1. A farmer pays $0.20 for seed that he uses to grow wheat which he sells to the miller for $0.40; the miller makes wheat flour and sells it to the baker for $0.60. The baker makes bread and sells it to the grocery store for $0.80 and the store sells it to the consumer for $1.00. The total contribution to the Gross Domestic Product (GDP) from all these transactions is

   	A.	$3.00
   	B.	$2.00
   	C.	$1.00
   	D.	$0.20 2-    There has been some concern in the United States that people are NOT saving enough. This is a concern because A. decreases in saving lead to increases in innovation. B. decreases in saving lead to decreases in investment. C. decreases in saving lead to decreases in labor productivity. D. decreases in saving lead to increases in consumption in the futur

1. When the price of a soda from the campus vending machine was $0.50 per can, 100 cans were sold each day. After the price increased to $0.60 per can, sales dropped to 80 cans per day. Over this range, the absolute price elasticity of demand for soft drinks was approximately equal to

   	A.	1.00
   	B.	2.00
   	C.	1.47
   	D.	1.22

1 points   

QUESTION 9

1. Luna is a manufacturer of fashion jewelry. The CEO of Luna makes sure that the company frequently introduces new styles of jewelry to suit changes in tastes and stay a step ahead of her competitors. Which of the following success drivers of performance is the CEO using?

   	A.	cost competitiveness
   	B.	innovation
   	C.	service
   	D.	quality

In the movie The Lorax 2012, How did profit maximization play a role in the destruction of the trees? Describe at least two examples of innovation in that we see in the movie. Explain the role of advertising in the movie. How did advertising impact market outcomes? Describe at least two examples of a moral hazard that we see in the movie. What role does a moral hazard play in economics? Would you anticipate that price elasticity for demand for O'Hare Air is elastic, inelastic or unitary elastic and why? Describe at least two ways the government could have or should have intervened in the economy to change the market outcomes of having not trees and dirty air. Why didn’t the government intervene in the market to “fix” these issues?

First, watch Igniting Creativity to Transform Corporate Culture. This TED Talk by Catherine Courage examines how creativity needs to be infused into the organizational culture to foster innovation and to challenge the status quo. Next, watch this Zappos Company Culture video. As you watch the videos, think about the various elements of effective organizational structure. In your initial post, answer the following questions:

Do you think the unique culture of Zappos will help or hurt the company in the long run? Explain and provide specific examples, where applicable.

Do you think more companies in the future will follow this model? Why or why not?

In your opinion, what company today could benefit from this unique strategy? Explain your rationale.

please highlight the answer it's very urgent subject is ACC 111

Q: One principal difference between an adjusting journal entry and a journal entry to record a transaction is

1. The adjustment can be needed because of an internal event such as using supplies

2. The transaction involved accounts payable

3. The adjustment always reduces cash

4. The transaction always increases common stock

Q: When adjusting for insurance coverage expiring during a period

1. Insurance expense is increased

2. Prepaid insurance is decreased

3. Both A and B

4. Cash is increased

Q: When adjusting for depreciation expense

1. An expense is increased

2. A liability is decreased

3. A revenue is decreased

4. An equity account is increased

Q: When adjusting unearned revenue

1. Revenue is increased

2. A liability is decreased

3. Both A and B

4. Neither A nor B

Q: When adjusting for an accrued expense

1. An expense is reduced

2. A liability is increased

3. An equity account is increased

4. A revenue is decreased

Q; Adjusting for wages earned by employees but not yet recorded

1. Increases an expense

2. Increases a liability

3. Both A and B

4. Neither A nor B

Q : Omitting the adjustment for unrecorded revenue

1. Understates net income

2. Understates assets

3. Understates equity

4. All of the above

5. Q:Which of the following events requires an adjustment

6. Borrowing money on a loan where principal and interest are due at maturity

7. Hiring an employee

8. Asking for proposals from three advertising agencies

9. Discussing future price increases

Q: Which of the following events requires an adjustment

1. Discussing possible future changes to the company’s logo

2. Receiving and paying October’s water bill before October 31

3. Hiring an attorney and agreeing to pay a retainer immediately

4. Completing revenue on October 20 and billing the customer the same day

Q: Omitting the adjustment for unearned revenue

1. Understates net income

2. Overstates liabilities

3. Both A and B

4. Neither A nor B

Q: The main accounting principle that requires adjusting entries is

1. Substance over form

2. The cost principle

3. The going concern principle

4. The matching principle

Q: Smith Company owns its building and land. The annual property tax bill is $12,000. Assuming Smith adjusts its accounts each month they should

