Joel's was a quiet twelve-year old with no history of behavior problems at schools or at home. Joel's spent most of the summer indoors playing aggressive video games and had little or no contact with other students over the summer. The first day of school,Austin called Joe by a geek.Joe punched Austin in the nose and pinned him down in the same fashion that his favorite hero does in his combat war game.Joe kept punching Austin until his nose was bloody and then the principal stopped the fight. use the Freudian psychoanalytic theory to explain Joe's behavior and what Joe did to Austin.

What are the major areas of adjustment required for students who are entering college?
How can these adjustments be made easier?

What advice would you have for first-year students to make their adjustment easier?

What are the most positive aspects of attending college?

Least positive?

What does it mean when college students' thinking progresses from rigidity to flexibility to freely chosen commitments? Do you have personal examples of how this has, or has not, occurred in your life?

This is all apart of one question, in paragraph form write how you feel.

John, Lesa, and Trevor form a limited liability company. John contributes 60 percent of the capital, and Lesa and Trevor each contribute 20 percent. Nothing is decided about how profits will be divided. John assumes that he will be entitled to 60 percent of the profits, in accordance with his contribution. Lesa and Trevor, however, assume that the profits will be divided equally. A dispute over the profits arises, and ultimately a court has to decide the issue. What law will the court apply? In most states, what will result? How could this dispute have been avoided in the first place? Discuss fully.

12. when discussing acceptable audit risk (AAR) and the audit risk model which of the following statements is true

13. When discussing control risk (CR) and the audit risk model, which of the following statements not true?

14.

Inherent risk is often high for an account such as

15. Which of the following statements regarding inherent risk is correct

Mark is also interested in reducing the cost of selling of his Christian Dior shares, Ali suggested that he should use European electronic crossing network to sell some of his shares. He told Mark that these networks are cheap, preserve anonymity and allows for 6 crossing opportunities of trades per day. They also allow participants to place some restrictions such as price and minimum fill. All orders submitted to the network is good for day which is means that any unfulfilled part of an order is automatically resubmitted to subsequent crossing sessions during the day. Following Ali’s advice, Mark has submitted his 150,000 CD shares to be sold in the European crossing network with a minimum fill of 125,000. The following orders are on the network for the shares of CD at the time of the first crossing session of the day. The most recent trading price of CD at the Paris Bourse is € 37.

A order: a market order to buy 100,000 shares

B order: a market order to sell 50,000 shares

C: an order to buy 20,000 shares at € 36

In the next crossing session new orders are submitted. The most recent trading price of CD at the Paris Bourse is € 38.

D order: a market order to buy 150,000 shares

E order: A market order to sell 50,000

1.In the first crossing session discuss what trades would take place on the crossing network and what orders remain unfilled?

2.In the second crossing session discuss what trades would take place on the crossing network and what orders remain unfilled?

Question 3 Kie Co manufactures three types of fitness equipment: treadmills (T), cross trainers (C) and rowing machines (R). The budgeted sales prices and volumes for the next year are as follows: T C R Selling price NS1,600 NS1,800 NS$1,400 Units 420 400 380 The standard cost card for each product is shown below. T C R NS NS NS Material 430 500 360 Labour 220 240 190 Variable overheads 110 120 95 Labour costs are 60% fixed and 40% variable. General fixed overheads excluding any fixed labour costs are expected to be N$55,000 for the next year. Required: 3.1 Calculate the weighted average contribution to sales ratio for Kie Co. (4) 3.2 Calculate the total fixed cost, the breakeven point in sales revenue and the margin of safety in terms of revenue (NS) for Kie Co. (5) 3.3 Using the graph paper provided and assuming that the products are sold in a CONSTANT MIX, draw a multiproduct breakeven chart for Kie Co. Label fully both axes, any lines drawn on the graph and the breakeven point. (6) 3.4 Rank the three products in the order of the most profitable product first and Explain what would happen to the breakeven point if the products were sold in order of the most profitable products first. (5) 3.4 Discuss five assumptions or limitations of Cost-Volume-Profit analysis.

1 In a Socialist economic system own their individual human capital and the government most other non-human factors of production. This type of economic system is based on the basic belief that _________________________ is bad for society.

a economic inequality

b individual freedom

c economic greed

d individual prosperity

2 By its very nature a market economy is based on the presumption that consumers will buy products when they believe the ____________ derived is equal or better than the price required by the seller.

a value

b cost

c utility

d purpose

3 Among the many conclusions asserted by Adam Smith, his assertion about economic prosperity was based on which fundamental principle?

a Understanding the concept of survival of the fittest will lead to prosperity.

b freedom to own land or property was vital to the survival of any economy,

c Determining what motivates people was essential for creating economic prosperity.

d Command economies and structured markets must be in place before we can work toward prosperity.

