• Assume you are working on budgeting for the room department of your hotel.
• Assume the hotel’s ‘Room Revenue (Sales)’ was $1,640,000 during 2016. Based on the lodging forecast report, you expect the ‘Room Revenue (Sales)’ to increase by 3.7% next year.
• Assume the ‘Guest Supplies’ expenses (variable costs) from the room department was $250,000 during 2016. For 2017, this variable cost will remain at the same percentage of the Room Revenue (Sales) as experienced in 2016.
• Assume the ‘Salaries’ expenses (fixed costs) from the room department was $280,000 during 2016. For 2017, this fixed cost will increase by 2% due to the expected increase in living expenses in this area.

1. What will be the budgeted ‘Room Revenue (Sales)’ for 2017?

2. What will be the budgeted ‘Guest Supplies’ expenses for 2017?

3. What will be the budgeted ‘Salaries’ expenses for 2017?

] The average cost per night of a hotel room in San Francisco is $550 with a standard deviation is $150 based on a sample of 50 hotel room rates. a) Clearly state what the random variable in this problem is? b) What is an appropriate distribution to be used for finding the confidence intervals for this problem and why? c) Construct a 99% confidence interval estimate on the mean of all hotel room rates. d) What is the 90% confidence interval estimate? e) What is the 95% confidence interval estimate?

Question 5 Accounting for Consolidation                                                                

The accountant of Park Ltd needs to prepare consolidated financial statements for Park Ltd at the end of financial year. Following information was available on 30 June 2020:

Park Ltd acquired 100 per cent interest in Sun Ltd for $850,000 on 1 July 2015. All assets and liabilities were fairly valued on the acquisition date. At the date of acquisition, the equity of Sun Ltd included:

Share capital                                 $320,000

Reserve                                        $160,000

Retained earnings                         $280,000

The balance of the investment account was $850,000 as shown in the Statement of Financial Position of Park Ltd on 30 June 2020.

1. The directors of Park Ltd believed that goodwill acquired was impaired by 20 per cent for the year ended 30 June 2020.
2. On 17 February 2020, Sun Ltd paid $60,000 in management fees to Park Ltd.
3. On 3 March 2020, Park Ltd sold inventory to Sun Ltd at a value of $48,000.
4. The above inventory had a cost of $29,000 for Park Ltd to produce. All inventories remained unsold in Sun Ltd on 30 June 2020. Park Ltd and Sun Ltdadopt the perpetual inventory system for inventory accounting. The income tax rate is 30%.

Required: (Narrations are required in this question)     

1. Describe the measurement of goodwill acquired in this question according to AASB 3.
2. Prepare relevant consolidation journal entries on 30 June 2020.

The accountant of Park Ltd needs to prepare consolidated financial statements for Park Ltd at the end of financial year. Following information was available on 30 June 2020:

Park Ltd acquired 100 per cent interest in Sun Ltd for $850,000 on 1 July 2015. All assets and liabilities were fairly valued on the acquisition date. At the date of acquisition, the equity of Sun Ltd included:

Share capital                                 $320,000

Reserve                                        $160,000

Retained earnings                         $280,000

The balance of the investment account was $850,000 as shown in the Statement of Financial Position of Park Ltd on 30 June 2020.

1. The directors of Park Ltd believed that goodwill acquired was impaired by 20 per cent for the year ended 30 June 2020.
2. On 17 February 2020, Sun Ltd paid $60,000 in management fees to Park Ltd.
3. On 3 March 2020, Park Ltd sold inventory to Sun Ltd at a value of $48,000.
4. The above inventory had a cost of $29,000 for Park Ltd to produce. All inventories remained unsold in Sun Ltd on 30 June 2020. Park Ltd and Sun Ltd adopt the perpetual inventory system for inventory accounting. The income tax rate is 30%.

Required: (Narrations are required in this question)     

1. Describe the measurement of goodwill acquired in this question according to AASB 3.
2. Prepare relevant consolidation journal entries on 30 June 2020.

The following data represent the daily hotel cost and rental car cost for 20 U.S cities during a week in October 2003

CITY HOTEL CARS

San Francisco               205               47

Los Angeles               179               41

Seattle                   185               49

Phoenix               210               38

Denver                   128               32

Dallas                   145               48

Houston               177               49

Minneapolis               117               41

Chicago               221               56

St. Louis               159               41

New Orleans               205               50

Detroit                   128               32

Cleveland               165               34

Atlanta               180               46

Orlando               198               41

Miami                   158               40

Pittsburgh               132               39

Boston                   283               67

New York               269               69

Washington DC           204               40

FOR EACH VARIABLE ( hotel cost and car cost)

a. Compute the mean, median, first quartile, and third quartile)

b. Compute the variance, standard deviation, range, interquartile range, coefficient of Variation

c. Are the data skewed? If so, how?

d. Base don’t he results a) through c), what conclusions can you reach concerning the daily costs of a hotel and rental car

On February 1, 2020, Joe agreed to construct a building at a contract price of $17,400. Joe estimated total construction costs would be $12,000 and the project would be finished in 2022. Information relating to the costs and billings for this contract is as follows:

                                                                             2020                       2021                      2022       

Total costs incurred to date                                        $4,500                    $7,920                  $13,800

Estimated costs to complete                                         7,500                      5,280                     -0-

Customer billings to date                                             6,600                    12,000                    16,800

Collections to date                                                      6,000                    10,500                    16,500

Instructions:

1. Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and for completed-contract accounting, show the gross profit that should be recorded for 2020, 2021, and 2022.

                        Percentage-of-Completion                                   Completed-Contract

                                    Gross Profit                                                   Gross Profit

            2020               ___________                            2020              ___________

            2021               ___________                            2021              ___________                 

            2022               ___________                            2022              ___________                 

2. Make the journal entries to record construction expense, construction revenue, and gross profit for the second year, 2021.
3. At the end of the 2021, the second year of construction, will the company report a current asset or a current liability? And how much?

An amusement park has estimated the following demand equation for the average park guest

Q=16-2P

Where Q represents the number of rides per guest and P the price per ride. The total cost of providing rides to a guest is

TC=2+0.5Q

If a one-price policy is used, how much should it charge per ride if the park wishes to maximize its profit?

What is the park's profit for each guest?

If a two-part tariff policy is used, what admission fee should the park charge to maximize its profit?

What is the park's profit for each guest?

(please show work as I am confused. Thanks!!)

An amusement park, whose customer set is made up of two markets, adults and children, has developed demand schedules as follows: Qa = 20 – Pa where a is adult market Qc = 30 – 2 Pc Where c is children market QT = 50 – 3 PT where T is the two markets combined Assume that the marginal cost of each unit of quantity is $5 (constant), the owners of the park want to maximize profit: A) Calculate the price, quantity and profit if the amusement park charges a different price in each market. B) Calculate the price, quantity and profit if the amusement park charges the same price in the two markets combined.

The mayor of a town has proposed a plan for the construction of a new bridge. A political study took a sample of 1300 voters in the town and found that 66% of the residents favored construction. Using the data, a political strategist wants to test the claim that the percentage of residents who favor construction is not equal to 69%. Testing at the 0.05 level, is there enough evidence to support the strategist's claim?

Step 4 of 7:

Determine the P-value of the test statistic. Round your answer to four decimal places.