For the past several years, Kelly Pitney has operated a part-time consulting business from her home. Kelly Pitney also buys and sells merchandise. As of April 1, 2006, Kelly decided to move to rented quarters and to operate the business, which was to be known as Hippocrates Consulting, on a full-time basis. Hippocrates Consulting entered into the following transactions during April:

April 1. The following assets were received from Kelly Pitney: cash, $13,100; accounts receivable, $3,000; merchandise $5,600; supplies, $1,400; and office equipment, $12,500. There were no liabilities received.

1. Paid three months' rent on a lease rental contract, $4,800.

2. Paid the premiums on property and casualty insurance policies, $1,800.

4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $5,000.

5. Purchased merchandise on account from Office Station Co., $2,000.

6. Received cash from clients on account, $1,800.

10. Paid cash for a newspaper advertisement, $120.

12. Paid Office Station Co. for part of the debt incurred on April 5, $1,200. ,

12. Recorded services provided on account for $4,200.

14. Paid part-time receptionist for two weeks' salary, $750.

17. Recorded cash from cash clients for fees earned during the period April 1-16, $6,250.

18. Paid cash for supplies, $800.

19. Sold merchandise for $3,000 in cash.

20. Recorded services provided on account for $2,100.

27. Paid part-time receptionist for two weeks' salary, $750.

29. Sold merchandise on account for $4,500.

30. Kelly withdrew $6,000 for personal use.

İNSTRUCTİONS

1. Journalize each transaction. (Use Periodic Inventory Method)

2. Post the journal to a ledger.

3. Prepare a unadjusted trial balance as of April 30, 2006.

4. Journalize and post the adjusting entries.

a. Insurance expired during April is $300.

b. Supplies on hand on April 30 are $1,350.

c. Depreciation of office equipment for April is $700.

d. Accrued receptionist salary on April 30 is $120.

e. Rent expired during April is $1,600.

f. Unearned fees on April 30 are $2,500.

g. Cost of merchandise on hand as of April 30 is $2,600.

5. Prepare an income statement, and a balance sheet.

6. Journalize and post the closing entries.

7. Prepare a post-closing trial balance.

73.

In perfect competition, the marginal revenue curve

75.

Marginal revenue is

76.

Profit-maximizing firms want to maximize the difference between

77.

The profit maximizing behavior of a monopoly is different from that of a perfectly competitive firm in that a monopoly can

Q1: Demand in a market is represented by Q = 500 – 50P where P is measured in dollars per unit and Q is measured in units per week. Note: Demand in this question is identical to that in Q1 of Assignment #10.

a) Complete the following table. Find elasticity between $10 and $8, between $8 and $6, between $6 and $4, between $4 and $2, and between $2 and $0. Show elasticity to two decimal places. Do not round your answers too early or your final result will be less accurate.

b) Graph the relationship between the quantity demanded and total revenue using the grid on the next page.

c) Is total revenue positively related, negatively related or unrelated to the price of the product when demand is elastic?

d) Is demand perfectly elastic, elastic, unit elastic, inelastic or perfectly inelastic when total revenue is at its maximum?

Q2: The demand for a product is represented by Q = 210 – 3P. At what price is demand unit elastic? Show clearly how you arrived at your answer.

Bob’s Pizza serves 2,000 customers per month. Each customer orders food and a beverage.

Revenues are $48 for food and $10 for beverages per customer. Variable costs are $16 for food and $2 per beverage per customer. Fixed costs are $50,000 monthly.

1. What is the monthly profit?

2. What is the customer breakeven each month?   

Bob’s customers are starting to use UberEats. Bob’s pays $12 to UberEats for each delivery and they only deliver food not beverages.

3.   If 10% of Bob’s customers start using UberEats, making it 1,800 customers in person and 200 UberEats customers. What will Bob’s profit each month be?

4.   $20,000 per month is the minimum profit that Bob’s wants to make to keep operating. They have 2,000 customers, split between in store and UberEats. What is the largest number of UberEats customers that they can have to keep operating?

A queueing system serves two types of customers. Type 1 customers arrive according to a Poisson process with a mean rate of 5 per hour. Type 2 customers arrive according to a Poisson process at a mean rate of 3 per hour. The system has two servers, both of which serve both types of customers. All service times have an exponential distribution with a mean of 10 minutes. Service is provided on a first-come-first-served basis. a. What is the probability distribution of the time between consecutive arrivals of customers of any type, what is its mean? b. Assume that when a Type 2 customer arrives, he finds two Type 1 customers being served and no other customers in the system. What is the probability distribution of this Type 2 customer’s waiting time in the queue and it mean?

Describe briefly the normal physiology that occurs in the renal corpuscle (glomerulus + capsule) as it contributes to urine formation and blood filtering. What disorder discussed in chapter 27 involves this area and what are the consequences of this malfunctioning?
Describe briefly the normal physiology that occurs in the proximal convoluted tubule, loop of henle, distal convoluted tubule and collecting duct as it contributes to urine formation and blood filtering. What disorder(s) discussed in chapter 27 involves this area and what are the consequences of this malfunctioning? What are the differences between nephrotic and nephritic syndrome?
Define and note the location of the renal pelvis and describe what disorder(s) discussed in chapter 27 relate to this area of kidney and why.
Make a list of the urinary system cancers (renal/bladder), their frequency, morbidity, tx.
What is incontinence and the types of it?  

Received a cash advance of $3500 from a client for the tax consultancy services to be performed in the next three months. The journal entry to record the transaction is:

Select one:

a. debit, service revenue $3500 and credit, cash $3500.

b. debit, service revenue received in advance $3500 and credit, cash $3500.

c. debit, cash $3500 and credit, service revenue received in advance $3500.

d. debit, service revenue received in advance $3500 and credit, service revenue $3500.

Adger Corporation is a service company that measures its output based on the number of customers served. The company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results for May as shown below:

When preparing its planning budget the company estimated that it would serve 40 customers per month; however, during May the company actually served 45 customers.

5. What net operating income would appear in Adger’s flexible budget for May?

6. What is Adger’s revenue variance for May? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.

7. What is Adger’s employee salaries and wages spending variance for May?

8. What is Adger’s travel expenses spending variance for May

9. What is Adger’s other expenses spending variance for May?

10. What amount of revenue would be included in Adger’s planning budget for May?

11. What amount of employee salaries and wages would be included in Adger’s planning budget for May?

12. What amount of travel expenses would be included in Adger’s planning budget for May?

13. What amount of other expenses would be included in Adger’s planning budget for May?

14. What activity variance would Adger report in May with respect to its revenue?

15. What activity variances would Adger report with respect to each of its expenses for May? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values

The following table shows site type and type of pottery for a random sample of 628 sherds at an archaeological location.

Use a chi-square test to determine if site type and pottery type are independent at the 0.01 level of significance.

(A)  Find the value of the chi-square statistic for the sample. (Round the expected frequencies to at least three decimal places. Round the test statistic to three decimal places.)

(B) Find or estimate the P-value of the sample test statistic. (Round your answer to three decimal places.)