1.) The demand model p=0.02x+19 gives the price per model (in dollars per novel) p when novels are sold. The cost (in dollars) for publishing x novels is given by C(x)=4x+19.

a.)How many novels should be sold in order for revenue to be a maximum?

b.)What is the maximum profit?

c.) Find the average cost when 50 novels are sold.

Now place yourself in the shoes of a Hotel General Manager in any Seattle-area municipality. What are the trends you should be concerned about? How does your market look compared to the other Top 25? How might this report influence your revenue management decisions in the coming months?

What questions come to mind? What parts do you need to understand better?

On January 1, 2023, Day Co. paid $103,288 for $100,000 face amount 10% bonds, a price that yields 8%. Interest is payable every July 1 and January 1. Interest revenue for the year ended December 31, 2023, using the effective interest method should be approximately:

Select one:

a. $10,329

b. $8,263

c. $8,228

d. $8,000

e. $10,000

Be sure your answer is complete and include any relevant diagrams and examples. 3 paragraphs minimum.

Crime rates are higher in certain areas of a city, frequently the central city. How do residents and businesses of these areas respond to these higher crime rates? What impact does this have on the entire city? Be sure to include the effect on tax revenue, city government spending, and any other effects.

Office Works has an order to manufacture several specialty products. The beginning cash and equity balances were $105,000. All other beginning balances were $0. Use your T-Account worksheet to record the following transactions:

1. Purchased $50,000 of direct materials on account.
2. Used $45,000 direct materials in production during the month.
3. Manufacturing employees worked 6,400 hours and were paid at a rate of $8 per hour. Paid cash for the direct labor expense.

4. The company applies OH based on direct labor cost. This year's annual overhead is estimated to be $500,000. The actual direct   labor cost last year was $1,250,000. The company estimates it will spend $625,000 in labor cost this year.
5. Compute and record the OH applied to the job.
6. Completed units costing $50,000 during the month.
7. Sold 6,000 units costing $6.50 during the month. The selling price is 30% above cost. Received cash.
8. This year, the company paid $40,000 cash for actual OH expenses incurred. Last year the company paid $65,000 cash for OH expenses. Record the actual OH costs.
9. The company considers OH differences less than $4,000 to be immaterial. By how much was OH over applied or under applied? Record the difference.

Now, CHOOSE 6 CORRECT STATEMENTS from the choices below. You should have 6 check marks indicating your answer choices. Each answer choice is worth 4 points:

1. The predetermined overhead rate is?
2. The direct labor that is debited to labor expense is?
3. How much are the total current manufacturing costs?
4. How much revenue did the company earn?
5. By how much was MOH over/under applied?
6. How much are the costs of goods manufactured?

Group of answer choices

The cost of goods manufactured is $39,000

The amount of sales revenue earned was $50,700

The direct labor that will be debited to direct labor expense is $0

The predetermined MOH rate is $..75

The total current manufacturing costs are $137,160

The predetermined MOH rate is $.80

The cost of goods manufactured is $40,000

The direct labor that will be debited to direct labor expense is $40,960

The amount of over/under applied MOH is $1,000

The direct labor that will be debited to direct labor expense is $51,200

The amount of over/under applied MOH is $0

The direct labor that will be debited to direct labor expense is $160,137

The amount of sales revenue earned was $50,000

The direct labor that will be debited to direct labor expense is $160,200

The amount of over/under applied MOH is $960

The cost of goods manufactured is $50,000

The predetermined MOH rate is $1.25

The amount of sales revenue earned was $39,000

HA 440                  GRADED Assignment # 2               Name _____________________________

Completion

Complete each statement.

            1.   Expenses are ________________________ costs that have been __________________________ while doing business

            2.   Three categories of healthcare expenses are ______________________________, ________________________________ and Operations Expenses

            3.   A program can be defined as a __________________________ that has its own objectives

            4.   _____________________ costs can be specifically associated with a particular unit, department or patient

            5.   A Responsibility Center makes a manager responsible for both the __________________________ and the ____________________________ sides of a department, division, unit or program.

