On January 1, Year 1, Jing Company purchased office equipment that cost $15,700 cash. The equipment was delivered under terms FOB shipping point, and transportation cost was $1,800. The equipment had a five-year useful life and a $6,200 expected salvage value. Assume that Jing Company earned $21,400 cash revenue and incurred $13,500 in cash expenses in Year 3. The company uses the straight-line method. The office equipment was sold on December 31, Year 3 for $10,400. What is the company’s net income (loss) for Year 3?
($1,620)
$5,320
$2,820
$4,680
In: Accounting
Question 5:
Assume the following demand curve: Q = 50,400 – 1,200(P). Variable costs are estimated to be $25.78. Calculate total contribution margin at the optimal price. Round your answer to the nearest dollar.
Question 6
Assume the following demand equation: Q = 797 - 19(P). Variable
costs = $6. Calculate marginal revenue for the 251st unit. Round
your final answer to the nearest dollar.
(When you are calculating the two prices, do not round to less than
2 decimal places. In other words, you are safe to round each price
to the nearest penny.)
In: Finance
Answer True or False for each of the following.
The Monetarists believe that fiscal policy results in a high level of crowding out.
Supply side economists believe that the government skews the incentive system.
The R-E economists believe that money affects real economic variables.
The Monetarists admit that wages and prices are sticky in the short run.
According to supply-siders tax cuts should go to households.
According to Milton Friedman, the Fed should increase the money supply at a constant rate each year.
According to the original supply-siders, raising taxes can raise tax revenue some of the time.
In: Economics
A company produces two types of solar panels per year: x thousand of type A and y thousand of type B. The revenue and costequations, in millions of dollars, for the year are given as follows. R(x,y)=4x+6y C(x,y)= x^2- 2xy+ 6y^2 +8x - 38y - 6
Determine how many of each type of solar panel should be produced per year to maximize profit.
Part 1-The company will achieve a maximum profit by selling ____ solar panels of type A and selling____solar panels of type B.
Part 2- The maximum Profit is $____million
In: Math
Presented below is selected information related to Kirby Company at December 31.Kirby reports financial information monthly
| Particulars | Amount$ |
| Accounts payable | 3,000 |
| Cash | 6,500 |
| Advertising Expense | 6,000 |
| Service Revenue | 53,500 |
| Equipment | 29,000 |
| Salaries & Wages Expense | 16,500 |
| Notes payable | 25,000 |
| Rent Expense | 10,500 |
| Accounts Receivable | 13,500 |
| Owner's Drawings | 7,500 |
(a) Determine the total assets of Kirby Company at December 31,2017
(b) Determine the net income that Kirby Company reported for December 2017
(c)Determine the Owner's equity of Kirby Company at December 31,2017
In: Accounting
Pam Jones owns a business named Sunny Renovation. Below is the account information of Sunny Renovation at 30 June 2019.
|
Cash in Bank |
$ 45,600 |
Accounts receivable |
$235,200 |
|
|
Supplies |
52,800 |
Prepaid Insurance |
16,000 |
|
|
Accounts payable |
67,400 |
Unearned revenue |
18,000 |
|
|
Service income |
372,000 |
Salary expense |
222,000 |
|
|
Pam Jones, Capital |
? |
Equipment |
130,000 |
Required:
Using the accounting equation, prepare the balance sheet for Sunny
Renovation at 30 June 2019 (please use the narrative/vertical
format).
You may wish to copy the table below for use in your answer.
In: Accounting
Cost-volume-profit analysis can be considered a more complex form of breakeven analysis. Which of the following is an example of this?
Question 18 options:
|
Sara realizes she needs to sell 50 cakes a month to cover all of her variable and fixed costs |
|
|
Sara looks at raising the prices of her cakes to see how much more revenue will be generated |
|
|
Sara decides to remove carrot cakes from her menu because they do not sell as well the others |
|
|
Sara adds more spices to one of her cakes because it will taste better and increase sales |
In: Accounting
You are given the following market supply and demand curves in the Widget industry:
QD = 250 – 5p
QS = 10p – 100
Next, assume that the government has granted a monopoly to ABC Company to produce widgets. Answer the following questions based on this information:
(a) What is the marginal cost curve for ABC Company?
(b) What is the equation for the marginal revenue curve for ABC Company?
(c) Given your answers to parts (a) & (b), what quantity should ABC Company produce to maximize profits?
(d) What price would ABC Company be charging at the profit maximizing level of output?
In: Economics
Please draw each graph clearly labeling P, Q and the areas for TR, TC, profit, loss breakeven
Draw the MR, MC, AVC, ATC, Demand, supply, MC and MR for the following situations. For each show (as done in class). For each of these situations show the total revenue, total cost area, and shade the profit or loss area, and if the situation is a shut down state why it should shutdown.
In: Economics
Listed below are the 35 members of the Metro Toledo Automobile Dealers Association. We would like to estimate the mean revenue from dealer service departments. The members are identified by numbering them 00 through 34.
We want to select a random sample of five dealers. The random numbers are: 90, 94, 74, 16, 33, 68, 84, 16, 3, 34, 24, and 15. Which dealers would be included in the sample? (Enter the numbers as they appear.)
Using systematic random sampling, every sixth dealer is selected starting with the 05 dealer in the list. Which dealers are included in the sample?
In: Statistics and Probability