If globalization continues over the next few decades, how might your life be different?

Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, t

Daniel [21]

Answer:

1. Longhorn Corporation

Income Statement

For the year ended December 31, 2021

Service Revenue $71,700

Cost of goods sold 54,200

Gross profit $17,500

Operating expenses:

Delivery expense 3,400

Salaries expense 6,300

Operating income $7,800

2. Longhorn Corporation

Stockholder's Equity

As of December 31, 2021

Capital Retained Earnings Total

1-Jan-21 $22,000 $9,400 $ 31,400

Issuance of share 2,200 2,200

Net income 7,800 7,800

31-Dec-21 $24,200 $17,200 $41,400

3. Longhorn Corporation

Balance Sheet

As of December 31, 2021

Asset

Current Assets

Cash $1,300

Supplies 1,600

Total current assets 2,900

Non-current assets

Equipment 20,000

Buildings 22,000

Total non-current assets 42,000

Total assets $44,900

Liabilities and Equity

Current liability

Accounts payable $2,600

Salaries payable 900

Total current liabilities $3,500

Total liabilities $3,500

Equity

Capital stock $24,200

Retained earnings 17,200

Total equity $41,400

Total liabilities and Equity $44,900

Explanation:

1. Income Statement

In preparation of Income statement, we must closed all nominal accounts with it starts from revenue and deduct all expenses to arrive the operating income. It is important that we never forget the headings consists of Name of the company, What schedule to prepare and what period it is applicable for.

2.Statement of changes in Equity

In preparation of statement of changes equity, all transaction affecting the corporation's capital will be presented here. Begins with the capital, add additional issuance and the net income for the period that will be closed to retained earnings.

3. Balance sheet

This schedule presents the corporations real accounts. Started from assets, liabilities and the Equity. It is important that we never forget the headings consists of Name of the company, What schedule to prepare and what period it is applicable for.

8 0

3 years ago

Claire is on her way to her job at a call center where she was planning on spending three hours. She can drop in and work any ho

denis23 [38]

Answer:

It should be greater than $36

Explanation:

The opportunity cost of working is the amount of money sacrificed or could have earned if the individual was not working. In this case, Claire has decided to go with her friend which means that the opportunity cost of not working is less than the benefits receives from going out. Because she is not working it means that the opportunity cost of working is more than 36 dollars, which is the income she could have earned in 3 hours.

7 0

4 years ago

Read 2 more answers

Inflation is 20 percent. Debt is $2 trillion. The nominal deficit is $300 billion. What is the real deficit or surplus

algol13

Answer:

Real deficit is -$100 billion.

Explanation:

Since we have a nominal deficit in the question, what we are to calculate is the real deficit.

The real deficit can be described as the actual or nominal deficit that has been adjusted for the effect of inflation on the debt. Therefore, the real deficit can be calculated using the following formula:

Real deficit = Nominal deficit - (Debt * Inflation rate) ................. (1)

From the question, we have:

Inflation rate = 20%

Debt = $2 trillion = $2,000,000,000,000

Nominal deficit = $300 billion = $300,000,000,000

Substituting the values into equation (1), we have:

Real deficit = $300,000,000,000 - ($2,000,000,000,000 * 20%)

Real deficit = $300,000,000,000 - $400,000,000,000 = -$100,000,000,000 = -$100 billion

Therefore, real deficit is -$100 billion.

4 0

3 years ago

On December 30 of the current year, Azrael, Inc., purchased a machine from Abiss Corp. in exchange for a noninterest-bearing not

Brut [27]

Answer:

$94,244

Explanation:

Data provided as per the question below:-

Note payable amount = $20,000

rate of interest = 11%

The computation of the present value of factors are shown below:-

Here we are using the annuity table of present value at 11% for 7 years

Present value of factors = Note payable amount × present value annuity factor

= $20,000 × 4.7122

= $94,244

5 0

3 years ago

Whether candidate 1 or candidate 2 is elected depends on the votes of two citizens. The economy may be in one of two states, A o

PIT_PIT [208]

Answer:

Consider the following explanation

Explanation:

Answer to Q (a)

Players: Citizens 1 and 2 along with States {A, B}.

Actions:

The set of actions of each player is {0, 1, 2} (where 0 means do not vote).

Signals:

Citizen 1 receives different signals in states A and B, whereas citizen 2 receives the same signal in both states.

Beliefs:

Each type of citizen 1 assigns probability 1 to the single state consistent with her signal.

The single type of citizen 2 assigns probability 0.9 to state A and probability 0.1 to state B.

Payoffs:

Both citizens Bernoulli payoffs are 1 if either the state is A and candidate 1 receives the most votes or the state is B and candidate 2 receives the most votes;

Their payoffs are 0 if either the state is B and candidate 1 receives the most votes or the state is A and candidate 2 receives the most votes;

Otherwise their payoffs are ½

======================================================================================

Answer to (b)

State A of citizen 1’s best action depends only on the action of citizen 2;

=> To vote for candidate 1 if citizen 2 votes for candidate 2 or does not vote, and either to vote for candidate 1 or not vote if citizen 2 votes for candidate 1.

Similarly, for state B of citizen 1’s best action is to vote for candidate 2 if citizen 2 votes for candidate 1 or does not vote, and either to vote for candidate 2 or not vote if citizen 2 votes for candidate 2.

Citizen 2’s best action is to vote for candidate 1 if state A -> citizen 1 either does not vote or votes for candidate 2 (regardless of how state B -> citizen 1 votes), not to vote if state A of citizen 1 votes for candidate 1 and state B of citizen 1 either votes for candidate 2 or does not vote, and either to vote for candidate 1 or not to vote if both types of citizen 1 vote for candidate 1.

Given the best responses of the two types of citizen 1, their only possible equilibrium actions are

(0, 0) (I.e. both do not vote), (0, 2), (1, 0), and (1, 2).

Checking citizen 2’s best responses we see that the only equilibria are

(i)==> (0, 2, 1) (Citizen 1 does not vote in state A and votes for candidate 2 in state B; Citizen 2 votes for candidate 1)

(ii)==> (1, 2, 0) (Citizen 1 votes for candidate 1 in state A and for candidate 2 in state B; citizen 2 does not vote).

(ii)

=====================================================================================

Answer to (c)

Swing Voter’s curse:

Swing voter is an important player whose decision can affect the result of the election. Swing voters curse results into equilibrium as shown below.

In the equilibrium (1, 2, 0), Citizen 2 does not vote. This is because if she votes, then in the only case in which her vote affects the outcome (i.e. the only case in which she is a swing voter), it affects it adversely as shown below:

i. If she votes for candidate 1 then her vote makes no difference in state A, whereas it causes a tie, instead of a win for candidate 2 in state B

ii. If she votes for candidate 2 then her vote causes a tie, instead of a win for candidate 1 in state A, and makes no difference in state B.

7 0

4 years ago