The owner's drawing account is closed to the Income Summary account in order to properly determine net income (or loss) for the period. *

True

False

Closing entries are made to close the permanent accounts. *

True

False

Closing revenue and expense accounts to the Income Summary account is an optional bookkeeping procedure. *

True

False

The owner's drawing account is a permanent account whose balance is carried forward to the next accounting period. *

True

False

To close net income to owner's capital, Income Summary is debited and Owner's Capital credited. *

True

False

In one closing entry, Owner's Drawing is credited and Income Summary is debited. *

True

False

The post-closing trial balance will contain only owner's equity statement accounts and balance sheet accounts. *

True

False

In a closed economy, the consumption function is:
c = 1.15 + 0.75(y - t) billions of 1992 dollars.
The tax function is:
t = 0.1y + 0.1 billions of 1992 dollars.
Planned investment is $1 billion and planned government expenditures
are $1.5 billion. Calculate:

Explain the adjustment process to the new equilibrium. (3 points)
How does the government’s expenditures on $0.25 billion worth of
goods and services get financed? (3 points)
Show that leakages from the circular flow equal injections into it. (3
points)
Go back to the initial equilibrium expenditure. The government plans
to increase expenditures on goods and services by $0.25 billion and to
finance its expenditure by an increase in autonomous taxes. What is
the new equilibrium expenditure? (5 points)

Give Examples (this is complex analysis):

(a.) First characterize open and closed sets in terms of their boundary points. Then give two examples of sets satisfying the given condition: one set that is bounded (meaning that there is some real number R > 0 such that |z| is greater than or equal to R for every z in S), and one that is not bounded. Give your answer in set builder notation. Finally, choose one of your two examples and prove that is neither open nor closed.

(b.) Give two examples of a function f: C→C that is continuous at z=0 but not differentiable at z=0 using the Cauchy-Riemann equations.

(c.) Find a cube root of -1, other than -1, in two ways: first, by using high school algebra (solve the equation z^3= -1 by factoring the polynomial z^3+1 as z+1 times a quadratic polynomial and then determine the roots of the quadratic polynomial) and second, by using the formula for computing nth roots of a complex number.

When 0.110 mol of carbon is burned in a closed vessel with 9.71 g of oxygen, how many grams of carbon dioxide can form?

Which reactant is in excess, and how many grams of it remain after the reaction?

Water is contained in a closed, rigid, 0.2 m³ tank at an initial pressure of 5 bar and a quality of 50%. Heat transfer occurs until the tank contains only saturated vapor. Determine a)the final mass of vapor in the tank, in kg,b) the final pressure, in bar.

Consider the following endothermic equilibrium system in a closed container. In which direction will the equilibrium shift with each of the disturbances listed below? HCO3-(s) + HC2H3O2 (aq) ↔ C2H3O2-(aq) + H2O (aq) + CO2 (g)

a. adding CO2 (g) .

b. adding NaOH (aq) .

c. adding H+ (aq) .

d. placing it in an ice bath.

e. opening the container.

Statement of Partnership Liquidation

After the accounts are closed on April 10, prior to liquidating the partnership, the capital accounts of Zach Fairchild, Austin Lowes, and Amber Howard are $37,400, $6,600, and $29,700, respectively. Cash and noncash assets total $9,600 and $74,100, respectively. Amounts owed to creditors total $10,000. The partners share income and losses in the ratio of 1:1:2. Between April 10 and April 30, the noncash assets are sold for $39,300, the partner with the capital deficiency pays the deficiency to the partnership, and the liabilities are paid.

Required:

1. Prepare a statement of partnership liquidation, indicating (a) the sale of assets and division of loss, (b) the payment of liabilities, (c) the receipt of the deficiency (from the appropriate partner), and (d) the distribution of cash.

Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign. If there is no amount or an amount is zero, enter "0".

2. Assume the partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency.

a. Journalize the entry to allocate the partner's deficiency. For a compound transaction, if an amount box does not require an entry, leave it blank.

b. Journalize the entry to distribute the remaining cash. For a compound transaction, if an amount box does not require an entry, leave it blank.

N atoms of an ideal gas are contained in a cylinder with insulating (adiabatic) walls, closed at one end by a piston.The initial volume is Vi and the initial temperature is Ti. Find the change in temperature, pressure and entropy that would occur if the volume were suddenly increased to Vf by withdrawing the piston (Vf > Vi).

Calculate the mole fraction when a sample of propane (C3H8) is placed in a closed vessel together with an amount of O2 that is 2.15 times the amount needed to completely oxidize the propane to CO2 and H2O at constant temperature. Assume all chemical species are in the gaseous phase.