Regarding the end of period adjusting entries to record estimated sales returns, which of the following statements is correct? (assume the perpetual inventory system is used.) a. estimated returns inventory is an income statement account. b. both sales revenue and cost of goods sold accounts are decreased. c. it is acceptable to prepare a single adjusting entry which debits estimated returns inventory and credits refunds payable. d. companies use data published by the fasb to estimate the amount of sales returns related to the sales of similar companies.

Will you use single-entry bookkeeping or double-entry bookkeeping? explain why.

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.]

Blank is the internal operation that arranges information resources to support business performance and outcomes