| person | weight before diet | weight after diet |
| 1 | 68 | 64 |
| 2 | 88 | 86 |
| 3 | 85 | 83 |
| 4 | 89 | 86 |
| 5 | 92 | 90 |
The weights of a random sample of 5 people are recorded before they are introduced to the liquid protein diet (a new weight-reducing technique). Then they were instructed to follow the liquid protein diet for 3 weeks. At the end of this period, their weights (in kilograms) are again recorded. Results are given in the table: Person Weight before diet Weight after diet 1 68 64 2 88 86 3 85 83 4 89 86 5 92 90 a) Test to determine if the diet is effective at reducing weight. Use α=0 .1 . (You can use SPSS for this task.) b) Report p-value of your test. Interpret the results by using the obtained p-value.
In: Statistics and Probability
Comprehensive Problem 4
Part 2:
Note: You must complete part 1 before part 2.
After all of the transactions for the year ended December 31, Year 1, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follows were taken from the records of Equinox Products Inc.
| Income statement data: | |
| Advertising expense | $150,000 |
| Cost of merchandise sold | 3,700,000 |
| Delivery expense | 30,000 |
| Depreciation expense—office buildings and equipment | 30,000 |
| Depreciation expense—store buildings and equipment | 100,000 |
| Dividend revenue | 4,500 |
| Gain on sale of investment | 4,980 |
| Income from Pinkberry Co. investment | 76,800 |
| Income tax expense | 140,500 |
| Interest expense | 21,000 |
| Interest revenue | 2,720 |
| Miscellaneous administrative expense | 7,500 |
| Miscellaneous selling expense | 14,000 |
| Office rent expense | 50,000 |
| Office salaries expense | 170,000 |
| Office supplies expense | 10,000 |
| Sales | 5,254,000 |
| Sales commissions | 185,000 |
| Sales salaries expense | 385,000 |
| Store supplies expense | 21,000 |
| Retained earnings and balance sheet data: | |
| Accounts payable | $194,300 |
| Accounts receivable | 545,000 |
| Accumulated depreciation—office buildings and equipment | 1,580,000 |
| Accumulated depreciation—store buildings and equipment | 4,126,000 |
| Allowance for doubtful accounts | 8,450 |
| Available-for-sale investments (at cost) | 260,130 |
| Bonds payable, 5%, due 20Y2 | 500,000 |
| Cash | 246,000 |
| Common stock, $20 par (400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) | 2,000,000 |
| Dividends: | |
| Cash dividends for common stock | 155,120 |
| Cash dividends for preferred stock | 100,000 |
| Goodwill | 500,000 |
| Income tax payable | 44,000 |
| Interest receivable | 1,125 |
| Investment in Pinkberry Co. stock (equity method) | 1,009,300 |
| Investment in Dream Inc. bonds (long term) | 90,000 |
| Merchandise inventory (December 31, Year 1), at lower of cost (FIFO) or market | 778,000 |
| Office buildings and equipment | 4,320,000 |
| Paid-in capital from sale of treasury stock | 13,000 |
| Excess of issue price over par—common stock | 886,800 |
| Excess of issue price over par—preferred stock | 150,000 |
| Preferred 5% stock, $80 par (30,000 shares authorized; 20,000 shares issued) | 1,600,000 |
| Premium on bonds payable | 19,000 |
| Prepaid expenses | 27,400 |
| Retained earnings, January 1, Year 1 | 9,319,725 |
| Store buildings and equipment | 12,560,000 |
| Treasury stock (5,400 shares of common stock at cost of $33 per share) | 178,200 |
| Unrealized gain (loss) on available-for-sale investments | (6,500) |
| Valuation allowance for available-for-sale investments | (6,500) |
On your own paper, in the working papers, or using a spreadsheet, prepare the following:
a. Prepare a multiple-step income statement for the year ended December 31, Year 1, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were $100,000. (Round earnings per share to the nearest cent.) Save your calculations and enter the requested amounts below.
b. Prepare a retained earnings statement for the year ended December 31, Year 1. Save your calculations and enter the requested amounts below.
c. Prepare a balance sheet in report form as of December 31, Year 1. Save your calculations and enter the requested amounts below.
