Suppose that, in a competitive market without government regulations, the equilibrium price of hamburgers is $7 each. Indicate the followings whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or nonbinding.

a. The government has instituted a legal minimum price of $5 each for hamburgers.
b. The government prohibits fast-food restaurants from selling hamburgers for more than $5 each.
c. Due to new regulations, fast-food restaurants that would like to pay better wages in order to hire more workers are prohibited from doing so.

Answer:

Price floor non binding

Price ceiling binding

Price ceiling binding

Explanation:

A price floor is when the government or an agency of the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.

Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.

A. The minimum price is less than the equilibrium price, thus it is a non binding price floor

b. The maximum price is less than the equilibrium price, thus it is a binding price floor

c. Restaurants that would want to pay better wages are unable to do so. This means that there is a binding price maximum in place

There is a new country called Saffron where the people's political opinions lead them to divide themselves into five different groups, representing different outlooks on how the legislature should approach public policy. These five groups based on political convictions in turn result in the formation of five political parties (each named after a type of food). The five parties are listed below in order from most liberal to most conservative. In the first election for the legislature in this country the people vote for their candidates and their parties as follows, with the vote in the whole country being the same as the vote in every part of it:
Fruit 28%Soup 14%Bread 12%Meat 20%Vegetable 26%If after the first election process is complete the Vegetable party has some seats in the legislature and the Meat party has none, then the election system is which of the following?A. Proportional representation.B. Single member districts and majority winners.C. Single member districts and plurality winners.

Causwell Company began 2018 with 27,000 units of inventory on hand. The cost of each unit was $5.00. During 2018 an additional 45,000 units were purchased at a single unit cost, and 37,000 units remained on hand at the end of 2018 (35,000 units, therefore, were sold during 2018). Causwell uses a periodic inventory system. Cost of goods sold for 2018, applying the average cost method, is $192.500. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used.Required:1. Determine the cost of goods sold for 2018 using the FIFO method.2. Determine the cost of goods sold for 2018 using the LIFO method.

Chicago's Hard Rock Hotel distributes a mean of 1,000 bath towels per day to guests at the pool and in their rooms. This demand is normally distributed with a standard deviation of 100 towels per day, based on occupancy. The laundry firm that has the linens contract requires a 2-day lead time. The hotel expects a 98% service level to satisfy high guest expectations.


Required:
a. What is the reorder​ point?
b. What is the safety stock?
c. What is the ROP?

5. Problems and Applications Q5 In the 1990s and the first two decades of the 2000s, investors from the Asian economies of Japan and China made significant direct and portfolio investments in the United States. At the time, many Americans were unhappy that this investment was occurring. True or False: It was better for the United States not to receive this foreign investment because it shrank the capital stock. True False True or False: It's best for Americans that China and Japan, rather than Americans themselves, made the investment, so that Americans can have more to spend on consumption. True False

Assume these events happened to Bakko, Inc. in Year 4. Bakko uses December 31 for the annual reporting period. At the beginning of Year4, Bakko owns 12 donut stores and 30 gas stations. Each of the 42 businesses is a separate business component. Bakko sells 2 donut stores in Year4 on October 1. The disposition is not considered to be a strategic shift. Bakko sells 6 gas stations in urban areas on May 1. The disposition is considered to be a strategic shift.
Match each of the following descriptions to where it would most likely be reported on Bakko's corporate income statement for Year 4.
1. Gain of $12,000 on sale of some equipment from one of the gas stations that Bakko still owns at 12/31/Year 4.
2. Bakko receives $5,000 for a fuel contract that will begin in Year 5.
3. Bakko has $100,000 gain on the sale of the gas stations on May 1, Year 4.
4. Operating results through April 30,Year 4 for the gas stations that were sold.
5. Bakko has a $20,000 loss on the sale of the donut stores on October 1.
A. Part of income from continuing operations.
B. As a discontinued operation.
C. Not part of net income for Year 4.

Belden, Inc. acquires 30 percent of the outstanding voting shares of Sheffield, Inc. on January 1, 2017, for $320,000, which gives Belden the ability to significantly influence Sheffield. Sheffield has a net book value of $828,000 at January 1, 2017. Sheffield's asset and liability accounts showed carrying amounts considered equal to fair values except for a copyright whose value accounted for Belden's excess cost over book value in its 30 percent purchase. The copyright had a remaining life of 16 years at January 1, 2017. No goodwill resulted from Belden's share purchase.

