Explain - using supply and demand principles - the differences between player salaries across different professional sports. Use the concept of marginal revenue product of labor to explain how a "superstar" can get a higher salary than his or her teammates. What economic incentives do professional athletes have to use performance-enhancing drugs, even though they are illegal?

A company is considering an investment of $600,000 in a new product line. The investment will be made only if it will result in a rate of return of 20% per year or higher. If the net cash flow is expected to be between $150,000 and $250,000 per year for 6 years. Use present worth analysis to determine if the decision to invest is sensitive to the projected range of revenue. Show how you arrived at your decision

Q4 In four sentences or less, describe the purpose of the audit risk model.

Q5 In an audit of revenue, describe the difference between the occurrence and cutoff management assertions. Give an example of how you would test each.

Q6 For an audit of a private corporation, describe the possible benefit to the auditor of relying upon controls, and describe what might lead an auditor to not rely upon controls?

2. (i) First describe in general, a tariff and an import quota.
(ii) What are the primary differences between them?
(iii) Using a diagram for each, show how an increase in demand would affect such macroeconomic variables as (a) the price, (b) imports, (c) domestic production and (d) government revenue, much as we did in class. Be sure to show these effects on your two graphs.

36, 52, 60, 60, 62, 65, 65, 65, 70, 72, 74, 75, 75, 76, 76, 78, 79, 79, 80, 80, 82, 83, 84, 85, 88, 90, 90, 92, 95, 98, 99

Please find the upper bound of the above set:

The ΔH°rxn for the following reaction is −114.2 kJ/mol. At what temperature (in °C) would the Kc for the reaction be 6.4 x 109? 2NO(g) + O2(g) ↔ 2NO2(g) Kc = 4.9 x 105 at 184°C

Approximate the measures of center for following GFDT. Data Frequency 30 - 34 1 35 - 39 0 40 - 44 2 45 - 49 4 50 - 54 8 55 - 59 9 60 - 64 15 65 - 69 16 70 - 74 14 mode = median = mean =

Texas-Q Company produces and sells barbeque grills. Texas-Q sells three models: a small portable gas grill, a larger stationary gas grill, and the specialty smoker. In the coming year, Texas-Q expects to sell 19,200 portable grills, 52,800 stationary grills, and 4,800 smokers. Information on the three models is as follows:

Total fixed cost is $2,145,700.

Sales Mix and Breakeven

1. What is the sales mix of portable grills to stationary grills to smokers?

2. Compute the break-even quantity of each product.

3(a) What is the overall contribution margin ratio? Use the contribution margin ratio to compute overall break-even sales revenue. Enter the contribution margin ratio as a percentage rounded to two decimal places; round the break-even sales revenue to the nearest dollar.

Contribution Margin Income Statement

3(b) Prepare an income statement for Texas-Q for the coming year. Refer to the list of Amount Descriptions for the exact wording of text items within your income statement.

Margin of Safety

4. Compute the margin of safety for the coming year.

The margin of safety for the coming year is .

journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers. )

HART OF ACCOUNTSGeneral Ledger

JOURNAL

ACCOUNTING EQUATION

Journalize the entries for the transactions on December 31. Refer to the Chart of Accounts for exact wording of account titles.

Recently a case of food poisoning was traced to a particular restaurant chain. The source was identified and corrective actions were taken to make sure that the food poisoning would not reoccur. Despite the response from the restaurant chain, many consumers refused to visit the restaurant for some time after the event. A survey was conducted three months after the food poisoning occurred, with a sample of 319 former customers contacted. 29 indicated that they would not go back to the restaurant because of the potential for food poisoning. Construct a 95 percent confidence interval for the true proportion of the market who still refuse to visit any of the following restaurants in the chain three months after the event.

{.059 0122}

{.090,.091}

{.000, .196}

{.240, .339}

{.118, .244}