27.Your uncle has a big proportion of his life savings deposited in one of the Big Four Australian banks. He read in the newspaper that due to COVID-19, these banks’ profitability has declined significantly as a result of some customers not being able to service their loans and negative economic outlook. He is worried that his deposit in the bank may not be secure and is wondering whether he should withdraw all his deposit from the bank. Knowing that you have just completed this unit, he asked for your advice.
What advice will you provide to your uncle given what you have learned about financial institutions in this unit?

Work on excel

Design.xlsx.

(a) Contruct a Frequency Histogram with a revised Bin size. (Bin width =3 ). Hint: Use Data Analysis from Data menu, Histogram to create a Bin size of the desired bin width(=3). (b) Construct A Cumulative Percentage Histogram. (c) Contruct A Frequency Polygon. [ Hint: Use Line Graph]

ASTRO Inc.

Statement of Financial Position

December 31, 2018

            Assets                                                              Liabilities

Cash                                      $259,000           Notes Payable 8%             $60,000

Inventory                                $6,000           Accounts Payable              $40,000

Prepaid Insurance                $3,000                      Total                                  $100,000

Supplies                                  $4,000           Common Stock $5 par   $140,000

Land                                       $6,000           Excess of par                      $60,000

Building        $480,000                                  Retained earnings           $418,000

Acc. Depr. ( $40,000)       $440,000                       Total                                    $618,000

Total Assets                         $718,000           Total Liabilities & Equity            $718,000

You are asked to prepare, in good financial form, a set of financial statements for Saratoga Inc. for the quarter ending 3/31/2019.

Jan. 1 – ASTRO purchased equipment for $70,000 and signed a note for the entire cost. The interest rate on the note is 6%. This loan requires monthly payments of $2,000. Monthly payments include interest and principle. Useful life is 5 years.

Jan. 1 – ASTRO purchased on this date for $100,000. Useful life for this machine is 10 years. ASTRO elected to sign a note for the full amount of the purchase price. The note has a 10% rate of interest. Payment on the note will be yearly and the first payment is due December 31, 2019.

Jan. 10 – Purchased $80,000 of inventory.   The company paid in full on this date.

Jan. 15 – Issued 200,000 shares of common stock of ASTRO Inc. for $12 per share. All cash received on this date.

Jan. 20 – ASTRO purchased $50,000 of inventory on account.

Jan. 27 – Sales to a customer amounted to $590,000. Received $18,000 in cash on this date.

Feb. 1 – ASTRO made a $2,000 monthly note payment in cash. This note was created on January 1, 2019.

Feb. 15 – Salary and wage expense were paid in the amount of $26,000.

Feb. 27 – The $2,000 monthly note payment was made. This note was entered into Jan. 1, 2019.

Feb. 27 – Received payment in full for the sales generated on Jan. 27, 2019.

Mar. 15 – ASTRO paid $9,000 for advertising.

Mar. 18 – Dividends declared to shareholders for record owners on March 31, 2019 - to be paid on April 1, 2019. The amount of the dividend is $1 per share.

Mar. 31 – Salary and wages paid in the amount of $5,000.

Mar. 31 – Supply Inventory was $1,000.

Mar. 31 - Sales to customer amounted to $35,000 and no discounts were given. Cash was received for the full price.

Mar. 31 - Inventory [merchandise] at March 31, 2019 was $10,000.

Mar. 31 - ASTRO paid wages of $23,000 this date

Mar. 31 - Assume the tax rate is 15% for ASTRO Inc.

Mar. 31 – ASSUME that the prepaid insurance of $3,000 listed on the balance sheet dated December 31, 2018 is the cost of the insurance policy from January 1, 2019 to December 31, 2019.

Building has a useful life of 20 years.

CREATE the following

Statement of Revenue & Expenses {Income statement}

Statement of Retained Earnings

Statement of Financial Position {Balance Sheet}

Tee accounts

All Journal Entries

ASTRO Inc.

