E4.19 (LO 1, 2, 3, 4), C The following is a list of terms and phrases discussed in the chapter. Identify accounting terms. 1. Contra asset account 2. Permanent accounts 3. Depreciation 4. Adjusting entries 5. Prepaid expenses (prepayments) 6. Temporary accounts 7. Book value 8. Adjusted trial balance 9. Closing entries 10. Earnings management 11. Income Summary Instructions Match each term or phrase with its description below. a. Expenses paid in cash before they are used or consumed. b. The difference between the cost of a depreciable asset and its related accumulated depreciation. c. A list of accounts and their balances after all adjustments have been made. d. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed. e. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent stockholders' equity account, Retained Earnings. f. Revenue, expense, and dividend accounts whose balances a company transfers to Retained Earnings at the end of an accounting period. g. The planned timing of revenues, expenses, gains, and losses to smooth out bumps

Exercise 18-15 sheffield appliance center is an experienced home appliance dealer. sheffield appliance center also offers a number of services for the home appliances that it sells. assume that sheffield appliance center sells ovens on a standalone basis. sheffield appliance center also sells installation services and maintenance services for ovens. however, sheffield appliance center does not offer installation or maintenance services to customers who buy ovens from other vendors. pricing for ovens is as follows. oven only $790 oven with installation service 850 oven with maintenance services 970 oven with installation and maintenance services 990 in each instance in which maintenance services are provided, the maintenance service is separately priced within the arrangement at $180. additionally, the incremental amount charged by sheffield appliance center for installation approximates the amount charged by independent third parties. ovens are sold subject to a general right of return. if a customer purchases an oven with installation and/or maintenance services, in the event sheffield appliance center does not complete the service satisfactorily, the customer is only entitled to a refund of the portion of the fee that exceeds $790. assume that a customer purchases an oven with both installation and maintenance services for $990. (b) indicate the amount of revenue that should be allocated to the oven, the installation, and to the maintenance contract.

Explain whether each of the following events increases, decreases, or has no effect on the unemployment rate and the labor-force participation rate. a. after a long search, jon finds a job. b. tyrion, a full-time college student, graduates and is immediately employed. c. after an unsuccessful job search, arya gives up looking and retires. d. daenerys quits her job to become a stay-at-home mom. e. sansa has a birthday, becomes an adult, but has no interest in working. f. jaime has a birthday, becomes an adult, and starts looking for a job. g. cersei dies while enjoying retirement. h. jorah dies working long hours at the office.

Explain the relationship between consumers and producers in economic growth and activity