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Hoffman, Inc. adjusts its books each month but closes its books at the end of the year. The trial balance at March 31 before adjustments is as follows:

Debit Credit
Cash $11,070
Accounts Receivable 9,770
Supplies 1,450
Prepaid Insurance 2,920
Equipment 24,000
Accumulated Depreciation:
Equipment $9,600
Unearned Service Revenue 7,250
Capital Stock 5,950
Retained Earnings 24,150
Dividends 1,710
Service Revenue Earned 15,110
Salaries Expense 8,550
Utilities Expense 540
Rent Expense 2,050
$62,060 $62,060

1) On March 1, Hoffman paid in advance for four months of insurance. What should the necessary adjusting entry at 3/31 be?
2) At March 31, the amount of supplies on hand is $620. What amount is reported in the March income statement for supplies expense?
3) The equipment had an estimated useful life of five years. Compute the book value of the equipment at March 31, after the proper March adjustment is recorded.
4) Employees are owed $950 for services since the last payday in March, to be paid the first week in April. The amount to be reported in the March income statement for salaries expense is $.

Suppose a ceiling fan manufacturer has the total cost function c(x) = 48x + 1485 and the total revenue function r(x) = 75x. (a) what is the equation of the profit function p(x) for this commodity? p(x) = (b) what is the profit on 35 units? p(35) = interpret your result. the total costs are less than the revenue. the total costs are more than the revenue. the total costs are exactly the same as the revenue. (c) how many fans must be sold to avoid losing money? fans

Suppose general motors demands labor according to the labor demand function 푤푤= 40−0. 5퐸퐸, where 푤푤 is the hourly wage and 퐸퐸 is the number of employees. the united auto workers union has a utility function given by 푈푈=푊푊∗퐸퐸. a.in 1984, the united auto workers union started negotiations with general motors by assuming that they were a monopoly union. find the wage and employment demands that the united auto workers union would have demanded before any bargaining began. b.if general motors and the united auto workers union both had excellent bargaining representatives, would this be the final labor contract? if not, then explain in words and graphically where they would end up after the bargaining process.

Consider how health insurance affects the quantity of health care services performed. suppose that the typical medical procedure has a cost of $160, yet a person with health insurance pays only $40 out of pocket. her insurance company pays the remaining $120. (the insurance company recoups the $120 through premiums, but the premium a person pays does not depend on how many procedures that person chooses to undergo.) consider the following demand curve in the market for medical care. use the black point (plus symbol) to indicate the quantity of procedures demanded if each procedure has a price of $160. then use the grey point (star symbol) to indicate the quantity of procedures demanded if each procedure has a price of $40. q d at p=$160 q d at p=$40 0 10 20 30 40 50 60 70 80 90 100 200 180 160 140 120 100 80 60 40 20 0 price of medical procedures quantity of medical procedures demand if the cost of each procedure to society is truly $160, the quantity that maximizes total surplus is procedures. economists often blame the health insurance system for excessive use of medical care. given your analysis, the use of care might be viewed as excessive because consumers get procedures whose value is than the cost of producing them.