On January 1, Orange Crates had assets of P30,000 and owner’s
equity of P20,000.
During the year, the company had cash revenue or income of P10,000,
cash expenses of
P8,000, paid 3,000 to its creditors, and its owner withdrew P1,000.
What are the assets,
liabilities, and owner’s equity at the end of the year?
In: Accounting
In: Economics
If government revenues are very elastic with respect to GDP or personal income, what would tend to happen to government revenue over the course of a business cycle? How would they track growth of income over the long term? How does that make budgeting difficult for state governments that are required to balance their budgets?
In: Economics
Being an elite training camp organizer for Elite football teams winter camps, having state of the art facilities, venue and pitches, having a great team handling the camps, please provide a SWOT analyze helping the camp organizer to go over the analyze and improve the efficiency and generate more revenue.
In: Operations Management
In: Finance
The following balances were taken from the books of Sheffield
Corp. on December 31, 2017.
| Interest revenue | $87,000 | Accumulated depreciation—equipment | $41,000 | |||
| Cash | 52,000 | Accumulated depreciation—buildings | 29,000 | |||
| Sales revenue | 1,381,000 | Notes receivable | 156,000 | |||
| Accounts receivable | 151,000 | Selling expenses | 195,000 | |||
| Prepaid insurance | 21,000 | Accounts payable | 171,000 | |||
| Sales returns and allowances | 151,000 | Bonds payable | 101,000 | |||
| Allowance for doubtful accounts | 8,000 | Administrative and general expenses | 98,000 | |||
| Sales discounts | 46,000 | Accrued liabilities | 33,000 | |||
| Land | 101,000 | Interest expense | 61,000 | |||
| Equipment | 201,000 | Notes payable | 101,000 | |||
| Buildings | 141,000 | Loss from earthquake damage | 151,000 | |||
| Cost of goods sold | 622,000 | Common stock | 501,000 | |||
| Retained earnings | 22,000 |
Assume the total effective tax rate on all items is 34%.
Prepare a multiple-step income statement; 100,000 shares of common
stock were outstanding during the year.
In: Accounting
Record the following transactions for Novak Corp. in the general
journal. (Credit account titles are automatically
indented when amount is entered. Do not indent manually. Record
journal entries in the order presented in the
problem.)
| 2020 | |||
| May | 1 | Received a $40,950, 12-months, 12% note in exchange for Mark Chamber’s outstanding accounts receivable. | |
| Dec. | 31 | Accrued interest on the Chamber note. | |
| Dec. | 31 | Closed the interest revenue account. | |
| 2021 | |||
| May | 1 | Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.) |
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|
May 1, 2020Dec. 31, 2020May 1, 2021 |
|||
|
May 1, 2020Dec. 31, 2020May 1, 2021 |
|||
| (To record accrued interest on note.) | |||
|
May 1, 2020Dec. 31, 2020May 1, 2021 |
|||
| (To close the interest revenue account.) | |||
|
May 1, 2020Dec. 31, 2020May 1, 2021 |
|||
In: Accounting
Trial Balance
1. Prepare a trial balance for Kenny's Lawn Service as of September 30, 20--. List the accounts in the order of Assets, Liabilities, Owner's equity, Revenue, and Expenses. If an amount box does not require an entry, leave it blank.
The following accounts have normal balances.
| Cash | $10,000 |
| Accounts Receivable | 6,000 |
| Supplies | 1,600 |
| Prepaid Insurance | 1,200 |
| Delivery Equipment | 16,000 |
| Accounts Payable | 4,000 |
| Kenny Young, Capital | 20,000 |
| Kenny Young, Drawing | 2,000 |
| Delivery Fees | 18,800 |
| Wages Expense | 4,200 |
| Rent Expense | 1,800 |
1. Prepare a trial balance for Kenny's Lawn Service as of September 30, 20--. List the accounts in the order of Assets, Liabilities, Owner's equity, Revenue, and Expenses. If an amount box does not require an entry, leave it blank.
| Kenny's Lawn Service | ||
| Trial Balance | ||
| September 30, 20-- | ||
| Account | Debit Balance | Credit Balance |
In: Accounting
Biwei’s firm with market power faces a demand curve for its product of P=100–10Q, which is also the firm’s average revenue curve. The corresponding marginal revenue curve is MR=100-20Q. Assume that the firm faces a marginal cost curve of MC=10+10Q. (20 points)
1) If the firm cannot price-discriminate, what is the profit-maximizing level of output and price?
2) If the firm cannot price-discriminate, what are the levels of consumer and producer surplus in the market, assuming the firm maximizes its profit? Calculate the deadweight loss from market power.
3) If the firm has the ability to practice perfect price discrimination, what is the firm’s output?
4) If the firm practices perfect price discrimination (fully extract consumer surplus according to their marginal use values), what are the levels of consumer and producer surplus? What is the deadweight loss from market power?
In: Economics
Xteel is the sole steel seller in both Canada and USA. The steel is produced in Canada. The marketing department of Company Xsteel has collected the following information.
Production cost:
Total cost TC = 2000 + 2Q
Marginal cost MC = 2
Canada:
Market demand Q =180 – 2P
Marginal revenue MR = 90 – Q
USA:
Market demand Q =180 – 10P
Marginal revenue MR = 18 – Q/5,
where P is price of steel ($/ton) and Q is quantity of steel. Since the steel needs to ship from Canada to USA, the marginal cost of selling steel in USA becomes $2.5. Parallel trade is not allowed in Canada and USA.
b. Suppose that the government of USA imposes a tariff of $2.5 for each ton of steel imported. How will this tariff affect your answer in part (a)?
In: Economics