Okabe Company ended its fiscal year on July 31, 2017. The company’s adjusted trial balance as of the end of its fiscal year is shown below.
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* Question 3
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In: Accounting
Male: 68, 68, 72, 73, 65, 74, 73, 72, 68, 65, 73, 66, 71, 68, 74, 66, 71, 65
Female: 59, 75, 70, 56, 66, 75, 68, 75, 62, 60, 73, 61, 75, 74, 58, 60, 73, 58
Is there any significant difference between the average exam scores of male and female students? Explain your answer using both confidence interval method and hypothesis test method.
In: Statistics and Probability
Data show that men between the ages of 20 and 29 in a general population have a mean height of 69.3 inches, with a standard deviation of
3.1 inches. A baseball analyst wonders whether the standard deviation of heights of major-league baseball players is less than
3.1 inches. The heights (in inches) of
20 randomly selected players are shown in the table.
Calculate the value of the test statistic.
A) x^2=
B) determine the P-value
|
72 |
74 | 71 | 72 | 76 |
| 70 | 77 | 75 | 72 | 72 |
| 77 | 71 | 75 | 70 | 73 |
| 74 | 75 | 73 | 74 | 73 |
In: Statistics and Probability
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during the year:
| Beginning inventory | 24 units at $46 |
| Sale | 12 units at $74 |
| First purchase | 26 units at $48 |
| Sale | 25 units at $74 |
| Second purchase | 14 units at $51 |
| Sale | 13 units at $74 |
The firm uses the perpetual inventory system, and there are 14 units of the item on hand at the end of the year.
a. What is the total cost of the ending
inventory according to FIFO?
$
b. What is the total cost of the ending
inventory according to LIFO?
$
In: Accounting
A high school is examining whether or not a certain college admissions test prep course is helpful. To evaluate this, 15 students took the college admissions test. Afterwards, they went through the prep course and then took the admissions test again. Their before and after scores are shown below. With a significance level of 0.90, is the admissions test prep course effective?
Student Before After
1 27 29
2 28 29
3 30 31
4 32 31
5 16 20
6 25 27
7 27 27
8 25 26
9 27 30
10 23 28
11 25 26
12 24 24
13 22 25
14 31 32
15 25 25
In: Math
16. Your company has sold 80 ready-to-assemble bookcases to
customers. You have noticed some disgruntled customers discussing
this bookcase on Facebook and Twitter, but they did not mention a
specific problem. For two weeks you have been closely monitoring
these complaints and finally a customer gives the details you need.
This customer says that the instructions for putting the bookcase
together were not in the box.
After a trip to the warehouse, you confirm that this is a problem
and stop all boxes from going out. You have instruction sheets
printed and have them placed in a sealed, marked plastic envelope
on the outside of the boxes, before resuming shipments.
Customer service pulls the contact information for all the orders
shipped without instructions. How would you handle your response to
customers? What would you say?
17. As the sales manager, you have eight sales associates and
one administrative assistant working for you. You have asked your
assistant to make the arrangements for you and your sales group to
attend a trade show. The day before the event, one of your sales
associates becomes ill and will not be able to
attend.
Your assistant asks if he may go with you. Instead of giving an
immediate answer, you ask for time to consider his request. Having
everyone out of the office at once is not an option. Who will take
any sales calls that may come in? Your department's phones must be
covered while you are all away. You have decided not to approve his
request.
How do you reject a request? What should you say? What type of
buffer can you use to soften the blow of the rejection?
19. Now that you have completed your PowerPoint slides and your presentation, is there anything that you would have done differently? Would you have chosen a different way to design your presentation slides? What advice would you give others trying to do a presentation?
20. Take a look at the variables of group communication: conflict, conformity, and consensus. Is there such a thing as healthy conflict? When is conflict in a team good, and how should a team avoid personal conflict?
