The news reports the profits or losses of major businesses each quarter. What do you think when you hear that a corporation like Microsoft or BP has made billions of dollars in the last year? Does Adam Smith's Invisible Hand theory really help our economy and our society? Major corporations aside, what about the thousands of small businesses across the U.S. Are their profits justified, and do their profits help society through their taxes and corporate social responsibility? Last thought--if our country were to move to Socialism and our taxes increase, what effect will that have on our country's businesses?

The last quarter of the 19th century saw a shift within the art world from male-dominated history and genre scenes to female-dominated interiors and landscapes, along with a shift in artistic discourse from the theories of John Ruskin to those of James Abbott McNeill Whistler. Describe the theories of each of these figures and why this shift occurred. Then discuss the differences between the two types of art associated with these theories, using specific examples.

5. Eastview’s police department hires a new class of 50 trainees every quarter to begin the 3-month police academy program. Four nearby communities have struggled in running their own police academies, partly due to their own city funding but also because their class size is much smaller (ranging from 5 to 15 trainees in each city). Eastview’s newspaper recently ran a story about the city’s intent to build a new training facility for the police academy. The four communities want to partner with Eastview to have Eastview provide their academy program rather than hosting it themselves. Using the information in Worksheet 8.3, analyze how the cost would vary from the lowest enrollment to the highest enrollment if Eastview and the four surrounding communities cooperated on a joint academy. The academy provides room and board to all trainees for a period of 11 weeks.

Solving for Unknowns

Misterio Company uses a standard costing system. During the past quarter, the following variances were computed:

Misterio applies variable overhead using a standard rate of $2 per direct labor hour allowed. Two direct labor hours are allowed per unit produced. (Only one type of product is manufactured.) During the quarter, Misterio used 30 percent more direct labor hours than should have been used.

Required:

1. What were the actual direct labor hours worked?
hours

What are the total hours allowed?
hours

2. What is the standard hourly rate for direct labor?
$ per hour

What is the actual hourly rate? Round your answer to the nearest cent.
$ per hour

3. How many actual units were produced?
units

Selected comparative financial statements of Korbin Company follow.

Required:
1. Complete the below table to calculate each year's current ratio.

2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)

3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year. (Round your percentage answers to 2 decimal places.)

4. Refer to the results from parts 1, 2, and 3.

(a) Did cost of goods sold make up a greater portion of sales for the most recent year?

• Yes

• No

(b) Did income as a percent of sales improve in the most recent year?

• Yes

• No

(c) Did plant assets grow over this period?

• Yes

• No

Match the term to the most correct definition:

This property type is characterized by A, B, and C space, and has been the most affected by tele-commuting:

      [ Choose ]            retail            industrial            office            condominium            residential            warehouses            REITs            FFO            hospitality            manufacturing facilities      

This property type is affected by the demand for manufacturing space and warehouse space:

      [ Choose ]            retail            industrial            office            condominium            residential            warehouses            REITs            FFO            hospitality            manufacturing facilities      

This property type is characterized by short-term gross leases which turn over annually, creating an inflation hedge:

      [ Choose ]            retail            industrial            office            condominium            residential            warehouses            REITs            FFO            hospitality            manufacturing facilities      

This property type has seem the move from “strip” centers to big box locations:

      [ Choose ]            retail            industrial            office            condominium            residential            warehouses            REITs            FFO            hospitality            manufacturing facilities      

This property type includes hotels, motels, and resorts:

      [ Choose ]            retail            industrial            office            condominium            residential            warehouses            REITs            FFO            hospitality            manufacturing facilities      

Industrial buildings that are used for the production of goods:

      [ Choose ]            retail            industrial            office            condominium            residential            warehouses            REITs            FFO            hospitality            manufacturing facilities      

Industrial properties that provide space for the temporary storage of goods:

      [ Choose ]            retail            industrial            office            condominium            residential            warehouses            REITs            FFO            hospitality            manufacturing facilities      

This measure of cash flow is used instead of accounting earnings to measure the current performance of Real Estate Investment Trusts:

