Corner Tavern is a small-town bar that sells only bottled beer. The average price of a bottle of beer at the tavern is $3.60 and the average cost of a bottle of beer to the tavern is $1.05. The tavern is open every night. One bartender and two to three waitresses are on duty each night. The fixed costs (salaries, rent, tax, utilities, etc.) total $275,000 per year. (Do not round intermediate calculations. Round the final answers to the nearest whole number.)  

a. The owner wishes to know how many bottles of beer the tavern must sell during the year to start making profit.

No. of bottles

b. What is the revenue at the break-even quantity found in the part a?

Revenue $

c. Not available in connect.

d. If Corner Tavern sells 115,000 bottles of beer a year, would it make a profit? (Hint: Draw the annual revenue and total annual cost vs. the number of bottles of beer sold per year. Make sure that the y-axis is to scale.)

• Yes

• No

e. The owner thinks $50,000 is a reasonable annual profit. How many bottles of beer should the tavern sell to make $50,000 profit?

No. of bottles           

f. An available option is to open the tavern earlier on the weekends. The attraction would be a discount of $0.60 off the regular price. The extra salaries of waitresses and bartender for the whole year are estimated to be $26,000. How many extra bottles of beer must the tavern sell in order to break-even in this option?

No. of extra bottles           

Candice operates an ice cream parlor in a small town in Tristate area. She knows that this a monopolistically competitive business because other producers in the area supply different flavors of ice cream. Candice runs her business as efficiently as possible, to maximize her profits. This year, Candice charges $5 per ice cream and experiences marginal cost of $3 and average total cost of $4 per ice cream at the optimal level of output. Does Candice have profits in short term (this year)? Can you predict how ice cream market conditions for Candice will be changing in the near future? What will be Candice's profit in the long-run?

Trevor is interested in purchasing the local hardware/electronic goods store in a small town in South Ohio. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 60% of the business days it is open. Estimate the probability that the store will gross over $850

1. at least 6 out of 10 business days.

0.68256

2. at most 3 of the 10 business days.

3. fewer than 7 out of 20 business days.

4. more than 16 out of 20 business days.

5. What is the expected (mean) number of business days for which the store would gross over $850 in a month (30 days)?

You are doing some research on the cost of one-bedroom apartments in town. Based on prices from previous years, a real estate agent gives you the information that σ is approximately $55 and μ is approximately $675per month. Assume that price follows roughly a normal distribution. You have randomly selected 25 apartments for which the price was published. The average price for these apartments is ?̅=695. You are to test if μ is less than 675.You set the null and alternative hypotheses as follows:

?0: ?≤ 675 ?? ??: ?>675

a. Compute the test statistic value.

b. If α=0.05, what is the critical value?

c. What is the p value?

d. What is the conclusion if α=0.05?

e. What is the conclusion if α=0.02?

Trevor is interested in purchasing the local hardware/sporting goods store in the small town of Dove Creek, Montana. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 50% of the business days it is open. Estimate the probability that the store will gross over $850 for the following. (Round your answers to three decimal places.)

(a) at least 3 out of 5 business days


(b) at least 6 out of 10 business days


(c) fewer than 5 out of 10 business days


(d) fewer than 6 out of the next 20 business days


If the outcome described in part (d) actually occurred, might it shake your confidence in the statement p = 0.50? Might it make you suspect that p is less than 0.50? Explain.

Yes. This is unlikely to happen if the true value of p is 0.50.Yes. This is likely to happen if the true value of p is 0.50.    No. This is unlikely to happen if the true value of p is 0.50.No. This is likely to happen if the true value of p is 0.50.

(e) more than 17 out of the next 20 business days


If the outcome described in part (e) actually occurred, might you suspect that p is greater than 0.50? Explain.

Yes. This is unlikely to happen if the true value of p is 0.50.Yes. This is likely to happen if the true value of p is 0.50.    No. This is unlikely to happen if the true value of p is 0.50.No. This is likely to happen if the true value of p is 0.50.

Some sources report that the weights of​ full-term newborn babies in a certain town have a mean of

99

pounds and a standard deviation of

0.60.6

pounds and are normally distributed.a. What is the probability that one newborn baby will have a weight within

0.60.6

pounds of the

meanlong dash—that

​is, between

8.48.4

and

9.69.6

​pounds, or within one standard deviation of the​ mean?b. What is the probability that the average of

ninenine

​babies' weights will be within

0.60.6

pounds of the​ mean; will be between

8.48.4

and

9.69.6

​pounds?

c. Explain the difference between​ (a) and​ (b).

a. The probability is

nothing.