In: Psychology
Rowland Company is a small editorial services company owned and operated by Marlene Rowland. On August 31, 2018, the end of the current year, Rowland Company’s accounting clerk prepared the following unadjusted trial balance:
Rowland Company
UNADJUSTED TRIAL BALANCE
August 31, 2018
| ACCOUNT TITLE | DEBIT | CREDIT | |
|---|---|---|---|
|
1 |
Cash |
7,135.00 |
|
|
2 |
Accounts Receivable |
37,950.00 |
|
|
3 |
Prepaid Insurance |
7,045.00 |
|
|
4 |
Supplies |
1,895.00 |
|
|
5 |
Land |
116,150.00 |
|
|
6 |
Building |
148,750.00 |
|
|
7 |
Accumulated Depreciation-Building |
88,280.00 |
|
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8 |
Equipment |
133,800.00 |
|
|
9 |
Accumulated Depreciation-Equipment |
97,280.00 |
|
|
10 |
Accounts Payable |
12,145.00 |
|
|
11 |
Unearned Rent |
6,970.00 |
|
|
12 |
Common Stock |
74,735.00 |
|
|
13 |
Retained Earnings |
147,950.00 |
|
|
14 |
Dividends |
15,300.00 |
|
|
15 |
Fees Earned |
320,650.00 |
|
|
16 |
Salaries and Wages Expense |
190,770.00 |
|
|
17 |
Utilities Expense |
42,730.00 |
|
|
18 |
Advertising Expense |
22,595.00 |
|
|
19 |
Repairs Expense |
17,420.00 |
|
|
20 |
Miscellaneous Expense |
6,470.00 |
|
|
21 |
Totals |
748,010.00 |
748,010.00 |
The data needed to determine year-end adjustments are as follows:
| a. | Unexpired insurance at August 31, $6,080. |
| b. | Supplies on hand at August 31, $470. |
| c. | Depreciation of building for the year, $7,245. |
| d. | Depreciation of equipment for the year, $4,140. |
| e. | Rent unearned at August 31, $1,200. |
| f. | Accrued salaries and wages at August 31, $3,550. |
| g. | Fees earned but unbilled on August 31, $11,125. |
| Required: | |
| 1. | Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation Expense—Building; Depreciation Expense—Equipment; and Supplies Expense. Refer to the Chart of Accounts for exact wording of account titles. |
| 2. |
Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance. |
| CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rowland Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation Expense—Building; Depreciation Expense—Equipment; and Supplies Expense. Refer to the Chart of Accounts for exact wording of account titles.
JOURNAL
ACCOUNTING EQUATION
| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
|---|---|---|---|---|---|---|---|---|
|
1 |
Adjusting Entries |
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15 |
2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance.
Rowland Company
ADJUSTED TRIAL BALANCE
August 31, 2018
| ACCOUNT TITLE | DEBIT | CREDIT | |
|---|---|---|---|
|
1 |
Cash |
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2 |
Accounts Receivable |
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3 |
Prepaid Insurance |
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4 |
Supplies |
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5 |
Land |
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6 |
Building |
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7 |
Accumulated Depreciation-Building |
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8 |
Equipment |
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9 |
Accumulated Depreciation-Equipment |
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10 |
Accounts Payable |
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11 |
Unearned Rent |
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12 |
Salaries and Wages Payable |
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13 |
Common Stock |
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14 |
Retained Earnings |
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15 |
Dividends |
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16 |
Fees Earned |
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17 |
Rent Revenue |
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18 |
Salaries and Wages Expense |
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19 |
Utilities Expense |
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20 |
Advertising Expense |
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21 |
Repairs Expense |
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22 |
Depreciation Expense-Building |
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23 |
Depreciation Expense-Equipment |
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24 |
Insurance Expense |
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25 |
Supplies Expense |
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26 |
Miscellaneous Expense |
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27 |
Totals |
In: Accounting
Rowland Company is a small editorial services company owned and operated by Marlene Rowland. On August 31, 2018, the end of the current year, Rowland Company’s accounting clerk prepared the following unadjusted trial balance:
