A 2010 study asserts that the number of hours that the average college student studies each week has been steadily dropping (The Boston Globe, July 4, 2010). In fact, the researchers state that, in the U.S., today’s undergraduates study an average of 14 hours per week. Suppose an administrator at a local university wants to show that the average study time of students at his university differs from the national average. He takes a random sample of 35 students at is university and finds that the average number of hours spent studying per week is 16.3. Assume that the population standard deviation is 7.2 hours. At 0.05 level of significance, what is the test statistics for testing the hypotheses H0: µ = 14 versus H1: µ ≠ 14?
In: Statistics and Probability
Cost allocation responsibility accounting ethics In 2019, only 806,840 Deliman meals were produced and sold to the hospitals. Smith suspects that hospital controllers had systematically inflated their 2010 meal estimates.
1. Recall that Deliman uses the master-budget capacity utilization to allocate fixed costs and to price meals. What was the effect of production-volume variance on Deliman’s operating income in 2010?
2. Why might hospital controllers deliberately overestimate their future meal counts?
3.What other evidence should Deli One’s controller seek to investigate Smith’s concerns?
4. Suggest two specific steps that Deli One’s controller might take to reduce hospital controllers’ incentives to inflate their estimated meal counts.
In: Statistics and Probability
Long-lived assets
Make necessary journal entries
1. On Jan 1, 2010 Hampton purchased equipment at a cost of $400,000! installation cost is $20,000. The equipment has a 10 year life and an expected salvage value at the end of 10 yrs. of 20,000
2. On Dec 31, 2010 Hampton determined that the fair value of the equipment was 390,000. No impairment loss is incurred.
3. On Jan 1st, 2011 Hampton revised the useful life of the computers to a total of 14 years to replace the original assumption of 10 years and the salvage value to $30,000
4. On Dec 31,2011 Hampton determined that the fair value of the equipment was $320,000 and an impairment loss is incurred.
5. On March 31, 2012 Hampton sold the equipment for $320,000
In: Accounting
ACT and SAT scores are both known to be normally distributed. In 2017, the mean and standard deviation for the ACT were μ=20 and σ=6, respectively. The mean and standard deviation for the SAT were μ=1060 and σ=200, respectively. a. What ACT score would place a student in the same percentile as a student who scored 1310 on the SAT in 2010? (In other words, what ACT score is "equivalent" to an SAT score of 1310?) Round your answer to the nearest integer. b. What SAT score would place a student in the same percentile as a student who scored 14.6 on the ACT in 2010? (In other words, what SAT score is "equivalent" to an ACT score of 14.6?) Round your answer to the nearest integer.
In: Statistics and Probability
The null, Ho, indicates that there is either no relationship or a positive relationship between Amazon’s growth over the past ten years and number of Best Buy brick and mortar locations. The alternative, H1, seeks to prove that there is a negative relationship between the variables, Amazon and Best Buy brick and mortar locations. In other words, Amazon’s growth is negatively impacting Best Buy by forcing store location closures. Using a 95% confidence interval, construct a test of hypothesis using the following data:
| Total number of Best Buy stores worldwide 2010-2019 | |
| 2010 | 1,565 |
| 2011 | 1,550 |
| 2012 | 1,711 |
| 2013 | 1,779 |
| 2014 | 1,779 |
| 2015 | 1,732 |
| 2016 | 1,632 |
| 2017 | 1,581 |
| 2018 | 1,514 |
| 2019 | 1,238 |
In: Statistics and Probability
Neuroinvasive West Nile virus refers to a severe disease that affects a person’s nervous system. It is spread by the Culex species of mosquito. In the United States in 2010 there were 629 reported cases of neuroinvasive West Nile virus out of a total of 1021 reported cases, and there were 486 neuroinvasive reported cases out of a total of 712 cases reported in 2011. Can we conclude that the 2011 proportion of neuroinvasive West Nile virus cases is significantly more than the 2010 proportion of neuroinvasive West Nile virus cases? If you conduct hypothesis testing, you have to consider:
Group of answer choices
a test of two proportions
a test of two independent means
a test of a single mean
a test of a single proportion.
In: Statistics and Probability
Axe Ltd. purchased a building worth Tshs. 200,000 on January 1,
2008. The building has a useful life of 20 years and the company
uses straight line method. On December 31, 2010 the company intends
to switch to revaluation model and carries out a revaluation
exercise which estimates the fair value of the building to be
Tshs.190,000 as at December 31, 2010. On December 31, 2012 Axe Ltd.
