In a large open economy ________.

the effect of shifts in saving and investment on net capital flows are in the same direction as in a closed economy

the effect of shifts in saving and investment on the domestic real interest rate and the actual levels of saving and investment are in the same direction as in a closed economy

the effect of shifts in saving and investment on the trade balance are in the same direction as in a closed economy

all of the above

none of the above

On January 1, 2020, Firm ABC (lessor) leased a building to Firm XYZ (lessee). The relevant information related to the lease is as follows.

1) The lease arrangement is for 3 years.

2) The building’s cost and fair value at commencement of the lease is $60,000. The building is depreciated on a straight-line basis. Its estimated economic life is 5 years with salvage value of $12,000 at the end of the lease. The residual value after 5 years is assumed to be zero.

3) The lease contains no renewal options. The building reverts to Firm ABC at the termination of the lease.

4) The implicit rate of Firm ABC (the lessor) is 6% and is known by Firm XYZ.

5) Both the lessor and the lessee are on a calendar-year basis.

(a) Prepare the journal entries that Firm XYZ should make in 2020

Dates 1/1/2020, 1/1/2020, 1/1/2021, 1/1/2022

Please include Lease Payment, Interest, Reduction of Lease Liability, Lease Liability

(b) Prepare the journal entries that Firm ABC should make in 2020

The following account balances were taken from ABC Company’s unadjusted trial
balance at December 31, 2020:

Accounts Payable ............  $56,000
Accounts Receivable .........  $42,000
Cash ........................  $11,000
Common Stock ................  $63,000
Cost of Goods Sold ..........  $52,000
Income Tax Expense ..........  $12,000
Insurance Expense ...........  $21,000
Inventory ...................  $70,000
Land ........................  $68,000
Mortgage Payable ............  $49,000
Patent ......................  $31,000
Prepaid Insurance ...........  $17,000
Rental Revenue ..............  $46,000
Retained Earnings ...........  $72,000 (at January 1, 2020)
Sales Revenue ...............  $95,000
Supplies ....................  $19,000
Wage Expense ................  $38,000

ABC Company has not yet recorded adjusting entries related to the following
two items:

(1)  $11,000 of supplies were used up during 2020.

(2)  ABC Company has provided services to a customer totaling $14,000 as of
     December 31, 2020. However, the customer has not yet paid ABC Company.

Calculate the total assets reported in ABC Company's December 31, 2020 balance
sheet after the appropriate adjusting entries have been recorded and posted.

On January 1, 2020, Carp Corp. purchased a printer designed to print documents for a cost of $2,800. In addition to this purchase price, Carp had to pay $300 cash for installation of the system

The system is expected to last for 10 years, or print 12,000 documents, after which time it will have a residual value of $100.

1. Give Carp’s journal entry to purchase the printer.

2. Calculate Carp’s depreciation expense for 2020, 2021, and 2022, under the straight-line, unit, and double-declining balance methods. Assume that the printer printed 800 documents in 2020, 1,600 documents in 2021, and 1,200 documents in 2022.

3. Using straight-line depreciation, what is Carp’s accumulated depreciation at December 31, 2022? What is the net value of the asset at December 31, 2022?

4. Using unit depreciation, what is Carp’s accumulated depreciation at December 31, 2021? What is the net value of the asset at December 31, 2021?

5. Using double declining balance depreciation, what is Carp’s accumulated depreciation at December 31, 2020? What is the net value of the asset at December 31, 2020?

The following account balances were taken from ABC Company’s unadjusted trial
balance at December 31, 2020:

Accounts Payable ............  $56,000
Accounts Receivable .........  $42,000
Cash ........................  $11,000
Common Stock ................  $63,000
Cost of Goods Sold ..........  $52,000
Income Tax Expense ..........  $12,000
Insurance Expense ...........  $21,000
Inventory ...................  $70,000
Land ........................  $68,000
Mortgage Payable ............  $49,000
Patent ......................  $31,000
Prepaid Insurance ...........  $17,000
Rental Revenue ..............  $46,000
Retained Earnings ...........  $72,000 (at January 1, 2020)
Sales Revenue ...............  $95,000
Supplies ....................  $19,000
Wage Expense ................  $38,000

ABC Company has not yet recorded adjusting entries related to the following
two items:

(1)  $11,000 of supplies were used up during 2020.

(2)  ABC Company has provided services to a customer totaling $14,000 as of
     December 31, 2020. However, the customer has not yet paid ABC Company.

Calculate the total assets reported in ABC Company's December 31, 2020 balance
sheet after the appropriate adjusting entries have been recorded and posted.

Today's buyers allot an ample amount of time for purchases, and most of them are keen to interact with salespeople.

True

False

Sarah is a salesperson who prefers contacting her sales leads before getting any information about them or their companies. Sarah uses _____ as a method of sales prospecting.

Which of the following technologies is a valuable tool for accumulating and updating prospect information on a regular basis?

Company records can be used for:

FitterYou Inc., a company that manufactures health products, hosts an event at a local hotel to generate potential customers. The company invites approximately 120 prospects to the event through direct mails. At the event, the sales representatives of the company give presentations on the various products offered by the company. In this scenario, FitterYou Inc. is using _____ to generate sales leads.

Who among the following would most likely be a sales lead for a company that manufactures toys?

Salespeople who do not regularly prospect are operating under the assumption that:

Which of the following is true of assessment questions?

The types of questions classified by the amount and specificity of information desired and those classified by strategic purpose are mutually exclusive.

True

False

Which of the following is a difference between open-end questions and closed-end questions?

Which of the following statements is true of pictures?

Which of the following can improve sensing skills in listeners?

A written sales proposal is likely to fail when _____.

_____ are referred to as complete self-contained sales presentations on paper, often accompanied by other verbal sales presentations before or after the delivery of these paper presentations.

Which of the following is a function of Section 5 of the sales dialogue template?

Unless all the stages of the ADAPT process are completed, the customer value proposition will not contain enough detail to be useful.

True

False

2. What is meant by technological advance and how does the concept impact firms in the long run? Distinguish between invention, innovation and development and provide an example of each.

Generate 10 opportunities for innovation related to the microwave oven (that is, list 10 ideas or features that can enhance the design of a microwave oven or make it easier and safer to utilize).