Rewrite the following dialogue, adding commas, semicolons, quotation marks, apostrophes, and capital letters where they are needed. If a sentence is already correct, write C.

EXAMPLE: Roger thought to himself I think that Ms. Zimsky will be pleased with these business letters. Roger thought to himself, "I think that Ms. Zimsky will be pleased with these business letters."

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What is the major difference between the income statements for merchandising businesses and service businesses?

Handz Sporting Goods had a gross income of $\$ 726,230$ for the year. The business expenses for the year totaled $\$ 627,707$. What is Handz Sporting Goods' taxable income?

Prepare journal entries to record the following business transaction and related adjusting entry.

A. January 12, purchased supplies for cash, to be used all year, $3,850

Vicky N. Vestor is thinking about making a small investment in a new business. She presently earns $4,000 per year, and she's thinking about investing$2,000 of that in the business. Vicky will receive $8,000 (her initial investment of$2,000 + $6,000 of the company's income) if the business is successful, which has a$0.5 likelihood of happening. Additionally, there is a 0.5% chance that the business would fail, meaning Vicky will receive nothing (and lose her investment). The utility function of Vicky is demonstrated in the table that follows.

$$\begin{array}{r|c} \text { Income } & \text { Total utility (utils) } \\ \$ 0 & 0 \\ 1,000 & 50 \\ 2,000 & 85 \\ 3,000 & 115 \\ 4,000 & 140 \\ 5,000 & 163 \\ 6,000 & 183 \\ 7,000 & 200 \\ 8,000 & 215 \\ 9,000 & 229 \\ 10,000 & 241 \end{array}$$

a. Determine Vicky's marginal utility of income for each level of income. Vicky is she risk averse? b. Estimate Vicky's projected income if she makes this investment. c) Determine Vicky's anticipated usefulness from the investment. d. What benefit does Vicky receive from forgoing the investment? Will Vicky, then, finance the business?

On January 1 Vernon and Engel became partners in a food brokerage business. Later, they disagreed about the way profits were being divided and expenses were being paid. On August 1 they dissolved the partnership by mutual agreement. Vernon ran the business during the winding-up period. He claimed that Engel had violated their agreement and therefore was not entitled to his share of the profits. Vernon also argued that because he had carried on the business during the winding-up period, Engel was not entitled to any commissions collected during that time. Is Vernon right? (Engel v. Vernon, 215 N.W.2d 506)

If Tim Jones, the owner of Jones Hardware proprietorship, uses cash of the business to purchase a family automobile, the business should record this use of cash with an entry to a. debit Salary Expense and credit Cash. b. debit Tim Jones, Salary and credit Cash. c. debit Cash and credit Tim Jones, Withdrawals. d. debit Tim Jones, Capital and credit Cash. e. none of the above.

Solve the given linear programming problems.

A manufacturer produces a business calculator and a graphing calculator. Each calculator is assembled in two sets of operations, where each operation is in production 8 h during each day. The average time required for a business calculator in the first operation is 3 min, and 6 min is required in the second operation. The graphing calculator averages 6 min in the first operation and 4 min in the second operation. All calculators can be sold; the profit for a business calculator is $8, and the profit for a graphing calculator is$10. How many of each type of calculator should be made each day in order to maximize profit?

Barlow’s Inc. was an electrical and plumbing contractor. An OSHA inspector appeared at Barlow’s place of business and asked to inspect the premises. There had been no injuries at Barlow’s and the inspector did not possess a search warrant. Barlow’s denied the inspector access to the business. OSHA sued to compel Barlow to admit the inspector without a warrant. Who prevails, Barlow or OSHA? (Marshall v. Barlow’s Inc., 436 U.S. 307)

Yetzin and Golub are business partners and share net income in a ratio of 7 to 5, respectively. What is each part ner's share of a net income of $12,852?

For the case below, recommend a form of business organization. With each recom- mendation, explain how business income would be taxed if the owners adopt the form of organization recommended. Also list several advantages that the owners will enjoy from the form of business organization that you recommend.
 Dr. Ward and Dr. Liu are recent graduates from medical residency programs. Both are family prac tice physicians and would like to open a clinic in an underserved rural area. Although neither has any funds to bring to the new venture, a banker has expressed interest in making a loan to provide start-up funds for their practice.

Indicate all correct answers. Dividends:
a. Decrease owners' equity.
b. Decrease net income.
c. Are recorded by debiting the Dividend account.
d. Are a business expense.

Which business tycoon built a fortune with the Standard Oil Company? A. Andrew Carnegie B. J. P. Morgan C. John D. Rockefeller D. Cornelius Vanderbilt

Assume that you own a small business in a developing country that produces aluminum cooking pots. Through hard work and thrift, you have been able to save enough money to purchase a machine that can produce cooking pots twice as fast as your business has in the past. In order to use this machine, you would need to hire someone to train your workers. This training would cost almost as much as the machine itself. Under these conditions, would it make sense for you to purchase the machine? What alternatives do you have if you want your business to become more efficient and grow?