In Chapter 4 of your book, you created an interactive application named MarshallsRevenue that prompts a user for the number of interior and exterior murals scheduled to be painted during a month and computes the expected revenue for each type of mural. The program also prompts the user for the month number and modifies the pricing based on requirements listed in Chapter 4.

Now, modify the program so that the user must enter a month value from 1 through 12. If the user enters an incorrect number, the program prompts for a valid value. Also, the user must enter a number between 0 and 30 inclusive for the number of murals of each type; otherwise, the program prompts the user again.

Below is the source code

using System;

class MainClass

{

public static void Main (string[] args) //main function

{

//variable declaration

int month,intmu,extmu,total;

total=0;

string[] arr = new string[] {"January", "February", "March", "April", "May",

"June", "July", "August", "September", "October", "November", "December"};

do

{

//accepting the month value from user

Console.WriteLine ("Enter a month number");

month = Convert.ToInt32(Console.ReadLine());

if(month<1 || month >12)

Console.WriteLine ("Enter a valid value between 1 to 12");

}while(month<1 || month >12);

do

{

//accepting interior mural number from user

Console.WriteLine ("Enter number of interior murals");

intmu = Convert.ToInt32(Console.ReadLine());

if(intmu < 0 || intmu >30)

Console.WriteLine ("Enter a valid value between 0 to 30");

}while(intmu < 0 || intmu >30);

do

{

//accepting exterior mural number from user

Console.WriteLine ("Enter number of exterior murals");

extmu = Convert.ToInt32(Console.ReadLine());

if(extmu < 0 || extmu >30)

Console.WriteLine ("Enter a valid value between 0 to 30");

}while(extmu < 0 || extmu >30);

//displaying the data

Console.WriteLine ("Revenue for the month of "+arr[month-1]);

Console.WriteLine("Number of interior murals : "+intmu);

Console.WriteLine("Number of exterior murals : "+extmu);

//calcultaing the total revenue

total=(100*intmu)+(200*extmu);

Console.WriteLine("Total Revenue : Rs "+total);

}

}

Please provide source code and display response.

1. Calvin’s Clothing, a retailer, had the following account balances for the month of September. Prepare an Income statement for Calvin. Ignore income taxes.

Sales Revenue $400,000

Cost of Goods Sold 240,000

Salaries Expense 10,000

Utilities Expense 1,000

Sales Commissions 4,000

Inventory Purchases 27,000

Rent Revenue 12,000

Interest Expense 2,000

2. Hank’s Home Improvement, provides home improvement services, had the following account balances for the month of July. Prepare an Income Statement for Hank. Ignore income taxes.

Service Revenue $200,000

Office Supplies Expense 500

Salaries Expense 7,000

Utilities Expense 650

Advertising Expense 300

Office Supplies Purchased 800

3. Complete the table below by placing an “X” under each heading that classifies the cost (Items may be under more than one classification).

4. The following information relates to the 2011 operations of Adler Company, a manufacturer.

Finished goods inventory, beginning $ 90,000

Finished goods inventory, ending $ 83,000

Cost of goods available for sale $230,000

Required:

a. What is Adler’s cost of goods manufactured for the period?

b. What was Adler’s cost of goods sold for the period?

I’m a Lumberjack and I’m OK Co. (Lumberjack) has the following temporary tax differences:

1. Lumberjack collected rents of $100,000 total for 4 years at the beginning of 2019. For tax purposes, rent revenue is recognized when collected. For financial reporting purposes, the lease is classified as an operating lease and rent revenue is recognized on a straight-line basis over the lease term.

2. Lumberjack has equipment that cost $1,120,000 with an estimated useful life of 7 years. At the end of 2019, the accounting carrying value for the equipment was $480,000 and the tax basis was $349,888. During 2020, the MACRS rate for tax purposes is 8.93%; straight-line depreciation is used for financial reporting purposes.

3. Lumberjack has a defined benefit pension plan for its employees. The accrual basis is used for financial reporting purposes, whereas for tax purposes, deductions are allowed as the plan is funded. As of the end of 2019, pension expense for financial reporting has been $500,000 greater than tax deductions allowed for funding contributions. For 2020, the pension expense recorded for financial reporting purposes was $70,000 and the amount deducted for tax purposes was $30,000.