​(Round to four decimal places as​ needed.)

The following transactions took place in the town of Burchette during 20X3: 1. A bond issue of $12,000,000 was authorized for the construction of a library, and the estimated bond proceeds and related appropriations were recorded in the General Ledger accounts of a new Capital Projects Fund. 2. The bonds were sold at a premium of $90,000. 3.The cost of issuing the bonds, $80,000, was paid. 4. An order was placed for material estimated to cost $6,500,000. 5. Salaries and wages of $500,000 were paid. 6. The premium, net bond of issuance costs, was transferred to a Debt Service Fund. The following transactions took place in 20X4: 7. The materials were received, the actual cost was $6,585,000. 8. Salaries and wages of $4,010,000 were paid. 9. All outstanding bills were paid. 10. The project was completed. The accounts were closed, and the remaining balance was transferred to a Debt Service Fund. a. Prepare all journal entries (budgetary and actual), including closing entries, to record the Capital Projects Fund transfers for 20X3 and 20X4. b. Prepare a Capital Projects Fund balance sheet as of December 31, 20X3. c. Prepare a Capital Projects Fund Statement of Revenues, Expenditures, and Changes in Fund Balance for the project, including (1) the year ended December 31, 20X3, and (2) a separate budgetary combined comparison statement for the years ended December 31 20X3 and 20X4.

Can anybody help with the closing entries for both 20x3 and 20x4? I see different answers and could you an explanation, especially on the fund balance/appropriations entry for 20x3. One post showed an entry to fund balance debit $5 mil and credit appropriations $5 mil. When a comment was posted the response was I don't know, just the answer I was given.

The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning on July 1. The budget provides for estimated revenues of $2,493,000 as follows: property taxes, $1,828,000; licenses and permits, $305,000; fines and forfeits, $205,000; and intergovernmental (state grants), $155,000. The budget approved appropriations of $2,452,000 as follows: G

eneral Government, $455,000;

Public Safety, $1,510,000;

Public Works, $305,000;

Culture and Recreation, $141,000;

and Miscellaneous, $41,000.

Required a. & b. Prepare the journal entry (or entries), to record the Town of Bedford Falls’s General Fund operating budget on July 1, the beginning of the Town’s fiscal year and also record the following transactions that occurred during the month of July. Also show entries in the subsidiary ledger accounts, to record the Town of Bedford Falls’s General Fund operating budget on July 1, the beginning of the Town’s fiscal year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Revenues were collected in cash amounting to $50,000 for licenses and permits and $21,500 for fines and forfeits. Supplies were ordered by the following functions in early July at the estimated costs shown: General Government $ 9,300 Public Safety 15,100 Public Works 8,000 Culture and Recreation 6,100 Miscellaneous 2,800 Total $ 41,300 During July, supplies were received at the actual costs shown below and were paid in cash. General Government, Culture and Recreation, and Miscellaneous received all supplies ordered. Public Safety and Public Works received part of the supplies ordered earlier in the month at estimated costs of $12,600 and $7,800, respectively. Actual Cost Estimated Cost General Government $ 9,200 $ 9,300 Public Safety 12,700 12,600 Public Works 8,000 7,800 Culture and Recreation 6,000 6,100 Miscellaneous 2,800 2,800 Total $ 38,700 $ 38,600 Calculate the amount of budgeted but unrealized revenues in total and from each source as of July 31. (Input all amounts as positive values.) Calculate the amount of available appropriation in total and for each function as of July 31.(Input all amounts as positive values.) Expert Answer An expert answer will be posted here Post a question Answers from our experts for your tough homework questions

Trevor is interested in purchasing the local hardware/sporting goods store in the small town of Dove Creek, Montana. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 70% of the business days it is open. Estimate the probability that the store will gross over $850 for the following. (Round your answers to three decimal places.)

(a) at least 3 out of 5 business days


(b) at least 6 out of 10 business days


(c) fewer than 5 out of 10 business days


(d) fewer than 6 out of the next 20 business days

(e) more than 17 out of the next 20 business days