High school students across the nation compete in a financial capability challenge each year by taking a National Financial Capability Challenge Exam. Students who score in the top 18 percent are recognized publicly for their achievement by the Department of the Treasury. Assuming a normal distribution, how many standard deviations above the mean does a student have to score to be publicly recognized? (Round your answer to 2 decimal places.)

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Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For its services, the company has always charged a flat fee per hundred square feet of carpet cleaned. The current fee is $22.10 per hundred square feet. However, there is some question about whether the company is actually making any money on jobs for some customers—particularly those located on remote ranches that require considerable travel time. The owner’s daughter, home for the summer from college, has suggested investigating this question using activity-based costing. After some discussion, she designed a simple system consisting of four activity cost pools. The activity cost pools and their activity measures appear below:

The total cost of operating the company for the year is $352,000 which includes the following costs:

Resource consumption is distributed across the activities as follows:

Job support consists of receiving calls from potential customers at the home office, scheduling jobs, billing, resolving issues, and so on.

Required:

1. Prepare the first-stage allocation of costs to the activity cost pools.

2. Compute the activity rates for the activity cost pools. (Round your answers to 2 decimal places.)

3. The company recently completed a 400 square foot carpet-cleaning job at the Flying N Ranch—a 50-mile round-trip journey from the company’s offices in Bozeman. Compute the cost of this job using the activity-based costing system. (Round your intermediate calculations and final answer to 2 decimal places.)

4. The revenue from the Flying N Ranch was $88.40 (4 hundred square feet @ $22.10 per hundred square feet). Calculate the customer margin earned on this job. (Round your intermediate calculations and final answers to 2 decimal places.)

Prove your mastery! Your results will report to the gradebook. If you are not ready to submit work for a grade, you can try activities again or attempt the Practice Mastery. Your work will be saved as you work through each part.

Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answers to the questions.

Identify whether each account would appear on the Balance Sheet or the Income Statement.

Unearned Revenue            -                           Balance Sheet                           Income Statement                     

Income Taxes Payable            -                           Balance Sheet                           Income Statement                     

Advertising Expense            -                           Balance Sheet                           Income Statement                     

Mortgages Payable            -                           Balance Sheet                           Income Statement                     

Copyright            -                           Balance Sheet                           Income Statement                     

Common Stock            -                           Balance Sheet                           Income Statement                     

Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid, Accrual, or Depreciation. Use Unadj. Bal. as the label for the opening balance of each account. Calculate the adjusted balance and use a Bal. posting reference to show the ending balance of each account. Enter each transaction on the first available line in the T-Account.

A T is drawn. The vertical line divides the account into its left and right sides. The left side of the T-account is called the debit side and the right side is called the credit side. The account name is at the top, above the horizontal line.

Journalize the adjusting entry needed at December 31 for each situation. Record debits first, then credits. Check your spelling carefully and do not abbreviate. Use account names exactly as given in the Chart of Accounts.

Customers were billed for $700 for work completed.

Rent for the year was prepaid on January 1 in the amount of $1,320. Record the transaction for December's rent that has expired.

Insurance for the next six months was paid on November 1st in the amount of $1,170. Record the journal entry for the two months of insurance expired at year-end.

Question 1

On December 15, 2015, a public company receives an order from a customer for services to be performed on December 28, 2015. Due to a backlog of orders, the company does not perform the services until January 3, 2016. The customer pays for the services on January 6, 2016. When should revenue be recorded for the company? Why (support your argument with a principle from the textbook)?

Choosing a European bank:

1.    Discuss different types of risks this bank manages. Gather evidence and discuss whether these risks have been sufficiently managed since 2005.

2.    Discuss the regulatory relationship and how this has influenced this bank’s risk management.

3.    With reference to both micro and macro prudential policy and regulation, critically analyse the impact of the Basel III Guidelines on this bank’s risk management.

A child psychologist wishes to estimate the percentage of fathers who watch their preschool-aged child when the mother works. What size sample should be obtained if she whises the estimate to be within 3 percentage points with 97% confidence if

A. she uses a 2005 estimate of 82% obtained from the U.S Census Bureau?

Z= n=

B. She does not use any prior estimates.

n=

Companies in the U.S. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. In 2011, Hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. Suppose the following data show the number of cars in service (1,000s) and the annual revenue ($ millions) for six smaller car rental companies.

