A consumer may consume food x and hours of leisure time h. The price of one unit of food is $1. Initially, the consumer has no money and 24 hours of spare time that she may devote either to work, or to leisure. The consumer earns wage rate s per hour for the first five hours of work, and s′ per hour for additional overtime hours. She also faces a tax rate of t percent on labor income earned above amount M. Draw the consumer’s budget set for the following two cases of parameter values:

1. s=$6,s′ =$8,t=30%,M=$70; 2. s=$5,s′ =$7,t=40%,M=$20.

Which bundle(s) correspond to kink(s) of the consumer budget constraint?

You set up your own business in merchandising sector in Scranton, PA - opening a luxury watch shop on 1/1/2020.

The following is related information about the business:

-   Specific sub-sector: Merchandising sector.

-   Location: Scranton, PA

-   Business model: merchandiser - buying and selling luxury watches.

-   Investment by owner: $1,000,000

- You hired a shop manager. In order to handle different aspects of business, you had one employee responsible for the purchasing, receiving, and storing of watches purchased. A second employee is responsible for the maintenance of account receivable records and collection from customers. A third employee has responsibility for personal records, timekeeping, preparation of payrolls, and distribution of payroll checks. As a part of his job, the shop manager would do some internal control functions. In addition, you hired one security officer, and 4 full-time sales assistants.

Requirements:

1. You are given the following economic events of the business in 2020

1/1/2020: Opened the business, invested $1,000,000 cash in the business.

1/1/2020: bought a building for the business purpose for $100,000 cash. The building has a useful economic life of 10 years.

1/1/2020: purchased 100 luxury watches for $200,000 with $100,000 cash payment, the remaining amount payable on 2/1/2021. (each watch costs $2,000)

3/1/2020: purchased 50 luxury watches for $250,000 with cash. Each watch costs $5,000.

4/1/2020: purchased 40 luxury watches for $240,000 with cash. Each costs $6,000.

6/1/2020: Sold 130 watched for $1,300,000. Of which $300,000 cash was received at the time of sale. The remaining amount to be received on 5/2/2021.

7/1/2020: paid $1,200 in advance for 12 months’ property insurance (7/1/20 to 7/1/21).

8/1/2020: borrowed $500,000 from a local Chase bank. Interest rate is 12%/year. Interest is paid every 6 months- the first payment date is 2/1/2021. Principal would be paid on 8/1/2021.

9/1/2020: to expand business, you rent a showroom in the next building. Paid $24,000 cash in advance for 12 month’s rent.

12/31/2020: Paid 2020 utilities expense, advertising expense, and miscellaneous expense for $5000, $15,000, and $4,000, respectively.

Salary is paid on the last day of each month. Each month’s salary expense is $20,000.

Notes:

• On 12/31/2020: Physical inventory showed that there were 60 luxury watches on hand at the end of the period. The company used periodic inventory system, and used FIFO costing method.
• Your business used straight-line depreciation method for all fixed assets.
• Ignore tax.

Requirement: Prepare an excel file that includes

Prepare Statement of retained earnings for year ended 12/31/2020

You set up your own business in merchandising sector in Scranton, PA - opening a luxury watch shop on 1/1/2020.

The following is related information about the business:

-   Specific sub-sector: Merchandising sector.

-   Location: Scranton, PA

-   Business model: merchandiser - buying and selling luxury watches.

-   Investment by owner: $1,000,000

- You hired a shop manager. In order to handle different aspects of business, you had one employee responsible for the purchasing, receiving, and storing of watches purchased. A second employee is responsible for the maintenance of account receivable records and collection from customers. A third employee has responsibility for personal records, timekeeping, preparation of payrolls, and distribution of payroll checks. As a part of his job, the shop manager would do some internal control functions. In addition, you hired one security officer, and 4 full-time sales assistants.

Requirements:

1. You are given the following economic events of the business in 2020

1/1/2020: Opened the business, invested $1,000,000 cash in the business.

1/1/2020: bought a building for the business purpose for $100,000 cash. The building has a useful economic life of 10 years.

1/1/2020: purchased 100 luxury watches for $200,000 with $100,000 cash payment, the remaining amount payable on 2/1/2021. (each watch costs $2,000)

3/1/2020: purchased 50 luxury watches for $250,000 with cash. Each watch costs $5,000.

4/1/2020: purchased 40 luxury watches for $240,000 with cash. Each costs $6,000.

6/1/2020: Sold 130 watched for $1,300,000. Of which $300,000 cash was received at the time of sale. The remaining amount to be received on 5/2/2021.

7/1/2020: paid $1,200 in advance for 12 months’ property insurance (7/1/20 to 7/1/21).

8/1/2020: borrowed $500,000 from a local Chase bank. Interest rate is 12%/year. Interest is paid every 6 months- the first payment date is 2/1/2021. Principal would be paid on 8/1/2021.

