write an essay of 1500 words about the following:
In view of distortions and imperfections of the real world discuss whether regulating international trade will always inevitably be based on the "second best policy" choice as opposed to the "first best". YOUR ANSWER SHOULD INCLUDE:
A. an explanation of first best- second best world (distortions and imperfections).
B: an explanation of first best - second best policies.
C: an argument on regulating international trade (empirical evidence from WTO attempts to reduce protectionism).
D: why second best is an inevitable route for international trade.
E: how and why free trade (first best) is seen as the ideal form.
In: Economics
A pair of dice are rolled 1,000 times with the following frequencies of outcomes:
|
Sum |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Frequency |
10 |
30 |
50 |
70 |
110 |
150 |
170 |
140 |
120 |
80 |
70 |
Use these frequencies to calculate the approximate empirical probabilities and odds for the events a. The sum is less than 3 or greater than 9.
b. The sum is even or exactly divisible by 5.
a. Probabilityequals = ___???
(Type a decimal.)
Odds for = ____??
(Type a fraction. Simplify your answer.)
b. Probabilityequals = ___???
(Type a decimal.)
Odds for = ____??
(Type a fraction. Simplify your answer.)
In: Math
CircuitTown commenced a gift card program in January 2018 and
sold $13,900 of gift cards in January, $18,700 in February, and
$20,450 in March of 2018 before discontinuing further gift card
sales. During 2018, gift card redemptions were $8,500 for the
January gift cards sold, $5,100 for the February cards, and $6,050
for the March cards. CircuitTown considers gift cards to be
“broken” (not redeemable) 10 months after sale.
Required:
1. How much revenue will CircuitTown recognize
with respect to January gift card sales during 2018?
2. Prepare journal entries to record the sale of
January gift cards, redemption of gift cards (ignore sales tax),
and breakage (expiration) of gift cards.
3. How much revenue will CircuitTown recognize
with respect to March gift card sales during 2018?
4. What liability for deferred revenue associated
with gift card sales would CircuitTown show as of December 31,
2018?
In: Accounting
During 2018, the COYOTE Company spent $4,000,000 for various construction projects which are qualified for capitalization of interest. The total expenditures of $4,000,000 were made as follows: $1,000,000 on 1/1/2018, $2,000,000 on 4/1/2018, and $1,000,000 on 10/1/2018. The company had the following debts outstanding as of December 31, 2018:
1. 6%, 5-year note to finance construction of various assets, dated January 1, 2017, with interest payable annually on each January 1. $1,500,000
2. 8%, 15-year bonds issued at par on December 31, 2015, with interest payable annually on each December 31 $2,000,000
3. 10%, 10-year note payable, dated January 1, 2017, with interest payable annually on each January 1 $4,000,000
Instructions:
Prepare the journal entries for the asset qualifying for capitalization of interest, interest expense, and interest payment on December 31, 2018.
In: Accounting
The Mojito Computer Store had the following transactions in May 2018.
Required (5 points):
For each transaction, indicate in the space provided how much, if any, revenue or
expense should be recorded in May 2018.
a. Sold a computer to a customer in the amount of $2,100. Delivered the
computer in May. Customer paid in June 2018.
Amount of revenue to be recorded in May______________
b. Collected $1,200 in May from a customer for a computer to be delivered in
June.
Amount of revenue to be recorded in May ______________
c. Paid $400 in sales commissions to sales persons related to sales that were
made in April 2018.
Amount of expense to be recorded in May ______________
d. Paid $2,400 in May for a 6-month insurance policy to cover the period from
May 1, 2018 - October 31, 2018.
Amount of expense to be recorded in May ______________
e. Received an electric bill for May in the amount of $230. The bill is not due
for payment until June 15.
Amount of expense to be recorded in May ______________
In: Accounting
Stanley-Morgan Industries adopted a defined benefit pension plan
on April 12, 2018. The provisions of the plan were not made
retroactive to prior years. A local bank, engaged as trustee for
the plan assets, expects plan assets to earn a 10% rate of return.
