These questions are based on the following information compiled for our company at the end of the current year:

Calculate the dollar amount for net income on our current year’s income statement (December 31).

a) 1700 b) 2200 c) 2700 d) 4200

Calculate the dollar amount for retained earnings on our balance sheet at the end of the current year (December 31).

a) 5150 b) 6150 c) 5650 d) 7650

Calculate the dollar amount for total assets on our balance sheet at the end of the current year (December 31).

a) 8700 b) 9700 c) 10700 d) 13200

Universal Foods issued 12% bonds, dated January 1, with a face amount of $180 million on January 1, 2018 to Wang Communications. The bonds mature on December 31, 2032 (15 years). The market rate of interest for similar issues was 14%. Interest is paid semiannually on June 30 and December 31. Universal uses the straight-line method. Universal Foods sold the entire bond issue to Wang Communications. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required:
1-3. Prepare the journal entry to record the purchase of the bonds by Wang Communications on January 1, 2018, interest revenue on June 30, 2018 and interest revenue on December 31, 2025. (Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Universal Foods issued 10% bonds, dated January 1, with a face amount of $150 million on January 1, 2018 to Wang Communications. The bonds mature on December 31, 2032 (15 years). The market rate of interest for similar issues was 12%. Interest is paid semiannually on June 30 and December 31. Universal uses the straight-line method. Universal Foods sold the entire bond issue to Wang Communications. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1-3. Prepare the journal entry to record the purchase of the bonds by Wang Communications on January 1, 2018, interest revenue on June 30, 2018 and interest revenue on December 31, 2025. (Round final answers to the nearest whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Which of the following statements is correct?

a. A firm with monopoly power faces a downward sloping demand curve. When all output units are sold at the same price, the demand curve also gives the firm’s average revenue per output sold. Its marginal revenue curve per output is found below the demand curve.

b. A firm with monopsony power faces an upward sloping supply curve. When all input units are purchased/rented at the same price, the supply curve also gives the firm’s average expenditure per input purchased/rented. Its marginal expenditure per input is found above the supply curve.

c. A perfectly competitive firm will sell its output at whatever the prevailing market price is and will decide only on its profit maximizing level of output to produce—not on the price to sell them at. Such a firm is set to be a price-taker.

d. All of the above.

On January 1, MU separately entered into a non-exclusive licensing agreement with KH. The licensing agreement allows KH the right to use the MU trademarked logo on aprons and chef hats for a two-year period. MU also plans to spend $1 million during the two-year period on advertising its products with the logo. The rights and terms granted by MU to KH are similar to those granted by MU in licensing agreements with various other companies. KH paid MU a one-time fee of $12,000 on January 1 at the inception of the two-year licensing period.

How should MU recognize revenue related to the KH purchase of the titanium blades during January based on ASC 605 guidance? Suggest journal entries and disclosures.

How should MU recognize revenue related to the KH purchase of the titanium blades during January based on ASC 606 guidance? Suggest journal entries and disclosures.

· Question 10

· Question 11

· Question 12

8. Samsung sells its four flagship products—cell phones, TVs, computing devices, and memory storage devices—through its exclusive showroom in a city. To support sales, it has hired 20 per-sons and trained them to service every product. Depending on the nature of the job, the cost of overhead expenses varies. The overhead cost of the cellphone section of the showroom per day is £70, for the TV section is £65, for the computing device section is £60, and for the memory storage section is £25. The store has allotted a budget of £1,000 for the showroom per day. A cell phone serviceman generates a revenue of £480 a day, a TV serviceman, £480, a computing devices serviceman, £450, and a memory storage section serviceman, £300. Each section needs at least two servicemen. The outlet wants to determine the number of servicemen to be assigned to each section that will maximize the revenue.

a. Formulate an integer programming model for this problem.

b. Solve this model by using the computer.

The following adjusted TRIAL Balance is given for ACAR Photography.

ACAR Photography Adjusted TRIAL BALANCE Dec., 31, 2018

Accounts Debit Credit

Cash 30.000

Accounts receivable 60.000

Supplies 15.000

Notes Receivable 6.400

Land 80.000

Building 320.000

Accumulated Depreciation- Building 42.000

Equipment 150.000

Accumulated Depreciation- Equipment 17.000

Accounts Payable 24.000

Salaries Payable 4.000

Unearned Service Revenue 50.000

Notes Payable 200.000

Capital, ACAR 24.580

Withdrawals 46.000

Service Revenue 578.000

Salaries Expense 122.000

Depreciation Expense 12.300

Supplies Expense 28.080

Rent Expense 28.000

Utilities Expense   41.800   

total 939.580 939.580

Requirement: prepare the following Financial Statements;

A. Income Statement for the period (50 points)

B. Balance Sheet at Dec.31, 2016 (50 points)

CAN YOU SOLVE PART A and B ?

Congress’ Economic Council recommends avoiding budget deficits to avoid crowding out private investment. The council appears to follow

the Keynesian approach to fiscal policy.

the neoclassical approach to fiscal policy.

conservative principles to avoid debt.

the supply side approach to fiscal policy.

Besides education, what other areas within its borders is a state responsible for funding?

housing developments and media outlets

roads, parks, police and fire protection, libraries

federal highways and parks and religious organizations.

banks, weather mitigation equipment, stadiums and their security.

Assuming that income tax is the only source of revenue for the government, with tax revenue of $50 billion and government spending totaling $70 billion, which of the following is true of the government’s budget?

The government has a budget surplus of $20 billion.

The government has a balanced budget of $70 billion.

The government has a budget deficit of $120 billion.

The government has a budget deficit of $20 billion.

The following information is given for Ribbons and Bows prior to adjustments on December 31, 2019. Ribbons and Bows prepares adjusting entries annually on December 31.

a)Salaries of $5,000 are paid every Friday for a five-day workweek ending on Friday. December 31, 2019, is a Thursday.

b)On October 1, 2019, Ribbons and Bows collected $10,000 to be earned evenly over the next five months and credited unearned revenue.

c)Accrued service revenue on December 31 amounts to $1,400.

d)On June 1, 2019, Ribbons and Bows purchased a $4,800, two-year insurance policy and debited an asset account.

e)The supplies account had a January 1, 2019, balance of $2,400. Purchases of supplies during 2019 amounted to $3,500 and were debited to supplies asset account. Supplies on hand December 31, 2019, amount to $800.

Prepare adjusting entries needed on December 31, 2019.