      [ Choose ]            retail            industrial            office            condominium            residential            warehouses            REITs            FFO            hospitality            manufacturing facilities      

Corporations that buy diversified portfolios of real estate:

      [ Choose ]            retail            industrial            office            condominium            residential            warehouses            REITs            FFO            hospitality            manufacturing facilities      

A unique form of ownership that combines a fee simple interest in a certain unit with joint ownership of the common areas:

      [ Choose ]            retail            industrial            office            condominium            residential            warehouses            REITs            FFO            hospitality            manufacturing facilities      

In 2009, New York First National Bank acquired New Jersey National Bank. In an exchange, New York First National Bank issued three series of preferred stock for New Jersey National Bank's net assets. Series Senior A (the most senior series), was given to four of New Jersey National Bank's creditors so that the debt could then be retired. The four preferred shareholders are listed as follows: two regional banks, one money center bank, and a non-financial corporation. Senior Series A has a total par value of $20 million, which carries a non-cumulative dividend per the following schedule:

New York First National Bank did not pay dividends in 2010, 2011, or 2013 however, they will start paying dividends annually at the start of 2014 thus, they will pay 20% on the Senior Series A preferred.

The Senior Series A stock may be called at any given time, at par plus dividends cumulated from January 1, 2010. New York First National Bank estimates that it can float a new issue of 10% non-cumulative preferred stock at par, with issuance costs amounting to $1,000,000. The new issue of preferred would be callable at par plus unpaid dividends.

Should New York First National Bank call in the Senior Series A and issue new preferred? (assume that the Senior Series A would be called effective December 31, 2013.)

An individual derives utility from​ games, g (y−​axis), and toy​ airplanes, a​(x−​axis), described by the utility function​ U(g,a) = g^0.6a^0.4. The price per game is​ $20 and the price of toy airplanes is​ $10. Using the slope of the income consumption curve​ (ICC), determine whether games and toy airplanes are normal or inferior goods when income increases from​ $100 to​ $200.

A. Both goods are normal goods with an ICC slope of 4/3.

B. Both goods are inferior goods with an ICC slope of -4/3.

C. Both goods are inferior goods with an ICC slope of -3/4

D. Both goods are normal goods with an ICC slope of 3/4

Identify the distribution and give a symbolic expression for each indicated probability, identifying parameters. Then use Mathematica or Excel to evaluate the indicated probabilities.

1. In a large biochemistry class of 41 chemistry and 81 biology majors, 7 students are selected at random to prepare a presentation. What is the probability that
   1. 2 chem and 5 bio students are selected? (b) At least one chemistry major is selected?
2. Blood tests of winning horses in thoroughbred races disqualify 9% of them for use of illegal medications. What is the likelihood that
   1. No horse is disqualified in this weekend’s 19 races?
   2. The first disqualified winning horse occurs between the 23^rd and 31^st race (inclusive)?
3. During rush hour, cars pass a given point on the parkway at the instantaneous rate of 98 per minute.
   1. What is the probability that at least 430 pass that point in a five-minute period?
4. In a state that requires licenses for Physician Assistants, 39% of applicants pass the licensing exam on the first try. If 2680 students took the exam for the first time the last time it was administered,
   1. What is the likelihood that at most 1000 passed?
5. 6.25% of logins to the Seton Hall website fail. Assuming attempts are independent:
   1. What is the probability that the 10^th failure occurs on the 140^th login?
   2. What is the probability that the 6^th failure has not occurred in the first 100 logins?
6. Individuals who barely survive major disasters, on average, suffer nightmares during sleep every 2.75 hours [during the first month].
   1. Find the probability that someone’s 10^th nightmare occurs within the first 40 hours of sleep.

1. For each of the derivations above, give the mean and standard deviation. Use the formulas from the notes. For Geometric and Negative Binomial, be careful about variations.

During the past year, a company had cash flow to creditors, an operating cash flow, and net capital spending of $30,817, $70,361, and $31,140, respectively. The net working capital at the beginning of the year was $12,526 and it was $14,950 at the end of the year. What was the company's cash flow to stockholders during the year?

Multiple Choice

• $2,424

• $10,828

• $5,980

• $4,234