Read the following scenario and answer the question in 5–10 sentences.

In December of 2004, the company you own entered into a 20-year contract with a grain supplier for daily deliveries of grain to its hot dog bun manufacturing facility. The contract called for "10,000 pounds of grain" to be delivered to the facility at the price of $100,000 per day. Until February 2017, the supplier provided processed grain which could easily be used in your manufacturing process. However, no longer wanting to absorb the cost of having the grain processed, the supplier began delivering whole grain. The supplier is arguing that the contract does not specify the type of grain that would be supplied and that it has not breached the contract. Your company is arguing that the supplier has an onsite processing plant and processed grain was implicit to the terms of the contract. Over the remaining term of the contract, reshipping and having the grain processed would cost your company approximately $10,000,000, opposed to a cost of around $1,000,000 to the supplier. After speaking with in-house counsel, it was estimated that litigation would cost the company several million dollars and last for years. Weighing the costs of litigation, along with possible ambiguity in the contract, what are three options you could take to resolve the dispute? Which would be the best option for your business and why?

1. In a survey of U.S. adults with a sample size of 2004, 345 said Franklin Roosevelt was the best president since World War II. TwoTwo U.S. Two adults are selected at random from this sample without replacement. Complete parts​ (a) through​ (d).

​(a) Find the probability that both adults say Franklin Roosevelt was the best president since World War II.

​(b) Find the probability that neither adult says Franklin Roosevelt was the best president since World War II.

​(c) Find the probability that at least one of the two adults says Franklin Roosevelt was the best president since World War II.

2. The probability that a person in the United States has type B​+ blood is 12%. 4 unrelated people in the United States are selected at random. Complete parts​ (a) through​ (d).

(a) Find the probability that all five have type B​+ blood.

​(b) Find the probability that none of the five have type B​+ blood.

​(c) Find the probability that at least one of the five has type B​+ blood.

​3. A study found that 39% of the assisted reproductive technology​ (ART) cycles resulted in pregnancies. ​Twenty-five percent of the ART pregnancies resulted in multiple births.

​(a) Find the probability that a random selected ART cycle resulted in a pregnancy and produced a multiple birth.

​(b) Find the probability that a randomly selected ART cycle that resulted in a pregnancy did not produce a multiple birth.

​(c) Would it be unusual for a randomly selected ART cycle to result in a pregnancy and produce a multiple​ birth? Explain.

Forty employers in a variety of fields and cities were surveyed in 2004 on topics relating to company benefits, and the degree to which employees were supported in terms of flexible work hours and child care assistance. One question asked if the employer had any experience or knowledge about attention-deficit hyperactive disorder (ADHD). Responses of either yes (y) or no (n) are shown below.

(a) Set up a 95% confidence interval for the proportion of all employers who have experience or knowledge of ADHD. (Round your answers to two decimal places.)

(The Evolution of Visual Storytelling)

Think back to when Facebook was first launched in 2004. It was simply a directory of user names, interests, and contact information. Since then, social media platforms have taken significant steps toward a more visual experience. Examine the changes these social media platforms have taken to pave the way for visual content and storytelling.

During the 2004 Olympic Games, a shot putter threw a shot put with a speed of 12.1 m/s at an angle of 43.7° above the horizontal. She released the shot put from a height of 2.07 m above the ground.

a) How far did the shot put travel in the horizontal direction?

b) How long was it until the shot put hit the ground?

You want to develop a regression model about the 2004 presidential election. The objective is to explain percentage of votes received by the Democratic candidate in each state. The explanatory variables are:

(i) unemployment rate in each state,

(ii) gender dummy (female =1 and male = 0),

(iii) a dummy variable for Bill Clinton’s appearance in the state to campaign,

(iv) an interaction term between the gender dummy and the Clinton dummy.

You want to consider a variety of models. Model I contains the variables in (i) and (ii). Model II contains the variables in (i), (ii), and (iii). Model III contains the variables in (i), (ii), (iii) and (iv).

1. Write down each of the above three regression models. Be sure to define all notations.
2. Interpret all the coefficients in Model III.
3. Using Models II and III, indicate how you would test the following hypotheses. Be sure to write down the null hypothesis, restricted and unrestricted models, etc.
   1. Unemployment doesn’t matter.
   2. Clinton’s appearance had no effect.
   3. Clinton’s appearance had same effect for both males and females.

Change in Accounting Method

Instructions

Delta Oil Company uses the successful-efforts method to account for oil exploration costs. Delta started business in 2014 and prepared the following income statements:

The company chose to change to the full-cost method at the beginning of 2016. Under the full-cost method, Delta capitalizes all exploration costs of the Oil and Gas Properties asset account on its balance sheet. It determines the exploration and amortization expense amounts under the full-cost method to be as follows:

In addition, Delta reported revenue of $9,000,000 and other expenses of $4,200,000 in 2016. With the 2016 financial statements, the company issues comparative statements for the previous 2 years.

Required:

Chart of Accounts

Amount Descriptions

General Journal

Prepare the journal entry to reflect the change on January 1, 2016

PAGE 1

GENERAL JOURNAL

Income Statements

Prepare the comparative income statements for 2016, 2015, and 2014. Notes to the financial statements are not necessary. Additional Instructions

Retained Earnings

Prepare the comparative statements of retained earnings for 2016, 2015, and 2014. Notes to the financial statements are not necessary. Additional Instructions

Next Level

Discuss the advantages and disadvantages of accounting for a change in this manner.

