DIRECTIONS                  
Using the Trial Balance Shown Below for JW Jlegal LLC, Practice Problems 1, answer the questions.                  
The first question has been answered for you.                  

                  
    JW Legal LLC              
   Trial Balance              
   1.31.2020              
                  
       DR   CR      
   Cash   9,450.00           
   Accounts Receivable   3,000.00           
   Equipment   2,500.00           
   Accounts Payable       1,700.00       
   JW Legal LLC, Capital       10,000.00       
   Withdrawals   500.00           
   Legal Services Revenue       4,000.00       
   Utilities Expense   250.00           
                  
   TOTALS   15,700.00    15,700.00       
                  
                  
Questions       ANSWERS          
1. What kind of account is Cash?       Cash is an Asset          
                  
What is the normal balance in Cash?       The normal balance in Cash is a debit balance          
                  
On what finacial statement does Cash appear?       Cash is shown on the Balance Sheet          
                  
                  
2. What kind of account is Accounts Receivable?                  
                  
What is the normal balance in Accounts Receivable?                  
                  
On what financial statement does Accounts Receivable appear?                  
                  
3. What kind of account is Equipment?                  
                  
What is a normal balance in Equipment?                  
                  
On what finacial stamenet does Equipment appear?                  
                  
4. What kind is account is Accounts Payable?                  
                  
What is the normal balance in Accounts Payable?                  
                  
On what financial statement does Accounts Payable appear?                  
                  
5. What kind of account is Capital?                  
                  
What is the normal balance in a Capital account?                  
                  
On what finacial statement(s) doe Capital appear?                  
                  
                  
6. What kind of account is Withdrawals?                  
                  
What is a normal balance in a Withdrawals account?                  
                  
On what financial statement does Withdrawals appear?                  
                  
                  
7. Whar kind of account is Legal Fees Revenue?                  
                  
What is the normal balance in Legal Fees Revenue?                  
                  
On what finacial statement does Legal Fees Revenue appear?                  
                  
                  
8. What kind of account is Utilities Expense?                  
                  
What is a normal balance in Utilities Expense?                  
                  
On what financial statement does Utilities Expense appear?                  
                  
                  

Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home delivery services. The pizzeria’s owner has determined that the shop has two major cost drivers—the number of pizzas sold and the number of deliveries made.

Data concerning the pizzeria’s costs appear below:

In November, the pizzeria budgeted for 1,860 pizzas at an average selling price of $17 per pizza and for 240 deliveries.

Data concerning the pizzeria’s operations in November appear below:

Required:

1. Complete the flexible budget performance report that shows both revenue and spending variances and activity variances for the pizzeria for November. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

Can annual sports team revenues be used to predict franchise​ values? Use the accompanying soccer team revenues and values to complete parts​ (a) through​ (h) below.

Team   Revenue ($mil)   Value ($mil)
Team 1   554 2806
Team 2   676 3437
Team 3   371 1333
Team 4   628 3202
Team 5   559 1852
Team 6   312 691
Team 7   342 858
Team 8   355 851
Team 9   394 869
Team 10   219 482
Team 11   258 579
Team 12   224 513
Team 13   516 414
Team 14   203   347
Team 15   156    329
Team 16   177 326
Team 17   162 307
Team 18   332 599
Team 19   411 863
Team 20   157 296

A. Assuming a linear​ relationship, use the​ least-squares method to compute the regression coefficients b0 and b1.

B. Assuming a linear​ relationship, use the​ least-squares method to compute the regression coefficients b0 and b1.

C. Predict the mean value of a soccer franchise that generates ​$300 million of annual revenue.

D. Compute the coefficient of​ determination, r2​, and interpret its meaning.

E. Perform a residual analysis on the results and determine the adequacy of the fit of the model.

F. At the 0.05 level of​ significance, is there evidence of a linear relationship between the annual revenues generated and the value of a soccer​ franchise?

- The null and alternative hypotheses ?

- The value is?

- the test statistic is ?

G. Construct a 95​% confidence interval estimate of the mean value of all soccer franchises that generate ​$300 million of annual revenue.

H. Construct a 95​% prediction interval of the value of an individual soccer franchise that generates ​$300 million of annual revenue.

