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Question : 188. The balances for the accounts of Lance’s Consulting Firm, Inc. : 1256652

Accounting

 

188. The balances for the accounts of Lance’s Consulting Firm, Inc. for the year ended December 31 are shown below. Each account shown had a normal balance.

 

 

Accounts payable$ 6,400Wages expense$35,000

Accounts receivable   7,000Rent expense    5,000

Cash 10,000Retained earnings  68,700

Office supplies   1,000Land  53,000

Building 99,000Unearned revenue    7,000

Supplies expense 15,000Dividends  20,000

Consulting revenue           150,000Common stock                         12,900

 

Calculate net income.

 

 

 

189. The balances for the accounts of Lance’s Consulting Firm, Inc. for the year ended December 31 are shown below. Each account shown had a normal balance.

 

 

Accounts payable$ 6,400Wages expense$35,000

Accounts receivable   7,000Rent expense    5,000

Cash 10,000Retained earnings  68,700

Office supplies   1,000Land  53,000

Building 99,000Unearned revenue    7,000

Supplies expense 15,000Dividends  20,000

Consulting revenue           150,000Common stock                         12,900

 

Calculate ending retained earnings.

 

 

 

190. The balances for the accounts of Lance’s Consulting Firm, Inc. for the year ended December 31 are shown below. Each account shown had a normal balance.

 

 

Accounts payable$ 6,400Wages expense$35,000

Accounts receivable   7,000Rent expense    5,000

Cash 10,000Retained earnings  68,700

Office supplies   1,000Land  53,000

Building 99,000Unearned revenue    7,000

Supplies expense 15,000Dividends  20,000

Consulting revenue           150,000Common stock                         12,900

 

Calculate total assets.

 

 

 

 

 

 

 

 

 

 

 

 

191. The balances for the accounts of Lance’s Consulting Firm, Inc. for the year ended December 31 are shown below. Each account shown had a normal balance.

 

 

Accounts payable$ 6,400Wages expense$35,000

Accounts receivable   7,000Rent expense    5,000

Cash 10,000Retained earnings  68,700

Office supplies   1,000Land  53,000

Building 99,000Unearned revenue    7,000

Supplies expense 15,000Dividends  20,000

Consulting revenue           150,000Common stock                         12,900

 

Calculate thedebt ratio.

 

 

192. At year-end, Harris Cleaning Service noted the following errors in its trial balance:

 

1.  It understated the total debits to the Cash account by $500 when computing the account

balance.

2.  A credit sale for $311 was recorded as a credit to the revenue account, but the offsetting

     debit was not posted.

3.  A cash payment to a creditor for $2,600 was never recorded.

4.  The $680 balance of the Prepaid Insurance account was listed in the credit column of the

     trial balance.

5.  A $24,900 truck purchase for cash was recorded as a $24,090 debit to Vehicles and a

     $24,090 credit to Notes Payable.

6.  A purchase of office supplies for $150 was recorded as a debit to Office Equipment. The

     offsetting credit entry was correct.

7.  An additional investment of $4,000 by Del Harris was recorded as a debit to Common

     Stock and as a credit to Cash.

8.  The cash payment of the $510 utility bill for December was recorded (but not paid) twice.

9.  A revenue account balance of $79,817 was listed on the trial balance as $97,817.

10.  A $1,000 cash dividend was recorded as a $100 debit to Dividends and $100 credit to cash.

 

Using the form below, indicate whether each error would cause the trial balance to be out of balance, the amount of any imbalance and whether a correcting journal entry is required.

 

 

 

Would the error cause the trial balance to be out of balance?

 

Correcting Journal Entry Required

Error

Yes

No

Amount of Imbalance

Yes

No

1.

 

 

 

 

 

2.

 

 

 

 

 

3.

 

 

 

 

 

4.

 

 

 

 

 

5.

 

 

 

 

 

6.

 

 

 

 

 

7.

 

 

 

 

 

8.

 

 

 

 

 

9.

 

 

 

 

 

10.

 

 

 

 

 

 

 

 

 

 

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July 1, 2023
    

 

31) Which of the following describes the distinction between the Phillips curve and the AS curve?

A) The AS curve has the price level on the vertical axis whereas the Phillips curve has the interest rate on the vertical axis.

B) The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of change in the interest rate on the vertical axis.

C) The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.

D) The AS curve has the rate of price inflation on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.

E) There is no distinction: the two curves are essentially the same thing.

32) If the economy in the short run is experiencing a recessionary gap, we are likely to see

A) severe and widespread labour shortages.

B) quickly rising output prices.

C) many workers receiving employment-insurance benefits.

D) the number of employment-insurance recipients the lowest ever.

