• Briefly explain the three types of financial statements used by businesses and explain the balance sheet in more details (200 words)
• For the following corporation ABC, prepare Income statement, Retained Earning statement, and Balance sheet statement from the following information data for the year ended Dec,31, 2018

Service revenue   $51,000
Accounts receivable   $12,000
Accounts payable   $6,000
Building rental expense   $27,000
Notes payable   $15,000
Common stock   $30,000
Retained earnings   ?
Equipment   $48,000
Insurance expense   $3,000
Supplies   $3,600
Supplies expense   $600
Cash   $6,000
Dividends   $1,800

The marginal product of labor is defined as A. the additional output that results when one more worker is​ hired, holding all other resources constant. B. the additional number of workers required to produce one more unit of output. C. the cost of hiring one more worker. D. the additional sales revenue that results when one more worker is hired. In the United​ States, government policies with respect to monopolies and collusion are embodied in A. common​ law, which the United States adopted from English law. B. the U.S. Constitution. C. antitrust laws. D. the Supreme Court.

Case:

Questions: 1. How does the Securities and Exchange Commission assist in preventing fraud? 2. You are a manager in the sales department of a company and you are anticipating a promotion to vice president of sales if your division maintains good performance. You received the sales budget for the company and realized that top management has set revenue targets for your division that are realistically unreachable. What actions would you take to satisfy management’s expectations and still maintain your integrity? Demonstrate through the use/preparation of actual sales budgets. Compare and contrast. Identify management’s goals and your recommendations.

"The A.M.I. Company is considering installing a new process machine for the firm's manufacturing facility. The machine costs $519,000 installed, will generate additional revenue of $83,000 per year, and will save $52,000 per year in labor and material costs. The machine will be financed by a $203,000 bank loan repayable in three equal annual installments with a 4% interest rate. The machine will be depreciated using seven-year MACRS. The useful life of the machine is 10 years when the machine will be sold for $24,000. The marginal tax rate is 30%. Compute the IRR of the investment. Enter your answer as a percentage between 0 and 100."

When the government of Tradeland decides to impose arn import quota on foreign cars, three proposals are sug gested: (1) Sell the import licences in an auction. (2) Distribute the licences randomly in a lottery. (3) Let peo- ple wait in line and distribute the licences on a first- come, first-served basis. Compare the effects of these policies. Which policy do you think has the largest deadweight losses? Which policy has the smallest deadweight losses? Why? (Hint: the government's other ways of raising tax revenue themselves all cause dead- weight losses.)

What would the amount of cash flows be?

Many employees do not like having a position dealing with numbers. However, the video this week is a good illustration of the connection between numbers (dollars!) and the relationship between a small business and the town in which it resides. Marty Doepke states that Pop's is the largest source of tax revenue for the very small town of Arcadia, Oklahoma. Speak on the importance of the accounting and finance functions of business. Be creative in your responses, but address the importance of having managers who appreciate this function, even if they are not strictly accounting/finance types. Tie your answer back to at least one principle you learned from this week's readings.

The following information is for X Company's two products, A and B: Product A Product B Revenue $93,000 $90,000 Total contribution margin 39,990 41,400 Total fixed costs 25,750 57,620 Profit $14,240 $-16,220 $13,648 of Product A's fixed costs are avoidable; $29,962 of Product B's fixed costs are avoidable. X Company plans to drop Product B since it shows a loss and increase sales of Product A by $34,800. Accompanying the sales increase will be a fixed cost increase of $5,000. If X Company drops Product B and increases Product A sales, what will be the effect on firm profits?

ASC 606 in practice. Please find a company who has either already adopted ASC 606 or who has provided significant disclosures about the impending impact of ASC 606 AND for which the adoption of ASC 606 has or will significantly alter revenue recognition. My company is General dynamics Company .Your job is to discuss the changes and what the underlying codification was under ASC 605 vs. ASC 606. This may require you to research ASC 605 guidance, SEC Topic 13 and any legacy accounting guidance from EY or the other Big 4.