Preparing a Single-Step and a Multiple-Step Income Statement

The following selected items are taken from the adjusted trial balance of Amick Corp. at December 31, 2020.

Required

a. Prepare a single-step income statement (including earnings per share). Include income taxes in its own section.

b. Prepare a multiple-step income statement (including earnings per share).

• Enter revenues and gains and expenses and losses in the order of the largest dollar amount to the smallest dollar amount.
• Do not use negative signs with any of your answers.
• Round the per share amount to two decimal places

The following balances were taken from the books of Alonzo Corp. on December 31, 2017. Interest revenue $86,000 Accumulated depreciation—equipment $40,000 Cash 51,000 Accumulated depreciation—buildings 28,000 Sales revenue 1,380,000 Notes receivable 155,000 Accounts receivable 150,000 Selling expenses 194,000 Prepaid insurance 20,000 Accounts payable 170,000 Sales returns and allowances 150,000 Bonds payable 100,000 Allowance for doubtful accounts 7,000 Administrative and general expenses 97,000 Sales discounts 45,000 Accrued liabilities 32,000 Land 100,000 Interest expense 60,000 Equipment 200,000 Notes payable 100,000 Buildings 140,000 Loss from earthquake damage 150,000 Cost of goods sold 621,000 Common stock 500,000 Retained earnings 21,000 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. (Round earnings per share to 2 decimal places, e.g. 1.48.)

In C++,

Designe a ticketing system for an airline in which there will be multiple flights, all containing passengers. Our airline prides itself on the fact that pets may fly in seats if the customer purchases a full ticket for the pet (note, it is not necessary for the customer to accompany the pet on the flight). Thus, any seat may be occupied by a pet or by a person either of which is considered a passenger. Please design the following classes as well as any other classes which you deem necessary:

a. Flight. The flight will hold a vector (this must be a single vector, not two) of passengers, and should have a function for adding passengers as well as a function to calculate the total revenue for the entire flight. The revenue is the sum of all ticket prices on the flight.

b. Person. This class will have a function “getTicketCost” which will return how much the person paid for the ticket. The cost will be determined when the ticket is created and will be different for each person.

c. Pet. This class will have a function “getTicketCost” which will return how much the pet paid for the ticket. The cost will be determined when the ticket is created and will be different for each pet.

Required information

[The following information applies to the questions displayed below.]
  
In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2020. Information related to the contract is as follows:

Westgate recognizes revenue over time according to percentage of completion.

rev: 09_15_2017_QC_CS-99734

5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)

Required information

[The following information applies to the questions displayed below.]
  
In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2020. Information related to the contract is as follows:

Westgate recognizes revenue over time according to percentage of completion.

rev: 09_15_2017_QC_CS-99734

4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)

Item2

Item 2

Time Remaining 48 minutes 43 seconds

00:48:43

The alphabetical listing below includes all of the adjusted account balances of Battle Creek, Inc. as of December 31, 2018. All account balances are normal.

Required:

1. Prepare the closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
2. Prepare the post-closing trial balance as of December 31, 2018. (Enter all account balances, including any that may carry a zero-balance.)
3. Prepare the classified balance sheet at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)

Round to two decimal places.

Your Answer:

Suppose the market is monopoly. The market demand function is Q subscript d equals 60 - 0.5 P, where p is the price. The firm has no fixed cost, and the marginal cost MC = 30. a. Write down the marginal revenue of this firm. b. Calculate the profit-maximizing monopolistic price and quantity. c. Calculate the profit of the firm. d. Calculate consumer surplus. After selling the products to the consumers in question (a)-(b), there are still other consumers in the market willing to buy this product at lower price. This firm is able to do price discrimination in the secondary market. e. Write down the demand function and marginal revenue in the secondary market. f. Calculate the price and quantity in the secondary market. g. Calculate the profit of the firm in the secondary market. h. Calculate consumer surplus in the secondary market. i. Show that the welfare loss is less when the firm is able to do price discrimination. You need to calculate the welfare loss before and after the price discrimination respectively. j. Calculate the price elasticity of demand in the first market and in the secondary market.

Consider a perfect competitive economy with a single good, X, and two factors of production: labour, L, and capital, K. The production function of a representative firm is: X = K^(1/2) L^(1/2) . Production factors and the firm are owned by a single consumer. Assume that labour supply is infinitely inelastic at the quantity L= 16, while the amount of capital is infinitely elastic at the price r=4 (this is the case of a small open economy). Take good X as numerarire, so that Px = 1.

a) Find the level of employment, the wage rate, the price of capital, and national income in general equilibrium

b) Assume that an ad-valorem tax on capital tk =0.2 is established. Find the level of employment, the wage rate, the price of capital, as well as the tax revenue in the new general equilibrium. Who bears the tax burden?

c) Suppose that instead of a tax on capital the government imposes an ad-valorem labour tax that collects the same tax revenue as in (b). Find the new equilibrium (employment and factor prices). Do workers prefer the capital tax rather than the labour tax?

Home’s demand curve for wheat is D= 80 – 2P and its supply curve is S= 2P - 20. Foreign’s demand curve for wheat is D*= 80– 4P* and its supply curve is S*= 6P*- 30. You should very carefully draw each demand and supply curve, since your answers below must be reasonably close to correct. A small featureless graph will not be sufficient.

Now suppose Home imposes a quota of 20 on wheat imports. Quota rights are given to the Foreign government to give to its firms.

(c) What is the resulting equilibrium price of wheat in each country?

(d) Carefully graph the changes in consumer surplus, producer surplus, and government revenue in each country due to the quota.

(e) What tariff leads to the same outcome as (d)?

(f) Carefully graph the changes in consumer surplus, producer surplus, and government revenue in each country due to the tariff in (e)?

(g) How can the Home government change the way quota rights are assigned so that the outcome in (e) is the same as (f)?