E) consumers optimistic about the future.

33) Which of the following statements about output gaps is true?

A) When actual GDP is below potential GDP, there is upward pressure on wages.

B) When actual GDP is below potential GDP, there is upward pressure on output prices.

C) When actual GDP is above potential GDP, there is downward pressure on wages.

D) When actual GDP is above potential GDP, there is downward pressure on output prices.

E) When actual GDP is above potential GDP, there is upward pressure on wages.

34) Consider the basic AD/AS diagram. The vertical line at Y* shows the relationship between the price level and the amount of output ________ have adjusted to output gaps.

A) demanded by households after all factor prices

B) supplied by firms after all factor prices

C) demanded by households before all factor prices

D) supplied by firms before all factor prices

E) supplied by firms after all output prices

35) As the macro economy adjusts from the short run to the long run,

A) wages and other factor prices adjust to close output gaps.

B) potential output is adjusting to close inflationary or recessionary gaps.

C) wages and other factor prices remain constant.

D) aggregate demand shocks cause deviations from potential output.

E) aggregate supply shocks cause deviations from potential output.

36) Following any AD or AS shock, economists typically assume that the adjustment process continues until

A) the AD and AS curves intersect each other at the correct price level.

B) real GDP returns to Y*.

C) factor prices have returned to their levels previous to the shock.

D) Y* adjusts to its long-run equilibrium level.

E) the output gap is at a stable level.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37) Refer to Table 24-1. Which of the economies is operating at its long-run equilibrium?

A) Economy A

B) Economy B

C) Economy C

D) Economy D

E) Economy E

38) Refer to Table 24-1. Which of the economies are experiencing an inflationary gap?

A) Economies A and B

B) Economies B and C

C) Economies C and D

D) Economies D and E

E) none of the economies

39) Refer to Table 24-1. Which of the following statements best describes the situation facing Economy B?

A) There is a recessionary gap of $40 billion and wages are falling slowly.

B) There is an inflationary gap of $40 billion and wages are rising.

C) There is a recessionary gap of $20 billion and wages are falling slowly.

D) There is no output gap and wages are stable.

E) There is an output gap of $20 billion and wages are rapidly adjusting.

40) Refer to Table 24-1. Consider Economy E. Which of the following best describes the positions of the aggregate demand and aggregate supply curves in this economy?

A) The AD curve has shifted to the right and the economy is in a short-run disequilibrium position.

B) The AS curve has shifted to the left and the economy is in a short-run disequilibrium position.

C) The intersection of the AD and AS curves is to the right of Y*.

D) The intersection of the AD and AS curves is to the left of Y*.

E) The intersection of the AD and AS curves coincide with the long-run aggregate supply curve.

 

 

default image
July 1, 2023
    

 

31) Which of the following describes the distinction between the Phillips curve and the AS curve?

A) The AS curve has the price level on the vertical axis whereas the Phillips curve has the interest rate on the vertical axis.

B) The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of change in the interest rate on the vertical axis.

C) The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.

D) The AS curve has the rate of price inflation on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.

E) There is no distinction: the two curves are essentially the same thing.

32) If the economy in the short run is experiencing a recessionary gap, we are likely to see

A) severe and widespread labour shortages.

B) quickly rising output prices.

C) many workers receiving employment-insurance benefits.

D) the number of employment-insurance recipients the lowest ever.

E) consumers optimistic about the future.

33) Which of the following statements about output gaps is true?

A) When actual GDP is below potential GDP, there is upward pressure on wages.

B) When actual GDP is below potential GDP, there is upward pressure on output prices.

C) When actual GDP is above potential GDP, there is downward pressure on wages.

D) When actual GDP is above potential GDP, there is downward pressure on output prices.

E) When actual GDP is above potential GDP, there is upward pressure on wages.

34) Consider the basic AD/AS diagram. The vertical line at Y* shows the relationship between the price level and the amount of output ________ have adjusted to output gaps.

A) demanded by households after all factor prices

B) supplied by firms after all factor prices

C) demanded by households before all factor prices

D) supplied by firms before all factor prices

E) supplied by firms after all output prices

35) As the macro economy adjusts from the short run to the long run,

A) wages and other factor prices adjust to close output gaps.

B) potential output is adjusting to close inflationary or recessionary gaps.

C) wages and other factor prices remain constant.

D) aggregate demand shocks cause deviations from potential output.

E) aggregate supply shocks cause deviations from potential output.

36) Following any AD or AS shock, economists typically assume that the adjustment process continues until

A) the AD and AS curves intersect each other at the correct price level.

B) real GDP returns to Y*.

C) factor prices have returned to their levels previous to the shock.

D) Y* adjusts to its long-run equilibrium level.

