This activity is based on your own opinion, not anything found in study books.

In the years to come of 2020, 2025 and 2030 what do you think will be the most important psychological findings. How will social, cultural and technological changes impact those experiments or findings.

Cook Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2020.

Your assistant has prepared two budgets: (1) the manufacturing overhead budget shows expected costs to be 125% of direct labor cost, and (2) the direct materials budget for Tarr shows the cost of Tarr purchases to be $301,000 in quarter 1 and $427,500 in quarter 2.

(Note: Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr.)

Prepare the sales budget.

Prepare the production budget.

Prepare the direct materials budget

Prepare the direct labor budget

Prepare the selling and administrative expense budget.

Prepare the budgeted multiple-step income statement for the first 6 months

Question 2 Consider a small closed economy. The government wants to reduce the budget deficit by reducing its spending. a. Use the goods market and IS curve to illustrate graphically the impact of the reduction in government spending on output. b. Now use the goods market and money market diagrams and the IS-LM model to illustrate graphically the impact of the reduction in government spending on output c. Why the effect of the reduction in government spending on output is different in part a from that in part b?

Logan, Inc. disclosed the subsequent for 2024 and 2025 ($ in millions):

2024 2025

________________________________

Revenues $888 $980

Expenses 760 800

_________

Pretax accounting income (income statement) 128 180

Taxable income (tax return) 116 200

Tax rate: 25%

1. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2024 for $60 million. The cost is tax deductible in 2024.

2. Expenses include $2 million insurance premiums each year for life insurance on primary officers.

3. Logan sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $33 million and $35 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $25 million ($19 million collected in 2023 but not recognized as revenue until 2024) and $33 million, respectively. (Hint: View this as two temporary differences--one reversing in 2024; one originating in 2024.

4. 2024 expenses included a $14 million unrealized loss from reducing investments (classified as trading securities) to fair value. The investments were sold and the loss realized in 2025.

5. In 2023, accounting income included an estimated loss of $6 million from having accrued a loss contingency. The loss was paid in 2024, at which time is tax deductible.

6. On January 1, 2024, Logan had a deferred tax asset of $4 million and no deferred tax liability.

answer the following:

1.which of the five differences in items a-e are permanent differences and which are temporary? Why?

2. Prepare a schedule that (1) reconciles the difference between pretax accounting income and taxable income and (2) determines the amounts necessary to record income taxes for 2024. Prepare the applicable journal entry.

3. Show how long any 2024 deferred tax amounts should be classified and reported on the 2024 balance sheet

4. Prepare a schedule that (1) reconciles the difference between pretax accounting income and taxable income and (2) determines the amounts necessary to record income taxes for 2025. Prepare the applicable journal entry.

5. Explain how any 2025 deferred tax amounts should be classified and reported on the 2025 balance sheet

Tami Tyler opened Tami’s Creations, Inc., a small manufacturing company, at the beginning of the year. Getting the company through its first quarter of operations placed a considerable strain on Ms. Tyler’s personal finances. The following income statement for the first quarter was prepared by a friend who has just completed a course in managerial accounting at State University.

Ms. Tyler is discouraged over the loss shown for the quarter, particularly because she had planned to use the statement as support for a bank loan. Another friend, a CPA, insists that the company should be using absorption costing rather than variable costing and argues that if absorption costing had been used the company probably would have reported at least some profit for the quarter.

At this point, Ms. Tyler is manufacturing only one product—a swimsuit. Production and cost data relating to the swimsuit for the first quarter follow:

   Units produced31,400Units sold28,400Variable costs per unit: Direct materials $7.40Direct labor $6.20Variable manufacturing overhead $1.90Variable selling and administrative $6.90

3. During the second quarter of operations, the company again produced 31,400 units but sold 34,400 units. (Assume no change in total fixed costs.)

a. What is the company’s variable costing net operating income (loss) for the second quarter?

b. What is the company’s absorption costing net operating income (loss) for the second quarter?

c. Reconcile the variable costing and absorption costing net operating incomes for the second quarter.

Diane Buswell is preparing the 2019 budget for one of Current Designs' kayaks. Extensive meetings with members of the sales department and executive team have resulted in the following unit sales projections for 2019.

Current Designs' policy is to have finished goods ending inventory in a quarter equal to 20% of the next quarter's anticipated sales. Preliminary sales projections for 2020 are 1,100 units for the first quarter and 1,500 units for the second quarter. Ending inventory of finished goods at December 31, 2018, will be 200 kayaks.

Production of each kayak requires 54 pounds of polyethylene powder and a finishing kit (rope, seat, hardware, etc.). Company policy is that the ending inventory of polyethylene powder should be 25% of the amount needed for production in the next quarter. Assume that the ending inventory of polyethylene powder on December 31, 2018, is 19,400 pounds. The finishing kits can be assembled as they are needed. As a result, Current Designs does not maintain a significant inventory of the finishing kits.

The polyethylene powder used in these kayaks costs $1.50 per pound, and the finishing kits cost $170 each. Production of a single kayak requires 2 hours of time by more experienced, type I employees and 3 hours of finishing time by type II employees. The type I employees are paid $15 per hour, and the type II employees are paid $12 per hour.

Selling and administrative expenses for this line are expected to be $45 per unit sold plus $7,500 per quarter. Manufacturing overhead is assigned at 150% of labor costs.

Instructions

First - prepare the following:

1. production budget
2. direct materials budget
3. direct labor budget
4. manufacturing overhead budget
5. selling and administrative budget for this product line by quarter and in total for 2019.

