51) The above figure shows the market for biologists. The government decides to set a minimum wage for biologists of $18 per hour. After this minimum wage is in effect, and taking account of the resources lost in job search, workers’ surplus equals ________. A) $800 B) $900 C) $400 D) $1,800 E) $200 52) The above figure shows the market for biologists. The government […]
41) For which of the following reasons do employers adopt surveillance technologies to track online communications? A) to increase employee productivity B) to enable efficient data mining C) to prevent data redundancy D) to facilitate faster communication 42) ________ are used to monitor e-mail, web surfing, and other online communications in organizations. A) Proxy servers B) Surveillance technologies C) Trojan horses D) […]
21) According to a Wall Street Journal article, hhgregg has differentiated itself from its competition, particularly from large chain stores such as Best Buy A) by charging lower prices. B) by providing better customer service. C) by selling inferior products. D) by offering discounts for cash sales. 22) The financial situation at Starbucks in the late 2000s illustrates the fact that maintaining […]
51) Which of the following statements about a firm in long-run equilibrium is true? A) P > MC for a firm in monopolistic competition and P = ATC for a firm in perfect competition B) MR > P for a firm in monopolistic competition and P = ATC for a firm in perfect competition C) P = MC for firms in both monopolistic competition […]
Figure 14-3 Rainbow Writer (RW) is a small online company selling a highly rated software package for printing color labels directly onto CDs. The firm currently earns a profit of $2 million per year selling its package exclusively on its Web site. Odeon, the producer of the most popular software package for editing and burning CDs and DVDs has expressed interest in bundling Rainbow […]
21) If government purchases are $400 million, taxes are $700 million, and transfers are $200 million, which of the following is true? A) Public saving is $500 million. B) The budget deficit is $100 million. C) The budget deficit is $500 million. D) Public saving is $100 million. 22) Which of the following will increase investment spending in the economy, holding everything […]
11) If the real interest rate rises, A) the quantity of loanable funds demanded increases. B) the quantity of loanable funds demanded decreases. C) there is is movement down along the demand for loanable funds curve. D) the demand for loanable funds curve shifts leftward. E) the demand for loanable funds curve shifts rightward. 12) An increase in the quantity of loanable funds demanded […]
21) Which of the following is part of the secondary market? A) New York Stock Exchange B) the over-the-counter market C) NASDAQ D) all of these 22) One of the most widely followed stock indexes in the United States is the Dow Jones Industrial Average. This index represents A) the stock prices of 500 large U.S. firms. B) an over-the-counter market. C) […]
51) The number of complaints filed with the EEOC in recent years has: A) declined sharply since 1990. B) shifted towards reverse discrimination cases. C) fluctuated with the state of the economy. D) increased since 1990. 52) If a complaint is filed with the EEOC, and the EEOC finds no probable cause of a violation of the law, then the EEOC will […]
131) Other things being equal, an increase in the current account deficit may be due to A) an increase in private saving. B) a fall in domestic investment. C) a rise in the government’s budget surplus. D) a fall in the government’s budget surplus. E) a fall in the government’s budget deficit. 132) The problem of the “twin deficits” refers to A) a decrease […]
136.Mercury Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $150,000 was sold for its book value in Year 2. The following selected information is available for Mercury Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.
At December 31Year 2Year 1
Equipment$610,000$750,000
Accumulated Depreciation-Equipment428,000500,000
A. $32,000.
B. $68,000.
C. $38,000.
D. $40,000.
E. $36,000.
137.Jamison Company reports depreciation expense of $35,000 for Year 2. Also, equipment costing $140,000 was sold for a $5,000 gain in Year 2. The following selected information is available for Jamison Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.
At December 31Year 2Year 1
Equipment$610,000$750,000
Accumulated Depreciation-Equipment428,000500,000
A. $23,000.
B. $35,000.
C. $38,000.
D. $40,000.
E. $67,000.
138.Jeffreys Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $240,000 was sold for a $10,000 loss in Year 2. The following selected information is available for Jeffreys Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.
At December 31Year 2Year 1
Equipment$510,000,000$750,000
Accumulated Depreciation-Equipment328,000500,000
A. $62,000.
B. $38,000.
C. $28,000.
D. $18,000.
E. $58,000.
139.Bagwell's net income for the year ended December 31, Year 2 was $185,000. Information from Bagwell's comparative balance sheets is given below. Compute the cash received from the sale of its common stock during Year 2.
At December 31Year 2Year 1
Common Stock, $5 par value$500,000$450,000
Paid-in capital in excess of par948,000853,000
Retained earnings688,000582,000
A. $185,000.
B. $106,000.
C. $95,000.
D. $50,000.
E. $145,000.
140.Bagwell's net income for the year ended December 31, Year 2 was $175,000. Information from Bagwell's comparative balance sheets is given below. Compute the cash paid for dividends during Year 2.
At December 31Year 2Year 1
Common Stock, $5 par value$500,000$450,000
Paid-in capital in excess of par948,000853,000
Retained earnings688,000582,000
A. $79,000.
B. $201,000.
C. $95,000.
D. $50,000.
E. $69,000.
141.Scranton, Inc. reports net income of $230,000 for the year ended December 31. It also reports $87,700 depreciation expense and a $5,000 gain on the sale of equipment. Its comparative balance sheet reveals a $35,500 decrease in accounts receivable, a $15,750 increase in accounts payable, and a $12,500 decrease in wages payable. Calculate the cash provided (used) in operating activities using the indirect method.
A. $376,450.
B. $351,450.
C. $356,450.
D. $319,950.
E. $263,750.
142.Alvez Company reports net income of $305,000 for the year ended December 31. It also reports $93,700 depreciation expense and a $10,000 loss on the sale of equipment. Its comparative balance sheet reveals a $40,200 increase in accounts receivable, a $10,200 decrease in prepaid expenses, a $15,200 increase in accounts payable, a $12,500 decrease in wages payable, and a $100,000 decrease in notes payable. Calculate the cash provided (used) in operating activities using the indirect method.
A. $461,800.
B. $371,400.
C. $381,400.
D. $351,000.
E. $361,000.
143.Alvez reports net income of $305,000 for the year ended December 31. It also reports $93,700 depreciation expense and a $10,000 loss on the sale of equipment. Its comparative balance sheet reveals a $40,200 increase in accounts receivable, a $10,200 decrease in prepaid expenses, a $15,200 increase in accounts payable, a $12,500 decrease in wages payable, a $75,000 increase in equipment, and a $100,000 decrease in notes payable. Calculate the net increase in cash for the year.
A. $216,400.
B. $281,400.
C. $381,400.
D. $206,400.
E. $406,400.
144.Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:
Retained earnings balance at the beginning of the year$233,000
Cash dividends declared for the year$50,000
Proceeds from the sale of equipment$85,000
Gain on the sale of equipment$4,500
Cash dividends payable at the beginning of the year$22,000
Cash dividends payable at the end of the year$30,000
Net income for the year$110,000
The ending balance in retained earnings is:
A. $343,000.
B. $213,000.
C. $293,000.
D. $297,500.
E. $301,000.
145.Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:
Retained earnings balance at the beginning of the year$233,000
Cash dividends declared for the year$50,000
Proceeds from the sale of equipment$85,000
Gain on the sale of equipment$4,500
Cash dividends payable at the beginning of the year$22,000
Cash dividends payable at the end of the year$30,000
Net income for the year$110,000
The amount of cash paid for dividends was:
A. $52,000.
B. $60,000.
C. $58,000.
D. $50,000.
E. $42,000.
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