Advantages and disadvantages of the retrospective adjustment method include:

The PulseRates data set has pulse, height and weight for 90 patients who had an echocardiogram test in one of the clinic in Ottawa in the month of September. (a)[2] Fit a L-S regression line using height to predict the pulse rate (pulse rate is called the response variable). What is the equation of the L-S regression line? . Does it make sense to use this line? Why? (Check the correlation coefficient)

(b)[2] Fit a L-S regression line using weight to predict the pulse rate (response variable). What is the equation of the L-S regression line? . Does it make sense to use this line? Why? (Check the correlation coefficient) .

(c)[2] Fit a L-S regression line using height to predict the weight (response variable). What is the equation of the L-S regression line? . Does it make sense to use this line? Why? (Check the correlation coefficient) .

(d) What is the predicted value for weight for a patient whose height is 68.7 inches?[1] .

For 71.5 inches?[1] . For 83 inches ?[1] . Which of these seem to make sense?[1] . Can you predict the height if the weight is 156 lb

Exercise 3-9 (Algo) Balance sheet preparation [LO3-2, 3-3]

The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year).

Transactions during 2021 (current year) were as follows:

Additional Information:

The notes payable are dated June 30, 2020, and are due on June 30, 2022. Interest at 10% is payable annually on June 30. Depreciation on the furniture and fixtures for 2021 is $28,000. The furniture and fixtures originally cost $380,000.

Required:
Prepare a classified balance sheet at December 31, 2021, by updating ending balances from 2020 for transactions during 2021 and the additional information. The cost of furniture and fixtures and their accumulated depreciation are shown separately. (Amounts to be deducted should be indicated by a minus sign.)

Fit & Fashionable 800 Coco Drive, Coconut Grove, FL 33133 NARRATIVE OF TRANSACTIONS Record the following transactions in the appropriate journals. April 1 Purchased merchandise on account from Alexus Fitness Connection, $13,865.00. Terms are n/30. 1 Sold merchandise on account, Invoice No. 301, to Miami Health Club for the net amount of $5,301.60. The Cost of Goods Sold is $3,864.00. Credit terms for all sales on account are 2/10, n/30. Credit sales are recorded net of the 2% discount assuming customers will take the discount. Fit & Fashionable uses a perpetual inventory system and therefore records the cost of goods sold as well as the sale. 1 Issued Check No. 2201 for $14,268.80 to Alexus Fitness Connection in payment of its invoice of March 6. 2 Received a check for $14,406.00 from Body Excellence Fitness Club in payment of our invoice of March 27 for $14,700.00, less discount. 2 Issued Check No. 2202 for $5,700.00 to Harvey Insurance Company as a prepayment of insurance month policy. for a 12-3 Issued Check No. 2203 for $46,480.00 to Fizzy-Cal Network in payment of its invoice of March 7 (no discount). 3 Sold merchandise on account, Invoice No. 302, to All Access Fitness Center for the net amount of $9,364.29. The Cost of Goods Sold is $6,825.00. 3 Received a check from Cory’s Gym in the Grove for $12,348.00 in payment of our invoice of March 27. 65 © 2018 Cengage. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. April 4 Issued Check No. 2204 for $14,000.00 to HeartFit Enterprises in payment of its invoice of March 28. 4 Received a check for $6,174.00 from The Sun Set Recreation Center in payment of our invoice of March 8. 5 Sold merchandise on account, Invoice No. 303, to Westwood Boxing Gym for the net amount of $27,306.48. The Cost of Goods Sold is $19,903.68. 5 Purchased merchandise from 6 Cash on $49,519.75. Terms are n/30.6 Cash on $49,519.75. Terms are n/30. sales for April account Sports Magic Warehouse, 1–6 were $26,600.00. The Cost of Goods Sold is $18,024.00. Reminder: Record the following separate deposits in the register: the $26,600.00 of cash sales and the total of the checks received as payments on account this week. 8 Received a check for $8,232.00 from Westwood Boxing Gym in payment of our invoice of March 29 for $8,400.00, less discount. 8 Purchased merchandise on account from Fit & Fab Health Products, $5,230.00, terms 2/10, n/30. Record this purchase net of the discount. 8 Sold merchandise on account, Invoice No. 304, to The Sun Set Recreation Center for the net $21,756.88. The Cost of Goods Sold is $15,858.00.April 8 Received a check for $10,976.00 from Pine Bay Fitness Club in payment of our invoice of March 30. 9 Purchased the following on account from Fizzy-Cal Network: display (charge to Store Supplies), $1,800.00; merchandise, $9,600.00. $11,400.00. Terms are n/30. Total: 9 Issued Credit Memorandum No. 107 to The Sun Set Recreation Center for merchandise returned on Invoice No. 304 of April 8 for the discounted price of $823.20. The Cost of Goods Sold is $600.00. 10 Issued Check No. 2205 for $175.00 to Marty Chavez for customer entertain-ment (charge to Miscellaneous Selling Expense). 10 Sold merchandise on account, Invoice No. 305, to Rockdale Gym for the net amount of $13,373.86. The Cost of Goods Sold is $9,412.00. 11 Received Credit Memorandum No. 432 from Fit & Fab Health Products for merchandise returned, $875.00. Record this return net of the discount, $857.50.11 Received a check for $300.00 from SupplyMax for return of store supplies that were originally purchased for cash. 11 Received a check for $5,301.60 from Miami Health Club in payment of Invoice No. 301. 12 Received a check for $9,364.29 from All Access Fitness Center in payment of Invoice No. 302. 13 Issued Check No. 2206 for $13,000.00 to Payroll for biweekly salaries: sales salaries, $8,000.00; office salaries, $5,000.00. 13 Cash sales for April 8–13 were $36,120.00. The Cost of Goods Sold is $24,910.80.April 15 Received a check for $27,306.48 from Westwood Boxing Gym in payment of Invoice No. 303.