scenario: yasmin and zeek are lawyers working at v, w, and x llp. yasmin works 48 hours a week, and zeek also works 48 hours a week. they handle two types of cases, intellectual property (ip) cases and corporate fraud (cf) cases. it takes yasmin 6 hours to handle each ip case and 4 hours to handle each cf case. zeek can finish an ip case in 3 hours and a cf case in 6 hours. suppose that the two lawyers' boss wants the total number of ip cases worked on by them to equal the total number of cf cases worked on by them. so long as the total number of ip cases equals the total number of cf cases, their boss does not care which lawyer works on how many of which type of case. so yasmin and zeek decide to take advantage of their comparative advantages. how would they divide the tasks? a. yasmin specializes in ip cases, while zeek works on both types of cases. b. yasmin specializes in cf cases, while zeek specializes in ip cases. c. yasmin specializes in cf cases, while zeek works on both types of cases. d. yasmin specializes in ip cases, while zeek specializes in cf cases.

Miko willingly admits that she is not an accountant by training. she is concerned that her balance sheet might not be correct. she has provided you with the following additional information. 1. the boat actually belongs to miko, not to skysong, inc.. however, because she thinks she might take customers out on the boat occasionally, she decided to list it as an asset of the company. to be consistent, she also listed as a liability of the corporation her personal loan that she took out at the bank to buy the boat. 2. the inventory was originally purchased for $27,500, but due to a surge in demand miko now thinks she could sell it for $39,600. she thought it would be best to record it at $39,600. 3. included in the accounts receivable balance is $11,000 that miko loaned to her brother 5 years ago. miko included this in the receivables of skysong, inc. so she wouldn’t forget that her brother owes her money. (b) provide a corrected balance sheet for skysong, inc.. (hint: to get the balance sheet to balance, adjust stockholders’ equity.) (list assets in order of liquidity.)

Mark knopf is an auditor who has been asked to provide an audit and financial statement certification for a company that is going public on the new york stock exchange. knopf wants to know his personal liability if the company provides him with inaccurate or false information. which of the following sources of law will him answer that question? a. the city ordinances where the company headquarters is located. b. the state constitution of the state where the company is incorporated. c. code of federal regulations. d. all of the above

Performance bicycle company makes steel and titanium handle bars for bicycles. it requires approximately 1 hour of labor to make one handle bar of either type. during the most recent accounting period, barr company made 7,700 steel bars and 2,300 titanium bars. setup costs amounted to $35,000. one batch of each type of bar was run each month. if a single company-wide overhead rate based on direct labor hours is used to allocate overhead costs to the two products, the amount of setup cost assigned to the steel bars will be: