Payroll. Canada. Expenses are costs incurred by an organization in the process of earning revenue during a given time period. Expense accounts have a direct impact on the profitability of an organization.

List three expense accounts related to payroll. Describe when you would expect the account to be cleared to zero. Explain the methods you could use to reconcile these accounts.

What kind of accounts are the following (asset, liability, SE, revenue, expense) and what are their normal balances. Also which specific type of assets, liabilities, or expenses do these fall under on the financial statements?

Q. Give at least ten different examples of the types of costs and/or revenue from the text. Your answer should include: The name of the cost/revenue, the definition, a real world example and Internet research to support the real world example.

A.?

Q. Define Process Costing and Job Order Costing. Discuss at least five terms/concepts related to either/both of the costing methods. Giver real world examples to support you terms/concepts and include internet research.

A.?

What happens to total revenue given a price increase and demand is inelastic? Why?

The File NFLValues.xlsx show the annual revenue ($ millions) and the estimated team value ($ millions) for the 32 teams in the National Football League.

1. Develop a scatter diagram with Revenue on the horizontal axis and Value on the vertical axis. Does it appear that there are any outliers and/or influential observations in the data?
2. Develop the estimated regression equation that can be used to predict team value given the value of annual revenue.
3. Use residual analysis to determine whether any outliers and/or influential observations are present. (Calculate Leverages, Cook’s Distance). Briefly summarize your findings and conclusions.

Create a narrative for simple revenue cycle and expense cycle business process for a company that produces automobiles.

The owner of a movie theater company would like to predict weekly gross revenue as a function of advertising expenditures. Historical data for a sample of eight weeks follow.

1. Use α = 0.01 to test the hypotheses

for the model

y = β₀ + β₁x₁ + β₂x₂ + ε,

where

1b. Find the value of the test statistic. (Round your answer to two decimal places.)

1c. Find the p-value. (Round your answer to three decimal places.)

p-value =

1d. State your conclusion.

(a) Do not reject H₀. There is sufficient evidence to conclude that there is a significant relationship among the variables.

(b) Reject H₀. There is sufficient evidence to conclude that there is a significant relationship among the variables.    

(c) Do not reject H₀. There is insufficient evidence to conclude that there is a significant relationship among the variables.

(d) Reject H₀. There is insufficient evidence to conclude that there is a significant relationship among the variables.

2. Use α = 0.05 to test the significance of β₁.

2a. State the null and alternative hypotheses.

2b. Find the value of the test statistic. (Round your answer to two decimal places.)

2c. Find the p-value. (Round your answer to three decimal places.)

p-value =

2d. State your conclusion.

(a) Do not reject H₀. There is sufficient evidence to conclude that β₁ is significant.

(b) Do not reject H₀. There is insufficient evidence to conclude that β₁ is significant.    

(c) Reject H₀. There is sufficient evidence to conclude that β₁ is significant.

(d) Reject H₀. There is insufficient evidence to conclude that β₁ is significant.

2e. Should x₁ be dropped from the model?

Yes

No

3.Use α = 0.05 to test the significance of β₂.

3a. State the null and alternative hypotheses.

3b. Find the value of the test statistic. (Round your answer to two decimal places.)

3c. Find the p-value. (Round your answer to three decimal places.)

p-value =

3d. State your conclusion.

(a) Reject H₀. There is insufficient evidence to conclude that β₂ is significant.

(b) Do not reject H₀. There is sufficient evidence to conclude that β₂ is significant.   

(c) Do not reject H₀. There is insufficient evidence to conclude that β₂ is significant.

(d) Reject H₀. There is sufficient evidence to conclude that β₂ is significant.

3e. Should x₂ be dropped from the model?

Yes

No

You meet with Elizabeth and discuss the expected revenue and costs related to the Cookie Shop that she is planning on opening. Elizabeth has done her marketing research of customer demand and what customers are willing to pay for a dozen cookies. Elizabeth provides the Revenue and Cost information below and states you that she thinks that the shop will only be able to sell 1,000 dozen of cookies in a month based on this data.

Quantity of cookies sold (in dozens) 1,000

Selling price for a dozen cookies $17.50

Variable Cost to bake a dozen cookies $9.75

Monthly Fixed Expenses of the shop

Rent for the shop $3,000.00

Lease cost for baking equipment $1,200.00

Utilities and Maintenance $500.00

Wages paid to 1 part-time employee $1,000.00

Total Monthly Fixed Expenses $5,700.00

Elizabeth said that she will be quitting her job to work full-time in the Cookie Shop. She says that her monthly living expenses total $4,000 per month (including payments for her college loans, car payment, apartment rent and food and other living expenses). So she needs you to help her determine how many dozens of cookies will she have to sell in a month to have the Cookie Shop make $4,000 in Net income.

Monthly Target Profit $4,000.00

You discuss with Elizabeth the following 3 options that could be implemented

Option # 1 Increase the selling price of a dozen cookies by 20%. This will casue a 10% decrease in the monthly unit (dozen) sales.

# 2 Increase the selling price of a dozen cookies by 20% and spend $750 monthly for a social media marketing campaign. This is expected to keep the monthly unit sales at 1,000 dozen

# 3 Move home and live with her parents and save $2,000 per month in living expenses. This would allow the monthly target income to be reduced from $4,000 to $2,000. Use the original revenue and cost assumptions.

A firm’s revenue is given as: R= 100q + 8q². The firm’s total cost of production is given as: C= 250 + 500q.

1. Find out the firm’s profit-maximization level of output (q*).
2. What will be the market price at which the firm sells the output, q*?

A firm in a perfectly competitive industry faces the following cost and revenue conditions: ATC = $6; AVC = $3; MR = MC = $5. The firm is