Consider the market for purple potatoes below and assume that a price ceiling of $30 is imposed by the government. Calculate the deadweight loss:

Answer:

$5000

Explanation:

On May 10, 2020, Marin Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the full contract price of $2,060 on July 15, 2020. The cost of the goods is $1,350. Marin delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Marin related to this contract. Either party may terminate the contract without compensation until one of the parties performs

A popular application of the__________, which is a major business-to-business (B2B) e-commerce model, is e-procurement.

Jillian Diaz receives a regular salary of $1,500 a month and is entitled to overtime pay at the rate of one and one-half times the regular hourly rate for any time worked in excess of 40 hours per week. Diaz's overtime pay rate is a.$6.92. b.$1,800. c.$12.98. d.$276.92.

__________aggregate customers' opinions related to products or services that they have purchased and then suggest them to others with the same interest.

Jolene, a sales representative, was worried about her work-related productivity so she made a series of entries in her records to show that she had more sales than she actually did. This is known as _____.
a. defalcation.
b. fraudulent concealment.
c. false entries.
d. forgery.
e. pretexting.

Suppose that the inflation rate is 2% and the real terminal value of an investment is expected to be $82,500 in 4 years. Calculate the nominal terminal value of the investment at the end of year 4.

You own a stock portfolio invested 30 percent in Stock Q, 14 percent in Stock R, 40 percent in Stock S, and 16 percent in Stock T. The betas for these four stocks are .99, 1.05, 1.45, and 1.90, respectively. What is the portfolio beta

W, Inc. plans to have the same inventories at year end as was in the beginning of the year. The expected total fixed costs for the year are $288000, and the estimated variable costs per unit are $14. The planned number of units to be sold during the year is 60000, and the average unit selling price is $20. The maximum sales level within the relevant range are 70000. Requirements: NOTE: (SHOW ALL WORK) 1. What is the contribution margin ratio

In preparing a company's statement of cash flows for the most recent year using the indirect method, the following information is available:
Net income for the year was $58,000
Accounts payable increased by $18,600
Accounts receivable decreased by $25,600
Inventories increased by $6,200
Depreciation expense was $31,800
Net cash provided by operating activities was:_________.

g The declaration, record, and payment dates in connection with a cash dividend of $59,400 on a corporation's common stock are July 9, August 31, and October 1. Journalize the entries required on each date.

In a sandwich shop, 3 workers are able to make 45 sandwiches in an hour during the lunch rush. When a 4th worker is added, the team is able to make 57 sandwiches. Calculate the marginal product of adding the 4th worker.

A company borrowed $19,000 by signing a 180-day promissory note at 10%. The maturity value of the note is: (Use 360 days a year.)

Francisco buys five million sheets of paper from a vendor for his printing firm. He is satisfied with the product, and he orders the same quantity from the same vendor every week. This is most likely an example of a(n) ______.

What is the impact on cash flow from operations in the current year based on the change in operating assets and liabilities listed below
2 Balance sheets
Prior Year Current Year
4
5 Accounts receivable 1,725 1,825
6 Inventories 1,535 1,785
7 Accounts payable 1,325 1,475
a. -200
b. 0
c. -150
d. 200

The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers.
Record on page 10 of the journal
Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,300.
3 Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000.
4 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200.
5 Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $19,400.
12 Received check for amount due from Equinox Co. for sale on March 2.
14 Sold merchandise to customers who used American Express cards, $13,700. The cost of the goods sold was $8,350.
16 Sold merchandise on account to Targhee Co., $27,500, terms FOB shipping point, 1/10, n/30. The cost of the goods sold was $16,000.
18 Issued credit memo for $4,800 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $2,900.
Record on page 11 of the journal
Mar. 19 Sold merchandise on account to Vista Co., $8,250, terms FOB shipping point, 2/10, n/30. Added $75 to the invoice for prepaid freight. The cost of the goods sold was $5,000.
26 Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18.
28 Received check for amount due from Vista Co. for sale of March 19.
31 Received check for amount due from Empire Co. for sale of March 4.
31 Paid Fleetwood Delivery Service $5,600 for merchandise delivered during March to customers under shipping terms of FOB destination.
Apr. 3 Paid City Bank $940 for service fees for handling MasterCard and American Express sales during March.
15 Paid $6,544 to state sales tax division for taxes owed on sales.
Journalize the entries to record the transactions of Amsterdam Supply Co. Refer to the Chart of Accounts for exact wording of account titles.
Chart of Accounts
CHART OF ACCOUNTS
Amsterdam Supply Co.
General Ledger
ASSETS
110 Cash
121 Accounts Receivable-Empire Co.
122 Accounts Receivable-Equinox Co.
123 Accounts Receivable-Targhee Co.
124 Accounts Receivable-Vista Co.
125 Notes Receivable
130 Inventory
131 Estimated Returns Inventory
140 Office Supplies
141 Store Supplies
142 Prepaid Insurance
180 Land
192 Store Equipment
193 Accumulated Depreciation-Store Equipment
194 Office Equipment
195 Accumulated Depreciation-Office Equipment
LIABILITIES
210 Accounts Payable
216 Salaries Payable
218 Sales Tax Payable
219 Customer Refunds Payable
221 Notes Payable
EQUITY
310 Common Stock
311 Retained Earnings
312 Dividends
313 Income Summary
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Goods Sold
521 Delivery Expense
522 Advertising Expense
524 Depreciation Expense-Store Equipment
525 Depreciation Expense-Office Equipment
526 Salaries Expense
531 Rent Expense
533 Insurance Expense
534 Store Supplies Expense
535 Office Supplies Expense
536 Credit Card Expense
539 Miscellaneous Expense
710 Interest Expense
Journal
Shaded cells have feedback.
Journalize the entries to record the transactions of Amsterdam Supply Co. Refer to the Chart of Accounts for exact wording of account titles.
How does grading work?
PAGE 10
JOURNAL
ACCOUNTING EQUATION

