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

Additional information:

Prepare a classified balance sheet as of December 31, 2017. (List Current Assets in order of liquidity.)

Presented below is the adjusted trial balance of Metlock, Inc. at December 31, 2017.

Additional information:

Prepare a classified balance sheet as of December 31, 2017.

1. A monopolistically competitive firm differs from a firm in perfect competition because a monopolistically competitve firm is characterized by:

A. zero economic profits.
B. marginal revenue equals marginal cost.
C. price is greater than marginal cost in equilibrium.
D. a horizontal demand curve.

2. A monopolistically competitive firm is different from a monopoly because a monopolistically competitive firm is characterized by:
A. zero economic profits.
B. marginal revenue equals marginal cost.
C. price = min ATC
D. no deadweight loss.

3. The zero-economic profit condition for a monopolistically competitive firm is due to the entry and exit of firms with similar products.
True
False

4. Advertising has a strictly positive impact on economic wellbeing.
True
False

A hospital consortium contracted with a private company to collect fees and maintain health facilities that adjoin their property. Users of the health facility can pay cash of R10 for a daily visit or they can purchase a pass. The pass has a magnetic strip that is swiped through the entrance device each time an individual enters the facility. This subtracts daily fee from the pass balance for each day used. The passes are issued for a fee of R365, which are good for 365 days. Refunds are not issued on the pass. Last year R18,650 was collected for daily visits, R438,000 of annual passes were issued, and R206,225 of pass usage was registered on the scanning equipment. How much should the company recognize as revenue for the year? Explain how the revenue recognition rule should be applied in this case.

(A) If an increase in pollution abatement or environmental quality would increase social net benefit, what change in the allocation of society's scarce resources between "other things" and the environment would be necessary to capture the increase in net benefits? (B) Define what is revenue, how is it generated, and what change in the allocation of society's scarce resources would be created by an increase in revenue. (C) What is cost, how is it generated, and what change in the allocation of society's scarce resources would be created by an increase in the cost of an input. (D) Explain how a current user of land, to produce a private good such as agriculture or timber, would become a producer of a public good such as wildlife, biodiversity or carbon sequestering. (E) Explain why having no price required to be paid for using or consuming environment services results in underproduction of environmental services.

1. Rebates and discounts

On March 1, Martin Company sold and delivered goods to Shannon Inc. for $300,000 on account. Shannon Company has been a customer for more than 10 years and has earned a 3% rebate on the overall purchase. Prepare the journal entry to recognize revenue. The journal entry for the cost of goods sold is not required.

2. Commissions, consignee/agent perspective

Royal vacations, a high-end vacation agent, sells tickets for all-inclusive European vacations to various customers. The company sells a $10,000 package and will receive a commission of 4% of the total price. Royal vacations must also remit the sales price to European Destinations, Company. Prepare the journal entry to record the receipt of cash and remittance and revenue recognized the agent.

The following information was taken from the accounting
records of CJTR Company as of December 31, 2020:

Accounts Payable ..........       ?
Accounts Receivable .......   $44,000
Building ..................   $68,000
Cash ......................   $17,000
Common Stock ..............   $56,000
Cost of Goods Sold ........   $41,000
Dividends .................      ?
Equipment .................   $79,000
Interest Revenue ..........   $40,000
Inventory .................   $63,000
Land ......................   $82,000
Notes Payable .............   $67,000
Rent Expense ..............   $23,000
Retained Earnings .........      ?
Salaries Expense ..........   $52,000
Salaries Payable ..........   $34,000
Sales Revenue .............   $94,000
Supplies ..................   $23,000
Trademark .................   $10,000

Additional information:
1)  At January 1, 2020, CJTR Company reported total
    assets of $223,000; total liabilities of $118,000;
    and common stock of $40,000.

2)  20% of CJTR’s 2020 net income was paid to stockholders
    as dividends.

Calculate the balance in the accounts payable account at
December 31, 2020.

Suppose the market demand function for a normal product is ? = ?? − ?, and the marginal cost of producing it is ?? = ?? , where, ? is the price of the product and ? is the quantity demanded and/ supplied.

a. Draw the demand curve and the marginal cost curve using price and marginal cost measure in vertical axis and quantity demanded and/ or supplied in horizontal axis.

b. Find the marginal revenue function of the product and the marginal revenue curve in the diagram drawn in part a.

c. How much would be equilibrium price and quantity supplied in the monopoly market?

d. Calculate the consumer surplus, producer surplus and total surplus in monopoly market structure.

e. Show that monopoly market allocation reduces social welfare compared to competitive market allocation.

Do not answer the part a. because i already did this but you should answer part b to e

1. (A) If an increase in pollution abatement or environmental quality would increase social net benefit, what change in the allocation of society’s scarce resources between “other things” and the environment would be necessary to capture the increase in net benefits?

(B) Define what is revenue, how is it generated, and what change in the allocation of society’s scarce resources would be created by an increase in revenue.

(C) What is cost, how is it generated, and what change in the allocation of society’s scarce resources would be create by an increase in the cost of an input.

(D) Explain how a current user of land, to produce a private good such as agriculture or timber, would become a producer of a public good such as wildlife, biodiversity or carbon sequestering.

(E) Explain why having no price required to be paid for using or consuming environment services results in underproduction of environmental services.