Statement of Financial Position

December 31, 2018

Assets Liabilities

Cash $259,000 Notes Payable 8% $60,000

Inventory $6,000 Accounts Payable $40,000

Prepaid Insurance $3,000 Total $100,000

Supplies $4,000 Common Stock $5 par $140,000

Land $6,000 Excess of par $60,000

Building $480,000 Retained earnings $418,000

Acc. Depr. ( $40,000) $440,000 Total $618,000

Total Assets $718,000 Total Liabilities & Equity $718,000

You are asked to prepare, in good financial form, a set of financial statements for Saratoga Inc. for the quarter ending 3/31/2019.

Jan. 1 – ASTRO purchased equipment for $70,000 and signed a note for the entire cost. The interest rate on the note is 6%. This loan requires monthly payments of $2,000. Monthly payments include interest and principle. Useful life is 5 years.

Jan. 1 – ASTRO purchased on this date for $100,000. Useful life for this machine is 10 years. ASTRO elected to sign a note for the full amount of the purchase price. The note has a 10% rate of interest. Payment on the note will be yearly and the first payment is due December 31, 2019.

Jan. 10 – Purchased $80,000 of inventory. The company paid in full on this date.

Jan. 15 – Issued 200,000 shares of common stock of ASTRO Inc. for $12 per share. All cash received on this date.

Jan. 20 – ASTRO purchased $50,000 of inventory on account.

Jan. 27 – Sales to a customer amounted to $590,000. Received $18,000 in cash on this date.

Feb. 1 – ASTRO made a $2,000 monthly note payment in cash. This note was created on January 1, 2019.

Feb. 15 – Salary and wage expense were paid in the amount of $26,000.

Feb. 27 – The $2,000 monthly note payment was made. This note was entered into Jan. 1, 2019.

Feb. 27 – Received payment in full for the sales generated on Jan. 27, 2019.

Mar. 15 – ASTRO paid $9,000 for advertising.

Mar. 18 – Dividends declared to shareholders for record owners on March 31, 2019 - to be paid on April 1, 2019. The amount of the dividend is $1 per share.

Mar. 31 – Salary and wages paid in the amount of $5,000.

Mar. 31 – Supply Inventory was $1,000.

Mar. 31 - Sales to customer amounted to $35,000 and no discounts were given. Cash was received for the full price.

Mar. 31 - Inventory [merchandise] at March 31, 2019 was $10,000.

Mar. 31 - ASTRO paid wages of $23,000 this date

Mar. 31 - Assume the tax rate is 15% for ASTRO Inc.

Mar. 31 – ASSUME that the prepaid insurance of $3,000 listed on the balance sheet dated December 31, 2018 is the cost of the insurance policy from January 1, 2019 to December 31, 2019.

Building has a useful life of 20 years.

CREATE the following

Statement of Revenue & Expenses {Income statement}

Statement of Retained Earnings

Statement of Financial Position {Balance Sheet}

Tee accounts

All Journal Entries

ASTRO Inc.

Statement of Financial Position

December 31, 2018

            Assets                                                              Liabilities

Cash                                      $259,000           Notes Payable 8%             $60,000

Inventory                                $6,000           Accounts Payable              $40,000

Prepaid Insurance                $3,000                      Total                                  $100,000

Supplies                                  $4,000           Common Stock $5 par   $140,000

Land                                       $6,000           Excess of par                      $60,000

Building        $480,000                                  Retained earnings           $418,000

Acc. Depr. ( $40,000)       $440,000                       Total                                    $618,000

Total Assets                         $718,000           Total Liabilities & Equity            $718,000

You are asked to prepare, in good financial form, a set of financial statements for Saratoga Inc. for the quarter ending 3/31/2019.

Jan. 1 – ASTRO purchased equipment for $70,000 and signed a note for the entire cost. The interest rate on the note is 6%. This loan requires monthly payments of $2,000. Monthly payments include interest and principle. Useful life is 5 years.

Jan. 1 – ASTRO purchased on this date for $100,000. Useful life for this machine is 10 years. ASTRO elected to sign a note for the full amount of the purchase price. The note has a 10% rate of interest. Payment on the note will be yearly and the first payment is due December 31, 2019.

Jan. 10 – Purchased $80,000 of inventory.   The company paid in full on this date.

Jan. 15 – Issued 200,000 shares of common stock of ASTRO Inc. for $12 per share. All cash received on this date.

