Identify which of the following accounts should be closed with a debit or a credit to Income Summary at the end of the fiscal year. If it is not closed to Income Summary, match as n/a.

Utilities Payable

[ Choose ] credit debit n/a
Utilities Expense

[ Choose ] credit debit n/a
Supplies

[ Choose ] credit debit n/a
Supplies Expense

[ Choose ] credit debit n/a
Fees Earned

[ Choose ] credit debit n/a
Unearned Fees

[ Choose ] credit debit n/a
Accounts Receivable

[ Choose ] credit debit n/a
Dividends

[ Choose ] credit debit n/a
Retained Earnings

[ Choose ] credit debit n/a
Accumulated Depreciation - Equipment

[ Choose ] credit debit n/a

Depreciation Expense - Equipment

[ Choose ] credit debit n/a
Equipment

[ Choose ] credit debit n/a
Prepaid Insurance

[ Choose ] credit debit n/a
Insurance Expense

2. the language of price controls consider the market for rental cars. suppose that, in a competitive market without government regulations, the equilibrium price of rental cars is $58 per day, and employees at car rental companies earn $19.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect there are many teenagers who would like to work at car rental companies, but the minimum-wage law sets the hourly wage at $23.00. the government has instituted a legal minimum price of $87 per day for rental cars. the government prohibits car rental companies from renting out rental cars for more than $87 per day.

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.]

Awork system has five stations that have process times of 5, 9, 4, 9, and 8. what is the throughput time of the system? a. 7b. 4c. 18d. 35e. 9