MBI, Inc., had sales of $6 million for fiscal 2016. The company's gross profit ratio for that year was 31.2%.

a. Calculate the gross profit and cost of goods sold for MBI, Inc. for fiscal 2016.

b. Assume that a new product is developed and that it will cost $1,634 to manufacture. Calculate the selling price that must be set for this new product if its gross profit ratio is to be the same as the average achieved for all products for fiscal 2016.

c. From a management viewpoint, what would you do with all this information?

Ex 14-12 Entries for installment note transactions ObJ. 4 On January 1, 2016, Bryson Company obtained a $147,750, four-year, 7% installment note from Campbell Bank. The note requires annual payments of $43,620, beginning on December 31, 2016. a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 4. b. Journalize the entries for the issuance of the note and the four annual note payments. c. Describe how the annual note payment would be reported in the 2016 income statement.

a.) Define GDP.

b.) What are three reasons why GDP in the United States has increased over time?

c.) Consider a country with a simple economy that produces two goods: apples and bananas. Data is collected in two years: 2016 and 2017.

2016:

Price of Apples: $2 Quantity of Apples: 10

Price of Bananas: $3 Quantity of Bananas: $20

2017:

Price of Apples: $4 Quantity of Apples: $30

Price of Bananas: $6 Quantity of Apples: $60

Complete nominal GDP in this country in 2016 and 2017.

Question 1

Multi Media Ltd. completed the following transactions:

September 14, 2016: Provided services to Inga Corporation on account, $3,000, terms 30 days.

November 1, 2016: Accepted a one-year, 12% note from Inga Corporation to settle its account.

December 31, 2016: Accrued interest on the note from Inga Corporation (round to the nearest dollar).

November 1, 2017: Received amount due from Inga Corporation.

Required:

Record entries for the above transactions.

Question 4: 10 marks, 10% of the subject. Use complete sentences. In your work as an accountant you advise a client, Avon Pty. Ltd. (Avon), on various matters. Avon entered into a $500,000 one year contract in June 2016 with Central Queensland University (a registered Research Service Provider) to undertake research and development for Avon. The contract was to run from July 2016 to June 2017. Avon wants your advice about tax offsets and how this expense could be treated by the ATO in the 2016-17 tax year.

Computing Straight-Line and Double-Declining-Balance Depreciation
On January 2, 2016, Fischer Company purchases a machine that manufactures a part for one of its key products. The machine cost $529,200 and is estimated to have a useful life of six years, with an expected salvage value of $45,000.

Compute depreciation expense for 2016 and 2017 for the following depreciation methods.
a. Straight-line.
b. Double-declining balance.

need help solving this problem thank you

Marigold Company began operations on January 2, 2016. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee earns 9 paid vacation days and 7 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows. Actual Hourly Wage Rate Vacation Days Used by Each Employee Sick Days Used by Each Employee 2016 2017 2016 2017 2016 2017 $11 $12 0 8 5 6 Marigold Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned. Part 1 Prepare journal entries to record transactions related to compensated absences during 2016 and 2017. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2016 (To accrue the expense and liability for vacations) (To accrue the expense and liability for sick pay) (To record payment for compensated time when used by employees) 2017 (To accrue the expense and liability for vacations) (To accrue the expense and liability for sick pay)