factory 320 280 240 200 160 120 80 40 0 MC to farmer 110 130 150 170 190 210 230 250 270 Calculate the total net benefit to the farmer and factory at the economically and socially efficient quantity of emissions. A. $63000 B. $62000 C. $60750 D. $61000

Swifty Company showed the following balances at the end of its first year: Cash $3930 Prepaid insurance 6910 Accounts receivable 4990 Accounts payable 3960 Notes payable 5930 Owner’s Capital 2090 Owner’s Drawings 960 Revenues 32100 Expenses 24800 What did Swifty Company show as total credits on its trial balance? a. $44080 b. $49070 c. $45040 d. $9390

Consider Cowboys Stadium, a large football stadium that can seat approximately 80,000 people (and hold over 100,000 people), located in Arlington, Texas.
If the Super Bowl, the game that determines pro football's champion team for the year, is played in Cowboys Stadium, the quantity of parking spots demanded will far exceed capacity. On a typical game day in the regular season, the quantity of parking spots demanded will only slightly exceed capacity. For smaller events, less than half of the parking spots are typically filled. Assume the marginal cost of providing another parking spot, once the parking lot has already been built, is $0 up to capacity.
In the following table, match each event to the most likely pricing strategy per parking spot.
Pricing Strategy Regular Season Game Super Bowl Small Event
$180 per spot ? ? ?
$4 per spot ? ? ?
$60 per spot ? ? ?

Mayweather reports net income of $305,000 for the year ended December 31. It also reports $93,700 depreciation expense and a $10,000 loss on the sale of equipment. Its comparative balance sheet reveals a $40,200 increase in accounts receivable, a $10,200 decrease in prepaid expenses, a $15,200 increase in accounts payable, a $12,500 decrease in wages payable, a $75,000 increase in equipment, and a $100,000 decrease in notes payable. Calculate the net increase in cash for the year.

The choice of how much to produce depends on a variety of factors. One of the important factors is the cost of production. Two very important components of the cost of production are resource (input) price and technology.Draw a new supply curve that illustrates changes in supply when the production rise because price have increased and available technology has made production more expensive.

The first step in the marketing process is ________. A. understanding the marketplace and customer needs and wants B. constructing an integrated marketing program that delivers superior value C. building profitable relationships and creating customer delight D. capturing value from customers to create profits and customer equity E. designing a customer-driven marketing strategy

Sunland Company began operations in July 2019. At the end of the month, the company prepares monthly financial statements. It has the following information for the month. 1. At July 31, the company owed employees $1,800 in salaries that the company will pay in August. 2. On July 1, the company borrowed $32,000 from a local bank on a 10-year note. The annual interest rate is 12%. 3. Service revenue unrecorded in July totaled $2,600. Prepare the adjusting entries needed at July 31, 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

A commercial cleaning company spends an average of $500 per year, per customer, in supplies, wages, and account maintenance. An average customer generates $1,000 in revenue per year. Assuming a discount rate of 12% and an annual retention rate of 80%, what is the best estimate for the lifetime value of an average customer using the simplified customer lifetime value (CLV) equation presented in the core reading?

A group of middle school students wants to raise money to help build a new school track. They decided to sell donuts before school. Demand is 275 donuts when the donuts are given away free, and the demand drops to 175 donuts when the price is 25 cents per donut. However, the middle school administration is prepared to supply only 150 donuts free of charge but will supply 200 donuts when the price is 50 cents per donut. Assume that the demand and supply functions are both linear functions. What price should the students charge per donut so that there is neither a surplus nor a shortage of donuts

What would be the consequences if managers of a firm evaluated a project based on its actual dollar cash flows, but used a real rate to discount the cash flows? Would the project be more likely to be accepted, or more likely to be rejected? What kind of error could be committed? Please provide an example of how a project evaluation was affected by inflation considerations, either from your own experience, or do some online search for examples.

Use the following information to compute the cost of direct materials used for the current year. Assume the raw materials inventory account is used only for direct materials. (Assume no indirect materials.) January 1 December 31

January 1 December 31
Inventories
Raw materials inventory $6,000 7,500
Work in process inventory 12,000 9,000
Finished goods inventory 8,500 5,500
Activity during the current year
Materials purchased $123,500
Direct labor 94,000
Factory overhead 39,000

Match each of the options above to the items below.

a. Revenues, expenses. and dividends,
b. List of permanent accounts and their balances.
c. Transfer of temporary balances to retained earnings.
d. List of permanent and temporary accounts and thejr balances.
e. Assets, liabilities, and stockholders' equity

1. Adjusted Trjal balance
2. Post-closing trial balance
3. Permanent accounts
4. Temporary accounts
5. Closing entries

On January 1, Year 1, Chertco acquired a patent for $500,000 and, using the straight-line method, began amortizing it properly over its estimated useful life of 10 years. The asset has no residual value. At December 31, Year 4, a significant change in the business climate caused Chertco to assess the recoverability of the carrying amount of the patent. Chertco estimated that the undiscounted future net cash inflows from the patent would be $325,000 and that its fair value was $275,000. Accordingly, for the year ended December 31, Year 4, Chertco should recognize an impairment loss of :________.
a. $175,000
b. $50,000
c. $25,000
d. $0