8. At the beginning of 2014, Mask Ltd. had a Retained Earnings balance of $31,860. For the next three years, the firm reported the following net income (loss) and cash dividends declared and paid:

What would be the balance of Retained Earnings reported on the year-end balance sheet as of 12/31/2016?

-2.

Consider the following list of accounts:

• Service Revenue
• Deferred Revenue
• Inventory
• Prepaid Rent
• Common Stock
• Cost of Goods Sold
• Accumulated Depreciation-Equipment
• Rent Expense
• Retained Earnings
• Sales Revenue

How many of these accounts are reported on the income statement?

-3. LPM Ltd. uses units produced as its measure of activity. During August, the company budgeted for 48,900 units of output, but actually produced 46,700 units of output. The company uses the following revenue and cost formulas in its budgeting, where q is the number of units of output:

Revenue: $11.60q

Salaries: $31,050 + $2.45q

Supplies: $1.25q

Utilities: $0.60q

Insurance: $23,090

Miscellaneous expenses: $13,800 + $0.21q

The company reported the following actual results for August:

The spending variance in August for ‘Supplies’ is:

COMPREHENSIVE PROBLEM (Completing the Accounting Cycle – Chapters 1-3)

Murfee Delivery Service is a delivery service company that delivers anything to anyone anywhere. The company intends to stand out due to its strict confidentiality policy forbidding any disclosure of its customers’ personal information, for a profit or otherwise. The company also adds, as part of its robust confidentiality policy, it will never poke fun or humiliate its customers for the ridiculous, and sometimes even embarrassing, items they choose to have delivered.   Murfee Delivery Service began operations on December 1, 2019.

The following transactions occurred during the month of December:

Dec 1    Sold $22,000 of common stock to Eddie Murfee, the founder of the company.

Dec 1    Purchased a $9,000 delivery van by signing a note, agreeing to repay principle and interest in 2 years. The van was purchased from Eddie’s cousin’s boyfriend, Christopher Farleigh. The van was in great condition, especially considering that Christopher lived in the van down by the river for a short period of time while he was looking for an apartment.

Dec 1    Paid $600 in advance for a six-month general liability insurance policy from Ned Ryerson            Insurance Group.

Dec 1    Hired 2 delivery drivers, Clark Griswold and Van Wilder. Surprisingly, both drivers passed their    drug tests and background checks, and they were able to begin working immediately.

Dec 4    Purchased $750 of office supplies from Dunder Mifflin Office Supply Store on account.

Dec 12 Delivered a “Get Well” Deluxe Wellness Kit to Ferris Bueller and received $2,200 cash.

Dec 15 Delivered 243 cases of wine for the annual Catalina Wine Mixer in California. Willis Ferrill was    billed $3,300 on account for services rendered.

Dec 18 Paid employee salaries to Clark and Van totaling $2,400.

Dec 20 Received $10,600 payment for services from Owen Wilzen for delivering wedding gifts to all the couples of weddings he has attended (uninvited) since 2005.

Dec 22 Collected $2,200 in advance from Billy Muree to have Punxsutawney Phil delivered from his       home in Calabasas, California, to Punxsutawney, Pennsylvania, in time for a special appearance on February 2^nd.

Dec 25 Collected $3,300 from Willis Ferrill for the December 15^th delivery.

Dec 27 Received a bill for $150 from Frankenstein Electric Company for December utilities, due on         January 10.

Dec 29 Paid office rent, $2,800, to the property manager, Jim Halpert, for December and January Rent.

Dec 30 Paid $150 to Frankenstein Electric Company for the bill received on December 27^th.

Dec 31 Paid cash dividends of $2,500 to stockholders.

