Business and Management
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Medfin Accounting Company (MAC) Assignment
$2.00Medfin Accounting Company (MAC) specializes in providing accounting and tax services for medical establishment and professionals. Presently, the company’s production method is highly labor-intensive because many of the book keeping tasks are done manually. MAC employs 50 workers (L) paying them each, on average, $50,000 per year. MAC also has 40 computers (K). The company has leased these computers along with their accompanying software packages at $5,000 per year each. Presently the firm provides accounting and tax services to 150 clients.
a. Write the equation for the company’s isocost.
b. At this given mix of inputs ( K = 40, L= 50) the firm’s marginal rate of technical substitution (MPL/MPK) is -6. Is this mix of capital and labor that MAC is using efficient (optimal)? Explain as specifically as you can.
Mike Greenberg Journal Entries
$2.00Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the following transactions were completed.
July 1 Issued 15,385 shares of common stock for $15,385 cash. 1 Purchased used truck for $11,385, paying $2,084 cash and the balance on account. 3 Purchased cleaning supplies for $942 on account. 5 Paid $2,040 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,870 for cleaning services. 18 Paid $1,284 cash on amount owed on truck and $538 on amount owed on cleaning supplies. 20 Paid $2,261 cash for employee salaries. 21 Collected $1,635 cash from customers billed on July 12. 25 Billed customers $2,679 for cleaning services. 31 Paid $386 for maintenance of the truck during month. 31 Declared and paid $650 cash dividend. A. Journalize the July Transactions.
Journalize the July transactions (Solution in Excel)
$15.00P4-8A Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. During July the following transactions were completed. July 1 Issued 12,000 shares of common stock for $12,000 cash. 1 Purchased used truck for $8,000, paying $2,000 cash and the balance on account. 3 Purchased cleaning supplies for $900 on account. 5 Paid $1,800 cash on 1-year insurance policy effective July 1. 12 Billed customers $3,700 for cleaning services. 18 Paid $1,000 cash on amount owed on truck and $500 on amount owed on cleaning supplies. 20 Paid $2,000 cash for employee salaries. 21 Collected $1,600 cash from customers billed on July 12. 25 Billed customers $2,500 for cleaning services. 31 Paid $290 for maintenance of the truck during month. 31 Declared and paid $600 cash dividend. The chart of accounts for Pro Window Washing contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation— Equipment, Accounts Payable, Salaries and Wages Payable, Common Stock, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense. Instructions (a) Journalize the July transactions. (b) Post to the ledger accounts. (Use T accounts.) (c) Prepare a trial balance at July 31. (d) Journalize the following adjustments. (1) Services provided but unbilled and uncollected at July 31 were $1,700. (2) Depreciation on equipment for the month was $180. (3) One-twelfth of the insurance expired. 1,800 /12 150 (4) An inventory count shows $320 of cleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $400. 179 (e) Post adjusting entries to the T accounts. (f ) Prepare an adjusted trial balance. (f) Cash $5,410 (g) Prepare the income statement and a retained earnings statement for July and a classified balance sheet at July 31. (g) Tot. assets $21,500 (h) Journalize and post closing entries and complete the closing process. (i) Prepare a post-closing trial balance at July 31. f) Cash $5,410 (g) Tot. assets $21,500 Kristin’s Maids Cleaning Service Case
$5.00Kristin’s Maids Cleaning Service Case
Kristin Malone opened Kristin’s Maids Cleaning Service on July 1, 2015. During July, the company completed the following transactions.
July 1
Stockholders invested $19,200 cash in the business in exchange for common stock.
1
Purchased a used truck for $10,700, paying $2,900 cash and the balance on account.
3
Purchased cleaning supplies for $860 on account.
5
Paid $1,920 on a 1-year insurance policy, effective July 1.
12
Billed customers $3,600 for cleaning services.
18
Paid $1,100 of amount owed on truck, and $200 of amount owed on cleaning supplies.
20
Paid $1,600 for employee salaries.
21
Collected $1,500 from customers billed on July 12.
25
Billed customers $1,700 for cleaning services.
31
Paid gasoline for the month on the truck, $320.
31Declared and paid a $720 cash dividend.
Give the follow Chart of Accounts and transactions…
$5.00Give the follow Chart of Accounts and transactions, prepare the general journal entries in the space provided below.