Sheffield reported net income of $180,000 in 2017 and S230,000 of net income during 2018. Dividends of $70,000 and $80,000 are declared and paid in 2017 and 2018, respectively. Belden uses the equity method.

a. On its 2018 comparative income statements, how much income would Belden report for 2017 and 2018 in connection with the company's investment in Sheffield?
b. If Belden sells its entire investment in Sheffield on January 1, 2019, for S400,000 cash, what is the impact on Belden's income?
c. Assume that Belden sells inventory to Sheffield during 2017 and 2018 as follows:


Year Cost to Belden Price to Sheffield Year-End Balance (at Transfer Price)
2017 $29,700 $54,000 $18,000 (sold in following year)
2018 29,500 59,000 40,000 (sold in following year)


d. What amount of equity income should Belden recognize for the year 2018?

Tootsie Roll Industries is engaged in the manufacture and sale of candy. Major products include Tootsie Roll, Tootsie Roll Pops, Tootsie Pop Drops, Tootsie Flavor Rolls, Charms, and Blow-Pop lollipops. The following items were listed on Tootsie Roll's recent income statement and balance sheet. Mark each item from the balance sheet as an asset (A), liability (L), or shareholders' equity (SE) and each item from the income statement as a revenue (R) or expense (E).

a. Notes payable to banks
b. General and administrative
c. Accounts payable
d. Dividends payable
e. Retained earnings
f. Cash and cash equivalents
g. Accounts receivable
h. Provision for income taxes[1]
i. Cost of goods sold

Professionalism is a skill necessary for......

A company understated its ending inventory balance by $4,000 in 2021. What impact will this error have on cost of goods sold and gross profit in 2021 and 2022?

A company had the following assets and liabilities at the beginning and end of this year.
Assets Liabilities
Beginning of the year $ 109,500 $ 46,943
End of the year 169,000 68,445
a. Owner made no investments in the business, and no dividends were paid during the year.
b. Owner made no investments in the business, but dividends were $1,450 cash per month.
c. No dividends were paid during the year, but the owner did invest an additional $45,000 cash in exchange for common stock.
d. Dividends were $1,450 cash per month, and the owner invested an additional $35,000 cash in exchange for common stock.
Determine the net income earned or net loss incurred by the business during the year for each of the above separate cases:
(Decreases in equity should be indicated with a minus sign.)
a. b. c. d.
Beginning of the year

The prepaid insurance account shows a debit of $6,336, representing the cost of a 2-year fire insurance policy dated August 1 of the current year. 2.
On November 1. Rent Revenue was credited for $1,809, representing revenue
from a subrental for a 3-month period beginning on that date.
3. Purchase of advertising materials for $767 during the year was
recorded in the Advertising Expense account.
On December 31. Advertising materials of $277 are on hand.
4. Interest of $714 has accrued on notes payable. The interest will
be paid in January of the next year.
Instructions:
Prepare the following in general journal form.
A) The adjusting entry for each item.
B) The reversing entry for each item where appropriate.

Hokies uses the following accounts:

Accounts Payable
Equipment
Supplies
Rent Expense
Notes Payable
Salaries
Expense
Accounts
Receivable
Utilities
Expense
Service
Revenue
Retained

Required:
Indicate which accounts should be debited and which should be credited for the following transactions of Hokies companies.

1. Pay a cash dividend.
2. Pay rent in advance for the next three months.
3. Provide services to customers on account.
4. Purchase office supplies on account.
5. Pay salaries for the current month.
6. Issue common stock in exchange for cash.
7. Collect cash from customers for services provided in (3) above.
8. Borrow cash from the bank and sign a note.
9. Pay for the current month's utilities.
10. Pay for office supplies purchased in (4) above.

The manager of a computer help center needs to determine a shift schedule for
his sta . The center is open from 8am until midnight (12am), and is divided into four shifts. The number of employees needed on each shift is as follows: 4 on the rst shift (8am-12pm), 10 on the second shift (12pm-4pm), 8 on the third shift (4pm-8pm), and 6 on the last shift (8pm-12am). Two types of employees can be hired to sta the computer center: full-time employees and part-time employees. Full-time employees must be hired for two consecutive shifts, and can be hired to start in the rst, second or third shift. Part-time employees are hired for a single shift. Full-time employees are paid $14 an hour, while part-time employees are paid $12 an hour. Lastly, during each of the shifts, there must be at least two full-time employees sta ed for every part-time employee.
Formulate a linear programming model to satisfy the stang requirements at minimum cost.

