Red Canyon T-shirt Company operates a chain of T-shirt shops in the southwestern United States. The sales manager has provided a sales forecast for the coming year, along with the following information:

• Each T-shirt is expected to sell for $17.
• The purchasing manager buys the T-shirts for $7 each.
• The company needs to have enough T-shirts on hand at the end of each quarter to fill 27 percent of the next quarter’s sales demand.
• Selling and administrative expenses are budgeted at $84,000 per quarter plus 14 percent of total sales revenue.

Required:
1.Determine budgeted sales revenue for each quarter.



2. Determine budgeted cost of merchandise purchased for each quarter.



3. Determine budgeted cost of good sold for each quarter.



4. Determine selling and administrative expenses for each quarter.



5. Complete the budgeted income statement for each quarter.

Monitor Muffler sells franchise arrangements throughout the United States and Canada. Under a franchise agreement, Monitor receives $750,000 in exchange for satisfying the following separate performance obligations: (1) franchisees have a five-year right to operate as a Monitor Muffler retail establishment in an exclusive sales territory, (2) franchisees receive initial training and certification as a Monitor Mechanic, and (3) franchisees receive a Monitor Muffler building and necessary equipment. The stand-alone selling price of the initial training and certification is $18,000, and $570,000 for the building and equipment. Monitor estimates the stand-alone selling price of the five-year right to operate as a Monitor Muffler establishment using the residual approach. Monitor received $90,000 on July 1, 2018, from Perkins and accepted a note receivable for the rest of the franchise price. Monitor will construct and equip Perkins’ building and train and certify Perkins by September 1, and Perkins’ five-year right to operate as a Monitor Muffler establishment will commence on September 1 as well. Required: 1. What amount would Monitor calculate as the stand-alone selling price of the five-year right to operate as a Monitor Muffler retail establishment? 2. What journal entry would Monitor record on July 1, 2018, to reflect the sale of a franchise to Dan Perkins? 3. How much revenue would Monitor recognize in the year ended December 31, 2018, with respect to its franchise arrangement with Perkins? (Ignore any interest on the note receivable.)

9. The broiler chicken market comprises virtually all chicken consumed in the United States. Historically, broiler chicken was priced on a boom-and-bust cycle — when prices for chicken went up, so did supply; then prices would fall. Suppliers and retailers argue that they paid too much for chicken—a burden that has likely been felt by consumers, too. But then, as Watts puts it, “it’s been boom for the past 10 years or so.” Plaintiffs in these lawsuits allege that starting in 2008, prices for chicken suddenly stabilized and began to rise, even as the inputs those companies sold to farmers fell. They allege that this stabilization was a result of collusion among the companies, made possible in part by a piece of database software called Agri Stats. The first lawsuit brought against the processors was a class action filed by a food wholesaler, Maplevale Farms, in September 2016. That suit alleged that from 2008 onward, Tyson and Pilgrim’s Pride coordinated their efforts to reduce their broiler stock and forced a “nearly 50 percent increase in Broiler wholesale prices since 2008, despite input costs (primarily corn and soybeans) falling roughly 20 percent to 23 percent over the same time period.” Maplevale claimed that consequently, it paid inflated prices for chicken over the course of several years. Through Agri Stats, poultry companies can share information about production numbers, bird sizes, financial returns, and more. The database company gathers information from 95 percent of poultry processors and tracks 22 million birds a day. Companies can then use this information, according to farmers, retailers, and distributors, to set a higher price for their products. Assume extreme consolidation in the poultry processing sector precipitated these and other allegations of anticompetitive conduct among the top companies. Tyson and Pilgrim’s Pride alone control 60 percent of the market. Sanderson Farms, Perdue, and Koch Foods control another 25 percent.

a. The chicken companies are engaging in what type of economic behavior? ( Characteristic of this market structure. )(4 pts)

b. This behavior is characteristic of what market structure? Draw the graph for this market structure or describe it. (Put your answer on the answer sheet ) ( 8 pts)

1.) Think back to August 6, 1945. The United States has just dropped an atomic weapon on the city of Hiroshima killing tens of thousands of Japanese and devastating the infrastructure. A Keynesian at that time might conclude that there is a silver lining in the destruction, as economic prosperity will result. Evaluate this claim in a few sentences.