If required, only use the minus sign to indicate loss before income tax, net loss, or a deficit balance in retained earnings.
| Gross profit | $ |
| Total selling expenses | $ |
| Total administrative expenses | $ |
| Total operating expenses | $ |
| Income from operations | $ |
| Net other expenses and income | $ |
| Income tax | $ |
| Net income | $ |
| Earnings per common share (rounded to the nearest cent) | $ |
| Retained earnings, January 1, Year 1 | $ |
| Total current assets | $ |
| Investment in Dream Inc. bonds | $ |
| Total property, plant, and equipment | $ |
| Total assets | $ |
| Total current liabilities | $ |
| Net long-term liabilities | $ |
| Total liabilities | $ |
| Total paid-in capital preferred 5% stock | $ |
| Total paid-in capital common stock, $20 par | $ |
| Total paid-in capital | $ |
| Retained earnings, December 31, Year 1 | $ |
| Total stockholders' equity | $ |
In: Accounting
Comprehensive Problem 4
Part 2:
Note: You must complete part 1 before part 2.
After all of the transactions for the year ended December 31, 2016, had been posted [including the transactions recorded in part (1) and all adjusting entries], the data that follows were taken from the records of Equinox Products Inc.
| Income statement data: | |
| Advertising expense | $150,000 |
| Cost of merchandise sold | 3,700,000 |
| Delivery expense | 30,000 |
| Depreciation expense—office buildings and equipment | 30,000 |
| Depreciation expense—store buildings and equipment | 100,000 |
| Dividend revenue | 4,500 |
| Gain on sale of investment | 4,980 |
| Income from Pinkberry Co. investment | 76,800 |
| Income tax expense | 140,500 |
| Interest expense | 21,000 |
| Interest revenue | 2,720 |
| Miscellaneous administrative expense | 7,500 |
| Miscellaneous selling expense | 14,000 |
| Office rent expense | 50,000 |
| Office salaries expense | 170,000 |
| Office supplies expense | 10,000 |
| Sales | 5,254,000 |
| Sales commissions | 185,000 |
| Sales salaries expense | 385,000 |
| Store supplies expense | 21,000 |
| Retained earnings and balance sheet data: | |
| Accounts payable | $194,300 |
| Accounts receivable | 545,000 |
| Accumulated depreciation—office buildings and equipment | 1,580,000 |
| Accumulated depreciation—store buildings and equipment | 4,126,000 |
| Allowance for doubtful accounts | 8,450 |
| Available-for-sale investments (at cost) | 260,130 |
| Bonds payable, 5%, due 2024 | 500,000 |
| Cash | 246,000 |
| Common stock, $20 par (400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) | 2,000,000 |
| Dividends: | |
| Cash dividends for common stock | 155,120 |
| Cash dividends for preferred stock | 100,000 |
| Goodwill | 500,000 |
| Income tax payable | 44,000 |
| Interest receivable | 1,125 |
| Investment in Pinkberry Co. stock (equity method) | 1,009,300 |
| Investment in Dream Inc. bonds (long term) | 90,000 |
| Merchandise inventory (December 31, 2016), at lower of cost (FIFO) or market | 778,000 |
| Office buildings and equipment | 4,320,000 |
| Paid-in capital from sale of treasury stock | 13,000 |
| Excess of issue price over par—common stock | 886,800 |
| Excess of issue price over par—preferred stock | 150,000 |
| Preferred 5% stock, $80 par (30,000 shares authorized; 20,000 shares issued) | 1,600,000 |
| Premium on bonds payable | 19,000 |
| Prepaid expenses | 27,400 |
| Retained earnings, January 1, 2016 | 9,319,725 |
| Store buildings and equipment | 12,560,000 |
| Treasury stock (5,400 shares of common stock at cost of $33 per share) | 178,200 |
| Unrealized gain (loss) on available-for-sale investments | (6,500) |
| Valuation allowance for available-for-sale investments | (6,500) |
On your own paper, in the working papers, or using a spreadsheet, prepare the following:
a. Prepare a multiple-step income statement for the year ended December 31, 2016, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were $100,000. (Round earnings per share to the nearest cent.) Save your calculations and enter the requested amounts below.
b. Prepare a retained earnings statement for the year ended December 31, 2016. Save your calculations and enter the requested amounts below.
c. Prepare a balance sheet in report form as of December 31, 2016. Save your calculations and enter the requested amounts below.