            6.   Period Costs are not connected with the ______________________________ process

            7.   Examples of expenses include salary expense for labor performed, __________________________________ for electricity and __________________________________________ for the use of money

            8.   Cost is the __________________________________________ expended in consideration of goods or services received or to be received

            9.   Expenses can be grouped by _________________________________________ which recognizes the different sites at which services are delivered

          10.   A program is usually funded _________________________________________ and for a ______________________________________ of time

          11.   The somewhat vague definition of a _______________________________________ is any unit for which a separate cost measurement is desired.

          12.   ______________________________________ are incurred for the sole benefit of a particular operating unit.

          13.   The concept of product costs assumes that a product has been _______________________________ and ______________________________________________ while waiting to be sold.

          14.   If Revenues are grouped by ___________________________________ or by Service Lines then Expenses should also be grouped by theses categories.

          15.   Program expenses should be grouped in such a way that they are _______________________________

          16.   The important thing is that direct costs can be ________________________. Indirect costs, on the other hand, cannot be specifically associated with a particular _____________________________

          17.   _________________________ Costs are incurred for the overall operation and not for any one unit.

          18.   In Revenue Centers, managers are responsible for generating _________________________ or _________________________________

          19.   The concept of _______________________ Costs assumes that a product has been manufactured and placed in inventory while waiting to be sold.

          20.   In healthcare organizations, product costs can be viewed as __________________________ to the cost object of the department, __________________________ or _______________________________

          21.   _________________________ represents the amount earned by an organization.

          22.   Revenue is generally defined as the value of ______________________________________________, expressed at the facility’s full established rates.

          23.   The traditional payment method in health care is that of payment ____________________________________________________

          24.   The truly traditional U.S. method of receiving revenue for services is _________________________

          25.   _______________________________________________ are the differences between the full established rate and the agreed-upon contractual rate that will be paid.

          26.   Medicare’s _____________________________________, Part ______ is the prescription drug benefit.

          27.   The __________________________________________ is the largest U.S. Government Program providing funds for medical and health-related services for the poor.

          28.   Generally speaking, conventional indemnity insurers or _______________________________________, simply pay for the eligible health services used by those individual who pay premiums for healthcare insurance.

          29.   Grouping revenue by _________________________________________ recognizes the different sites at which services are delivered.

          30.   _____________________________________________________ represents a variation on the original fee for service where a contracted discount is agreed upon

Problem 7 : P12-32A

Background: Johnson Pharmacies entered into the transactions listed in the Transaction section below.

Assignment: 1) Using the General Journal tab, click Add Transaction to journalize each transaction. Click Post Transaction once you complete the entry, then repeat these steps for each transaction. 2) Click the Reports tab and review the results of recording these transactions on the General Ledger. 3) Click Submit Work when complete.

Transactions:

03/02/2018-- Borrowed $450,000 cash from Coconut Creek Bank. The 15-year, 5% note requires payments due annually on March 1. Each payment consists of $30,000 of principal plus one year's interest.

12/01/2018-- Mortgaged the warehouse for $250,000 cash with Saputo Bank. The mortgage requires monthly payment of $8,000. The interest rate on the note is 12% and accrues monthly. The first payment is due on January 1, 2019.

12/31/2018-- Recorded interest accrued on the Saputo Bank mortgage (round calculations to the nearest dollar).

12/31/2018-- Recorded interest accrued on the Coconut Creek Bank note (round calculations to the nearest dollar).

01/01/2019-- Paid Saputo Bank monthly mortgage payment (round calculations to the nearest dollar). 02/01/2019-- Paid Saputo Bank monthly mortgage payment (round calculations to the nearest dollar).

03/01/2019-- Paid Saputo Bank monthly mortgage payment (round calculations to the nearest dollar).

03/01/2019-- Paid first installment on note due to Coconut Creek Bank (round calculations to the nearest dollar).

