When your roommate does not consider your external costs in the absence of external costs from playing music, the number of hours played is

Answer:

the number of hours music played is too high

Explanation:

When the roommate does not consider the external cost in absence of external benefit then the hours of music played is too high. The roommate has bought the expensive stereo system so his marginal benefit is lower than the marginal costs. The marginal benefit will equal to the marginal cost when the stereo system is played for many hours.

North Star prepared the following unadjusted trial balance at the end of its second year of operations ending December 31.
Account Titles Debit Credit
Cash $ 11,200
Accounts Receivable 5,200
Prepaid Rent 2,240
Equipment 20,200
Accumulated Depreciation $ 1,180
Accounts Payable 1,180
Income Tax Payable 0
Common Stock 24,000
Retained Earnings 1,300
Sales Revenue 47,080
Salaries and Wages Expense 24,200
Utilities Expense 11,700
Rent Expense 0
Depreciation Expense 0
Income Tax Expense 0
Totals $ 74,740 $ 74,740
Other data not yet recorded at December 31:
1. Rent expired during the year, $1,120.
2. Depreciation expense for the year, $1,180.
3. Utilities used and unpaid, $8,200.
4. Income tax expense, $310.
Required:
Indicate the accounting equation effects of each required adjustment. (Enter all amounts as positive values.)

Tyrone and Akira, who are married, incurred and paid the following amounts of interest during 2019:
Home acquisition debt interest $ 15,000
Credit card interest 5,000
Home equity loan interest (used for home improvement) 6,500
Investment interest expense 10,000
Required: With 2019 net investment income of $2,000, calculate the amount of their allowable deduction for investment interest expense and their total deduction for allowable interest. Home acquisition principal, and the home equity loan principal combined are less than $750,000.

Analysis of Accounts Receivable and Allowance for Doubtful Accounts Steelcase, Inc. reported the following amounts in its 2014 and 2013 10-K reports (years ended February 28, 2014 and February 22, 2013). $ millions)
From the income statement
Net sales
From the balance sheet
Accounts receivable, net
Customer deposits
From the disclosure on allowance for doubtful accounts:
Balance at beginning of period Additions (reductions) charged to income
Adjustments or deductions
Balance at end of period
2014 2013
$2,989 $2,869
306.8 287.3
16.0 13.5
4.5 19.6
2.8 3.1
(4.3) (8.2)
13.0 14.5
b. Calculate Steelcase's gross receivables for the years given, and then determine the allowance for doubtful accounts as a percentage of the gross receivables. 2014 2013 Gross accounts receivable (in millions) Allowance as a % of gross receivables Round to one decimal place.)
c. Calculate Steelcase's accounts receivable turnover for 2014. (Use Accounts receivable, net for the calculation.) Round answer to one decimal place times
d. How much cash did Steelcase receive from customers in 2014? 3,005 million

The City of Clear Lake signed a lease agreement with Mountainside Builders whereby Mountainside will construct a new office building for city administrative use and lease it to the City for 30 years. The fair market value of the building is $12 million. The City has agreed to make an initial payment of $822,441 and annual payments in the same amount for the next 29 years. (This assumes a 6 percent discount rate.) The lease includes a funding clause, which allows Clear Lake to terminate the lease agreement if the government does not appropriate funds for the lease payments. Clear Lake does not intend to exercise this option unless there is a financial emergency. Upon completion, the building had an appraised value of $13 million and an estimated useful life of 40 years.

Required:
Provide journal entries the city should make for both the capital projects fund and governmental activities at the government-wide level to record the lease at the date of inception.

Mazeppa Corporation sells relays at a selling price of $28 per unit. The company's cost per unit, based on full capacity of 160,000 units, is as follows:

Direct materials $6
Direct labor 4
Overhead (2/3 of which is variable) 9

Mazeppa has been approached by a distributor in Montana offering to buy a special order consisting of 30,000 relays. Mazeppa has the capacity to fill the order. However, it will incur an additional shipping cost of $2 for each relay it sells to the distributor.

Required:
a. Assume that Mazeppa is currently operating at a level of 100,000 units. Show the calculation for the unit price to charge the distributor which will generate an increase in operating income of $2 per unit.
b. Assume that Mazeppa is currently operating at full capacity. To fill the special order, regular customers will have to be turned away. Now what unit price should it charge the distributor if it wishes to increase total operating income by $60,000 more than it would be without accepting the special order?

Pearl Corporation factors $270,300 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2020. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments.

Required:
a. Assume that the conditions are met for a transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August 15, 2020, for Pearl to record the sale of receivables, assuming the recourse obligation has a fair value of $4,280.
b. What conditions must be met for a transfer of receivables with recourse to be accounted for as a sale?

Stine Corp.'s trial balance reflected the following account balances at December 31, 2014: Accounts receivable (net) $19,000 Trading securities 6,000 Accumulated depreciation on equipment and furniture 15,000 Cash 16,000 Inventory 30,000 Equipment 25,000 Patent 4,000 Prepaid expenses 2,000 Land held for future business site 18,000 In Stine's December 31, 2014 balance sheet, the current assets total is:__________

Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system.

Date Transactions Units Unit Cost Total Cost
March 1 Beginning inventory 20 $230 $4,600
March 5 Sale ($360 each) 15
March 9 Purchase 10 250 2,500
March 17 Sale ($410 each) 8
March 22 Purchase 10 260 2,600
March 27 Sale ($435 each) 12
March 30 Purchase 8 280 2,240

For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase.

Required:
a. Calculate ending inventory and cost of goods sold at March 31, 2015, using the specific identification method. The March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes
from beginning inventory and eight bikes from the March 22 purchase.
b. Using FIFO, calculate ending inventory and cost of goods sold at March 31, 2015.
c. Using LIFO, calculate ending inventory and cost of goods sold at March 31, 2015.
d. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31, 2015.(Round your intermediate and final answers to 2 decimal places.)
e. Calculate sales revenue and gross profit under each of the four methods.

Listed below are selected transactions of Blossom Department Store for the current year ending December 31.
1. On December 5, the store received $490 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15.
2. During December, cash sales totaled $821,100, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month.
3. On December 10, the store purchased for cash three delivery trucks for $110,300. The trucks were purchased in a state that applies a 5% sales tax.
4. The store determined it will cost $96,300 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Blossom estimates the fair value of the obligation at December 31 is $77,400.

At the beginning of 2020, Pronghorn Company acquired a mine for $1,732,800. Of this amount, $112,000 was ascribed to the land value and the remaining portion to the minerals in the mine. Surveys conducted by geologists have indicated that approximately 11,600,000 units of ore appear to be in the mine. Pronghorn incurred $190,400 of development costs associated with this mine prior to any extraction of minerals. It also determined that the fair value of its obligation to prepare the land for an alternative use when all of the mineral has been removed was $44,800. During 2020, 2,718,000 units of ore were extracted and 2,310,000 of these units were sold.

Required:
a. Compute the total amount of depletion for 2020.
b. Compute the amount that is charged as an expense for 2014 for the cost of the minerals sold during 2020.

The following trial balance of Crane Co. does not balance.
CRANE CO.
TRIAL BALANCE
JUNE 30, 2017
Debit Credit
Cash $3,099
Accounts Receivable $3,460
Supplies 1,029
Equipment 4,029
Accounts Payable 2,895
Unearned Service Revenue 1,429
Common Stock 6,229
Retained Earnings 3,229
Service Revenue 2,609
Salaries and Wages Expense 3,629
Office Expense 1,169
Totals $14,745 $18,061
Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors.
1. Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for $750.
2. The purchase of a computer printer on account for $729 was recorded as a debit to Supplies for $729 and a credit to Accounts Payable for $729.
3. Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89.
4. A payment of $294 for telephone charges was recorded as a debit to Office Expense for $294 and a debit to Cash for $294.
5. When the Unearned Service Revenue account was reviewed, it was found that service revenue amounting to $554 was performed prior to June 30 (related to Unearned Service Revenue).
6. A debit posting to Salaries and Wages Expense of $899 was omitted.
7. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260.
8. A dividend of $804 was debited to Salaries and Wages Expense for $804 and credited to Cash for $804.
Prepare a correct trial balance.
CRANE CO.
TRIAL BALANCE
JUNE 30, 2017
Debit
Credit $ $
Totals $ $