E) the output gap is at a stable level.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37) Refer to Table 24-1. Which of the economies is operating at its long-run equilibrium?

A) Economy A

B) Economy B

C) Economy C

D) Economy D

E) Economy E

38) Refer to Table 24-1. Which of the economies are experiencing an inflationary gap?

A) Economies A and B

B) Economies B and C

C) Economies C and D

D) Economies D and E

E) none of the economies

39) Refer to Table 24-1. Which of the following statements best describes the situation facing Economy B?

A) There is a recessionary gap of $40 billion and wages are falling slowly.

B) There is an inflationary gap of $40 billion and wages are rising.

C) There is a recessionary gap of $20 billion and wages are falling slowly.

D) There is no output gap and wages are stable.

E) There is an output gap of $20 billion and wages are rapidly adjusting.

40) Refer to Table 24-1. Consider Economy E. Which of the following best describes the positions of the aggregate demand and aggregate supply curves in this economy?

A) The AD curve has shifted to the right and the economy is in a short-run disequilibrium position.

B) The AS curve has shifted to the left and the economy is in a short-run disequilibrium position.

C) The intersection of the AD and AS curves is to the right of Y*.

D) The intersection of the AD and AS curves is to the left of Y*.

E) The intersection of the AD and AS curves coincide with the long-run aggregate supply curve.

 

 

default image
July 1, 2023
    

 

31) Which of the following describes the distinction between the Phillips curve and the AS curve?

A) The AS curve has the price level on the vertical axis whereas the Phillips curve has the interest rate on the vertical axis.

B) The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of change in the interest rate on the vertical axis.

C) The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.

D) The AS curve has the rate of price inflation on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.

E) There is no distinction: the two curves are essentially the same thing.

32) If the economy in the short run is experiencing a recessionary gap, we are likely to see

A) severe and widespread labour shortages.

B) quickly rising output prices.

C) many workers receiving employment-insurance benefits.

D) the number of employment-insurance recipients the lowest ever.

E) consumers optimistic about the future.

33) Which of the following statements about output gaps is true?

A) When actual GDP is below potential GDP, there is upward pressure on wages.

B) When actual GDP is below potential GDP, there is upward pressure on output prices.

C) When actual GDP is above potential GDP, there is downward pressure on wages.

D) When actual GDP is above potential GDP, there is downward pressure on output prices.

E) When actual GDP is above potential GDP, there is upward pressure on wages.

34) Consider the basic AD/AS diagram. The vertical line at Y* shows the relationship between the price level and the amount of output ________ have adjusted to output gaps.

A) demanded by households after all factor prices

B) supplied by firms after all factor prices

C) demanded by households before all factor prices

D) supplied by firms before all factor prices

E) supplied by firms after all output prices

35) As the macro economy adjusts from the short run to the long run,

A) wages and other factor prices adjust to close output gaps.

B) potential output is adjusting to close inflationary or recessionary gaps.

C) wages and other factor prices remain constant.

D) aggregate demand shocks cause deviations from potential output.

E) aggregate supply shocks cause deviations from potential output.

36) Following any AD or AS shock, economists typically assume that the adjustment process continues until

A) the AD and AS curves intersect each other at the correct price level.

B) real GDP returns to Y*.

C) factor prices have returned to their levels previous to the shock.

D) Y* adjusts to its long-run equilibrium level.

E) the output gap is at a stable level.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37) Refer to Table 24-1. Which of the economies is operating at its long-run equilibrium?

A) Economy A

B) Economy B

C) Economy C

D) Economy D

E) Economy E

38) Refer to Table 24-1. Which of the economies are experiencing an inflationary gap?

A) Economies A and B

B) Economies B and C

C) Economies C and D

D) Economies D and E

E) none of the economies

39) Refer to Table 24-1. Which of the following statements best describes the situation facing Economy B?

A) There is a recessionary gap of $40 billion and wages are falling slowly.

B) There is an inflationary gap of $40 billion and wages are rising.

C) There is a recessionary gap of $20 billion and wages are falling slowly.

D) There is no output gap and wages are stable.

E) There is an output gap of $20 billion and wages are rapidly adjusting.

40) Refer to Table 24-1. Consider Economy E. Which of the following best describes the positions of the aggregate demand and aggregate supply curves in this economy?

A) The AD curve has shifted to the right and the economy is in a short-run disequilibrium position.

B) The AS curve has shifted to the left and the economy is in a short-run disequilibrium position.

C) The intersection of the AD and AS curves is to the right of Y*.

D) The intersection of the AD and AS curves is to the left of Y*.

E) The intersection of the AD and AS curves coincide with the long-run aggregate supply curve.

 

 

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