| The Town of Willingdon adopted the following General Fund budget for fiscal year 2017: |
| Estimated revenues: | ||
| Taxes | $ | 14,900,000 |
| Intergovernmental revenues | 1,025,000 | |
| Licenses and permits | 418,000 | |
| Fines and forfeits | 155,000 | |
| Miscellaneous revenues | 105,000 | |
| Total estimated revenues | $ | 16,603,000 |
| Appropriations: | ||
| General government | $ | 7,975,000 |
| Public safety | 5,990,000 | |
| Public works | 1,540,000 | |
| Health and welfare | 940,000 | |
| Miscellaneous | 95,000 | |
| Total appropriations | $ | 16,540,000 |
| Required | |
| a-1. |
Prepare the general journal entries to record the adopted budget at the beginning of FY 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) |
| a-2. | Show entries in the subsidiary ledger accounts. |
Just missing a-2 help plzz!
In: Accounting
Trevor is interested in purchasing the local hardware/sporting goods store in the small town of Dove Creek, Montana. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 70% of the business days it is open. Estimate the probability that the store will gross over $850 for the following. (Round your answers to three decimal places.) (a) at least 3 out of 5 business days (b) at least 6 out of 10 business days (c) fewer than 5 out of 10 business days (d) fewer than 6 out of the next 20 business days If the outcome described in part (d) actually occurred, might it shake your confidence in the statement p = 0.70? Might it make you suspect that p is less than 0.70? Explain. Yes. This is unlikely to happen if the true value of p is 0.70. Yes. This is likely to happen if the true value of p is 0.70. No. This is unlikely to happen if the true value of p is 0.70. No. This is likely to happen if the true value of p is 0.70. (e) more than 17 out of the next 20 business days If the outcome described in part (e) actually occurred, might you suspect that p is greater than 0.70? Explain. Yes. This is unlikely to happen if the true value of p is 0.70. Yes. This is likely to happen if the true value of p is 0.70. No. This is unlikely to happen if the true value of p is 0.70. No. This is likely to happen if the true value of p is 0.70.
In: Statistics and Probability
The accompanying table shows the price and yearly quantity sold of souvenir T-shirts in the town of Crystal Lake according to the average income of the tourists visiting.
| price of t-shirt | Quantity of t-shirts demanded when average tourist income is 20,000 | Quantity of t-shirts demanded when average tourist income is 30,000 |
| $4 | 3,000 | 5,000 |
| $5 | 2,400 | 4200 |
| $6 | 1,600 | 3000 |
| $7 | 800 | 1000 |
(a) Using the midpoint method, calculate the price elasticity of demand when the price of a T-shirt rises from $5 to $6 and the average tourist income is $20,000.
(b) Using the midpoint method, calculate the price elasticity of demand when the price of a T-shirt rises from $5 to $6 and the average tourist income is $30,000.
(c) Explain the difference in the price elasticity of demand for each income level.
(d) Using the midpoint method, calculate the income elasticity of demand when the price of a T-shirt is $4 and the average tourist income increases from $20,000 to $30,000. Using the midpoint method, calculate the income elasticity of demand when the price of a T-shirt is $7 and the average tourist income increases from $20,000 to $30,000.
(e) Explain the difference in income elasticity of demand for each price.
In: Economics
Luisa Crimini has been operating a beauty shop in a university
town for the past 10 years. Recently, Luisa rented space next to
her shop and opened a spray-tanning salon. She anticipated that the
costs for the spray-tanning service would primarily be fixed but
found that spray-tanning salon costs increased with the number of
appointments. Costs for this service over the past eight months are
as follows:
Spray-Tanning Appointments Total Cost
January 1,600
$
1,754
February
2,000
2,140
March 3,500 2,790
April
2,500
2,400
May
1,500
1,790
June
2,300
2,275
July
2,150
2,200
August 3,000 2,640
Required
(A) Using the high-low method, compute the variable rate for
tanning. Compute the fixed cost per month.
(B) Write the cost formula for spray-tanning services based on
Requirement
A.
(C) Calculate the total predicted cost of spray-tanning services
for September for 2500 appointments.
(D) How much is the total fixed cost for September? How much is the
total predicted variable cost for September?
(E) Identify and briefly explain any additional issues that Luisa
might be wise to consider when using the high-low method to
estimate the costs of her spray-tanning salon.
could u show me the whole solutions of this question?plz
In: Accounting
Suppose there are only two driveway paving companies in a small town, Asphalt Inc. and Blacktop Bros. The inverse demand curve for paving services is P = 1, 600 ? 20Q, where quantity is measured in the number of pave jobs per month and price is measured in dollars per job. The two firms have an identical marginal cost of $400 per driveway.
(a) If the two firms collude and act like a monopoly, splitting the work and profits evenly, how many driveways will each firm pave and at what price? How much profit will each firm make?
(b) Does Asphalt Inc. have an incentive to cheat by paving one more driveway each month?
(c) Suppose each firm decides to pave one more driveway each month. Does Asphalt Inc. have an incentive to cheat?
In: Economics
You purchase a town house for $250,000. Since you are able to make a down payment of 20 percent ($50,000), you are able to obtain a $200,000 mortgage loan for 20 years at a 5 percent annual rate of interest.
a. What are the annual payments that cover the interest and principal repayment?
b. How much of the first payment goes to cover the interest?
c. How much of the loan is paid off during the first year?
d. What is the interest payment during the second year?
e. What is the remaining balance after the second year?
f. Why did the interest payment change during the second year?
In: Economics
Trevor is interested in purchasing the local hardware/sporting goods store in the small town of Dove Creek, Montana. After examining accounting records or the past several years, he found that the store has been grossing over $850 per day about 70% of the business days it is open. Estimate the following probabilities that the store will gross over $850.
