The Sheldon Corporation began a consulting business specializing in on-site computer training on January 1, 2018. The following transactions took place during its first three months of operations.

Summary of Transactions

Jan. 1         Sold 5,000 shares of capital stock for a total of $500,000 cash.

Jan. 2         Paid the premium of $12,000 on a 24-month insurance policy on all assets.

Jan. 3         Purchased land and a building for a total of $350,000 cash. The land is valued at $50,000, while the building is valued at $300,000 and is expected to have a useful life of 30 years.

Jan. 10          Purchased a computer network system for $36,000 cash. The expected useful life is 6 years.

Jan. 15          Paid $2,400 cash for a phone system that should have a 3-year useful life.

Jan. 16          Paid cash to acquire equipment and furniture for business purposes at a cost of $12,000. The expected useful life is 4 years.

Jan. 19          Purchased office supplies for $1,250 cash. (Use the asset account “Office Supplies” for such purchases.)

Jan. 24          Paid cash of $10,000 for binders, manuals, and workbooks for use in Sheldon's client programs. Sheldon's policy is to initially record these materials as an asset (Program Supplies) and to then expense the materials used for a particular training program when the program is completed.

Jan. 30          Paid wages of $1,800 and salaries of $3,600 for work performed during January.

Feb. 14         Completed the first client program for a fee of $9,500. The customer paid $2,500 of the fee that day, with the remainder billed on account. Program supplies used on the project had originally cost Sheldon $1,500.

Feb. 15         Paid wages of $2,400 in cash.

Feb. 19         Paid utilities for the month of January of $1,050 in cash.

Feb. 23         Purchased on account 30 specialized manuals as program supplies for use in computer training for a total of $1,800.

Feb. 28         Borrowed $45,000 from the bank on a 2-year note. The interest rate on the note is 6% per year (or 0.5% per month).

Mar. 1       Paid wages of $3,600 and salaries of $6,000.

Mar. 1       Completed on-site computer training for two customers: JKL Products, Inc., and Watson Company. Billed JKL $11,000 on account. The fee for Watson was $9,200, half of which Watson paid in cash with the remainder on account. Program supplies used for the two customers totaled $4,600.

Mar. 4       Purchased additional program supplies on account for a total of $3,600.

Mar. 13        Collected $16,600 on account from credit customers.

Mar. 15        Completed first all-day computer workshop for walk-in customers. Sales totaled $4,250, all in cash. Program supplies used for the workshop originally cost Sheldon $1,850.

Mar. 16        Billed Coastal Corporation $7,500 for on-site training completed on March 16. Program supplies for the training originally cost Sheldon $2,500.

Mar. 16        Paid wages of $3,700.

Mar. 17 Purchased office supplies of $750 on account.

Mar. 21        Paid $3,200 to suppliers for materials previously purchased on account.

Mar. 23        Paid utilities for the month of February of $1,800 in cash.

Mar. 26        Received a $2,000 cash advance from Watson Company for additional computer training to begin April 1, 2018.

Mar. 29        Collected $6,250 on account from credit customers.

Mar. 31        Purchased $3,600 of program supplies for cash.

Additional Data Determined at March 31, 2018:

Unpaid and unrecorded wages and salaries totaled $2,700 and $8,500, respectively.

Service revenue unrecorded and unbilled at March 31 amounted to $9,300. Program supplies associated with these services originally cost Sheldon $2,800.

Office supplies on hand at March 31 totaled $450.

Sheldon uses straight-line depreciation on all depreciable assets and assumes the assets will have no value at the end of their estimated useful lives. A full month's depreciation is taken for the month of purchase, regardless of which day of the month the purchase is made. For example, depreciation expense for the three months ended March 31, 2018, on the phone system is $200 (i.e., $2,400/3 years x 3/12 of a year). Land is not considered depreciable. You may use a single account (Depreciation Expense) to record all of the depreciation expense for the depreciable assets. Also, you may use a single account (Accumulated Depreciation) to record the effect of depreciation on total assets.

Sheldon must record accrued interest for one month on the $45,000 bank loan.

Sheldon estimates utilities used during March amounted to $1,800, although the bill has not yet been received.

Remember insurance that has expired.

Record the transactions and events for the three months ending March 31, 2018, in general journal format. Record all prepaid expenses as assets at this time and all unearned revenues as liabilities. Do not record any adjusting journal entries based on the "additional data" at this time.

