Long‐term contract based on percentage of completion method

Jim’s Construction Co. has a $6,800,000 contract which began on January 1, 2015 to build a new football stadium with an expected completion date of October 31, 2017. The following table provides information gathered during the construction period. Jim uses the percentage completion method to

account for this contract.                                                                                                                                 

Prepare journal entry to record gross profit for 2015

Prepare all necessary journal entries for 2016.

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What does the future hold for traditional mass-media advertising? If you were the senior executive of a major television network, magazine publisher, or newspaper company, what would you be doing now to ensure the livelihood of your company in the future?

The heights of South African men are normally distributed with a mean of 69 inches and a standard deviation of 4 inches. What is the probability that a randomly selected South African man is taller than 72 inches (sample size of 1)?   What is the probability that a sample of 100 has a mean greater than 72 inches?

Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system.

2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.

3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.

4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Round your intermediate and final answers to 2 decimal places.)

An online retailer is studying product reviews and wants to see if customer satisfaction and timeliness of delivery are related. They randomly survey 100 customers. They found that 80% of those whose product arrived ahead of the estimated delivery date said they were satisfied with the product. Only 50% whose product did not arrive ahead of the estimated date said they were satisfied. Overall, 40% of packages arrived ahead of the estimated delivery date.

1. Based on this survey, fill out two-way table below with the number of people in each cell. For each blank spot in the table below you have 5 attempts.

You should submit your answers above to make sure they are correct before trying the remaining questions. Remember that any questions that are unanswered will not be graded.

2. Based on your table above, answer the following: Use 3-decimal places in your answers

A) P(satisfied | arrived early) =

B) P(satisfied | did not arrive early) =

C) P(satisfied) =

D) P(arrived early| satisfied)

E) What is the probability that a package did not arrive early given that the customer was not satisfied?
You may want to submit your answers above before trying the remaining questions.

F) Customer satisfaction is  --- dependent on independent of their package arriving early. One attempt.


3. Which of the following are true? You have 5 attempts and must answer all correct.

Customers are less likely to be satisfied if their package arrives early rather than not early.

Customers are more likely to be satisfied if their package arrives early rather than not early.

A majority of customers are satisfied.

Customers are equally likely to be satisfied if their package arrives early or not early.

A majority of customers' packages arrive early.

Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system.

Using LIFO, calculate ending inventory and cost of goods sold at October 31.

Ending inventory-

Cost of goods sold-

Record the following in John’s two-column cash book. Balance the cash book and bring down the balances of cash in hand and cash at bank at the end of the period. and open the necessary ledger account.

2018

October 1st Introduced ₦5,000 cash into the business as capital

October 5th Paid rent of ₦2000 cash

October 11th Receive cheque of ₦1000 from sales

October 15th Purchase good and paid ₦2000 by cheque

October 19th Pay Insurance ₦500 by cheque

October 24th Cash sales ₦500

October 25th Receive rent by cheque ₦1000

October 28th    Cash paid into bank ₦2,000

October 31st    paid wages by cash ₦500

Consumers can purchase nonprescription medications at food stores, mass merchandise stores such as Target and Wal-Mart, or pharmacies. About 45% of consumers make such purchases at pharmacies. What accounts for the popularity of pharmacies, which often charge higher prices?

A study examined consumers' perceptions of overall performance of the three types of stores, using a long questionnaire that asked about such things as "neat and attractive store," "knowledgeable staff," and "assistance in choosing among various types of nonprescription medication." A performance score was based on 27 such questions. The subjects were 206 people chosen at random from the Indianapolis telephone directory. Here are the means and standard deviations of the performance scores for the sample.

We do not know the population standard deviations, but a sample standard deviation s from so large a sample is usually close to σ. Use s in place of the unknown σ in this exercise.

(a) What population do you think the authors of the study want to draw conclusions about?

i)pharmacies

ii)sick people    

iii)citizens of Indianapolis

iv)food stores

v)the American public

What population are you certain they can draw conclusions about?

i)food stores

ii)citizens of Indianapolis    

iii) the American public

iv)pharmacies

v)sick people

(b) Give 95% confidence intervals for the mean performance for each type of store. (Round your answers to three decimal places.)

Food stores (    ,    )

Mass merchandisers (    ,    )

Pharmacies (    ,    )

(c) Based on these confidence intervals, are you convinced that consumers think that pharmacies offer higher performance than the other types of stores? (In Chapter 12, we will study a statistical method for comparing means of several groups.)

i)Yes, the pharmacy interval is well above the others.

ii)Yes, the mass merchandiser interval is well above the others.    

iii)Yes, the food store interval is well below the others.

iv)No, there is no clear evidence of a significant difference.