Jack hammer company completed the following transactions. the annual accounting period ends december 31. apr. 30 received $600,000 from commerce bank after signing a 12-month, 6 percent, promissory note. june 6 purchased merchandise on account at a cost of $75,000. (assume a perpetual inventory system.) july 15 paid for the june 6 purchase. aug. 31 signed a contract to provide security service to a small apartment complex starting in september, and collected six months’ fees in advance amounting to $24,000. dec. 31 determined salary and wages of $40,000 were earned but not yet paid as of december 31 (ignore payroll taxes). dec. 31 adjusted the accounts at year-end, relating to interest. dec. 31 adjusted the accounts at year-end, relating to security service.

Arival company manufactures fuel tanks for cars using a different production technique. the total weekly cost (in dollars) of producing x tanks is given by c(x) = 10000 +90x - 0.04x2 find the marginal cost at a production level of 500 fuel tanks per week to approximate the cost of the 501st unit (round to the nearest 2 decimal places, if needed)

1. all other things equal, according to the law of demand, when the price of a good falls, the demand for the good falls the demand for the good rises the quantity demanded of the good falls the quantity demanded of the good rises 2. when a market is in equilibrium, the quantity of the good that buyers are willing and able to buy exactly equals the quantity that sellers are willing and able to sell cannot be determined is less than the quantity that sellers are willing and able to sell is greater than the quantity that sellers are willing and able to sell 3. which of the following factors does not influence the demand for a good or service? consumer (buyer) income the price of related goods the number of sellers buyer expectations 4. when the number of sellers in a market increases, demand rises supply rises the price rises, all else equal the number of buyers falls

The following cost and inventory data are taken from the accounting records of mason company for the year just completed: costs incurred: direct labor cost $ 90,000 purchases of raw materials $ 134,000 manufacturing overhead $ 205,000 advertising expense $ 45,000 sales salaries $ 101,000 depreciation, office equipment $ 225,000 beginning of the year end of the year inventories: raw materials $ 8,100 $ 10,300 work in process $ 5,900 $ 21,000 finished goods $ 77,000 $ 25,800 required: 1. prepare a schedule of cost of goods manufactured. 2. prepare the cost of goods sold section of mason company’s income statement for the year.