(a) At least 3 out of 5 business days. (Use 3 decimal
places.)
(b) At least 6 out of 10 business days. (Use 3 decimal
places.)
(c) Fewer than 5 out of 10 business days. (Use 3 decimal
places.)
(d) Fewer than 6 out of the next 20 business days. (Use 3 decimal
places.)
If this actually happened, might it shake your confidence in the statement p = 0.70? Might it make you suspect that p is less than 0.70? Explain.
No. A probability this small might indicate that the true value of p is less than 0.70.
Yes. A probability this small might indicate that the true value of p is greater than 0.70.
No. A probability this small might indicate that the true value of p is greater than 0.70.
Yes. A probability this small might indicate that the true value
of p is less than 0.70.
(e) More than 17 out of the next 20 business days. (Use 3 decimal
places.)
If this actually happened, might you suspect that p is greater than 0.70? Explain.
No. This is unlikely to happen if the true value of p is 0.70.
Yes. This is likely to happen if the true value of p is 0.70.
Yes. This is unlikely to happen if the true value of p is 0.70.
No. This is likely to happen if the true value of p is 0.70.
In: Statistics and Probability
|
3. Breakdown of a cartel agreement Consider a town in which only two residents, Yakov and Ana, own wells that produce water safe for drinking. Yakov and Ana can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water.
Suppose that Yakov and Ana have been successfully operating as a cartel. They each charge the monopoly price and sell half of the monopoly quantity. Then one night before going to sleep, Yakov says to himself, "Ana and I aren't the best of friends anyway. If I increase my production to 40 gallons more than the cartel amount, I can increase my profit even though her profit goes down. I will do that starting tomorrow." After Yakov implements his new plan, the price of water (increases/decreases) to ____ per gallon. Given Ana and Yakov's production levels, Yakov's profit becomes _____ and Ana's profit becomes _____.Because Yakov has deviated from the cartel agreement and increased his output of water to 40 gallons more than the cartel amount, Ana decides that she will also increase her production to 40 gallons more than the cartel amount. After Ana increases her production, Yakov's profit becomes _____, Ana's profit becomes ____, and total profit (the sum of the profits of Yakov and Ana) is now ________.True or False: Based on the fact that both Yakov and Ana increased production from the initial cartel quantity, you know that the output effect was larger than the price effect at that quantity. -True -False Note that Yakov and Ana started by behaving cooperatively. However, once Yakov decided to cheat, Ana decided to cheat as well. In other words, Ana's output decisions are based on Yakov's actions. This behavior is an example of (a prisoner's dilemma, tying, a dominant strategy, a tit-for-tat strategy . |
In: Economics
Benoit is opening a bed and breakfast inn in a popular beach resort town. He hopes to appeal to professional couples and retirees who want a high-end beach vacation experience but with a more home style experience – basically the experience of living in a luxurious beach house but with all the amenities of a high end hotel. Benoit’s B&B is directly on the beach and a few of the rooms have ocean views and in the evenings, from the front porch and from the beautifully landscaped back patio and pool area, the relaxing sound of the crashing of the waves can be heard. Benoit’s B&B has 15 bedrooms with private baths, a large dining area, and several stylish and comfortable lounging and reading areas on the main floor. He has two additional rooms on the main floor and one in the basement that are currently used for storage but could be developed into other amenities if the need arises. In addition to himself as owner, his staff (departments) will consist of a small kitchen staff, a cleaning crew, maintenance and lawn crew, and two managers. In order to attract the right type of clients and compete with the high-end boutique hotels, Benoit knows that he must make the experience at Benoit’s B&B an exceptional one. He has decided to implement a balanced score card to help each of the departments understand and implement his strategic plan.
Question 2
Part A:
In your own words, answer the following three questions as if the questions were asked of you by someone who knows nothing about the topic.
Part B:
We are currently in the middle of a global pandemic which has changed, at least temporarily, how business is conducted in most parts of the world. Write a paragraph or two to discuss how this pandemic might change a company’s approach to corporate social responsibility reporting. This should not be about the effects on one specific company rather it should be about broader implications of the pandemic impacting corporate social responsibility of corporations.
In: Accounting
| Matrix hair is a hair salon situated in a well-known shopping mall in Cape Town. The hair salon has a contract with a cleaning company that cleans the salon on a daily basis. The cost-structure of the total cleaning cost for a specific month consists of a fixed monthly fee and an additional cost per hour worked by cleaning staff. The fixed monthly fee charged by the cleaning company is constant between zero and 70 hours per month, but increases to a higher amount when more than 70 hours are worked in a specific month. |
| The following schedule lists the total costs and hours cleaning staff worked at the salon during the past 12 months: |
| Rand | Hours worked | ||||||
| January | 6,080 | 72 | |||||
| February | 5,520 | 68 | |||||
| March | 5,475 | 65 | |||||
| April | 5,400 | 60 | |||||
| May | 5,535 | 69 | |||||
| June | 6,095 | 73 | |||||
| July | 6,110 | 74 | |||||
| August | 5,460 | 64 | |||||
| September | 6,170 | 78 | |||||
| October | 5,490 | 66 | |||||
| November | 5,490 | 66 | |||||
| December | 6,080 | 72 | |||||
| Required: |
| Complete the following table using the High-low method: |
Variable cost per hour worked by cleaning staff ……………………
Total fixed cost for a month in which less than 70 hours are worked by cleaning staff …………………………..
Total fixed cost for a month in which more than 70 hours are worked by cleaning staff ………………………..
In: Accounting