...(ACCT - 301 Essentials of Accounting) January 09, 2008 Chapter (1) E1-3, E1-13, P1-3A E1-3 The Mill Run Golf & Country Club details the following accounts in its financial statements. a) (b) Accounts payable and accrued liabilities L O Accounts receivable A O Property, plant, and equipment A I Food and beverage operations revenue R O Golf course operations revenue R O Inventory E I Long-term debt L F Office and general expense E I Professional fees expense E I Wages and benefits expense E I Instructions a) Classify each of the above accounts as an asset (A), liability (L), stockholders’ equity (SE), revenue (R), or expense (E) item. b) Classify each of the above accounts as a financing activity (F), investing activity (I), or operating activity (O). If you believe a particular account doesn’t fit in any of these activities, explain why. E1-13 John Paul is the bookkeeper for Gabelli Company. John has been trying to get the balance sheet of Gabelli Company to balance. It finally balanced, but now he’s not sure it is correct. GABELLI COMPANY Balance Sheet December 31, 2007 ...
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...paper Week Two Assignment Credit Cards play a large role in the average family’s economic crisis in the United States today. It seems that far too many people cannot budget their monthly expenses and credit cards are filling the gap between expenses and income. My advice to anyone that will listen is to live within your means. Some people are able to bridge this gap responsibly, but this is the exception rather than the rule. Every family needs to sit down and realistically prepare a budget. Define what things the family needs and at the bottom of the list define what things that the family wants. Items we can’t live without, (rent, power, water, insurance, food, and gas). Items we want, (cigarettes, soda pop, Starbucks, movies, and cable television). Calculate the monthly cost of our wants and needs. Once that magic number is agreed on calculate the family’s income. Unfortunately, the family income is usually a much easier number to understand. Whether it is one paycheck or two, the net income is what we have to work with. If the expenses are greater than the income, the credit card is not going to fix the problem; instead it will only enhance the problem exponentially. If you are unable to pay off the credit card each month, the interest rate can add up quickly. Once a person is in this predicament balance transfers to new cards, and credit card checks are the next way to fill the gap. Unfortunately, the...
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...Econ 111 Summer 2007 Midterm Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Production Possibilities Pizza Soda Possibility (per hour) (cases per hour) A 0 100 B 1 95 C 2 80 D 3 60 E 4 35 F 5 0 1) In the above table, the production of 3 pizzas and 80 cases of soda is 1) A) possible only if there is inflation. B) impossible unless more resources become available or technology improves. C) feasible but would involve unemployed or misallocated resources. D) possible only if the economy produces with maximum efficiency. 2) Economic growth can be pictured in a production possibilities frontier diagram by 2) A) shifting the production possibilities frontier outward. B) making the production possibilities frontier less bowed out. C) making the production possibilities frontier more bowed out. D) shifting the production possibilities frontier inward. 3) A person has an absolute advantage in an activity if that person can 3) A) perform that activity at a higher opportunity cost than anyone else. B) perform the activity at a lower opportunity cost than anyone else. C) produce fewer goods in a given amount of time than another person. D) produce more goods in a given amount of time than another person. 4) Comparative advantage is 4) A) the ability to perform an activity at a zero opportunity cost. B) the ability to perform...
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...before Thanksgiving. Despite this, the price of frozen turkeys usually falls in the weeks leading up to Thanksgiving. Explain why using the economics of demand and supply. [3 points] Answer: The merchants predicted the increase in demand during thanksgiving and stock up more frozen turkey supplies beforehand. Therefore, the supply of frozen turkey increases far more than demand, leading to a surplus of frozen turkey. The surplus causes the fall in frozen turkey price in the weeks leading up to Thanksgiving. b) In contrast to frozen turkeys, the price of fresh free-range turkeys normally increases in the weeks leading up to Thanksgiving. Using demand and supply analysis, explain why this might be the case? [3 points] Answer: Unlike frozen turkey, the fresh free-range turkeys cannot be stock up too for long beforehand, otherwise, the quality will be lowered. Compared with the strike increase in demand, there are not enough supplies of fresh free-range turkey. Therefore, the shortage of fresh free-range turkeys leads to the increase in the price of fresh free-range turkey. c) The cross elasticity of demand between the price of fresh turkeys and demand for frozen Turkeys is 0.23. What does this figure tell you about the relationship between the two different types of turkey? [2 points] Answer: this figure shows these two demands are cross-inelastic. In other words, the change in price of fresh turkey will not largely impact on the demand for frozen Turkey. In relate to...
