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Topic 6 The following is an accounts receivable aging schedule for Caulfield Lid on 30 June 2019. Customer Total Number of days past due 1-30 31-60 61-90 Over 90 Bela 18,000 11,000 7,000 Tom 22,000 22,000 Jason 35,000 15,000 12,000 8,000 Lee 41,000 41,000 Estimated percentage uncollectable 5% 10% 25% 50% At 30 June 2019, the unadjusted balance in allowance for doubtful debts is a credit of $8,000. At 31 March 2020, a debtor named Alan declared bankrupt and unable to pay $500 owing to Caulfield Lid. At 15 May 2020, a cheque for $500 is received from Alan whose account was written-off as uncollectable on 31 March. At 30 June 2020, the unadjusted balance in allowance for doubtful debts is a debit of $500 and the ageing schedule indicates that total estimated bad debts will be $25,000. Required: a) Show the general journal entry to record the adjusting entry at balance day 30 June 2019. b) Show the general journal entry record the events and transactions related to Alan in 2020. c) Show the general journal entry to record the adjusting entry at balance day 30 June 2020.A1. Assume that Canada is an importer of televisions and that there are no trade restrictions. Canadian con- sumers buy 1 million televisions per year, of which 400 000 are produced domestically and 600 000 are imported. a. Suppose that a technological advance among Japa- nese television manufacturers causes the world price of televisions to fall by $100. Draw a graph to show how this change affects the welfare of Canadian consumers and Canadian producers and how it affects total surplus in Canada. b. After the fall in price, consumers buy 1.2 million televisions, of which 200 000 are produced domes- tically and 1 million are imported. Calculate the change in consumer surplus, producer surplus, and total surplus from the price reduction. c. If the government responded by putting a $100 tariff on imported televisions, what would this do? Calculate the revenue that would be raised and the deadweight loss. Would it be a good policy from the standpoint of Canadian welfare? Who might support the policy? Who might oppose it? d. Suppose that the fall in price is attributable not to technological advance but to a $100 per television subsidy from the Japanese government to Japanese industry. How would this affect your analysis?NAME: Yulie Live UIZ on price elasticity of demand Multiple Choice dentify the choice that best completes the statement or answers the question. NOTE: You may write on this questionnaire for your computations. 1) An economist estimates that .83 is the price elasticity of demand for disposable razors. This suggests that disposable razor producers could: A. advertise more to raise the price elasticity of demand. B. encourage more people to use non-disposable razors C. lower the price of disposable razors to raise more revenue. D. maximize revenues by staying at the current price. E. raise the price of disposable razors to raise more revenue. 2) If Johnny, the Pizza Man, lowers the price of his pizzas from $6 to $5 and finds that sales increase from 400 to 600 pizzas per week, then the demand for Johnny's pizzas in this range is: A. price inelastic. B. price elastic. C. unit elastic. Exhibit 5-6 Demand curve for concert tickets 30 are 10 Quantity of thebelo per coarm thou generate? 3) In Exhibit 5-6, suppose promoters charge a price of $30 per ticket. How much total revenue will their sales A. $300,000. B. $400,000. C. $500,000. D. $600,000. 4) Anita is a famous attorney with a great reputation in court. She charges her clients $300 for each hour she spend working on their cases. If she earned $450,000 in hourly wages last year, and by raising her rates to $350 per hou her income increased to $490,000 what can we say about the elasticity of demand for Anita's legal services? A. It is approximately equal to 2.3. B. It is approximately equal to 1.6. D. It is approximately equal to 0.45. C. It is approximately equal to 1.0. E. It is approximately equal to 0.1. A. 0.25. 5) A health club sells 50 memberships when the monthly price is $60 and 70 memberships when the monthly price $40. The price elasticity of demand for memberships at this health club is: B. 0.6. D. 0.83 C. 1.0. E. none of the above