Richard, barry and Andrew decided to enter into a partnership agreement as from 1^st July 2018, some of the provisions of which were as follows.

1. Richard to contribute $24000 cash, inventory the fair value of which was $51000, plant and machinery $94320, accounts receivable totalling $15240
2. Barry to contribute $45000 cash and act as manager for the business at an annual salary of $38400 to be allocated to him at the end of each year.
3. Andrew to contribute $19800 cash, land $144000, premises $288000, furniture and fittings $48600, and motor vehicles $37800. A mortgage of $216000 secured over the premises was outstanding and the partnership agreed to assume the mortgage.
4. Profits or losses of the firm to be divided between or borne by Richard, barry and Andrew in the proportion of 2:1:3 respectively.
5. Interest to be allowed at 8% p.a. on the capital contribution by the partners. Interest at 10% p.a. to be charged on partners’ drawings.
6. During the year ended 30 June 2019, the income of the partnership totaled $144960, and the expenses (excluding interest on capital and drawings and Barry’s salary) amounted to $51600.
7. Richard withdrew $14400 on 1 October 2018 and $9600 on 1 January 2019; Barrie withdrew $4800 only on 1 April 2019; Andrew withdrew $12000 on 30 June 2019.

Required

Prepare general journal entries necessary to open the records of the partnership.

Prepare the balance sheet of the partnership immediately after formation.

Prepare a Profit Distribution account for the year ended 30 June 2019.

The Eyes Have It sells custom eyewear during Year One that come with an embedded warranty. If the glasses break during Year Two, they will be fixed for free. Customers may also purchase an extended warranty that covers Year Three. During Year One, the company sold 55,000 pairs of eyeglasses for $1,000,000. Customers who purchased 40,000 of those pairs also purchased the Year Three extended warranty. The extended warranty brought in additional cash of $200,000. The company expects that 6 percent of the glasses will break during Year Two, and another 8 percent will break during Year Three. Each repair will cost $20 to fix.

a. Record the embedded warranty in Year One.

b. Record the sale of the extended warranties in Year One.

c. Assume that during Year Two the company spends $70,000 to repair glasses for these customers.

Prepare the necessary journal entry.

d. Assume that during Year Three the company spends another $102,000 to repair glasses that are

covered under the extended warranty. Prepare the necessary journal entry.

Given a normal population whose mean is 680 and whose standard deviation is 48, find each of the following (use Excel to obtain more accuracy):

A. The probability that a random sample of 3 has a mean between 687 and 699.

Probability =

B. The probability that a random sample of 18 has a mean between 687 and 699.

Probability =

C. The probability that a random sample of 27 has a mean between 687 and 699.

Probability =

Please show me how to calculate (a) to (c)

The RTO model for smartphones would work as follwos;

Customers could lease a high-end smartphone such as the Apple iPhone with retail price of $649 for a monthly fee of $30 with a minimum term of 12 months. After the minimum term, customers would have three options:

(1) buy the leased phone for $499 or

(2) continue leasing the phone for 30/ moth or

(3) return the leased phone to BB company.

It was estimated that 25% of customers would buy the phone, 25% would return the phone, and the remaining 50% would keep leasing the phone for an average of 24 months, after which they would return the depreciated price. The new phones would cost BB company an average of $599 to acquire. The depreciated value of the phones that BB company could realize was estimated at $499 ate the end of 12 months and $249 at end of 24 months. Due to the risky nature of the customers who would be attracted to the RTO arrangement, it was estimated that 20% of the phones rented under this arrangement would be lost to defaults. In the case of a default, BB company would need to write off the entire cost of buying the phone. Best Buy estimated that 0.5 million customers would sigh up for the RTO model in the first year, 1 million in the second year, and 2 million in the third year. BB company would apply an annual discount rate of 12% to calculate the NPV of the cash flows from the RTO model.

(a) Employers at a firm are worried about the effect of March Madness, a basketball championship held each spring in the US, on employee productivity. They estimate that on a regular business day employees spend on average 15 minutes of company time checking personal email, making personal phone calls, etc. They also collect data on how much company time employees spend on such non-business activities during March Madness. They want to determine if these data provide convincing evidence that employee productivity decreases during March Madness.

(b) Since 2008, chain restaurants in California have been required to display calorie counts of each menu item. Prior to menus displaying calorie counts, the average calorie intake of diners at a restaurant was 1100 calories. After calorie counts started to be displayed on menus, a nutritionist collected data on the number of calories consumed at this restaurant from a random sample of diners. Do these data provide convincing evidence of a difference in the average calorie intake of diners at this restaurant?

(c) Based on the performance of those who took the GRE exam between July 1, 2004, and June 30, 2007, the average Verbal Reasoning score was calculated to be 462. In 2011 the average verbal score was slightly higher. Do these data provide convincing evidence that the average GRE Verbal Reasoning score has changed since 2004?

Three protons occupy the vertex of an equilateral triangle with each side of 1 cm. Mp= 1.67E-27 kg, qp= 1.6E-19 C.

a) release all three protons from rest, what is the max speed of each proton?

b) Only one proton is released while the other two are fixed. Find the speed of the moving proton after a long time.

Find a company that you think has ethics, social responsibility, or environmentally sustainable polices that directly contribute to its competitive advantage. Be specific about how such policies contribute to the firm's competitive advantage.

A) Which form(s) of Hg – Hg, Hg+, Hg2+, Hg3+, or Hg4+ – would you predict to

have an unusually large ionization energy compared to other transition metal atoms of the same charge? Why?

B)   What does Slater’s rules state for how Zeff compares for ns and np electrons (e.g. 4s and 4p) within an atom? How would you predict the two Zeff values to compare based on the three factors that contribute to Zeff discussed in class?

(a)     Explain how the following changes will affect the total employment, average wage rate, labor productivity, and growth rate of the GDP of an economy.

(i)             An increase in the labor force participation rate                       

(ii)           Growth in capital per worker accompanied by technological change     

Which of the above changes would contribute more toward a sustained high economic growth rate of an economy in the long run?                                                                   

(b)   Suggest three government policies that can be used to raise the economic growth rate of an economy.                                                           

lizabeth, David and Ethan form a new partnership (EDE) to which Elizabeth and David each contribute assets worth $50,000 and basis of $20,000, and Ethan contributes his technical services worth $50,000. The value of the services is based upon what Ethan regularly charges unrelated parties for similar services. Elizabeth, David and Ethan each receive in exchange a one-third interest in the partnership. The transferors are tax-free to all three partners. Question 5 options: 1) True. 2) False.