Questions
PLEASE ANSWER ALL QUESTIONS ! 1. Gwen suspects fraud is occurring at a hotel she manages....

PLEASE ANSWER ALL QUESTIONS !

1. Gwen suspects fraud is occurring at a hotel she manages. Historically, each of her hotels spends $8,250 per month in maintenance expenses with a standard deviation of $1,070. At the suspect hotel, the last 31 months have averaged $8,490 in maintenance expenses. Gwen thinks the hotel is spending significantly more than the others. Use the 10% significance level.

Calculate the value of the test statistic.

Select one:

a. 0.87

b. 0.89

c. 1.36

d. 1.25

e. 1.54

2. Harley is working as a waiter at a restaurant while paying his way through school. The manager told him he could expect $95 per night in tips with a standard deviation of $30. However, after 32 nights he is averaging only $85 in tips. He wants to know if this is significantly different at the 5% significance level.

Calculate the value of the test statistic.

Select one:

a. -2.06

b. -1.61

c. -1.89

d. -2.26

e. -2.64

In: Statistics and Probability

Provide an example of why an auditor would reevaluate control risk near the end of the...

Provide an example of why an auditor would reevaluate control risk near the end of the audit. Provide a different example of why an auditor would reevaluate fraud risk near the end of the audit.

In: Accounting

How does food in the duodenum inhibit motility and secretions in the stomach? IM LOOKING FOR...

How does food in the duodenum inhibit motility and secretions in the stomach? IM LOOKING FOR SOMEWHAT AN DETAIL OR NEAR TO DETAIL NEAR ,...A GOOD EXPLANATION FOR THIS QUESTION , i need to understand , thank u

In: Anatomy and Physiology

Read the following brief regarding the Wet 'n Wild waterpark chain, and then answer the questions...

Read the following brief regarding the Wet 'n Wild waterpark chain, and then answer the questions below to reflect on your reading.

Brief

Wet ‘n Wild is a chain of waterparks that are operated across Australia, the United States, and now China. The first waterpark in the chain was opened on the Gold Coast in Australia in 1984. Since that time they have expanded to eight locations, including Hawaii and Las Vegas. In 2013, they opened a new water park in Sydney, Australia. Despite Sydney being a major international city with a population of over 5 million, it does not have a major theme or amusement park. Therefore, the new Wet ‘n Wild facility was able to obtain a virtual monopoly in the Sydney area.

Obviously, Sydney is relatively well known for its famous beaches, including Bondi Beach. To counteract this indirect competitor, Wet ‘n Wild located their new waterpark around one hour inland, away from the beaches. This location was still within large residential areas and easily accessible by road. Because Sydney was lacking a major theme park, Wet ‘n Wild was able to attract significant publicity and media attention prior to opening, particularly as the park was promoted as “the largest waterpark in the world”. This was supported by significant advertising expenditure, which was primarily focused on selling season pass tickets.

The pricing structure for the new Wet ‘n Wild waterpark was designed to sell season passes, rather than individual visits. For example, a season pass cost $120 as compared to a one-day visit pass of $70. This meant that there was a significant incentive to buy the season pass. As a result, these season passes were enormously popular. The Christmas period in Australia is in the middle of summer, so these season passes became popular Christmas gifts as well.

As you can imagine, as consumers have paid for multiple visits – many of them want to get great “value for money”– which means as many visits as possible. As a consequence, the park become very crowded at times. On several occasions, in the middle of summer, the waterpark was at full capacity. That means that season pass holders, who had paid for their tickets, were unable to enter the park because it was full. The other contributing factor to this overcrowding situation was that Wet ‘n Wild was not open every day. Although their season ran from September to April (the warmer months in Australia), they were not open seven days a week – sometimes only being open on weekends.

With a waterpark operating at full capacity on a hot day, you can imagine that the lines were quite long and uncomfortable. It was not uncommon to wait 1½ to 2 hours for a waterslide. This resulted in significant customer dissatisfaction that was expressed through social media, including Wet n’ Wild’s own Facebook site.

Answer the following questions:

  • As a new facility, Wet ‘n Wild was keen to recoup their infrastructure investment as quickly as possible. Therefore, do you agree with their pricing strategy or would there be a more appropriate approach to pricing?
  • As the number of season passes sold was significant, do you think that is ethical of the company to keep promoting these passes or do you think that they have a responsibility to their shareholders to maximize profitability?
  • Given that season pass holders paid for a service that was not always available (that is, the park was full), do you think that they should be entitled to some form of refund or compensation? If so, how could this be implemented given thousands of people could have been affected.
  • As there were reasonable numbers of dissatisfied season pass holders, what do you think would be the long-term implications of Wet n’ Wild’s objective to sell as many season passes as possible?