1. Debit property tax expense and credit property tax payable for $12,000

2. Make no adjustment at all since it has not yet been paid

3. Debit property tax payable and credit property tax expense for $1,000

4. Debit property tax expense and credit property tax payable for $1,000

Q: Adjusting journal entries

1. Are optional according to GAAP

2. Are only used in months that end in y

3. Always use the cash account

4. Never use the cash account

Q : When closing the accounts at the end of the period

1. All asset accounts are closed

2. All equity accounts are closed

3. All temporary or nominal accounts are closed

4. All liability accounts are closed

Q : Closing the accounts

1. Sets nominal accounts back to zero at the end of a period

2. Updates the retained earnings account

3. Enables meaningful comparison of one period’s results to those of another period

4. All of the above

Q : When closing the revenue account

1. The revenue account is credited

2. The revenue account is debited

3. The unearned revenue account is closed

4. The expense accounts are debited

Q : When closing the expense accounts

1. The income summary account is debited

2. The expense accounts are credited

3. Both A and B

4. Neither A nor B

Q : When closing the income summary account

1. The retained earnings account may be debited or credited

2. The dividends account is debited

3. The cash account is credited

4. The common stock account is debited

Q ; When closing the dividends account

1. The income summary account is debited

2. The retained earnings account is credited

3. The retained earnings account is debited

4. None of the above

Q : The reason permanent or real accounts are not closed is because

1. They recorded how much of something occurred during a period

2. They recorded how much of something remains at the end of a period

3. They will stay open as long as the company still exists

4. Both B and C

Deal or No Deal
Assignment
Have you watched the gameshow Deal or No Deal? We are going to design a smaller version of it.
Parameters
•   We’ll have 25 differing dollar amounts from $1 to $1,000,000. (Let’s use 25, not 26; drop the 1 cent value in the original game values.) Each dollar amount is randomly placed in one of 25 briefcases, and none of the game players know the locations.
•   We’ll only implement 1 Round with 4 states:   
1.   Player makes guess of Prize briefcase
2.   Player opens N other briefcases
3.   Banker makes an offer to buy back Prize briefcase
4.   Player responds – and wins or looses   
Board Presentation
Show the 25 briefcases as a 5x5 grid. (You can hardcode the 25 and 5x5 – these parameters don’t change.) Each cell of the grid represents a briefcase. The contents of the cell can display 1 of 2 things: either a closed briefcase or an opened briefcase. If closed, then just show the briefcase number; if opened then display the dollar amount inside.   

Also show the remaining Cash Values still in play. I used a 2-row table where the values opened have a grey background. The other values are in the closed briefcases and one is the Prize Briefcase.
  
      
Rules of Play
There are 2 participants: The Player and The Banker. The Player wants to make as much money as possible, and The Banker wants to keep as much money as possible.
We’ll only do 1 Round. So, we’ll have 4 steps or 4 States to our game.
1.   Initialize: This is the setup for the board and initializing the State Variables (hiddens).
2.   Prize Briefcase selection: The player first picks their prize briefcase. In the picture above, the player selected Case #17. That selection must be stored in a State Variable for the entire game – so the game can “remember” it. (The dollar amount contents of the Prize Briefcase is not displayed, of course, so keep the case “closed.”)
3.   Open N other briefcases: Now the player picks N other briefcases to open. For our miniature game with only one round, N=6. After the user selects 6 briefcases, they are opened and the dollar contents displayed to everyone.
4.   Accept or reject The Offer from the Banker: The game pauses. The Banker now makes an offer by buy back the Prize Briefcase from the player –with unknown contents to all. The Banker doesn’t know contents of the Prize Briefcase but doesn’t want it to be big. So, the Banker offers a price somewhere in the middle of the range of the remaining dollar amounts.   

