On December 31, Griffin Company had the following adjusted trial balance: Additional Resources Account Titles Debit Credit Cash 18,160 Accounts Receivable 9,540 Prepaid Rent 6,090 Equipment 46,400 Accumulated Depreciation 8,400 Accounts Payable 39,590 Capital Stock 23,300 Retained Earnings 20,100 Dividends 14,700 Sales 68,600 Sales Discounts 1,210 Sales Returns and Allowances 830 Cost of Goods Sold 41,160 Selling Expenses 10,500 General and Administrative Expenses 11,400 159,990 159,990 Required Prepare the second closing entry to close the expense accounts and contra-revenue accounts to Income Summary.

5. profit maximization and shutting down in the short run suppose that the market for polos is a competitive market. the following graph shows the daily cost curves of a firm operating in this market. 0 2 4 6 8 10 12 14 16 18 20 50 45 40 35 30 25 20 15 10 5 0 price (dollars per polo) quantity (thousands of polos) mc atc avc for each price in the following table, calculate the firm's optimal quantity of units to produce, and determine the profit or loss if it produces at that quantity, using the data from the previous graph to identify its total variable cost. assume that if the firm is indifferent between producing and shutting down, it will produce. (hint: you can select the purple points [diamond symbols] on the previous graph to see precise information on average variable cost.) price quantity total revenue fixed cost variable cost profit (dollars per polo) (polos) (dollars) (dollars) (dollars) (dollars) 12.50 135,000 27.50 135,000 45.00 135,000 if the firm shuts down, it must incur its fixed costs (fc) in the short run. in this case, the firm's fixed cost is $135,000 per day. in other words, if it shuts down, the firm would suffer losses of $135,000 per day until its fixed costs end (such as the expiration of a building lease). this firm's shutdown price—that is, the price below which it is optimal for the firm to shut down—is per polo.

Taking commercial paper means the holder acts honestly

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