The Treaty of Maastricht and the Treaty of Lisbon were indications of __________ within the European Union (EU).
a. a shift toward common external policies.
b. greater political union.
c. increased sovereignty for member countries.
d. a harmonized trade system.
e. less economic structure.

Answers

Answer 1

Answer:

Option B

Explanation:

In simple words, The Lisbon Treaty, often known as the Treaty of Lisbon, revised European Union laws by providing a more centralized administration as well as foreign relations, a suitable mechanism for nations wishing to exit the Community, and a simplified method for implementing new legislation.

Thus, from the above we can conclude that the correct option is B.

Answer 2

The Treaty of Maastricht and the Treaty of Lisbon were indications of within the European Union (EU) is :

B) Greater political union.

European Union

The Treaty of Maastricht and the Treaty of Lisbon were indications of  Greater political union within the European Union (EU) .

The Lisbon Treaty is changed European Union laws by giving a more centralized organization as well as remote relations, a appropriate instrument for countries wishing to exit the Community, and a disentangled strategy for actualizing unused legislation.

Thus, the correct option is B.

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Related Questions

Department G had 2,280 units 25% completed at the beginning of the period, 13,200 units were completed during the period, 1,900 units were 20% completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period: Work in process, beginning of period $29,400 Costs added during period: Direct materials (12,820 units at $9) 115,380 Direct labor 77,400 Factory overhead 25,800 All direct materials are placed in process at the beginning of production, and the first-in, first-out method of inventory costing is used. What is the total cost of the units started and completed during the period (round unit cost calculations to whole dollars and round your final answer to the nearest dollar)?

Answers

Answer:

Department G

The total cost of the units started and completed during the period is:

= $184,717.

Explanation:

a) Data and Calculations:

FIFO Inventory costing method is used

                                           Units       Materials     Conversion

Beginning inventory        2,280          100%             25%  

Cost of beginning inventory  = $29,400

Units started                  12,820

Total units available       15,100

Units completed            13,200

Ending inventory             1,900           100%              20%

Started and completed 10,920 (13,200 - 2,280)

Equivalent units of production

                                                   Units       Materials         Conversion

Units in Beginning inventory    2,280              0 (0%)        1,710 (75%)

Units started and completed  10,920      10,920 (100%)  10,920 (100%)

Ending inventory                       1,900         1,900 (100%)       380 (20%)

Equivalent units                                         12,820               13,010

Costs added during the period          $115,380         $103,200

Equivalent units                                      12,820               13,010

Cost per equivalent unit                         $9.00                $7.93

Costs assigned to:

Beginning inventory                            $0             $13,603     $13,603

Cost of units started and completed 98,280       86,437       184,717

Ending inventory                                   17,100         3,013         20,113

The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year follow. The capital of the owner was $185,200 at April 1, the beginning of the current year. Mr. Thompson invested an additional $15,200 in the business during the year.

Accounts payable $1,200 Miscellaneous expense $470
Accounts receivable 9,860 Office expense 690
Cash 32,300 Supplies 1,670
Fees earned 82,110 Wages expense 34,330
Land 47,500 Drawing 5,400
Building 151,490

Required:
Prepare a statement of owner's equity for Thompson Computer Services for the current year ended March 31.

Answers

Answer:

Thompson Computer Services

Thompson Computer Services

Statement of Owner's Equity for the current year ended March 31

Capital, Thompson            $185,200

Additional investment           15,200

Total Capital, Thompson $200,400

Net income              46,620

Drawing                     5,400

Retained earnings             $41,220

Owner's Equity               $241,620

Explanation:

a) Data and Calculations:

Beginning balance:

Capital, Thompson            $185,200

Additional investment           15,200

Total Capital, Thompson $200,400  

Cash 32,300

Accounts receivable 9,860

Supplies 1,670  

Land 47,500  

Building 151,490

Accounts payable $1,200

Capital, Thompson 200,400

Drawing 5,400

Fees earned 82,110

Wages expense 34,330

Miscellaneous expense 470

Office expense 690

Fees earned              $82,110

Wages expense         34,330

Miscellaneous expense 470

Office expense              690

Total expenses      $35,490

Net income            $46,620

Drawing                     5,400

Retained earnings $41,220

Tips for Successful LinkedIn Prospecting?

Answers

Answer:

Sales prospecting is one of the most essential elements of the whole sales process.

Some tips are;

Make LinkedIn Your Second HomeShow’em What you Got For ThemTweak and Polish Your ProfileConnect With StrategyBe more personal

Plant assets sometimes are purchased as a group in a single transaction for a lump-sum price. This transaction is called a __________, or group, bulk, or basket purchase.

Answers

Answer:

Lump-Sum Purchase

Explanation:

Plant assets

This is simply known as well founded or important assets of an essential or useful life of more than one accounting period and are normally used in the operation of a business. One of the major characteristic of plant assets is that they are often used in operations.

They are known also as resources that has physical substance, used mainly in the operations of a business and it is not intended for sale to customers.

Plant assets are also called property, plant, equipment; plant and equipment; and fixed assets.

It is also discard (done away with) if it is not useful anymore to the company, and it has no market value.

Preparing an Accounts Payable Schedule Wight Inc. purchases raw materials on account for use in production. The direct materials purchases budget shows the following expected purchases on account: April $374,000 May 412,000 June 415,900 Wight typically pays 25% on account in the month of billing and 75% the next month.
Required:
1. How much cash is required for payments on account in May?
2. How much cash is expected for payments on account in June?

Answers

Answer:

Wight Inc.

1. The cash required for payments on accounts in May

= $383,500

2. The cash required for payments on accounts is:

= $412,975

Explanation:

a) Data and Calculations:

                                                             April             May            June

Expected purchases on account   $374,000    $412,000    $415,900

Cash Payments:

Month of billing (25%)                     $93,500    $103,000     $103,975

Next month (75%)                                               280,500      309,000

Cash required for payments on accounts      $383,500     $412,975

Jefferson uses the percent of sales method of estimating uncollectible receivables. Based on past history, 2% of credit sales are expected to be uncollectible. Sales for the current year are $5,550,000. Which of the following is correct?

a. Allowance for Doubtful Accounts will be credited.
b. Cash will be debited.
c. Accounts Receivable will be debited.
d. Bad Debt Expense will be credited.

Answers

Answer:

a. Allowance for Doubtful Accounts will be credited.

Explanation:

Since 2% of credit sales are expected to be UNCOLLECTIBLE in which the Sales amount for the current year are $5,550,000 which therefore means that $111,000 calculated as (.02 x $5,550,000) will be Allowance for Doubtful Accounts amount that will be credited.

Therefore ALLOWANCE FOR DOUBTFUL ACCOUNTS can be defined as the amount that tend to reduce Accout Receivable amount shown on a company or organization balance sheet.

Over the last two decades the reduced importance of certain institutions in the primary mortgage market has been largely offset by an expanded role for others. Which has diminished, and which has expanded

Answers

Answer:

Thrifts role have decreased whereas, mortgage and commercial banks roles have increased.

Explanation:

In simple words, Credit unions and cooperative savings banks are examples of thrifts that offer a multitude of deposits and lending services. Thrifts are different from conventional institutions in that organizations may draw money through the Federal Home Loan Bank Network, allowing them to charge greater interest to its members.

The ease of doing business and less documentation with commercial banks promoted their growth.

