Balance Sheet Optimum Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 2019, the end of the fiscal year, the balances of selected accounts from the ledger of Optimum Weight Loss Co. are as follows: Accounts Payable $37,700 Accounts Receivable 116,750 Accumulated Depreciation - Equipment 186,400 Cash ? Equipment 474,150 Land 300,000 Prepaid Insurance 7,200 Prepaid Rent 21,000 Salaries Payable 9,000 Cheryl Viers, Capital 710,300 Supplies 4,800 Unearned Fees 18,000 Prepare a classified balance sheet that includes the correct balance for Cash. Optimum Weight Loss Co. Balance Sheet November 30, 2019 Assets Current assets: Cash $ Accounts receivable Supplies Prepaid insurance Prepaid rent Total current assets $ Property, plant, and equipment: Land $ Equipment $ Less accumulated depreciation Total property, plant, and equipment Total assets $ Liabilities Current liabilities: $ Total liabilities $ Owner's Equity Total liabilities and owner's equity $

THE Company applies overhead to jobs using a pre-determined
overhead rate of 60% of direct labor cost. During 2021, THE
Company began work on three jobs. Information relating to
these three jobs appears below:

                         Job #1      Job #2      Job #3
direct materials ......  $74,300     $75,000     $69,000
direct labor cost .....  $82,000     $60,700     $46,000

By the end of 2021, job #1 and job #2 had been completed.
Job #3 was not completed by the end of 2021. Additionally,
by the end of 2021, one-half of job #2 had been sold and
one-third of Job #1 was sold. THE Company incurred total
actual overhead cost of $122,740 during 2021.

Part A.) Calculate the amount of work in process inventory reported
in THE Company's December 31, 2021 balance sheet.

Part B.) Calculate the amount of finished goods inventory reported in THE Company's December 31, 2021 balance sheet.

Part C.) Calculate the cost of goods sold reported by THE Company for 2021 after the overhead variance has been closed.

Middlemist, Knowles, and Matter (1976) conducted a study investigating whether or not invasions of personal space are physiologically, as well as psychologically, arousing. The study was conducted in a men’s lavatory. Men were randomly assigned to have personal space or to have their personal space invaded. The investigators closed off specific urinals. Participants were forced to urinate either in the urinal next to a male confederate or in the urinal one away from the confederate. A second confederate positioned in a toilet stall adjacent to the urinals observed the subjects via a periscope and recorded the latency to onset of urination and its duration.

The study includes ethical issues to be concerned. After reading the study, answer the questions below.

1. Identify whether the research is making a frequency claim, an association claim, or a causal claim
2. What are the variables of interest (e.g., independent, dependent, measured, or manipulated)?
3. What specific ethical issues pertain to the study (e.g., deception, stress, lack of info.)?

4. How could the ethical problems be remedied? And what impact would your proposed remedies have on the internal and external validity of the study?

The ABC Partnership has the following revenues and expenses for the past year:

Sales $430,000

Cost of Goods Sold 218,000

Gross Profit 212,000

Operating Expenses 142,000

Net Income $70,000

The three owners are Albert, Bob, and Clay. Their capital accounts at the beginning of the year were as follows:

Albert $30,000

Bob 20,000

Clay 50,000

Albert invested an additional $5,000 in the business on june 30th. During the year the three partners each withdrew the following amounts:

Albert $12,000

Bob 18,000

Clay 24,000

The three partners have agreed to divide profits and losses as follows:(1) Salary of $20,000 to Albert, $15,000 to Bob, and $13,000 to Clay; (2) Interest of 10% on the beginning capital balance for each partner; remainder divided in a 3:3:5 ratio.

Required: Determine the amount of profit that is allocated to each partner. Prepare the journal entry to close income summary and the withdrawal accounts. What is the ending capital balances for each partner after all temporary accounts have been closed out.

*Pasteurization requires

a. vaccinating animals to protect them against Mycobacterium tuberculosis

b. the use of heat to kill most of the microorganisms found in liquids such as milk to preserve their taste

c. use of closed containers to prevent the spoilage of food

d. the use of heat to kill most of the microorganisms found in liquids to protect against infectious diseases such as tuberculosis

*The algal blooms that occur in Lake Erie and other bodies of water are primarily caused by

a. Global warming

b. Fertilizer run off from agricultural fields and residential areas

c. Industrial pollution

d. The extinction of aquatic species

e. None of the above

* Which of the following statements about phospholipids is true?

a. are composed molecules that are entirely hydrophilic

b. are composed molecules that are entirely hydrophobic

c. are the principle components of cell membranes

d. have “heads” and “tails” that both have phosphate groups  

*The generation time of a particular bacterial species is 30 minutes. Starting with one cell, how many are there after 4 hours?  

a. 4

b. 8

c. 256

d. none of the above

Critically analyzing China’s monetary policy between 1995 and 2005. Provide any websites, textbooks, etc. if used to obtain information.

Background

With capital controls, think of China as a closed economy; without capital controls, think of China as a small open economy. Remember the relation between net exports and net capital flows. Try to reason as a business person and answer to the best of your abilities.

