Question 4: Why some governments resort to price ceiling and price floor for some goods and services? Describe three most important disadvantages of price ceiling and price floor? In what conditions do you think that price ceiling and price floor may contribute to welfare of people?

Question 4: Why some governments resort to price ceiling and price floor for some goods and services? Describe three most important disadvantages of price ceiling and price floor? In what conditions do you think that price ceiling and price floor may contribute to welfare of people?

The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Dux Company. Additional information from Dux’s accounting records is provided also.

Additional information from the accounting records:

1. A building that originally cost $116,000, and which was three-fourths depreciated, was sold for $24,000.
2. The common stock of Byrd Corporation was purchased for $24,000 as a long-term investment.
3. Property was acquired by issuing a 10%, seven-year, $74,000 note payable to the seller.
4. New equipment was purchased for $34,000 cash.
5. On January 1, 2018, bonds were sold at their $44,000 face value.
6. On January 19, Dux issued a 4% stock dividend (1,000 shares). The market price of the $10 par value common stock was $13 per share at that time.
7. Cash dividends of $68,000 were paid to shareholders.
8. On November 54,000 shares of common stock were repurchased as treasury stock at a cost of $27,000.

Required:
Prepare the statement of cash flows for Dux Company using the indirect method. (Do not round intermediate calculations. Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. (i.e., 10,000 should be entered as 10).))

Mickey Company manufactures three different sizes of stuffed teddy bears (large, small and medium d corresponding costs for the month of January 2004 are given below: large medium small projected unit sales 3,000 5,000 4,000 $ $ $ price per unit 40 30 20 variable cost per unit --direct material 12 10 8 --direct labour 8 5 3 --support costs 5 3 2 fixed cost per unit 2 2 2 total unit cost 27 20 15 It takes 20, 15 and 10 machine hours to manufacture 100 units of large, medium and small teddy bears, respectively. The company has a monthly machine hour capacity of 2,050 machine hours and this machine hour capacity cannot be increased for at least a year. Required: b) Determine how many units Mickey Company should produce of each size to maximise its profits c) Suppose that a foreign firm has offered to buy 2,000 large teddy bears at $45 each. Determine the opportunity costs for this order. d) Suppose that the available machine hour capacity is reduced to 1,550 machine hours due to machine break down. How many units of each size should Mickey Company produce to maximise its profits?

Write a program in C++ to test either the selection sort or insertion sort algorithm for array-based lists as given in the chapter.

Test the program with at least three (3) lists.

Supply the program source code and the test input and output.

List1: 14,11,78,59

List2: 15, 22, 4, 74

List3: 14,2,5,44

Converting Sales Revenue to Cash
Smith & Sons is converting its sales revenues to corresponding cash amounts using the direct method. Sales revenue on the income statement are $2,050,000.

Beginning and ending accounts receivable on the balance sheet are $116,000 and $68,000, respectively.

Calculate the amount of cash received from customers.

$Answer

enith Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Retained Earnings; Dividends; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.

Journalize the preceding selected transactions for March 2018 in a two-column journal. Refer to the Chart of Accounts for exact wording of account titles.

Crindlen Inc sells a variety of computer products and data plans.

Computers are compatible with data and computers do not need to be repaired or serviced by the company.

Customers can pick to buy a computer or data plans separately; however, to there is a bundle they offer with discounts, sales staff encourage customers to bundle their transacitons.

On Aug 27, the company offered a special. Customers who ordered a 2-year data service plan received the latest computer - The Gen4. The Gen4 retails for $800 and the monthly data service plan retails for $50 / month. The company paid $200 to make the computer.

The total price charged to the customer was $1,300 paid in cash when the contract was first signed.

Customers obtained the computer on Aug 1 and their cell phone data services were activated immediately.

What is the adjusting journal entry would be recorded for August 31?

Prepare a Statement of Cash Flows for Kitten Mittens on the following page for the year ended December 31, 2004. Use the indirect method to calculate cash flows from operations.

The  Balance  sheet and Income Statement for "KittenMittens" for the year ending December 31, 2004, are

as follows:                                                                                                                                    

Kitten Mittens Comparative Balance Sheets

Assets

December 31, 2003 December 31, 2004

Current Assets:

Liabilities and Equity

Current Liabilities :

Total Liabilities                                                                                                                                                                                                                                 and Stockholders' Equity $1,647,500 $2,076,000

QUESTION CONTINUES ON FOLLOWING PAGE

Kitten Mittens

Income Statement

For year ended December 31, 2004

- Kitten Mittens purchased $500,000 of new equipment during 2004. The new equipment replaced old equipment,whichwassoldfor$144,000 in cash. As indicated on the income statement, the sale of equipment resulted in a loss of $38,000.

- Dividends were declared and paid to common stockholders during the year.

- No new debt was issued and no land was sold during 2004.

Required:

Prepare a Statement of Cash Flows for Kitten Mittens on the following page for the year ended December 31, 2004. Use the indirect method to calculate cash flows from operations.

Princeton, Inc. maintained average inventory of $26,248 for the year 2004. Recently managers at Princeton discovered that inventory sits on the shelf for approximately 60 days before being sold. What it the cost of goods sold (COGS) for the Princeton, Inc. for 2004? (Assume 360 days a year).