Critics of the minimum wage argue that an increase in the minimum wage rate above the equilibrium rate of a purely competitive labor market would:

If the price of labor falls relative to the price of capital, and as a result the quantity of capital employed decreases, it can be concluded that:

What is the medium primary color?

What is a color obtained by mixing equal parts of two primary colors?

What is the weakest of the primary colors?

Haircolor levels are arranged on a scale of 1-11?

Statement of cash flows (direct and indirect methods).                                                                        The following are comparative balance sheets and an income statement for THE Company.  This information is also contained in the Excel file I provided before the exam.  Using the Excel file/spreadsheet approach is optional.                                                              THE Company has prepared the following comparative balance sheets for 2020 and 2021:   2021 2020 Cash $282,000 $153,000 Accounts receivable 129,000 117,000 Inventory 160,000 180,000 Plant assets 1,295,000 1,050,000 Accumulated depreciation -279,000 -174,000 $1,587,000 $1,326,000 Accounts payable $173,000 $168,000 Operating Expense Payable 40,000 42,000 Mortgage payable 0 450,000 Common Stock (no par) 1,245,000 600,000 Retained Earnings 129,000 66,000 $1,587,000 $1,326,000  >All sales were made on credit                >Accounts payable was only used for the purchase of inventory                >All dividends were paid in Cash                >Old Plant Assets with original cost of $22,000 and accumulated depreciation        of $17,000 were donated to charity                >New plant assets were purchased with cash for $267,000                >Mortgage payable was retired using cash                >There were no stock dividends during the year.  All dividends were paid in cash                The income statement for 2021 is as follows:         Sales revenue $1,980,000 Cost of goods sold 1,089,000 Operating expenses *** (see note) 702,000 Loss on Sale of Plant Assets 5,000 Net income $184,000 NOTE: Operating Expenses includes $122,000 of Depreciation Expense.  The Excel Spreadsheet separates these two amounts out for student convenience.      Required:                                                #1 Prepare a complete statement of cash flows for 2021 using the direct method. You may use the excel spreadsheet that accompanies this exam to complete the statement.                                                 #2 Prepare the operating activities section only of the statement of cash flows for this question using the indirect method                                                Using your statements, answer the 11 questions that follow this essay.  The first 7 questions relate to requirement #1.  The second 4 questions relate to requirement #2                                                You should enter your answers just as they appear on the statement of cash flows.  Answers will possibly include positive amounts, negative amounts, and/or zero (0), as applicable.  Cash inflows/increases are positive amounts.  Cash outflows/decreases are negative amounts.                                                    

Which of the following is true about earnings per share (EPS)?

Which of the following is true of defined contribution (DC) pension plans?

A Company had total assets and total liabilities at the beginning of the period of $7,300,000 and $4,000,000, respectively. At the end of the period the totals were $8,000,000 (total assets) and $3,600,000 (total liabilities). The company issued Common Stock for $600,000 and paid dividends of $250,000. What was the net income for the period if there were no other changes affecting Stockholders’ Equity?