9/1/2020: to expand business, you rent a showroom in the next building. Paid $24,000 cash in advance for 12 month’s rent.

12/31/2020: Paid 2020 utilities expense, advertising expense, and miscellaneous expense for $5000, $15,000, and $4,000, respectively.

Salary is paid on the last day of each month. Each month’s salary expense is $20,000.

Notes:

• On 12/31/2020: Physical inventory showed that there were 60 luxury watches on hand at the end of the period. The company used periodic inventory system, and used FIFO costing method.
• Your business used straight-line depreciation method for all fixed assets.
• Ignore tax.

Requirement: Prepare an excel file that includes

Prepare a balance sheet as of 12/31/2020

Autodesk Inventor 2019 Essentials Plus: Creating and Editing Sketched Features

If the answer is FALSE write a complete sentence explanation of why the answer is FALSE.

1.What is a base feature?

2.When creating a revolve feature, which objects can be used as an axis of revolution?

3.Explain how to create a linear diameter (diametric) dimension on a sketch.

4.Name two ways to edit an existing feature.

5.True__ False__ Once a sketch becomes a base feature, you cannot delete or add constraints, dimensions, or objects to the sketch.

6.True__ False__ By default geometry that is projected from one face to a sketch will update automatically based on changes to the original projected geometry.

7.Explain what the Asymmetric option does for the extrude and revolve commands.

8.Where do you set the physical material property of a part?

9.True__ False__ After setting a part’s material properties, the Appearance setting in the Quick Access Toolbar must be set to Color Matching for the appearance to match the material of the part.

10.True__ False__ By default, when a feature is deleted, the feature’s sketch will be maintained.

Periodic Inventory by Three Methods; Cost of Merchandise Sold

The units of an item available for sale during the year were as follows:

There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

A study was conducted to determine the success rates of students enrolled in the Statistics courses offered at South Plains College for the fall semester of 2015. A random sample of 14 students was taken, and we recorded each student’s age, final average, gender, # hours worked per week, race, and the attendance record (# of classes not attended this semester). Use the results from the table to answer all parts of #2.

j. If one student is randomly selected from the sample, what is the probability that he/she will be over 25 years old? (2 pts)

k. For part j., did you use the classical, relative frequency (empirical), or subjective approach? (1 pt)

l. If three students are randomly selected, find the probability that at least one is a male. (3 pts)

m. Find the 90% confidence interval for the mean age of all Statistics students this semester. (3 pts)

REGRESSION ANALYSIS: FINAL AVERAGE (Y) VS. ATTENDANCE RECORD (X)

p. Construct a scatterplot (2 pts)

q. Compute the correlation coefficient (3 pts)

r. Compute the regression equation. (3 pts)

s. Predict the student’s final average if he/she has a total of 3 absences. (2 pts)

Commonwealth Construction (CC) needs $2 million of assets to get started, and it expects to have a basic earning power ratio of 10%. CC will own no securities, so all of its income will be operating income. If it so chooses, CC can finance up to 50% of its assets with debt, which will have an 8% interest rate. If it chooses to use debt, the firm will finance using only debt and common equity, so no preferred stock will be used. Assuming a 40% tax rate on all taxable income, what is the difference between CC's expected ROE if it finances these assets with 50% debt versus its expected ROE if it finances these assets entirely with common stock? Round your answer to two decimal places.

An investigator analyzed the leading digits from 787 checks issued by seven suspect companies. The frequencies were found to be 4​, 11​, 2​, 72​, 371​, 281​, 7​, 16​, and 23​, and those digits correspond to the leading digits of​ 1, 2,​ 3, 4,​ 5, 6,​ 7, 8, and​ 9, respectively. If the observed frequencies are substantially different from the frequencies expected with​ Benford's law shown​ below, the check amounts appear to result from fraud. Use a 0.025 significance level to test for​ goodness-of-fit with​ Benford's law. Does it appear that the checks are the result of​ fraud?

Leading Digit:      1    2    3 4 5 6    7 8 9
Actual Frequency:      4 11    2    72    371 281 7    16    23

Benford's Law:      30.1% 17.6% 12.5%    9.7%    7.9% ​ 6.7%    ​5.8% ​ 5.1%    ​4.6%

Determine the null and alternative hypotheses.

Ho​: (1)_________________    H1​: (2)_________________

Calculate the test​ statistic, χ2.

χ2 = _______________​

(Round to three decimal places as​ needed.)

Calculate the​ P-value.

P-value = _______________​

(Round to four decimal places as​ needed.)

State the conclusion.

(3)_________________Ho. There (4)______________sufficient evidence to warrant rejection of the claim that the leading digits are from a population with a distribution that conforms to​ Benford's law. It (5)________________that the checks are the result of fraud.

