User | Alonzo Doby | Course | Spring2014-ECO2023-Princ Economics II-397328 | Test | Chapter 4 Quiz | Started | 2/12/14 10:49 PM | Submitted | 2/12/14 11:24 PM | Due Date | 2/19/14 11:59 PM | Status | Completed | Attempt Score | 6 out of 20 points | Time Elapsed | 34 minutes out of 40 minutes. | Instructions | | * Question 1 0 out of 2 points | | | Examine the graph below. If the equilibrium price is P1, then producer surplus | | | | | Selected Answer: | can be determined by the area of the triangle acP1. | | | | | * Question 2 2 out of 2 points | | | Examine the graph below. Consumer surplus is | | | | | Selected Answer: | defined by the area of the triangle
Answer a. employee actions; customers and creditors b. employee actions; customers, vendors, and regulators c. management actions; all corporate constituents d. employee actions; all corporate constituents On its 2010 balance sheet, Barngrover Books showed $510 million of retained earnings, and exactly that same amount was shown the following year. Assuming that no earnings restatements were issued, which of the following statements is CORRECT? Answer a. If the company lost money in 2010, they must have paid dividends. b.
The price for the barrels averaged at a high of $105 in the first week of May and the price of a gallon in Houston was at a decreasing $3.74 from $3.89 about three weeks ago. The test of economics relating to the cost of resources versus the product isn’t sufficient because even at the highest peak in a month for crude oil, prices were still falling per gallon which leads to the other factor, the number of sellers/ suppliers. Every under construction site lately has been the input of a new gas station. This supports the slow falling price as the market widens with new competition. In the Cypress/Katy area there have been over ten new stations
5. Question: (TCO 9) It costs Lannon Fields $14 of variable costs and $6 of allocated fixed costs to produce an industrial trash can that sells for $30. A buyer in Mexico offers to purchase 2,000 units at $18 each. Lannon has excess capacity and can handle the additional production. What effect will acceptance of the offer have on net income?
If you choose 40 random employees from the corporation, the standard error would equal 6/Square root of 40 = .95 days. The 12 days in this department corresponds to (12-8.2)/.95 = 4 standard errors above the corporation average of 8.2. This is much higher than two or three standard errors, and it appears to be beyond chance variation. Chapter 9 Exercise 3 The p- value tells you how likely it would be to get results at least as extreme as this if there was no difference in the taste and only chance variation was operating. In this problem, p-value of 0.02 means that, if there is no difference in taste, then there is only 2% chance that 70% or more people would declare one drink better than the
Calculate the amount of employee taxes withheld and prepare the company's journal entry to accrue the January salaries expense and withholding of January taxes. Answer: Salaries Expense | 8,000 | | FICA–Social Security Taxes Payable ($8,000 x .062) | | 496 | FICA–Medicare Taxes Payable ($8,000 x .0145) | | 116 | Employees' Federal Income Taxes Payable ($8,000 x .15) | | 1,200 | Accrued Payroll Payable | | 6,188 | 11. On December 1, 2007 Gates Company borrowed $45,000 cash from FirstBank on a 90-day, 9% note payable. a. Prepare Gate's general journal entry to record the issuance of the note payable.
There is an average of 1,395,000 tax returns filed in Iowa every year (Average Refund by State). Of those, approximately 81% receive a refund with refunds averaging at $2543.51. If I limit myself to the 50401 area code, for the sake of conservative numbers, there is a population of 29837 (Free 50401 ZIP Code Map). Based on the number of competitors in the area, first calculate 81% of the populate who will receive refunds, then estimate 7% of those filing returns will use Business’ services. This equates to about 1700 people.
Restatement of Financial Results ACC/537 This paper reviews the restatement of financial results of Kodiak Energy, Inc. for the fiscal quarter ended September 30, 2007 and the year ended December 1, 2007. The company was forced to issue a restatement because of financial accounting errors in measurement and in the application of Generally Accepted Accounting Principles in the September 2007 acquisition of the Thunder River assets. On the original financial statement, Kodiak Energy reported issuing seven million common stocks of its company in order to acquire assets owned by Thunder River Energy. In their 10-k and 10-Q statements, Kodiak Energy reported a value of $2 per share at the time of the transaction. However, an investigation by the Securities and Exchange Commission (SEC) revealed
Know how political, legal and social factors impact on business The sales of goods act gives consumers rights to compensation if a product they buy is not fit for purpose, but as described or not a good enough quality for example Aldi have alleged Tesco that they have misled customers in its in store campaign by failing to compare like with like. For example ‘’Tesco’s non vintage claret 4euro was contrasted with Aldi’s vintage claret at 4.99. Aldi sued the supermarket giant alleged trademark infringement but the case has settled ahead of the 8 day hearing scheduled for next week. Tesco have agreed to pay Aldi 150 thousand euro damaged and has been given undertakings not to engage in misleading comparative advertising having regard to a whole host of criteria such as the quality, nature and origin of a product.’’ How is Tesco affected by the government changes? Government creates the rules and frameworks in which businesses are able to compete against east other.
PEST ANALYSIS POLITICAL Analysis • Transparency International's Corruption Perception Index (CPI): 94th out of 176 nations, score of 36 out of 100 on a scale from 0 (highly corrupt) to 100 (very clean) • Political instability: factions, criminal cases against leaders, corruption • Government stipulation for foreign single-brand retailers: source 30% of what they sell from SMEs. Ikea requested for moratorium on this, government agreed to 7 years a 10-year • Frequent strikes, protests and bandhs (complete or partial shutdown of cities), often instigated for political reasons – Often in response to some change introduced or proposed by the ruling party – If it’s a union or organization strike / protest, opposition party will support it in order to bolster its vote banks – Examples of reasons for strikes / protests / shutdowns: • Increase in LPG or petrol prices, or even onion and potato prices • Allowing foreign supermarket chains to enter • Not raising public transport tariff (autos and taxis) • Death of a political leader • Release of a controversial movie • Regulation changed to allow 100% FDI for single-brand retailers. However, states free to allow or bar retail FDI – Key cities and states for Ikea: • • • • Mumbai (Maharashtra) New Delhi (Delhi - Designated National Capital Territory) Chennai (Tamil Nadu) Bangalore (Karnataka) – Two strong parties in most states; one is more liberal and supports progressive reforms, the other supports the masses and blue-collared workers. For e.g., • Mumbai: Congress-NCP v/s BJP-Shiv Sena • Chennai: AIADMK v/s DMK – State policies keep changing according to who’s ruling and what alliances have been formed between which political parties Hurdle & Solution - Ruling and opposition political parties have different stands on FDI - If opposition comes to power,