On January 1, 2019, FLOWERS Inc. rendered services in exchange for a four-year promissory note having a face value of $10,000. Interest at a rate of 3% is payable annually on January 1 (first payment

Jan 1, 2020). The customer has credit ratings that require it to borrow money at 8% interest.

FLOWERS uses IFRS.

Required: Show and label all calculations. (Round to the nearest dollar.)

1. What would be the value of the service revenue recorded on January 1, 2019?
2. Prepare the full amortization table for note.
3. What is the value of the interest revenue recorded by FLOWERS in 2019?
4. What is the value of the interest revenue recorded by FLOWERS in 2020?

What is the value of note / interest receivable recorded by FLOWERS at its year end of December 31, 2020

A company manufactures and sells x cellphones per week. The weekly​ price-demand and cost equations are given below.

p=400-.05x and C(x)=20,000 + 135x

A) What price should the company charge for the​ phones, and how many phones should be produced to maximize the weekly​ revenue? What is the maximum weekly​ revenue? The company should produce ? phones each week at a price of ​$ ?. ​(Round to the nearest cent as​ needed.) The maximum weekly revenue is ​$ ? ​(Round to the nearest cent as​ needed.) ​

(B) What price should the company charge for the​ phones, and how many phones should be produced to maximize the weekly​ profit? What is the maximum weekly​ profit? The company should produce ? phones each week at a price of ​$ ?. ​(Round to the nearest cent as​ needed.) The maximum weekly profit is ​$ ?. ​(Round to the nearest cent as​ needed.)

1. “In perfect competition, firm’s demand curve is:” *

Perfectly Elastic (horizontal)

Perfectly Inelastic (vertical)

Unit Elastic.

Inelastic.

2. The profit-maximizing level of output is determined graphically by: *

The intersection point between MC&AVC.

The intersection point between MC&ATC.

The intersection point between MC&MR.

The intersection point between MC&AFC.

3.In perfect competition, the profit or loss is determined through: *

(P-ATC)*Q.

(P-AVC)*Q.

(P-Q)*ATC.

(ATC-Q)*P.

4. For a perfectly competitive firm, the supply curve is the MC curve above: *

Minimum ATC.

Minimum AVC.

Minimum AFC.

MC=MR.

5.“In perfect competition, a firm’s marginal revenue equal to its:” *

Price.

Total revenue.

Average revenue.

Supply curve.

Bellamy Corporation uses customers served as its measure of activity. The company bases its budgets on the following information: Revenue should be $3.20 per customer served. Wages and salaries should be $21,000 per month plus $0.80 per customer served. Supplies should be $0.70 per customer served. Insurance should be $5,300 per month. Miscellaneous expenses should be $3,100 per month plus $0.10 per customer served.

The company reported the following actual results for October:

Customers served 22,000

Revenue $ 73,300

Wages and salaries $ 40,400

Supplies $ 16,100

Insurance $ 5,500

Miscellaneous expense $ 7,400

Required:

Prepare a report showing the company's revenue and spending variances for October. Label each variance as favorable (F) or unfavorable (U).

7) Which of the following types of accounts typically have a “Credit” balance?

a. Assets, liabilities

b.   Liabilities, expenses

c. Revenue, liabilities

d.   Capital stock, assets

8) Which of the following describes the “classification” and the “normal balance” of the Fee

Revenue account?

a. Asset, credit

b.   Liability, credit

c. Retained Earnings, debit

d.   Revenue, credit

9) Amounts ($$) that a business is owed “from” its customers are referred to as:

a. Accounts Receivables

b.   Equities

c. Stockholders’ Equity

d.   Liabilities

10) When should the balance sheet be prepared?

a. before the income statement and the owner’s equity statement

b.   before the income statement and after the owner’s equity statement

c. after the income statement and the owner’s equity statement

d.   after the income statement and before the owner’s equity statement

David can sell 200 printers per day if he charges $70 each. He determines that he will sell an additional 50 printers per day for each $10 reduction in price.

a. Find a linear demand function, p in terms of x.

b. Find the revenue function.

c. How much should he charge for his printers to maximize his revenue?

d. What would be David’s maximum revenue?

e. Suppose David has a fixed cost of $1000 and a marginal cost of $60. Find his cost function.

f. Find his profit function.

g. Find the number of printers to sell to maximize his profit.

h. Find the maximum profit.

i. Find the price to charge to maximize the profit.

In early 2019, Bridge Company entered into a long term contract to construct a bridge for Greensville County for $10 million. The bridge will take three years to complete. In 2019, Bridge spent $2.8 million on the project, recognized $3.5 million in revenue and $.7 million in profit. In 2020, Bridge spent $4.2 million on the project, recognized $3.8 million in revenue and a $.4 million loss. Bridge billed Greensville $3.0 million in 2019 and $4.5 million in 2020. Greensville paid Bridge $2.6 million in 2019 and $4.3 million in 2020. Bridge Company recognizes revenue on all contracts over time, as the project is being completed by using the cost to cost approach. When preparing the December 31, 2019 and the December 31, 2020 balance sheets what would Bridge report in regards to this contract?

In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2020. Information related to the contract is as follows:

Westgate recognizes revenue over time according to percentage of completion.

Required:

1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.)

[Para. 4-a-9] Current taxes receivable uncollected at year-end, and the related Allowance for Uncollectible Current Taxes account, were both reclassified as delinquent. Of the amount classified as delinquent it was determined $87,010 would not be collected within 60 days of the fiscal year end and would therefore be unavailable for use in the current period. As a result, this amount was reclassified as deferred inflows of resources.

Required: Record the reclassification of the current taxes receivable and related allowance for uncollectible account in the General Fund and governmental activities journals.

Reclassify $87,010 of property tax revenue to the Deferred Inflows of Resources account in the General Fund journal only. (Note: To accomplish the reclassification of revenue, debit the revenue account and credit deferred inflows of resources. Select “Deferral” in the [Description] menu in the Detail Journal.)