Choose from the following options:
(1) a. At least two leading digits have frequencies that do not conform to Benford's    law.
b. The leading digits are from a population that conforms to Benford's law.
c. At most three leading digits have frequencies that do not conform to Benford's law.
d. At least one leading digit has a frequency that does not conform to Benford's law.

(2) a. The leading digits are from a population that conforms to Benford's law.
b. At most three leading digits have frequencies that do not conform to Benford's    law.
c. At least one leading digit has a frequency that does not conform to Benford's    law.
   d. At least two leading digits have frequencies that do not conform to Benford's law.

(3) Do not reject
   Reject

(4) is
   is not

(5) does appear
   does not appear

An investigator analyzed the leading digits from 787 checks issued by seven suspect companies. The frequencies were found to be 4​, 11​, 2​, 72​, 371​, 281​, 7​, 16​, and 23​, and those digits correspond to the leading digits of​ 1, 2,​ 3, 4,​ 5, 6,​ 7, 8, and​ 9, respectively. If the observed frequencies are substantially different from the frequencies expected with​ Benford's law shown​ below, the check amounts appear to result from fraud. Use a 0.025 significance level to test for​ goodness-of-fit with​ Benford's law. Does it appear that the checks are the result of​ fraud?

Leading Digit:      1    2    3 4 5 6    7 8 9
Actual Frequency:      4 11    2    72    371 281 7    16    23

Benford's Law:      30.1% 17.6% 12.5%    9.7%    7.9% ​ 6.7%    ​5.8% ​ 5.1%    ​4.6%

Determine the null and alternative hypotheses.

Ho​: (1)_________________    H1​: (2)_________________

Calculate the test​ statistic, χ2.

χ2 = _______________​

(Round to three decimal places as​ needed.)

Calculate the​ P-value.

P-value = _______________​

(Round to four decimal places as​ needed.)

State the conclusion.

(3)_________________Ho. There (4)______________sufficient evidence to warrant rejection of the claim that the leading digits are from a population with a distribution that conforms to​ Benford's law. It (5)________________that the checks are the result of fraud.

Choose from the following options:
(1) a. At least two leading digits have frequencies that do not conform to Benford's    law.
b. The leading digits are from a population that conforms to Benford's law.
c. At most three leading digits have frequencies that do not conform to Benford's law.
d. At least one leading digit has a frequency that does not conform to Benford's law.

(2) a. The leading digits are from a population that conforms to Benford's law.
b. At most three leading digits have frequencies that do not conform to Benford's    law.
c. At least one leading digit has a frequency that does not conform to Benford's    law.
   d. At least two leading digits have frequencies that do not conform to Benford's law.

(3) Do not reject
   Reject

(4) is
   is not

(5) does appear
   does not appear

An investigator analyzed the leading digits from 787 checks issued by seven suspect companies. The frequencies were found to be 4​, 11​, 2​, 72​, 371​, 281​, 7​, 16​, and 23​, and those digits correspond to the leading digits of​ 1, 2,​ 3, 4,​ 5, 6,​ 7, 8, and​ 9, respectively. If the observed frequencies are substantially different from the frequencies expected with​ Benford's law shown​ below, the check amounts appear to result from fraud. Use a 0.025 significance level to test for​ goodness-of-fit with​ Benford's law. Does it appear that the checks are the result of​ fraud?

Leading Digit:      1    2    3 4 5 6    7 8 9
Actual Frequency:      4 11    2    72    371 281 7    16    23

Benford's Law:      30.1% 17.6% 12.5%    9.7%    7.9% ​ 6.7%    ​5.8% ​ 5.1%    ​4.6%

Determine the null and alternative hypotheses.

Ho​: (1)_________________    H1​: (2)_________________

Calculate the test​ statistic, χ2.

χ2 = _______________​

(Round to three decimal places as​ needed.)

Calculate the​ P-value.

P-value = _______________​

(Round to four decimal places as​ needed.)

State the conclusion.

(3)_________________Ho. There (4)______________sufficient evidence to warrant rejection of the claim that the leading digits are from a population with a distribution that conforms to​ Benford's law. It (5)________________that the checks are the result of fraud.

Choose from the following options:
(1) a. At least two leading digits have frequencies that do not conform to Benford's    law.
b. The leading digits are from a population that conforms to Benford's law.
c. At most three leading digits have frequencies that do not conform to Benford's law.
d. At least one leading digit has a frequency that does not conform to Benford's law.

(2) a. The leading digits are from a population that conforms to Benford's law.
b. At most three leading digits have frequencies that do not conform to Benford's    law.
c. At least one leading digit has a frequency that does not conform to Benford's    law.
   d. At least two leading digits have frequencies that do not conform to Benford's law.

(3) Do not reject
   Reject

(4) is
   is not

(5) does appear
   does not appear