Skysong Corporation has retained earnings of $691,300 at January 1, 2020. Net income during 2020 was $1,552,100, and cash dividends declared and paid during 2020 totaled $82,000. Prepare a retained earnings statement for the year ended December 31, 2020. Assume an error was discovered: land costing $88,390 (net of tax) was charged to maintenance and repairs expense in 2019. (List items that increase retained earnings first.)

Jurvin enterprises is a manufacturing company that had no beginning inventories. a subset of the transactions that it recorded during a recent month is shown below. $76,700 in raw materials were purchased for cash. $71,400 in raw materials were used in production. of this amount, $66,300 was for direct materials and the remainder was for indirect materials. total labor wages of $151,700 were incurred and paid. of this amount, $134,300 was for direct labor and the remainder was for indirect labor. additional manufacturing overhead costs of $126,300 were incurred and paid. manufacturing overhead of $126,800 was applied to production using the company's predetermined overhead rate. all of the jobs in process at the end of the month were completed. all of the completed jobs were shipped to customers. any underapplied or overapplied overhead for the period was closed to cost of goods sold. required: 1. post the above transactions to t-accounts.2. determine the cost of goods sold for the period.

Consider how health insurance affects the quantity of health care services performed. suppose that the typical medical procedure has a cost of $160, yet a person with health insurance pays only $40 out of pocket. her insurance company pays the remaining $120. (the insurance company recoups the $120 through premiums, but the premium a person pays does not depend on how many procedures that person chooses to undergo.) consider the following demand curve in the market for medical care. use the black point (plus symbol) to indicate the quantity of procedures demanded if each procedure has a price of $160. then use the grey point (star symbol) to indicate the quantity of procedures demanded if each procedure has a price of $40. q d at p=$160 q d at p=$40 0 10 20 30 40 50 60 70 80 90 100 200 180 160 140 120 100 80 60 40 20 0 price of medical procedures quantity of medical procedures demand if the cost of each procedure to society is truly $160, the quantity that maximizes total surplus is procedures. economists often blame the health insurance system for excessive use of medical care. given your analysis, the use of care might be viewed as excessive because consumers get procedures whose value is than the cost of producing them.

Verizon communications, inc., provides the following footnote relating to its leasing activities in its 10-k report. the aggregate minimum rental commitments under noncancelable leases for the periods shown at december 31, 2010, are as follows: years (dollars in millions) capital leases operatingleases 2011 $97 $1,898 2012 74 1,720 2013 70 1,471 2014 54 1,255 2015 42 1,012 thereafter 81 5,277 total minimum 418 $ 12,633 rental commitments less interest and (86) executory costs present value of 332 minimum lease payments less current (75) installments long-term obligation $257 at december 31, 2010 (a) confirm that verizon capitalized its capital leases using a rate of 7.4 %. (b) compute the present value of verizon's operating leases, assuming an 7.4% discount rate and rounding the remaining lease term to 3 decimal places. (use a financial calculator or excel to compute. do not round until your final answers. round each answer to the nearest whole number.)