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Jaylin Parsons
BusinessBusiness
Suppose that at the beginning of 2019 Jamaal's basis in his S corporation stock is $0, he has a $0 debt basis associated with a $16,000 loan he made to the S corporation, and he has a $11,000 suspended loss from the S corporation. In 2019, Jamaal contributed $14,000 to the S corporation, and the S corporation had ordinary income of $10,000. Assume that Jamaal owns 40 percent of the S corporation. How much net income or loss does Jamaal report this year from the S corporation?
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Van Castillo
BusinessBusiness
Google + is the fastest website to grow to ten million memebers in Internet history?
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Howe
BusinessBusiness
Consider the following data that identifies real gross domestic product (GDP) in comparison to the long-run trend of real GDP to answer the following questions:

Quarter Real GDP Long-Run Trend of Real GDP

(billions of dollars) (billions of dollars)

1 4,000 4,000

2 4,160 4,120

3 4,326 4,244

4 4,413 4,371

5 4,501 4,502

6 4,591 4,637

7 4,499 4,776

8 4,409 4,919

9 4,673 5,067

10 4,954 5,219

11 5,252 5,376

12 5,376 5,537

In what quarter did this economy enter a recession?
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Jadyn Wang
BusinessBusiness
Evergreen Building, Inc. has declared a $40,000 cash dividend to shareholders. The company has 5,000 shares of $20-par, 6% preferred stock and 10,000 shares of $15-par common stock. The preferred stock is cumulative. How much will be distributed to the preferred and common stockholders on the date of payment if the preferred stock is $12,000 in arrears?
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Dahlia Hanson
BusinessBusiness
Dispatch Hauling Corporation has an online forum where employees can post comments. Eddie posts a racially offensive video on the forum. Dispatch should
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Triston Davidson
BusinessBusiness
LO 4.7In a job order cost system, utility expense incurred is debited to which account?

work in process inventory

finished goods inventory

manufacturing overhead

cost of goods sold
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Julian Mcgee
BusinessBusiness
A rightward shift in demand will cause an increase in price. The increase in price will cause a rightward shift of the supply curve, which will lead to an offsetting decrease in price. Therefore, it is impossible to tell what effect an increase in demand will have on price. Do you agree with your friend? A. No, the offsetting supply shift caused by the higher price will not be as large as the demand shift, so we know the price will rise some. B. No, the increase in price will not cause a shift of the supply curve. C. Yes, any time both the supply and demand curves shift, it becomes impossible to accurately determine the impact on the price of a good. D. Yes, since the shift in demand that raises the price must cause an offsetting shift in supply, we cannot know the impact
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Benjamin Solis
BusinessBusiness
Luigi's Pizzeria is considering to hire two more workers, Jessie and Kathy. Suppose that the market wage for another worker is $80 per day. Jessie would generate a marginal product of 10 pizzas, while Kathy would generate a marginal product of 9 pizzas. If pizzas sell for $9 each, what should Luigi do?

a) Luigi should not hire either additional worker.

b) Luigi should hire only the first additional worker, Jessie.

c) Luigi should hire only the second additional worker, Kathy.

d) Luigi should hire both workers as long as their marginal products do not change.
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Milo Davila
BusinessBusiness
Flay Foods has always used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2021, Flay decided to change to the LIFO method. As a result of the change, net income in 2021 was $76 million. If the company had used LIFO in 2020, its cost of goods sold would have been higher by $7 million that year. Flay's records of inventory purchases and sales are not available for 2019 and several previous years. Last year, Flay reported the following net income amounts in its comparative income statements: ($ in millions) 2018 2019 2020 Net income $ 76 $ 78 $ 80 Required: 1. Prepare the journal entry at the beginning of 2021 to record the change in accounting principle. (Ignore income taxes.) 3. What amounts will Flay report for net income in its 2019-2021 comparative income statements?
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Mathis
BusinessBusiness
Suppose there is a policy debate regarding the United States' imposing trade restrictions on imported tires.

Read the following scenario and answer the question that follows.

A congresswoman from a state with several tire factories argues that the government should impose a tariff on tires because they are a necessary input into the production of various weapons. Free trade, she contends, would make the United States overly dependent on foreign countries for the supply of tires and thus, in case of war, unable to make enough weapons to defend itself.

Which of the following justifications is the congresswoman using to argue for the trade restriction on tires?

A. National-security argument

B. Unfair-competition argument

C. Infant-industry argument

D. Using-protection-as-a-bargaining-chip argument

E. Jobs argument
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Kathryn Shea
BusinessBusiness
Nitai, who is single and has no dependents, was planning on spending the weekend repairing his car. On friday, nitai's employer called and offered him $125 in overtime pay if he would agree to work over the weekend. Nitai could get his car repaired over the weekend at autofix for $90. If nitai works over the weekend, he will have to pay the $90 to have his car repaired but he will earn $125. Assume nitai pays tax at a flat 12 percent rate.
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Davin Burgess
BusinessBusiness
Stock Company has 2,000 units in beginning work in process inventory, 20% complete as to conversion costs, 23,000 units transferred out to finished goods, and 3,000 units in ending work in process 33 1/3% complete as to conversion costs. The beginning and ending inventory is fully complete as to materials costs.

Equivalent units for materials and conversion units are:

A. 26,000, 26,000.

B. 26,000, 24,000.

C. 22,000, 24,000.

D. 24,000, 26,000.
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Reina Webb
BusinessBusiness
Mark, an accountant, is given the task to lead an external auditing project for a multinational company. In his spare time, Mark also acts as a consultant for Mayfair Hut Inc., a local company. In this scenario, Mark is a:
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Nathanael Meza
BusinessBusiness
When is the best time to take an out of state college visit
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Anaya Parks
BusinessBusiness
On March 1, Lincoln sold merchandise on account to Amelia Company for $28,200, terms 1/10, net 45. On March 6, Amelia returns merchandise worth $2,600. On March 11, Lincoln receives payment from Amelia for the balance due. Prepare journal entries to record the March transactions on Lincoln's books. (You may ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
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