(L.O. 2) Nolan Company sells its product on an installment basis, earning a $450 pretax gross profit on each installment sale. For accounting purposes the entire $450 is recognized in the year of sale, but for income tax purposes the installment method of accounting is used. Assume Nolan makes one sale in 2019, another sale in 2020, and a third sale in 2021. In each case, one-third of the gross sales price is collected in the year of sale, one-third in the next year, and the final installment in the third year. If the tax rate is 50%, what amount of deferred tax liability should Nolan Company show on its December 31, 2021 balance sheet:

Answers

Answer:

$225

Explanation:

Calculation to determine what amount of deferred tax liability should Nolan Company show on its December 31, 2021 balance sheet:

Deferred tax liability =[ ($450/ 3) *50%]+ [($450 / 3 * 2) * 50%]

Deferred tax liability=$75+$150

Deferred tax liability = $225

Therefore the amount of deferred tax liability should Nolan Company show on its December 31, 2021 balance sheet is $225

The AD Curve ________.
a. all of the choices are correct.
b. is downward sloping, because with higher inflation comes higher interest rates and lower spending, so equilibrium aggregate output declines
c. indicates the level of aggregate output corresponding to different goods-market-clearing levels of the interest rate
d. explains how inflation affects output in the long run

Answers

Answer:

a. all of the choices are correct.

Explanation:

In Economics, there are primarily two (2) factors which affect the availability and the price at which goods and services are sold or provided, these are demand and supply.

Demand can be defined as the total amount of goods or services that consumers are willing and able to purchase at a given price.

The Law of Demand states that quantity of goods or services demanded varies inversely with their price, other things constant or being equal. Thus, the smaller the quantity of goods or services demanded, the higher the price and vice-versa.

Aggregate demand (AD) can be defined as the total quantity of output (final goods and services) that is demanded by consumers at all possible price levels in an economy at a particular time.

An aggregate demand (AD) curve gives a negative relationship between the aggregate price level for goods or services and the quantity of aggregate output demanded in an economy at a specific period of time.

In conclusion, all of the aforementioned statements best describes an aggregate demand (AD) curve.

There are four consumers willing to pay the following amounts for haircuts, and there are four haircutting businesses with the following costs: Consumers' Willingness to Pay Shen: $35 Manuel: $50 Poornima: $40 Valerie: $25 Firms' Costs Firm A: $25 Firm B: $40 Firm C: $30 Firm D: $45 Each firm has the capacity to produce only one haircut. For efficiency, should be given.

Answers

Answer:

a. 4 haircuts

b. $10

Explanation:

a. Calculation to determine For efficiency how many haircuts can be given?

Basd on the information given For efficiency only 4 haircuts can be given reason been that every of consumer are willing to pay in order to cover the producers costs.

b. Calculation to find out how large will be the total surplus

Total surplus =($35 Manuel+$50 Poornima+$40 Valerie+$25 Firms)-(25 Firm B+ $40 Firm C+$30 Firm D+ $45)

Total surplus =$150-$140

Total surplus =$10

ThereforeTotal surplus is $10

Malouka participates in a research project for a large consumer behavior research firm. Each time she purchases items in a grocery store, she scans the barcodes of her products into an app, which sends her purchase data to the firm for analysis. Malouka is working with an example of automation known as __________.

Answers

Malouka is working with an automation example that we called the importing/exporting data.

The following information should be considered for the given situation:

Since she scans the barcodes of that product she purchased even all products are associated with the barcodes via using the mobile app.Also, she offered the research firm having more information like time, location, quantity, gender,etc.

Therefore we can conclude that Malouka is working with an automation example that we called the importing/exporting data.

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Lamp Corp. manufactures wooden desks. Production consists of three processes: cutting, assembly, and finishing. The following costs are for work completed and transferred out of each department in April: Cutting Assembly Finishing Direct materials $7,000 $10,000 $3,000 Direct labor 3,000 14,000 2,000 Applied overhead 4,000 5,000 6,000 There were no work-in-process inventories, and 1,000 desks were produced. Ignoring the transfer entry, the journal entry to assign costs incurred in the assembly process would be

Answers

Answer:

See the journal entry be;ow.