Barnes Books allows for possible bad debts. On May 7, Barnes writes off a customer account of $10,600. On September 9, the customer unexpectedly pays the $10,600 balance. Record the cash collection on September 9

Howard Inc. had prepaid rent of $79,000 and $88,000 at the end of Year 1 and Year 2, respectively. During Year 2, Howard recorded $244,000 in rent expense in its income statement. Cash outflows for rent in Year 2 were:

In the following MRP planning schedule for Item J, indicate the correct net requirements, planned order receipts, and planned order releases to meet the gross requirements. Lead time is one week.

WEEK NUMBER

ITEM J 0 1 2 3 4 5
Gross requirements 67 43 63
On-hand 46
Net requirements
Planned order receipt
Planned order release

When a firm uses the LIFO inventory cost flow assumption: ____________
a) ending inventory will be greater than if FIFO were used.
b) cost of goods sold will be the same as if FIFO were used.
c) net income will be greater than if FIFO were used.
d) better matching of revenue and expense is achieved than under FIFO.

The efficiency gains resulting from a just-in-time inventory management system will allow a firm to reduce its level of inventories permanently by $333,000. What is the most the firm should be willing to pay for installing the system

g For a closed economy, when net capital outflow is measured along the horizontal axis and the real interest rate is measured along the vertical axis, net capital outflow is drawn as a: Group of answer choices line that slopes up and to the right. horizontal line at the world real interest rate. line that slopes down and to the right. vertical line at 0.

On December 31, the company estimates future sales refunds to be $900. As of that date, the company has an unadjusted debit balance in Accounts Receivable of $25,000 and an unadjusted credit balance of $300 in Sales Refunds Payable.

Requried:
Write down the necessary adjusting entry.

The following is TRUE about Inventory: A. Firms increase inventory because more inventory means more movement of materials B. Firms increase inventory because there is a risk of interruptions in the flow of production due to unreliable or highly variable process outcomes C. Firms increase inventory because more inventory sitting for longer periods of time present more opportunities for damage, errors, rework, theft, and obsolescence D. Firms increase inventory because there is an opportunity cost to holding inventory E. Firms increase inventory because the more we spend on inventory, the more we need to spend on other inventory-related expenditures

Poorer developing countries which often produce and export primary commodities tend to face unfair _____________________ in relationship to rich countries that produce manufactured (capital) goods. Question 15 options:

Suppose that $1 lottery tickets have the following probabilities and values: 1 in 5 to win a free ticket (worth $1), 1 in 100 to win $5, 1 in 100,000 to win $1000, and 1 in 10 million to win $1 million. What is the expected value of a lottery ticket to the consumer

Alliances are often used to pursue business-level goals, but they may be managed at the corporate level. Explain why this portfolio approach to alliance management would make sense.

What percentage of authorized shares was issued by Coca-Cola at December 31, 2015, and by PepsiCo at December 26, 2015

Cross-training occurs: Group of answer choices when employers need to enhance the effectiveness of training by reducing employees' job duties. when e-learning is used as the primary mode for delivering the content of a training program. when the training takes place outside the employing organization. when people are trained to do more than one job.

Brett wants to sell throw blankets for the holiday season at a local flea market. Brett purchases the throws for $15 and sells them to his customers for $35. The rental space is fixed fee of $1,800 for the season. Assume there is no leftover value for unsold units. If he orders 220 and demand is 160, what is the payoff

Jake lives in Detroit and runs a business that sells boats. In an average year, he receives $722,000 from selling boats. Of this sales revenue, he must pay the manufacturer a wholesale cost of $422,000; he also pays wages and utility bills totaling $268,000. He owns his showroom; if he chooses to rent it out, he will receive $2,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Jake does not operate this boat business, he can work as a paralegal, receive an annual salary of $21,000 with no additional monetary costs, and rent out his showroom at the $2,000 per year rate. No other costs are incurred in running this boat business.
Identify each of Felix’s costs in the following table as either an implicit cost or an explicit cost of selling guitars.
Implicit Cost Explicit Cost
The wholesale cost for the guitars that Felix pays the manufacturer
The rental income Felix could receive if he chose to rent out his showroom
The salary Felix could earn if he worked as a paralegal
The wages and utility bills that Felix pays
Complete the following table by determining Felix’s accounting and economic profit of his guitar business. Profit (Dollars)Accounting Profit Economic Profit