Briefly research China’s exchange rate regime between 1995 and 2005. (Please note that after 2005, China’s exchange regime has changed, and became more flexible, with an abrupt acceleration in the degree of flexibility in 2015, even though there continues to be debate about its rigidity and fairness to foreign economies, so stay focused on this period that is simpler to analyze.

1. Describe how China’s exchange rate regime operated over this period and locate China’s exchange rate regime on the “Impossible Trinity Triangle”.
2. For each of the following objectives, evaluate whether the regime was effective or not, and why:

• Maintaining low inflation.
• Providing monetary policy independence (as measured by …).
• Promoting competitiveness of Chinese exports.

Adrian is a salesperson who represents several wholesale companies. On January 2, 2018, she receives by mail a commission check from Ace Distributors in the amount of $10,000 and dated December 30, 2017. Adrian is concerned about the year in which the $10,000 is taxable. Although the check is dated 2017, she contends that it would have been unreasonable for her to drive the 50 miles to the Ace offices on a holiday to collect the check. Further, Adrian maintains that even if she had made the trip to collect the check, by the time she returned home, her bank would have closed and she could not have received credit for the check until after the first of the year. Adrian would like you to determine whether she should include the $10,000 on her 2017 or 2018 tax return. §61; Reg. §1.451-1; Murphy v. U.S., 71 AFTR 2d 93-1862 (CA9, 1993); Kahler, 18 T.C. 31 (1942); Zahirdueen Premji, et ux. v. Commissioner, TC Memo 1996-304.

For the following scenario, please explain whether a contract has been formed. Discuss whether all requirements have been met for a valid contract, including consideration. If the contract is void or voidable, say so and then explain why. Be sure to include more than one reason for your conclusion, if applicable. Finally, is the agreement executory or executed? Why? Is it express or implied? Why? Is it bilateral or unilateral? Why? Be sure to explain your answer fully, so that I can be sure you understand these concepts.

Scenario: (This scenario takes place in Ohio, where the age of majority is 18 and the drinking age is 21.) One Sunday, after smoking a fair amount of cannabis and feeling "high", Lara (17 years old) goes to Joe's house. Joe is a 21-year-old guy in the neighborhood who sells alcohol to people from his home on Sunday, when the liquor stores are closed. Lara asks Joe if she can buy a six pack from him. He says "sure" and gives her the beer. She promises to pay him next week.

Exercise 3:

Create a worksheet that gives a price quote. You will select an item name and enter the quantity of that item purchased. Use Data Validation to create a drop down list for your item names. Your worksheet should look up the item name in the Price Table to find the Unit Price. Then it should calculate the Total Before Discount. Look up this amount in the Discount Table to find the discount percent. Then your worksheet should calculate the Discount Amount, the Total After Discount, add in Sales Tax (use an assumption for tax percentage), and give the final Total Due for the order. Place the Price Table, Discount Table and Sales Tax Percentage in the assumptions area.

Use the layout shown below starting your title in A4:

Price Quote (title)

Item:     (input)

Quantity: (input)

Unit Price:

Total Before Discount:

Discount %:

Discount Amount:

Total After Discount:

Sales Tax:

Total Due:

(The price and discount information is shown below…you may need to reconfigure the layout to meet your needs. All information shown below needs to be included in your Lookup Tables, even if it is not used in the problem.)

Price Information:

Unit Price                          Item #                 Item Name        

9.99                                   H5528                 Hat       

5.99                                   L8511                  Lanyard                             

14.99                                 T3592                  T-shirt                                             

19.99                                 D7435                 Drawstring Bag               

Discount Information:

Total Price

Before Discount ($)         Discount

$0 – $99.99                               0%

$100 – $399.99                        5%

$400 – $999.99                      10%

$1000 and over                      15%

Spencer Grant is a New York-based investor. He has been closely following his investment in 200 shares of Vaniteux, a French firm that went public in February 2010. When he purchased his 200 shares at 16.68 euro per share, the euro was trading at $1.3654/euro. Currently, the share is trading at 28.37 euro per share, and the dollar has fallen to $1.4016/euro.  Spencer considers selling his shares at this time but he chooses not to sell them after all. He waits, expecting the share price to rise further after the announcement of quarterly earnings. His expectations area correct, and the share price rises to 31.62 euro per share after the announcement. The current spot exchange rate is $1.3022/euro.

a. If Spencer sells his shares today, what percentage change in the share price would he receive? (Round to two decimal places)

b. What is the percentage change in the value of the Euro versus the dollar over this same period? (Round to two decimal places)

c. What would be the total return Spencer would earn on his shares if he sold them at these rates?

c a.) If he sold his shares today, it would yield the following amount in euros ______ (round to two decimal places)

c b.) The sales proceeds in U.S Dollars is $ _______ (Round to the nearest cent)

c c.) The original investment (cost) of 200 shares in Vaniteux in euros is _____ (Round to two decimal places)

c d.) The original investment (cost) of shares in U.S Dollars calculated at the original spot rate is $ _____ (Round to the nearest cent)

c e.) The rate of return on Spencer's investment, net proceeds divided by initial investment is ____ % (Round to two decimal places)