Requirements:

1. Record all necessary journal entries for the December transactions. Note: Not all transactions in December require a journal entry. If no entry is required, you may choose to simply omit the transaction, or you may choose to record the date of the transaction and write “NO ENTRY” in the space where the accounts & amounts would normally be written.
2. Post the journal entries to the T-Accounts.
3. Prepare an Unadjusted Trial Balance as of December 31, 2019.
4. Record the adjusting entries as of December 31, 2019. Additional information necessary for adjusting entries is below:
   1. Accrued Salaries for the last two weeks in December, $2,400, will be paid in January.
   2. The prepaid insurance policy began on December 1.
   3. Office Supplies on hand are $450.
   4. The Note Payable on December 1 has an interest rate of 7%. Interest and principle are due in 2 years.
   5. Weekly deliveries made to Liyam Hemmensworth in the month of December totaling $8,000 have not been invoiced.
5. Post the adjusting entries to the T-Accounts. Note: You will be adding to the T-accounts you created in Step 2.
6. Prepare an Adjusted Trial Balance as of December 31, 2019.
7. Prepare the income statement and statement of stockholders’ equity for the month ended December 31, 2019. Prepare the classified balance sheet as of December 31, 2019.
8. Record the closing entries as of December 31, 2019.
9. Post the closing entries to the T-Accounts. Note: You will be adding to the T-accounts you created in Step 2 and updated in Step 5.
10. Prepare a Post-Closing Trial Balance as of December 31, 2019.

a) This economist argued that capitalism tends to create surplus value or the part of the value of a commodity that exceeds the cost of labor and this is appropriated by the owners of the mean of production.

Select one: a. Karl Marx b. Adam Smith c. David Ricardo d. Alfred Marshall e. William Jevons

b)This economist argued that free markets promote growth and that selfish behaviour leads to economic, social and cultural development. The term "the invisible hand" is used frequently to make reference to his arguments.

Select one: a. Adam Smith b. Karl Marx c. David Ricardo d. Thomas Malthus e. Alfred Marsha

c)Alfred Marshall developed a very important model that is considered one of the cornerstones of modern economic theory. Under this model, when the Demand increases, we can expect that Select one

b. prices will increase and quantity traded will decrease in this market

c. prices will decrease and quantity traded will decrease in this market

d. prices and quantity traded will remain constant in this market e. prices will decrease and quantity traded will increase in this market

Original scenario, I am going to place you in a situation where you need to advise a client on an advertising decision and provide a rationale for your decision.

To make the best recommendation it is important to know about the industry and target demographic.  A catering company generates its revenue by making food for large events such as weddings, anniversary, birthday parties or other large gatherings.  This industry has a very specific market that they should focus their attention and budget on.  Social media is a great way to advertise any business.  The costs are low and can reach a large group of people quickly.  Users can be encouraged to like the page or share it with family and friends for a promotional discount.  This would meet the cost demand and the audience selectivity.  Utilizing a wide array of social media platforms is recommended to reach the largest audience possible.  In addition, I would recommend supplementing the social media ads with TV ads during peak party or wedding time frames like Winter and Summer.  During these time frames brides to be will be feverously searching for the best venues and catering companies for their big days.  By advertising at bridal expos and events the company will be at they can ensure they are placing themselves in the venues that the most customers will be at.  This maximizes their visibility and drives profitability.  Customers who are satisfied will also offer free advertising to others if they had a great experience on their social media pages.   

Please respond in 100-150 words

Exercise 3-07

A partial adjusted trial balance of Skysong Company at January 31, 2020, shows the following.

Answer the following questions, assuming the year begins January 1.

1.  If the amount in Supplies Expense is the January 31 adjusting entry, and $850 of supplies was purchased in January, what was the balance in Supplies on January 1?

2.  If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium?  When was the policy purchased?

3.  If $2,650 of salaries was paid in January, what was the balance in Salaries and Wages Payable at December 31, 2019?

4.  If $1,750 was received in January for services performed in January, what was the balance in Unearned Service Revenue at December 31, 2019? Assume that there are no accounts receivable.

Will improving customer service result in higher stock prices for the companies providing the better service? "When a company's satisfaction score has improved over the prior year's results and is above the national average (75.5), studies show its shares have a good chance of outperforming the broad stock market in the long run." The following satisfaction scores of three companies for the 4th quarters of two previous years were obtained from an economic indicator. Assume that the scores are based on a poll of 50 customers from each company. Because the polling has been done for several years, the standard deviation can be assumed to equal 6 points in each case.