Explanation:

Given:

                                Cutting        Assembly        Finishing

Direct materials        $7,000         $10,000           $3,000

Direct labor                 3,000           14,000             2,000

Applied overhead      4,000            5,000              6,000

Therefore, the journal entry to assign costs incurred in the assembly process would be as follows:

Details                                    Debit ($)           Credit ($)        

Work in process                      10,000  

Direct material                                                   10,000

(To record cost of direct material.)                                          

Work in process                     14,000  

Wages payable                                                  14,000

(To record direct labor cost.)                                                    

Work in process                     5,000  

Manufacturing overhead                                   5,000

(To record manufacturing overhead.)                                      

Differences in net operating income between absorption costing and variable costing are due to the ______. Multiple choice question. amount of sales revenue reported timing of when fixed manufacturing overhead is expensed amount of selling and administrative cost expensed format of the income statements

Answers

Answer:

timing of when fixed manufacturing overhead is expensed

Explanation:

When there is the difference with respective to the net operating income under the absorption costing and the variable costing so it is because of the timing when the fixed manufacturing overhead should be incurred or expensed

So as per the given situation, second option is correct

And, the same should be relevant

Last year, you purchased a stock at a price of $64.00 a share. Over the course of the year, you received $2.20 per share in dividends and inflation averaged 2.7 percent. Today, you sold your shares for $69.00 a share. What is your approximate real rate of return on this investment

Answers

Answer:

8.55%

Explanation:

Calculation to determine your approximate real rate of return on this investment

First step is to calculate the Nominal return

Nominal return = ($69 - $64+ $2.20)/$64

Nominal return=7.2/$64

Nominal return= 0.1125

Now let calculate the Approximate real return

Approximate real return = 0.1125 - 0.027

Approximate real return= 0.0855*100

Approximate real return=8.55%

Therefore your approximate real rate of return on this investment is 8.55%

Saturation of domestic markets in the industrialized parts of the world has forced many companies to look for marketing opportunities beyond their _______________.

Answers

Answer:

national borders.

Explanation:

Globalization can be defined as the strategic process which involves the integration of various markets across the world to form a large global marketplace.

Basically, globalization makes it possible for various organizations to produce goods and services that is used by consumers across the world.

On a related note, the saturation of domestic (local) markets in the industrialized parts of the world has forced many companies into searching for better marketing opportunities beyond their national borders or shores of their country.

This ultimately implies that, as a result of having too many businesses in domestic (local) markets, many businesses have looked outwardly in search of better marketing opportunities by exporting their goods and services to foreign countries.

Export typically involves the sales of goods produced in a domestic country to a foreign country.

Fender Manufacturing Company needs to know its anticipated cash inflows for the next quarter by month. Cash sales are 10% of total sales each month. Historically, sales on account have been collected as follows: 50% in the month of the sale, 35% in the month after the sale, and the remaining 15% two months after the sale. Sales for the quarter are projected as follows:

January: $60,000
February: $30,000:
March: $90,000.

Accounts receivable on December 31 were $45,000. The expected cash collections of Fender Manufacturing Company for March are:_________

Answers

Answer:

Fender Manufacturing Company

The expected cash collections of Fender Manufacturing Company for March is:

= $58,050

Explanation:

a) Data and Calculations:

Cash sales = 10% of total sales

Credit sales = 90% (100% - 10%)

Cash collections from credit sales:

Month of the sale (50%)

Month after the sale (35%)

Two months after (15%)

Accounts receivable on December 31 = $45,000

                                             January     February        March

Projected sales                   $60,000     $30,000     $90,000

Cash sales                            $6,000        $3,000       $9,000

Credit sales                        $54,000      $27,000      $81,000

Cash collections from credit sales:

Month of the sale (50%)   $27,000       $13,500     $40,500

Month after the sale (35%) 31,500          18,900         9,450

Two months after (15%)                           13,500          8,100

Cash collections from credit sales                         $58,050

The expected cash collections of Fender Manufacturing Company for March =

Cash collections from credit sales     $58,050

Cash sales                                               9,000

Total cash receipts for the month     $67,050

A bond issue with a face amount of $1,100,000 bears interest at the rate of 7%. The current market rate of interest is 8%. These bonds will sell at a price that is:

Answers

Answer:

d. Less than $1,100,000

Explanation:

Here are the options

Equal to $100,000 O

O More than $100,000 o

O The answer cannot be determined from the information provide

d. Less than $1,100,000

If the current interest market rate is greater than the bonds coupon rate the bond is selling at a discount

If the current interest market rate is less than the bonds coupon rate the bond is selling at a premium

If a bond’s coupon rate is equal to its current interest market rate, then the bond is selling at par.

