A survey has been conducted in canteen during the lunch time. The average number of customers arrived in a 5-minute interval is 8.

a) What is the probability that exactly 3 customers will arrive in a 2-minute interval?

b) What is the probability that less than 3 customers will arrive in a 4-minute interval?

c) What is the probability that more than 1 customers will arrive in a 30-second interval?

3. The marketing research department for a company that manufacturers and sells notebook computers established the following revenue and cost functions:
R(x) = x(2000 – 60x)
C(x) = 4000 + 500x,
where x is thousands of computers, and R(x) and C(x) are in thousands of dollars. Both
functions have the domain 1 ≤ x ≤ 25.
(1) Form a profit function P, and graph R, C, and P in the same rectangular coordinate system.
(2) Discuss the relationship between the intersection points of the graphs of R and C and the x intercepts of P.
(3) Find the x intercepts of P to the nearest hundred computers. Find the break-even points.
(4) Refer to the graph drawn in part (1). Does the maximum profit appear to occur at the same output level as the maximum revenue? Are the maximum profit and maximum revenue equal? Explain.  

The adjusted trial balance for Turnquist Company is shown below. TURNQUIST COMPANY Trial Balance August 31, 2017 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $10,100 $10,100 Accounts Receivable 8,600 10,000 Supplies 2,500 600 Prepaid Insurance 3,800 2,500 Equipment 14,300 14,300 Accumulated Depreciation-Equipment $ 3,600 $ 4,400 Accounts Payable 5,800 5,800 Salaries and Wages Payable 0 1,100 Unearned Rent Revenue 1,400 700 Owner’s Capital 15,600 15,600 Service Revenue 33,800 35,200 Rent Revenue 11,200 11,900 Salaries and Wages Expense 16,900 18,000 Supplies Expense 0 1,900 Rent Expense 15,200 15,200 Insurance Expense 0 1,300 Depreciation Expense 0 800 $71,400 $71,400 $74,700 $74,700 Prepare the income statement for the year. TURNQUIST COMPANY Income Statement $

1. Prepare Income statement for the year 2.Prepare owners Equity for the year 3.Prepare balance sheet at August 31 4.Liability and owners Equity

Why did the U.S. government decide to reopen the long-running trade dispute between Boeing
and Airbus in 2004? Do you think the U.S. position is reasonable? What about the EU’s
countercharges

How does the Fall of Man relate to tragedies like 9/11 and disasters such as the Tsunami of 2004? Explain how your reaction to evil events has caused you to reassess your worldview.

Alternative Inventory Methods

Frate Company was formed on December 1, 2015, and uses the periodic inventory system. The following information is available from Frate's inventory records for Product Ply:

A physical inventory on March 31, 2016 shows 1,600 units on hand.

Required:

For each method, enter your answers in chronological order.

Prepare schedules to compute the ending inventory at March 31, 2016, under each of the following inventory methods:
1. FIFO

2. LIFO

3. Weighted average (For the weighted average method, round the average cost per unit to two decimal places.)

Background Information Note the following:

• Acme Corporation is a publicly listed company

• ACME’s Fiscal year end is December 31

• In addition to the cash account being reconcile here; ACME has a separate Revolving Credit account.

  This is a revolving credit facility where interest is accrued on the average balance outstanding during the month. The interest amount is required to be paid on a monthly basis. The correct is amount calculated and taken from the account automatically by the bank.

• The facility has an annual interest rate of 4%

• Management has set-out in the Financial Statements that the average balance outstanding in this

  revolving credit facility is normally at around $ 150,000.

• The Audit Committee has also informed the Partner that the CRA audited ACME in the previous year

  and levied a penalty of $50,000 and has informed the Board that they plan continue their audit in the new year.

  Required

  Part 1

1. a) From the information provided in EXHIBIT A, perform and document a Bank Reconciliation. - 20 marks

2. b) From the Background info. provided above, identify potential errors and disclosure requirements - 5 marks

Part 2

1. a) Identify the financial assertions relating to the Cash account addressed by the Bank Reconciliation and explain how. – 5 marks

2. b) Identify what type of activity the Bank Reconciliation is. – 5 marks

3. c) Identify the 6 possible characteristics (of the activity above) and which apply to the Bank Rec. – 5 marks

BONUS
How would the Auditor test the identified characteristics. – 4 marks

EXHIBIT A

Budget Question:  

Gutierrez Company, a publicly held corporation, operates a regional chain of large drugstores. Each drugstore is operated by a general manager and a controller. The general manager is responsible for the day-to-day operations of the store, while the controller is responsible for the budget and other financial tasks. The general manager, Tracie Kappan, has been at Gutierrez Company for several years. Employee turnover is high at Gutierrez Company, just as it is in the retail industry in general. Kappan just hired a new controller, Min Yang.

Yang was asked to prepare the master budget. Each retail location prepares its master budget once a year and then submits that budget to company headquarters for approval. Once approved by headquarters, the master budget is used to evaluate the store’s performance. These performance evaluations directly affect the managers’ bonuses and whether additional company funds are invested in that location.

When Yang was almost done preparing the budget, Kappan instructed him to increase the amounts budgeted for labor and supplies by 20%. When asked why, Kappan responded that this budgetary cushion gives store management flexibility in running the store. For example, because company headquarters tightly controls operating funds and capital improvement funds, any extra money budgeted for labor and supplies can be used to replace store furnishings or to pay bonuses to help to retain good employees. She explains that the chance of getting extra funds from company headquarters is not good; this “cushion” is usually the only opportunity to replace store décor or to pay bonuses to key employees. Kappan also needs extra funds occasionally to make “under the table” payments to employees as incentives to work extra hours or to keep them from leaving for a higher-paying job.

Yang feels conflicted. He is eager to please Kappan, and he is wondering what he should do in this situation.

1. Who are the stakeholders in the scenario?

2. Who is responsible for the situation Min Yang is in? The Company or the General Manager? Why do you think that?

3. What would do if you were Min Yang?

In 2003, forty percent of the students at a major university were Business majors, 35% were Engineering majors and the rest of the students were majoring in other fields. In a sample of 600 students from the same university taken in 2004, two hundred were Business majors, 220 were Engineering majors and the remaining students in the sample were majoring in other fields. At 95% confidence, test to see whether there has been a significant change in the proportions between 2003 and 2004

Test statistic:

Explanation:

is it a

normal distribution, t distribution with 29 degrees of freedom, t-distribution with 70 degrees of freedom, Chi-square with 2 degrees of freedom, Chi-square with 1 degree of freedom

A recent survey on the usage of cosmetics among youth provided the following data:

Year: 2004; Sample size: 5000; Youth who use cosmetics: 36%
Year: 2014; Sample size: 4250; Youth who use cosmetics: 47%

Construct a 99% confidence interval for the difference in population proportions of youth who were using cosmetics in 2004 and youth who were using cosmetics in 2014. Assume that random samples are obtained and the samples are independent. (Round your answers to three decimal places.)

Select the correct answer below:

(−0.150,−0.070)

(−0.136,−0.084)

(−0.140,−0.080)

(−0.127,−0.093)