abd. 1.1. gfdslgjjldwoergpowo
ignore the above
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Event |
Type of inflation | |
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a) In the 1980s, the UK experienced rapid economic growth. The government cut interest rates and also cut taxes. House prices rose by up to 30% whereby causing a positive wealth effect and a rise in consumer confidence. This increased confidence led to higher spending, lower saving and an increase in borrowing. |
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b) The European trades union demand for higher wages and because wages are the most significant cost for many firms, it resulted in higher prices for goods and services. |
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c) In early 2008, there was a spike in the price of oil to over US$150 per barrel in the U.S. This situation has resulted in a significant impact on most goods in the economy. |
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d) When the Central Bank prints more money, we would expect to see a rise in inflation. This is because the money supply plays an important role in determining prices. if there is more money chasing the same amount of goods, then prices will rise. |
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e) As the price of imports increase, prices of domestic goods using imports as raw materials also increase, causing an increase in the general prices of all goods and services. |
Indicate the type of unemployment for each event shown below:
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Event |
Type of Unemploment |
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a) In 1970s, dayang's mother was a worker in the typewriter manufacturing industry in America. In 1982, she became unemployed because of increased popularity of personal computers which reduces the demand for typewriters. |
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b) FedEx (Federal Express) is the package delivery company in the United States.longki is a FedEx employee who is hired for the Christmas season and laid off after Christmas.His brother, Alex works in an amusement parks and laid off during the winter months because less people will visit the parks during this time. |
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c) Lita is a new graduate from Havard University who got a late start in the job market. She graduated in February 2016 and now is looking for employment after her graduation. |
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d) Kenel is an auto worker at Toyota automotive manufacturing in Malaysia. He was laid off during a recession, because people are buying fewer cars. When people buy fewer cars, the auto makers don't need as many employees to meet the consumer demand. |
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e) The rise in unemployment for stable workers after the development of gasoline-powered automobiles and the resulting long-term decline in horse-and-buggy transportation. |
1.2.
a) What is the main problem with a barter system? Give an appropriate event/situation that indicates the problem.
Main problems:
Event/Situation:
b) During World War ii, cigarettes were used as money among prisoners of war camps. Considering the attributes that good money should possess, why would cigarettes emerge as money among prisoners?
i)State any THREE (3)attributes of cigarettes as money in the prison.
The attributes of cigarettes as money in the prison:
ii)Briefly explain why each attribute mentioned in (i)makes cigarettes emerge as money
among prisoners. (3 mark)
Explanation:
Thanks really appreciated your help dear expert Ms/Sir
In: Economics
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below:
| Beech Corporation | ||
| Balance Sheet | ||
| June 30 | ||
| Assets | ||
| Cash | $ | 74,000 |
| Accounts receivable | 143,000 | |
| Inventory | 73,500 | |
| Plant and equipment, net of depreciation | 224,000 | |
| Total assets | $ | 514,500 |
| Liabilities and Stockholders’ Equity | ||
| Accounts payable | $ | 85,000 |
| Common stock | 310,000 | |
| Retained earnings | 119,500 | |
| Total liabilities and stockholders’ equity | $ | 514,500 |
Beech’s managers have made the following additional assumptions and estimates:
Estimated sales for July, August, September, and October will be $350,000, $370,000, $360,000, and $380,000, respectively.
All sales are on credit and all credit sales are collected. Each month’s credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July.
Each month’s ending inventory must equal 30% of the cost of next month’s sales. The cost of goods sold is 70% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July.
Monthly selling and administrative expenses are always $46,000. Each month $7,000 of this total amount is depreciation expense and the remaining $39,000 relates to expenses that are paid in the month they are incurred.
The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30.
Required:
1. Prepare a schedule of expected cash collections for July, August, and September.
2-a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30.
2-b. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September.
3. Prepare an income statement that computes net operating income for the quarter ended September 30.
4. Prepare a balance sheet as of September 30.
In: Accounting
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below:
| Beech Corporation | ||
| Balance Sheet | ||
| June 30 | ||
| Assets | ||
| Cash | $ | 84,000 |
| Accounts receivable | 144,000 | |
| Inventory | 63,750 | |
| Plant and equipment, net of depreciation | 223,000 | |
| Total assets | $ | 514,750 |
| Liabilities and Stockholders’ Equity | ||
| Accounts payable | $ | 84,000 |
| Common stock | 349,000 | |
| Retained earnings | 81,750 | |
| Total liabilities and stockholders’ equity | $ | 514,750 |
Beech’s managers have made the following additional assumptions and estimates:
Estimated sales for July, August, September, and October will be $340,000, $360,000, $350,000, and $370,000, respectively.
All sales are on credit and all credit sales are collected. Each month’s credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July.
Each month’s ending inventory must equal 25% of the cost of next month’s sales. The cost of goods sold is 75% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July.