For Company A, is the increase in the satisfaction score from year 1 to year 2 statistically significant? Use

α = 0.05.

(Let μ₁ = the satisfaction score for year 2 and μ₂ = the satisfaction score for year 1.)

Hypotheses:

H₀: μ₁ − μ₂ ≤ 0

H_a: μ₁ − μ₂ > 0

1. Calculate the test statistic. (Round your answer to two decimal places.)

2. Calculate the p-value. (Round your answer to four decimal places.)

3. What is your conclusion?

A. Do not reject H₀. There is insufficient evidence to conclude that the customer service has improved for Company

B. Do not reject H₀. There is sufficient evidence to conclude that the customer service has improved for Company

C. Reject H₀. There is insufficient evidence to conclude that the customer service has improved for Company

D. Reject H₀. There is sufficient evidence to conclude that the customer service has improved for Company A.

4. Can you conclude that the year 2 score for Company A is above the national average of 75.5? Use α = 0.05

5. State the hypotheses.

6. Calculate the test statistic. (Round your answer to two decimal places.)

7, Calculate the p-value. (Round your answer to four decimal places.)

8. For Company B, is the increase from year 1 to year 2 statistically significant? Use α = 0.05. (Let μ₁ = the satisfaction score for year 2 and μ₂ = the satisfaction score for year 1.)

9. Calculate the test statistic. (Round your answer to two decimal places.)

10. Calculate the p-value. (Round your answer to four decimal places.)

11. When conducting a hypothesis test with the values given for the standard deviation, sample size, and α, how large must the increase from year 1 to year 2 be for it to be statistically significant? (Round your answer to two decimal places.)

Let’s define a new number system, where we represent a number by the remainder we get on
dividing by successive primes, i.e., by 2, 3, 5, 7, 11, 13, 17, etc. Thus, 15 might be represented as
[1,0,0], and 27 might be [1,0,2].

1.) What numbers do [1, 1, 1, 1] and [1, 2, 3, 4] represent? Are the representations unique? What
other numbers might these lists represent?

2.) We know that 15 + 27 = 42. What is the representation of 42? Can you see how to get this from
the representations for 15 and 27?

More images for certain company produces and sells frozen pizzas to public schools throughout the eastern United States. Using a very aggressive marketing strategy, they have been able to increase their annual revenue by approximately $10 million over the past 10 years. But increased competition has slowed their growth rate in the past few years. The annual revenue, in millions of dollars, for the previous 10 years is shown.

Year Revenue

1. 8.43

2. 10.94

3. 13.08

4. 14.11

5. 16.21

6. 17.21

7. 18.37

8. 18.55

9. 18.50

10. 18.33

(a.) construct a time series plot, determine the appropriateness of the linear trend.

(b.) develop a quadratic trend equation that can be used to forecast revenue.

(c) Using the trend equation developed in part (b), forecast revenue (in millions of dollars) in year 11.

Magi Chen is the managing director of Sun Construction Pty Ltd, a family owned business that provides construction services. As Magi is interested in purchasing some new constructionequipment’s for her business, she has approached her local bank for finance. The bank has asked that Magi provide an audited financial statement to assist them in considering her loan application. Magi has approached your audit firm for this service and you have been allocated the task of auditing Sun Construction for the year ended 30 June 2019. You have undertaken a preliminary review of the business and determined that a substantive testing approach would be suitable and appropriate. You are currently preparing an audit program for the revenue cycle. The following information has been obtained from your review:

• Magi usually works 120 hours a fortnight. Part of this time is spent travelling between differentclients and is not charged to the clients. The remaining time is charged at $60 per hour, regardless of the task undertaken.

