A survey found that women's heights are normally distributed with mean 62.6 in. and standard deviation 2.1 in. The survey also found that men's heights are normally distributed with mean 69.4 in. and standard deviation 3.8 in. Most of the live characters employed at an amusement park have height requirements of a minimum of 57 in. and a maximum of 63 in. Complete parts (a) and (b) below. a. Find the percentage of men meeting the height requirement. What does the result suggest about the genders of the people who are employed as characters at the amusement park? The percentage of men who meet the height requirement is nothing%. (Round to two decimal places as needed.) Since most men ▼ meet do not meet the height requirement, it is likely that most of the characters are ▼ men. women. b. If the height requirements are changed to exclude only the tallest 50% of men and the shortest 5% of men, what are the new height requirements? The new height requirements are a minimum of nothing in. and a maximum of nothing in. (Round to one decimal place as needed.)
In: Statistics and Probability
6 In the late 1930s and early 1940s, Joe Louis handily defeated a series of opponents who came to be known as the “Bum of the Month Club.” Use what you know about rank-order tournaments to explain how this came about.
In: Economics
CASE STUDY - Western Power
In response to the steady growth in southern California, Western Power decided to build an innovative $ 1 billion power plant near San Diego, as this new plant will not only generate high levels of clean electrical energy using new technology, but rather the energy generated by some cities will suffice. Nearby, enough energy could also be generated to sell to other utility companies in the rest of southern California and parts of neighboring states.
Therefore, the executive management of Western Power was keen to complete the project as soon as possible due to the large returns expected from these additional sales.
Nevertheless, as soon as news of the proposed power plant construction began to spread, the company found great opposition, especially from residents near the construction site of that station. Once construction began, many proceeded to institute several lawsuits in an attempt to halt construction, and the "Western Power" was only adopting an intensive campaign to build public relations through which the local population could be persuaded of the benefits of this project.
After several months of delay, work on the project continued and the marketing department of the company began contacting other public utility companies so that contracts could be signed to sell energy to them. Then it became clear that the returns resulting from electricity sales would not be as large as expected, and therefore the administration asked Rob Hedge, the project manager, to find ways to reduce the construction budget so that the expected level of profitability from that new plant could be maintained.
Unfortunately, Rob was unable to find different ways in which to reduce construction costs due to the presence of strict regulations from environmental protection organizations and many other government agencies regarding the foundations of building power plants, so he was only asked by architects and designers to suggest some changes in designs Through which construction costs can be reduced, the designers made a number of suggestions that would reduce costs significantly, but unfortunately construction engineers were unable to make the proposed changes due to the advanced technology used to generate power at that plant. In spite of this, they finally agreed to make some changes, which were implemented immediately. Rob called on architects and construction engineers to be present on the construction site permanently so that other ways to adjust design can be sought to reduce costs.
After one year of a five-year project, the head of the construction company requested an urgent meeting with the head of the "Western Power" company, where he complained about the numerous design changes that caused severe confusion to the workers as well as overtime. He explained that the building engineers make changes during construction on the site without informing the design engineers so that they can update the plans. Also, construction managers are often unaware of these changes, which means that some tasks were sometimes done in error. In addition, design engineers have made some inappropriate design changes without consulting construction engineers, causing them to be re-worked more than once.
Also, after extensive investigations, the Western Power administration received notifications from government oversight agencies that two essential parts of the first phase of the project did not meet government standards and had to be rebuilt. When the administration also learned that the project was six months behind schedule, and there was an additional 10% cost to the budget, it fired the project manager.
If you are appointed as a new project manager. What actions will you take to better address problems and control this project?
