1. Vitamin supplement industry is a monopolistic competition. Complete the following table:

1. Complete the above table.
2. Draw demand curve, MR, MC, and ATC on the same graph.
3. Find profit maximizing output and price.
4. Shade the short-run profits for the vitamin producer.

1. Derived demand refers to a demand connected to the final product’s

______________.

A. production cost

B. demand

C. production

D. design

2. The increase in output stemming from a one-unit increase in an input is referred to as marginal _________.

A. cost

B. revenue

C. physical product

D. physical input

3. Total output will increase until which of the following occurs?

A. Marginal cost is equal to marginal revenue.

B. Marginal cost is minimized.

C. Marginal physical product is equal to zero.

D. Marginal physical product is less than zero

4. As more inputs are added to fixed inputs, the result is described by the law of diminishing ______________.

A. returns

B. marginal costs

C. marginal inputs

D. marginal revenues

Match the letter corresponding to one of the basic elements of accounting to each of the accounts below:

A = Asset​​L = Liability​​OE = Owner's Equity

​1. Rent Expense​​__________​​​6. Cash​​​__________

2. Office Equipment​__________​​​7. Insurance Expense​__________

3. Accounts Payable​__________​​​8. Owner’sWithdrawals​__________

4. Owner’s Capital​​__________​​​9. Service Revenue​__________

5. Accounts Receivable​__________​​​10.Prepaid Insurance​__________

For the accounts listed below, indicate if the normal balance of the account is a debit (DR) or a credit (CR).

1. Service Revenue​__________​​​6. Office Supplies​​__________

2. Rent Expense​​__________​​​7. Insurance Expense​__________

3. Accounts Receivable​__________​​​8. Owner’s Capital​​__________

4. Accounts Payable​__________​​​9. Office Building​​__________

5. Owner’s Withdrawals​__________​​​10. Notes Payable​​__________

Presented below is the adjusted trial balance of Pharoah Corporation at December 31, 2017.

Additional information:

Prepare a classified balance sheet as of December 31, 2017

Manic Corporation uses customers served as its measure of activity. During June, the company budgeted for 20,000 customers, but actually served 19,000 customers. The company has provided the following data concerning the formulas used in its budgeting and its actual results for June:

Data used in budgeting:

Actual results for June:

Required: Prepare the company's flexible budget performance report for June. Label each variance as favorable (F) or unfavorable (U).

Presented below is the adjusted trial balance of Sunland Corporation at December 31, 2017. Debit Credit Cash $ ? Supplies 1,560 Prepaid Insurance 1,360 Equipment 48,360 Accumulated Depreciation-Equipment $ 4,360 Trademarks 1,310 Accounts Payable 10,360 Salaries and Wages Payable 860 Unearned Service Revenue 2,360 Bonds Payable (due 2024) 9,360 Common Stock 10,360 Retained Earnings 25,360 Service Revenue 10,360 Salaries and Wages Expense 9,360 Insurance Expense 1,760 Rent Expense 1,560 Interest Expense 1,260 Total $ ? $ ? Additional information: 1. Net loss for the year was $3,580. 2. No dividends were declared during 2017. Prepare a classified balance sheet as of December 31, 2017.

THE Company produces three products, A, B, and C.
The following information relates to THE Company
and its three products for June:

THE Company:
Sales revenue .............. $700,000
Segment margin ............. $204,000
Net income ................. $169,000

Product A:
Sales revenue .............. $200,000
Contribution margin ........ $104,000
Segment margin ............. $ 19,000

Product B:
Variable costs ............. 30% of sales of Product B

Product C:
Variable costs ............. $181,000
Traceable fixed costs ...... $ 36,000
Contribution margin ........ 20% of sales of Product C

Part A.) Calculate the variable costs of Product B during June.

Part B.) Calculate the segment margin of Product C during June.

Part C.) Calculate the total fixed costs incurred by THE
Company during June.

Potter Company began operating in 2007. During 2007, it provided $308,000 in services to customers on account and collected 260,000 in cash from its accounts receivable. At the end of the year, it adjusted its accounts based on the estimate that 1% of the revenue on account would not be collected.

Prepare the journal entries to record all transactions related to accounts receivable.

Account titles: Debit: Credit:

What was the net realizable value of Potter's accounts receivable at the end of 2007?

Is this correct?

account titles debit credit

A/R 308,000

service revenue 308,000

cash 260,000

A/R 260,000

allowance for doubtful acc. 3,080

A/R 3,080

Net realizable value:

308,000 x 0.01= 3,080

308,000-3,080-260,000=44,920