Two fuel storage tanks will be placed at an oil refinery near Bakersfield. The tanks are 10 m in diameter, are spaced center-to-center at 15 m, and contain fuel that has a Gs=0.95. The height of the fuel in the tanks is 4 m. Determine the stress change in the soil below the tanks at 4 locations: a) beneath the centerline between the tanks, b) beneath the edge closest to the other tank, c) beneath the center of one tank, and d) beneath the far edge of the tank. These calculation need to be carried out for a depth of 10 m. Assume the base of the tanks rests on the ground surface (no embedment), that the water table is very deep, and the unit weight is 18 kN/m3 .
In: Civil Engineering
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Near the end of 2011, the management of Simid Sports Co., a merchandising company, prepared the following estimated statement of financial position for December 31, 2011. |
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SIMID SPORTS COMPANY Estimated Statement of Financial position December 31, 2011 |
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| Assets | |||||
| Cash | $ | 35,500 | |||
| Accounts receivable | 520,000 | ||||
| Inventory | 157,500 | ||||
| Total current assets | 713,000 | ||||
| Equipment | $ | 536,000 | |||
| Less accumulated depreciation | 67,000 | 469,000 | |||
| Total assets | $ | 1,182,000 | |||
| Liabilities and Equity | |||||
| Accounts payable | $ | 375,000 | |||
| Bank loan payable | 16,000 | ||||
| Tax payable (due 3/15/2012) | 89,000 | ||||
| Total liabilities | $ | 480,000 | |||
| Share capital—ordinary | 473,500 | ||||
| Retained earnings | 228,500 | ||||
| Total stockholders’ equity | 702,000 | ||||
| Total liabilities and equity | $ | 1,182,000 | |||
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To prepare a master budget for January, February, and March of 2012, management gathers the following information. |
| a. |
Simid Sports’ single product is purchased for $30 per unit and resold for $54 per unit. The expected inventory level of 5,250 units on December 31, 2011, is more than management’s desired level for 2012, which is 20% of the next month’s expected sales (in units). Expected sales are: January, 7,000 units; February, 8,750 units; March, 10,500 units; and April, 9,500 units. |
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| b. |
Cash sales and credit sales represent 25% and 75%, respectively, of total sales. Of the credit sales, 63% is collected in the first month after the month of sale and 37% in the second month after the month of sale. For the December 31, 2011, accounts receivable balance, $125,000 is collected in January and the remaining $395,000 is collected in February. |
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| c. |
Merchandise purchases are paid for as follows: 20% in the first month after the month of purchase and 80% in the second month after the month of purchase. For the December 31, 2011, accounts payable balance, $75,000 is paid in January and the remaining $300,000 is paid in February. |
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| d. |
Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $90,000 per year. |
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| e. |
General and administrative salaries are $144,000 per year. Maintenance expense equals $2,000 per month and is paid in cash. |
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| f. |
Equipment reported in the December 31, 2011, statement of financial position was purchased in January 2011. It is being depreciated over eight years under the straight-line method with no residual value. The following amounts for new equipment purchases are planned in the coming quarter: January, $34,000; February, $95,000; and March, $28,500. This equipment will be depreciated under the straight-line method over eight years with no residual value. A full month’s depreciation is taken for the month in which equipment is purchased. |
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| g. |
The company plans to acquire land at the end of March at a cost of $145,000, which will be paid with cash on the last day of the month. |
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| h. |
Simid Sports has a working arrangement with its bank to obtain additional loans as needed. The interest rate is 12% per year, and interest is paid at each month-end based on the beginning balance. Partial or full payments on these loans can be made on the last day of the month. The company has agreed to maintain a minimum ending cash balance of $32,740 in each month. |
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| i. |
The income tax rate for the company is 37%. Income tax on the first quarter’s income will not be paid |
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Answer the following questions(5---8) |
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| 5. |
Monthly capital expenditures budgets. 6.Monthly cash budgets. |
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| 8. |
Budgeted statement of financial position as at March 31, 2012. |
In: Accounting
You boss expects prices to go up in the near future and wants to use an option strategy. Explain to your boss when he wants to use the following strategies:
In: Finance
If the federal funds rate is set by the Taylor rule and the inflation rate increases by 3 percentage points, everything else remaining unchanged, the federal funds rate for a given inflation target should
increase by 4.5 percentage points
decrease by 1.5 percentage points
increase by 3 percentage points
decrease by 3 percentage points
In: Economics
In: Economics
CHAPTER 2-3
2.14
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A construction job is comprised of two tasks, which we will call ''task A" and "task B." The two tasks are initiated simultaneously and their completion times are uncertain. The entire construction job is completed as soon as both tasks are completed. The possible outcomes for the completion times of task A and task B, and the associated probabilities, are given in Table 2.28. |
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(a) What is the probability distribution of the duration of task A? of task B? of the job as a whole? |
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(b) What is the mean and the standard deviation of the duration of task A? of task B? of the job as a whole? |
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(c) Suppose that task A costs $800 for every week that it is in progress, and that task B costs $1,000 per week for every week that it is in progress, and that there is an additional charge of $400 for every week that the job as a whole is still in progress. Compute the probability distribution, the mean, and the standard deviation of the cost of this construction job. |
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Exercise 2.19
A package delivery company experiences high variability in daily customer demand, which in turn results in high variability in the daily workload at the central sorting facility. The company relies on its sorting facility employees working overtime to provide on-time delivery when the workload demand is very high. A sorting facility employee receives a salary of $12/hour for a 40 hour week, and the employee receives $18/hour for every hour worked overtime, that is, for every hour worked over 40 hours in a given week. The number of overtime hours that an employee works in any given week is a random variable, with a mean of 15 hours and a standard deviation of 4 hours. What are the mean, the standard deviation, and the variance of an employee's total weekly salary?