If required, only use the minus sign to indicate net loss before income tax, net loss, or a deficit balance in retained earnings.
| Gross profit | $ |
| Total selling expenses | $ |
| Total administrative expenses | $ |
| Total operating expenses | $ |
| Income from operations | $ |
| Net other expenses and income | $ |
| Income tax | $ |
| Net income | $ |
| Earnings per common share (rounded to the nearest cent) | $ |
| Retained earnings, January 1, 2016 | $ |
| Total current assets | $ |
| Investment in Dream Inc. bonds | $ |
| Total property, plant, and equipment | $ |
| Total assets | $ |
| Total current liabilities | $ |
| Net long-term liabilities | $ |
| Total liabilities | $ |
| Total paid-in capital preferred 5% stock | $ |
| Total paid-in capital common stock, $20 par | $ |
| Total paid-in capital | $ |
| Retained earnings, December 31, 2016 | $ |
| Total stockholders' equity |
In: Accounting
InternationalClothiersLtd.hasofficesinCanada,Bermuda,EuropeandtheUnitedStates. Eachofthe following events have occurred after the company’s 31 December 2019 year-end, but before their financial statements had been finalized:
On January 25, International Clothiers Ltd entered into a long-term lease for a private airplane for the company president and CEO. The lease requires payments of US$75,000 per month for 60 months.
One of the company’s major retail customers declared bankruptcy on March 22. The retail customer accounted for 20% of International Clothier’s year-end receivables and 35% of International Clothier’s revenue in 2019.
Required:
Identify and explain the appropriate accounting treatment for the subsequent events described above.
In: Accounting
| Before Course | After Course |
| 144 | 139 |
| 144 | 145 |
| 145 | 146 |
| 141 | 149 |
| 145 | 139 |
| 141 | 147 |
| 142 | 143 |
| 143 | 166 |
| 142 | 151 |
| 145 | 144 |
| 140 | 140 |
| 145 | 144 |
| 140 | 136 |
| 141 | 140 |
| 140 | 137 |
| 142 | 149 |
| 140 | 147 |
| 140 | 167 |
| 145 | 146 |
| 144 | 145 |
| 145 | 145 |
| 144 | 137 |
| 144 | 150 |
| 140 | 144 |
| You need to create two histograms: one for the pre-LSAT scores and another for the post-LSAT scores. | ||||||||
| Please provide your interpretation of the results. For example, you might want to compare | ||||||||
| the two histograms and point out the similarties and differences. You may want to share some | ||||||||
| relevant descriptive statistics about the two groups of data. | ||||||||
In: Statistics and Probability
Assuming the rotomolded line is treated as a cost center,
prepare a flexible budget report for manufacturing for the quarter
ended March 31, 2020, when 1,050 units were produced.
(List variable costs before fixed costs. Round answers
to 2 decimal places, e.g. 5,275.25.)The
Current Designs staff has prepared the annual
manufacturing budget for the rotomolded line based on an estimated
annual production of 4,000 kayaks during 2020. Each kayak will
require 54 pounds of polyethylene powder and a finishing kit (rope,
seat, hardware, etc.). The polyethylene powder used in these kayaks
costs $1.50 per pound, and the finishing kits cost $170 each. Each
kayak will use two kinds of labor—2 hours of type I labor from
people who run the oven and trim the plastic, and 3 hours of work
from type II workers who attach the hatches and seat and other
hardware. The type I employees are paid $15 per hour, and the type
II are paid $12 per hour.
Manufacturing overhead is budgeted at $396,000 for 2020, broken
down as follows.
| Variable costs | ||
| Indirect materials | $40,000 | |
| Manufacturing supplies | 53,800 | |
| Maintenance and utilities | 88,000 | |
| 181,800 | ||
| Fixed costs | ||
| Supervision | 90,000 | |
| Insurance | 14,400 | |
| Depreciation | 109,800 | |
| 214,200 | ||
| Total | $396,000 | |
During the first quarter, ended March 31, 2020, 1,050 units were
actually produced with the following costs.
| Polyethylene powder | $87,000 | |
| Finishing kits | 178,840 | |
| Type I labor | 31,500 | |
| Type II labor | 39,060 | |
| Indirect materials | 10,500 | |
| Manufacturing supplies | 14,150 | |
| Maintenance and utilities | 26,000 | |
| Supervision | 20,000 | |
| Insurance | 3,600 | |
| Depreciation | 27,450 | |
| Total | $438,100 |
Assuming the rotomolded line is treated as a cost center, prepare a flexible budget report for manufacturing for the quarter ended March 31, 2020, when 1,050 units were produced. (List variable costs before fixed costs. Round answers to 2 decimal places, e.g. 5,275.25.)
