Prepare closing entries from the following end-of-period spreadsheet. Austin Enterprises End-of-Period Spreadsheet For the Year Ended December 31 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 26,500 26,500 Accounts Receivable 5,000 2,000 7,000 Supplies 8,000 7,000 1,000 Equipment 18,500 18,500 Accumulated Depreciation 1,500 3,500 5,000 Accounts Payable 11,000 11,000 Wages Payable 1,000 1,000 Don Austin, Capital 8,000 8,000 Don Austin, Drawing 2,000 2,000 Fees Earned 57,500 2,000 59,500 Wages Expense 18,000 1,000 19,000 Supplies Expense 7,000 7,000 Depreciation Expense 3,500 3,500 78,000 78,000 13,500 13,500 84,500 84,500 If an amount box does not require an entry, leave it blank. Dec. 31 Fees Earned Wages Expense Supplies Expense Depreciation Expense Dec. 31

In 2007, americans smoked 19.2 billion packs of cigarettes. they paid an average retail price of $4.50 per pack. a. given that the elasticity of supply is 0.50.5 and the elasticity of demand is negative 0.4−0.4, derive linear demand and supply curves for cigarettes. the demand equation is qdequals=nothingplus+nothing times ×p and the supply equation is qsequals=nothingplus+nothing times ×p.

Identify the accounting assumption or principle that is described below. (a) select the accounting assumption or principle is the rationale for why plant assets are not reported at liquidation value. (note: do not use the historical cost principle.) (b) select the accounting assumption or principle indicates that personal and business record-keeping should be separately maintained. (c) select the accounting assumption or principle assumes that the dollar is the "measuring stick" used to report on financial performance. (d) select the accounting assumption or principle separates financial information into time periods for reporting purposes. (e) select the accounting assumption or principle measurement basis used when a reliable estimate of fair value is not available. (f) select the accounting assumption or principle dictates that companies should disclose all circumstances and events that make a difference to financial statement users.

Lin corporation has a single product whose selling price is $136 per unit and whose variable expense is $68 per unit. the company’s monthly fixed expense is $32,400. required: 1. calculate the unit sales needed to attain a target profit of $5,000. (do not round intermediate calculations.) 2. calculate the dollar sales needed to attain a target profit of $8,400.