Exercise 6-16

Kaleta Company reports the following for the month of June.

Assume a sale of 788 units occured on June 15 for selling of price $9 and a sale of 644 units on June 27 for $10.

Calculate cost of goods available for sale

Calculate Moving-Average unit cost for June 1, 12,15, 23 &27 (Round answers to 3 decimal places, e.g. 2.525.)

Calulate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 788 units occured on June 15 for a selling price of $9 and a sale of 644 units on June 27 for $10. (Round answers to 0 decimal places, e.g. 1,250)

CIDR notation - First 2 answers given:

If the dotted decimal subnet mask is given then give me the CIDR notation

If the CIDR notation subnet mask is given give me the dotted decimal notation

1. 255.255.240.0            ______________________________________
2. /30                      ______________________________________

What network does this address belong to?

3- 200.198.44.220/26       _____________________________

4. 112.55.78.120/16        _____________________________

What is the broadcast address for this network? (The easiest way to get the broadcast address is to figure out the next network and subtract 1 or put all 111? in the host portion of the address

   5- 200.150.100.64/27   ________________________________

6. 209.100.43.180/16   _____________________________

If you have these many network bits, what is the number of useable host addresses?

Ex: I have a /27 network

N + H = 32 , so 27 + X =32 , X = 5 (number of host bits), 2 to the power of X = the total hosts, minus 2 = number of useable hosts

So if X = 5, then 2^5=32 total hosts, and if I subtract 2 then I have 30 useable host addresses on a /27 network.

7 - /30                   _______________________________

8. 255.255.255.240       _______________________________

If you have this many usable hosts, what is your subnet mask?

9. 14    ____________________
10. 126   ____________________

Please solve everything using Python 3

1. What does list contain after the following code is executed?

list = [82, 27, 66, 18, 40, 93, 85, 29]

list.append(50)

list.insert(3, 99)

list.pop()

a. [82, 27, 66, 99, 18, 40, 93, 85, 29]

b. [50, 82, 27, 99, 66, 18, 40, 93, 85]

c. [27, 66, 99, 18, 40, 93, 85, 29, 50]

d. [82, 27, 99, 66, 18, 40, 93, 85, 29]

2. What does list contain after the following code is executed?

list = [77, 41, 92, 30, 38, 12, 63]

list.sort()

list.insert(2, 88)

list.pop(5)

a. [12, 30, 88, 38, 63, 77, 92]

b. [92, 77, 88, 63, 41, 30, 12]

c. [12, 88, 30, 38, 63, 77, 92]

d. [12, 30, 88, 38, 41, 77, 92]

3. What does the list states contain after the following code is executed?

states = ['NJ', 'TN', 'WI', 'UT']

states.extend(['PA', 'KY', 'NY'])

states.remove('UT')

states.sort(reverse=True)

a. ['WI', 'UT', 'TN', 'PA', 'NY', 'NJ', 'KY']

b. ['WI', 'PA', 'TN', 'NJ', 'NY', 'KY']

c. ['WI', 'TN', 'PA', 'NY', 'NJ', 'KY']

d.['NJ', 'TN', 'WI', 'PA', 'KY', 'NY']

Prepare entries, in general journal form, to record the following transactions in the proper fund(s) and/or account group(s). Designate the fund or account group in which each entry is recorded.

1.   Bond proceeds of $2,000,000 were received to be used in constructing a new City Jail. An equal amount is contributed from general revenues.

2.   Serial bonds in the amount of $300,000 matured. Interest of $75,000 was paid on these and other serial bonds outstanding.

3.   Insurance proceeds amounting to $19,000 were received as a result of the accidental destruction of a garbage truck costing $33,000. Accumulated depreciation on the truck was $21,000.

4.   The City Parks Endowment Fund transferred $160,000 in expendable funds to the City Parks Special Revenue Fund.

5.   Proceeds of $21,000 were received from the sale of equipment which had been purchased from general revenues at a cost of $100,000. Accumulated depreciation on the equipment was $75,000.

6.   The City Power Company (an enterprise fund) issued a bill for $400,000 for electricity provided to municipal government buildings.

7.   The City Power Company transferred excess funds of $90,000 to the General Fund.

8.   A central data processing center was established by a contribution of $400,000 from the General Fund, a long-term loan of $130,000 from the City Parks Special Revenue Fund, and general obligation bond proceeds of $180,000.

9.   The Data Processing Fund billed the General Fund $20,000 and the City Parks Special Revenue Fund $8,500 for data processing services.

            10. The City Power Company received $7,000 as customer deposits during the year. The monies are to be held in     trust until customers request that their services be discontinued and final bills are collected.

11. In order to retire general obligation term bonds when they become due, it is determined that the Debt Service Fund will require annual contributions of $40,000 and earnings in the current year of $3,000.

Question 1

Which of the following is not a characteristic of the structure of perfectly competitive markets?

Each individual firm is small in size relative to the overall market.

Few sellers.

Homogeneous product.

Easy, low cost entry and exit.

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Question 4

Marginal revenue is the change in:

total revenue resulting from a one unit change in output.

total revenue resulting from a change in marginal cost.

price resulting from a one unit change in output.

none of these.

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Question 5

Perfectly competitive markets are characterized by:

a small number of very large producers.

very strong barriers to entry and exit.

firms selling a homogeneous product.

all of these.

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Question 7

Price discrimination requires:

a firm to be a competitive firm.

a firm to be able to segment its customers based on different price elasticities of demand.

arbitrage.

that the product can be easily resold.

