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Whether you are an investor, an owner, or a potential client, when considering a transaction with a particular company, having accurate financial information is a must. Especially with large, complex organizations, it can be very difficult to know if and how they are doing well or poorly. Both profits and losses are easily hidden, and companies who appear to be performing well might not be, or visa versa. It is in these situations in which strong accounting standards are a must. These standards ensure that financial reports are being produced according to rules and norms which are common across all industries. This helps those reviewing the financial reports to know exactly what they are looking at and how the data was collected. The Financial Accounting Standards Board produces the Generally Accepted Accounting Principles standards which are the norm for corporations in the USA and beyond. The FASB recently underwent a leadership change, and throughout the transition both the incoming and outgoing leadership expressed optimism about the standards and the industry has a whole (Cohn, 2020). Although even with the best standards unscrupulous accountants can always find ways to bend the data and produce deceitful reports, however GAAP principles go a long way toward holding everyone to the same standard. Key to GAAP principles is the concept of neutrality (Johnson, 2017). Accountants are expected to do their jobs without favoring any interested party or attempting to influence the behavior of anyone involved. This is intended to avoid a situation in which accountants present information in such a way to attempt to make a business look more profitable (for investment purposes), less profitable (for tax purposes) or to otherwise skew the data in a way which does not accurately present the company's actual financial position. Although it is doubtless that this neutrality is always 100% followed in the corporate world, the principle does provide pressure to minimize the amount of bias that goes into financial reports, particularly in publicly traded companies who are held to additional regulations. In the end, while investors always should do their homework and investigate all available information about a company, in general GAAP standards ensure that financial reports are overall trustworthy and useful to investors and other interested parties.  

Question 1:

Suppose that your group is the executive sales team for Starbucks. The CEO has just proposed lowering the price of regular coffee and increasing the price of specialty coffee drinks. The belief is that our customers are sensitive to a price change of regular coffee but much less sensitive to a change in the price of specialty coffee. As such, your team is tasked with providing an analysis on this proposal. In order to provide your analysis, you need to find out if the CEO’s theory about customer behavior, and their sensitivity to price changes for regular and specialty coffee, is correct. In order to find out how sensitive customers are to a price change, you will need to calculate the price elasticity of demand, describe what that means, and evaluate the impact on revenues.

For this activity, use the standard percent change formula (also known as the point method).

You have been given the following data on prices and changes in quantity demanded.

Regular Coffee:

Current Price per cup: $2.00 and quantity sold per month is 1 million

Proposed Price per cup: $1.80 and estimated quantity sold per month is 1.5 million

Specialty Coffee:

Current Price per cup: $4.00 and quantity sold per month is 50 million

Proposed Price per cup: $4.40 and estimated quantity sold per month is 47 million

Part 1: Find the elasticity of demand for regular and specialty coffee.

Part 2: Find the total change in revenue for regular and specialty coffee.

Part 3: Use a demand curve graph to explain the change in revenue. You only need to show the demand curve on your graph.

You may upload a picture/file of your graph or use the creately template.

Question 2:

Suppose that your group is the executive sales team for McDonalds. The CEO has given your team a proposal; To analyze the impact of raising the price of the Big Mac by 10% and raising the price of regular fries by 10%.

In order to provide your analysis, you need to find out how sensitive customers will be to a price change of Big Macs and fries. In order to find out how sensitive customers are to a price change, you will need to calculate the price elasticity of demand, describe what that means, and evaluate the impact on revenues.

For this activity, use the standard percent change formula (also known as the point method).

You have been given the following data on prices and changes in quantity demanded.

  Big Mac:

Current Big Mac Price: $2

Current Big Mac monthly sales: 1 million

Estimated monthly Big Mac sales at the new price: 980,000

Regular Fries:

Current regular fry Price: $1.50

Current regular fry monthly sales: 2 million

Estimated regular fry monthly sales at the new price: 1.4 million

Part 1: Find the elasticity of demand for the Big Mac and fries.

Part 2: Find the total change in revenue for the Big Mac and fries.

Part 3: Use a demand curve graph to explain the change in revenue. You only need to show the demand curve on your graph.

You may upload a picture/file of your graph or use the creately template.

"Fun Life" claims that the probability that a customer comes back every week; P(repeat customer)= 54%. On May 6th, you randomly selected 10 customers from the store. Create a probability distribution table for the Binomial probability that the customer is a repeat customer.

Q1. Which of the following statements is true? [1 mark]

1. Alpha Co owes its employees $5,000 at the year-end on Dec 31, 2014. Payment of the employees’ wages on Jan 3, 2015 will include a debit to wages expense, and credits to wages payable and cash.

2. Beta Co. purchased $5,000 worth of supplies in August and recorded the purchase in the Supplies account. On Dec 31, the fiscal year-end, $3,200 of the supplies remained. The Dec 31, year-end adjusting entry would include a debit of $2,800 to Supplies.

