Part 2: Information for Questions 25-30 Consolidation Entrie…

Part 2: Information for Questions 25-30 Consolidation Entries Income Statement Penn Co. Senn Co. Debit Credit Consolidated Sales 400,000 180,000 580,000 Less: COGS (180,000) (100,000) (280,000) Less: Wage expense (50,000) (34,000) (84,000) Less: Depreciation expense (30,000) (15,000) Cell 1 Less: Interest expense (25,000) (6,000) (31,000) Less: Other expenses (40,000) (2,000) (42,000) Less: Impairment loss Cell 2 Income from Senn Co. 13,200                                           Cell 3 Consolidated net income 88,200 23,000 18,400 5,200 Cell 4 NCI in net income                                                         Cell 5 Controlling Interest in Net Income 88,200 23,000                              Cell 6   Excel file (optional) with above information for your use with the following questions: Part 2 Information for Questions 25-30.xlsxEnter your answers in the questions below – you will not submit the spreadsheet.

You have a drawer full of quirky socks. There are [x] polka-…

You have a drawer full of quirky socks. There are [x] polka-dotted socks and [y] striped socks in the drawer. You randomly pull out a sock several times (placing the sock back in the drawer between each draw) and record the results. You end up pulling [z] polka-dotted socks and [w] striped socks. What is the probability of that outcome?

7) For each bottle of wine that Italy produces, it gives up…

7) For each bottle of wine that Italy produces, it gives up the opportunity to make 10 pounds of cheese. France gives up the opportunity to produce 1 bottle of wine for every 25 pounds of cheese it produces. Which of the following is true about the comparative advantage between the two countries?