(a) The daily demand for hotel rooms in Greater Toronto Area (GTA) is given by the equation: QD = 230–35P. The daily supply of hotel rooms GTA is given by the equation: QS = 13+19P. What are the equilibrium price and the quantity of hotel rooms? 6 marks

(b) Suppose the demand for a bushel of Corn in 2000 was given by the equation QD = 2550–166P. At a price of $4.46 per bushel, what is the price elasticity of demand? If the price of Corn falls to $4.27 per bushel, what happens to the revenue generated from the sale of Corn?

Suppose that the government enacts a tax on retail sales of road salt, which homeowners and businesses put on walkways and driveways. Assume that the supply of salt is perfectly elastic, due to the ease with which suppliers can stockpile the product.

Before the tax, 1000 fifty-pound bags of road salt are sold at an equilibrium price of $6.5 per bag. After the tax, 775 bags are sold at $8 per bag. How much revenue does the tax generate for the government?

What is the amount of the tax? $    per bag

For this project, you will place yourself in the role of HR manager or executive of a medium-large company. Your responsibility is to communicate important information throughout your organization in response to ONE of the following scenarios:

• Changes you are making in the company’s health insurance plan will now require a significant financial contribution from employees in the form of payroll deductions. This type of change is being necessitated due to rising insurance costs, which is costing the company important revenue. Rumors of this change have reached employees, and there are rumblings of employees threatening to unionize.

For each of the following transactions for the Sky Blue Corporation, prepare the adjusting journal entries required on October 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Collected $2,550 rent for the period October 1 to December 31, which was credited to Deferred Revenue on October 1. Paid $1,320 for a two-year insurance premium on October 1 and debited Prepaid Insurance for that amount. Used a machine purchased on October 1 for $48,600. The company estimates annual depreciation of $4,860.

20x2 began with a $ 24,000 balance in the firm's deferred tax liability. This was based on the 12/31/x1 prepaid insurance balance of $120,000. The tax rate is 20%. The $120,000 prepaid insurance balance coverage for 20x2 and 20x3 equally. In late December 20x2, the firm performed accounting services for a client and billed the client $20,000 for the work. The client is expected to remit payment in February 20x3. Common revenue less expenses for 20x2 netted to $200,000(this amount is the same for both books and tax). Determine 20x2 income tax expense?

In the Month of March, Chester received orders of 108 units at a price of $15.00 for their product Creak. Chester uses the accrual method of accounting and offers 30 day credit terms. Chester delivers 108 units in April. They received payment for 54 units in March, and 54 units in April. In the March income statement, how much revenue is recognized on the March income statement from this order? How much in the April Income statement? (Answer in thousands)

Select: 1

0, $1,620

$ 810, $810

$1,620 , 0

0, $810

For the four unrelated situations, A-D, calculate the unknown amounts indicated by the letters appearing in each column: