The following is a random list showing the account balances of various assets, liabilities, revenues and expenses for Jones Painting Company at December 31, 2020, the end of its first year of operations.
Accounts receivable 7,100
Acounts payable 2,500
salary expense 3,200
repair expense 700
truck 8,300
equipment 6,700
unearned revenue 3,000
cash 6,100
supplies expense 1,600
service revenue 15,800
Gasoline Expense 3,000
Salary payable 2,100
3. the Statement of owners equity would show an ending balance of
A. 21,800
B. 18,800
C. 20,600
D. 25,300
E. 26, 500
In: Accounting
The dataset that we will investigate is Public Health Statistics for the City of Chicago by neighborhood which represents the years 2005-2011. The data contains 27 variables with measures such as death rates, birthrates, Assault, Breast Cancer, Diabetes, per Capita Income and many other measures. The dataset represents 77 area (neighborhoods) in the City of Chicago which we will treat as individual observations n=77 as it has been estimated through different sampling methods and sources. The data is provided by the department of Public Health and the U.S Census Bureau.
2. For the variable Per Capita Income for all neighborhoods create a histogram with minimum five classes.
3. Describe the Shape of the histogram that you created for the variable per Capita Income.
5. In detail, summarize what the information that a five-number summary for the variable Per Capita Income provides for the City of Chicago.
6. Calculate the Mean and Standard deviation for the variable Per Capita Income.
7. Calculate the margin of error for a 95% confidence interval for the mean of the variable Per Capita Income.
8. Determine the 95% Confidence Interval for the mean of the variable Per Capita Income.
9. Interpret the 95% Confidence Interval for the mean of Per Capita Income.
10. A researcher claims that the mean rate of individuals below poverty in the City of Chicago is below 17 %. Based on the data represented for the years 2005 – 2011, perform a hypothesis test to test his claim using a significance level of α = 0.10.
11. Would your conclusion change for question 10 if you used a significance level of α = 0.05? Explain.
12. A survey conducted at Chicago Public Schools (CPS) involving high school students on whether they had participated in binged drinking during the past month. Binge drinking was defined as 5 or more drinks in a row on one or more of the past 30 days.
|
Number who identified as having participated in Binge Drinking. |
72 |
|
Total participants |
567 |
a. From the sample data is there evidence that the proportion of students who participate in binge drinking is greater than 10%? Write a null and alternative hypothesis and perform an appropriate significance test using α=0.05.
b. Construct a 90% Confidence Interval for the population proportion. Does it support the same conclusion as in 12a? Explain.
In: Statistics and Probability
q= K^1/3 L^1/3 w=$2, V=$16, k=27, p=$32
a)what's the firm level of labor and profit?
b)what'd you suggest for adjustment of short-run and future amount of K and L?
In: Economics
The company sells an industrial line of products that are all subject to a 3-year warranty. Prior experience has resulted in an average warranty cost of 3% of revenue for its products. The company had an accrued warranty liability of $500,000 at December 2018. During January of 2019, product sales were $6 million, and the actual warranty costs incurred were $145,000.
a. Prepare journal entries to record product sales (assume all credit sales), the warranty accrual, and actual warranty costs incurred in January of 2019.
b. Show a T-account with for the transactions in the Estimated Warranty Liability account for January, with the correct ending balance for this liability.
In: Accounting
Problem 7-20 Evaluating the Profitability of Services [LO7-2, LO7-3, LO7-4, LO7-5]
Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For its services, the company has always charged a flat fee per hundred square feet of carpet cleaned. The current fee is $23.95 per hundred square feet. However, there is some question about whether the company is actually making any money on jobs for some customers—particularly those located on remote ranches that require considerable travel time. The owner’s daughter, home for the summer from college, has suggested investigating this question using activity-based costing. After some discussion, she designed a simple system consisting of four activity cost pools. The activity cost pools and their activity measures appear below:
| Activity Cost Pool | Activity Measure | Activity for the Year | |
| Cleaning carpets | Square feet cleaned (00s) | 9,000 | hundred square feet |
| Travel to jobs | Miles driven | 285,500 | miles |
| Job support | Number of jobs | 2,100 | jobs |
| Other (organization-sustaining costs and idle capacity costs) | None | Not applicable | |
The total cost of operating the company for the year is $366,000 which includes the following costs:
| Wages | $ | 146,000 |
| Cleaning supplies | 33,000 | |
| Cleaning equipment depreciation | 13,000 | |
| Vehicle expenses | 28,000 | |
| Office expenses | 61,000 | |
| President’s compensation | 85,000 | |
| Total cost | $ | 366,000 |
Resource consumption is distributed across the activities as follows:
| Distribution of Resource Consumption Across Activities | ||||||||||
| Cleaning Carpets | Travel to Jobs | Job Support | Other | Total | ||||||
| Wages | 79 | % | 13 | % | 0 | % | 8 | % | 100 | % |
| Cleaning supplies | 100 | % | 0 | % | 0 | % | 0 | % | 100 | % |
| Cleaning equipment depreciation | 68 | % | 0 | % | 0 | % | 32 | % | 100 | % |
| Vehicle expenses | 0 | % | 79 | % | 0 | % | 21 | % | 100 | % |
| Office expenses | 0 | % | 0 | % | 57 | % | 43 | % | 100 | % |
| President’s compensation | 0 | % | 0 | % | 29 | % | 71 | % | 100 | % |
Job support consists of receiving calls from potential customers at the home office, scheduling jobs, billing, resolving issues, and so on.
Required:
1. Prepare the first-stage allocation of costs to the activity cost pools.
2. Compute the activity rates for the activity cost pools.
3. The company recently completed a 800 square foot carpet-cleaning job at the Flying N Ranch—a 58-mile round-trip journey from the company’s offices in Bozeman. Compute the cost of this job using the activity-based costing system.
4. The revenue from the Flying N Ranch was $191.60 (800 square feet @ $23.95 per hundred square feet). Calculate the customer margin
numbers 1, 2, and 3 I got. I just cant find number 4. I always seem to have a hard time with customer margin! Thanks for all the help
In: Accounting
Harry and Sons’ Law Offices opened on January 1,2018. During the first year of business the company had the following transactions.
January 2: The owners Invested 300,000 (the par value of the stock) into the business and acquired 30,000 shares of common stock in return.
January 15: Harry and Sons’ bought an office building in the amount of $85,000. The company took out a long-term note from the bank to finance the purchase.
February 12: Harry and Son’ billed clients for $85,000 of services performed.
March 1: Harry and Sons’ took out a two-year insurance policy, which it paid cash for in the amount of $18,000.
March 10: harry collected $30,000 from clients toward the outstanding accounts receivable balance.
May 13: Harry received cash payments totaling $270,000 for legal services-$55,000 was for services previously billed to customers on February 12 and the remainder was for services provided in May not yet recorded.
June 10: Harry purchased office supplies in the amount of $25,000, all on credit.
July 15: Harry paid wages of $24,000 in cash to office staff workers.
August 8: Harry paid off the $25000 balance owed to a supplier for the purchase made June 10.
September 3:Harry and Sons’ purchased $5,000 of office supplies in cash.
September 20: The company paid $14,000 cash for utilities.
October 1: Harry and Sons’ paid wages in the amount of $22,000 to office workers.
December 1: Harry and Sons’ received cash payments from clients in the amount of $310,000 for services to be performed in the upcoming months.
December 31: Harry declared and paid a $18,000 dividend.
*Additional Information
Of the cash payments received from customers on December 1, half of these services were performed in December and half relates to future services to be rendered in the following year.
Ten months of the insurance policy expired by the end of the year.
Depreciation for the full year should be recorded on the building purchased. the building has a 20-year life and no residual value. Depreciation will be recorded on a straight-line bases.
A total of $12,000 of office supplies remains on hand at the end of the year.
Interest Expense in the amount of $4,250 should be accrued on the note payable.
Wages in the amount of $48,000 must be accrued at year end to be paid in January.
Harry’s Unadjusted Trial Balance at December 31,2018 is as follows.
Unadjusted Trial Balance
At December 31,2018
Account Debit Credit
Cash $784,000
Office Supplies 30,000
Prepaid Insurance 18,000
Building 85,000
Unearned Service Revenue $310,000
Notes Payable 85,000
Common Stock 300,000
Dividends 18,000
Service Revenue 300,000
Wage Expense 46,000
Utilites Expense 14,000
Total: $995,000 $995,000
Requirements
A) Journalize and post adjusting journal entries for Harry and Sons’.
B) Post the adjusting Journal entries to the T-accounts to obtain the adjusted balances.
C) Prepare a Single-Step Income Statement, Statement of Shareholders Equity, and a Balance Sheet.
In: Accounting
Harry and Sons’ Law Offices opened on January 1,2018. During the first year of business the company had the following transactions.
January 2: The owners Invested 300,000 (the par value of the stock) into the business and acquired 30,000 shares of common stock in return.
January 15: Harry and Sons’ bought an office building in the amount of $85,000. The company took out a long-term note from the bank to finance the purchase.
February 12: Harry and Son’ billed clients for $85,000 of services performed.
March 1: Harry and Sons’ took out a two-year insurance policy, which it paid cash for in the amount of $18,000.
March 10: harry collected $30,000 from clients toward the outstanding accounts receivable balance.
May 13: Harry received cash payments totaling $270,000 for legal services-$55,000 was for services previously billed to customers on February 12 and the remainder was for services provided in May not yet recorded.
June 10: Harry purchased office supplies in the amount of $25,000, all on credit.
July 15: Harry paid wages of $24,000 in cash to office staff workers.
August 8: Harry paid off the $25000 balance owed to a supplier for the purchase made June 10.
September 3:Harry and Sons’ purchased $5,000 of office supplies in cash.
September 20: The company paid $14,000 cash for utilities.
October 1: Harry and Sons’ paid wages in the amount of $22,000 to office workers.
December 1: Harry and Sons’ received cash payments from clients in the amount of $310,000 for services to be performed in the upcoming months.
December 31: Harry declared and paid a $18,000 dividend.
*Additional Information
Of the cash payments received from customers on December 1, half of these services were performed in December and half relates to future services to be rendered in the following year.
Ten months of the insurance policy expired by the end of the year.
Depreciation for the full year should be recorded on the building purchased. the building has a 20-year life and no residual value. Depreciation will be recorded on a straight-line bases.
A total of $12,000 of office supplies remains on hand at the end of the year.
Interest Expense in the amount of $4,250 should be accrued on the note payable.
Wages in the amount of $48,000 must be accrued at year end to be paid in January.
Harry’s Unadjusted Trial Balance at December 31,2018 is as follows.
Unadjusted Trial Balance
At December 31,2018
Account Debit Credit
Cash $784,000
Office Supplies 30,000
Prepaid Insurance 18,000
Building 85,000
Unearned Service Revenue $310,000
Notes Payable 85,000
Common Stock 300,000
Dividends 18,000
Service Revenue 300,000
Wage Expense 46,000
Utilites Expense 14,000
Total: $995,000 $995,000
Requirements
A) Journalize and post adjusting journal entries for Harry and Sons’.
B) Post the adjusting Journal entries to the T-accounts to obtain the adjusted balances.
C) Prepare a Single-Step Income Statement, Statement of Shareholders Equity, and a Balance Sheet.
In: Accounting
1 The company issued common stock for $21,000
2a Supplies are purchased for $3,000.
2b Insurance is paid for 6 months beginning January 1: $5,400 (record as an asset)
2c Rent is paid for 3 months beginning in January: $4,500 (record as an asset)
3 Blackberry Mountain Inc borrows $45,000 from 1st State Bank at 12% annual interest.
6 An equipment is purchased for $22,500 cash. It will be used for 3 years and will be depreciated monthly using straight-line depreciation with no salvage value. A full month of depreciation will be charged in January.
9 Services are performed for customers on account. Invoices totaling $9,800 are mailed.
10 Services are performed for cash customers: $7,600.
15 Blackberry Mountain Inc borrows $16,000 from 2nd State Bank at 9% annual interest.
16 Wages for the first half of the month are paid on January 16: $4,200
20 The company receives $3,000 from a customer for an advance order for services to be provided in January and February.
25 Collections from customers on account (see January 9 transaction): $4,500.
30 A $3,100 utility bill for January arrived. It is due on February 15.
Additional information for the adjusting entries at January 31:
a. The company completed 60% of the deliveries for the customer that paid in advance on January 20th.
b. Interest is accrued for the two bank loans (assume a full month for the 1st State Bank loan and ½ month for the 2nd State Bank loan).
c. The last 2 weeks wages earned by employees are $4,200 and will be paid on February 3rd.
d. Record January depreciation.
e. Adjust the prepaid asset accounts as needed.
Instructions
1. Prepare journal entries for each event.
2. Prepare the t-accounts
3. Prepare unadjusted Trial Balance.
4. Record Adjusting Entries.
5. Prepare Adjusting Trial Balance.
6. Prepare Income Statement, Balance sheet, and Statement of Retained Earnings.
7. Prepare closing Entries.
Can you please answer all questions in detail that how you did calculations?
The more important part is financial statements and closing entries. I need all details.
In: Accounting
Transactions for Blackberry Mountain Inc for the month of January is as follows:
1/1 Company issued common stock for $21,000
1/2 a Supplies are purchased for $3,000.
1/2 b Insurance is paid for 6 months beginning January 1: $5,400 (record as an asset)
1/2 c Rent is paid for 3 months beginning in January: $4,500 (record as an asset)
1/3 Blackberry Mountain Inc borrows $45,000 from 1st State Bank at 12% annual interest.
1/6 An equipment is purchased for $22,500 cash. It will be used for 3 years and will be depreciated
monthly using straight-line depreciation with no salvage value. A full month of depreciation
will be charged in January. (Depreciation Expense= 22,500/3*1/12=635)
1/9 Services are performed for customers on account. Invoices totaling $9,800 are mailed.
1/10 Services are performed for cash customers: $7,600.
1/15 Blackberry Mountain Inc borrows $16,000 from 2nd State Bank at 9% annual interest.
1/16 Wages for the first half of the month are paid on January 16: $4,200
1/20 The company receives $3,000 from a customer for an advance order for services to be
provided in January and February.
1/25 Collections from customers on account (see January 9 transaction): $4,500.
1/30 A $3,100 utility bill for January arrived. It is due on February 15.
Additional information for the adjusting entries at January 31:
a. The company completed 60% of the deliveries for the customer that paid in advance on
January 20th.
b. Interest is accrued for the two bank loans (assume a full month for the 1st State Bank loan and
½ month for the 2nd State Bank loan).
c. The last 2 weeks’ wages earned by employees are $4,200 and will be paid on February 3rd.
d. Record January depreciation.
e. Adjust the prepaid asset accounts as needed.
Instructions
5. Prepare Adjusting Trial Balance.
6. Prepare Income Statement, Balance sheet, and Statement of Retained Earnings.
7. Prepare closing Entries.
In: Accounting
4.Are privately owned or publicly owned forests likely to result in the Most efficient management of forest resources?
5. Describe what is meant by the “portfolio choice” approach to managing renewable resource stocks like forests.
In: Economics