In: Statistics and Probability
A sample of 51 research cotton samples resulted in a sample average percentage elongation of 8.11 and a sample standard deviation of 1.49. Calculate a 95% large-sample CI for the true average percentage elongation μ. (Round your answers to three decimal places.)
(_,_)
What assumptions are you making about the distribution of percentage elongation?
We assume the distribution of percentage elongation is normal with the value of σ unknown.
We make no assumptions about the distribution of percentage elongation.
We assume the distribution of percentage elongation is uniform.
We assume the distribution of percentage elongation is normal with the value of σ known.
In: Statistics and Probability
A sample of 56 research cotton samples resulted in a sample average percentage elongation of 8.16 and a sample standard deviation of 1.43.
a. Calculate a 95% large-sample CI for the true average percentage elongation μ. (Round your answers to three decimal places.)
b .What assumptions are you making about the distribution of
percentage elongation?
a.We assume the distribution of percentage elongation is uniform.
b.We assume the distribution of percentage elongation is normal with the value of σ known.
c.We make no assumptions about the distribution of percentage elongation.
d.We assume the distribution of percentage elongation is normal with the value of σ unknown.
In: Statistics and Probability
On January 1, 2021, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30, 2022. Expenditures on the project were as follows: January 1, 2021 $ 2,020,000 March 1, 2021 1,740,000 June 30, 2021 1,940,000 October 1, 2021 1,740,000 January 31, 2022 441,000 April 30, 2022 774,000 August 31, 2022 1,071,000 On January 1, 2021, the company obtained a $4,900,000 construction loan with a 12% interest rate. The loan was outstanding all of 2021 and 2022. The company’s other interest-bearing debt included two long-term notes of $2,000,000 and $8,000,000 with interest rates of 8% and 10%, respectively. Both notes were outstanding during all of 2021 and 2022. Interest is paid annually on all debt. The company’s fiscal year-end is December 31. Required: 1. Calculate the amount of interest that Mason should capitalize in 2021 and 2022 using the specific interest method. 2. What is the total cost of the building? 3. Calculate the amount of interest expense that will appear in the 2021 and 2022 income statements.
Expenditures on the project were as follows:
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January 1, 2021 |
$ |
2,020,000 |
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March 1, 2021 |
1,740,000 |
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June 30, 2021 |
1,940,000 |
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October 1, 2021 |
1,740,000 |
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January 31, 2022 |
441,000 |
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April 30, 2022 |
774,000 |
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August 31, 2022 |
1,071,000 |
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In: Accounting
Ken Franklin is the sales manager of Davidson Enterprises, a very profitable distributor of office furniture to local businesses. A recent economic downturn has created an extremely tight cash position, and the company has been hurt by the bankruptcy of two key customers. In late October, anticipating an economic recovery, Franklin began an extensive remodeling of the company's sales floor. Construction costs, decorating, and equipment purchases are projected to cost $250,000. Davidson has a policy that individual expenditures in excess of $200,000 must be approved by the firm's board of directors. Franklin, unfortunately, missed the deadline to have the board consider this project at its regular September meeting. Not wanting to wait until the next meeting in December, he subdivided the project in two parts—construction and decorating ($190,000) and equipment purchases ($60,000)—neither of which needed board approval because of the dollar amounts involved. The project was recently completed, and sales have begun to recover. Customers have raved about the new sales area, noting that it is far superior to those of Davidson's competitors.
Required:
1. Would Franklin's approach of subdividing the project in two parts have any effect on the company's financial statements? Briefly explain.
2. Briefly discuss whether Franklin behaved in an ethical manner.
3. Which, if any, of the following standards of conduct would have applicability to Franklin's conduct: competence, confidentiality, integrity, or credibility? Briefly explain.
In: Accounting