Selected transactions from the journal of June Feldman, investment broker, are presented below. Date Account Titles and Explanation Ref. Debit Credit Aug.1 Cash 5,100 Owner's Capital 5,100 (Owner’s investment of cash in business) 10 Cash 2,652 Service Revenue 2,652 (Received cash for services performed) 12 Equipment 5,100 Cash 2,346 Notes Payable 2,754 (Purchased equipment for cash and notes payable) 25 Accounts Receivable 1,734 Service Revenue 1,734 (Billed clients for services performed) 31 Cash 918 Accounts Receivable 918 (Receipt of cash on account) Post the transactions to T-accounts. (Post entries in the order presented in the problem statement.) Cash Accounts Receivable Equipment Notes Payable Owner’s Capital Service Revenue Prepare a trial balance at August 31, 2017. JUNE FELDMAN, INVESTMENT BROKER Trial Balance Debit Credit $ $ Totals $ $

The trial balance columns of the worksheet for Bramble Roofing at March 31, 2022, are as follows.

Other data:

Enter the trial balance on a worksheet and complete the worksheet.

After prepare: Journalize the closing entries, Post the closing entries, Post Closing Trial Balance

Thank you

The Camera Shop sells two popular models of digital SLR cameras (Camera A Price: 200, Camera A Price: 300). The sales of these products are not independent of each other, but rather if the price of one increase, the sales of the other will increase. In economics, these two camera models are called substitutable products. The store wishes to establish a pricing policy to maximize revenue from these products. A study of price and sales data shows the following relationships between the quantity sold (N) and prices (P) of each model:

   N_A = 195 - 0.5P_A + 0.35P_B

   N_B = 300 + 0.06P_A - 0.5P_B

Construct a model for the total revenue and implement it on a spreadsheet. Develop two-way data table to estimate the optimal prices for each product in order to maximize the total revenue. Vary each price from $250 to $500 in increments of $10.

Max profit occurs at Camera A price of $ .

Max profit occurs at Camera B price of $

Q1- Provide an example of each title here and then record the journal entries .

Following is the first given answer.

1-Purchasing Equipment for cash

Given answer:

ABC company purchased equipment for SAR20,000 cash .

Equipment 20,000

Cash                   20,000

2-Issuing common stocks receiving cash.

3-Providing service receiving cash.

4-Purchasing supplies on credit.

5-Borrowing money from a bank.

6-Paying employees their salaries.

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Q2- What is the accrual basis of accounting? When should revenue and expense be recognized in the accrual basis? Provide an example. (1 Mark).

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Q3- On your own words, explain the purpose and the importance of the income statement, and prepare the income statement for ABC company based on the following information taken from the trial balance in 2019

Q 1) explain the short-run break-even price as well as shut-down price for a competitive firm. (2 points)

Q 2) Why is the level of output where marginal revenue equals marginal cost called as the profit-maximizing output under perfect competition? Show your proof. (2 points)

Q 3) Describe the shape of short run supply curve in perfect competition. (2 points)

Q 4) Do you agree that companies under perfect competition as well as monopoly are making profits in the long run? If yes, why? If not, why not? (2 pints)

Q 5) Compare (individual demand curve and marginal revenue curve) under perfect competition and  (individual demand curve and marginal revenue curve) under Monopoly. (2 points).

Please answer all five questions, 3-5 sentences each question. (10 possible points)

Break-Even Sales: Sales for Target Profit Health-Temp Company is a placement agency for temporary nurses. It serves hospitals and clinics throughout the metropolitan area. Health-Temp Company believes it will place temporary nurses for a total of 23,500 hours next year. Health-Temp charges the hospitals and clinics $90 per hour and has variable costs of $75.60 per hour (this includes the payment to the nurse). Total fixed costs equal $321,000.

Required:

1. Calculate the contribution margin per unit and the contribution margin ratio.

2. Calculate the sales revenue needed to break even.

3. Calculate the sales revenue needed to achieve a target profit of $100,000.

4. What if Health-Temp had target operating income (profit) of $110,000? Would sales revenue be larger or smaller than the one calculated in Requirement 3? Why? By how much?

Show computation please.

E10.12 Interfund Transactions

Interfund transfers of the general fund of Timberline County for 2020 were as follows:

1. $2,000,000 advance to the Park Development special revenue fund, to permit initial expenditures under a project to be fully supported by a federal grant.

2. $1,500,000 to the Timberline County Fire Protection District (a special revenue fund) as the county’s contribution to fire and emergency medical service activities for the year.

3. $500,000 from the Roads capital projects fund, unspent proceeds of a bond issue.

4. $3,000,000 to the County Hospital (enterprise fund), as the city’s cost of services provided.

5. $2,900,000 to the Airport Fund (enterprise fund) to temporarily finance the maintenance of runways.

6. $2,000,000 from the Park Development special revenue fund, to repay the advance.

Required

For each of the above interfund transfers, state how the transaction is reported on the general fund’s balance sheet and/or statement of revenues, expenditures, and changes in fund balances.

Crooked Creek Wines operates a cellar door venue in which customers can sample and purchase wines. The average revenue per day is $750 , variable cost per day is $250 and annual fixed costs for the cellar door operations is $95,000. Assume 365 operating days. What is the operating profit (loss) fo r cellar door operations per year?

As CVP analysis allows us to play “what if” games with the information, calculate the operating profit under each of the following conditions:

a) Reduction in cellar door operations to 280 days per annum

b) Increase in the average daily revenue to $800

c) Increase in the average daily revenue to $800 AND decrease variable costs to $225 AND reduce the operating days to 290.

Once all of the options have been considered, which of the options would you recommend to the management o f Crooked Creek Wines and why?