The adjusted trial balance for Wisdom Company, as of December 31, 2019, is shown below: Wisdom Company Adjusted Trial Balance As at December 31, 2019 Dr Cr Accounts receivable 19,800 Machinery 44,800 Cash 22,600 Accumulated depreciation - Machinery Depreciation expense - Machinery 2,000 21,000 Rental expense 44,000 Salary expense 35,580 Electricity expense 2,400 Accounts payable 3,500 Notes payable 30,000 Interest payable 3,980 Share Capital 10,000 Retained earnings as at January 1, 2019 23,000 Marketing revenue Dividends 20,000 110,000 Supplies Unearned marketing revenue Supplies expense 35,000 1,250 28,250 Interest expense Required: 2,300 229,730 229,730

(a) Prepare the Income Statement of Wisdom Company for the year ended December 31, 2019. (b) Prepare the Statement of Retained Earnings of Wisdom Company for the year ended December 31, 2019. (c) Prepare the Statement of Financial Position of Wisdom Company as at December 31, 2019.

3.3) A small market orders copies of a certain magazine for its magazine rack each week. Let X = demand for the magazine, with the following pmf.

Suppose the store owner actually pays $2.00 for each copy of the magazine and the price to customers is $4.00. If magazines left at the end of the week have no salvage value, is it better to order three or four copies of the magazine? [Hint: For both three and four copies ordered, express net revenue as a function of demand X, and then compute the expected revenue.]

*What is the expected profit if three magazines are ordered? (Round your answer to two decimal places.)

*What is the expected profit if four magazines are ordered? (Round your answer to two decimal places.)

*How many magazines should the store owner order?

-3 magazines

-4 magazines

1.Prepare Rockin Robbin's ​multi-step income statement for the year ended June 30, 2018

2. Journalize Rockin Robbin's closing entries.

3. Prepare a​ post-closing trial balance as of June 30, 2018

Prepare Rockin Robbin's ​multi-step income statement for the year ended June 30, 2018.

​(Use a minus sign or parentheses to show other​ expenses.)

4. A large corporation subjected to 21% marginal tax is investing 200,000 in a new income producing asset that is depreciated on a MACRS 5 year schedule. The asset was paid for completely when purchased in the first quarter of the first year of operation but for analysis purposes the cash flow of purchase is in period 0. The expected revenue and costs by year are given below. When retired, the asset will have no value.

Prepare a net cash flow statement / exhibit for all 6 years of the new asset.

a. What is the net cash flow in year 1?      

b. What is the net cash flow in year 6?       

c. What is the PW of the net cash flow applying an interest rate of 12.0%? Place the purchase at year 0 with all other cash flows at the end of the respective year.   

Question 2 REQUIRED:

(1) Complete the following partial worksheet.

2. (2) Using your worksheet information, prepare closing entries (for December 31 of the current year) in the journal paper on the next page. Note: Explanations are NOT required.

3. (3) Assuming the journal entries prepared in part (2) have been posted, prepare a Post-Closing Trial Balance (on the next page). Hint: you may find it helpful to use a T-account for calculating Capital.

account titles adjusted trial balance    income statement statement of changes in equity or balance sheet

Problem Two

Below you will find the adjusted trial balance for Black Eyed Peas. Complete the
Multiple-Step Income Statementand the Closing Entriesfor this business. Don’t forget
the double-underlines, $ signs, single-underlines, and all formatting conventionss.

Sabel Co. purchased assembly equipment for $836,000 on January 1, 2018. Sabel’s financial condition immediately prior to the purchase is shown in the following horizontal statements model.

The equipment is expected to have a useful life of 380,000 miles and a salvage value of $38,000. Actual mileage was as follows:

Required

1. Compute the depreciation for each of the five years, assuming the use of units-of-production depreciation.
2. Assume that Sabel earns $248,000 of cash revenue during 2018. Record the purchase of the equipment and the recognition of the revenue and the depreciation expense for the first year in a financial statements model like the preceding one. The first event is recorded as an example.
3. Assume that Sabel sold the equipment at the end of the fifth year for $40,400. Calculate the amount of gain or loss on the sale.

Answer:

A-

B.

C.

Assume that Sabel sold the equipment at the end of the fifth year for $40,400. Calculate the amount of gain or loss on the sale.

You should be able to answer each of the following questions in a just a few sentences. Graphs or figures might be good to include if they help you to make a better argument or to explain your answer more clearly.

3. Grandma promises to sneak you some bourbon while your parents are cleaning up the Thanksgiving dishes, but only if you can impress her with something you learned in your economics class. Carefully explain to Grandma why the short run average total cost curve is U-shaped so that the two of you can sip a little Maker’s together.

4. In order to improve your chances of matching with someone, you decide to update your online dating profile. Specifically, you decide that to impress potential partners you will show off what you know about monopolies and marginal revenue. Draft out an explanation as to what marginal revenue is for the monopolist so that you can have them all wanting to swipe right!

using c++ You have been contracted to build a hotel reservation system. This is the system that hotel desk clerks will use to take desk reservations.

Assumptions: This is acting as though the only reservations taken are at the desk. All reservations are for one night. The hotel is empty when you start the program.

First, this program will give the full inventory of rooms in the hotel.

Total rooms: 122

There are four types of rooms with these prices:

• Standard Rooms, Courtyard - 70 - $125 a night
• Standard Room, Scenic - 35 - $145 a night
• Deluxe Suite - 15 - $350 a night
• Penthouse - 2 - $1135 a nigh

  Second, the program will allow for a room to be reserved for one night. The program will keep track of the inventory as rooms are being reserved.

  Third, the program will keep track of revenue brought in for the day from reserved rooms.

  Fourth, the user can choose a getTotal() function that will display remaining room inventory, what was reserved and revenue generated for the day.

• PLEASE NOTE: This project must incorporate a class friend or class inheritance structure.

Chapter 4 End-of-Chapter (EOC) Quiz The partial work sheet for Camelback Consulting at June 30, 20xx, is as follows. Adjusted Trial Balance Debit Credit Cash 131,000 Accounts Receivable 119,000 Supplies 1,000 Prepaid Rent 18,000 Land 45,000 Building 425,000 Accum Depreciation, Bld 167,000 Accounts Payable 159,000 Salaries Payable 1,000 Unearned Service Revenue 10,000 Long-Term Note Payable 125,000 Owner Capital 102,000 Owner Withdrawals 7,000 Services Revenue 495,000 Salaries Expense 256,000 Supplies Expense 3,000 Rent Expense 34,000 Depreciation Expense, Bld 12,000 Miscellaneous Expense 8,000 _________ Totals 1,059,000 1,059,000 Using good form and proper format, prepare the following financial statements: Income Statement Statement of Owner’s Equity balance sheet Using good form and proper format, prepare Post Closing Trial Balance. Show your work on how temporary accounts were closed.