Second – Determine a selling price that is reasonable for these kayaks, then based upon the sales projections, prepare the following:

1. Sales Budget
2. Budgeted Income Statement

* note: i need it step by step please

Consider a small island country whose only industry is fishing. The following table shows information about the small economy in two different years.

Complete the table by calculating physical capital per worker as well as labor productivity.

Hint: Recall that productivity is defined as the amount of goods and services a worker can produce per hour. In this problem, measure productivity as the quantity of goods per hour of labor.

Based on your calculations,   in physical capital per worker from 2025 to 2026 is associated with   in labor productivity from 2025 to 2026.

Suppose you're in charge of establishing economic policy for this small island country.

Which of the following policies would lead to greater productivity in the fishing industry? Check all that apply.

Offering free public education to every worker in the country

Subsidizing research and development into new fishing technologies

Imposing restrictions on foreign ownership of domestic capital

Encouraging saving by allowing workers to set aside a portion of their earnings in tax-free retirement accounts

1. Which of the following statements is true?

Select one:

a. holding everything else constant, an increase in planned investment spending shifts the AE function downward, leading to a higher level of GDP

b. Most recessions start with a decrease in investment spending.

c. Economists think that decreases in consumer spending often follow decreases in investment spending.

d. Answers (a), (b), and (c) are all true

e. Answers (b) and (c) are both true

2. An increase in the market interest rate

Select one:

a. Will make any given investment project less profitable

b. Will cause companies to rely more heavily on financing their investment projects through retained earnings rather than borrowing.

c. Will reduce the rate of return for any given investment project.

d. Answers (a), (b), and (c) are all correct

3. Suppose the MPC is equal to 0.5. In the simple income and expenditure model, a $100 increase in investment spending will lead to a

Select one:

a. $100 increase in spending in the first round, and a total increase in spending of $500

b. $50 increase in spending in the first round, and a total increase in spending of $100

c. $100 increase in spending in the first round, and a total increase in spending of $200

d. Total increase in spending of $100 since an increase in investment spending does not create a multiplier effect

4. Holding everything else constant, when interest rates rise, this

Select one:

a. Does not affect the profitability of investment projects financed through retained earnings.

b. Makes any given investment project less profitable.

c. Does not affect the opportunity cost of an investment project financed through retained earnings.

d. Leads to a lower level of planned investment spending.

5. In the INCOME EXPENDITURE MODEL, the role of inventories is to

Select one:

a. Ensure that aggregate expenditure is equal to aggregate production

b. Provide a signal to producers to increase or decrease their prices

6. In the short run, an increase in the aggregate price level due to a shift in AD first results in

Select one:

a. A right shift in the SRAS curve.

b. A movement along the SRAS curve.

6. In the long run, the aggregate price level increases. This

Select one:

a. Is due to the short run AS curve shifting to the right and the economy producing a level of aggregate output that is not equal to its potential output.

b. Is due to the AD curve shifting to the right.

c. Has no effect on the level of aggregate production in the economy.

d. Results in the economy moving to the level of production where aggregate output exceeds potential output.

e. Answers (a) and (c) are both correct.

f. Answers (b) and (c) are both correct.

g. Answers (c) and (d) are both correct.

h. No change in the level of aggregate production.

i. A left shift in the SRAS curve.

7.

An increase in the interest rate, holding everything else constant,

Select one:

a.
Reduces investment spending since the cost of borrowing is now higher.

b.
Reduces consumer spending since households will respond to the higher interest rate by saving more

c.
Leads to a reduction in the level of aggregate demand for final goods and services

d. Answers (a), (b), and (c) are all correct.

8. Suppose the aggregate price level in the economy falls. Holding everything else constant, this will result in the wealth effect,

Select one:

a. Which will cause the AD curve to shift to the right.

b. Because the fall in the aggregate price level increases consumers; purchasing power and this increase in purchasing power will result in a downward movement along the AD curve.

c. Which will cause the AD curve to shift to the left.

d. Because the fall in the aggregate price level increases consumers’ purchasing power and this increase in purchasing power will result in an upward movement along the AD curve.

Kindly provide a detailed explanation to the following question. So i can understand and solve on my own

Milden Company has an exclusive franchise to purchase a product from the manufacturer and distribute it on the retail level. As an aid in planning, the company has decided to start using a contribution format income statement. To have data to prepare such a statement, the company has analyzed its expenses and has developed the following cost formulas. Cost of goods sold $35 per unit sold Advertising expense $10,000 per quarter Sales commissions 6% of sales Shipping expenses $145,000 per quarter Administrative salaries $9,000 per quarter Insurance expense $76,000 per quarter Depreciation expense

Management has conducted that shipping expense is mixed cost, containing both variable and fixed cost elements. Units sold and the related shipping expense over the last quarters follows: Quarter Units sold Shipping expense Year 1: 10,000 $113,000 First 16,000 $175,000 Second 18,000 $190,000 Third 15,000 $164,000 Year 2: First 11,000 $130,000 Second 17,000 $185,000 Third 20,000 $210,000 Fourth 13,000 $147,000 Milden Company’s president would like a cost formula derived for shipping expense so that a budgeted contribution format income statement can be prepared for the next quarter. Required: 1. Using the high-low method, estimate a cost formula derived for shipping expense. 2. In the first quarter of Year 3, the company plans to sell 12,000 units at a selling price of $100 per unit. Prepare a contribution format income statement for the quarter.