3. On June 30, Gamma Co. received $15,000 cash as a down payment on a 12-month consulting contract. Gamma recorded cash and recognized an appropriate liability. At year end on Dec 31, Gamma will debit consulting revenue for $7,500.

4. On Sept 1, Delta Co. paid $9,000 for a six-month insurance policy, debiting prepaid insurance. After making the appropriate adjusting entry on Dec 31, the prepaid insurance account would have a balance of $6,000.

5. On August 31, 2014, a company signed a $10,000 12 month, note payable bearing 6% interest pa. The company’s Dec 31, year-end adjusting entry should include a credit of $200 to interest payable.

Q2. Which of the following statements is true? [1 mark]

1. The 4 steps in closing are, close; (1) credit balances in revenue accounts to Income Summary; (2) credit balances in expense accounts to Income Summary; (3) Income Summary to Owner's Capital; (4) Withdrawals to Owner's Capital.

B.     Closing entries are designed to transfer the end-of-period balances in the revenue accounts, the expense accounts, and the withdrawals account to owner's capital.  

C.     Closing entries are required at the end of each accounting period to close all ledger accounts.

D.     Asset, liability, and revenue accounts are not closed while a company continues in business.

E.     The income summary account is used during the adjusting process to hold revenue, expenses, and withdrawals, before the net difference is added to or subtracted from the owner’s capital.

Q3. Which of the following statements is false? [1 mark]

1. The cash basis of accounting recognizes revenues when cash is received from customers.
2. The accrual basis of accounting recognizes expenses when they are incurred.
3. The cash basis of accounting requires adjustments to match expenses with revenues.
4. The accrual basis of accounting recognizes revenue when it is earned.
5. The cash basis of accounting recognizes expenses when cash is paid.
   

Q4. Which of the following is true? [1 mark]

1. When total debits equal the total credits in a trial balance it guarantees no errors were made.
2. Matching principle requires expenses to be recorded in the same accounting period as they are incurred.
3. Closing entries are necessary so that owner's capital will begin each period with a zero balance.
4. The last 4 steps in the accounting cycle include analyzing, journalizing, posting, and preparing a trial balance.
5. Temporary accounts accumulate financial data related to one period. Temporary accounts include revenue, expenses, accumulated depreciation, and withdrawals.

2 A. What is the natural rate of Unemployment? What are the causes of this kind of Unemployment? Describe any one of the causes of natural rate of unemployment in detail.

2 B. (GRAPH IS MANDATORY) You can upload the graph as a file (Draw the graph/Take a picture)

3. RESPONSE (T OR F) AND CORRECT EXPLANATION.

(a) Malthus was pessimistic about nations’ economic growth.

(b) French riots in March 2006 happened due to reform in International Trade laws.

12.64  Do poets die young? According to William Butler Yeats, “She is the Gaelic muse, for she gives inspiration to those she persecutes. The Gaelic poets die young, for she is restless, and will not let them remain long on earth.’’ One study designed to investigate this issue examined the age at death for writers from different cultures and genders.²¹ Three categories of writers examined were novelists, poets, and nonfiction writers. Most of the writers are from the United States, but Canadian and Mexican writers are also included. ( DATA Below)

1. (a) Use graphical and numerical methods to describe the data.

2. (b) Examine the assumptions necessary for ANOVA. Summarize your findings.

3. (c) Run the ANOVA and report the results.

4. (d) Use a contrast to compare the poets with the two other types of writers. Do you think that the quotation from Yeats justifies the use of a one-sided alternative for examining this contrast? Explain your answer.

5. (e) Use another contrast to compare the novelists with the nonfiction writers. Explain your choice for an alternative hypothesis for this contrast.

DATA Below:

Suppose that the market for wheat in the U.S. is characterized by the following demand and supply functions:

Supply:     Q_S=5+4P

Demand:   Q_D=30-P

where quantity is measured in billions of bushels and price in dollars per bushel.

1. The government introduces a subsidy program where a subsidy of $5 per bushel is granted to wheat producers. What quantity will be traded in the market under this subsidy program?
   1. 29 billion bushels
   2. 28 billion bushels
   3. 27 billion bushels
   4. 26 billion bushels
   5. 25 billion bushels
2. How much deadweight loss will arise as a result of the subsidy program?
   1. $2 billion
   2. $4 billion
   3. $5 billion
   4. $10 billion
   5. $20 billion
3. Now the government revises its agricultural policy and adopts a price support program rather than a subsidy program. The government implements the price support program by using a price floor equal to $7. What is the (direct) cost of the price support program to the government?
   1. $30 billion
   2. $45 billion
   3. $70 billion
   4. $161 billion
   5. $210 billion

Required information

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Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations.