2. Consider these different scenarios, draw an Aggregate demand curve in each case and determine the change (shift positive or negative, movement along the curve)

2.1 Government reduces taxes for consumers

2.2. There is a decrease in exports to the US

2.3. the inflation rate decreases from 4 to 2.2% in 2020

2.4. Due to the covid crisis, the unemployment rate increase from 4 to 7%

Question 4 – Undergraduate Degree and MBA Major (3 parts, 14 marks)

The MBA program was experiencing problems scheduling its courses. The demand for the

program’s optional courses and majors was quite variable from one year to the next. In one

year, students seem to want marketing courses; in other years, accounting or finance are the

rage. In desperation, the dean of the business school turned to a Statistics professor for

assistance. The Statistics professor believed that the problem may be the variability in the

academic background of the students and that the undergraduate degree affects the choice

of major. As a start, he took a random sample of last year’s MBA students and recorded the

undergraduate degree and the major selected in the graduate program. The undergraduate

degrees were BA (=1), BEng (=2), BBA (=3), and several others (=4). There are three possible

majors for the MBA students: Accounting (=1), Finance (=2), and Marketing (=3). Can the

Statistics professor conclude that the undergraduate degree affects the choice of major?

a) [2 Marks] Create a cross-classified (or contingency) table with undergraduate degree as

the row and MBA major as the column. The data in this table should be deemed as

observed counts.

b) [3 Marks] Create another table with the corresponding expected counts and having row

totals, column totals, and grand total. Round each cell value to two decimal places.

c) [9 Marks] Perform a chi-square test to assess the association (or independence) between

an undergraduate degree and choice of MBA major at 5% level of significance. Verify the

assumptions required for the chi-square test of independence. Make sure you follow all

the steps for hypothesis testing indicated in the Instructions section and show your

computations.

1. Which of the following statements is not true?

a. As part of the Easy Step Interview, the user enters the first month of the fiscal year.

b. The conversion date is always the first day of the fiscal year.

c. The Easy Step Interview process is part of a Detailed Start.

d. Users with minimal accounting knowledge can use the Express Start method to set up a new company.

2. When amounts owed to vendors at the conversion date are entered through Add/Edit Multiple List entries, the underlying journal entry will include a debit to:

a. Opening Balance Equity.

b. uncategorized income.

C. accounts payable.

d. uncategorized expenses.

3. When inventory is set up through Add/Edit Multiple List Entries, the resulting journal entry is dated:

a. using the actual entry date.

b. using the as of date entered in the setup.

c. using the start date.

d. using the date of the first day of the most recent fiscal year.

4. Which of the following statements is true?

a. All accounts to be used by the company must be selected as part of the Easy Step Interview process.

b. Item quantities entered through Add/Edit Multiple List Entries can't be edited later.

c. Although contact information (address and phone number) can be added later, the Company Name must be entered on the first screen of the Easy Step Interview.

d. The new .QBW file is created immediately after the first screen (company information) is completed in the Easy Step Interview.

5. Add/Edit Multiple List Entries can be used for all of the following lists except:

a. service items.

b. chart of accounts.

c. inventory items.

d. vendors.

The CEO was very impressed with your recommendations. He agreed that there should be some consolidation with respect to HR functions. He has asked you to stay on with the company and form an HR department. He is asking first though, for a proposal from you that describes how you would structure the dept, the issues that you would consider when designing the department and anything else that might be relevant to the design and purpose of the department.

Please prepare a short proposal for the CEO. (10 points) ASAP please .This from human resource managment

Part C Question 2 Accounting for Non-current Assets                                            

On 1 July 2018 Fraser Ltd acquired an item of equipment with an acquisition cost of $400,000. The equipment can be used for 8 years.

On 30 June 2019, the end of financial year, the fair value of the equipment was $357,000.

The equipment was sold for $330,000 on 1 January 2020.

Non-current asset is depreciated evenly over the useful life and has no residual value. The company uses the revaluation model to record non-current asset. The income tax rate is 30%. Ignore GST.

Required:

Prepare relevant journal entries to record non-current asset in 2018/2019 and 2019/2020 financial years in accordance with AASB 116 and AASB 136. (Narrations are required, tax effect entries are required.)    

Marin Industries has the following patents on its December 31, 2019, balance sheet.

The following events occurred during the year ended December 31, 2020.

The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the year.)

Compute the total carrying amount of Marin' patents on its December 31, 2020, balance sheet.

Study the following items related to transactions during the year to September 30, 2020 for Thompson’s Tours’ Inc. All transactions are reported on the financial statements in $XCD.

I. A bank overdraft of $200,000 in a chequing account at St Kitts National Bank.

II. A saving account with a balance of $400,000 at Open Campus Bank and chequing account with an overdraft of $100,000 at the same bank repayable on demand.

III. The Operation Manager was given a salary advance of $2,000 on August 24, 2020 and this amount was deducted from his October salary.

IV. CAD$3,045 on hand from tips up to March 31, 2020, its pre-COVID operations when the exchange rate was CAD$1 = $2.01 XCD. On September 30, 2020, the exchange rate was CAD$1 = $1.95 XCD

V. Special Edition Independence postage stamps on hand valued at $200.

VI. Cash holdings of US$100,000, the exchange rate on September 30, 2020 is $2.70.

VII. Petty cash on hand valued at $1,500.

VIII. A cheque in the amount of $5,000 and dated October 23, 2020 was received from a customer on September 27, 2020.

IX. Short term 60 days treasury bill valued at $35,000.

X. Thompson’s Tours’ Inc. invested $1,000,000 in a money market fund with Mona Campus Bank on July 10, 2020 which will mature on October 9, 2020.

Required:

a. List all items from above that would NOT be classified as cash or cash equivalents in the current asset section of Thompson’s Tours’ Inc. Statement of Financial Position as at September 30, 2020? State how each of these items would then be classified in the financials.

b. Prepare the necessary journal entry at September 30, 2020 to account for Item IV.

C. Using the information in B above, calculate the cash and cash equivalent value that would appear in Thompson’s Tours’ Inc. Statement of Financial Position on September 30,2020.

Question 2 .

A. List two (2) policies a company may adopt to lessen the risk of uncollectible accounts and improve its cashflows. (1 mark)

B. Joseph Corporation a mobile phone wholesaler sells mobile phones to PhoneTech Ltd, a mobile phone retailer on August 1, 2020 for $500 each, the value of the sale is $50,000, with credit terms of 3/10, n/30. Assume the company uses the net method to record accounts receivables.

Required:

a. Prepare the journal entry to record the sale.

b. On August 8, 2020, collection on $15,000 of the sales was received from PhoneTech. Record the necessary journal entry for the cash received.

c. The remaining $35,000 of the sales was collected on August 28, 2020 from Phone Tech. Record the necessary journal entry for the transaction on this date.

Question 3

A. J & B Company uses the percentage of sales approach to estimate its uncollectible accounts. The company’s annual sales for its first financial year of operations ending July 31, 2020 was $500,000, cash sales contributed to 2% of the overall sales and the 3 accounts receivable balance at year end was $75,000. Based on industry expectations, it estimated that 3% of its credit sales would be uncollectible.

Required:

a. Calculate the bad debt expense at July 31, 2020.

b. Calculate the net receivable balance that would be reported in the Statement of Financial Position as at July 31, 2020.

B. Tosh and Sons Inc. uses the percentage of receivables approach to estimate its uncollectible accounts. The company had sales of $100,000 at the end of its financial year on June 30, 2020. The allowance for doubtful debts account had a debit balance of $400, the accounts receivable balance was $30,000at year end and the company estimates the uncollectible percentages as follows:

Current (1 - 30 days) $15,000 0.5%

31 - 60 days $10,000 2.0%

61 - 90 days $3,000 10.0%

Over 90 days $2000 60.0%

Required:

a. Calculate the bad debt expense at June 30, 2020.

b. Prepare the necessary journal entry to record the bad debt expense for the year.

C. During the financial year ending May 31, 2020 the Board of Directors of Chung Sa Corporation authorised the write off of a $3,000 two-year debt belonging to a previous customer Jap Inc. On July 2, 2020 Chung Sa Corporation received an electronic funds transfer from Jap Inc. in the amount of $3,000.

Required: Prepare all necessary journal entries to record this transaction.

Getitall, the CEO of Gooddrug LLC claimed that in the US, drug companies should receive a patent of 100 years for each drug they develop. this allows them a prolonged llegal monopoly on the sale of that drug, provide better incentives to innovate and help consumer pay stable prices.

Jane, the FDA consultant strongly disagree with that statement.

Give reasons related to consumers, patients, and the market to support Jane's claim

Discussion:

Imagine you are the CEO of Very Big US Auto. In anticipation of the upcoming quarterly disclosure of profits, you prepare your Board of Directors for the challenge that US Tariffs on Chinese Imports is having on profits.

Very Big US Auto - Very Big US Auto is one of the oldest and one of the largest auto manufacturers of autos in the US. Very Big US Auto's supply chain is highly dependent components manufactured in China and assembled in the US. Like the US economy the Chinese continue to have major stoppage in production due to Covid-19. Additionally manufacturing facilities like ours must take extra precaution to keep workers safe. Costs are rising we are experiencing rising costs. Very Big US Auto know that demand is relatively elastic with a price elasticity of demand of 1.2. We also know that the supply of auto is relatively inelastic and all our competitors are facing the same cost increase.

Is the demand curve for your product relatively elastic, inelastic or unitary elastic? Demonstrate for your company's product, by how much the quantity demanded will change if you pass on a 10% increase in cost. In other words, show your calculation of the percentage change in the quantity demanded given a 10% change in your price. You must provide a calculations showing the percentage change in quantity demanded.

Given your company's and price elasticity of demand and the industry supply/competitive environment you face prepare a statement for your board as to the potential impact on profits. Who will pay the larger share of the cost increases, your firm or your customers?

Consider the following:

Respond to this typical interview question: Explain a specific example in which you utilized problem solving strategies to resolve a real world problem.

Provide your feedback from the perspective of an interview coach to at least one of your classmates.