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...Why is corporate finance important to all managers? Answer: Corporate finance is important to all managers because it helps managers decide how to finance an organization . It teaches managers how fix financial problems, evaluate proposals, and determine which projects are financially beneficial to a company and its investors. b. Describe the organizational forms a company might have as it evolves from a start-up to a major corporation. List the advantages and disadvantages of each form. Answer: A company may start off as a proprietorship, than advance to a partnership before forming a corporation below are some advantage and disadvantages of each form: 1. Proprietorship: This type of organization is individually owned and has the following advantage; it is easy and inexpensive to form, its income is not subjected to corporate taxes and it is subjected to few government regulation. Some disadvantages for proprietorship are the owner has unlimited personal liability for the business debts, it is usually difficult for proprietors to obtain capital for growth and the life of the business is limited to the life of its founder. 2. Partnership: This type of organization is formed when two or more individuals or entities come together to conduct a non-corporate business for profit. Partnerships have the same advantages as proprietorships i.e. they are easy and inexpensive to form, income is not subjected to corporate taxes and they are subjected...
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...Planning to Become a One-Income Family Deciding What's Best for Your Family First, evaluate the work-related expenses. If one person is staying home, will this mean that less money will be spent on eating out for lunch, gas to and from the office, day care, or travel? The answers will be different for each family and sometimes the answers may surprise you. Next, determine what new expenses will occur. If you are thinking about going back to school, how much will tuition and books cost? How much will medical expenses be with the birth of a baby? Along those same lines, how much to children actually cost? On the other hand, if you are starting your own business, think about what you will need to get started. Will you need a new workspace? Where will you get insurance? How much start-up money will you need? Using these new figures, think about how much one income will bring in, how much you will save in spending, and...
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...youtube.com/watch?v=kl39KHS07Xc Dr. Martin Luther King was one of first to support a universal basic income because he believed it could eliminate poverty as a whole. Dr. King wanted to deal with poverty at the root by providing everyone with a certain amount of money to put them above poverty instead of attempting to fix each issue the poor face, such as education, health, and housing. In the video, they discuss the benefits of having a guaranteed income and how it can end poverty as Dr. King believed it would. They show studies of how we might spend the money and if it would go to waste on drugs and alcohol, and it was confirmed that it would not. Most people granted the money instead went on to improve their lives by going back to school or take time off to find a better job....
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...MBA9004 Indicative solutions to Sample Exam paper 1 Q1 General Machinery Important note: These are INDICATIVE answers only. They are written in bullet point form but in answering any similar examination question, you would need to argue your case clearly, showing • What are the key issues; Your evidence for identifying these as issues; Your reasons as to why the issue is important; Recommendations for improvement After a decline, the company’s profitability (ROI, ROCE, Operating margin) has improved recently. However, the gross margin has dropped for five consecutive years, suggesting that selling prices are not being increased to pass on purchase (or production) cost increases. This deteriorating margin is a significant risk for the company as profits have only been increased by the large reduction in overhead as a percentage of sales in 2009. If margins continue to erode and if overheads as a percentage of sales cannot be continually cut, profits may be at serious risk. The company needs to continue to increase sales growth, fix its gross margins and continue to manage overheads. Working capital has been at extremely high levels but has fallen to close to 2:1, an improvement, but with an acid test greater than 1, is probably still too high. This is demonstrated by the relatively high days’ sales outstanding (60 against 30 day terms), which even though it has improved is still too high. Inventory represents the biggest concern to working capital as at 3.3...
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...they get part of their income after their retirement, so this benefit prevents them from working after a certain age. The seniors who actually benefit from social security used to pay it from each check that they got in their past labor life. However, the actual situation of social security is partly different from years ago; there is not enough labor force to pay for this benefit, which means that social security, is paying more in benefits than getting revenue to support future beneficiaries. As a result, most of our seniors have to work harder than they were younger to try to live a life away from debts. Nevertheless, there are ways to reduce this debt by informing its...
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...ASSESSMENT 1: STRUCTURED ACTIVITES Activity 1 Objective To provide you with an opportunity to identify and interpret the range of financial information and reports required for the organization to monitor business performance. Activity Answer the following questions, giving as much detail/explanation as you can to support your answer: (a.) What reports are used at your company to monitor business performance? At the restaurant where I work at, a few different types of reports are used to monitor the business performance such as: account summaries and balances, balance sheets, bank statements, banking summaries and business activity statements. (b.) What are they used for? Financial reports are used to keep track of the business operation. These reports are produced to reflect the business's earnings and spending within the given fiscal year. (c.) What do they reveal about the condition of the business? The reports reveal the impacts the financial information may have on operational activities in the restaurant. Activity 2 Objective To provide you with an opportunity to interpret financial information and reports applicable to operational or departmental activities. Activity Name five types of information, such as a bank statement or balance sheet that you may have to interpret at work. 1. Profit and loss statements 2. Invoices 3. Bank Statements 4. Balance sheets 5. Business activity statements What kind of information can you gain from each document...