(a)Develop a scatter diagram with the number of cars in service as the independent variable.

(b)What does the scatter diagram developed in part (a) indicate about the relationship between the two variables? (Pick one of the options below)

There appears to be a negative linear relationship between cars in service (1,000s) and annual revenue ($ millions).

There appears to be no noticeable relationship between cars in service (1,000s) and annual revenue ($ millions).    

There appears to be a positive linear relationship between cars in service (1,000s) and annual revenue ($ millions).

(c) Use the least squares method to develop the estimated regression equation that can be used to predict annual revenue (in $ millions) given the number of cars in service (in 1,000s). (Round your numerical values to three decimal places.)

ŷ = ____

(d)For every additional car placed in service, estimate how much annual revenue will change (in dollars). (Round your answer to the nearest integer.)

Annual revenue will increase by $ ___, for every additional car placed in service.

(e)A particular rental company has 6,000 cars in service. Use the estimated regression equation developed in part (c) to predict annual revenue (in $ millions) for this company. (Round your answer to the nearest integer.)

$___ million

The following data give the number of hours 55 students spent studying and their corresponding grades on their midterm exams.

Step 1 of 5: Calculate the sum of squared errors (SSE). Use the values b0=66.8000 and b1=2.0000 for the calculations. Round your answer to three decimal places.

Step 2 of 5: Calculate the estimated variance of errors, se2. Round your answer to three decimal places.

Step 3 of 5: Calculate the estimated variance of slope, s^2b1. Round your answer to three decimal places.

Step 4 of 5: Construct the 80% confidence interval for the slope. Round your answers to three decimal places.

Step 5 of 5: Construct the 98% confidence interval for the slope. Round your answers to three decimal places.

The following data give the number of hours 5 students spent studying and their corresponding grades on their test. Hours Studying 3 3 4 5 5 test Grades 72 74 74 75 79 Table

Step 1 of 5: Calculate the sum of squared errors (SSE). Use the values b0=66.8000 and b1=2.0000 for the calculations. Round your answer to three decimal places

Step 2 of 5: Calculate the estimated variance of errors, s2e. Round your answer to three decimal places.

Step 3 of 5: Calculate the estimated variance of slope, s2b1. Round your answer to three decimal places.

Step 4 of 5: Construct the 80% confidence interval for the slope. Round your answers to three decimal places.

Step 5 of 5: Construct the 98% confidence interval for the slope. Round your answers to three decimal places.

In the early 1990’s Heinz Pet Products, makers of 9-Lives cat food, closed eight smaller plants and centralized operations at its factory in Bloomsburg, Pennsylvania. It expanded the Bloomsburg factory from 250,000 square feet to 1 million, and increased the use of other resources by the same proportion. Output at that factory increased from 3 million cases a year to 65 million. From this information we know that the factory experienced

Select one:

a. diseconomies of scale, and average total cost rose.

b. economies of scale, and average total cost rose.

c. diseconomies of scale, and average total cost fell.

d. economies of scale, and average total cost fell.

If a typical individual were to go to the circus performance after performance, the marginal utility of each additional performance would

Select one:

a. increase, at a decreasing rate.

b. eventually decline.

c. decline at first, but eventually rise.

d. remain unchanged.

The Mr. Coffee coffeemaker was introduced in 1971, the first automatic drip coffeemaker on the market. It was immensely successful and highly profitable. Today many companies produce automatic drip coffeemakers and consumers perceive only slight differences between them. With this additional competition, Mr. Coffee’s profits are no better than those of other small appliances.

With only the information given above, an economist would probably explain the drop in Mr. Coffee’s profits as follows:

Select one:

a. Mr. Coffee must have experienced an increase in some important cost of production, resulting in a drop in profits.

b. Consumer taste for coffee must have declined, leading to a shift to the left in the demand for coffee makers.

c. Mr. Coffee’s high profits must have attracted new firms into the market for coffeemakers.

d. The government must have taxed away Mr. Coffee’s excess profits.

Hurricanes in 2005 that hit the natural gas producing areas of the U.S. Gulf Coast caused

Select one:

a. neither the supply curve nor the demand curve for natural gas to shift in 2005; there was a movement along the curves.

b. only the supply curve for natural gas to shift to the left in 2005.

c. only the demand curve for natural gas to shift to the left in 2005.

d. both the supply curve and the demand curve for natural gas to shift to the left in 2005.