Prepare the journal entries to record the following transactions on Sunland Company's books using a perpetual inventory system.

a. On March 2, Splish Brothers Company sold $885,600 of merchandise to Sunland Company on account, terms 2/10, n/30. The cost of the merchandise sold was $519,500.
b. On March 6, Sunland Company returned $110,200 of the merchandise purchased on March 2. The cost of the merchandise returned was $63,000.
c. On March 12, Splish Brothers Company received the balance due from Sunland Company.

how do you determine a bond premium or discount

An investor can design a risky portfolio based on two stocks, A and B. Stock A has an expected return of 21% and a standard deviation of return of 39%. Stock B has an expected return of 14% and a standard deviation of return of 20%. The correlation coefficient between the returns of A and B is 0.4. The risk-free rate of return is 5%. The standard deviation of the returns on the optimal risky portfolio is :_______

a. 25.5%
b. 22.3%
c. 21.4%
d. 20.7%

Business-process outsourcing (BPO) is a type of outsourcing that consists of contracting operations and responsibilities of a specific business process (e.g.,human resources) to a third party service provider. Such outsourcing generally began with manufacturing firms outsourcing your supply chain but has grown into a much wider range of process, including marketing, finance, sales, and accounting. According to a recent Frobes articles, the revenue of the globe outsourced services Industry rose from 45 billion in 2000 to nearly 100,000,000,000 in 2012. Competition among firms in that BPO market is strong. Companies based in the United States include HP enterprise services, affiliated come to Peterson services, an automated data processing (ADP). A number of Indian companies, however, also provide worldwide BPO services, such as Infosys, Wipro, and Genpact. An article in business wk. suggested that BPL can save and users anywhere from 15 to 85%. International BPO service providers are particularly attractive says offshore labor I first an additional 25 to 30% cost savings. Furthermore, approximately 25% of the cost savings result from BPO firms proprietary products. The remaining 10% to 30% in cost reduction accrues from consolidated operations. Suppose you are the manager of a U.S.-based company and must decide whether to outsource your human resources department. Based on the above information and your study, please outline arguments supporting and opposing a decision to outsource this function of your business. Please explain from a purely business standpoint, any issues that might arise from contracting with an international-based versus U.S.-based BPO service firm? Explain.

a. If you will be making equal deposits into a retirement account for 20 years (with each payment at the end of the year), how much must you deposit each year if the account earns 8% compounded annually and you wish the account to grow to $5,000,000 after 40 years (in time 40)?
b. How does your answer to part (a) change if the account pays interest compounded monthly at an annual rate of 8%?

Compute Net Operating Assets Selected balance sheet and income statement information for Home Depot follows.
$ millions Jan. 31, 2016 Feb. 01, 2015
Operating assets $40,583 $38,473
Nonoperating assets 2,241 1,748
Total assets 42,824 40,221
Operating liabilities 15,018 13,527
Nonoperating liabilities 21,340 17,222
Total liabilities 36,358 30,749
Sales 88,944
Net operating profit before tax (NOPBT) 12,024
Nonoperting expense before tax 778
Tax expense 4,208
Net income 7,038
Compute net operating assets for the years ended January 31, 2016 and February 1, 2015.
2016 NOA $Answer
2015 NOA $Answer 0

helpp please 10 points!

2. What are Internal and external factors.

The City of Breukelen maintains a rapid transit system, which is accounted for in a proprietary fund called Breukelen RTS. Based on the following excerpt from the trial balance, prepare a statement of revenues, expenses, and changes in net position for the Breukelen RTS for the year ended December 31, 2019, using the appropriate format.
Revenues from fares $3,150,000
Train operating expenses 2,430,000
Track and train maintenance expenses 565,000
Depreciation 325,000
Investment income 50,000
Interest expense on long-term debt 320,000
Cash subsidy from the City of Breukelen 500,000
Net position, January 1, 2019 7,430,000

A company issued 800 shares of $4 par value preferred stock for $5 per share. What is true about the journal entry to record the issuance

Businesses in the United States are governed by laws that provide rights to all citizens regardless of their race, color, religion, gender, or country of origin. The U.S. Constitution established three branches of government to ensure that no one group or individual could control all the power. The three branches—legislative, executive, and judicial—act as a system of checks and balances. The goal of this activity is to determine which branch of government regulates each human resource management issue. The three branches of government in the United States influence human resource management (HRM) practices such as recruitment, selection, compensation, and performance management. This activity is important because Individuals need to be aware of the legal system and legislation governing HRM practices in the workplace.