REQUIRED: Complete the following schedules for each temporary difference to compute current year and future taxable (deductible) amounts for 2020.

1. Given some production, the point where the profit-maximizing firm will produce is which of the following?

A. Where marginal cost equal sales

C. Where marginal cost equals marginal revenue

D. Where marginal cost equals average variable cost

B. Where marginal revenue equals average total cost

2. A firm in a perfectly competitive market produces and sells child car seats. The sales price is $600, the total fixed cost is $3,000, and the variable cost is $300 per unit. What is the marginal revenue for the tenth seat sold?

B. $625

C. $600

D. $480

A. $590

3. Dean is a professional golf coach, giving lessons in a perfectly competitive industry. After checking his accounts, his friend Roy (an economist) advises him that he should reduce the number of lessons he gives. What has Roy observed that has led him to this recommendation?

D. The price Dean charges does not cover his average variable costs.

A. Dean’s total cost was greater than his accounting profits.

B. Dean faces an inelastic demand for golf lessons.

C. The price Dean charges does not cover his marginal costs.

4. In perfect competition, the market demand curve is _________ and the individual firm’s demand curve is _________.

D. horizontal; horizontal

B. downward sloping; horizontal

C. horizontal; downward sloping

A. downward sloping; downward sloping

On January 1, 2021, Red Flash Photography had the following balances: Cash, $12,000; Supplies, $8,000; Land, $60,000; Deferred Revenue, $5,000; Common Stock $50,000; and Retained Earnings, $25,000. During 2021, the company had the following transactions:

The following information is available on December 31, 2021:

1. Employees are owed an additional $4,000 in salaries.
2. Three months of the rental space has expired.
3. Supplies of $5,000 remain on hand.
4. All of the services associated with the beginning deferred revenue have been performed.

5. Prepare closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
  

• Record the entry to close the revenue accounts.

Note: Enter debits before credits.

• Record the entry to close the expense accounts.

Note: Enter debits before credits.

• Record the entry to close the dividends account.

Note: Enter debits before credits.

Please create a retained earnings statement, income statement, and a balance sheet for the month of December following accounts and their ending balances.

Cash (debit) : $37,308.90

Accounts Receivable (debit) : $11,700

Notes Receivable (debit) : $10,000

Interest Receivable (debit) : $41.67

Merchandise Inventory (debit) : $3,150

Prepaid Advertising (debit) : $250

Office Supplies Inventory (debit) : $180

Prepaid Insurance (debit) : $1,100

Land (debit) : $59,500

Equipment (debit) : $12,000

Accumulated Depreciation - Equipment (credit) : $116.66

Accounts Payable (credit) : $10,000

Unearned Rent Revenue (credit) : $525

Salaries and Wages Payable (credit) : $984

Sales Tax Payable (credit) : $288.75

Interest Payable (credit) : $737.50

Dividends Payable (credit) : $2,000

Notes Payable (credit) : $60,000

Common Stock (credit) : $40,000

Sales (credit) : $45,600

Rent Revenue (credit) : $75

Cost of Goods Sold (debit) : $25,650

Advertising Expense (debit) : $50

Store Wages Expense (debit) : $6,232

Depreciation Expense (debit) : $116.66

Interest Expense (debit) : $737.50

Insurance Expense (debit) : $100

Office Supplies Expense (debit) : $20

Rent Expense (debit) : $200

Gain on Sale of Land (credit) : $4,500

Interest Revenue (credit) : $41.67

Losses from fire (debit) : $1,800

.

The ending balance for the Income Statement is $15,310.51

The ending balance for the Retained Earnings is $20,578.66

The ending balance for the Balance Sheet is $135,113.91

.

Please show your work on how these ending balances are obtained. Thank you.

1. Marginal cost __________ over the range of increasing marginal returns and ___________ over the range of diminishing marginal returns.

a) increases; decreases

b) decreases; increases

c) is constant; decreases

d) increases; is constant

2. The marginal cost curve intersects the average variable cost curve at:

a) its lowest point.

b) its maximum.

c) its end point.

d) no point; the curves don't intersect.