In: Operations Management
Cullumber Construction Company uses the percentage-of-completion method of accounting. In 2020, Cullumber began work under a non-cancellable contract #E2-D2, which provided for a contract price of $2,178,000. Other details follow:
| 2020 | 2021 | |||
|---|---|---|---|---|
|
Costs incurred during the year |
$706,640 | $1,422,000 | ||
|
Estimated costs to complete, as at December 31 |
899,360 | 0 | ||
|
Billings during the year (non-refundable) |
420,000 | 1,713,600 | ||
|
Collections during the year |
352,000 | 1,481,000 |
How much revenue should be recognized in 2020 and in 2021?
| 2020 | 2021 | |||
|---|---|---|---|---|
|
Revenue to be recognized |
$enter a dollar amount | $enter a dollar amount |
Assuming the same facts as those above except that Cullumber uses the completed-contract method of accounting, how much revenue should be recognized in 2021?
| 2021 | ||
|---|---|---|
|
Revenue to be recognized |
$enter a dollar amount |
Prepare a complete set of journal entries for 2020. (using the
percentage-of-completion method. Use Materials, Cash, Payables for
costs incurred to date.) (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the
amounts.)
|
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|
|
enter an account title to record cost of construction |
enter a debit amount |
enter a credit amount |
|
enter an account title to record cost of construction |
enter a debit amount |
enter a credit amount |
|
(To record cost of construction) |
||
|
enter an account title to record progress billings |
enter a debit amount |
enter a credit amount |
|
enter an account title to record progress billings |
enter a debit amount |
enter a credit amount |
|
(To record progress billings) |
||
|
enter an account title to record collections |
enter a debit amount |
enter a credit amount |
|
enter an account title to record collections |
enter a debit amount |
enter a credit amount |
|
(To record collections) |
||
|
enter an account title to record revenues |
enter a debit amount |
enter a credit amount |
|
enter an account title to record revenues |
enter a debit amount |
enter a credit amount |
|
(To record revenues) |
||
|
enter an account title to record construction expenses |
enter a debit amount |
enter a credit amount |
|
enter an account title to record construction expenses |
enter a debit amount |
enter a credit amount |
|
(To record construction expenses) |
In: Accounting
Kingbird Construction Company has entered into a contract
beginning January 1, 2017, to build a parking complex. It has been
estimated that the complex will cost $594,000 and will take 3 years
to construct. The complex will be billed to the purchasing company
at $896,000. The following data pertain to the construction
period.
|
2017
|
2018
|
2019
|
||||
| Costs to date | $267,300 | $463,320 | $606,000 | |||
| Estimated costs to complete | 326,700 | 130,680 | –0– | |||
| Progress billings to date | 268,000 | 547,000 | 896,000 | |||
| Cash collected to date | 238,000 | 497,000 |
896,000 |
(b) Using the completed-contract method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0, please enter 0. Do not leave any fields blank.)
please show work!!
In: Accounting
Teal Construction Company has entered into a contract beginning
January 1, 2020, to build a parking complex. It has been estimated
that the complex will cost $597,000 and will take 3 years to
construct. The complex will be billed to the purchasing company at
$908,000. The following data pertain to the construction
period.
|
2020 |
2021 |
2022 |
||||
| Costs to date | $286,560 | $453,720 | $609,000 | |||
| Estimated costs to complete | 310,440 | 143,280 | –0– | |||
| Progress billings to date | 273,000 | 548,000 | 908,000 | |||
| Cash collected to date | 243,000 | 498,000 | 908,000 |
(a) Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period.
| Gross profit recognized in 2020 |
| Gross profit recognized in 2021 |
Gross profit recognized in 2022
(b) Using the completed-contract method, compute the estimated gross profit that would be recognized during each year of the construction period
| Gross profit recognized in 2020 |
Gross profit recognized in 2021
Gross profit recognized in 2022
In: Accounting
The following information applies to the questions displayed
below.]
