three customers contribute between 27% and 74% revenue 2004-2006 questions

Questions

Mr. Jones wanted to check if there was an observable impact of a particular worksheet on...

Mr. Jones wanted to check if there was an observable impact of a particular worksheet on his students’ test scores for Chapter 1. His idea was to test if there was a significant variation in the average test score of the class that used the worksheet in comparison to the class that did not. In the class before lunch, he used the worksheet but not the one after lunch. He has 23 students in each class. Their test scores are below:

Before Lunch		After Lunch
86	79	23	67
59	45	74	46
98	67	38	90
81	80	14	79
32	72	38	63
35	84	51	38
31	60	18	56
57	20	44	70
68	43	27	33
24	16	16	14
31	58	24	30
82		17

Which test are you using?
What are your H0 (null hypothesis) and Ha (alternative hypothesis)?
Calculate your statistic.
What decision does this inform you to make and why? (You may use the critical value in the chart or the calculated p-value, but you must indicate what you are doing.)
Write a one to two sentence conclusion that correctly responds to the question.

In: Statistics and Probability

There are times when businesses cannot collect the money that is owed to them by their...

There are times when businesses cannot collect the money that is owed to them by their customers. When this happens, businesses incur an expense. There are two methods for recording uncollectible receivables. They are the allowance method and the direct write off method. Please explain the difference between these two methods.

In: Accounting

Differentiate between ethics and ethical behavior. Why are ethical practices and corporate social responsibility critical issues...

Differentiate between ethics and ethical behavior. Why are ethical practices and corporate social responsibility critical issues for contemporary managers? Provide an example of how stakeholder’s decisions could lead to a company’s image and how customers view that picture, either positively and negatively.

In: Operations Management

On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a...

On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,225,000. During 2021, costs of $2,090,000 were incurred, with estimated costs of $4,090,000 yet to be incurred. Billings of $2,608,000 were sent, and cash collected was $2,340,000.

In 2022, costs incurred were $2,608,000 with remaining costs estimated to be $3,735,000. 2022 billings were $2,858,000, and $2,565,000 cash was collected. The project was completed in 2023 after additional costs of $3,890,000 were incurred. The company’s fiscal year-end is December 31. This project does not qualify for revenue recognition over time.

Required:
1. Calculate the amount of revenue and gross profit or loss to be recognized in each of the three years.

In: Accounting

After 8:00pm on any Thursday, the amount of time a person spends waiting in line to...

After 8:00pm on any Thursday, the amount of time a person spends waiting in line to get into a well-known pub is a random variable represented by XX. Suppose we can model the behavior of XX with the Exponential probability distribution with a mean of waiting time of 44 minutes.

(a) Provide the value of the standard deviation of this distribution. Enter your answer to two decimals.

σX=σX=

equation editor

minutes

(b) Suppose you are in line to get into the pub. Compute the probability that you will have to wait between 27 and 37 minutes to get in. Answer with four decimals.

P(27≤X≤37)=P(27≤X≤37)=

equation editor

(c) It has been 30 minutes since you entered the lineup to get into the pub, and you are still waiting. What is the chance that you will have waited at most 57 minutes, in total? Use four decimals in your answer.

P(waitintotalatmost57minutes)=P(waitintotalatmost57minutes)=

equation editor

(d) 55% of the time, you will wait at most how many minutes to get into this pub? Enter your answer to two-decimals.

equation editor

minutes

In: Statistics and Probability

Discuss the relationship between the M/M/1 queue and the situation described in problem 9 of homework...

Discuss the relationship between the M/M/1 queue and the situation described in problem 9 of homework 3.

What similarities are there between arrival processes in these two examples?

What about similarities in service-time distribution?

Compute the stationary distribution of the Markov chain obtained in problem 9 of homework 3 under the assumption that p < q. Explain the significance of this assumption.

problem 9 of homework 3

Suppose customers can arrive to a service station at times n = 0, 1, 2, .... In any given period, independent of everything else, there is one arrival with probability p, and there is no arrival with probability 1 − p. Suppose customers are served one-at-a-time on a first-come-first-served basis. If at the time of an arrival, there are no customers present, then the arriving customer immediately enters service. Otherwise, the arrival joins the back of the queue.

In a time period n, events happen in the following order: (i) arrivals, if any, occur; (ii) service completions, if any, occur; (iii) service begins on a new customer if there has been an arrival to an empty queue or a service has just finished and there is another customer present.