Using the high-low method, the fixed cost is calculated ______. Multiple select question. by adding the total cost to the variable cost using either the high or low level of activity before the variable cost is calculated after the variable cost per unit is calculated

Answers

Answer:

is calculated after the variable cost per unit is calculated

Explanation:

Costing is the measurement of the cost of production of goods and services by assessing the fixed costs and variable costs associated with each step of production.

In Financial accounting, fixed cost can be defined as predetermined expenses in a business that remain constant for a specific period of time regardless of the quantity of production or level of outputs. Some examples of fixed costs in business are loan payments, employee salary, depreciation, rent, insurance, lease, utilities, etc.

On the other hand, variable costs can be defined as expenses that are not constant and as such usually change directly and are proportional to various changes in business activities. Some examples of variable costs are taxes, direct labor, sales commissions, raw materials, operational expenses, etc.

Using the high-low method, the fixed cost can only be calculated after the variable cost (VC) per unit is calculated through the application of either the low or high level of activity.

Using the high-low method, the fixed cost is calculated : After the variable cost per unit is calculated.

What is costing?

Costing refers to the measurement of the cost of production of goods and services whereby, the fixed costs and variable costs associated with production are examined.

Fixed costs are costs that do not vary with the level of output, while variable cost are cost that varies with the activity level.

Using the high-low method, the fixed cost can only be calculated after the variable cost (VC) per unit is calculated through the application of either the low or high level of activity.

Hence, using the high-low method, the fixed cost is calculated after the variable cost per unit is calculated.

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“A worksheet is a permanent accounting record and its use is required in the accounting cycle.” Do you agree? Explain. Why is it necessary to prepare formal financial statements if all of the data are in the statement columns of the worksheet?

Answers

I do not agree with the statement that "a worksheet is a permanent accounting record but I agree that its use is required in the accounting cycle.”

A worksheet does not form a part of the permanent accounting records but only acts as a device used by accountants to achieve the following purposes in each accounting cycle:

Planning the accounting work to be done in the current yearCarrying out computations and checking computationsPreparing unadjusted and adjusted trial balancesAdjustment of accountsEntering adjusted balances to the financial statements.

A permanent accounting record forms part of the journal or the general ledger.

Formal financial statements must still be prepared despite the fact that all the data are in the statement columns because the worksheet is not a standardized format for preparing the financial statements for the consumption of users of financial statements.  Only the professionals request worksheets as part of their going work.

Thus, a worksheet is not a part of the journal or the ledger.  It is not a permanent accounting record.  Moreover, the column statements in the worksheet are not acceptable formats for presenting financial statements.

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Sunland Company reports the following operating results for the month of August: sales $382,500 (units 5,100), variable costs $259,000, and fixed costs $99,000. Management is considering the following independent courses of action to increase net income.
1. Increase selling price by 12% with no change in total variable costs or units sold.
2. Reduce variable costs to 65% of sales.
a. Compute the net income to be earned under each alternative.
b. Which course of action will produce the higher net income?

Answers

Answer:

Sunland Company

                                        Alternative 1        Alternative 2

a. Net income                      $70,400                $34,875

b. Alternative 1 (increasing selling price by 12% with no change in total variable costs or units sold) produces the higher net income.