Monthly selling and administrative expenses are always $44,000. Each month $6,000 of this total amount is depreciation expense and the remaining $38,000 relates to expenses that are paid in the month they are incurred.
The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30.
Required:
1. Prepare a schedule of expected cash collections for July, August, and September.
2-a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30.
2-b. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September.
3. Prepare an income statement that computes net operating income for the quarter ended September 30.
4. Prepare a balance sheet as of September 30.
In: Accounting
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below:
| Beech Corporation | ||
| Balance Sheet | ||
| June 30 | ||
| Assets | ||
| Cash | $ | 74,000 |
| Accounts receivable | 143,000 | |
| Inventory | 73,500 | |
| Plant and equipment, net of depreciation | 224,000 | |
| Total assets | $ | 514,500 |
| Liabilities and Stockholders’ Equity | ||
| Accounts payable | $ | 85,000 |
| Common stock | 310,000 | |
| Retained earnings | 119,500 | |
| Total liabilities and stockholders’ equity | $ | 514,500 |
Beech’s managers have made the following additional assumptions and estimates:
Estimated sales for July, August, September, and October will be $350,000, $370,000, $360,000, and $380,000, respectively.
All sales are on credit and all credit sales are collected. Each month’s credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July.
Each month’s ending inventory must equal 30% of the cost of next month’s sales. The cost of goods sold is 70% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July.
Monthly selling and administrative expenses are always $46,000. Each month $7,000 of this total amount is depreciation expense and the remaining $39,000 relates to expenses that are paid in the month they are incurred.
The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30.
Required:
1. Prepare a schedule of expected cash collections for July, August, and September.
2-a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30.
2-b. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September.
3. Prepare an income statement that computes net operating income for the quarter ended September 30.
4. Prepare a balance sheet as of September 30.
In: Accounting
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below:
| Beech Corporation | ||
| Balance Sheet | ||
| June 30 | ||
| Assets | ||
| Cash | $ | 70,000 |
| Accounts receivable | 134,000 | |
| Inventory | 48,300 | |
| Plant and equipment, net of depreciation | 212,000 | |
| Total assets | $ | 464,300 |
| Liabilities and Stockholders’ Equity | ||
| Accounts payable | $ | 73,000 |
| Common stock | 306,000 | |
| Retained earnings | 85,300 | |
| Total liabilities and stockholders’ equity | $ | 464,300 |
Beech’s managers have made the following additional assumptions and estimates:
Estimated sales for July, August, September, and October will be $230,000, $250,000, $240,000, and $260,000, respectively.
All sales are on credit and all credit sales are collected. Each month’s credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July.
Each month’s ending inventory must equal 30% of the cost of next month’s sales. The cost of goods sold is 70% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July.
Monthly selling and administrative expenses are always $42,000. Each month $7,000 of this total amount is depreciation expense and the remaining $35,000 relates to expenses that are paid in the month they are incurred.
The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30.
Required:
1. Prepare a schedule of expected cash collections for July, August, and September.
2-a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30.
2-b. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September.
3. Prepare an income statement that computes net operating income for the quarter ended September 30.
4. Prepare a balance sheet as of September 30.
In: Accounting
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below:
| Beech Corporation | ||
| Balance Sheet | ||
| June 30 | ||
| Assets | ||
| Cash | $ | 90,000 |
| Accounts receivable | 136,000 | |
| Inventory | 62,000 | |
| Plant and equipment, net of depreciation | 210,000 | |
| Total assets | $ | 498,000 |
| Liabilities and Stockholders’ Equity | ||
| Accounts payable | $ | 71,100 |
| Common stock | 327,000 | |
| Retained earnings | 99,900 | |
| Total liabilities and stockholders’ equity | $ | 498,000 |
Beech’s managers have made the following additional assumptions and estimates:
Estimated sales for July, August, September, and October will be $210,000, $230,000, $220,000, and $240,000, respectively.
All sales are on credit and all credit sales are collected. Each month’s credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July.
Each month’s ending inventory must equal 30% of the cost of next month’s sales. The cost of goods sold is 60% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July.
Monthly selling and administrative expenses are always $60,000. Each month $5,000 of this total amount is depreciation expense and the remaining $55,000 relates to expenses that are paid in the month they are incurred.
The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30.
Required:
1. Prepare a schedule of expected cash collections for July, August, and September.
2-a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30.
2-b. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September.
