E23-9 Duke Company combines its operating expenses for budget purposes in a selling and administrative expense budget. For the first 6 months of 2012 , the following data are available, 1. Sales: 20,000 units quarter \( 1 ; 22,000 \) units quarter 2 . 2. Variable costs per dollar of sales: Sales commissions \( 5 \% \), delivery expense \( 2 \% \), and advertising \( 3 \% \). 3. Fixed costs per quarter: Sales salaries \( \$ 10,000 \), office salaries \( \$ 6,000 \), depreciation \( \$ 4,200 \), insurance \( \$ 1,500 \), utilities \( \$ 800 \), and repairs expense \( \$ 600 \). 4. Unit selling price: \( \$ 20 \). Instructions Prepare a selling and administrative expense budget by quarters for the first 6 months of 2012 .

Last year, you earned a nominal wage of \( \$ 10 \) per hour and the price level was 120 . This year your nominal wage is \( \$ 11 \) per hour, but you are unable to purchase the same amount of goods as last year. The price level this year must be

Which of the following is consistent with the idea that high money supply growth leads to high inflation? The quantity theory and data from classic hyperinflations that occurred during the 1920s in Austria, Hungary, Germany, and Poland. Neither the quantity theory nor evidence from classic hyperinflations that occurred during the 1920s in Austria, Hungary, Germany, and Poland. Evidence from classic hyperinflations that occurred during the 1920s in Austria, Hungary, Germany, and Poland but not the quantity theory. The quantity theory but not evidence from classic hyperinflations that occurred during the 1920s in Austria, Hungary, Germany, and Poland.

Galculate the amount of interest during 2024, 2025, and 2026 for the following note recelvable: On Which party has a/an a. note recelvable? b. note payable? e. Interest revenue? d. Interest expense? 3. How muéh in total would Wyoming state Baned \( \$ 240,000 \) to Lindsey Weston on a two-year, \( 8 \% \) note. October 31,2024 ?

Which of the following helps to explain why the "inflation fallacy" is a fallacy? Nominal incomes tend to rise at the same time that the price level is rising, leaving real income unchanged. Inflation only changes real variables. As the price level rises, the value of a dollar falls. Increases in the price level can be created by increases in money demand.

Calculate the amount of interest during 2024,2025 , and 2026 for the following note receivable: On May 31,2024, Wyoming State Bank loaned \( \$ 240,000 \) to Lindsey Weston on a two-year, \( 8 \% \) note. a. note receivable? b. note payable? c. interest revenue? d. interest expense? 3. How much in total would Wyoming State Bank collect if Lindsey Weston paid off the note early on October 31,2024 ?