3. Marginal revenue:

a) is the slope of the average revenue curve.

b) equals the market price in perfect competition.

c) is the change in quantity divided by the change in the total revenue.

d) is the price divided by the change in quantity.

4. In perfectly competitive markets, if the price is _________, the firm will _________.

a) greater than ATC; make an economic profit.

b) greater than the minimum AVC; shut down.

c) greater than the minimum AVC but less than ATC; make an economic profit.

d) less than ATC; make an economic profit.

5. A monopolist is likely to _________ and ___________ than a comparable perfectly competitive firm.

a) produce more; charge more.

b) produce less; charge more.

c) produce more; charge less.

d) produce less; charge less.

6. Which of the following is true?

a) Instead of applying the marginal decision rule, monopoly firms just set the price as high as possible.

b) If demand is downward sloping, P=MR.

c) If demand is downward sloping, P=ATC.

d) If demand is downward sloping, P>MR.

The following shows the unadjusted Trial Balance of Services as at 31 August 2020 is as follows:

The following adjustments have not been considered for the year ended 31 August 2020:

· Provision for doubtful debts is to be estimated at 4% of total Debtors.

· Accrued Salaries Expenses, RM5,000.

· Insurance paid in advance for the month has expired. RM36,000 insurance was paid in advance for twelve (12) months period starting 1st January 2020.

· Furniture was purchased on 1 January 2019. Depreciation on the Machinery is required to be recorded using the straight-line method. Assume a useful life of five years with a zero-salvage value.

· RM12,000 unearned revenue has been earned during the period.

· Interest Expense for the month of July and August has not been recorded yet.

Required:

1) Prepare the adjusting entries for the above adjustments. (Show workings)

2) Prepare Services Statement of Comprehensive Income (Income Statement) for the year ended 31 August 2020.                 

3) Prepare Services Statement of Financial Position as at 31 August 2020.

Use the following information to create the financial statements in questions 1-3. Unless otherwise specified, the data given are for the fiscal year 2019 as of Dec. 31. Credit will not be given unless complete financial statements are submitted.

1. Create an income statement for the year ended Dec. 31, 2019. To complete the income statement you will need to calculate total revenue, cost of goods sold, pretax income, income tax expense, and net income.

2. Create a statement of cash flows for the year ended Dec. 31, 2019. Remember that changes in certain balance sheet items over the year will affect the cash flow statement.

3. Create a balance sheet for Dec. 31, 2019. You will need to use the accounting equation to calculate retained earnings

The company has the following account balances on June 1, 2020. (all accounts have their ‘normal’ balances)

Drawings: 1000

Cash: 20000

Service revenue: 50000

Capital: 15000

Depreciation Expense: 700

Equipment: 30000

Accounts Payable: 5000

Insurance Expense: 500

Unearned Service Revenue: 4000

Prepaid Service Revenue: 500

Accounts Receivable: 4000

Rent Expense: 5000

Salaries Expense: 16000

Accumulated Depreciation - Equipment: 3000

During June 2018, the following events took place. Where appropriate, record a journal entry for each transaction. If no journal entry is required, write ‘no entry’.

1. On June 2, the company prepaid rent for July to September for $6,000.

2. On June 8, someone invested $3,000 cash and a computer system valued at $2,000 into the company.

3. On June 10, the company collected $4,000 it was owed on account.

4. On June 15, The company provided a quotation for membership fees to a corporation looking to provide fitness benefits to its employees. The quotation was for $10,000. The corporation will decide next month if it is a good fit.

5. On June 22 the company provided product and collected $5,000.

6. On June 24 the company received a $1,000 bill for advertising expense that it will pay in the near future.

7. On June 27 the company paid $2,000 cash on account.

8. On June 29, the owner withdrew $600 for personal use.

1. On June 30, the company purchased $1,000 of supplies on account.

10. On June 30, the company paid employee salaries of $3,000.

Explanation is needed if the item needs to to be calculated.