ticks 400 students attended to those who had not pre-purchased them. Trent estimated that 400 stud the dance. The following day, Trent closed out the bank account, which had $2 gave that amount plus the $180 in the cash box to Principal Ramirez. Princi seemed surprised that, after generating roughly $2,000 in sales, the dance netta in cash. Trent did not know how to respond. ad $250 in it, and Principal Ramir dance netted only 543 enario, and suggest how Instructions Identify as many internal control weaknesses as you can in this scenario, and each could be addressed. Wiation P7-3A On July 31, 2014, Redeker Company had a cash balance per books of $6.14 statement from Nashota State Bank on that date showed a balance of $7,690.80. A parison of the bank statement with the Cash account revealed the following facts. X. The bank service charge for July was $25.- 2/The bank collected a note receivable of $1,500 for Redeker Company on July 15, plus $30 of interest. The bank made a $10 charge for the collection. Redeker has not accrued any interest on the note. 3. The July 31 receipts of $1,193.30 were not included in the bank deposits for Jul These receipts were deposited by the company in a night deposit vault on July 31. 4. Company check No. 2480 issued to T. Laird, a creditor, for $384 that cleared the bar in July was incorrectly entered in the cash payments journal on July 10 for $348 5. Checks outstanding on July 31 totaled $1,860.10. 6. On July 31, the bank statement showed an NSF charge of $575 for a check received by the company from K. Wagner, a customer, on account. Instructions $7,024.00 (a) Prepare the bank reconciliation as of July 31. (b) Prepare the necessary adjusting entries at July 31. cure 8 Ir consuming one unit of a pood vields 50 utils and consuming two units of the good yields 70 utils, which of the following must be true? (A) The marginal utility of the first unit is Economie profit can be calculated as accounting profit plus (A) Implicit costs (B) Explicit costs (C) Total costs (D) Fixed costs (E) Variable costs (B) The marginal utility of the second unit is SO. 10 The marginal utility of the second unit is 20. (D) The total utility of consuming two units is 120. (E) The total utility of consuming one unit is greater than the total utility of consuming two units. If a perfectly competitive firm produces at an output level where price is greater than both marginal cost and average variable cost, in order to maximize profit in the short run, the firm should (A) shut down production (B) produce more (C) produce less -(D) lower price (E) change nothing, they are already maximizing economic profit In the short run, diminishing marginal returns begin when (A) total product of labor begins to fall. (B) marginal product of labor becomes negative. (C) marginal revenue begins to fall. (D) the average product of labor begins to fall E marginal product of labor begins to fall. *11 Price AMC Corona Governments often allow some natural monopolies to exist without competition because (A) unregulated natural monopolies are allocatively efficient (B) unregulated natural monopolies are productively efficient. (C) natural monopolies cannot earn economic profit unless subsidized by the government. (D) natural monopolies experience economies of scale at the allocatively efficient output. (E) natural monopolies operate under the protection of patents issued by the government. ATC fo 75 100 250 300 480 Output 8 According to the graph above, what price will this perfectly competitive firm charge in the long run? (A) P1 BP2 (C) P3 (D) P4 (E) P5