The Player can accept or reject the offer from The Banker. In our game, either way, this is the end of the game. In the real game, if the offer is not selected, then the next round continues with N=N-1 briefcases opened until there is only 2 left.   
State Variables
I had 3 State Variables.
•   $state – this is an integer. It goes from 0 to 3.
•   $caseCash – this is a 1-D array of length 25. Each cell is a briefcase. The value of the array is the cash in the briefcase.
•   $caseState – this is also a 1-D array of length 25. Each cell is a briefcase. The value is a string representing the status of the briefcase. There are 3 options: closed, opened, or the 1 Prize Briefcase. In my game:
o   A dot ‘.’means the briefcase is closed. o An ‘o’ means that the briefcase is opened.
o   The string ‘prize’ means that The Player has selected that briefcase for their prize at the end.

The Banker
The job of The Banker is to “save” money. He knows The Player will get the cash in the Prize Briefcase. The Banker’s job is to “buy” the Briefcase back from The Player, hopefully for less money than is in the Prize Briefcase. Neither party know the contents of the Prize Briefcase, so both parties are gambling.
A very simple algorithm for The Banker is simply to take the average() of all the unopened, remaining briefcases. The Average will be right in the middle. That makes it a 50% chance that The Banker does better and a 50% chance that The Player does better. You are free to make The Offer using any function you want. Have fun.   

1/ Arizona Desert Homes (ADH) constructed a new subdivision during 2017 and 2018 under contract with Cactus Development Co. Relevant data are summarized below:

ADH recognizes revenue upon completion of the contract.

What is the journal entry in 2018 to record revenue?

Multiple Choice

• Construction in progress	460,000
  Cost of construction	660,000
  Revenue from long-term contracts		1,120,000

• Accounts receivable	1,635,000
  Revenue from long-term contracts		1,635,000

• Construction in progress	1,350,000
  Cost of construction	1,920,000
  Revenue from long-term contracts		3,270,000

• Cost of construction	2,150,000
  Gross profit	1,120,000
  Revenue from long-term contracts		3,270,000

2/ On December 15, 2018, Rigsby Sales Co. sold a tract of land that cost $3,300,000 for $5,000,000. Rigsby appropriately uses the installment sales method of accounting for this transaction. Terms called for a down payment of $440,000 with the balance in two equal annual installments payable on December 15, 2019, and December 15, 2020. Ignore interest charges. Rigsby has a December 31 year-end.

In its December 31, 2018, balance sheet, Rigsby would report:

Multiple Choice

• Installment receivables (net) of $4,560,000.

• Installment receivables (net) of $3,009,600.

• Realized gross profit of $149,600.

• Deferred gross profit of $149,600

3/ Lake Power Sports sells jet skis and other powered recreational equipment. Customers pay one-third of the sales price of a jet ski when they initially purchase the ski, and then pay another one-third each year for the next two years. Because Lake has little information about the ability to collect these receivables, it uses the cost recovery method to recognize revenue on these installment sales. In 2017, Lake began operations and sold jet skis with a total price of $750,000 that cost Lake $375,000. Lake collected $250,000 in 2017, $250,000 in 2018, and $250,000 in 2019 associated with those sales. In 2018, Lake sold jet skis with a total price of $1,200,000 that cost Lake $720,000. Lake collected $400,000 in 2018, $270,000 in 2019, and $270,000 in 2020 associated with those sales. In 2020, Lake also repossessed $260,000 of jet skis that were sold in 2018. Those jet skis had a fair value of $97,500 at the time they were repossessed.

In 2017, Lake would recognize realized gross profit of:

Multiple Choice

• $0.

• $250,000.

• $375,000.

• $125,000.

4/ Indiana Co. began a construction project in 2018 with a contract price of $161 million to be received when the project is completed in 2020. During 2018, Indiana incurred $36 million of costs and estimates an additional $89 million of costs to complete the project. Indiana recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed.

Indiana:

Multiple Choice

• Recognized $72.00 million loss on the project in 2018.

• Recognized $36.00 million loss on the project in 2018.

• Recognized $10.37 million gross profit on the project in 2018.

• Recognized no gross profit or loss on the project in 2018.