revalues the building again to find out that the fair value should
be Tshs.140,000. The expected useful life has remained
unchanged
Required: Calculate
a)Revaluation surplus amounts and show the Journal to record the
revaluations
b)Depreciation charge for each period
c)Excess depreciation to be transferredand show the Journal to
record the transfer
In: Accounting
Entries for Bonds Payable, including bond redemption The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year: Year 1 July 1. Issued $7,000,000 of five-year, 11% callable bonds dated July 1, Year 1, at a market (effective) rate of 13%, receiving cash of $6,496,782. Interest is payable semiannually on December 31 and June 30. Dec. 31. Paid the semiannual interest on the bonds. The bond discount amortization of $50,322 is combined with the semiannual interest payment. Dec. 31. Closed the interest expense account. Year 2 June 30. Paid the semiannual interest on the bonds. The bond discount amortization of $50,322 is combined with the semiannual interest payment. Dec. 31. Paid the semiannual interest on the bonds. The bond discount amortization of $50,322 is combined with the semiannual interest payment. Dec. 31. Closed the interest expense account. Year 3 June 30. Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $301,930 after payment of interest and amortization of discount have been recorded. (Record the redemption only.) Required: 1. Journalize the entries to record the foregoing transactions. If an amount box does not require an entry, leave it blank or enter "0". When required, round your answers to the nearest dollar. 2. Indicate the amount of the interest expense in (a) Year 1 and (b) Year 2. a. Year 1 $ 1,010,644 b. Year 2 $ 1,010,644 3. Determine the carrying amount of the bonds as of December 31, Year 2.
In: Accounting
1. Kolyesna Hotels Group acquired some financial data for the years 2010 and 2011
| Financial Data | 2010 | 2011 |
| Net Income | $118,000 | $149,000 |
| Total Revenue | $1,910,000 | $2,070,000 |
| Total Assets | $3,789,000 | $4,612,000 |
| Total Owner's Equity | $910,000 | $1,010,000 |
| Preferred Dividends Value | $10,000 | $11,500 |
| Common Shares Outstanding | 42,000 | 57,000 |
| Market Price per Share | $44.10 | $50.82 |
Using the financial data table, calculate the required ratios for
the Kolyesna Hotel Group in 2011 (assume there are 365 days in a
year).
a) Profit margin ratio
b) Return on assets (ROA)
c) Return on equity (ROE)
d) Earnings per share (EPS) with common stock
e) Earnings per share (EPS) with preferred stock
f) Price/Earnings ratio (P/E) for both common and preferred
stock
2. The return on asset (ROA) and profit margin ratio for Tiggie’s Quick Food Corp. were 11.25% and 24.80% in 2013. If the total asset value of this firm was $25 million at the end of 2013, what is the total revenue generated in 2013?
3. Jamming Luxury Lodging Properties has obtained the financial data as follows:
| Balance Sheet Item | 2009 ($) | 2010 ($) |
| Total Assets | 4,140,000 | 5,000,000 |
| Total Owner's Equity | 2,550,000 | 2,920,000 |
| Net Income | 1,900,000 | 2,050,000 |
Based on the financial information given, calculate return on owner’s equity (ROE) for Jamming Luxury Lodging Properties in 2010.
4. The financial data for Millen & Adams Boutique Hotel Inc. in both 2011 and 2012 are as follows:
| Financial Data | 2011 | 2012 |
| Net Income | $412,500 | $556,330 |
| Preferred Dividends Value | $34,600 | $32,100 |
| Common Shares Outstanding | 120,000 | 146,900 |
Based on the financial data table, calculate the earnings per share (EPS) with preferred stock for Millen & Adams Boutique Hotel Inc. in 2012.
In: Accounting
Year O On December 31, 2010, Arrieta Incorporated purchases a subsidiary of Sales Unlimited. Sales has a defined benefit pension plan. The actuary provides you the following information: 12/31/2010 (000s) Statement of financial position Benefit obligation 2,500 Fair value of plan assets 2,400 Funded status 12/31/2010 (100) Expected impact of plan alignment 240 The initial amount to be recognized on the books of Arrieta for initial recognition of the funded status of the Sales pension plan is: Benefit obligation 2,500 Fair value of plan assets 2,400 Funded status 12/31/2010 (100) Year 1 On July 1, 2011 Arrieta amends the plan to align the benefits with its own plans, retroactive to the date of employment for the acquired employees. The retroactive benefits result in a prior service cost. The remaining service lives of those employees (average time to retirement) is 12 years. The actuary presents you with the following information as of 12/31/2011 Service cost 100 Interest cost 94 Expected return on plan assets 168 Actuarial gain/loss 22 Plan amendment 240 Actual return on plan assets 125 Benefits paid (75) Employer contributions 35 1/1/2011 12/31/2011 Discount rate 3.75% 4.00% Expected return 7.00% 7.00% Salary increases 4.00% 4.00% Required: a) Prepare the disclosure for the change in plan obligation and the change in plan assets for the year and determine the ending funded status. b) Prepare the disclosure for the net period benefit cost for the period. c) Provide ASC references to support the accounting for the prior service cost. d) Determine the amount of any amortization of gains and losses for the following year. Provide ASC references to support the calculation.
In: Accounting