Rowland Company
UNADJUSTED TRIAL BALANCE
August 31, 2018
| ACCOUNT TITLE | DEBIT | CREDIT | |
|---|---|---|---|
|
1 |
Cash |
7,655.00 |
|
|
2 |
Accounts Receivable |
38,345.00 |
|
|
3 |
Prepaid Insurance |
7,075.00 |
|
|
4 |
Supplies |
2,290.00 |
|
|
5 |
Land |
113,500.00 |
|
|
6 |
Building |
149,450.00 |
|
|
7 |
Accumulated Depreciation-Building |
87,905.00 |
|
|
8 |
Equipment |
133,250.00 |
|
|
9 |
Accumulated Depreciation-Equipment |
96,435.00 |
|
|
10 |
Accounts Payable |
11,860.00 |
|
|
11 |
Unearned Rent |
6,705.00 |
|
|
12 |
Common Stock |
74,530.00 |
|
|
13 |
Retained Earnings |
146,290.00 |
|
|
14 |
Dividends |
14,690.00 |
|
|
15 |
Fees Earned |
328,600.00 |
|
|
16 |
Salaries and Wages Expense |
198,220.00 |
|
|
17 |
Utilities Expense |
42,120.00 |
|
|
18 |
Advertising Expense |
22,315.00 |
|
|
19 |
Repairs Expense |
17,210.00 |
|
|
20 |
Miscellaneous Expense |
6,205.00 |
|
|
21 |
Totals |
752,325.00 |
752,325.00 |
The data needed to determine year-end adjustments are as follows:
| a. | Unexpired insurance at August 31, $5,860. |
| b. | Supplies on hand at August 31, $545. |
| c. | Depreciation of building for the year, $7,985. |
| d. | Depreciation of equipment for the year, $4,080. |
| e. | Rent unearned at August 31, $1,145. |
| f. | Accrued salaries and wages at August 31, $3,490. |
| g. | Fees earned but unbilled on August 31, $11,640. |
| Required: | |
| 1. | Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation Expense—Building; Depreciation Expense—Equipment; and Supplies Expense. Refer to the Chart of Accounts for exact wording of account titles. |
| 2. | Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance. |
Chart of Accounts
| CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rowland Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Journal
1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation Expense—Building; Depreciation Expense—Equipment; and Supplies Expense. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 10
JOURNAL
ACCOUNTING EQUATION
| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
|---|---|---|---|---|---|---|---|---|
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1 |
Adjusting Entries |
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Adjusted Trial Balance
2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance.
Rowland Company
ADJUSTED TRIAL BALANCE
August 31, 2018
| ACCOUNT TITLE | DEBIT | CREDIT | |
|---|---|---|---|
|
1 |
Cash |
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2 |
Accounts Receivable |
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3 |
Prepaid Insurance |
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4 |
Supplies |
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5 |
Land |
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6 |
Building |
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7 |
Accumulated Depreciation-Building |
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8 |
Equipment |
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9 |
Accumulated Depreciation-Equipment |
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10 |
Accounts Payable |
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11 |
Unearned Rent |
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12 |
Salaries and Wages Payable |
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13 |
Common Stock |
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14 |
Retained Earnings |
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15 |
Dividends |
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16 |
Fees Earned |
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17 |
Rent Revenue |
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18 |
Salaries and Wages Expense |
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19 |
Utilities Expense |
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20 |
Advertising Expense |
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21 |
Repairs Expense |
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22 |
Depreciation Expense-Building |
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23 |
Depreciation Expense-Equipment |
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24 |
Insurance Expense |
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25 |
Supplies Expense |
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26 |
Miscellaneous Expense |
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27 |
Totals |
In: Accounting
Van Hatten Consolidated has three operating divisions: DeMent
Publishing Division, Ankiel Security Division, and Depp Advisory
Division. Each division maintains its own accounting system but
follows IFRS.