In: Accounting

Blossom Industries Corp. purchased the following assets and also constructed a building. All this was done...

Blossom Industries Corp. purchased the following assets and also constructed a building. All this was done during the current year.

Assets 1 and 2

These assets were purchased together for $124,000 cash. The following information was gathered:

Description Initial Cost on
Seller’s Books
Depreciation
to Date on
Seller’s Books
Book Value on
Seller’s Books
Appraised
Value
Machinery $111,000 $53,000 $58,000 $90,000
Office Equipment 62,000 10,000 52,000 30,000


Asset 3

This machine was acquired by making a $10,200 down payment and issuing a $39,000, two-year, zero-interest-bearing note. The note is to be paid off in two $19,500 instalments made at the end of the first and second years. It was determined that the asset could have been purchased outright for $34,200.

Asset 4

A truck was acquired by trading in an older truck that has the same value in use. The newer truck has options that will make it more comfortable for the driver; however, the company remains in the same economic position after the exchange as before. Facts concerning the trade-in are as follows:

Cost of truck traded $108,000
Accumulated depreciation to date of sale 38,000
Fair market value of truck traded 87,000
Cash paid by Blossom 9,200
Fair market value of truck acquired 70,000


Asset 5

Office equipment was acquired by issuing 160 common shares. The shares are actively traded and had a closing market price a few days before the office equipment was acquired of $10 per share. Alternatively, the office equipment could have been purchased for a cash price of $1,575.

Construction of Building

A building was constructed on land that was purchased on January 1 at a cost of $146,000. Construction began on February 1 and was completed November 1. The payments to the contractor were as follows:

Date Payment
Feb. 1 $120,000
June 1 353,000
Sept. 1 476,000
Nov. 1 105,000


To finance construction of the building, a $617,000, 13% construction loan was taken out on February 1. At the beginning of the project, Blossom invested the portion of the construction loan that was not yet expended and earned investment income of $4,600. The loan was repaid on November 1 when the construction was completed. The firm had $204,000 of other outstanding debt during the year at a borrowing rate of 10% and a $202,000 loan payable outstanding at a borrowing rate of 6%.

(a)

Blossom uses a variety of alternatives to finance its acquisitions. Record the acquisition of each of these assets, assuming that Blossom prepares financial statements in accordance with IFRS. Use the net amount to record the note. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round capitalization rate to 2 decimal places, e.g. 52.75% and final answers to 0 decimal places, e.g. 5,275.)

Account Titles and Explanation

Debit

Credit

Acquisition of Assets 1 and 2

__________________

__________________

___________________

Acquisition of Asset 3

____________________

_____________________

____________________

Acquisition of Asset 4

___________________

____________________

_____________________

____________________

Acquisition of Asset 5

____________________

_____________________

Construction of Building

____________________

____________________

_____________________

_____________________

In: Accounting

In 2021, the Westgate Construction company entered into a contract to construct a road for Santa...

In 2021, the Westgate Construction company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows.

2021 2022 2023
Cost incurred during the year $ 2,184,000 $ 3,510,000 $ 2,316,600
Estimated costs to complete as of year-end 5,616,000 2,106,000 0
Billings during the year 1,800,000 3,894,000 4,306,000
Cash collections during the year 1,600,000 3,400,000 5,000,000

Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time.

Westgate recognizes revenue over time according to percentage of completion.

1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.

2a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred)

2b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts for construction costs incurred)

2c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts for construction costs incurred)

3.  Complete the information required below to prepare a partial balance sheet for 2021and 2022 showing any items related to the contract. Indicate whether any of the amounts shown are contract assets or contract liabilities

4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)

2021 2022 2023
Costs incurred during the year $ 2,520,000 $ 3,860,000 $ 3,220,000
Estimated costs to complete as of year-end 5,720,000 0

5.Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information.

2021 2022 2023
Costs incurred during the year $ 2,520,000 $ 3,860,000 $ 4,080,000
Estimated costs to complete as of year-end 5,720,000 4,220,000 0

Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)

2021 2022 2023
Revenue
Gross profit (loss)

In: Accounting

A movie theater company wants to see if there is a difference in the average movie...

A movie theater company wants to see if there is a difference in the average movie ticket sales in San Diego and Portland per week. They sample 20 sales from San Diego and 20 sales from Portland over a week. Test the claim using a 5% level of significance. Assume the variances are unequal and that movie sales are normally distributed.

San Diego

Portland

234

211

221

214

202

228

214

222

228

218

244

216

182

222

245

220

215

228

233

224

227

234

217

219

219

226

234

226

255

219

235

228

211

212

248

216

232

217

233

214

Choose the correct decision and summary based on the p-value.

