Present entries to record the following summarized operations related to production for a company using a job order cost system:

(a) Materials purchased on account $176,000
(b) Prepaid expenses incurred on account 12,200
(c) Materials requisitioned: For production orders 153,700 For general factory use 2,700
(d) Factory labor used: On production orders 141,300 For general factory purposes 12,000
(e) Depreciation on factory equipment 37,000
(f) Expiration of prepaid expenses, chargeable to factory 6,100
(g) Factory overhead costs incurred on account 76,000
(h) Factory overhead applied, based on machine hours 105,300
(i) Jobs finished 415,300
(j) Jobs shipped to customers: Cost 412,000 Selling price (assume all sold on account) 638,000

At the end of the current year, $59,500 of fees have been earned but have not been billed to clients. required: a. journalize the adjusting entry to record the accrued fees on december 31. refer to the chart of accounts for exact wording of account titles. b. if the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?

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.]

Determine if the following statements are true or false. an increase in government spending can crowd out private investment. an improvement in the budget balance increases the demand for financial capital. an increase in private consumption may crowd out private investment. lower interest rates can lead to private investment being crowded out. a trade balance in sur+ increases the supply of financial capital. if private savings is equal to private investment, then there is neither a budget sur+ nor a budget deficit.