Problem 2

The Dunbar zoo operates a drive-through tourist attraction in hamilton. The selected accounts appearing below reflect balances on January 1 , 2017.

Prepaid Rent (expires on Nov 30,2017) 11,000

Prepaid Insurance (expires on Sep 30,2017) 9,000

Car 30,000

Accumulated Amortization - Car 2,000

Unearned Ticket Revenue 15,000

Other Data

-On December 1, 2017 the Zoo renewed the contract for another year for $18,000 to be paid in three installments. The first installment is due on April 1, 2018.

-On October 1, 2017, the zoo renewed the insurance policy for six months and paid $6,000. The full amount was record as an expense.

The unearned ticket revenue represents tickets sold in advance for future zoo visits. During 2002, additional $12,000 of tickets were sold in advance and were recorded as revenue earned. On December 31, 2017. it was determined that $4,000 of the tickets sold in advance were not used by customers.

A utility bill for $2,000 was received on December 31,2017 for the amount of utility used up during November and December 2017. The bill is due on jANUARY 15,2018.

On December 1, 2017, the zoo signed a contract with the Mifflin Food to supply food for the animals for an amount of $500 per month, effective January 1, 2018. The zoo paid $4,000 in advance and recorded it as an asset.

Required

Prepare the adjusting entires that were made by the Dunbar Zoo on December 31, 2017. If no adjusting entry is required, please type “NO ENTRY” in the appropriate space.

Explain how a revenue journal might to modified for the following specific business. Discuss the process of posting from revenue journal to general ledger.

Question 1
Background

Packit Ltd stores finished products in bulk on behalf of its customers. When the products are required for
sale Packit Ltd packs them in accordance with its customers' instructions. The company is currently in the
process of determining budgeted costs by customer category for the forthcoming financial year.

Packit Ltd categorises its customers according to the relative fragility of their products. It has three
customer categories: Robust, Standard and Delicate. As the names suggest, the customers in the Robust
category have the most resilient products, the customers in the Delicate category have the most fragile
products and the products of the customers in the Standard category fall between those two extremes.

Budget Information - Forthcoming Financial Year

The volume of work performed for each category of customer is measured in terms of cubic metres of
product handled. The budgeted volumes by customer category for the forthcoming financial year are as
follows:

Budgeted packaging costs for the forthcoming financial year in respect of each of the customer categories
have been determined as follows: Robust: €990,000, Standard: €1,957,500 and Delicate: €1,875,000.

Other operational costs for the forthcoming period have been budgeted to be as follows:

Activity Based Review

An activity based review of the company's operations has identified three key activities: Receipt and
Inspection, Warehousing and Packing. It has been determined that it would be reasonable to allocate
operational costs to these key activities in the following proportions:

The activity based review has also revealed that the degree of fragility of the products drives the amount
of time required for Receipt and Inspections, that the demands on Warehousing are driven by the average
floor space required per unit of product held for the customer category and that the time taken for Packing
reflects the complexity of customers' packaging specifications. The requirements per cubic metre of
product for each customer type have been assessed to be as follows:

• Requirement                                                                                                                     _

(a) Calculate the budgeted average cost per cubic metre of product stored and packaged for each of the

        three customer categories, without using the Activity Based information provided.                                     

(b) Using the Activity Based information provided, calculate the budgeted average cost per cubic metre of
product stored and packaged for each of the three customer categories. You may round your

        calculations to two decimal places.                                                                                                          

(c) Suggest how activity based costing may improve product costing and control within Packit Ltd.           

Describe the three forms of the patient-provider relationship?

Compare a hospital’s obligations with respect to providing elective treatment versus providing emergency treatment.

Name four external sources of patient rights.

What patient rights risks do individuals with mental illness encounter, and why are they risks?

Analyze health literacy and cultural competence in the context of patient rights.

How do patient health information portals contribute to patient rights?

A company (the seller) provides software to customers for 8 years. In addition to the software, the company also provides the customer consulting services over the 8-year period. The total transaction price is $386,000. The company estimates the consulting services have a standalone value of $120,000 and the software license has a standalone value of $380,000. Assuming the performance obligations are separate, on the date the customer licensed the software, the company should record Unearned Service Revenue of $ . (If no Unearned Service Revenue should be recorded, then enter 0.)

