The unadjusted trial balance for sierra corp. is shown below.

sierra corporation trial balance october 31, 2017
debit credit
cash $15,200
supplies 2,500 `
prepaid insurance 600
equipment 5,000
notes payable $5,000
accounts payable 2,500
unearned service revenue 1,200
common stock 10,000
retained earnings 0
dividends 500
service revenue 10,000
salaries and wages expense 4,000
rent expense 900
$28,700 $28,700
assume the following adjustment data.

1. supplies on hand at october 31 total $500.
2. expired insurance for the month is $100.
3. depreciation for the month is $75
4. as of october 31, services worth 4\$800 related to the previously recorded unearned revenue had been performed.
5. services performed but unbilled and no receivables have been recorded at october 31 are $280.
6. interest expense accrued at october 31 is $70.
7. accrued salaries at october 31 are $1,400

prepare the adjusting entries for the items above.

Suppose a firm faces a fixed price of output, 푝푝= 1200. the firm hires workers from a union at a daily wage, 푤푤, to produce output according to the production function 푞푞= 2퐸퐸12. there are 225 workers in the union. any union worker who does not work for this firm is guaranteed to find nonunion employment at a wage of $96 per day. a.what is the firm’s labor demand function? b.if the firm is allowed to choose 푤푤, but then the union decides how many workers to provide (up to 225) at that wage, what wage will the firm set? how many workers will the union provide? what is the firm’s output and profit? what is the total income of the 225 union workers? c.now suppose that the union sets the wage, but the firm decides how many workers to hire at that wage (up to 225). what wage will the union set to maximize the total income of all 225 workers? how many workers will the firm hire? what is the firm’s output and profit? what is the total income of the 225 union workers? [hint: to maximize total income of union, take the first order condition with respect to w and set equal to 0.]

Using a cps-sample of 7,440 individuals, you estimate the following regression: = 20.91 - 2.61 x female where female is a binary variable that takes on the value of 1 for females and is 0 otherwise. the standard error on the coefficient on female is 0.25. the 95% confidence interval for the gender wage gap, or the amount that females earn less, is: a) [-3.10, -2.12] b) [18.30, 23.52] c) [-3.02, -2.20] d) [-1.96, -1.64]

Utilization will always be lower than efficiency because: a. effective capacity is greater than design capacityb. expected output is less than actual output.c. effective capacity equals design capacity.d. effective capacity is less than design capacity.e. expected output is less than rated capacity.