2.) Do people need money in order for market prices to form? Explain.

3.)  Most introductory economics textbooks have a section on “market failure.” It is here that students learn that markets may fail to achieve their potential – leaving people worse off than they theoretically could be. The existent of market failure is often taken as an excuse for government intervention to do whatever markets fail to do. In just a couple of sentences, explain why economists (and others, particularly politicians) must accept the possibility of “government failure” as well? That is, tell me why government solutions to perceived market “failures” may themselves fail to achieve their own stated goals? The U.S. Drug war is an apt example of a discrepancy between a stated political policy goal and the actual attainment of that goal.

Problem 1
        The United States Federal Income tax for taxes due July 15, 2020
    is available at this link: https://www.bankrate.com/finance/taxes/tax-brackets.aspx
        The four tax filing categories are: 0 - single filer, 2 - head of household, 
        3 - married filing jointly or qualifying widow, and 4 - married filing
        seperately. 
        
        Write a Java program that prompts the user to enter the name, filing status, and
        annual income. The program returns the federal income tax due. (10 Points)
        
        A sample run should look like:
        Enter your name: Jane Doe
        Enter your 2019 federal income: 48,000
        Enter your filing status: single
        
        Jane Doe, the federal income tax for an annual salary of
        48,000 for a single filer is $4,800.
        
        
        Draw a UML diagram for the class. You may use Astah tool. (5 points).
        
        
        Submit both the java code and UML diagram.
*       

Can Employers legally eliminate birth control from healthcare coverage?

The Supreme Court of the United States is taking up this issue this session, and it will be among the first-ever cases heard remotely due to the current pandemic.  

What is the issue presented to the Supreme Court in this matter?

What rule will the court need to apply to decide it?

What are the best arguments of each side?

Which do you find most persuasive, and why?

Do you expect different Supreme Court Justices to approach this differently? How will that matter?

What do you expect the outcome will be, and why?

Do you expect the outcome to be fair and just?

Microeconomics

Construct Production Possibility Frontiers graphs with constant opportunity costs for United States and Chile.  Assume there are two goods in these economies: Wheat and Copper.  If the U.S. puts all of its resources into the production of wheat, it can produce 300,000 units of wheat; if it puts all of its resources into the production of Copper, it can produce 150,000 units of copper. If the Chile puts all of its resources into the production of wheat, it can produce 100,000 units of wheat; if it puts all of its resources into the production of Copper, it can produce 100,000 units of copper.  

            a. Determine the opportunity costs of both countries to produce both wheat and copper.

b. Which country has the absolute advantage in the production of each good? Explain why.

            c. Which country has the comparative advantage in the production of each good? Explain why.

Sox Shogun Hotel sold 2,000 rooms during the past month at an ADR of $70.00. During this month, the ADR is increased by $7.00 and the total number of rooms sold is 1,900. What is the price elasticity of demand? What is the effect of the decrease in the #of rooms to the total room revenue for the Sox Shogun Hotel during this month?

Group of answer choices

$5,600 decrease

$6,300 increase

$6,300 decrease

$5,600 increase

You purchased land 3 years ago for $75,000 and believe its market value is now $120,000. You are considering building a hotel on this land instead of selling it. To build the hotel, it will initially cost you $205,000, an expense that you plan to depreciate straight line over the next three years. Wells Fargo offered you a loan for $60,000 at an 8% interest rate to be repaid over the next 4 years. You anticipate that the hotel will earn revenues of $334,000 each year, while expenses will be a mere $75,000 each year. The initial working capital requirement will be $14,000 which will be recovered in the last year. The tax rate is 28%. Your estimated cost of capital is 15%. What is the net present value of this project?