1. Define the price elasticity of demand? What information does it provide? How is it calculated?
2. Define the income elasticity of demand? What information does it provide? How is it calculated?
3. Define the cross-price elasticity of demand? What information does it provide? How is it calculated?
4. What is total revenue? How is it calculated?
5. Define elastic, inelastic, and unitary elasticity means. How are these related to total revenue? Explain your answers.
6. With respect to the price elasticity of demand, construct a graph using the data in Figure1. Illustrate the ranges on the demand curve that indicate elastic, inelastic, and unitary elasticity. Explain your answers. Enter non-numerical responses in the same worksheet using textboxes.
7. Calculate the total revenue for each level of demand and post into the table, Figure 1. (Copy and paste this table into the Microsoft Word document that will form part of your submission.)
8. Using the midpoints formula presented in the textbook, calculate the price elasticity coefficient for each price level, starting with the coefficient for the $4 to $6 level. For each coefficient, indicate each type of elasticity: elastic demand, inelastic demand, or unitary demand. Post your answers into the table, Figure 1.
9. Assume that the income of consumers changes by 10%, and as a result the quantity demanded for Good A changes by 8%. What is the income elasticity of demand for Good A? What does this mean for your company?
10. Assume that the price of competing Good B decreases by 5% and as a result, the quantity demand for Good A decreases by 8%. What is the cross-price elasticity for your product? What type of goods are Good A and Good B?

Figure 1: The Demand Schedule for Barbeque Dinners

. In a one-page memo, provide an explanation to the management team on July's financial performance. Please provide a one-page explanation. Thanks in advance

In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows:

Assume that Westgate Construction’s contract with Santa Clara County does not qualify for revenue recognition over time.

Required:
1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.
2-a.In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred).
2-b.In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred).
2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs incurred).
3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract.
4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information.

5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information.

The consumer's original monthly income is $4,000. Her income increases by 25%, and, a result, her demand for Good X changes from 300 to 350 units per month.

Based on this information,

If the value of the own-price elasticity of demand is infinite (in absolute value),

Which of the following statements best describes the relationship between short-run supply elasticity and long-run supply elasticity?

The own price elasticity of demand for Good Y is -1.75. Management reduces the price of Good Y by 5% to stimulate demand.

As a result of this "pricing strategy,"

Income Statement and Balance Sheet

Green Bay Corporation began business in July 2017 as a commercial fishing operation and a passenger service between islands. Shares of stock were issued to the owners in exchange for cash. Boats were purchased by making a down payment in cash and signing a note payable for the balance. Fish are sold to local restaurants on open account, and customers are given 15 days to pay their account. Cash fares are collected for all passenger traffic. Rent for the dock facilities is paid at the beginning of each month. Salaries and wages are paid at the end of the month. The following amounts are from the records of Green Bay Corporation at the end of its first month of operations:

1. Using the data given, prepare an income statement for the month ended July 31, 2017.

2. Using the data given, prepare a balance sheet at July 31, 2017.

3. While assessing the long-term viability of the Notes Payable, which of the following would you least consider?

Curtiss Construction Company, Inc., entered into a fixed-price contract with Axelrod Associates on July 1, 2021, to construct a four-story office building. At that time, Curtiss estimated that it would take between two and three years to complete the project. The total contract price for construction of the building is $4,600,000. The building was completed on December 31, 2023. Estimated percentage of completion, accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Axelrod under the contract were as follows: At 12-31-2021 At 12-31-2022 At 12-31-2023 Percentage of completion 10 % 60 % 100 % Costs incurred to date $ 369,000 $ 2,940,000 $ 4,960,000 Estimated costs to complete 3,321,000 1,960,000 0 Billings to Axelrod, to date 730,000 2,370,000 4,600,000 Required: 1. Compute gross profit or loss to be recognized as a result of this contract for each of the three years. Curtiss concludes that the contract does not qualify for revenue recognition over time. 2. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute gross profit or loss to be recognized in each of the three years. 3. Assuming Curtiss recognizes revenue over time according to percentage of completion, compute the amount to be shown in the balance sheet at the end of 2021 and 2022 as either cost in excess of billings or billings in excess of costs.

omplete this question by entering your answers in the tabs below.

• Req 1 and 2
• Req 3

Assuming Curtiss recognizes revenue over time according to percentage of completion, compute the amount to be shown in the balance sheet at the end of 2021 and 2022 as either cost in excess of billings or billings in excess of costs.

Presented below are the 2018 income statement and comparative balance sheets for Santana Industries.

Additional information for the 2018 fiscal year ($ in thousands):

Cash dividends of $1,100 were declared and paid.

Equipment costing $4,200 was purchased with cash.

Equipment with a book value of $600 (cost of $1,700 less accumulated depreciation of $1,100) was sold for $600.

Depreciation of $1,700 is included in operating expenses.

Required:
Prepare Santana Industries' 2018 statement of cash flows, using the indirect method to present cash flows from operating activities. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.)