100 Cash
120 Accounts Receivable
130 Notes Receivable
140 Lawn Equipment
200 Accounts Payable
210 Notes Payable
220 Unearned Lawn Service Revenue
300 Capital, Art
400 Lawn Service Revenue
410 Interest Expense
420 Rent Expense1/1/A Art invested $15,000 in his business to provide Lawn Care Services creating a business checking account.
1/1 A Art purchased lawn care equipment for $8500, paying $4,00 cash and signing a one-year note to the bank for the remaining $4,500 to be paid in monthly installments.
1/1 /A Rented a storage are to store equipment, paying the monthly amount of $125.
1/12/A Art provided lawn care services to the local apartment complex, earning $22,150 and received cash for that amount.
1/15/A Art signed a contract for providing lawn care services to the local school district. He received a $1,000 check for providing the next 2 months of lawn service.
1/31/A Art paid the first payment on the note ($38.00 interest plus $375.00 principle repayment)For several years Arban, Inc…
$2.00For several years Arban, Inc., has followed a policy of paying a cash dividend of $0.47 per share and having a 5% stock dividend. In the 2011 annual report, Arban reported restated earnings per share for 2009 of $0.93. Required: (a) Calculate the originally reported earnings per share for 2009. (Do not round intermediate calculations and round your final answer to 2 decimal places. Omit the “$” sign in your response.) Earnings per share for 2009 $ (b) Calculate the restated cash dividend per share for 2009 reported in the 2011 annual report for comparative purposes. (Do not round intermediate calculations and round your final answer to 2 decimal places. Omit the “$” sign in your response.) Dividend per share for 2011 $ M3-19 Preparing an Income Statement [LO 3-1]
$2.00The following transactions are February 2013 activities of Swing Hard Incorporated, which offers golfing lessons in the northeastern United States.
a. Swing Hard collected $22,800 from customers for lesson services provided in February.
b. Swing Hard sold a gift card for golf lessons for $185 cash in February.
c. Swing Hard received $4,800 from credit sales made to customers in January.
d. Swing Hard collected $3,300 in advance payments for golf lessons to start in June.
e. Swing Hard billed a customer $210 for services provided between February 25 thru February 28. The bill is to be paid in March.
f. Swing Hard paid $6,600 for wages to its golf instructors for the month of February.
g. Swing Hard paid $3,400 for electricity used in the month of January.
h. Swing Hard received an electricity bill for $1,210 for the month of February, to be paid in March.
Prepare an income statement for Swing Hard Incorporated for the month ended February 28, 2013. (This income statement would be considered �preliminary� because it uses unadjusted balances.)
Consider the local telephone company…
$2.00
Text:
Consider the local telephone company, a natural monopoly. The following graph shows the demand curve for phone services, the company’s marginal revenue curve (labeled MR), its marginal cost curve (labeled MC), and its average total cost curve (labeled ATC). You can hover over the points on the graph to see their exact coordinates. Assume no government regulation. If the natural monopoly provides the profit-maximizing output, it will provide Suppose that the government forces the monopolist to set the price equal to marginal cost. In the short run, under a marginal-cost pricing regulation, the monopolist will provide phone services to at a price of If the government forces the natural monopoly to set its price equal to marginal cost, how will the company react in the long run? Because the firm earns a profit under marginal-cost pricing, it will remain in the industry in the long run. Because the firm suffers an economic loss under marginal-cost pricing, it will exit the industry in the long run. O Because the firm suffers an economic loss under marginal-cost pricing, it will reduce its output to 25,000 households per month in the long run.
Suppose that the government forces the natural monopoly to set its price equal to average cost. Under an average-cost pricing policy, the monopolist would provide phone services to price of I and earn a profit of per month. True or False: Under the average-cost pricing policy, the telephone company has no incentive to cut costs.Draw the average fixed cost, average variable cost, average total cost and marginal cost curve for a physician-firm
$20.001. Draw the average fixed cost, average variable cost, average total cost, and marginal cost curve for a physician-firm. Explain for each curve (4 explanations) why it has the shape that it does.
2. Assume the physician-firm is operating in a perfectly competitive market. Discuss and show graphically the firm’s output and price in the long-run.