  • A. Do not reject H0. There is evidence that the average movie ticket sales in San Diego and Portland per week differ.
  • B. Reject H0. There is no evidence that the average movie ticket sales in San Diego and Portland per week differ.
  • C. Reject H0. There is evidence that the average movie ticket sales in San Diego and Portland per week differ.
  • D. Do not reject H0. There is no evidence that the average movie ticket sales in San Diego and Portland per week differ.

In: Statistics and Probability

A movie theater company wants to see if there is a difference in the average movie...

A movie theater company wants to see if there is a difference in the average movie ticket sales in San Diego and Portland per week. They sample 20 sales from San Diego and 20 sales from Portland over a week. Test the claim using a 5% level of significance. Assume the variances are unequal and that movie sales are normally distributed.

Choose the correct decision and summary based on the p-value.

  • A.

    Do not reject H0. There is evidence that the average movie ticket sales in San Diego and Portland per week differ.

  • B.

    Reject H0. There is no evidence that the average movie ticket sales in San Diego and Portland per week differ.

  • C.

    Reject H0. There is evidence that the average movie ticket sales in San Diego and Portland per week differ.

  • D.

    Do not reject H0. There is no evidence that the average movie ticket sales in San Diego and Portland per week differ.

San Diego

Portland

234

211

221

214

202

228

214

222

228

218

244

216

182

222

245

220

215

228

233

224

227

234

217

219

219

226

234

226

255

219

235

228

211

212

248

216

232

217

233

214

In: Statistics and Probability

Please assist with the following question: A home theater in a box is the easiest and...

Please assist with the following question:

A home theater in a box is the easiest and cheapest way to provide surround sound for a home entertainment center. A sample of prices is shown here (Consumer Reports Buying Guide, 2004). The prices are for models with a DVD player and for models with a DVD player.

Existing Homes

315.5

202.5

140.2

181.3

470.2

169.9

112.8

230.0

177.5

New Homes

275.9

350.2

195.8

525.0

225.3

215.5

175.0

149.5

1

Models with DVD Player

Price

Models without DVD Player

Price

Sony HT-1800DP

$450

Pioneer HTP-230

$300

Pioneer HTD-330DV

300

Sony HT-DDW750

300

Sony HT-C800DP

400

Kenwood HTB-306

360

Panasonic SC-HT900

500

RCA RT-2600

290

Panasonic SC-MTI

400

Kenwood HTB-206

300

  1. Compute the mean price for models with a DVD player and the mean price for models without a DVD player. What is the additional price paid to have a DVD player included in a home theater unit?

  2. Compute the range, variance, and standard deviation for the two samples. What does this information tell you about the prices for models with and without a DVD player?

MLB Salaries:

Player Phillies Dodgers Rays Red Sox
1 14250 19000 6000 14000
2 10000 15730 5375 13000
3 8583 15217 3898 12500
4 8000 14727 3785 10442
5 7958 10000 2875 10167
6 7786 9517 2750 9250
7 6350 9250 2400 8333
8 6000 9000 2300 8000
9 5500 8000 2250 6000
10 5000 7500 1600 5083
11 3250 7433 1275 4000
12 3000 2000 1000 3850
13 2400 1925 800 3000
14 1700 1115 417 3000
15 900 600 413 2000
16 900 500 412 1275
17 600 454 412 840
18 500 425 405 835
19 480 415 401 800
20 445 411 401 775
21 440 406 400 457
22 425 400 398 422
23 420 393 397 421
24 415 393 396 406
25 395 392 396 405
26 393 390 396 403
27 390 390 392 400
28 390 390 390 396

In: Economics

A movie theater company wants to see if there is a difference in the average movie...

A movie theater company wants to see if there is a difference in the average movie ticket sales in San Diego and Portland per week. They sample 20 sales from San Diego and 20 sales from Portland over a week. Test the claim using a 5% level of significance. Assume the variances are unequal and that movie sales are normally distributed.

San Diego

Portland

234

211

221

214

202

228

214

222

228

218

244

216

182

222

245

220

215

228

233

224

227

234

217

219

219

226

234

226

255

219

235

228

211

212

248

216

232

217

233

214

Choose the correct decision and summary based on the p-value.

  • A.

    Do not reject H0. There is evidence that the average movie ticket sales in San Diego and Portland per week differ.

  • B.

    Reject H0. There is no evidence that the average movie ticket sales in San Diego and Portland per week differ.

  • C.

    Reject H0. There is evidence that the average movie ticket sales in San Diego and Portland per week differ.

  • D.

    Do not reject H0. There is no evidence that the average movie ticket sales in San Diego and Portland per week differ.

In: Statistics and Probability