A TV provider has 300,000 customers and is considering unlimited movie streaming services. A random sample of 256 customers is asked what they would be willing to pay per month for the unlimited movie streaming services. the same average of the responses is $15 and the standard deviation is $16.

1. Consider all 300,000 customers. What is the average price that they would be willing to pay for unlimited movie streaming? What is the associated standard error (in $)?

2. What is the 90% confidence interval for the average of what all the customers (300,000) would pay?

3. Will the histogram of the prices given by customers in the sample be a good fit for the normal curve? What about the histogram of the prices if the TV provider company asked all 300,000 customers? What about the probability histogram of the sample average price?

Hrubec Products, Inc., operates a Pulp Division that manufactures wood pulp for use in the production of various paper goods. Revenue and costs associated with a ton of pulp follow:

Hrubec Products has just acquired a small company that manufactures paper cartons. This company will be treated as a division of Hrubec with full profit responsibility. The newly formed Carton Division is currently purchasing 32,000 tons of pulp per year from a supplier at a cost of $23 per ton, less a 10% purchase discount. Hrubec’s president is anxious for the Carton Division to begin purchasing its pulp from the Pulp Division if an acceptable transfer price can be worked out.

Required:

For (1) below, assume the Pulp Division can sell all of its pulp to outside customers for $23 per ton.

1. If the Pulp Division meets the price that the Carton Division is currently paying to its supplier and sells 32,000 tons of pulp to the Carton Division each year, what will be the effect on the profits of the Pulp Division, the Carton Division, and the company as a whole?

For (2)–(4) below, assume that the Pulp Division is currently selling only 63,000 tons of pulp each year to outside customers at the stated $23 price.

2. What is the lowest acceptable transfer price from the perspective of the Pulp Division? What is the highest acceptable transfer price from the perspective of the Carton Division? What is the range of acceptable transfer prices (if any) between the two divisions? Are the managers of the Carton and Pulp Divisions likely to voluntarily agree to a transfer price for 32,000 tons of pulp next year?

3. If the Pulp Division does not meet the $19 price, what will be the effect on the profits of the company as a whole?

4. Refer to (3) above. Assume that due to inflexible management policies, the Carton Division is required to purchase 32,000 tons of pulp each year from the Pulp Division at $23 per ton. What will be the effect on the profits of the company as a whole?

1.

Which of the following is a shortcoming of the balance sheet?

A. Most assets being recorded at their original purchase price instead of their market value

B. Most assets being recorded at their market value instead of their original purchase price

C. Inclusion of a company’s organically grown intangible assets (e.g., the brand value for Apple) on its balance sheet

D. None of the above is a shortcoming of balance sheet

2.

If you bought a piece of property 20 years ago for $100,000 and it is now worth $500,000, how would you record the property asset on a balance sheet?

A. As $400,000

B. As $100,000

C. As $500,000

D. As $300,000

3.

Why is EPS (Earnings Per Share) so important to potential investors?

a. It shows investors how small their share will be relative to the other investors

b. It shows investors companies' after tax earnings

c. It shows investors the percentage return they can get on their investment

d. It shows investors what a company gets to keep for every $1 of sales it makes

4.

When Walmart generates assets through selling products to its customers (through doing business), the source of that asset is called:

a. Revenue

b. Liability

c. Owner’s Equity

d. Paid-in-Capital

5.

When Walmart buys inventory and it promises its suppliers that it will pay them in the future, it records the amount it owes as_____________ on its balance sheet:

a. Unearned revenue

b. Short-term borrowing

c. Accounts payable

d. No entry is required for an amount owed until a cash payment is made

6.

How does an airline report the money you pay when you have purchased a plane ticket, but have not yet taken the flight?

A. As realized revenue

B. As revenue

C. As deferred revenue

D. As unearned revenue

Exercise 6-21 Complete the accounting cycle using inventory transactions (LO6-2, 6-3, 6-5, 6-6, 6-7)

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[The following information applies to the questions displayed below.]

On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:

The $43,000 beginning balance of inventory consists of 430 units, each costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions:

The following information is available on January 31, 2021.

1. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each.
2. The company estimates future uncollectible accounts. The company determines $5,300 of accounts receivable on January 31 are past due, and 35% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 3% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)
3. Accrued interest expense on notes payable for January. Interest is expected to be paid each December 31.
4. Accrued income taxes at the end of January are $13,600.

1. complete a general ledger, general journal, adjusted trial balance, multi step income statement, classified balance sheet, closing entry for revenue accounts, closing entry for expense accounts, calculate inventory turnover ratio for month of January, and gross profit for the month of January

Write a program that creates a two-dimensional array initialized with test data. Use any

primitive data type that you wish. The program should have the following methods:

• fillRandom. Accepts a reference to a two-dimensional array and fills it with random integers from 0 to 99
• formatPrint. This method should accept a two-dimensional array and print it out row by row
• getTotal. This method should accept a two-dimensional array as its argument and return the total of all the values in the array.
• getAverage. This method should accept a two-dimensional array as its argument and return the average of all the values in the array. Calls getTotal and getElementCount.
• getRowTotal. This method should accept a two-dimensional array as its first argument and an integer as its second argument. The second argument should be the sub- script of a row in the array. The method should return the total of the values in the specified row.
• getColumnTotal. This method should accept a two-dimensional array as its first argument and an integer as its second argument. The second argument should be the subscript of a column in the array. The method should return the total of the values in the specified column.
• getHighestInRow. This method should accept a two-dimensional array as its first argument and an integer as its second argument. The second argument should be the subscript of a row in the array. The method should return the highest value in the specified row of the array.
• getLowestInRow. This method should accept a two-dimensional array as its first argument and an integer as its second argument. The second argument should be the sub- script of a row in the array. The method should return the lowest value in the specified row of the array.
• getElementCount. This method should accept a two-dimensional array and returns the total number of elements in the array.

