Unemployment is a:

• leading indicator, because it follows the business cycle.

• lagging indicator, because the business cycle follows it.

• leading indicator, because the business cycle follows it.

• lagging indicator, because it follows the business cycle.

The labor demand curve:

• shows number of workers who are willing and able to work at higher wages.

• is provided by firms who want to hire workers at each given wage.

• shows that the number of people who want to work increases as the wage increases.

• is made up of workers who want to work for firms at each given wage.

The labor force participation rate:

• tells us what fraction of the working-age population wants to be working.

• is measured by those employed divided by the working-age population.

• is measured by the labor force divided by the total population.

• typically risesduring periods of recession.

A COMPREHENSIVE ACCOUNTING CYCLE PROBLEM - NEED ASAP! THANK YOU

On December 1, 2018, John and Maggie Driscoll formed Cape Clear Island, LLC. They began operations using the following accounts:

Cash

Accounts Receivable

Prepaid Rent

Unexpired Insurance

Office Supplies

Rental Equipment

Accumulated Depreciation:

    Rental Equipment

Notes Payable

Accounts Payable

Interest Payable

Salaries Payable

Dividends Payable

Unearned Rental Fees

Income Taxes Payable

Capital Stock

Retained Earnings

Dividends

Income Summary

Rental Fees Earned

Salaries Expense

Maintenance Expense

Utilities Expense

Rent Expense

Office Supplies Expense

Depreciation Expense

Interest Expense

Income Taxes Expense

The LLC performs adjusting entries monthly. Closing entries are performed annually on December 31.

During December, the LLC entered into the following transactions:

Dec. 1      Issued to John and Maggie Driscoll 20,000 shares of capital stock in exchange for a total of $200,000 cash.

Dec. 1      Purchased for $240,000 the equipment formally owned by a competitor named Achill, LLP. Paid $140,000 cash and issued a one year note payable for $100,000. The note, plus all 12 months of accrued interest, are due November 30, 2019.

Dec. 1     Paid $12,000 to Corrigan Realty, LLP as three months’ advance rent on the rental yard and office formerly occupied by Achill, LLP.

Dec. 4       Purchased office supplies on account from the Castlebar Office Company for $1,000. Payment due in 30 days. (These supplies are expected to last for several months.)

Dec. 8       Received $8,000 cash as advance payment on equipment rental from McGinty Construction Company.

Dec. 12     Paid salaries for the first two weeks in December of $5,200.

Dec. 15    Excluding the McGinty advance, equipment rental fees earned during the first 15 days of December amounted to $18,000, of which $12,000 was received in cash.

Dec. 17     Purchased on account from Donegal, LLP, $600 in parts needed to repair a rental tractor. Payment is due in 10 days.

Dec. 23    Collected $2,000 of the accounts receivable recorded on December 15.

Dec. 26     Rented a backhoe to Dever Landscaping at a price of $250 per day, to be paid when the backhoe is returned. Dever Landscaping expects to keep the backhoe for about two or three weeks.

Dec. 26    Paid biweekly salaries, $5,200.

Dec. 27    Paid the account payable to Donegal, LLP, $600.

Dec. 28    Declared a dividend of 10 cents per share, payable on January 15, 2019.

Dec. 29    Cape Clear Island, LLC was named, along with Dever Landscaping and Westport Construction as a co-defendant in a $25,000 lawsuit filed. Dever Landscaping had left the rented backhoe in a fenced construction site owned by Westport Construction. After working hours on December 26, kids had climbed the fence to play on parked construction equipment. While playing on the backhoe, one fell and broke his arm. The extent of the company’s legal and financial responsibility for this accident, if any, cannot be determined at this time.

Dec. 29     Purchased a 12-month public liability insurance policy for $9,600. This policy protects the company against liability for injuries and property damage caused by its equipment. However, the policy goes into effect on January 1, 2019, and affords no coverage for the injuries sustained by the kids on December 26.

Dec. 31    Received a bill from Corraun Utilities for the month of        December for $700. Payment is due in 30 days.

Dec. 31     Equipment rental fees earned during the second half of December amounted to $20,000, of which $15,600 was received in cash.

Data for Adjusting Entries:

1. The advance payment of rent on December 1 covered a period of three months.

2. The annual interest rate on the note payable to Achill, LLP is 6 percent.

3. The rental equipment is being depreciated by the straight-line method over a period of 8 years.

4. Office supplies on hand at December 31 are estimated at $600.

5. During December, the company earned $3,700 of the rental fees paid in advance by McGinty Construction Company on December 8.

6. As of December 31, six days’ rent on the backhoe rented to Dever Landscaping on December 26 has been earned.

7. Salaries earned by employees since the last payroll date (December 26) amounted to $1,400 at month-end.

8. It is estimated that the company is subject to a combined federal, state and local income tax rate of 45 percent of income before income taxes (total revenue minus all expenses other than income taxes). These taxes will be payable in 2019.

Instructions:

1. Perform the following steps of the accounting cycle for the month of December:

1. Record in the general journal the December transactions and post to the appropriate ledger accounts.

2. Prepare the unadjusted trial balance on a 10-column worksheet for the year ended December 31. See example on page 134 (Exhibit 3B.1) in our text book.