Explanation:

a) Data and Calculations:

August sales = $382,500

Sales units = 5,100

Unit selling price = $75 ($382,500/5,100)

Variable costs = $259,000

Unit variable cost = $50.78 ($259,000/5,100)

Fixed costs = $99,000

Increase in selling price = 12% = $84 ($75 * 1.12)

Reduction in variable costs = 65% of sales

                                        Alternative 1        Alternative 2

Sales revenue                  $428,400            $382,500

Variable costs                    259,000              248,625

Contribution margin        $169,400              $133,875

Fixed costs                          99,000                 99,000

Net operating income      $70,400                $34,875

Long-term disability insurance _____. a. pays for temporary living expenses and moving expenses incurred by disabled employees b. pays a flat fee for a fixed number of hours of legal assistance each month for disabled employees c. provides continuing income protection for employees who become disabled and are unable to work

Answers

Answer: c. provides continuing income protection for employees who become disabled and are unable to work

Explanation:

Disability insurance is very helpful to people who get injured on the job and so are unable to work. The insurance would provide them with an income for a time so that they do not become destitute.

There are different types of disability insurance with varying lengths and long-term disability insurance is one of them. This one provides income protection for a longer time period and is very useful when the injury in question is quite serious or permanently disables the affected person.

The quantity of money demanded is the Group of answer choices income and volume of profits that people and businesses would like to receive. average daily volume of bank account withdrawals. amount that people and businesses choose to hold. fraction of cash holdings in an average investment portfolio.

Answers

Answer:

The amount that people and businesses choose to hold.

Explanation:

The amount that people and businesses choose to hold.

The total demand for money is the total amount of money that people wants to hold and there are three main reasons for which money is being held. First is transactions related reason, second is the precautionary reason, and third is the speculative reason. The above three reasons push the people to hold the money that becomes the total demand for money.

which of following budget would not be prepared by a retailer? Administrative, Sales, cash, production.

Answers

Answer:

Production.

Explanation:

A budget is a financial plan used for the estimation of revenue and expenditures of an individual, organization or government for a specified period of time, often one year.

Basically, budgets are usually compiled, analyzed and re-evaluated on periodic basis.

The key principle of supply chain management can be best summed up as collaboration between multiple firms. Thus, these multiple firms include a company that is saddled with the responsibility of manufacturing, a wholesaler, and a retailer who typically sells the products to the customers or consumers.

A retailer can be defined as an individual or company that buys finished goods directly from a wholesaler and sells directly to the end users (consumers).

In this context, a retailer would prepare an administrative, sales and cash budget but certainly wouldn't prepare a production budget because retailers aren't saddled with the responsibility of producing goods.

Simply stated, a production budget would be prepared by a manufacturer or producer.

If autonomous consumption increases by $50 billion and the MPC is 0.95, the resulting change in total spending equals__________________ billion, assuming that idle resources exist at each expenditure round and the multiplier is operative.

Answers

Answer: $1,000 billion

Explanation:

The change in total spending is calculated by:

= Autonomous consumption increase * Multiplier

Multiplier:

= 1 / (1 - MPC)

= 1 / (1 - 0.95)

= 1 / 0.05

= 20

Change in total spending:

= 50 billion * 20

= $1,000 billion

For a business to be considered a corporation: Multiple Choice it must issue both common and preferred stock. its stock must be sold in very large amounts. it must be organized as a separate legal entity. it must pay dividends.

Answers

Answer:

it must be organized as a separate legal entity.

Explanation:

A corporation is a business that is owned by shareholders. The corporation is a separate legal entity and so it can sue and be sued, pay taxes and own assets.

Advantages of a corporation include :

1. they have unlimited liabilities

2. they have unlimited life. the business doesn't end even after the death of the owners unlike a sole proprietorship

3. they have more access to capital

Disadvantages of a corporation include :

high cost of setting up  Earnings to shareholders are taxed twice

A corporation can only issue one type of share

A corporation is under no obligation to pay dividends

Stocks of a corporation can either be sold in large or small amounts

The furniture store offers you no-money-down on a new set of living room furniture. Further, you may pay for the furniture in three equal annual end-of-the-year payments of $1,000 each with the first payment to be made one year from today. If the discount rate is 6%, what is the present value of the furniture payments

Answers

Answer: $2,673

Explanation:

The amounts to be paid are constant so this is an annuity. The present value will therefore be the present value of an annuity.

