On January 1, 2021, Red Flash Photography had the following balances:
Cash, $16,000; Supplies, $8,400; Land, $64,000; Deferred Revenue, $5,400; Common Stock $54,000; and Retained Earnings, $29,000.

During 2021, the company had the following transactions:

(1) February 15 Issue additional shares of common stock, $24,000.
(2) May 20 Provide services to customers for cash, $39,000, and on account, $34,000.
(3) August 31 Pay salaries to employees for work in 2021, $27,000.
(4) October 1 Purchase rental space for one year, $16,000.
(5) November 17 Purchase supplies on account, $26,000.
(6) December 30 Pay dividends, $2,400.

The following information is available on December 31, 2021:
Employees are owed an additional $4,400 in salaries.
Three months of the rental space has expired.
Supplies of $5,400 remain on hand.
All of the services associated with the beginning deferred revenue have been performed. .

Prepare an adjusted trial balance.

Elephant, inc.'s cost of goods sold for the year is $2,000,000, and the average merchandise inventory for the year is $129,000. calculate the inventory turnover ratio of the company. (round your answer to two decimal places.)

True or false: a fitted model with more predictors will necessarily have a lower training set error than a model with fewer predictors.

Suppose that two firms produce differentiated products and compete in prices. as in class, the two firms are located at two ends of a line one mile apart. consumers are evenly distributed along the line. the firms have identical marginal cost, $60. firm b produces a product with value $110 to consumers. firm a (located at 0 on the unit line) produces a higher quality product with value $120 to consumers. the cost of travel are directly related to the distance a consumer travels to purchase a good. if a consumerhas to travel a mile to purchase a good, the incur a cost of $20. if they have to travel x fraction of a mile, they incur a cost of $20x. (a) write down the expressions for how much a consumer at location d would value the products sold by firms a and b, if they set prices p_{a} and p_{b} ? (b) based on your expressions in (a), how much will be demanded from each firm if prices p_{a} and p_{b} are set? (c) what are the nash equilibrium prices?