A competitive firm maximizes profit at the point where marginal revenue equals marginal cost; a monopolist maximizes profit at the point where marginal revenue exceeds marginal cost.

true or false

Price discrimination is a rational strategy for a profit-maximizing monopolist when there is no opportunity for customers to engage in arbitrage across market segmentations

true or false

When regulating a monopoly with average cost pricing, the monopoly is able to enjoy a zero economic profit and the deadweight loss of an unregulated monopoly is eliminated.

true or false

Adam Ltd. sells product at a price of $1,200,000, including a one-year warranty guarantee that the product was free of defects. The cost of the product is $960,000 and the estimated cost to provide warranty service is $10,000, based on Adam Ltd. past practice on the warranty service. In addition, Adam Ltd. sold extended warranties related to the products for an extra charge of $16,000.

Required:

Explain how should the revenue be recognized with reference to HKFRS 15 “Revenue from Contracts with Customers”? Journal entries are not required for the above transaction.

1. Use the following information to complete the Revenue and asset test for industry segments:

1. Which of the operating segments would be considered reporting segments under the "revenue" test?

2. Which of the operating segments would be considered reporting segments under the "asset" test?

Two men, A and B, who usually commute to work together decide to conduct an experiment to see whether one route is faster than the other. The men feel that their driving habits are approximately the same, so each morning for two weeks one driver is assigned to route I and the other to route II. The times, recorded to the nearest minute, are shown in the following table. Using this data, find the 98%98%confidence interval for the true mean difference between the average travel time for route I and the average travel time for route II.

Let d=(route I travel time)−(route II travel time)d=(route I travel time)−(route II travel time). Assume that the populations of travel times are normally distributed for both routes.

Copy Data

Step 1 of 4:

Find the mean of the paired differences, d‾‾d‾. Round your answer to one decimal place.

Step 2 of 4:

Find the critical value that should be used in constructing the confidence interval. Round your answer to three decimal places.

Step 3 of 4:

Find the standard deviation of the paired differences to be used in constructing the confidence interval. Round your answer to one decimal place.

Step 3 of 4:

Find the standard deviation of the paired differences to be used in constructing the confidence interval. Round your answer to one decimal place.

wo men, A and B, who usually commute to work together decide to conduct an experiment to see whether one route is faster than the other. The men feel that their driving habits are approximately the same, so each morning for two weeks one driver is assigned to route I and the other to route II. The times, recorded to the nearest minute, are shown in the following table. Using this data, find the 98%98%confidence interval for the true mean difference between the average travel time for route I and the average travel time for route II.

Let d=(route I travel time)−(route II travel time)d=(route I travel time)−(route II travel time). Assume that the populations of travel times are normally distributed for both routes.

Step 1 of 4: Find the mean of the paired differences, d‾‾. Round your answer to one decimal place.

Step 2 of 4: Find the critical value that should be used in constructing the confidence interval. Round your answer to three decimal places.

Step 3 of 4: Find the standard deviation of the paired differences to be used in constructing the confidence interval. Round your answer to one decimal place.

Step 4 of 4: Construct the 98% confidence interval. Round your answers to one decimal place.

....lower endpoint...upper endpoint

21.39) Researchers gave 20 index cards to a waitress at an Italian restaurant in New Jersey. Before delivering the bill to each customer, the waitress randomly selected a card and wrote on the bill the same message that was printed on the index card. 20 of the cards had the message "The weather is supposed to be really good tomorrow. I hope you enjoy the day!" Another 20 cards contained the message "The weather is supposed to be not so good tomorrow. I hope you enjoy the day anyway!" After the customers left, the waitress recorded the amount of the tip (percent of bill) before taxes. Here are the tips for those receiving the good-weather message:

The tips for the 20 customers who received the bad- weather message are

Give a 90 % confidence interval for the difference between the mean percent tips for the two different messages.

Use the conservative approach (Option 2), where df=20-1 or 19.

Do not use software to calculate the interval.

The confidence interval (±±0.01) is from  to