Last year Electric Autos had sales of $190 million and assets at the start of the year of $330 million. If its return on start-of-year assets was 15%, what was its operating profit margin

On December 31, 2021, Interlink Communications issued 6% stated rate bonds with a face amount of $102 million. The bonds mature on December 31, 2051. Interest is payable annually on each December 31, beginning in 2022. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Determine the price of the bonds on December 31, 2021, assuming that the market rate of interest for similar bonds was 7%. (Round your final answers to nearest whole dollar amount.)

which situation best describes the role of businesse in the circular flow of goods

Analyzing the effects of transactions on the accounting equation.
On July 1, Alfred Herron established Herron Commercial Appraisal Services, a firm that provides expert commercial appraisals and represents clients in commercial appraisal hearings.
Instructions:
Analyze the following transactions. Record in equation form the changes that occur in assets, liabilities, and owner's equity.
Transactions:
The owner invested $200,000 in cash to begin the business.
Paid $40,500 in cash for the purchase of equipment.
Purchased additional equipment for $30,400 on credit.
Paid $25,000 in cash to creditors.
The owner made an additional investment of $50,000 in cash.
Performed services for $19,500 in cash.
Performed services for $15,600 on account.
Paid $12,000 for rent expense.
Received $11,000 in cash from credit clients.
Paid $15,100 in cash for office supplies.
The owner withdrew $24,000 in cash for personal expenses.
Analyze: What is the ending balance of cash after all transactions have been recorded?

The auditors of Steffey Ltd., decided to study the cash receipts and disbursements for the month of July of the current year under audit. They obtained the bank reconciliations and the cash journals prepared by the company accountants, which revealed the following: June 30: Bank balance, $355,001; deposits in transit, $86,899; outstanding checks, $42,690; general ledger cash balance, $399,210. July 1: Cash receipts journal, $650,187; cash disbursements journal, $565,397. July 31: Bank balance, $506,100; deposits in transit, $51,240; outstanding checks, $73,340; general ledger cash balance, $484,000. Bank statement record of deposits: $835,846; of payments: $684,747.
Required:Prepare a four-column proof of cash covering the month of July of the current year. Identify problems, if any.

A 6.75 percent coupon bond with 13 years left to maturity can be called in two years. The call premium is one year of coupon payments. It is offered for sale at $919.75. What is the yield to call of the bond? Assume interest payments are paid semi-annually and par value is $1,000.

Sunnyside Marine Products began the year with 10 units of marine floats at a cost of $11 each. During the year, it made the following purchases: May 5, 30 unit at $16; July 16, 15 units at $19; and December 7, 20 units at $23. Assuming there are 25 units on hand at the end of the period, determine the cost of goods sold under (a) FIFO, (b) LIFO, and (c) average-cost. Sunnyside uses the periodic approach.

We discussed the debt situation in the US and referred to the 'US mysteries' . Write an essay explaining these mysteries and why, the US is in a unique position relative to the rest of world. Make sure your answer includes a discussion of exorbitant privilege and 'dark matter.' Complete your essay with a discussion of why some are worried about the sustainability of this unique position and what the consequences would be on the US economy if we lost this 'unique position.'

List and describe the three types of income. Include information regarding how each one is taxed.

