Three barbers work at a barbershop. Based on estimations, the barbershop is idle 1 time out of 15; 2/15 of the time there is one customer; 3 times out of 15 there are two customers; and 4/15 of the time, there are three customers. Each customer yields a net revenue of 10 dollars.

Let X be a random variable defined as the number of customers

a) Determine the probability distribution of X

b) Determine the cumulative distribution function of X

c) Calculate the probability that: i) All three barbers are working. ii) At least one of the barbers is working

Thompson Garage Doors is a company that installs automatic garage door openers. It charges an average price of $500 per installation. Variable costsexcluding wages for workers amount to $200 per installation. In addition, you are given the following information about the productivity of the workers:

a)Complete the table.

b)If each worker receives $1400 per week, how many will the owner hire? Explain.

c)How many workers would be hired at $1,800 per week? Explain.

Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts selling “SunBoots” to customers for $65 per pair. When a customer purchases a pair of SunBoots, Clarks also gives the customer a 30% discount coupon for any additional future purchases made in the next 30 days. Customers can’t obtain the discount coupon otherwise. Clarks anticipates that approximately 20% of customers will utilize the coupon, and that on average those customers will purchase additional goods that normally sell for $110.

Required:
1. How many performance obligations are in a contract to buy a pair of SunBoots?
2. Prepare a journal entry to record revenue for the sale of 1,500 pairs of SunBoots, assuming that Clarks uses the residual method to estimate the stand-alone selling price of SunBoots sold without the discount coupon.

1. Under IFRS, a discontinued operation must be a: Select one: a. Product line. b. Cash Generating Unit (CGU) c. Product line or Geographic segment. d. Geographic segment.

2.

A company is preparing its bank reconciliation for December 31, 2004 (end of the reporting period). The following verified data are available:

Based on the above data only, the amount for the December 2004 bank reconciliation Deposits in Transit is:

Select one:

a. Insufficient Information Provided

b. 17810

c. 3070

d. 1560

e. 3770

3.

Ambo Inc. earned $200,000 for the current year. This means:

Select one:

a. Ambo's retained earnings must be $200,000 more at December 31 than it was at January 1

b. Ambo's cash increased $200,000 during the year.

c. Ambo's earnings increased Ambo's net assets $200,000 during the year.

d. Ambo's total assets increased $200,000 during the year.

Romero started his own consulting firm, Romero Company, on July 1, 2018. The trial balance at July 31 is shown below.

Other data:

1. Supplies on hand at July 31 are $750.

2. A utility bill for $350 has not been recorded and will not be paid until next month.

3. The insurance policy is for a year.

4. $1,200 of unearned service revenue remain unearned.

5. Romero company pays its employees total salaries of $7,250 every Monday for the preceding 5-day week (Monday through Friday). On Monday July 30, employees were paid for the week ending July 27. All employees worked the last 2 days of the month of July 2018.

6. The equipment is being depreciated over a 5-year life with no salvage value.

7. Invoices representing $3,200 of services performed during the month have not been recorded as of July 31.

8. Romero company borrowed $15,000 by signing a 7.3%, two-year note on July 11^th, 2018.

Instructions

a. Prepare the adjusting entries for the month of July.

b. Prepare the Classified Balance sheet at Dec. 31, 2018.

Romero started his own consulting firm, Romero Company, on July 1, 2018. The trial balance at July 31 is shown below.

Other data:

1. Supplies on hand at July 31 are $750.

2. A utility bill for $350 has not been recorded and will not be paid until next month.

3. The insurance policy is for a year.

4. $1,200 of unearned service revenue remain unearned.

5. Romero company pays its employees total salaries of $7,250 every Monday for the preceding 5-day week (Monday through Friday). On Monday July 30, employees were paid for the week ending July 27. All employees worked the last 2 days of the month of July 2018.

6. The equipment is being depreciated over a 5-year life with no salvage value.

7. Invoices representing $3,200 of services performed during the month have not been recorded as of July 31.

8. Romero company borrowed $15,000 by signing a 7.3%, two-year note on July 11^th, 2018.

Instructions

a. Prepare the adjusting entries for the month of July.

b. Prepare the Classified Balance sheet at Dec. 31, 2018.

Romero started his own consulting firm, Romero Company, on July 1, 2018. The trial balance at July 31 is shown below.

Other data:

1. Supplies on hand at July 31 are $750.

2. A utility bill for $350 has not been recorded and will not be paid until next month.

3. The insurance policy is for a year.

4. $1,200 of unearned service revenue remain unearned.

5. Romero company pays its employees total salaries of $7,250 every Monday for the preceding 5-day week (Monday through Friday). On Monday July 30, employees were paid for the week ending July 27. All employees worked the last 2 days of the month of July 2018.

6. The equipment is being depreciated over a 5-year life with no salvage value.

7. Invoices representing $3,200 of services performed during the month have not been recorded as of July 31.

8. Romero company borrowed $15,000 by signing a 7.3%, two-year note on July 11^th, 2018.

Instructions

a. Prepare the adjusting entries for the month of July.

b. Prepare the Classified Balance sheet at Dec. 31, 2018.

1) Using accrual accounting, expenses are not recorded until the cash for the expense is disbursed.
True
False

2) The adjusting entry for accrued revenue always involves a:

A.debit to an asset account and a credit to a revenue account

B.debit to a revenue account and a credit to an asset account

C.debit to a liability account and a credit to an asset account

D.debit to an asset account and a credit to a liability account

3) A journal entry contains a debit to the Cash account and a credit to the Unearned Service Revenue account. This is an example of a(n):

A.deferred expense

B.deferred revenue

C.accrued revenue

D.accrued expense

4) The adjusting entry for a prepaid expense always involves a(n):

A. liability account and a revenue account

B.expense account and a liability account

C.expense account and an asset account

D.asset account and a liability account

5) On October 25, 2017 Quick Corp. prints a cheque for November's rent payment. Quick Corp. mails the cheque on October 27 to the landlord. The landlord receives the cheque October 31 and cashes the cheque on November 2. When should Quick Corp. record the rent expense associated with this transaction?

A.November 2, 2017

B.November 30, 2017

C.October 25, 2017

D.October 27, 2017

6) Which of the following transactions would be recorded at the time the transaction occurs under the accrual basis, but would not be recorded until sometime in the future under the cash basis?

A.issuance of stock

B.sale of merchandise on account

C.payment of interest expenses

D.payment of employee salaries

chap 2

A)

Here is a set of sample data

Identify the 5 number summary (min, Q1, median, Q3, max)
, , , ,

B)

The five number summary of a dataset was found to be:

46, 51, 55, 59, 70

An observation is considered an outlier if it is below:

An observation is considered an outlier if it is above:

C)

Here is a set of data.

Identify the 5 number summary (min, Q1, median, Q3, max)