Demonstrate each of the methods in this program. Each (except for getElementCount, are called from main.

The main program will request the number of rows and columns as input, creates the two-dimensional array, and first calls fillRandom. A sample output is:

Please enter the number of rows and columns in a two dimensional array: 4 5

78 65 72 30 95

60 71 88 41 73

32 74 47 70 27

59 91 80 81 87

Output:
Processing the int array.

Total : 1321

Average : 66.05

Total of row 0 : 340

Highest in row 0 : 95

Lowest in row 0 : 30

Total of row 1 : 333

Highest in row 1 : 88

Lowest in row 1 : 41

Total of row 2 : 250

Highest in row 2 : 74

Lowest in row 2 : 27

Total of row 3 : 398

Highest in row 3 : 91

Lowest in row 3 : 59

Multiple steps are requried for this question

Adger Corporation is a service company that measures its output based on the number of customers served. The company provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results for May as shown below:

When preparing its planning budget the company estimated that it would serve 30 customers per month; however, during May the company actually served 35 customers.

Please answer the following letters towards the question

a. What amount of revenue would be included in Adger’s flexible budget for May?

b. What amount of employee salaries and wages would be included in Adger’s flexible budget for May?

c. What amount of travel expenses would be included in Adger’s flexible budget for May?

d. What amount of other expenses would be included in Adger’s flexible budget for May?

e. What net operating income would appear in Adger’s flexible budget for May?

f. What is Adger’s revenue variance for May? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

g. What is Adger’s employee salaries and wages spending variance for May? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

h. What is Adger’s travel expenses spending variance for May? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

i What is Adger’s other expenses spending variance for May? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

j.  What amount of revenue would be included in Adger’s planning budget for May?

k.  What amount of employee salaries and wages would be included in Adger’s planning budget for May?

l. What amount of travel expenses would be included in Adger’s planning budget for May?

m. What amount of other expenses would be included in Adger’s planning budget for May?

n. What activity variance would Adger report in May with respect to its revenue? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

o. What activity variances would Adger report with respect to each of its expenses for May? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

In the following scenario, each of the four categories of Principles Underlying an Audit Conducted in Accordance with Generally Accepted Auditing Standards are violated. In the box below (1) identify the four categories (the “P – R – P – R”) [2 points each], (2) provide a brief description of each category [2 points each], and (3) indicate at least one way that the actions of the auditor in the scenario violates each of the four categories of principles

Joni Thompson, the CEO of a small privately held company, contacted Darrel Folkert, CPA, about conducting an audit of the company’s records. Joni told Darrel that she needed an audit performed in accordance with generally accepted auditing standards (GAAS) in time to submit two years of audited financial statements to a bank as part of a loan application. Darrel immediately accepted the engagement and agreed to provide an audit report within three weeks. Joni agreed to pay Darrel a fixed fee if the loan was granted.

Darrel hired two Portland State University accounting students to conduct the audit and spent a couple of hours telling them exactly what to do. Darrel told the students not to spend time reviewing internal controls because it is not a publicly traded company, but to concentrate on proving the mathematical accuracy of the ledger accounts and summarizing the data in the accounting records that support Joni’s financial statements. Given the lack of procedures performed by the two accounting students, they did not identify that Joni did not have an allowance for uncollectible accounts, even though more than 50% of the balance in the Accounts Receivable account is two or more years old. The students followed Darrel’s instructions and after two weeks gave Darrel a Balance Sheet, Income Statement, and a Statement of Cash Flows. Darrel received the three statements and immediately prepared an unqualified (clean) audit report. The report did not refer to generally accepted accounting principles (GAAP), and the two accounting students did not check the accounting principles applied in prior periods. There was also no mention as to the responsibility of management or the degree of responsibility that Darrel was taking in the audit report.

Kay Company receives a cash payment of $4,000 on November 12 for services it will perform in December. Assume that December 31 is Kay Company’s fiscal year end. What adjusting journal entry should Kay record at December 31 related to the payment received in November?

Question 3 options:

Question 4 (1 point)

The employees of Kay Company work during the last week of the December and earn $5,000 of wages. Kay Company’s regular payroll cycle will pay the paychecks for the December work in January. According to the expense recognition principle (accrual accounting), when will Kay Company recognize the expense from the employees’ labor?

Question 4 options:

AP9.2 James and Katie will be auditing the revenue account for their retail client, Go Big Tires. They disagree about how to test the occurrence assertion for the revenue account. James thinks they should use Procedure A, while Katie thinks Procedure B is appropriate.

A. Select a sample of sales from the sales journal and agree the details in the journal to the invoices sent to customers, shipping documents, and customer orders.

B. Select a sample of invoices sent to customers, shipping documents, and customer orders and agree to the details recorded in the sales journal.

Required

Who do you agree with, James or Katie, and why? Which assertion does the other procedure provide evidence about?