DESCRIBE THE FUNCTIONS OF
PRELIMINARY DATA GATHERING?

Net Sales Revenue for Sunland Company: $865,000 (Sales Revenue $903,400 - Returns $22,000 - Discounts $15,400).

Income Statement - Sales Section (For the fiscal year ended October 31, 2022)

Sales Revenue: $903,400

Less: Sales Returns and Allowances: $22,000

Less: Sales Discounts: $15,400

Net Sales Revenue: $903,400 - $22,000 - $15,400 = $865,000

The sales section of the income statement for Sunland Company reflects the following figures for the fiscal year ended October 31, 2022:

Sales Revenue: $903,400

Less: Sales Returns and Allowances: $22,000

Less: Sales Discounts: $15,400

Net Sales Revenue: $865,000

The Sales Revenue represents the total amount of sales generated by Sunland Company during the fiscal year.

Sales Returns and Allowances account for any merchandise returned by customers or allowances granted due to defective products or other reasons.

Sales Discounts account for the reduction in the selling price offered to customers for early payment or other negotiated discounts.

By subtracting the Sales Returns and Allowances and Sales Discounts from the Sales Revenue, we arrive at the Net Sales Revenue figure.

For Sunland Company, the Net Sales Revenue amounts to $865,000, which represents the total sales revenue after deducting returns, allowances, and discounts.

This figure is significant for assessing the company's performance and analyzing its sales activities.

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a) Car insurance rates increases.

- Side of the market affected: Demand

- How it is affected: Decrease

- Effect on equilibrium price: Decrease

- Effect on quantity exchanged: Decrease

b) Price of steel increases.

- Side of the market affected: Supply

- How it is affected: Decrease

- Effect on equilibrium price: Increase

- Effect on quantity exchanged: Decrease

c) Price of public transportation increases.

- Side of the market affected: Demand

- How it is affected: Decrease

- Effect on equilibrium price: Increase

- Effect on quantity exchanged: Decrease

d) A new technology is developed that makes car production twice as fast as it used to be.

- Side of the market affected: Supply

- How it is affected: Increase

- Effect on equilibrium price: Decrease

- Effect on quantity exchanged: Increase

e) A flourishing economy increases consumers' incomes.

- Side of the market affected: Demand

- How it is affected: Increase

- Effect on equilibrium price: Increase

- Effect on quantity exchanged: Increase

f) Producers expect car prices to rise in the near future.

- Side of the market affected: Supply

- How it is affected: Decrease

- Effect on equilibrium price: Increase

- Effect on quantity exchanged: Decrease

g) Consumers expect car prices to rise in the near future.

- Side of the market affected: Demand

- How it is affected: Increase

- Effect on equilibrium price: Increase

- Effect on quantity exchanged: Increase

h) Consumers suddenly become more concerned about the environment.

- Side of the market affected: Demand

- How it is affected: Increase

- Effect on equilibrium price: Increase

- Effect on quantity exchanged: Increase

a) When car insurance rates increase, it affects the demand for new automobiles. The increase in car insurance rates makes it more expensive for individuals to own and operate a car, leading to a decrease in demand. As a result, the equilibrium price in the market decreases, and the quantity exchanged also decreases.

b) If the price of steel increases, it affects the supply side of the market for new automobiles. The increase in the price of steel, which is a key input in car production, raises the production costs for car manufacturers. This decrease in supply leads to an increase in the equilibrium price and a decrease in the quantity exchanged.

c) When the price of public transportation increases, it affects the demand for new automobiles. The higher cost of using public transportation makes owning a car relatively more attractive, increasing the demand for automobiles. This increase in demand results in an increase in the equilibrium price and a decrease in the quantity exchanged.

d) The development of new technology that makes car production twice as fast affects the supply side of the market. The increased efficiency in car production leads to a higher supply of cars at any given price. This increase in supply leads to a decrease in the equilibrium price and an increase in the quantity exchanged.

e) A flourishing economy with increased consumers' incomes affects the demand for new automobiles. With higher incomes, consumers have more purchasing power, which increases the demand for cars. This increase in demand raises the equilibrium price and quantity exchanged in the market.

f) When producers expect car prices to rise in the near future, it affects the supply side of the market. Producers reduce the current supply of cars, anticipating higher prices in the future. This decrease in supply leads to an increase in the equilibrium price and a decrease in the quantity exchanged.

g) If consumers expect car prices to rise in the near future, it affects the demand for new automobiles. The expectation of higher prices motivates consumers to buy cars sooner, increasing the current demand.

