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A summary of the operations of XYZ Inc. for the year endedMay 31, 2006, is shown below.Advertising expense . . . . . . . . . $ 2,760Supplies expense . . . . . . . . . . . 37,820Rent expense . . . . . . . . . . . . . 1,500Salaries expense . . . . . . . . . . . 18,150Miscellaneous expense . . . . . . . 4,170Dividends . . . . . . . . . . . . . . 12,400Retained earnings (6/1/05) . . . . . 156,540Income taxes . . . . . . . . . . . . . 21,180Consulting fees (revenues) . . . . 115,100Administrative expense . . . . . . . 7,250Required:a. Determine the net income for the year by preparing an income statement. (There are 2,000 shares of stock outstanding.)b. Prepare a statement of retained earnings for the year ended May 31, 2006.c. Prepare a statement of retained earnings assuming that XYZ Inc. had a net loss for the year of $25,000.d. Assuming a loss as in (3), is it a good idea for XYZ Inc. to still pay its shareholders dividends?
Suppose that because of the ongoing financial turmoil banks become more prudent: that is, other things equal, banks want to hold more excess reserves and make fewer loans.
Describe free trade harm the environment. Environmentalists argue that trade liberalization harms the environment.
Overview of the project's objectives and scope
Suppose that the car manufacturer allows the car dealer to return all unsold cars at the end of a recessionary year. What is the car dealer's profit in a growth year and in a recession? What is their expected profit?
Suppose that the software market currently has one firm operating -Microhard. What contract should be writen between the bank and Newvel?
Illustrate what environmental factors or trends, (technology, social, political, demographic, global, etc. ) do you believe will have the greatest impact on critical thinking at work or in another area of your life.
The capital-labor ratio of a cost minimizing firm in the long run indicates explain how a firm should produce its output, not how much output it should produce.
Elucidate assumption concerning economies of scale will give rise to a determinant and optimal scale of the firm in Long run equilibrium in perfect competetion.
Consumption accounts for about 60% of GDP, while investments accounts for about 20% for GDP. But many economists think that, to understand economic recession, it is more significant to look at investment than consumption. Why?
Illustrate what happens to the supply curve and the equilibrium point when a new technology improves a production process.
Explain how much is spent on bus rides. What is consumer surplus in dollars at this equilibrium. How much is the total benefit in dollars from bus rides.
Illustrate what are the major types of transactions or activities that result in demand for foreign currency in the spot foreign exchange market.
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