The actual return was also 10% in 2018 and 2019.* A consulting
firm, engaged as actuary, recommends 5% as the appropriate discount
rate. The service cost is $200,000 for 2018 and $290,000 for 2019.
Year-end funding is $210,000 for 2018 and $220,000 for 2019. No
assumptions or estimates were revised during 2018.
*We assume the estimated return was based on the actual return on
similar investments at the inception of the plan and that, since
the estimate didn’t change, that also was the actual rate in
2019.
Required:
Calculate each of the following amounts as of both December 31, 2018, and December 31, 2019: (Enter your answers in thousands (i.e., 200,000 should be entered as 200).)
In: Accounting
Stanley-Morgan
Industries adopted a defined benefit pension plan on April 12,
2018. The provisions of the plan were not made retroactive to prior
years. A local bank, engaged as trustee for the plan assets,
expects plan assets to earn a 10% rate of return. The actual return
was also 10% in 2018 and 2019.* A consulting firm, engaged as
actuary, recommends 6% as the appropriate discount rate. The
service cost is $150,000 for 2018 and $240,000 for 2019. Year-end
funding is $160,000 for 2018 and $170,000 for 2019. No assumptions
or estimates were revised during 2018.
*We assume the estimated return was based on the actual return on
similar investments at the inception of the plan and that, since
the estimate didn’t change, that also was the actual rate in
2019.
Required:
Calculate each of the following amounts as of both December 31, 2018, and December 31, 2019: (Enter your answers in thousands (i.e., 200,000 should be entered as 200).)
In: Accounting
On 1 january 2018, Abc Co purchased assets of XYZ Co at auction for $1,560,000. An independent appraisal of the fair value of the assets acquired is listed below:
Land $171,600
Building $514, 800
Equipment $600,000
Inventories $429,000
On 1 september 2018, ABC Co exchanged land and cash of $8000 for a plant. The land had a book value of $55,000 and a fair value of $60,000. The exchange has commercial susbtance.
On 31 November 2018, ABC co sold equipment for $60,000. The old equipment cost $77,000 and had a book value of $55,000
Required:
I) Prepare the journal entry to record the purchase of the assets in 1 January 2018( show all the working)
II) Prepare the journal entry to record the exchange of assets in 1 September 2018( show all the working)
III) Prepare the journal entry to record the disposition of equipment in 31 November 2018( show all the working)
In: Accounting
On January 1, 2018, Bishop Company issued 8% bonds dated January
1, 2018, with a face amount of $20.2 million. The bonds mature in
2027 (10 years). For bonds of similar risk and maturity, the market
yield is 10%. Interest is paid semiannually on June 30 and December
31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD
of $1) (Use appropriate factor(s) from the tables provided.
Round your intermediate calculations to the nearest whole
dollar.)
Required:
1. Determine the price of the bonds at January 1,
2018.
2. Prepare the journal entry to record the bond
issuance by Bishop on January 1, 2018.
3. Prepare the journal entry to record interest on
June 30, 2018, using the effective interest method.
4. Prepare the journal entry to record interest on
December 31, 2018, using the effective interest method.
In: Accounting
Notes receivable and notes payable
a) On December 1, 2018, Hawkins, Inc. loaned money to a customer who signed a note having a face value of $16,200. The note is due on May 1, 2019 and does not specific an interest rate. Hawkins credited cash for $15,500 on December 1 as a result of the loan.
Required:
Prepare the entry on the books of Hawkins, Inc. to record the note-related activity on:
December 1, 2018
December 31, 2018
May 1, 2019.
b) On March 15, 2018, Powell Corp. borrowed money by signing a note having a face value of $28,500. The note is due on March 15, 2019 and does not specific an interest rate. Powell debited cash for $26,700 on March 15 as a result of the loan.
Required:
Prepare the entry on the books of Hawkins, Inc. to record the note-related activity on:
March 15, 2018
December 31, 2018
March 15, 2019.
In: Accounting