4 What would be the most accurate rationale to explain the following assertion: People working in their own self-interest, who produce goods and services, create economic gain for all?

a By taking advantage of a vast supply of labor, people working in their own self-interest could hire others at very low wages.

b Entrepreneurs tend to include themselves in a group of people who need charitable support. A portion of the entrepreneur's profit (as required by law) goes to the charity of one's choice to support the less fortunate.

c In order to earn money and produce goods that improve lives, self-directed gain would provide jobs, and subsequently wages for others.

d The government pays entrepreneurs in the U.S. to produce goods, services, and wealth for others.

5 The next wave of marketable innovations will likely involve new ways to produce and conserve energy. If we can turn new technology into marketable products and services that produce energy the U.S. could see a surge in output of goods and services. The Department of Economic Development would document this surge by measuring the ______.

a consumer price index.

b number of workers who are frictionally employed.

c gross domestic product.

d consumer demand.

6 When businesses can promote different features of their products and consumers are willing to pay more for products containing the features they desire, the competitive environment would be characterized as:

a Perfect

b Oligopolistic

c Monopolistic

d Capitalist

7 As a new entrepreneur about on the verge of launching a new business you need to keep in mind you’re your company's profits are of little value if they are not accompanied by:

a a credible business model.

b an increase in customer loyalty.

c positive cash flow.

d a business plan.

8 Managing a new business and having the capacity to effectively evaluate operational performance requires new entrepreneurs be able to evaluate and understand:

a the necessary funding required to launch the business.

b the actions of their competitors.

c information contained within the financial statements.

d the forces of supply and demand in the market.

9 When a new business utilizes a cash-only approach in selling its goods and services as the basis for financing the growth of the business it has opted to use _____________________________ as the primary means of financing the growth of their company.

a Venture Capital

b Guaranteed Loans

c Microloans

d Bootstrapping

Goods that are produced by one firm for use in further processing by another firm is

Select one:

a. Intermediate Goods
b. Natural Goods
c. Disposable Goods
d. All of Above

Goal:
Please answer the questions below. The main goal of this homework is to see if you can calculate the profit maximization point for this small wedding cake business. I hope that you will be able to merge your knowledge of basic accounting and microeconomic theory in order to calculate the profit maximization point, make comments about efficiency, and make logical recommendations to the firm's management to ensure their future success.

Current Situation:
The local wedding cake business was very competitive during 2012. Delicious Deserts was the only wedding cake bakery in the entire county of two million people for several years. They often charged as much as $300 to $500 for each wedding cake. But a new competitor recently came into the market and started selling "discount wedding cakes" for less than $150. The quality and the taste of the discount wedding cakes were acceptable for most of their customers. Both businesses operated in a low-to moderate-income county in California where the average household income was not much higher than $40,000 per year.

The Challenge For Delicious Deserts:
At first the news of a low-cost competitor was terrible news for Delicious Deserts. They had no choice. They had to charge from $300 to $500 per wedding cake to cover their high costs. However, because of this new competition, the husband and wife owners of Delicious Deserts decided to make the business more efficient and lower costs. They invested in better ovens and created better tasting cakes using special ingredients. Their customers went crazy over their new and unique 80 proof Italian Rum Wedding cake that actually got people slightly drunk if they ate more than three slices.

To boost sales during 2012 they hired part-time telemarketers and social media experts. They also increased their advertising in traditional media such as local wedding magazines. They also displayed eye-catching ads in local churches, entertainment centers and jewelry stores.

They also experimented with a new pricing model in which they lowered prices each quarter. Indeed, they found that as they lowered their prices, they sold more cakes. They hired an "A" student who took a microeconomics class with Professor Ed Torres to do an elasticity analysis. The student estimated that the price elasticity for wedding cakes was 1.25 (elastic) and that the income elasticity was 2.10 (a luxury good). The owners of Delicious Deserts were not aware of this information. The student told them that they made a huge pricing strategy error for many years by charging high prices on an elastic good within a low-to moderate-income county.

The profit and loss statement below shows that Delicious Deserts made a Total Revenue of $275,000 and sold 1,375 wedding cakes. During 2012, they made three times (3X) more than they did versus 2011. Of course, because they invested in new ovens, made more cakes, and hired new part-time staff, the cost of doing business also rose. The net profit for 2012 was a slim $32,175. The salary for a professional desert baker averaged $70,000 per year in California.

Please examine the profit and loss statement on the next page, then answer the questions on pages 4 through 6.  

