business ethics chapter 7 technological advances over the last two decades have made it more difficult to pass the personal data
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Complete Question:
PB10-2 Recording and Reporting Current Liabilities with Evaluation of Effects on the Debt-to-Assets Ratio [LO 10-2, LO 10-5]
Tiger Company completed the following transactions. The annual accounting period ends December 31.
Jan. 3 Purchased merchandise on account at a cost of $24,000. (Assume a perpetual inventory system.) Jan.
27 Paid for the January 3 purchase.
Apr. 1 Received $80,000 from Atlantic Bank after signing a 12-month, 5 percent promissory note.
June 13 Purchased merchandise on account at a cost of $8,000.
July 25 Paid for the June 13 purchase.
July 31 Rented out a small office in a building owned by Tiger Company and collected eight months’ rent in advance amounting to $8,000.
Dec. 31 Determined wages of $12,000 were earned but not yet paid on December 31 (Ignore payroll taxes).
Dec. 31 Adjusted the accounts at year-end, relating to interest.
Dec. 31 Adjusted the accounts at year-end, relating to rent.
Required:
1. & 2. Prepare journal entries for each of the transactions through August 1 and any adjusting entries required on December 31.
3. Show how all of the liabilities arising from these items are reported on the balance sheet at December 31.
Answer:
Prepared journal Entries for Questions 1, 2 and 3 are attached as images in this order
1 Journal Entry Worksheet 1 (image 1)
2 Journal Entry Worksheet 1 (image 2)
3 Journal Entry Balance sheet 1 (image 3)
Answer:
400
Explanation:
Qd = 45 - 2P
Qd = -15 + P
45 - 2P = P - 15
60 = 3P
60/3 = P = 20
Q = 45 - 2*20 = 5
Q = -15+20 = 5
The quantity will be 5 and price 20
<u>Now we will caclulate the consumer surplus:</u>
Which the area of the demand curve above the equilibrium.
We calculate he area of a triangle:
base x high / 2
consumer surplus = 400
Answer:
Wage rate = $960
Explanation:
Supply of labor is the number of hours workers are willing to work at a given real wage rate. When wage rate increases, supply of labor also increases because more people are encouraged as now they can obtain a higher income. When wage rate decreases, labor supply also decreases.
<em><u>View diagram</u></em>
In this case, however, there has been a decrease in supply, causing the supply curve to shift from S to S1. This can be due to many reasons such as migration, increase in minimum working age or increase in interest in education causing more people to study. When the supply of labor falls, there are less people available for work. Thus, demand exceeds supply, causing a shortage. Hence, the pressure causes price, i.e. wage rate to increase. To determine by how much the increase is, cross-multiplication can be used:
At 25 laborers, wage rate is $600 (25 = 600)
At 15 workers, wage rate is X (15 = X)
We now substitute for X, which is the amount by which wage rate will increase.
25 / 600 = 15 / X
Thus, 25X = 9000 (600 x 15)
9000 / 25 = X
X = 360.
Hence, wage rate at 15 laborers is 600 + 360 = $960