Jan. 20 – ASTRO purchased $50,000 of inventory on account.

Jan. 27 – Sales to a customer amounted to $590,000. Received $18,000 in cash on this date.

Feb. 1 – ASTRO made a $2,000 monthly note payment in cash. This note was created on January 1, 2019.

Feb. 15 – Salary and wage expense were paid in the amount of $26,000.

Feb. 27 – The $2,000 monthly note payment was made. This note was entered into Jan. 1, 2019.

Feb. 27 – Received payment in full for the sales generated on Jan. 27, 2019.

Mar. 15 – ASTRO paid $9,000 for advertising.

Mar. 18 – Dividends declared to shareholders for record owners on March 31, 2019 - to be paid on April 1, 2019. The amount of the dividend is $1 per share.

Mar. 31 – Salary and wages paid in the amount of $5,000.

Mar. 31 – Supply Inventory was $1,000.

Mar. 31 - Sales to customer amounted to $35,000 and no discounts were given. Cash was received for the full price.

Mar. 31 - Inventory [merchandise] at March 31, 2019 was $10,000.

Mar. 31 - ASTRO paid wages of $23,000 this date

Mar. 31 - Assume the tax rate is 15% for ASTRO Inc.

Mar. 31 – ASSUME that the prepaid insurance of $3,000 listed on the balance sheet dated December 31, 2018 is the cost of the insurance policy from January 1, 2019 to December 31, 2019.

Building has a useful life of 20 years.

CREATE the following

Statement of Revenue & Expenses {Income statement}

Statement of Retained Earnings

Statement of Financial Position {Balance Sheet}

Tee accounts

All Journal Entries

The Best Clothing Company, a retail corporation, had the following post closing trial balance, December 31, 2016 (in thousands of dollars).

ACCOUNT

NUMBER         NAME OF ACCOUNT                                         DEBIT           CREDIT

10                       CASH                                                                           30

20                       ACCOUNTS RECEIVABLE                                    91

34                       NOTES RECEIVABLE, CURRENT                     100

35                       ACCRUED INTEREST RECEIVABLE                 16

40                       MERCHANDISE INVENTORY                            160

52                       PREPAID FIRE INSURANCE                                   3

62                       NOTES RECEIVABLE LONG TERM                 100

74                       EQUIPMENT                                                           120

74A                    ACCUMULATED DEPREC. EQUIP.                                                76

100                     ACCOUNTS PAYABLE                                                                      90

111                     ACCRUED WAGES PAYABLE                                                           8

123                     ACCRUED INCOME TAXES PAYABLE                                           4

137                     UNEARNED SALES REVENUE                                                        10

200                     PAID IN CAPITAL                                                                             110

230                     RETAINED INCOME                                             ___                     322

                                                                                                               620                     620

The following summarized transactions occurred during 2017 and are shown in thousands of dollars.

a.         Merchandise inventory purchased on open account was $480.

b.         Total sales were $890, of which 80% were on credit.

c.         The sales in (b) were exclusive of the deliveries of goods to customers who had paid in advance as of December 31, 2016. See account # 137 on the above trial balance. All of those goods ordered in advance were all delivered in 2017.

d.         The cost of goods sold including those in (c), was $440.

e.         Collections from credit customers were $682.

f.          The notes receivable are from a major supplier of belts.  Interest on all notes was collected on May 1, 2017.  The rate is 12% per annum.  The accounting system provides for cash collections of interest to be credited first to existing accrued interest receivable (see account #35) carried over from the preceding period.

g.         The principal of the current notes receivable was collected on May 1, 2017.  The principal of the remaining notes is payable on May 1, 2018 (see entry [r]).

h.         As of December 31, 2017, customers had made a total of $7 in advance cash payments for "layaway"plans and for merchandise not yet in stock.  These payments were exclusive of any other transactions described above.