Delicious Deserts, Incorporated
Income Statement For The Year Ending December 31, 2012

Revenues

Gross Sales....................................................................$275,000
Less: Sales Discounts ..................................................$ 2,500
Less: Returns (Cancelled Weddings)...........................$ 2,000
Net Sales...............................................................................................$270,500

Cost of Goods Sold

Beginning Inventory (January 1).................................$ 18,000
Cost Of Ingredients To Bake Cakes............................$109,500
Total Cost of Goods For Sale......................................$127,500
Less: Ending Inventory December 31.........................$ 15,000
Cost of Goods Sold..............................................................................$112,500

Gross Profit.....................................................................................................$158,000

Operating Expenses
Selling Expenses
Sales Commissions........................................$ 31,000
Advertising...................................................$ 16,000
Other Selling Expenses (Internet).................$ 18,000
Total Selling Expenses...............................................$ 65,000

General and Administrative Expenses
Professional & Office Salaries.................................$ 20,500
Utilities....................................................................$ 5,000
Office Supplies........................................................$ 1,500
Bank Interest Paid on Loans....................................$ 3,600
Insurance.................................................................$ 2,500
Rent (Fixed Cost)....................................................$ 17,000
Total General & Administrative Expense.............................$ 50,100
Total Operating Expenses..................................................$115,100

Net Profit Before Taxes..............................................................................$ 42,900
Less: Federal/State/Local Taxes................................................................$ 10,725
NET PROFIT.............................................................................................$ 32,175

   

Question #1:
What was the Total Fixed Cost of running this business?

Free Answer:
The rent was the only fixed cost that Delicious Deserts had. They paid $17,000 per year or $1,416.66 per month for rent. All other expenses were variable costs.

Question #2:
What was the Total Variable Cost of running this business?

Answer: $________________________________________

Clue:
Add up Cost of Goods Sold, Total Operating Expenses (less Rent), Income Tax Expense and include the write-off losses from Sales Discounts & Wedding Cancellations.


Question #3:
Assuming that Delicious Deserts sold 150 cakes during Q1, 300 cakes during Q2, 450 cakes during Q3, and 475 cakes during Q4, what was the Total Revenue during each quarter assuming the prices were: Q1 - $275 per cake, Q2 - $240 per cake, Q3 - $180 per cake and Q4 - $170 per cake?    

Q1 - Total Revenue = $____________________________

Q2 - Total Revenue = $____________________________

Q3 - Total Revenue = $____________________________

Q4 - Total Revenue = $____________________________

The "A" student did a quarterly cost breakdown analysis for Delicious Deserts. A month-to-month analysis would have been better, but the owners just wanted a quick quarterly analysis. Q1 = 150 cakes sold, Q2 = 300 cakes sold, Q3 = 450 cakes sold and Q4 = 475 sold.   

Challenge Question #4:
Hint: Use the instructions on page 7 of the Excel 2016 handout.

Can you plot a nice-looking graph to show how the demand curve, the average total cost, marginal cost, and marginal revenue curves look like? Paste it on this page or attach a separate page to this homework.   

Question #5
What is the MC=MR Profit Maximization point? What quantity should Delicious Deserts be producing at 'and' what price should they be charging to maximize their profits?

Question #6
Why isn't it a good idea for them to produce and sell as many cakes as they can? Is it more profitable to sell less cakes at this current stage of their business?

Question #7
Do you have any other recommendations for Delicious Deserts to increase their revenues, profits, market share, and client retention?

1)what is accounting

2) What is difference between financial accounting and cost accounting

3) What are the parts of financial statement

4) what is the difference between income statement and balance sheet

5 ) sales 100,000 cost of goods sold 50,000 operating exp 10,000 ( compute net income for the company

6) sales return 10,000 sales discount 25,000 net sales 200,000 ( compute the gross sales )

7 ) beginning inventory 10,000 total cost of purchases 200,000 ending inventory 50,000 ( compute cost of goods sold )

8) cost of goods sold 50,000 ending inventory 10,000 total cost purchases 45,000 ( compute cost of beginning inventory )

9) net profit 20,000 operating exp 10,000 cost of goods sold 50,000 ( compute total sales )

10) cost of goods sold 50,000 operating exp 30,000 net profit 20,000 ( compute total sales )

11) cost of raw material used 20,000 direct labor 10,000 Factory over head 20,000 ( compute manufacturing cost - prime cost - conversion cost )

12 ) Manufacturing cost 100,000 cost of work in process beginning 20,000 and cost of work in process ending 30,000 ( cost of goods manufactured )

13 ) what is the difference between cost of goods manufactured and cost of goods sold

14) finished goods beginning 10,000 cost of goods manufactured 50,000 cost of finished goods ending 30,000 ( cost of goods sold )

15 ) cost of goods sold 100,000 cost of goods manufactured 70,000 cost of finished goods ending 20,000 ( cost of finished goods beginning )