3. Prepare an income statement that computes net operating income for the quarter ended September 30.
4. Prepare a balance sheet as of September 30.
In: Accounting
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash $ 94,000 Accounts receivable 145,000 Inventory 59,400 Plant and equipment, net of depreciation 222,000 Total assets $ 520,400 Liabilities and Stockholders’ Equity Accounts payable $ 83,000 Common stock 331,000 Retained earnings 106,400 Total liabilities and stockholders’ equity $ 520,400 Beech’s managers have made the following additional assumptions and estimates: 1.Estimated sales for July, August, September, and October will be $330,000, $350,000, $340,000, and $360,000, respectively. 2.All sales are on credit and all credit sales are collected. Each month’s credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July. 3.Each month’s ending inventory must equal 30% of the cost of next month’s sales. The cost of goods sold is 60% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July. 4.Monthly selling and administrative expenses are always $42,000. Each month $6,000 of this total amount is depreciation expense and the remaining $36,000 relates to expenses that are paid in the month they are incurred. 5.The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30. Required: 1. Prepare a schedule of expected cash collections for July, August, and September. 2-a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30. 2-b. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September. 3. Prepare an income statement for the quarter ended September 30. 4. Prepare a balance sheet as of September 30.
In: Accounting
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below:
| Beech Corporation | ||
| Balance Sheet | ||
| June 30 | ||
| Assets | ||
| Cash | $ | 72,000 |
| Accounts receivable | 128,000 | |
| Inventory | 60,900 | |
| Plant and equipment, net of depreciation | 218,000 | |
| Total assets | $ | 478,900 |
| Liabilities and Stockholders’ Equity | ||
| Accounts payable | $ | 79,000 |
| Common stock | 308,000 | |
| Retained earnings | 91,900 | |
| Total liabilities and stockholders’ equity | $ | 478,900 |
Exercise 8-12
Beech’s managers have made the following additional assumptions and estimates:
Estimated sales for July, August, September, and October will be $290,000, $310,000, $300,000, and $320,000, respectively.
All sales are on credit and all credit sales are collected. Each month’s credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July.
Each month’s ending inventory must equal 30% of the cost of next month’s sales. The cost of goods sold is 70% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July.
Monthly selling and administrative expenses are always $54,000. Each month $5,000 of this total amount is depreciation expense and the remaining $49,000 relates to expenses that are paid in the month they are incurred.
The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30.
Required:
1. Prepare a schedule of expected cash collections for July, August, and September.
2-a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30.
2-b. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September.
3. Prepare an income statement that computes net operating income for the quarter ended September 30.
4. Prepare a balance sheet as of September 30.
In: Accounting
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below:
| Beech Corporation | ||
| Balance Sheet | ||
| June 30 | ||
| Assets | ||
| Cash | $ | 76,000 |
| Accounts receivable | 137,000 | |
| Inventory | 86,100 | |
| Plant and equipment, net of depreciation | 230,000 | |
| Total assets | $ | 529,100 |
| Liabilities and Stockholders’ Equity | ||
| Accounts payable | $ | 91,000 |
| Common stock | 312,000 | |
| Retained earnings | 126,100 | |
| Total liabilities and stockholders’ equity | $ | 529,100 |
Beech’s managers have made the following additional assumptions and estimates:
Estimated sales for July, August, September, and October will be $410,000, $430,000, $420,000, and $440,000, respectively.
All sales are on credit and all credit sales are collected. Each month’s credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July.
Each month’s ending inventory must equal 30% of the cost of next month’s sales. The cost of goods sold is 70% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July.
Monthly selling and administrative expenses are always $58,000. Each month $8,000 of this total amount is depreciation expense and the remaining $50,000 relates to expenses that are paid in the month they are incurred.
The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30.
Required:
1. Prepare a schedule of expected cash collections for July, August, and September.
2-a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30.
2-b. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September.
3. Prepare an income statement for the quarter ended September 30.
4. Prepare a balance sheet as of September 30.
In: Accounting
[The following information applies to the questions displayed below.]
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below:
| Beech Corporation | ||
| Balance Sheet | ||
| June 30 | ||
| Assets | ||
| Cash | $ | 96,000 |
| Accounts receivable | 139,000 | |
| Inventory | 70,200 | |
| Plant and equipment, net of depreciation | 228,000 | |
| Total assets | $ | 533,200 |
| Liabilities and Stockholders’ Equity | ||
| Accounts payable | $ | 89,000 |
| Common stock | 333,000 | |
| Retained earnings | 111,200 | |
| Total liabilities and stockholders’ equity | $ | 533,200 |
Beech’s managers have made the following additional assumptions and estimates:
Estimated sales for July, August, September, and October will be $390,000, $410,000, $400,000, and $420,000, respectively.
All sales are on credit and all credit sales are collected. Each month’s credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July.
Each month’s ending inventory must equal 30% of the cost of next month’s sales. The cost of goods sold is 60% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July.
Monthly selling and administrative expenses are always $54,000. Each month $7,000 of this total amount is depreciation expense and the remaining $47,000 relates to expenses that are paid in the month they are incurred.
The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30.
Required:
1. Prepare a schedule of expected cash collections for July, August, and September.
2-a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30.
2-b. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September.
3. Prepare an income statement for the quarter ended September 30.
4. Prepare a balance sheet as of September 30
In: Accounting