In 2018, the Westgate Construction Company entered into a contract
to construct a road for Santa Clara County for $10,000,000. The
road was completed in 2020. Information related to the contract is
as follows:
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,184,000 | $ | 3,510,000 | $ | 2,316,600 | |||
| Estimated costs to complete as of year-end | 5,616,000 | 2,106,000 | 0 | ||||||
| Billings during the year | 2,120,000 | 3,574,000 | 4,306,000 | ||||||
| Cash collections during the year | 1,860,000 | 3,400,000 | 4,740,000 | ||||||
Westgate recognizes revenue over time according to percentage of
completion.
rev: 09_15_2017_QC_CS-99734
2-a. In the journal below, complete the
necessary journal entries for the year 2018 (credit "Various
accounts" for construction costs incurred).
2-b. In the journal below, complete the necessary
journal entries for the year 2019 (credit "Various accounts" for
construction costs incurred).
2-c. In the journal below, complete the necessary
journal entries for the year 2020 (credit "Various accounts" for
construction costs incurred).
In: Accounting
Required information
[The following
information applies to the questions displayed
below.]
In 2018, the Westgate Construction Company entered into a contract
to construct a road for Santa Clara County for $10,000,000. The
road was completed in 2020. Information related to the contract is
as follows:
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,204,000 | $ | 3,192,000 | $ | 2,424,400 | |||
| Estimated costs to complete as of year-end | 5,396,000 | 2,204,000 | 0 | ||||||
| Billings during the year | 2,140,000 | 3,256,000 | 4,604,000 | ||||||
| Cash collections during the year | 1,870,000 | 3,200,000 | 4,930,000 | ||||||
Westgate recognizes revenue over time according to percentage of
completion.
rev: 09_15_2017_QC_CS-99734
2-a.
In the journal below, complete the necessary journal entries for
the year 2018 (credit "Various accounts" for construction costs
incurred).
2-b. In the journal below, complete the necessary
journal entries for the year 2019 (credit "Various accounts" for
construction costs incurred).
2-c. In the journal below, complete the necessary
journal entries for the year 2020 (credit "Various accounts" for
construction costs incurred).
In: Accounting
Beate Klingenberg manages a Poughkeepsie, New York, movie theater complex called Cinema 8. Each of the eight auditoriums plays a different film; the schedule staggers starting times to avoid the large crowds that would occur if all eight movies started at the same time. The theater has a single ticket booth and a cashier who can maintain an average service rate of
280 patrons per hour. Service times are assumed to follow a negative exponential distribution. Arrivals on a normally active day are Poisson distributed and average 200
per hour.
a) Find the average number of moviegoers waiting in line to
purchase a ticket.
b) What percentage of the time is the cashier busy?
c) What is the average time that a customer spends in the
system?
d) What is the average time spent waiting in line to get to the
ticket window?
e) What is the probability that there are more than two people in
the system? More than three people? More than four?
In: Operations Management
The builder of a new movie theater complex is trying to decide
how many screens she wants. Below are her estimates of the number
of patrons the complex will attract each year, depending on the
number of screens available.
| Number of screens | Total number of patrons |
| 1 | 40,000 |
| 2 | 65,000 |
| 3 | 85,000 |
| 4 | 100,000 |
| 5 | 110,000 |
After paying the movie distributors and meeting all other
noninterest expenses, the owner expects to net $2.5 per ticket
sold. Construction costs are $1,000,000 per screen.
Instructions: Enter your responses as whole numbers.
a. Make a table showing the value of marginal product for each
screen from the first through the fifth.
| Number of screens | Value of marginal product |
| 1 | $ |
| 2 | $ |
| 3 | $ |
| 4 | $ |
| 5 | $ |
What property is illustrated by the behavior of marginal
products?
Diminishing returns to capital
Increasing returns to capital
Negative returns to capital
b. How many screens will be built if the real interest rate is 5.5
percent?
screen(s)
c. How many screens will be built if the real interest rate is 7.5
percent?
screen(s)
d. How many screens will be built if the real interest rate is 10
percent?
screen(s)
e. If the real interest rate is 5.5 percent, what is the highest
construction cost per screen that would make a five-screen complex
profitable?
$
In: Economics