In: Accounting
Collective Arts Brewing currently makes 30 types of IPA and 6 types of Lager.
In: Statistics and Probability
Even in the absence of collective bargaining, workers do have some bargaining power that allows them to receive wages higher than their reservation wage. Each worker’s bargaining power depends both on the nature of the job and on the economy-wide labor market conditions.
(a) Compare the job of a delivery person to a computer network administrator. Which of these jobs does a worker have more bargaining power? Why?
(b) For any given job, how do labor market conditions (like high or low unemployment) affect a worker’s bargaining power?
In: Economics
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Beyond Bankruptcy: How Failed Stores Come Back Online By Erica E. Phillips and Stephanie Gleason | Aug 05, 2017 TOPICS: Bankruptcy, Brand Management, Business Models, Costs, E-Commerce SUMMARY: You may recognize some of the brands in this article. One thing they have in common is that their companies went bankrupt and closed stores, but the brand lives on. Bankruptcy might mean the end of a company, but not the end of a brand. There is value to a recognized brand even if the business model for selling it was not a success. Selling apparel online costs less, although it is also interesting to note differences in the kinds of costs as shown in the diagram "A Leg Up". A brand from a bankrupt company in the retail clothing industry has value, but that value depreciates as time passes if e-commerce sales do not begin quickly. Transitioning to entirely online sales has challenges that include lining up new designers and manufacturers and setting up distribution networks for ship-to-home sales. Companies that buy brands after bankruptcy view online only sales as a short-term solution. The goal is to return brands to department stores and boutiques. CLASSROOM APPLICATION: The story of bankrupt brands that hope to find new life as e-commerce companies helps show the value of brands and innovative ways to transform them after bankruptcy. Although initial efforts involve creating online-only brands, the long-term plan is to return them to retail stores. The long list of brands includes many familiar ones that have recognition with consumers; Wet Seal, BCBG Max Azria, American Apparel, Coldwater Creek and The Limited. These are brands that had brand-specific stores and those locations all closed because of bankruptcy. The online-only value of the brands exists if they can quickly begin selling via e-commerce. As time passes after stores close and before e-commerce sales begin, the value of the brand declines. The diagram "A Leg Up" is way for students to understand and compare e-commerce costs with those of brick-and-mortar stores. There are categories of expenses in each not matched by the other distribution channel, but the biggest number to note is the $27 in store payroll not matched in e-commerce. The diagram can be the foundation of a lengthy discussion about the differences in these two business models. 1. Which brands, if any, did you recognize any in the story? What similarities and differences are there with these brands? |
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2. List the breakdown of costs for offline (retail store) sales of a pair of jeans and compare these costs to the costs for a pair of jeans sold only online. |
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3. List the challenges new owners of brands face as they try to transform the brand to e-commerce (selling online only). |
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4. In your opinion, do you think the long-term goal of selling brands in retail stores is realistic? Why or why not? |
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5. Why does the value of a brand drop quickly after bankruptcy? |
In: Accounting
Joey Joystick is a computer programmer. While he was in his final year of university studies, he worked as an intern with a local electronic games producer, Great Games Pty Ltd. Joey impressed his supervisors with his insightful comments and other input on design work. They were so impressed with his work on one design, Crypt Force, that they gave him part credit for it and paid him a general bonus for it. Crypt Force ultimately won an industry award and proved to be a big seller for the company. After Joey’s university graduation ceremony, he was ushered aside by a Great Games executive who showed him a document and said: “We’re very impressed by your work, Joey. We’d like you to join us permanently— we’re sure you’ll be happy with the deal we can offer you.” The document was a contract of employment which contained the following clauses:
1. The duration of the contract is three (3) years.
9. The employee (Joey) agrees that he will not for the duration of the employment contract or for a period of one year after the conclusion of the employment undertake design activities in Australia for the purposes of the production of electronic games or any other form of entertainment.
The starting salary under the contract was that normally paid to a senior designer, which was a position a new designer would not usually attain until he or she had worked with Great Games for three years. Joey happily signed the agreement. After two years with Great Games, Joey was approached by a film production company, Computer Animated Films Inc (CAN). Joey agreed with CAN that, for a salary five times what he was getting paid by Great Games, he would immediately start work as part of a team producing Cosmic Armada, a feature-length computer animated film. As part of the deal, Joey would also work on a spin-off Cosmic Armada electronic game. Advise Great Games whether it can prevent Joey from working for CAN.
In: Accounting