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Question 9

Compared to a perfectly competitive firm, a monopolist:

charges a higher price.

produces lower output.

fails to achieve an efficient allocation of resources.

all of these.

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Question 14

Which of the following is the best example of an oligopoly?

Area restaurants.

The automobile industry.

Agricultural markets free of government support.

Local utilities.

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Question 18

Since the demand for labor depends on the demand for the product labor produces, the demand for labor is called:

primary demand.

secondary demand.

dependent demand.

derived demand.

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Question 19

The demand for a factor of production depends on the:

supply of the factor.

supply of other factors of production.

demand for other factors of production.

demand for the products that it helps to produce.

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Question 20

Exhibit 11-2 Labor and output data

Labor    Output

0                 0

1             20

2             45

3             80

4             100

5             110

In Exhibit 11-2, the marginal product of the 4th unit of labor is equal to:

80.

45.

35.

100.

20.

On January 1, 2015, the ledger of Accardo Company contains the following liability accounts. Accounts Payable $52,810 Sales Taxes Payable 8,770 Unearned Service Revenue 16,470 During January, the following selected transactions occurred. Jan. 5 Sold merchandise for cash totaling $21,384, which includes 8% sales taxes. 12 Performed services for customers who had made advance payments of $11,590. (Credit Service Revenue.) 14 Paid state revenue department for sales taxes collected in December 2014 ($8,770). 20 Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. 21 Borrowed $29,250 from Girard Bank on a 3-month, 8%, $29,250 note. 25 Sold merchandise for cash totaling $11,556, which includes 8% sales taxes. Journalize the January transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 5 Jan. 12 Jan. 14 Jan. 20 Jan. 21 Jan. 25 SHOW LIST OF ACCOUNTS LINK TO TEXT Journalize the adjusting entries at January 31 for the outstanding notes payable. (Hint: Use one-third of a month for the Girard Bank note.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the current liabilities section of the balance sheet at January 31, 2015. Assume no change in accounts payable. Accardo Company Balance Sheet (Partial) January 31, 2014 $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT

Option #1: The Four Steps in the Accounting Process

You own an independent CPA firm. One client had the following transactions in January 20x7.

Issued share capital for $5,000 cash

Purchased $3,000 of equipment on credit

Paid $600 cash for this month’s rent

Purchased on credit $3,000 of supplies to be used next month

Billed $3,500 to customers for repairs made to date

Paid cash for one-half of the amount owing in Transaction 4

Collected $400 cash of the amount billed in Transaction 5

Sold one-half of the equipment purchased in Transaction 2 for $1,200 in cash.

Required:

Use the four steps in the accounting process to analyze business transactions, a) Identifying transactions and source documents, b) Analyzing transactions using the accounting equation, c) Recording the journal entry and d) Posting the entry to the ledger to complete the following:

Prepare journal entries for each of the above transactions.

Post the journal entries to T–accounts and total the accounts.

From the T–accounts, prepare an unadjusted trial balance. List expenses in alphabetical order.

Use the following chart of accounts names and the template:

Cash, Capital Stock, Equipment, Accounts Payable, Rent Expense, Supplies, Accounts Receivable, Revenue.

Decision Problem 1
Your friend, Amin Akmali, has asked your advice about the effects that certain business
transactions will have on his business. His business, Car Finders, finds the best deals on
automobiles for clients. Time is short, so you cannot journalize transactions. Instead, you
must analyze the transactions and post them directly to T-accounts. Akmali will continue in
the business only if he can expect to earn monthly net income of $8,000. The business had
the following transactions during March 2017:
a. Akmali deposited $50,000 cash in a business bank account.
b. The business borrowed $8,000 cash from the bank, which is recorded as a note payable
due within one year.
c. Purchased for cash a vehicle to drive clients to appointments, $27,000.
d. Paid $1,600 cash for supplies.
e. Paid cash for advertising in the local newspaper, $1,200.
f. Paid the following cash expenses for one month: commission, $12,400; office rent, $800;
utilities, $600; gas, $1,000; interest, $200.
g. Earned revenue on account, $20,600.
h. Earned $7,500 revenue and received cash.
i. Collected cash from customers on account, $2,400.
Required
1. Open the following T-accounts: Cash; Accounts Receivable; Supplies; Vehicle; Notes
Payable; Amin Akmali, Capital; Advising Revenue; Advertising Expense; Interest
Expense; Rent Expense; Commission Expense; Gas Expense; Utilities Expense.
2. Record the transactions directly in the T-accounts without using a journal. Identify each
transaction by its letter.
3. Prepare an unadjusted trial balance at March 31, 2017. List expenses alphabetically.
4. Compute the amount of net income or net loss for this first month of operations. Would
you recommend Akmali continue in business?

Please answer the next 6 questions based on the information provided in the table above for a profit-maximizing firm producing HD TVs. Any of the three output combinations of HD TVs can be produced for the same cost. And to produce any one of the combinations requires that the firm operate at full capacity. The profit associated with combination A is $300. The revenue generated from C is $2,180.

1. The profit generated by producing combination C is _____ dollars.
2. The revenue generated by producing combination B is _____ dollars.
3. The cost of producing combination B is ______ dollars.
4. This firm will earn a profit of_____ dollars.
5. How many Large Screen tvs will this firm produce? _______
6. If the product price of a large screen TV increases by $5, ceteris paribus, then this firm will earn a profit of _____ dollars.