This increase in demand results in an increase in the equilibrium price and quantity exchanged.

h) When consumers suddenly become more concerned about the environment, it affects the demand for new automobiles. The increased environmental awareness leads to a higher demand for environmentally-friendly cars or alternative modes of transportation. This increase in demand raises the equilibrium price and quantity exchanged in the market.

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Despite the suspension of normal operations and the potential $1,000,000 gift from a wealthy local philanthropist, there is still an argument to support that Feed the Hungry Children, the not-for-profit tax-exempt entity, remains a public charity.

1. Review the requirements for a public charity: According to IRC Sec. 501(c)3, a public charity must receive a substantial part of its support from public contributions and grants and be organized and operated for charitable purposes.

2. Examine the mission and purpose: Feed the Hungry Children's mission is to provide healthy breakfast meals to children in inner city schools, with the aim of helping them learn better. This aligns with a charitable purpose focused on improving the well-being of children and promoting education.

3. Consider the organization's history: Feed the Hungry Children has been in operation for six years, consistently providing healthy breakfast meals to children in need. Its long-standing commitment to charitable activities demonstrates a track record of serving the public interest.

4. Evaluate the potential gift: The $1,000,000 gift from the local philanthropist, although substantial, does not automatically change the organization's status from a public charity to a private foundation. The organization's eligibility is determined by its overall sources of support, not a single donation. If the gift does not significantly alter the public support test, Feed the Hungry Children can still maintain its public charity status.

5. Analyze the Form 990, Schedule A: The treasurer of the Board is preparing the Schedule A for the Form 990, which provides information about the organization's public support and support schedule. By reviewing this form, it will be possible to determine whether the organization's public charity status has changed or if it still meets the required criteria.

6. Document the argument: Compile the findings from the review, emphasizing the organization's charitable purpose, its history of serving the public, and the evaluation of the potential gift's impact on public support. Present these points in a well-structured and persuasive argument to support the conclusion that Feed the Hungry Children remains a public charity.

It is important to consult with legal or tax professionals for accurate and specific advice in interpreting tax laws and regulations related to the organization's status.

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In the circular flow diagram, the government provides goods and services directly to firms. The correct option is D.

In the circular flow diagram, the government provides goods and services directly to firms. This is represented by the flow of resources from the government sector to the business sector.

The government plays a significant role in the economy by providing public goods and services that are necessary for the functioning of the society as a whole.

Public goods include infrastructure projects like roads, bridges, and public utilities, as well as services such as defense, law enforcement, and education.

These goods and services are not typically provided by private firms, so the government steps in to ensure their provision.

By supplying goods and services directly to firms, the government facilitates the production process and supports the overall functioning of the economy.

This enables businesses to operate efficiently and effectively, contributing to economic growth and development.

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The correct answer is B. Economic demand is the amount of a good or service that consumers are willing and able to buy at various prices.

It reflects the relationship between the price of a product and the quantity that consumers are willing to purchase at that price. Demand is influenced by factors such as price, consumer preferences, income levels, and availability of substitutes.

As the price of a product decreases, the quantity demanded generally increases, and vice versa, following the law of demand. The demand curve represents this relationship, showing the quantity of a good or service that consumers are willing and able to buy at different price points.

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In response to the temporary increase in oil prices, the short-run equilibrium experiences a higher price level and lower GDP, while the long-run equilibrium sees a higher price level and unchanged GDP.

In the short-run, the AD curve shifts leftward due to the increase in oil prices. This is because higher oil prices increase production costs for firms, leading to reduced consumption and investment spending by households and businesses.

As AD shifts leftward, it intersects with the SRAS curve at a new short-run equilibrium (ESR). At this new equilibrium, the price level increases while GDP decreases compared to the initial equilibrium.

In the long-run, the SRAS curve adjusts to the higher oil prices as firms gradually reduce production and adjust their input costs. This adjustment reflects the fact that higher oil prices affect the overall cost structure of the economy.

As the SRAS curve shifts leftward, it eventually intersects with the LRAS curve at a new long-run equilibrium (ELR). At this equilibrium, the price level is higher than the initial equilibrium due to the higher oil prices. However, GDP returns to its potential level determined by the LRAS curve.

Therefore, in response to the temporary increase in oil prices, both the price level and GDP initially decrease in the short-run but eventually stabilize in the long-run, with a higher price level and unchanged GDP compared to the initial equilibrium.

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According to the author, a bad yelling boss is one who yells for no reason or who yells in a way that is abusive or demeaning.

Yelling can be a form of bullying, and it can create a hostile work environment. It can also lead to decreased productivity, increased stress, and decreased morale.

Some signs of a bad yelling boss according to the author include:

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The source is from an excerpt on Toxic Working Environments.