The trial balance of XYZ Inc. included the following accounts as of December 31, 2021: Debits Credits Sales revenue5,900,000 Interest revenue40,000 Unrealized Loss on debt investments 160,000 Cost of goods sold4,400,000 Selling expense400,000 Restructuring costs190,000 Income Tax on Continuing Operations 50,000 Income Tax benefit on Discontinued Operations 25,000 Interest expense20,000 General and administrative expense300,000 Loss from Discontinued Operations 100,000 Prepare the Single step Income Statement and Statement of Comprehensive income for 2021.

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.]