1. Economic profit is equal to

a. total revenue minus explicit and implicit costs.

b. total revenue minus explicit costs.

c. marginal revenue minus marginal cost.

d. total revenue minus implicit costs.

e. total revenue minus dividends and interest.

2. If the price elasticity of demand is 4, a 5 percent decrease in price will increase quantity demanded by

a. 25%

b. 10%

c. 8%

d. 20%

3. If the calculated elasticity of demand between two points is 2.26, demand is considered

a. very inelastic.

b. very elastic.

c. unitary elastic.

d. very inelastic in the short run.

e. the responsiveness to price change.

At June 30, 2017, the end of its most recent fiscal year, Blue Computer Consultants’ post-closing trial balance was as follows:

The company underwent a major expansion in July. New staff was hired and more financing was obtained. Blue conducted the following transactions during July 2017, and adjusts its accounts monthly.

Adjustment data:

The chart of accounts for Blue Computer Consultants contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance. Prepaid Rent, Equipment, Accumulated Depreciation—Equipment, Accounts Payable, Notes Payable, Interest Payable, Income Taxes Payable, Salaries and Wages Payable, Unearned Service Revenue, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense, Advertising Expense, Income Tax Expense, Interest Expense, Rent Expense, Supplies Expense, and Utilities Expense.

**********Prepare a post-closing trial balance*******

Here is some of the info I have already thus far its a comprehensive problem so these are from the other steps

Anne, Bob, and John agree to form a partnership to own and operate The Riverside. Anne and Bob will each contribute one-half of the capital. Bob will contribute the real estate at a value of $3 million. Anne will contribute the equipment and the restaurant furnishings at a value of $1 million and the cost of improvement, which amounts to $2 million. John will oversee the construction and when complete, he will vest in a 5 percent interest in the partnership’s capital. On an ongoing basis, John will oversee the partnership’s operations in exchange for a fixed salary and 20 percent of the partnership’s ongoing profits. The construction is estimated to be completed in June of 2016, and his capital interest is estimated to be valued at $400,000 at that time.

What are the tax consequences if the trio forms The Riverside as a partnership to own and operate the restaurant?

(1) On August 1, 2018, We R Clean Company signed a 9-month contract with a hotel chain to provide pool and spa cleaning services for 3 hotel sites. The contract price of $14,850 was collected on the date the contract was signed. The services will be provided evenly over the next 9 months, starting on August 1. The adjusting entry on December 31, 2018 will

Credit Service Revenue for $6,600

Debit Earned Revenue for $6,600

Credit Service Revenue for 8,910

Debit Unearned Revenue for $8,250

(2) Collegiate Fitness Centers have 15,000 members whose monthly dues are $30 each. The company does not send individual bills to customers, who have until the 10th day of the month following the month of service to pay their monthly dues. On December 31, 2017, the company’s records show that 7,000 customers have already paid their December dues, and the payments were properly recorded. The adjusting entry to be recorded on December 31 will include

You are the owner of a lawn service company (LawnCo) which provides grounds and maintenance services to a range of corporate customers. Customers are expected to pay on the first of each month, in advance of receiving services. One of your corporate customers is an eldercare facility whose grounds you have maintained for many years. The customer has not paid for the last three months of services (from Oct.–Dec. 2020); nevertheless, to maintain a positive relationship, your company continued to provide mowing and weed control services to the eldercare facility during that time. Your company ceased providing services in January 2021 and found out in that same month that the eldercare facility filed for bankruptcy in September. Your company now believes that collection of the missed payments is extremely unlikely.  Your company has already issued financial statements to lenders (for the period ending 12/31/20) which reflected revenue and a corresponding account receivable related to this customer of $10,000 per month for services provided to this customer. Those financial statements also reflected the company’s standard allowance (reserve) amount on receivables, of 4% of sales. In total, your company’s average monthly sales amount to $500,000.

Required:

Your paper should be structured in the format of an issues memo.

1. Evaluate whether receipt of this information indicates you have a change in accounting estimate or whether the customer’s bankruptcy should result in this event being considered an error in previously issued financial statements.

2. Next, describe the accounting treatment (as required by the Codification) for each alternative, then support your explanations with draft journal entries.

3. Finally, briefly state which treatment appears to be more appropriate given the circumstances. If you must make any assumptions in reaching this conclusion, state these.

Visit a local retailer/restaurant etc, count number of customers visiting the retailer/restaurant for a period of 10 minutes, count three periods. Use your data, choose appropriate distribution model, help us understand the following questions.

Here is the data

Period 1 = 6 people

Period 2 = 9 people

Period 3 = 7 people

1. What is the probability that there are more than 5 customers showing up within the next 10 minutes?
2. What is the probability that there are more than 10 customers showing up within the next 10 minutes?
3. Validate your findings with the data from the other two 10-minutes slot

A manager for an insurance company believes that customers have the following preferences for life insurance products: 20% prefer Whole Life, 20% prefer Universal Life, and 60% prefer Life Annuities. The results of a survey of 200 customers were tabulated. Is it possible to refute the sales manager's claimed proportions of customers who prefer each product using the data?

Step 1 of 10: State the null and alternative hypothesis.

Step 2 of 10: What does the null hypothesis indicate about the proportions of customers who prefer each insurance product?

Step 3 of 10: State the null and alternative hypothesis in terms of the expected proportions for each category. (Ho: Pwhole= , Puniversal=, Pannuities=)

Step 4 of 10: Find the expected value for the number of customers who prefer Whole Life. Round your answer to two decimal places.

Step 5 of 10: Find the expected value for the number of customers who prefer Universal Life. Round your answer to two decimal places.

Step 6 of 10: Find the value of the test statistic. Round your answer to three decimal places.

Step 7 of 10: Find the degrees of freedom associated with the test statistic for this problem.

Step 8 of 10: Find the critical value of the test at the 0.05 level of significance. Round your answer to three decimal places.

Step 9 of 10: Make the decision to reject or fail to reject the null hypothesis at the 0.05 level of significance.

Step 10 of 10: State the conclusion of the hypothesis test at the 0.05 level of significance.