CASH DISBURSEMENTS WERE:

i.          To trade creditors for accounts payable, $470.

j.          To employees for wages, $193.  The accounting system for wages is to debit any existing accrued payables (see account #111) first and debit any remainder of a disbursement to wage expense.

k.         For miscellaneous expenses such as store rents, advertising, utilities, and suppliers, which were paid in cash, $189. It is not necessary to establish separate accounts for these items.

l.          New equipment was acquired on July 1, 2017 for $74.

m.           A new fire insurance policy for 36 months was secured and paid in full on September 1, 2017. The effective date of the policy was September 1, 2017 and the cost is $36.

n.            Income taxes were paid to the Federal and State governments in the amount of $19.  Only $15 of the $19 was debited to income tax expense because the company pays taxes on a quarterly basis (see account #123).

o.         The board of directors declared a cash dividend of $26 on December 15, 2017 to stockholders of record, January 5, 2018 and payable January 26, 2018.  This company uses an account called DIVIDENDS DECLARED to record the declaration of dividends. This means that your debit would be to Dividends Declared.  Do not debit retained earnings.

THE FOLLOWING ADJUSTMENTS WERE MADE ON DECEMBER 31, 2016:

p.         For the interest on notes receivable.

q.         For current fire insurance policy and the prepaid insurance of December 31, 2016, has expired too.  See account # 52 on the opening trial balance.

r.         For reclassification of the note receivable. This is necessary because the notes become payable the following year.

s.         For depreciation: depreciation expense for the year is $30.

t.          Wages earned but UNPAID, at December 31, 2017, $15.

u.         Total income tax expense for 2017is $20, computed as 40% of pretax income of $50.  Note: part of the 2016 income tax has already been recorded and paid, as indicated by transaction [n].  This is a MAJOR HINT: You must arrive at $50 as your Net Income before Income Tax Expense, if you DO NOT, there is a problem with your journal entries and/or postings.

You are the unfortunate accountant who must record all of the transactions listed above because the bookkeeper was fired for stealing from the store.  Therefore, you must do the following to close the books:

Post all balances as shown on the trial balance of 12/31/16 to T ACCOUNTS and indicate that they are opening balances for 1/1/17.  Then journalize all of the transactions from a. to u.  For any accounts not shown in the trial balance establish new accounts and USE ACCOUNT NUMBERS IN THE 300 SERIES.

Post all transactions that you have journalized to the T ACCOUNTS. All postings must contain posting references to the transaction codes, i.e., the letters a. - u.

Prepare a trial balance as of December 31, 2017.

Journalize and post the closing entries to CLOSE THE BOOKS

Prepare a multi step income statement as of December 31, 2017.

Prepare a statement of retained earnings as of December 31, 2017.

Prepare a classified comparative balance sheet for December 31, 2016 and December 31, 2017.

Between 1852 and 2005​, carbon dioxide (CO2​) concentration in the atmosphere rose from roughly 290 parts per million to 377 parts per million. Assume that this growth can be modeled with an exponential function: Upper Q equals Upper Q 0 times left parenthesis 1 plus r right parenthesis Superscript tQ=Q0×(1+r)t. a. By experimenting with various values of the growth rate​ r, find an exponential function that fits the data for 1852 and 2005. r ≈ ​(Round to five decimal places as​ needed.) b. Use this exponential model to predict when the CO2 concentration will double its1852 level. According to this​ model, the CO2 concentration will double its 1852 level in... ​(Type a whole​ number.)

My answer was incorrect from Chegg and my calculations are still off.

4. Suppose you are interested in the impact of minimum wages on employment. You collect the following data on two jurisdictions:

Consider the “before and after” approach using 2010 and 2015, which encompass an increase in the minimum wage in jurisdiction 1. The results would show:

a) a positive relationship between the change in the minimum wage and the change in employment.

b) a negative relationship between the change in the minimum wage and the change in employment.

c) no relationship between the change in the minimum wage and the change in employment.

d) none of the listed options.

[20pts] In 2005, 45% of parents with children in high school felt it was serious problem that high school students were not being taught enough math and science. A recent survey found that 52 out of 120 parents with children in high school felt it was a serious problem that high school students were not being taught enough math and science. Do parents feel differently today than they did in 2005? Conduct a hypothesis test at 5% significance level.

a.What are the null and alternative hypotheses? What is the type of the test (left, right, or two tailed)?

b. Compute the test statistic (Round intermediate steps to 4 decimal places and round to 2 decimal places.)

c. Use the z table to find the P-value

d. What is her conclusion? Show detailed comparison and explanation.