Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2020–2023 are as follows: Service Revenue Collections Pretax Accounting Income 2020 $ 688,000 $ 648,000 $ 214,000 2021 778,000 806,000 288,000 2022 738,000 730,000 256,000 2023 744,000 748,000 228,000 There are no differences between accounting income and taxable income other than the temporary difference described above. The enacted tax rate for each year is 25%. (Hint: You will find it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31, 2020–2023.) Required: 1. to 3. Prepare the appropriate journal entries to record Alsup's 2021 income taxes, 2022 income taxes and 2023 income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)

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Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2017–2020 are as follows:

There are no differences between accounting income and taxable income other than the temporary difference described above. The enacted tax rate for each year is 40%.

(Hint: You may find it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31, 2017–2020.)

Required:
1. Prepare the appropriate journal entry to record Alsup's 2018 income taxes, Alsup’s 2019 income taxes and Alsup’s 2020 income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.)

Record 2018,2019,2020and income taxes

Using a regression model in excel to understand the factors that contribute to customer satisfaction and spending. Refer to the data provided to identify what variables are significant to predicting overall satisfaction. Develop and interpret the prediction equation and the coefficient of determination. Based on the data, what areas should the business focus on to improve customer satisfaction?

Cellphone Prices:

Analyzing Cost and Revenue

INTRODUCTION

Cost, revenue and profit functions may take parabolic forms. In many business and economics applications, our most important goal is to maximize revenue, profit or minimize cost. We may be able to find the price or the quantity of goods and services that maximizes profit, revenue and minimizes cost by using the quadratic formula and vertex formula.

The goal of this project is to enhance the understanding quadratic functions and how to find the maximum/minimum.

Question 1: If you have the chance to start a business, what business would you choose? Why?

Question 2: Starting and running a business requires time, effort, hard work and in particular money. What kind of costs do you expect to have to pay in order to start and run your business? Please list them and explain why you need them.

Question 3: Some costs are fixed, which are called fixed costs, such as equipments and buildings. Some cost are variable, which are called variable costs, such as labor and material. Please explain what costs in the Question 2 are fixed costs, and what are variable costs.

In general, the total cost consists of variable costs and fixed costs.

Question 4: In order to keep your business running, you need to make revenue. Revenue is the money that comes into the business from customers. Suppose you know the number of products your business sold and the price you sold them at, how can you calculate the revenue? What strategies could you use in order to increase your business’ revenue?

The revenue of a business may go up and down depending on many factors. For example a business that sells ice cream will likely make more money during hot summer months. The profit of your business is the difference of the revenue and the cost. That is,

Profit = Revenue - Cost.

If the profit is the positive, your business makes money. If the profit is negative, your business unfortunately makes a loss. If the profit is zero, that is the revenue is equal to the cost, it is called the break-even point.  

Suppose that you were the CEO of a giant high technology corporation, Strawberry, Inc, manufacturer of the Strawberry Phone.

Question 5:

This month, you have estimated the demand for the Strawberry Phone to be:

Q = 220 - 4P

where Q is the quantity demanded, and P is the price of a Strawberry Phone.

The cost of producing a phone is constant at $12, which is called marginal cost. The fixed cost that includes the cost spent on the factory, the equipment, among others is $1525. As a result, you have a linear cost function,

C = FC + (MC Q),

Where C is the total cost, FC is the fixed cost, and the MC is the marginal cost, and Q is the quantity as before.

Answer the following questions.

1. What is the price that maximizes the corporation’s profit? (Hint: Profit = Revenue - Cost)

2. At what price does the corporation break even?

Question 6: From the two questions above, create a strategy to lower your cost and maximize your profit for the business you chose in question 1.

Essay: Write an essay that discusses the answers to the questions above include a detailed description of your business ideas and how it is possible to use maximization of quadratic functions to find the maximum profit.

The following table represents a student’s demand schedule for Starbucks that is available off campus.

A)Fill in the table and graph the demand curve and the total revenue curve on two separate graphs

B)Based on your previous answer, use the midpoint formula to calculate the price elasticity of demand for price changes on the upper and lower end of the demand curve.

C)What is the special relationship between unit elasticity and total revenue?

D)What is the formula for income elasticity of demand? What is the interpretation of income elasticity when the coefficient (Ei) is positive and/or negative?