| DeMent Publishing Division The DeMent Publishing Division sells large volumes of novels to a few book distributors, which in turn sell to several national chains of bookstores. DeMent allows distributors to return up to 30% of sales, and the distributors give the same terms to bookstores. While returns from individual titles fluctuate greatly, the returns from distributors have averaged 20% in each of the past five years. A total of $7 million of paperback novel sales were made to distributors during fiscal 2020. On November 30, 2020 (the end of the fiscal year), $1.5 million of fiscal 2020 sales were still subject to return privileges over the next six months. The remaining $5.5 million of fiscal 2020 sales had actual returns of 21%. Sales from fiscal 2019 totalling $2 million were collected in fiscal 2020 less 18% returns. This division records revenue according to the revenue recognition method when the right of return exists. |
| Ankiel Security Division The Ankiel Security Division works through manufacturers’ agents in various cities. Orders for alarm systems and down payments are forwarded from agents, and the division ships the goods f.o.b. factory directly to the customers (usually police departments and security guard companies). Customers are billed directly for the balance due plus actual shipping costs. The company received orders for $6 million of goods during the fiscal year ended November 30, 2020. Down payments of $600,000 were received, and $5.2 million of goods were billed and shipped. Actual freight costs of $100,000 were also billed. Commissions of 10% on product price are paid to manufacturing agents after goods are shipped to customers. Such goods are covered by the warranty for 90 days after shipment, and warranty claims have been about 1% of sales. Revenue is recognized at the point of sale by this division. |
| Depp Advisory Division The Depp Advisory Division provides asset management services. This division grew out of Van Hatten’s own treasury and asset management operations, which several of its customers asked to have access to. On January 1, 2020, Depp entered into a contract with Scutaro Co. to perform asset management services for one year. Depp receives a quarterly management fee of 0.25% on Scutaro’s assets under management at the end of each quarter. In addition, Depp receives a performance-based incentive fee of 20% of the fund’s annual return in excess of the return on the S&P 500 index at the end of the year. At the end of the first quarter of 2020, Depp was managing $2.4 million of Scutaro assets. The annualized return on the portfolio was 6.2%. (The S&P 500 index had an annualized return of 5.7%.) |
(a)
For each division’s revenue arrangements, identify the separate
performance obligations, briefly explain the allocation of the
transaction process to each performance obligation, and indicate
when the performance obligations are satisfied.
In: Accounting
Blossom Hardware Store completed the following merchandising
transactions in the month of May. At the beginning of May, the
ledger of Blossom showed Cash of $4,500 and Owner’s Capital of
$4,500.
| May 1 | Purchased merchandise on account from Braun's Wholesale Supply $3,800, terms 2/10, n/30. | |
| 2 | Sold merchandise on account $1,500, terms 1/10, n/30. The cost of the merchandise sold was $1,000. | |
| 5 | Received credit from Braun's Wholesale Supply for merchandise returned $200. | |
| 9 | Received collections in full, less discounts, from customers billed on sales of $1,500 on May 2. | |
| 10 | Paid Braun's Wholesale Supply in full, less discount. | |
| 11 | Purchased supplies for cash $300. | |
| 12 | Purchased merchandise for cash $1,200. | |
| 15 | Received refund for poor quality merchandise from supplier on cash purchase $100. | |
| 17 | Purchased merchandise from Valley Distributors $1,100, FOB shipping point, terms 2/10, n/30. | |
| 19 | Paid freight on May 17 purchase $100. | |
| 24 | Sold merchandise for cash $2,800. The merchandise sold had a cost of $1,800. | |
| 25 | Purchased merchandise on account from Lumley, Inc. $550, FOB destination, terms 2/10, n/30. | |
| 27 | Paid Valley Distributors in full, less discount. | |
| 29 | Made refunds to cash customers for defective merchandise $60. The returned merchandise had a fair value of $20. | |
| 31 | Sold merchandise on account $1,000, terms n/30. The cost of the merchandise sold was $500. |
Blossom Hardware’s chart of accounts includes the following: No.
101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126
Supplies, No. 201 Accounts Payable, No. 301 Owner’s Capital, No.
401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414
Sales Discounts, and No. 505 Cost of Goods Sold.
In: Accounting