Gilbert is considering purchasing the Side Steamer 3000, a higher-end steamer, which costs $12,000, and has an estimated useful life of 6 years with an estimated salvage value of $1,200. This steamer falls into the MACRS 5-years class, so the applicable depreciation rates are 20.00%, 32.00%, 19.20%, 11.52%, 11.52%, and 5.76%. The new steamer is faster and would allow for an output expansion, so sales would rise by $2,000 per year; even so, the new machine's much greater efficiency would reduce operating expenses by $1,400 per year. To support the greater sales, the new machine would require that inventories increase by $2,900, but accounts payable would simultaneously increase by $700. Gilbert's marginal federal-plus-state tax rate is 40%, and its WACC is 12%.
a. Should it replace the old steamer?b. NPV of replace = $2,083.51
SHOW WORK HOW TO GET THIS ANSWER

X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it purchased $400 of merchandise on account with terms of 2/15, n/40. On May 3, X-Mart returned $50 of merchandise due to defect. Assuming that the purchase was paid for within the discount period, demonstrate the required journal entry for X-Mart to record the payment by selecting all of the correct actions below.
A. Credit Purchase Discounts $7.
B. Credit Cash $392.
C. Credit Merchandise Inventory $7.
D. Debit Accounts Payable $350.
E. Credit Cash $343.
F. Debit Merchandise Inventory $7.
G. Credit Accounts Payable $350.

When a woman makes a dress and takes it to town to trade it for eggs and milk, it is an example of

marketing costs include what? please be precise
30 POINTS

Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,288,076 as follows. Work in process,November 1Materials $79,000Conversion costs 48,200$127,200Materials added 1,594,520Labor 225,800Overhead 340,556Production records show that 34,600 units were in beginning work in process 30% complete as to conversion costs, 662,700 units were started into production, and 24,100 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process.

Geoffrey brought $50,000 into his business at the start of the accounting period. During the year, he needed $5,000 for a personal emergency. He borrowed this money from the business’s accounts. Under which accounting heads will the business record these transactions?
Geoffrey’s business will credit $50,000 to the
account and debit $5,000 from the
account.

When an organization tries to influence the adaptation of individuals, the process of _____ is occurring. Group of answer choices encounter socialization individualization metamorphosis

Intangible Assets and Goodwill: Amortization and Impairment In early 2011, Bowen Company acquired a new business unit in a merger. Allocation of the acquisition cost resulted in fair values assigned as follows:

Intangible Asset Fair Value Estimated Value
Customer lists $400,000 5 years
Developed technology 640,000 10 years
Internet domain name 1,040,000 Indefinite
Goodwill 4,960,000 Indefinite

The goodwill is assigned entirely to the acquired business unit. Impairment reviews at the end of 2011 and 2012 did not identify any impairment losses. After the business suffered a downturn during 2013, the year-end impairment review yielded the following information: Customer lists are estimated to have undiscounted future cash flows of $200,000 and discounted future cash flows of $144,000.

The internet domain name is estimated to have undiscounted future cash flows of $800,000 and discounted future cash flows of $600,000. The acquired business unit has a fair value of $13,600,000, a carrying amount of $14,800,000, and the fair value of its identifiable net assets is $11,360,000.

Required:
Determine Bowen's amortization expense and impairment write-offs for 2013.

A relocation of a short stretch of rural highway feeding into Route 390 northwest of Dallas is to be made to accommodate new growth. The existing road is now unsafe, and improving it is not an alternative. Alternate new route locations are designated as East and West. The initial investment by government highway agencies will be $3, 950,000 for East and $5, 500,000 for West. Annual highway maintenance costs will be $120,000 for East and 590,000 for the shorter location West. Relevant annual road user costs, considering vehicle operation, time end route, fuel, safety, mileage, and so on, are estimated as $880,000 for East and only $690,000 for West. Assume a 20 year service life and i = 7 %. C
1. What is the present worth of the benefits and costs of route West over route East? PW benefits of route West over route East: $ PW costs of route West over route East: $ Carry all interim calculations to 5 decimal places and then round your Final answer to the nearest dollar. The tolerance is plusminus 50. Using incremental D/C ratio analysis, which alternative should be selected?
2. Compute the appropriate B/C ratio(s) and decide whether East or West should be constructed.

A market has 10 sellers. The fifth and seventh in size merge, becoming the largest seller in the market. How can this merger support competition in the market?