Team Instructions: Divide the Class into Teams of Three or Four

question 139

Essay

Team instructions: Divide the class into teams of three or four people.Each team member should work the following problem separately outside of class.Then give the students time in class to compare answers with their teammates and put together a final,correct copy of the problem.Each team should turn in only one copy of the problem for grading.All team members will receive the same grade.
Part A: Record the effect on the accounting equation of the following events that occurred to Quackers,Inc.Show the correct dollar amounts using parentheses for negative amounts,and write in the titles of the accounts affected. Part B: Fill in the missing information on the financial statements: Part C: For each description listed below,WRITE IN THE AMOUNT in the column that represents the December 31,2011 financial statement where this information is reported. Part D:
Calculate the profit margin on sales ratio.________
Calculate the current ratio.________

---

Definitions:

Import Quotas

Import quotas are government-imposed limits on the quantity or value of goods that can be imported into a country, used to protect domestic industries.

Special-Interest Effect

The phenomenon where policy outcomes are influenced by small groups (special interests) who benefit at the expense of a larger group.

Voting Paradox

A situation in collective decision-making where individual preferences do not result in a consistent collective decision, often leading to unexpected or contradictory outcomes.

Freedom to Farm Act

Legislation aimed at reducing government intervention in agricultural markets, emphasizing market-based mechanisms for crop production.