Assume that service times are i.i.d. geometric random variables (each with parameter q) that are independent of the arrival process. Note that a customer who enters service in time t can complete service, at the earliest, in time t+1 (in which case his service time is 1).

Let Xn be the number of customers at the station at the end of time period n; i.e., after the time-n arrivals and services. Note that Xn includes both customers waiting as well as any customer being served.

In: Statistics and Probability

On September 11, 2002, a particular state lottery's daily number came up 9 - 1 -...

On September 11, 2002, a particular state lottery's daily number came up 9 - 1 - 1. Assume that no more than one digit is used to represent the first nine months.

a) What is the probability that the winning three numbers match the date on any given day?

b) What is the probability that a whole year passes without this happening?

c) What is the probability that the date and winning lottery number match at least once during any year?

d) If 27 states have a three-digit lottery, what is the probability that at least one of them will come up 3 - 1 - 0 on March 10?

In: Statistics and Probability

The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to...

The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers.

Record on page 10 of the journal

Mar.	2	Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,300.
	3	Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $7,000.
	4	Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of merchandise sold was $33,200.
	5	Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $19,400.
	12	Received check for amount due from Equinox Co. for sale on March 2.
	14	Sold merchandise to customers who used American Express cards, $13,700. The cost of merchandise sold was $8,350.
	16	Sold merchandise on account to Targhee Co., $27,500, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $16,000.
	18	Issued credit memo for $4,800 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $2,900.

Record on page 11 of the journal

	19	Sold merchandise on account to Vista Co., $8,250, terms FOB shipping point, 2/10, n/30. The cost of merchandise sold was $5,000. In addition, Amsterdam Supply Co. immediately paid $75 in freight charges and added this to the invoice sent.
	26	Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18.
	28	Received check for amount due from Vista Co. for sale of March 19.
	31	Received check for amount due from Empire Co. for sale of March 4.
	31	Paid Fleetwood Delivery Service $5,600 for merchandise delivered during March to customers under shipping terms of FOB destination.
Apr.	3	Paid City Bank $940 for service fees for handling MasterCard and American Express sales during March.
	15	Paid $6,544 to state sales tax division for taxes owed on sales.

Journalize the entries to record the transactions of Amsterdam Supply Co. Refer to the Chart of Accounts for exact wording of account titles.

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Chart of Accounts

CHART OF ACCOUNTS

Amsterdam Supply Co.

General Ledger

	ASSETS
110	Cash
121	Accounts Receivable-Empire Co.
122	Accounts Receivable-Equinox Co.
123	Accounts Receivable-Targhee Co.
124	Accounts Receivable-Vista Co.
125	Notes Receivable
130	Merchandise Inventory
131	Estimated Returns Inventory
140	Office Supplies
141	Store Supplies
142	Prepaid Insurance
180	Land
192	Store Equipment
193	Accumulated Depreciation-Store Equipment
194	Office Equipment
195	Accumulated Depreciation-Office Equipment

	LIABILITIES
210	Accounts Payable
216	Salaries Payable
218	Sales Tax Payable
219	Customer Refunds Payable
221	Notes Payable

	EQUITY
310	Owner, Capital
311	Owner, Drawing
312	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
521	Delivery Expense
522	Advertising Expense
524	Depreciation Expense-Store Equipment
525	Depreciation Expense-Office Equipment
526	Salaries Expense
531	Rent Expense
533	Insurance Expense
534	Store Supplies Expense
535	Office Supplies Expense
536	Credit Card Expense
539	Miscellaneous Expense
710	Interest Expense

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Journal

Journalize the entries to record the transactions of Amsterdam Supply Co. Refer to the Chart of Accounts for exact wording of account titles. Scroll down for page 11 of the journal.

PAGE 10

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
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Solution

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
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Points:

PAGE 11

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
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Solution

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
3
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18

In: Accounting

The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily...

The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers.

Record the following transactions on page 10 of the journal:

July	1	Sold merchandise on account to Landscapes Co., $33,450, terms FOB shipping point, n/eom. The cost of merchandise sold was $20,000.
	2	Sold merchandise for $86,000 plus 8% sales tax to retail cash customers. The cost of merchandise sold was $51,600.
	5	Sold merchandise on account to Peacock Company, $17,500, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $10,000.
	8	Sold merchandise for $112,000 plus 8% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $67,200.
	13	Sold merchandise to customers who used MasterCard cards, $96,000. The cost of merchandise sold was $57,600.
	14	Sold merchandise on account to Loeb Co., $16,000, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $9,000.
	15	Received check for amount due from Peacock Company for sale on July 5.
	16	Issued credit memo for $3,000 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,800.

