On January 1, 2018, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $526,000 by Elmira on December 31, 2020. The effective interest rate is 7%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.):

Required:

1. How much sales revenue would Wright recognize on January 1, 2018, for this transaction?
2. Prepare journal entries to record the sale of merchandise on January 1, 2018 (omit any entry that might be required for the cost of the goods sold), the December 31, 2018, interest accrual, the December 31, 2019, interest accrual, and receipt of payment of the note on December 31, 2020.

Required 1: How much sales revenue would Wright recognize on January 1, 2018, for this transaction? (Round your final answer to nearest whole number.)  

Required 2: - Record the sale of goods on January 1, 2018 in exchange for the long term note.

- Record the interest accrual on December 31, 2018.

- Record the interest accrual on December 31, 2019.

- Record the interest revenue in 2020 and collection of the note.

The City of Leonard decides to lease school desks for its school system rather than buy them because the lessor will do all scheduled maintenance. On January 1, 2020, the school system leases 5,000 school desks for four years. After that, they will be returned to the manufacturer. Payment will be $20 per desk per year with payments on January 1, beginning on January 1, 2020. The city does not know how the lessor determined the annual charge. The city has an annual incremental borrowing rate of 8 percent. The present value of an annuity due of $1 at an 8 percent annual rate for four periods is 3.5771.

1. Make the journal entries for the City of Leonard for 2020 and 2021 in preparing government-wide financial statements.
2. Make the journal entries for the City of Leonard for 2020 and 2021 in preparing fund financial statements for its governmental funds.

IN SAS:

1. The local school district wants to survey all sixth-grade students and their school aged siblings. There are three surveys to do: one for the sixth graders, one for their younger siblings, and one for their older siblings. You are to help the district office to administer the survey. The school district has data on the students to facilitate the survey. The SAS data set called SCHOOLSURVEY contains data for all sixth graders in the three middle schools in the district (Rachael Carson, Green Valley, and Redwood Grove), and also data for all their siblings attending schools in the district, which can be linked back to the sixth grader by Family_ID. (Note: sixth grade is in the middle school for most schools in the US).

a. Examine this SAS data set including the variable labels and attributes. Add a comment to your program that notes the sort order of the variables in this data set.

b. Create a data set that has one observation for each sixth grader.

On January 1, 2018, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $524,000 by Elmira on December 31, 2020. The effective interest rate is 9%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.):

Required:

1. How much sales revenue would Wright recognize on January 1, 2018, for this transaction?
2. Prepare journal entries to record the sale of merchandise on January 1, 2018 (omit any entry that might be required for the cost of the goods sold), the December 31, 2018, interest accrual, the December 31, 2019, interest accrual, and receipt of payment of the note on December 31, 2020.

On January 1, 2021, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $530,000 by Elmira on December 31, 2023. The effective interest rate is 8%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.):

Required:

1. How much sales revenue would Wright recognize on January 1, 2021, for this transaction?
2. Prepare journal entries to record the sale of merchandise on January 1, 2021 (omit any entry that might be required for the cost of the goods sold), the December 31, 2021, interest accrual, the December 31, 2022, interest accrual, and receipt of payment of the note on December 31, 2023.

The Floyd School of Vocational Technology has organized the school training programs into three departments. Each department provides training in a different area as follows: nursing assistant, dental hygiene, and office technology. The school’s owner, Joyce Floyd, wants to know how much it costs to operate each of the three departments. To accumulate the total cost for each department, the accountant has identified several indirect costs that must be allocated to each. These costs are $15,000 of phone expense, $24,000 of office supplies, $720,000 of office rent, $144,000 of janitorial services, and $150,000 of salary paid to the dean of students. To provide a reasonably accurate allocation of costs, the accountant has identified several possible cost drivers. These drivers and their association with each department follow.

a) What is the amount of telephone expense that should be allocated to the Dental department?

b) What is the amount of supplies expense allocated to the Technology department?

c) What is the amount of office rent for the Dental department?

d) What amount of janitorial services cost will be allocated to the Nursing department?

1. T The following data represents the number of days absent from school in one school year for a sample of 40 students in Ms. Jinn’s fourth grade class.

                                0              1              2              2              2              4              5              5              7              7

                                7              7              8              8              8              8              8              8              10           10

                              12             12           12           13           14           14           14           14           15           15

                              16             18           20           20           22           23           24           26           26           34

1. What is the population in the above scenario?                                                                                              (1 pt.)

2. What is the variable for this study? Include units if any.                                                                            (2 pts.)

3. What is the sample size used in the study?                                                                                   (1 pt.)

4. Is the sample large or small? Explain.                                                                                                            (1 pt.)

The Tinyton Public School Board is taking bids on the city’s four school bus routes. Four companies have made bids. X denotes that a particular company did not make a bid on a particular route.

1. Assume the bidder can be assigned only one route. Minimize Tinyton’s cost of running the four bus routes. (10 points)
2. Assume the bidder can be assigned two routes. Minimize Tinyton’s cost of running the four bus routes. (10 points)

On January 1, 2021, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $522,000 by Elmira on December 31, 2023. The effective interest rate is 5%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.):

Required:

1. How much sales revenue would Wright recognize on January 1, 2021, for this transaction?
2. Prepare journal entries to record the sale of merchandise on January 1, 2021 (omit any entry that might be required for the cost of the goods sold), the December 31, 2021, interest accrual, the December 31, 2022, interest accrual, and receipt of payment of the note on December 31, 2023.

1. A school administrator sends out grade school students to sell boxes of candy to raise funds. Below is a selection of four students and the mean number of boxes they sold over a weekend. The administrator wants to calculate the average number of boxes sold across students, but wants to weight this by the number of nearby houses (because students with more houses nearby will sell more boxes). For these data, what is the weighted mean?

2.

What is the average expected number of songs from this sample? (the mean of the probability distribution)

3.

What is the standard deviation of the number of songs from this sample? (the SD of the probability distribution)

4.

What number is at the 55th percentile? (You may round to a whole number for the answer)