3. Prepare the necessary adjusting entries for December.

4. Post the December adjusting entries to the appropriate ledger accounts.

5. Complete the 10-column worksheet for the year ended December 31.

b. In professional format, prepare an Income Statement and Statement of Shareholders’ Equity for the year ended December 31, and a Balance Sheet as of December 31.

c. Prepare required footnote disclosures to accompany the December 31 financial statements. Your solution should include a separate footnote addressing each of the following areas: (1) depreciation policy, (2) maturity dates of major liabilities, and (3) potential liability due to pending litigation. Look at the Facebook annual report’s footnotes posted to our Black Board homepage.

d. Prepare closing entries and post to ledger accounts.

e. Prepare an after closing trial balance as of December 31.

f. During December, this company’s cash balance has fallen from $200,000. Does it appear headed for insolvency in the near future? Explain your reasoning.

g. Would it be ethical for Maggie Driscoll to maintain the accounting records for this company, or must they be maintained by someone who is independent of the organization?

Smithers is a self-employed individual who earns $33,000 per year in self-employment income. Smithers pays $2,100 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI limitation.  

a. Smithers is single and the self-employment income is his only source of income.

b. Smithers is single, but besides being self-employed, Smithers is also employed part-time by SF Power Corporation. This year Smithers elected not to participate in SF's health plan.

c.  Smithers is self-employed and he is also married. Smithers's spouse, Samantha, is employed full-time by SF Power Corporation and is covered by SF’s health plan. Smithers is not eligible to participate in SF's health plan.

d. Smithers is self-employed and he is also married. Smithers's spouse, Samantha, is employed full-time by SF Power Corporation and is covered by SF’s health plan. Smithers elected not to participate in SF’s health plan.

The right to vote has been expanded several times throughout US history (to people who don’t own land, to former slaves, to women, to 18-year-olds). Consider expanding the right to vote to another group of your choosing. Describe an argument for and an argument against. Would you expand the right to vote to this group?

, believes that the mean number of hours per day all male students at the University use cell/mobile phones exceeds the mean number of hours per day all female students at the University use cell/mobile phones. To test President Loh’s belief, you analyze data from 29 male students enrolled in BMGT 230/230B this semester and 13 female students enrolled in BMGT 230/230B this semester.

a. Assuming equal population variances, if the level of significance equals 0.05 and the one-tail p-VALUE equals 0.0242, determine the following, in order: the one-tail critical value, the two-tails p-VALUE, and the two-tails critical value (again, order matters)

b. Assuming equal population variances and the level of significance equals 0.05, if the calculated value for the associated test statistic equals 1.8333 (where males are group 1), can you conclude the mean number of hours per day all male students at the University use cell/mobile phones exceeds the mean number of hours per day all female students at the University use cell/mobile phones?

1. After graduating from Berkeley College and passing your CPA exam, you have opened up an accounting firm that offers tax and consulting services to clients. You have just picked up a new client who is very anxious about his expenses. The client considers his in house accounting services to be too high and he feels that he could save some time and money in that area by telling his accounting staff not to do closing entries. It is your job, in this discussion, to explain to your new client the importance of doing the closing entries and why they are worth doing.

2. Please tell us about permanent and temporary accounts. Please let us know which financial statement contains the permanent accounts and which one contains the temporary accounts. Please list the 4 closing entries.

Don't forget that you are required to provide an APA formatted reference for your initial post. When responding to classmates, please include information from Chapter 4 in your eText regarding the accounting cycle and/or the closing entries.

Please remember that you must enter at least 3 meaningful posts to this discussion board.

Coronavirus and global oil markets

Oil prices have fallen from about $50 per barrel to $20 per barrel over the past two months, with most of that decrease occurring in the first half of March. The drop in prices is widely attributed to the decrease on global oil demand caused by the Coronavirus/COVID-19 in combination with strategic and political supply-side maneuvering by Saudi Arabia and Russia (who are the largest exporters and the second and third largest producers, accounting jointly for almost a quarter of global production). For the purposes of this assignment, let’s focus on the role of Coronavirus and global demand, ignoring the supply-side decisions by Saudi Arabia and Russia.

2.1 According to economic theory, why would a decrease in future oil demand reduce oil prices now?

2.2 Given the changes in oil demand and prices, is consumer surplus from gasoline consumption higher or lower today, compared to a hypothetical world in which there were no Coronavirus?

2.3 Suppose that instead of a decrease in global demand, there was an increase in expected future global supply. How would this affect US oil production and oil prices now and in the future? Would the US economy benefit or lose, overall?

The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the $1,060 purchase with cash. The goods cost Evergreen Company $630. 15 Sold merchandise to Claudio’s Chair Company at a selling price of $5,060 on terms 3/10, n/30. The goods cost Evergreen Company $3,530. 20 Sold merchandise to Otto’s Ottomans at a selling price of $3,030 on terms 3/10, n/30. The goods cost Evergreen Company $1,930. 23 Received cash from Claudio’s Chair Company for the amount due from Jul-15. 31 Received cash from Otto’s Ottomans for the amount due from July Jul-20. Required: Compute the amount of revenue to be reported for the month ended July 31.

sry guy I had no idea what subject to put this, so put under Economics.

Pls do not hand wrtitten the answer , this is for easy reading

1)Consider what type of activites you would allow a machine to take control of, and which you would prefer for a human to be behind?why did you make such choices? Would your selection by any different if you considered this delegation of work from the perspective of a multinational company, an SME, or an individual?