Marisa is a new marketing analyst for the Paragould Hotel chain. She is reviewing the hotel's current social media activities and trying to classify where each will fit into the three main areas the company wants to focus on. 1) Give your customers a specific hashtag and CTA so you can easily monitor and reward mentions. 2) Assign a social currency or value to the social actions your consumers take. 3) Be prepared to surprise and delight someone for his or her actions as they happen. The goal of this exercise is to assist Marisa by identifying social media tools for each objective. Select the most appropriate social media loyalty objective for each of the examples below. 1. Enter people on Twitter for a free weekend drawing if they #Paragouldweekends. 2. Offer 10 percent off any room for the next month if they like and share the firm's new Facebook. 3. Provide loyalty points for every time a consumer mentions Paragould on Instagram. 4. Offer PGH Rewards Bucks for every Facebook friend a consumer can get to like the Paragould page. 5. Offer a free breakfast voucher for a customer who has tagged the hotel with a positive LinkedIn post about business travel. 6. Notify the ten customers who have "liked" the most Paragould posts over the past year that they are getting a free night's stay.

A company manufactures and sells x television sets per month. The monthly cost and​ price-demand equations are ​C(x)equals72 comma 000 plus 70 x and p left parenthesis x right parenthesis equals 300 minus StartFraction x Over 20 EndFraction ​, 0less than or equalsxless than or equals6000. ​(A) Find the maximum revenue. ​(B) Find the maximum​ profit, the production level that will realize the maximum​ profit, and the price the company should charge for each television set. ​(C) If the government decides to tax the company ​$4 for each set it​ produces, how many sets should the company manufacture each month to maximize its​ profit? What is the maximum​ profit? What should the company charge for each​ set? ​(A) The maximum revenue is ​$ nothing. ​(Type an integer or a​ decimal.) ​(B) The maximum profit is ​$ nothing when nothing sets are manufactured and sold for ​$ nothing each. ​(Type integers or​ decimals.) ​(C) When each set is taxed at ​$4​, the maximum profit is ​$ nothing when nothing sets are manufactured and sold for ​$ nothing each. ​(Type integers or​ decimals.)

Please show the following each on a separe piece of paper on the information below:

1. General Journal

2. General Ledger ( T- Accounts)

3. Adjusted Trial Balance

4. All Finanical Statements

5. Post-Closing Trial Balance

Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2011. During July the company completed the following transactions.

July 1 - Stockholders invested $14,00 cash in the business in exchange for common stock

July 1- Purchased a used truck for $10,000, paying $3, 000 cash and te blaance on acccount.

July 3 - Puchased cleaning supplies for $800 on account.

July 5 - Paid $1,800 on a one-year insurance policy, effective July 1.

July 12- Billed customers $3,800 for cleaning services

July 18 - Paid $1,000 of amount owed on truckm and $400 of amount owed on cleaning supplies.

July 20 - Paid $1,600 for employee salaries.

July 21 - Collected $1,400 from custers billed on July 12

July 25 - Billed customers $1,500 for cleaning services,

July 31 - Paid gas and oil for the month on the truck, $400.

July 31 - Declared and paid a $600 cash dividend.

Adjusted Transactions

A) Earned but unbilled feels at July 31 were $1,300

B) Depeciation on equipment for the month was $200

C) One-twelfth of the insurance expired.

D) An inventory count shows $100 of cleanint supplies on hand at July 31.

E) Accrued but unpaid employee salaries were $500.

Nine experts rated two brands of Colombian coffee in a taste-testing experiment. A rating on a 7-point scale ( 1=1= 1 equals extremely unpleasing, 7=7= 7 equals extremely pleasing) is given for each of four characteristics: taste, aroma, richness, and acidity. The following data stored in Coffee contain the ratings accumulated over all four characteristics:

• a. At the 0.05 level of significance, is there evidence of a difference in the mean ratings between the two brands?

• b. What assumption is necessary about the population distribution in order to perform this test?

• c. Determine the p-value in (a) and interpret its meaning.

• d. Construct and interpret a 95% confidence interval estimate of the difference in the mean ratings between the two brands.

SHOW EXCEL FUNCTIONS USED TO ANSWER.

Part 1

Calculate the missing values in the table below. Then answer the questions that follow it. GDP are in billions of dollars and the Consumer Price Index (CPI) is a percentage. CPI for 2001 is 98.6

Year Nominal GDP CPI RealGDP ri

2002 $10,469.58 Billion 100.0

2003 $10,971.34 Billion 102.3

2004 $11,734.30 Billion    105.0

2005 $12,601.00 Billion 108.6

All figures must be calculated to 2 decimal places and in the correct formats on a separate paper. You must show your work for all calculations in order to receive credit for the problem. DO NOT FILL IN THE TABLE. WORK PROBLEMS ON SEPARATE PAPER AND PRODUCE ANSWERS THERE!

a. Has there been any span of years, IN ONE YEAR INCREMENTS, within the table over which nominal GDP changed in one direction, but real GDP changed in the opposite direction? (Examples of what a span of years is, that are not included in this table would be 1990-1991 or 1996-1997.) Explain why or why not.

b. Has there been inflation over each span of years in the table? Explain why or why not.