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...Homework 5: Oracle Crystall Ball MIS 6543 Business Analytics Fall 2013 Arkansas State University Instructor: Dr. Ahmad Syamil Due date: 8:00 PM, Wednesday, December 11, 2013. Name your homework files using your name and location, and then put them on Blackboard>MIS6543> Course Tools>Journals>Digital drop box>Create Journal Entry>Write an appropriate title and message including whether you are an online or face-to-face student> Attach file. Inform me by email after you submit your file. Of course you can submit your homework earlier. If you are an ASU Jonesboro face-to-face student, you must also submit the complete hard copy of your work under my office door (BU 406) by the due time. Do not submit the hard copy of the answer to each problem oneby-one. You can get Oracle Crystal Ball simulation software for chapter 13 from http://www.oracle.com/crystalball/index.html or http://www.oracle.com/technetwork/middleware/crystalball/downloads/index.html ?ssSourceSiteId=ocomen If you never register on the Oracle website, Oracle will ask you to register before downloading Oracle Crystal Ball (CB). Furthermore, you can only use the CB trial version for 2 weeks. Therefore, you should start working on this assignment no sooner than 2 weeks before the day you plan to submit this assignment. Using an older version of CB is also acceptable. Use Google. If you use one version for 2 weeks, you may be able to install another version for another 2 weeks. Consequently, you can use CB for 4 weeks....
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...My position on wealth inequality is similar to Brandon King's in the sense that I do not believe raising taxes on the upper-class is the solution, since by raising taxes on the rich results in them being less likely to spend money and, therefore, cannot help the economy. King asserts this notion by stating, "money that goes to businesses helps drive the economy, and raising taxes on the rich would be counterproductive." More importantly, I agree with King's sentiment that the upper class should not be scrutinized for their well being, but instead aided in further growth in order to fix the economy. Assisting the upper class by giving them more assistance in their business has the potential to further stimulate the economy and it's growth, as...
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...quotas, rather than tariffs. Under a quota, foreign goods come into the home country without tariffs, but the quantity allowed to enter is limited. Redraw Application Figure 2, which is in this chapter's Application The Case for Free Trade (in the section Competition and Welfare). Use your diagram to answer the following questions. a. If a government sets a quota to restrict total imports to q3 − q2 units—what they would have been under the tariff—what impact would this have on the product price for home-country consumers and producers? Explain. b. Under a quota system, the government issues import licenses giving the holder the right to import one unit of the good. How much revenue can the government earn if it sells all q3 − q2 licenses to the highest bidder? Illustrate your answer on your diagram. c. What impact does this quota system have on home-country welfare? Who gains, who loses, and by how much? Illustrate your answer on your diagram. d. Which is a better way to restrict free trade—quotas or tariffs? Is the welfare loss under this quota system larger or smaller than the loss under a tariff with identical effects on import volume? Explain your answer. Answer: a. The supply curve shifts out, horizontally, by the amount of the quota, to Sdomestic + quota. This has no impact on price, compared to the tariff. The price remains[pic]with the quota. [pic] b. We know foreign firms' average costs of production are p*, so, if the licenses are free...
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...Discrimination Still Alive Rio Hondo College Ethics and Morality Philosophy 120 Joe Rasmussen Discrimination Still Alive Discrimination is the differential treat of others based on the group they are associated with(). Unjust discrimination occurs when we allow negative stereotypes or feeling be the source of our choices for treatment, housing, income, and education. Though many things have changed since Martin Luther King and Malcolm X, discrimination is still a very real problem today. Continuing racial segregation is still occurring with African Americans and now with the occurrence of 9/11 come a more harsh discrimination of Arab Americans. Racism continues to be a current problem in the modern world but even sadder is the fact that society seem to be oblivious to just how serious racism is and its effects on those it hampers. In America there are a lot of different ethnicities, even though we are the same humans America people point out or even just in general conversations people use racial remarks. In this country, at this time Arabs are the most discriminated against due to 9/11. A person can’t judge every person who has a turban on their head, Even Indians wear them but for different reasons and their totally different from a person who Americans think they are. I myself am guilty of this because I automatically think of the 9/11 Twin Towers and think what if they blow me up. The second most ethnicity I think are very discriminated against is Hispanics...
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...subscription Chegg Tutors subscription Return books Track books Sell books Help Sign out SubmitClose Home HomeBooks STUDY Textbook SolutionsQ&ATutors NEW CAREER CENTER CareersInternships CollegesScholarships home / study / business / economics / questions and answers / the demand in japan for gasoline is inelastic and ... Question The demand in Japan for gasoline is inelastic and therefore not very sensitive to market prices. Given that, describe the effect of each of the following on the quantity demanded or the demand for gasoline in Japan. Indicate whether the effect of each is an upward or downward movement along a given demand curve or instead involves an outward or inward shift in the demand curve for gasoline. Explain your answers. a. A sharp increase in the average price of gasoline in Japan.b. A sharp rise in the price of automobiles in Japan.c. A fall in the price of public transportation in Japan.d. A fall in the price of electic powered cars in Japan. Comment Comments Expert Answer Suresh Reddy Suresh Reddy answered this 1 hour later Was this answer helpful? 1 0 2,447 answers Suresh Reddy 2,447 answers Top Subjects: Operations Management, Finance, Computer Science Solution : The price elasticity of demand is defined as the percentage change in quantity demanded divided by...
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