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.

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?

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.)

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.

I have this exercise and i dont know how to do it

DDB Corporation was formed by twenty-four shareholders on January 1, 2017. The shareholders will be having their semi-annual meeting on September 28, 2018 to review the financial results for January 1 – June 30, 2018. As of January 1, 2018, the company has a retained deficit (this means the company incurred a net loss in 2017).

The following are the unadjusted balances of DDB Corporation as of June 30, 2018. Although the accounts are all shown with a positive balance, with the exception of retained earnings, they have the normal debit or credit balance that accounts in their account type have (e.g. – assets have a debit balance, liabilities have a credit balance).

Accounts payable 95,000

Accounts receivable 75,000

Accumulated depreciation 28,000

Additional paid-in capital 15,000

Cash 56,960

Common stock 12,000

Depreciation expense 8,000

Rent expense 14,000

Income tax expense 22,736

Income tax payable 22,736a.

Interest expense 1,000

Interest payable 1,000

Inventory 16,000

Cost of goods sold 87,540

Note payable - current portion 10,000

Note payable - long-term 50,000

Payroll taxes payable 6,000

Prepaid expenses 5,000

Property, plant, & equipment 100,000

Retained deficit 35,000

Product revenue 330,000

Deferred revenue 6,000

Advertising expense 61,000

Salary expense 93,500

You have been hired by DDB Corporation to prepare the financial statements. The company has provided you with the following information necessary to record adjustments required to show accurate financial statements.

1. On June 27, 2018, the bookkeeper received $20,000 for a shipment to be sent on July 8, 2018. The bookkeeper debited Cash and credited Product Revenue on June 27.

2. The company performed a physical inventory count on June 30, 2018 and determined that the inventory value on hand was $25,000.

3. The unadjusted balance in the Prepaid Expense account includes prepayment on an advertising contract. The balance in Prepaid Expenses as June 30, 2018 should include:

1. Advertising - January 1 - December 31, 2018 annual contract, original contract amount was $60,000.
2. Rent - July 2018 payment of $2,000. When the bookkeeper paid this on June 29th, he debited Rent Expense and credited Cash.

4. Depreciation expense for the 6 months ended June 30, 2018 should be $10,000.

5. On January 1, 2018, the company borrowed $60,000 at a 5% annual rate. The loan is to be paid back to the bank annually on December 31st in three equal installments beginning December 31, 2018. Each payment will include the interest incurred for that year. The interest for the year should be expensed evenly throughout the year. (Hint: there are two adjustments to be made)

6. Income tax expense must be re-calculated after all adjustments have been recorded. The income tax rate is 35%.

Requirements:

(1) Show trial balance spreadsheet. Reference each adjustments with the letter used above.

(2) show properly formatted income statement and balance sheet based on the adjusted balances from your trial balance spreadsheet. List each account separately in your statements (for example, do not have one amount on your income statement labeled "operating expenses"). . Per share information is not given so you do not need to include earnings per share on your income statement.

(3) Calculate the net profit margin and current ratio for the financial statements.

(4) Show memo to the shareholders reporting the company's financial results for the six months ended June 30, 2018. Include a brief explanation of your ratio analysis results from requirement (3). Also, the company is considering the purchase of a $75,000 piece of equipment. One plan to acquire the equipment calls for a $50,000 cash payment with the remainder financed on a six-month loan. Assuming all account balances other than those accounts affect by the equipment purchase remain the same, include an explanation of the effect of this financing arrangement on the company's current ratio. Ignore interest expense on the new loan.

3) What is the Revenue Recognition Principle? Describe three cases that exemplify this principle.

4) Is unearned revenue classified as an asset, liability or a revenue? Provide a reason for your choice.

5) Write the expanded accounting equation that you would use to study for the information in this chapter.

6) What are T-accounts and why are they used?

7) What is the purpose of an unadjusted trial balance?

8) What is the definition of net profit margin? Provide the formula for this calculation.