Part 2

Exchange rate sample problems:

STARTING RATE LATER AFTER TIME HAS PASSED

a. Rate I: USD $1.54 = GBP £1.00 Rate II: USD $1.39 = GBP £1.00   PJeans (US Export) = USD $35.00 PSuit (UK Export) = £180.00

b. Rate I: USD $1.28 = EUR €1.00 Rate II: USD $1.45 = EUR €1.00

PDesk (US Export) = USD $345.00 PCoffee Maker (EU Export) = €50.00

c. Rate I: USD $1.00 = CNY 9.20元 Rate II: USD $1.00 = CNY 8.75 元

PBushel of Corn (US Export) = USD $45.00 PFlat-Screen TV (Chinese Export) = 12,500.00 元

Calculate the price of each nation’s exported good in terms of the other nation’s currency for BOTH EXCHANGE RATES (THERE WILL BE 4 CALCULATIONS IN EACH SECTION a, b, and c AS A RESULT). For Each Problem, based upon how the prices change from rate I to rate II, determine for each nation the impact on Net Export Spending,Total Spending, GDP, and AD. Make sure TO USE THE APPROPRIATE CURRENCY SYMBOLS FOR THE BRITISH POUND, THE EURO, AND THE CHINESE YUAN RENMINBI.

Royal Lawncare Company produces and sells two packaged products—Weedban and Greengrow. Revenue and cost information relating to the products follow:

Common fixed expenses in the company total $99,000 annually. Last year the company produced and sold 38,000 units of Weedban and 19,500 units of Greengrow.

Required:

Prepare a contribution format income statement segmented by product lines.

Royal Lawncare Company produces and sells two packaged products—Weedban and Greengrow. Revenue and cost information relating to the products follow:

Common fixed expenses in the company total $99,000 annually. Last year the company produced and sold 38,000 units of Weedban and 19,500 units of Greengrow.

Required:

Prepare a contribution format income statement segmented by product lines.

On September 1, Year 1, Company D received a $3,000 security deposit from the tenant on an office Company D had rented to a tenant for two years. This amount is expected to be returned to the tenant at lease end if no repairs are needed. The rental period started on September 1, Year 1. The rental agreement requires the tenant pay Company D $1,100 per month at the start of each month. Additionally, the lease agreement required the tenant to pay Company D at the start of the lease for the last month of the lease term. All payments occur as required.
Required:
$_________ Year 1 Rent Revenue
$_________ Any liabilities Company D might have related to this lease at Dec. 31, Year 1 [If
none, so state.]
$_________ Rent Receivable at Dec. 31, Year 1 [If none, so state]
Required:
$_________ Year 2 Rent Revenue
$_________ Any liabilities Company D might have related to this lease at Dec. 31, Year 2 [If
none, so state.]
$_________ Rent Receivable at Dec. 31, Year 2 [If none, so state.]
$_________ Cash received for rent on this office in Year 2

1. In November, Mazoon company., a merchandising company, had sales of $294,000, selling expenses of $27,000, and administrative expenses of $35,000. The cost of merchandise purchased during the month was $211,000. The beginning balance in the merchandise inventory account was $38,000 and the ending balance was $34,000.

Required:

Prepare a traditional format income statement for November.

2. Majan company shared the following data for a number of recent months:

Products Return

April 24 $2,972

May 23 $2,928

June 27 $3,141

July 39    $3,752

August 36   $3,569

September 35 $3,551

October   26 $3,071

November 37 $3,636

Required:
Estimate the variable cost per product return and the fixed cost per month using high-low method

A company in Melbourne sells merchandise to a company in Auckland on 3 November. The sales price is NZ$65 000 and the exchange rate on this date is A$1 = NZ$1.1. Settlement of the invoice is made by the New Zealand company in New Zealand dollars on 10 December when the rate of exchange is A$1 = NZ$1.40. On January 10, the rate of exchange is A$1 = NZ$1.2

Required

1. Give the entries in the books of the Australian company on the date of sale and date of settlement, prepared in accordance with the requirements of AASB 121.
2. Now assume that the Australian company’s reporting period ends on 31 December when the exchange rate is A$1 = NZ$1.40, and that the New Zealand company settles its account with the Australian company on 10 January. Show the closing entry as at 31 December and the settlement on 10 January in accordance with the requirements of AASB 121.
3. In your own words describe what you understand as the Functional Currency according to AASB121.