Your accounts receivable clerk, Mary, to whom you pay a salary of $1,415 per month, has just purchased a new luxury car. You have decided to test the accuracy of the accounts receivable balance of $86,050 shown in the general ledger. The following information is available for your first year in business: 1. Collections from customers are $197,100. 2. Merchandise purchased totalled $321,550. 3. Ending merchandise inventory is $98,650. 4. Goods are marked to sell at 40% above cost. Assume that all sales are made on account. Calculate the following: 1) the ending balance of accounts receivable from customers that should appear in the ledger and 2) any apparent shortages.  Show all workings.

Cranberry Inc. is a cell phone wholesaler. At the beginning of the year, it purchased 1,200 units of the most recent android phone for $600 each. The selling price during the year was $800 per unit. At year end, it had 200 units on hand. Due to changes in technology, the selling price will have to be reduced by 35% in order to sell the remaining phones. What is the inventory value of the android phones at the end of the period?

Strawberry Inc. is currently preparing closing entries. The company had total revenues of $2,500,000, total expenses of $1,950,000, and dividends of $10,000 for the year.Based on the information provided, what is the impact on the retained earnings?

Transactions for Mango Ltd. for the month of June were: ​ Purchases Sales June 1 (balance) 400 @ $3.20 June 2 300 @ $5.50 ​ 3 1,100 @ 3.10 6 800 @ 5.50 ​ 7 600 @ 3.30 9 500 @ 5.50 ​ 15 900 @ 3.40 10 200 @ 6.00 ​ 22 250 @ 3.50 18 700 @ 6.00 ​ 25 150 @ 6.00 Mango Ltd. uses the periodic inventory system. The ending inventory on a weighted average cost basis is

Lemon Cars uses the specific identification formula of costing inventory. During April, Lemon purchased three used cars: a Toyota Corolla for $6,200, a Buick Sedan for $7,300, and a Hyundia Accent $8,400, respectively. During April, two cars are sold for $8,600 each. As at April 30, the Hyundia Accent is still in inventory. What is the cost of goods sold for April?

When using the moving-average cost formula with a perpetual system,

[1] According to the graph, what is the consumer surplus when the market price is $50?  [2] According to the graph, what is the producer surplus when the market price is $50?  [3] According to the graph, what is the total surplus when the market price is $50?  [4] If the government sets a maximum price of $40, is this considered a price floor or a price ceiling?  [5] Under the maximum price policy of $40, will the market experience a shortage or a surplus?  [6] What is the consumer surplus under the $40 maximum price policy?  [7] What is the producer surplus under the $40 maximum price policy?  [8] What is the total surplus under the $40 maximum price policy?  [9] By how much does the total surplus decrease when the market price is set at $40 compared to the equilibrium price of $50? 

Assume you purchased a $100 U.S. T-bill maturing in for three years. The T-bill has an annual coupon rate of 3%. The market price of the T-bill is $90.  [1] How much is the face value of the T-bill?  [2] How much is your coupon amount per year?  [3] How long is the maturity of the T-bill?  [4] What would the current yield be based on this market rate? (round to two decimal places) 

Congratulations on completing your final exam! As a bonus question, I’d like you to reflect on what you learned most from this course and how you can apply that knowledge to your current field or professional goals. Please take a moment to provide thoughtful responses. Additionally, don’t forget to complete the IDEA course evaluation. As long as you submit your evaluation before the end of the semester, you will receive extra credit. Thank you all for your hard work and engagement throughout the course!

Contractionary monetary policy that comes from an open market operation by the Fed will most likely change the money supply, the interest rate, and the unemployment rate in which of the following ways? (increase or decrease) [1] Money Supply: [2] Interest Rate (Yield rate):  [3] Unemployment Rate: