These are a list of the transactions I have from playing Monopoly. I need to create a balance sheet, income statement, and cash flow.

STOCK- Issued $1500 common stock

LAND/STOCK- $600 issued for purchase of Land

1 RENT REVENUE- $16.00 From New York Ave

2 CONSULTING REV(ACCTS REC.) - Collected $200 for passing Go

3 LAND - Purchase Kentucky Ave $220.00

4 RENT EXPENSE - $200.00 for landing on Railroad

5 CONSULTING REV(ACCTS REC.) - Collected $200 for passing Go

6 DIVIDENDS - Paid $200 to bank for landing on Income Tax

7 RENT REVENUE - $2.00 from Mediterranean Ave.

8 UTILITIES - Purchase Electric Company $150.00

9 INVESTMENT INCOME - Earned $20.00 from Electric Company

10 RENT EXPENSE - $26.00 for landing on Pacific Ave.

11 RENT REVENUE - $16.00 from New York Ave.

12 DIVIDENDS - Paid $75.00 for Luxury Tax

13 CONSULTING REVENUE - $200.00 For Passing Go

14 LAND - Purchased Oriental Ave. for $100.00

15 RENT REVENUE - Movie Company to use property as set, collected $200.00

16 LAND - Purchased Atlantic Ave. for $200.00

17 LAND - Purchased Indiana Ave. for $200.00

18 BUILDINGS - Purchased a house for Kentucky Ave. For $150.00 19 DIVIDENDS - Paid $75.00 for Luxury Tax

20 CONSULTING REVENUE - $200.00 For Passing Go

21 TRAVEL EXPENSE - Paid $100 for landing on Pacific Railroad

22 RENT REVENUE - $40 from Illinois Ave.

23 BUILDINGS - Purchased a house for Indiana Ave. For $150.00

24 RENT EXPENSE - Paid $12.00 from landing on Virginia Ave.

25 RENT EXPENSE - Paid $14.00 for landing on St. James Place

26 RENT REVENUE - Earned $10 from States Ave.

27 RENT EXPENSE - Paid $56.00 for landing on Pennsylvania Ave.

28 RENT REVENUE - Earned $90 from Kentucky Ave.

29 CONSULTING REVENUE - $200.00 For Passing Go

30 TRAVEL EXPENSE - Paid $100 for landing on Pacific Railroad

31 RENT REVENUE - Earned $90.00 from Indiana Ave.

32 RENT EXPENSE - Paid $56.00 for landing on Pennsylvania Ave.

33 DIVIDENDS - Paid $75.00 for Luxury Tax

34 FINE EXP - Paid $50.00 Fee to get out of Jail

Draw the four cases of perfectly competitive outcomes in the short run. Label everything including price, total revenue, marginal revenue, total cost, variable cost, and profit/loss.

1.A monopolist maximizes profit at the output rate where its total revenue equals total cost.

True

False

2. To maximize profit, the perfectly competitive firm charges a price equal to __________ while the monopolist charges a price __________.

marginal revenue; equal to marginal cost

marginal cost; greater than marginal cost

marginal revenue; less than marginal revenue

average total cost; greater than average total cost

3.Compared to the perfectly competitive firm, the monopolist faces a demand curve that is ___________________ elastic because there are ______________ substitutes for the product produced by the monopolist.

less; fewer

less; more

more; fewer

more; more

Let the market demand curve for a good be: P = 50 – Q/10. a. Recall that if the market demand curve is linear, the marginal revenue curve is also linear, with the same price-axis intercept and a slope equal to twice the slope of the demand curve. Write out the marginal revenue curve for this market demand curve. b. The elasticity of demand can be written as (1/slope)*(P/Q). Find the elasticity of demand for this market demand curve at the following quantities: Q = 50, 150, 250, 350, 450. c. Verify that the demand curve is elastic at quantities where marginal revenue is positive and inelastic at quantities where marginal revenue is negative.

E4.3 (LO 2, 3) (Income Statement Items) Presented below are certain account balances of Paczki Products Co.

Instructions

From the foregoing, compute the following: (a) total net revenue, (b) net income, and (c) income attributable to controlling stockholders.

Explain why it is important to understand the accounting and reporting requirements for an area that an auditor will be assigned to audit – use sales and collections as an example. Briefly explain FASB’s revenue recognition standard.

2. Explain the basic processes involved in generating and document revenue transactions; and in collecting for revenue transactions. You can use an example to help you explain the process. As part of your explanation, also state which documents are used to detail the revenue and collections transactions in these processes.

3. Describe the steps auditors use to test controls. Within each testing step, describe the key issues and concepts. Give an example or examples to help you explain these steps.

In an economy, the supply of labour is given by S = 10 + 200Wn, where S is the quantity supplied of labour (hours of work), and Wn is the after-tax wage rate (net wage). Assume that the before-tax wage rate is fixed at $10.

a) Find the quantity supplied of labour and the total tax revenue at the following tax rates: 15%, 30%, 50%, 70%, and 80%.

b) Calculate the net wage elasticity of labour supply at each of the tax rates. Is the tax revenue positively or negatively related to the net wage elasticity?

c) What does the relationship between the tax rate and the tax revenue resemble? What is the tax rate that generates the highest level of tax revenue?

1)

At the profit-maximizing level of output, for both a pure monopolist and a purely competitive firm, which of the following is true:

2)

Which of the following is not an example of why markets may not provide efficient outcomes:

3)

Solve d) and e). I have provided answer for c) too required in e)

Winkler Furniture manufactures two different types of china cabinets: a French provincial model and a Danish Modern model. Each cabinet produced must go through three departments: carpentry, painting, and finishing. The table below contains all relevant information concerning production times per cabinet produced and production capacities for each operation per day, along with net revenue per unit produced. The firm has a contract with an Indiana distributor to produce a minimum of 300 of each cabinet per week (or 60 cabinets per day). Owner Bob Winkler would like to determine a product mix to maximize his daily revenue.

Formulate as an LP problem and obtain the revenue

c. What is the total Revenue at the optimal solution?

d. Bob Winkler wants to add this requirement to his production policy: To produce at least as many French Provencial cabinets as Danish Modern. How many French Provencial and Danish Modern Cabinets should Bob produce?

e. What is the impact on revenue of the solution in part d compared to the result in part c?

Solution for c)

Optimal Solution:

X1 = 60 X2 = 90

Revenue

Revenue =28*60+25*90= $3,930