• Customers typically pay Magi in cash for the work undertaken, except for a small number ofregular small-business customers. Magi allows these customers to pay on account by bank transfer on a monthly basis.
• Magi supplies each cash customer with a written receipt, prepared manually from a receipt book purchased at the local news-agency. The book contains pre-numbered blank receipts, which are completed in duplicate.

Required:
For each of the assertions of occurrence, completeness and accuracy, identify a procedure(s) you

could use to audit Sun Construction's revenue.

Magi Chen is the managing director of Sun Construction Pty Ltd, a family owned business that provides construction services. As Magi is interested in purchasing some new constructionequipment’s for her business, she has approached her local bank for finance. The bank has asked that Magi provide an audited financial statement to assist them in considering her loan application. Magi has approached your audit firm for this service and you have been allocated the task of auditing Sun Construction for the year ended 30 June 2019. You have undertaken a preliminary review of the business and determined that a substantive testing approach would be suitable and appropriate. You are currently preparing an audit program for the revenue cycle. The following information has been obtained from your review:

• Magi usually works 120 hours a fortnight. Part of this time is spent travelling between differentclients and is not charged to the clients. The remaining time is charged at $60 per hour, regardless of the task undertaken.

• Customers typically pay Magi in cash for the work undertaken, except for a small number ofregular small-business customers. Magi allows these customers to pay on account by bank transfer on a monthly basis.
• Magi supplies each cash customer with a written receipt, prepared manually from a receipt book purchased at the local news-agency. The book contains pre-numbered blank receipts, which are completed in duplicate.

Required:
For each of the assertions of occurrence, completeness and accuracy, identify a procedure(s) you

could use to audit Sun Construction's revenue.

Magi Chen is the managing director of Sun Construction Pty Ltd, a family owned business that provides construction services. As Magi is interested in purchasing some new constructionequipment’s for her business, she has approached her local bank for finance. The bank has asked that Magi provide an audited financial statement to assist them in considering her loan application. Magi has approached your audit firm for this service and you have been allocated the task of auditing Sun Construction for the year ended 30 June 2019. You have undertaken a preliminary review of the business and determined that a substantive testing approach would be suitable and appropriate. You are currently preparing an audit program for the revenue cycle. The following information has been obtained from your review:

• Magi usually works 120 hours a fortnight. Part of this time is spent travelling between differentclients and is not charged to the clients. The remaining time is charged at $60 per hour, regardless of the task undertaken.

• Customers typically pay Magi in cash for the work undertaken, except for a small number ofregular small-business customers. Magi allows these customers to pay on account by bank transfer on a monthly basis.
• Magi supplies each cash customer with a written receipt, prepared manually from a receipt book purchased at the local news-agency. The book contains pre-numbered blank receipts, which are completed in duplicate.

Required:
For each of the assertions of occurrence, completeness and accuracy, identify a procedure(s) you

could use to audit Sun Construction's revenue.

Magi Chen is the managing director of Sun Construction Pty Ltd, a family owned business that provides construction services. As Magi is interested in purchasing some new constructionequipment’s for her business, she has approached her local bank for finance. The bank has asked that Magi provide an audited financial statement to assist them in considering her loan application. Magi has approached your audit firm for this service and you have been allocated the task of auditing Sun Construction for the year ended 30 June 2019. You have undertaken a preliminary review of the business and determined that a substantive testing approach would be suitable and appropriate. You are currently preparing an audit program for the revenue cycle. The following information has been obtained from your review:

• Magi usually works 120 hours a fortnight. Part of this time is spent travelling between differentclients and is not charged to the clients. The remaining time is charged at $60 per hour, regardless of the task undertaken.

• Customers typically pay Magi in cash for the work undertaken, except for a small number ofregular small-business customers. Magi allows these customers to pay on account by bank transfer on a monthly basis.
• Magi supplies each cash customer with a written receipt, prepared manually from a receipt book purchased at the local news-agency. The book contains pre-numbered blank receipts, which are completed in duplicate.

Required:
For each of the assertions of occurrence, completeness and accuracy, identify a procedure(s) you

could use to audit Sun Construction's revenue.