Question

In: Accounting

Mary has her own business, a nail salon that she runs out of her home.She is...

Mary has her own business, a nail salon that she runs out of her home.She is the only nail technician but serves many clients in one day. The following tables provide information about time between arrivals and service time required for a manicure. Assume the only service offered is a manicure.

Time Between Arrivals	Probability	Random Numbers
10 min	.2	00-19
20 min	.3	20-69
30 min	.2	70-89
40 min	.3	90-99

Service Time	Probability	Random Numbers
10 min	.3	00-29
20 min	.4	30-69
30 min	.2	70-89
40 min	.1	90-99

Random Numbers

Customer	1	2	3	4	5	6	7	8	9
Arrivals	12	19	43	23	6	87	92	45	56
Services	12	45	65	78	22	43	58	98	1

The first random number generted for arrivals is used to tell us then the first customer arrives after the shop opens. the second random number generated for service is used to tell us how long the service took.

Answer the following questions using the charts above:

1) What time does the first customer arrive if the shop opens at 8 am?

2) What number customer will be the first to wait?

3) How long does the second customers appointment take?

Expert Solution

A)

B)

c)

Random number and probability

Given data

Time Between Arrivals	Probability	Random Numbers
10 minutes	.2	00-19
20 minutes	.3	20-49
30 minutes	.2	50-69
40 minutes	.3	70-99

Service Time	Probability	Random Numbers
10 minutes	.3	00-29
20 minutes	.4	30-69
30 minutes	.2	70-89
40 minutes	.1	90-99

Answer:

Step 1: Consider the random number in arrival row and match the values with the table “Time between Arrivals” and write down the minutes.

Step 2: consider the random number in service row and match the values with the table “Service Time”.

Random Numbers
Customer	1	2	3	4	5	6	7	8	9
Arrivals	12	19	43	23	6	87	92	45	56
Time between arrivals in minutes (step 1)	10	10	20	20	10	40	40	20	30
Service	12	45	65	78	22	43	58	98	1
Service in minutes (Step 2)	10	20	20	30	10	20	20	40	10

How long does the second customer’s appointment take?

20 minutes.

ekkarill92 answered 2 years ago

Merry is a chef. She runs her own restaurant business. During the year, Merry incurred the...

Merry is a chef. She runs her own restaurant business. During the year, Merry incurred the following expenses. Advise Merry as to whether the expenses below would be deductible for income tax purposes. - A. B. C. salary costs to casual employees of $50,000 - A. B. C. salary costs of $2,000 to her sister (the amount is excessive, compared to the...

A new nail salon business just opened, in their first week of business they decided that...

A new nail salon business just opened, in their first week of business they decided that thy would conduct a promotion in which a customer's bill can be randomly selected to receive a discount. When a customer's bill is printed, a program in the cash register randomly determines whether the customer will receive a discount on the bill. The program was written to generate a discount with a probability of 0.2, that is, giving a discount to 20 percent of...

Your client, Mary Barnhart, wants to open her own business. She is having difficulty understanding the...

Your client, Mary Barnhart, wants to open her own business. She is having difficulty understanding the purposes of financial statements and how they fit together across time. REQUIRED: Write a one-page letter to Ms. Barnhart explaining the purposes of the income statement, statement of owners' equity, and the balance sheet and how they are linked. Use the attached example for guidance. Henry Whiteapples 123 Maple Street Columbus, OH, 45888 December 21, 2004 Dear Mr. Whitebridge, I understand you are concerned...

Robin is a young hairstylist who decided to open her own beauty salon. She withdrew $30,000...

Robin is a young hairstylist who decided to open her own beauty salon. She withdrew $30,000 out of her personal savings account and used it to start her new salon. The savings account pays 8 percent interest per year. She also had to quit her job as a hairstylist’s assistant that paid $40,000 a year. Furthermore, Robin had to take over an office space that she owns and rents to someone else for $20,000 a year. Finally, she spent $15,000...

1. Mary Bighair is considering investing in a beauty salon that will cost her $17,000. The...

1. Mary Bighair is considering investing in a beauty salon that will cost her $17,000. The after-tax cash flows on the investment should be about $5,000 per year for the next 7 years. Her opportunity cost of capital is 11.2 percent. Find the Profitability Index (PI) of buying the beauty salon: (Do not round intermediate calculations; round final answer to four decimals, i.e. 123.4567) 2. Based on the Profitability Index (PI) results you obtained in the previous question, is the...

Andrea is an employee of Fern Corporation. She also has her own business working as a...

Andrea is an employee of Fern Corporation. She also has her own business working as a life coach. For 2017, Andrea’s wages from Fern were $210,000. Her self-employment income was $30,000 (line 4, Form SE, based on 92.35% of net earnings as a life coach). If required, round any computations to two decimal places. Round final answers to the nearest dollar. a. Compute the payroll, self-employment, and additional Medicare taxes for Andrea for 2017. $______ b. Assume the same facts...

Felicia, a certified public accountant (CPA), runs her own consulting firm. Last year, she spent $24,510...

Felicia, a certified public accountant (CPA), runs her own consulting firm. Last year, she spent $24,510 on student employees, plus had another $81,000 in administrative expenses (e.g. utilities, insurance, rent). She pays herself a salary of $50,000. Because she is a CPA, Felicia could be employed alternatively as amid-level manager in a large accounting firm, making a salary of $96,780 a year. Last year, Felicia’s accounting costs were (Enter your response as an integer.) Last year, Felicia's economic costs were...

Robyn is a taxpayer painted her office, which she uses for her business purposes. She has...

Robyn is a taxpayer painted her office, which she uses for her business purposes. She has paid $7,000 to a professional painter to paint her office. As ‘part of the deal’ Robyn receives a free holiday package worth $1,500 from the painting business. How much deduction can Robyn claim and under which section? book taxation law

Jenna runs a small boutique in Capitola. She tells one of her suppliers that she is...

Jenna runs a small boutique in Capitola. She tells one of her suppliers that she is willing to pay $6 for a pair of wool hand warmers and not a dime more. On the basis of this information, what can you conclude about her price elasticity of demand for wool hand warmers? Group of answer choices It is somewhat elastic. It is perfectly elastic. It is perfectly inelastic. The price elasticity coefficient is 0.

Marian Plunket owns her own business and is considering an investment. If she undertakes the investment,...

Marian Plunket owns her own business and is considering an investment. If she undertakes the investment, it will pay $5,560 at the end of each of the next 3 years. The opportunity requires an initial investment of $1,390 plus an additional investment at the end of the second year of $6,950. What is the NPV of this opportunity if the interest rate is 2.1% per year? Should Marian take it? What is the NPV of this opportunity if the interest...