Record the following transactions on page 11 of the journal:

	18	Sold merchandise on account to Jennings Company, $11,350, terms FOB shipping point, 2/10, n/30. Paid $475 for freight and added it to the invoice. The cost of merchandise sold was $6,800.
	24	Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16.
	28	Received check for amount due from Jennings Company for sale of July 18.
	31	Paid Black Lab Delivery Service $8,550 for merchandise delivered during July to customers under shipping terms of FOB destination.
	31	Received check for amount due from Landscapes Co. for sale of July 1.
Aug.	3	Paid Hays Federal Bank $3,770 for service fees for handling MasterCard and VISA sales during July.
	10	Paid $41,260 to state sales tax division for taxes owed on sales.

Journalize the entries to record the transactions of Green Lawn Supplies Co. Refer to the Chart of Accounts for exact wording of account titles.

none

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Chart of Accounts

CHART OF ACCOUNTS

Green Lawn Supplies Co.

General Ledger

	ASSETS
110	Cash
121	Accounts Receivable-Jennings Company
122	Accounts Receivable-Landscapes Co.
123	Accounts Receivable-Loeb Co.
124	Accounts Receivable-Peacock Company
125	Notes Receivable
130	Merchandise Inventory
131	Estimated Returns Inventory
140	Office Supplies
141	Store Supplies
142	Prepaid Insurance
180	Land
192	Store Equipment
193	Accumulated Depreciation-Store Equipment
194	Office Equipment
195	Accumulated Depreciation-Office Equipment

	LIABILITIES
210	Accounts Payable
216	Salaries Payable
218	Sales Tax Payable
219	Customer Refunds Payable
221	Notes Payable

	EQUITY
310	Owner, Capital
311	Owner, Drawing
312	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
521	Delivery Expense
522	Advertising Expense
524	Depreciation Expense-Store Equipment
525	Depreciation Expense-Office Equipment
526	Salaries Expense
531	Rent Expense
533	Insurance Expense
534	Store Supplies Expense
535	Office Supplies Expense
536	Credit Card Expense
539	Miscellaneous Expense
710	Interest Expense

none

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Journal

Journalize the entries to record the transactions of Green Lawn Supplies Co. Refer to the Chart of Accounts for exact wording of account titles. Scroll down for page 11 of the journal.

PAGE 10

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
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Solution

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
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Points:

PAGE 11

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
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Solution

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
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In: Accounting

I recently bought a restaurant in Chicago. It is pretty small, but well-located. We are open every day,...

I recently bought a restaurant in Chicago. It is pretty small, but well-located. We are open every day, but Mondays, from 4 PM until 11 PM. Our menu is basically Italian. We offer individual pizzas, pastas, salads, and a special of the day. We also have really good desserts. We offer cookies, ice cream and superb cakes. Last month we had 800 customers. Our salads are considered a whole meal, so people don’t usually order another entrée with them. Last month, we sold 400 pizzas, 200 pasta dishes, 130 salads, and 70 specials of the day. Not everyone orders a dessert, but last month we sold 200 cookies, 100 ice creams, and 250 cakes. Next week we are expecting 250 to 300 customers. I need to know how many of each of the entrees and how many of each of the desserts I can expect to sell.

I would also like to know how much money I can expect to make. Perhaps you could also let me know how much the average customer spends. Let me tell you the prices. The pizzas are $7.95. The pastas are sold for $8.95. The salads are $6.95. The special of the day is $9.95. As for the desserts, the cookies are $1.00, the ice cream is $1.50, and the cakes are $3.00

Thanks a lot for your help, I am not very good at math, but perhaps you could try to explain your answers in such a way that I could estimate them for myself next time.

Yours sincerely,

Chris Smith

Pizza Plus

`~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Put the results of your calculations here and the explanation of your calculations o the back of this sheet.

Estimates for 250 customers

Entree	How many	Expected revenue
Pizza
Pasta
Salad
Special
Dessert
Cookie
Ice Cream
Cake
	TOTAL	$

Average customer spends: $________________

Estimates for 300 customers

Entree	How many	Expected revenue
Pizza
Pasta
Salad
Special
Dessert
Cookie
Ice Cream
Cake
	TOTAL	$

Average customer spends: $________________

Explanation of Calculations:

In: Economics