Account # Description Type

10100 Cash Current Asset

10400 Accounts Receivable Current Asset

10500 Notes Receivable Current Asset

10550 Interest Receivable Current Asset

11000 Land Property, Plant, and Equipment

11150 Building Property, Plant, and Equipment

20100 Accounts Payable Current Liability

20200 Interest Payable Current Liability

20250 Salaries Payable Current Liability

21000 Notes Payable Long-term Liability

21050 Mortgage Payable Long-term Liability

30500 Common Stock Stockholders' Equity

30700 Retained Earnings Stockholders' Equity

40100 Sales Revenue Sales Revenue

50100 Cost of Goods Sold Cost of Goods Sold

50350 Salaries Expense Operating Expense

60100 Interest Revenue Other Revenue

70100 Interest Expense Other Expense

Pastina Company sells various types of pasta to grocery chains as private label brands. The company’s reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below.
  

   
Information necessary to prepare the year-end adjusting entries appears below.

1. Depreciation on the office equipment for the year is $10,000.
2. Employee salaries are paid twice a month, on the 22nd for salaries earned from the 1st through the 15th, and on the 7th of the following month for salaries earned from the 16th through the end of the month. Salaries earned from December 16 through December 31, 2021, were $1,500.
3. On October 1, 2021, Pastina borrowed $50,000 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 10 years.
4. On March 1, 2021, the company lent a supplier $20,000, and a note was signed requiring principal and interest at 8% to be paid on February 28, 2022.
5. On April 1, 2021, the company paid an insurance company $6,000 for a one-year fire insurance policy. The entire $6,000 was debited to prepaid insurance.
6. $800 of supplies remained on hand at December 31, 2021.
7. A customer paid Pastina $2,000 in December for 1,500 pounds of spaghetti to be delivered in January 2022. Pastina credited deferred sales revenue.
8. On December 1, 2021, $2,000 rent was paid to the owner of the building. The payment represented rent for December 2021 and January 2022 at $1,000 per month. The entire amount was debited to prepaid rent.

rev: 09_14_2019_QC_CS-180268

Required:
1. & 2. Post the unadjusted balances and adjusting entires into the appropriate t-accounts. (Enter the number of the adjusting entry in the column next to the amount. Do not round intermediate calculations. Round your final answers to nearest whole dollar.)
  

1. One thing a monopoly firm has to do that a perfectly competitive firm does not have to do is a.search for its profit-maximizing price b.advertise c.minimize its losses d.produce the quantity of output at which P=MC e. Produce a high-quality product

2. Which of the following statements is true a.the motivation for the rent-seeking is not the same as the motivation for profit-seeking b.economic rent is a payment in excess of opportunity cost c.the deadweight loss triangle is not considered the graphic representation of one of the costs of monopoly, instead, it is one of the costs of not having a monopoly d.rent seeking is almost always an irrational activity as far as the rent-seekers are concerned e.a and d

3. The ______ Acts, passed by the British Parliament in the 1760s imposed taxes on a variety of products imported into the American colonies. a.smooth Hawley tariff b.tea c.townsend d.british east India

4. In a monopolistic competitive market which of the following factors probably does not give rise to product differentiation? A.packing of the product b.brand names c.loyalty of customers to a particular producer d.quality difference e.the small number of sellers

5. Which of the following industries is the best real-world example of monopolistic competition? A.soft drinks b.electricity generation c.automobiles d.computer software

6. The monopolistic competitive firm faces a ____ demand curve. A.horizontal b.vertical c.downward sloping d.upward sloping

7. Which of the following is not correct about contestable markets? A.there is easy entry into and costless exit from the market b.new firms entering the market can produce the product at the same cost as current firms c.firms exiting the market can easily dispose of their fixed assets by selling them elsewhere d.firms already in the market have technological advantages e.b and c

8. In the prisoner’s dilemma, each prisoner would be best off if a.both confess b.one confesses but the other does not c.one confesses regardless of what the other does d.neither confesses

9. In the prisoner’s dilemma, both prisoners end up ____ which turns out to be ____ confessed. A.confessing, better for them than if they had both not b.confessing, worse for them than if they had both not c.not confessing, better for them than if they had both d.not confessing, worse for them than if they both

10. The profit-maximizing monopolistic competitor produces where a.price equals marginal cost and marginal revenue b.marginal cost equals marginal revenue but not price c.price equals marginal revenue but not marginal cost d.price equals marginal cost but not marginal revenue

11. The monopolistic competitive firm will most likely earn a normal profit in the long run because of a.product differentiation b.many buyers and sellers c.easy entry and exit d.b and c