Present value of annuity = Annuity * Present value interest factor of annuity, 3 periods, 6%

= 1,000 * 2.6730

= $2,673

Bob and Alice enter a contract that is within the statute of frauds. Now, Bob wants to get out of the contract on the basis that it is unenforceable pursuant to the statute of frauds. In response, Alice produces a writing that she says evidences the contract. In order for this writing to support the claim that the contract is enforceable against Bob, it must have been signed by:

Answers

Answer:

The writing must be signed by Bob himself, or his representative or any person who has the authority to act for him.  

Explanation:

Statute of frauds is defined as a provision that only allows certain transactions will be valid only when they are in writing.

Such transactions include sale of land, transactions that are above $500, and transactions that will last over a year.

In the given scenario Bob wants to pull out of the contract because it is not enforceable according to the statue of frauds.

Alice produces a writing that she says evidences the contract.

However for this to be enforceable it must be signed by Bob himself, or his representative or any person who has the authority to act for him.  

Miscavage Corporation has two divisions: the Beta Division and the Alpha Division. The Beta Division has sales of $300,000, variable expenses of $152,100, and traceable fixed expenses of $70,300. The Alpha Division has sales of $610,000, variable expenses of $335,800, and traceable fixed expenses of $131,900. The total amount of common fixed expenses not traceable to the individual divisions is $133,200. What is the company's net operating income

Answers

Answer: $86700

Explanation:

The net operating income is used in knowing the profitability of an investment. The net operating income is gotten by subtracting the expenses from the revenue.

Based on the information given in the question, the net operating income is $86700. Kindly check the attachment for further details.

Sleep Cheap is a private camping ground near the Boulder Peak Recreation Area. It has compiled the following financial information as of December 31, 2022.

Services revenues (from camping fees) $132,000
Dividends $8,000
Sales revenues (from general store) 25,000
Notes payable 50,000
Accounts payable 13,000
Administrative expenses 133,000
Cash 13,500
Supplies 2,500
Equipment 108,000
Common stock 40,000
Retained earnings (1/1/2022) 5,000

Required:
a. Determine net income from Sleep Cheap for 2022.
b. Prepare a retained earnings statement and a balance sheet for Sleep Cheap as of December 31, 2022.

Answers

Answer and Explanation:

a. The net income should be

Service Revenue $132,000  

Sales Revenue $25,000  

Total revenues $157,000  

Less: Total expense -$133,000  

Net income $24,000  

b.  

The preparation of the retained earning statement is presented below:

Retained Earnings Statement  

For the year ended December 31,2022  

Retained Earnings, January 1 $5,000  

Add: Net income $24,000  

Less: Dividends -$8,000  

Retained Earnings, December 31 $21,000  

The preparation of the balance sheet is presented below:

Balance Sheet  

December 31,2022

Assets  

Cash $13,500

Supplies  $2,500

Equipment $108,000

Total Assets $124,000

Liabilities and Stockholders' Equity  

Liabilities  

Accounts Payable $13,000  

Notes Payable $50,000  

Total Liabilities $63,000

Stockholders' Equity  

Common Stock $40,000  

Retained Earnings $21,000  

Total Stockholders' Equity  $61,000

Total Liabilities and Stockholders' Equity $124,000

Consider a world in which there is no currency and depository institutions issue only transactions deposits and desire to hold no excess reserves. The required reserve ratio is

Answers

Consider a world in which there is no currency and depository institutions issue only transactions deposits and desire to hold no excess reserves. The required reserve ratio is 15 percent. The central bank sells ​$0.98 billion in government securities.

What happens to the money supply?

Give reasons to support your answer.

Answer:

The answer is below

Explanation:

Considering the situation described above, the result is that there will be a DECREASE in the money supply of $6.53 billion.

This is because the money multiplier is calculated as 1/rr, where RR is the reserve ratio.

Hence, in this case, we have 1/0.15 = 6.67

Therefore, 6.67 × $0.98 billion = $6.53 billion.

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