E)What is the formula of cross elasticity of demand? What is the interpretation of cross elasticity when the coefficient (Exy) is positive and/or negative?

3. The marketing research department for a company that manufacturers and sells notebook computers established the following revenue and cost functions:
R(x) = x(2000 – 60x)
C(x) = 4000 + 500x,
where x is thousands of computers, and R(x) and C(x) are in thousands of dollars. Both
functions have the domain 1 ≤ x ≤ 25.
(1) Form a profit function P, and graph R, C, and P in the same rectangular coordinate system.
(2) Discuss the relationship between the intersection points of the graphs of R and C and the x intercepts of P.
(3) Find the x intercepts of P to the nearest hundred computers. Find the break-even points.
(4) Refer to the graph drawn in part (1). Does the maximum profit appear to occur at the same output level as the maximum revenue? Are the maximum profit and maximum revenue equal? Explain.  

Take Five Systems, a new start-up, is developing a new iPhone application (“app”) and provides you with the following assumptions:

1. Development and testing of the new app will take four months. Month five is the first month of revenue generation.

2. Initial monthly app sales of 5,000 downloads at a price of $2.99

3. Unit sales will grow at 15% per month for months six through twelve and then will be flat thereafter

4. The app will become obsolete and will need to be revised/replaced after month 18

1. Take Five Systems is concerned about the accuracy of their revenue estimates in Question 1. Specifically, they wish to use sensitivity analysis to evaluate the impact on Month 18 revenue of the following:

   1. Variations in 2% increments between 9-21% in the growth rate of unit sales in Months 5-12 (that is, 9%, 11%,..., 19%, 21%)

   2. Variationin500unitincrementsbetween2,500and7,500inthelevelofinitial sales (that is, 2,500, 3,000,..., 7,000, 7,500)

Question 12 parts are based on the random sample below which is obtained to test the following hypothesis about the population mean.

74 88 89 67 89 81 86 83 78 76 73 82 90 77 85 89 81 81 87 81 76 89 68 83 80 75 83 88 87 67 80 90 78 67 76 69 82 87 74 80 70 82 89 72 80 88 74 72 75 78 80 70 84 82 82 72 86 73 73 87 77 89 90 72 78 90 89 67 69 71 75 88 73 78 74 72 84 88 72 77 70 71 78 67 70 72 83 69 88 69 87 83 69 82 85 75 71 70 82 77 78 67 79 75

Test the hypothesis that the mean is less than 80. I already calculated the estimated mean as 78.61 and the estimated variance of the mean as 50.066.

12a) The value of the test statistic is (if negative use the absolute value):

a 1.58

b 1.84

c 1.92

d 2.00

12b) Given α = 0.05, the critical value for the test is,

a 2.363

b 1.983

c 1.660

d 1.290

12c) The approximate p-value for the test is,

a 0.054

b 0.038

c 0.023

d 0.018

12d) Based on the p-value in the previous question,

a Reject H₀ at α = 0.10; do not reject H₀ at α = 0.05

b Reject H₀ at α = 0.05; do not reject H₀ at α = 0.01

c Reject H₀ at α = 0.01; do not reject H₀ at α = 0.05

d reject H₀ at α = 0.05; reject H₀ at α = 0.01

Isle Royale, an island in Lake Superior, has provided an important study site of wolves and their prey. Of special interest is the study of the number of moose killed by wolves. In the period from 1958 to 1974, there were 296 moose deaths identified as wolf kills. The age distribution of the kills is as follows.

(a) For each age group, compute the probability that a moose in that age group is killed by a wolf. (Round your answers to three decimal places.)

(b) Consider all ages in a class equal to the class midpoint. Find the expected age of a moose killed by a wolf and the standard deviation of the ages. (Round your answers to two decimal places.)

Isle Royale, an island in Lake Superior, has provided an important study site of wolves and their prey. Of special interest is the study of the number of moose killed by wolves. In the period from 1958 to 1974, there were 296 moose deaths identified as wolf kills. The age distribution of the kills is as follows.

(a) For each age group, compute the probability that a moose in that age group is killed by a wolf. (Round your answers to three decimal places.)

(b) Consider all ages in a class equal to the class midpoint. Find the expected age of a moose killed by a wolf and the standard deviation of the ages. (Round your answers to two decimal places.)