TheRecallComputerCo.hassixterritories,eachrepresentedbyonesalesperson.After extensive planning, the company determines that each territory would be expected to achieve the following percentages of total company sales for 2012:
Territory 1 27% Territory 2 15% Territory 3 18%
Territory 4 12% Territory 5 20% Territory 6 8%
These figures are used as the standard for comparing each sales representative’s actual 2016 sales. The company projected sales for 2016 of $18,500,000. Determine which sales representative’s territory had the best performance by using the performance index, if the actual sales for 2016 in each territory were $5,425,000, $3,205,000, $3,710,000, $2,400,000, $3,900,000, and $2,000,000, respectively, for territories 1–6.
In: Operations Management
On April 1, 2017, Robert King created a new travel agency, King Travel. The following transactions occurred during the company’s first month.
Apr. 1 King invested $44,000 cash and computer equipment worth $22,200 in the company.
Apr. 2 The company rented furnished office space by paying $2,000 cash for the first month’s (April) rent.
Apr. 3 The company purchased $2,000 of office supplies for cash.
Apr. 10 The company paid $1,800 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.
Apr. 14 The company paid $1,540 cash for two weeks’ salaries earned by employees.
Apr. 24 The company collected $12,000 cash on commissions from airlines on tickets obtained for customers.
Apr. 28 The company paid $1,540 cash for two weeks’ salaries earned by employees.
Apr. 29 The company paid $650 cash for minor repairs to the company’s computer.
Apr. 30 The company paid $600 cash for this month’s telephone bill.
Apr. 30 King withdrew $1,700 cash from the company for personal use.
Information for month-end adjustments follows:
Two-thirds (or $100) of one month’s insurance coverage has expired.
At the end of the month, $950 of office supplies are still available.
This month’s depreciation on the computer equipment is $370. Employees earned $616 of unpaid and unrecorded salaries as of month-end.
The company earned $1,810 of commissions that are not yet billed at month-end.
Record the entry to close the revenue accounts
Record the entry close to the expense accounts.
Record the entry to close income summary Record the entry to close owners withdrawals account
GENERAL JOURNAL, GENERAL LEDGER, TRIAL BALANCE, INCOME STATEMENT, ST OWNERS EQUITY, BALANCE SHEET, POST CLOSING.
In: Accounting
Problem I: Suppose you are the manager of Speedy Oil Change which claims that it will change the oil in customers’ cars in less than 30 minutes on average. Further suppose that several complaints have been filed from customers stating that their oil change took longer than 30 minutes. Upper-level management at Speedy Oil Change headquarters has requested that you investigate the complaints. To begin your investigation, you randomly audit 36 oil changes performed by Speedy Oil Change and record the time each customer waited for the oil change. The number of minutes to complete each of the 36 oil changes is reported below.
|
42 |
29 |
19 |
11 |
10 |
27 |
|
41 |
27 |
22 |
26 |
28 |
32 |
|
17 |
15 |
25 |
35 |
32 |
22 |
|
13 |
31 |
17 |
30 |
33 |
25 |
|
18 |
24 |
28 |
21 |
40 |
19 |
|
34 |
30 |
14 |
23 |
22 |
10 |
(data similar to http://org.elon.edu/econ/sac/Descriptive.htm)
In the questions below, you will test if the mean is significantly less than 30 minutes at a significance level of 0.01.
In: Statistics and Probability
On October 1, 2020, Isshita Karim established an interior decorating business, Isshita Designs. During the month, John completed the following transactions related to the business:
Oct. 1
. Isshita transferred cash from a personal bank account to an account to be used for the business, $15,000.
4. Paid rent for the month of October, $1,100.
10. Purchased a used truck for $7,500, paying 1,500 cash and signing a note payable for the remainder.
12. Received $300 in advance for jobs to be performed in November.
13. Purchased equipment on account, $3,100.
14. Purchased supplies for cash, $719.
15. Paid annual premiums for property and casualty insurance, $600.
15. Received cash for job completed, $1,950.
21. Paid creditor a portion of the amount owed for equipment purchased on October 13, $1,500.
24. Recorded jobs completed on account and sent invoices to customers, $2,500.
26. Received an invoice for truck expenses, to be paid in November, $175.
27. Paid utilities bills, $140.
27. Paid miscellaneous expenses, $90.
29. Received cash from customers on account, 1,700.
30. Paid wages to employees, $900.
31. Withdrew cash for personal use, $200.
Isshita Designs
Journal Entries
|
Date |
Description |
Post. Ref. |
Debit |
Credit |
|
Date |
Description |
Post. Ref. |
Debit |
Credit |
In: Accounting
You are an auditor at a public accounting firm. You are conducting an audit for the financial year ending December 31, 2019. Your client has go public. This client is a property development company. Your client builds property in the form of apartment units, housing / real estate and also property investment products in the form of lots ready to build. In addition, this client also has a project development cooperation with its customers. The client is bound by a contract signed by both parties before a notary for the construction of a project with this customer. The project has not been completed 100%, however, the client says that the project has been completed 60% and the client acknowledges 60% of the development as revenue in the 2019 financial year.
a. In your opinion, as an auditor, what account should the client classify the apartment and housing / real estate complex be? Explain your answer!
b. What is the audit procedure that you will apply to ensure the recognition of revenue that is 60% of the project!
c. What audit evidence will you examine and what are the related assertions? Explain your answer!
In: Accounting
Suppose the country's money supply is equal to $10
million.
The FED buys $4 million worth of bonds from Wells Fargo customers
depositing it in their bank accounts.
Wells Fargo then lends out 60% of the new deposits.
At this point:
1. What is the new total money supply?
2. What is the money multiplier?
--------------------------------------------------------
KeyBank has assets of $101 in reserves, $27 in bonds, and
$600 in loans as well as $370 in Demand Deposits.
3. Given that information, what is KeyBank's Owners'
Equity?
4. If KeyBank sells all its bonds to the FED,
what is the change on the money supply if the money multiplier is
5?
-----------------------------------------------
5. Suppose Ringo buys a $5000 bond from the FED.
He bought that bond with a check on his demand deposit at Wells
Fargo.
If the money multiplier is 5,
then by how much will the money supply change?
In: Economics
Problem 3-14B Compute and Use Activity Rates to Determine the Costs of Serving Customers [LO3-2, LO3-3, LO3-4]
|
The Tavern is a popular restaurant located in State College. The owner of the restaurant has been trying to better understand costs at the restaurant and has hired a student intern to conduct an activity-based costing study. The intern, in consultation with the owner, identified the following major activities: |
| Activity Cost Pool | Activity Measure |
| Serving a party of diners | Number of parties served |
| Serving a diner | Number of diners served |
| Serving drinks | Number of drinks ordered |
|
Some costs, such as the cost of cleaning the linens that cover the restaurant's tables, vary with the number of parties served. Other costs, such as washing plates and glasses, depends on the number of diners served or the number of drinks served. |
| Data concerning these activities are displayed below. |
| Serving a Party | Serving a Dinner | Serving Drinks | Total | ||||
| Total cost | $4,500 | $36,500 | $35,000 | $76,000 | |||
| Total activity | 1,000 | parties | 5,000 | diners | 12,500 | drinks | |
|
Prior to the activity-based costing study, the owner knew very little about the costs of the restaurant. She knew that the total cost for the month was $76,000 and that 5,000 diners had been served. Therefore, the average cost per diner was $15.20 ($76,000 ÷ 5,000 diners = $15.20 per diner). |
| Required: | |
|
1. |
Compute the activity rates for each of the three activities. (Round your final answers to 2 decimal places.) |
| 2. |
According to the activity-based costing system, what is the total cost of serving each of the following parties of diners? (Do not round intermediate calculations. Round your final answers to 2 decimal places.) |
| a. | A party of three diners who order four drinks in total. |
| b. | A party of two diners who do not order any drinks. |
| c. | A party of one diner who orders two drinks. |
| 3. |
Convert the total costs you computed in part (2) above to costs per diner. In other words, what is the average cost per diner for serving each of the following parties? (Do not round intermediate calculations. Round your final answers to 2 decimal places.) |
| a. | A party of three diners who order four drinks in total. |
| b. | A party of two diners who do not order any drinks. |
| c. | A party of one diner who orders two drinks. |
In: Accounting
Problem 3-14A Compute and Use Activity Rates to Determine the Costs of Serving Customers [LO3-2, LO3-3, LO3-4]
|
Gino’s Restaurant is a popular restaurant in Boston, Massachusetts. The owner of the restaurant has been trying to better understand costs at the restaurant and has hired a student intern to conduct an activity-based costing study. The intern, in consultation with the owner, identified the following major activities: |
|
Activity Cost Pool |
Activity Measure |
|
Serving a party of diners |
Number of parties served |
|
Serving a diner |
Number of diners served |
|
Serving drinks |
Number of drinks ordered |
|
Some costs, such as the cost of cleaning the linens that cover the restaurant's tables, vary with the number of parties served. Other costs, such as washing plates and glasses, depends on the number of diners served or the number of drinks served. |
|
Data concerning these activities are shown below. |
|
Serving a Party |
Serving a Dinner |
Serving Drinks |
Total |
||||
|
Total cost |
$66,400 |
$102,000 |
$51,600 |
$220,000 |
|||
|
Total activity |
8,000 |
parties |
20,000 |
diners |
43,000 |
drinks |
|
|
Prior to the activity-based costing study, the owner knew very little about the costs of the restaurant. She knew that the total cost for the month was $220,000 and that 20,000 diners had been served. Therefore, the average cost per diner was $11.00 ($220,000 ÷ 20,000 diners = $11.00 per diner). |
|
Required: |
|
|
1. |
Compute the activity rates for each of the three activities. (Round your answers to 2 decimal places.) |
|
2. |
According to the activity-based costing system, what is the total cost of serving each of the following parties of diners? (Do not round intermediate calculations. Round your final answers to 2 decimal places.) |
|
a. |
A party of four diners who order three drinks in total. |
|
b. |
A party of two diners who do not order any drinks. |
|
c. |
A party of one diner who orders two drinks. |
|
3. |
Convert the total costs you computed in part (1) above to costs per diner. In other words, what is the average cost per diner for serving each of the following parties? (Do not round intermediate calculations. Round your final answers to 2 decimal places.) |
|
a. |
A party of four diners who order three drinks in total. |
|
b. |
A party of two diners who do not order any drinks. |
|
c. |
A party of one diner who orders two drinks. |
In: Accounting
Problem 1) W congested computer network has a 2% chance of losing a data packet (lost packets must be resent), and a packet losses are independent events. An e-mail message requires 100 packages.
(1) what is the distribution of the number of data packets that must be resent? Please choose one below.
(A) Binomial (B) Geometric (C) Poisson
(2) What is the probability that at least one packet must be resent?
(3) What is the mean of the number of packets that must be resent?
(4) What is the standard deviation of the number of packets that must be resent?
Problem 2) From 500 customers, a major appliance manufacturer randomly selects 5 customers without replacements. The company estimates that 125 of the customers will reply to the survey.
(1) What are the possible values that X takes where X = the number in the same reply tot he survey?
(2) What is the probability that at most one customers in the sample reply tot he survey?
In: Statistics and Probability