Hamby Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below:

The company managers have made the following additional assumptions and estimates:

1. Estimated sales for July, August, September, and October will be $340,000, $360,000, $350,000, and $370,000, respectively.

2. All sales are on credit and all credit sales are collected. Each month’s credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July.

3. Each month’s ending inventory must equal 25% of the cost of next month’s sales. The cost of goods sold is 75% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July.

4. Monthly selling and administrative expenses are always $44,000. Each month $6,000 of this total amount is depreciation expense and the remaining $38,000 relates to expenses that are paid in the month they are incurred.

5. The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30.

How much is the Company's expected Accounts Receivable balance on September 30?

Multiple Choice

• $234,000

• $227,500

• $122,500

• $356,500

An investigative reporter for the Chicago Tribune reports that the average spending by American adults during the six-day period after Thanksgiving, spanning Black Friday weekend through Cyber Monday, is $100. The population standard deviation (σ) is known to be $20. To verify the report, 100 randomly sampled American adults were surveyed. The sample showed an average spending of $95. Does this show significant evidence that the population average spending differs from $100? Answer this question using a hypothesis test then construct a 95% confidence interval. Does $100 fall within the interval?

Suppose the government decided to increase government spending (Go) by 50 million dinars, and decided to increase the fixed taxes (To) by the same amount, i.e. by 50 million dinars, and if you know that the marginal propensity to consume (mpc) is 0.75, calculate the following:

1. The effect of the increase in government spending on the level of balanced income.
2. The effect of the increase in the tax on balanced income.
3. The total effect of the effect of the increase in government spending and the increase in tax on the level of balanced income.
4. Based on the results of Section 3, what do you conclude?

1. When a business such as CarMax sells a used car to an individual for $9,000 then no part of this transaction counts in GDP because the car is used. T/F

2. When your parents pay for your school tuition this counts as a consumption expenditure. T/F

3. The government pays social security benefits to your grandfather every month. When your grandfather spends his entire social security check on groceries at the supermarket this counts as :

a.) investment spending

b.) government spending

c.) consumption spending

d.) transfer payment

Why are political representatives not allowed to simply decide on all areas of spending? What limits are in place? How does this distort the idea that Fiscal Policy can be used to solely direct an economy? Explain. How does the approach for proposing a budget (i.e. Garbage Pail or Policy Window) influence the types of ideas that governments spend money on? Explain. How does either process lead to spending on ideas/items that promote long - term economic growth? How does either process lead to spending on ideas/items that do not have positive consequences on the economy?

1. Paul Krugman is a: monetarist economist. real business cycle economist. rational expectations economist. supply-side economist. Keynesian economist.

2. The (original) Keynesian primary policy for a recession is: increasing money supply/decreasing interest rates. decreasing the money supply/increasing interest rates. increasing government spending/cutting taxes. increasing government spending/increasing money supply. increasing government spending/raising taxes.

3. The original classical school dominated macro economic thinking: 1800s to 1933. 1759-1793. 1997-2017. 1933-1980.

Given an economy where government is deficit spending while operating at full employment.

1. Using a correctly labeled graph for real interest rates, explain how the increase in the deficit will affect real interest rates in the short run, ceteris paribus.
2. Explain the difference between government deficit and national debt by defining each concept.
3. Explain how private investment will be impacted by the government's deficit spending.
4. If the government continues deficit spending, show the impact on a correctly labeled short-run Phillips Curve. Label the initial position A and the new position B.

If compensation data for a particular occupation is described as having quartile 1 at $50,000, this means:

Group of answer choices

this type of terminology is not used to describe compensation data

one quarter of all employees make exactly $50,000

the standard deviation of one quarter of all employees is $50,000

three quarters of all employees make more than $12,500 plus benefits

one quarter of all employees make less than 50,000

The short-run aggregate supply curve slopes upward because of the:  

Question 53 options:

Fill in the blanks of the following sentence. When financial markets are ________, leverage ________; when they are ________, leverage ________.

Question 59 options:

f the government decreases the income tax rate, it assumes that:

Oerstman, Inc., uses a standard costing system and develops its overhead rates from the current annual budget. The budget is based on an expected annual output of 125,000 units requiring 500,000 direct labor hours. (Practical capacity is 520,000 hours.) Annual budgeted overhead costs total $815,000, of which $580,000 is fixed overhead. A total of 119,200 units using 498,000 direct labor hours were produced during the year. Actual variable overhead costs for the year were $261,300, and actual fixed overhead costs were $556,150.

1. Compute the fixed overhead spending and volume variances.

2. Compute the variable overhead spending and efficiency variances. Do not round intermediate calculations