Match the brach of the Fedral goverment with the followings.

a. Retirement
b. Best Buy
c. Labor Relations
d. Affirmative Action
e. Ford
f. Education
g. Oil Pipeline
h. Starbucks
i. Equal Employment

1. Judicial Branch
2. Executive Branch
3. Legislative Branch

SNC has its own, modest internet-based business. However, the company has been approached by Golden Years Nutraceuticals, a much larger online distributor of third-party brands with connections to a national healthcare website endorsed by a leading senior advocacy association. Therefore, Golden Years reaches a large-and increasing-consumer base of older Americans. This opportunity would generate an additional 10% increase in sales in 2016, followed by increases of 5% in 2017 and 3% in 2018. Increasing the percentage of SNC's business that is conducted online would decrease DSO, because internet sales are collected very quickly. Accounts receivable would decrease by 7 days in the first year and by an additional 3 days in 2017, for a total improvement of 10 days. In 2018, the DSO would decline by another 2 days-in effect, 12 days lower than at the start of 2016. Going forward, the DSO would stay at this lower level and SNC's profit margin would remain unchanged. What would you like to do about this opportunity?
Accept or Decline
2016 2017 2018 Post 2018
Incremental Summary Income Statement ($ in thousands)
Change in Sales $1,600 $2,480 $3,034 $3,034
Change in Cost of Sales $1,492 $2,313 $2,830 $2,830
Change in EBIT $108 $167 $204 $204
Incremental Balance Sheet ($ in thousands)
Change in Accounts Receivable $145 $241 $289 $289
Change in Inventories $368 $570 $698 $698
Change in Accounts Payable $162 $251 $307 $307

Taco Bell processes on average 1,500 customers per day (15 hours). On average there are 75 customers in the restaurant (waiting to place the order, waiting for the order to arrive, eating, etc.). How long does an average customer spend at Taco Bell and what is the average customer turnover

The following cost data relate to the manufacturing activities of Chang Company during the just completed year:
Manufacturing overhead costs incurred:
Indirect materials $15,300
Indirect labor 133,000
Property taxes, factory 8,300
Utilities, factory 73,000
Depreciation, factory 152,100
Insurance, factory 10,300
Total actual manufacturing overhead costs incurred $392,000
Other costs incurred:
Purchases of raw materials (both direct and indirect) $403,000
Direct labor cost $63,000
Inventories: Raw materials, beginning $20,300
Raw materials, ending $30,300
Work in process, beginning $40,300
Work in process, ending $70,300
The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 20,000 machine-hours were used during the year.
Required:
a. Compute the amount of under-applied or over-applied overhead cost for the year.
b. Prepare a schedule of cost of goods manufactured for the year.

The following terms relate to the fundamental qualities of useful information. Match the key letter of the correct term with the descriptive statement below. a. Confirmatory value b. Faithful representation c. Neutral d. Timely e. Predictive value f. Verifiable g. Relevant 1. Providing information that is not biased toward one position or another. select a letter 2. Providing information before it loses its capacity to influence decisions. select a letter 3. Providing information that is proven to be free from error. select a letter 4. Providing information that would make a difference in a business decision. select a letter 5. Provide information that accurately depicts what really happened. select a letter 6. Providing information that confirms or corrects prior decisions.

Self-disclosure is considered a major theme of interpersonal relations because

What designation would you hold if you have the most common designation in the accounting field, which is also considered the backbone of the accounting function?

Microsoft develops, produces, and markets a wide range of computer software, including the Windows operating system. On its recent financial statements, Microsoft reported the following information about net sales revenue and accounts receivable (amounts in millions).

Current Year Prior Year
Accounts receivable, net of allowances of $405 and $426 $19,792 $18,277
Net sales revenue 89,950 85,320


According to its Form 10-K, Microsoft recorded bad debt expense of $14 and there were no bad debt recoveries during the current year.

Required:
What amount of bad debts was written off during the current year?