Question:

Suppose you have organized another business under the name “PAPA’s Hotel & Restaurant” on December 1, 2019. In order to compete in the market, you have decided to avail of financing from Azizi Bank for further expansion. Bank requires a list of documents including financial statements for further process. The business transactions during the month of December are as follows:

Dec 01: You have invested cash of $2,500,000 in your business, PAPA’s Hotel & Restaurant.

Dec 01: Purchased hotel building for $550,000. Made a $180,000 cash down payment and issued a note payable for balance amount.

Dec 01: You have agreed with Unilever Corporation to provide meeting hall and charge fixed revenue of $5,000 per month. The entire six-month rent revenue of $30,000 was collected in advance and credited to Unearned Rent Revenue.

Dec 01: Purchased food items for the restaurant on credit $10,000

Dec 10: Received cash of $80,000 from customers as rent revenue from customers.

Dec 15: Paid $10,000 salary to employees for services during the first half of December.

Dec 18: Purchased restaurant supplies of $2,500 on account.

Dec 31: Paid cash $10,000 for food items purchased on Dec 01.

Dec 31: You withdrew $5,000 cash from the business for personal use.

As you are following the accrual basis of accounting so adjustments are needed as at December 31, 2019. The information regarding adjustments is as follows:

1. Salaries earned by employees but not paid amount to $10,000 for second half of Dec.
2. As of Dec. 31, you have earned $20,000 rent revenue but not received any amount yet.
3. On Dec 1, entire six-month rent revenue of $30,000 was collected in advance and credited to Unearned Rent Revenue. As at December 31, adjustment is needed.
4. A Toyota Corolla car had been rented on Dec 09, at daily rate of $80 to provide transportation facility. No rental payment has yet been made.
5. Depreciation on Hotel’s building is based on an estimated useful life of 15 years. The original cost of building was $550,000 and residual value of $50,000.

Instructions:

1. Prepare Journal Entries, Post to the ledger, Prepare Trial Balance, Prepare adjusting entries, and then Prepare adjusted Trial Balance
2. Prepare financial statements (balance sheet & income statement) as of December 31, 2019 based on above information as it is the compulsory requirement of Azizi bank.
3. Evaluate the financial position and profitability of your business?
4. If you have applied for the financing of $250,000, whether you are qualified against the collateral of hotel building as at December 31, 2019?

Given the following grouped frequency distribution

Find the mean (give you answer to one decimal) =

Find the standard deviation (give your answer to two decimals) =

What is the shape of this distribution?

Previous Question:

The mean store for an exit text at an urban high school examination was 68% with a standard deviation of 3. Given these results, what percentage of students fall under the mean?

25%

50%

60%

75%

Using the same data from the question above, what scores will fall within one standard deviation above and one standard deviation below the mean?

Assume that 74% of people are left-handed. If we select 5 people at random, find the probability of each outcome described below, rounded to four decimal places:

a. There are some lefties (≥ 1) among the 5 people.

b. There are exactly 3 lefties in the group.

c. There are at least 4 lefties in the group.

d. There are no more than 2 lefties in the group.

e. How many lefties do you expect?

f. With what standard deviation?

Complete the table by calculating marginal productivity (MP) of labor and average productivity (AP) of labor. Then plot the total product, MP, and AP and explain the relationship between MP and AP. Why does MP first rise and then decline?

An article describes an experiment to determine the effectiveness of mushroom compost in removing petroleum contaminants from soil. Out of 155 seeds planted in soil containing 3% mushroom compost by weight, 74 germinated. Out of 155 seeds planted in soil containing 5% mushroom compost by weight, 86 germinated. Can you conclude that the proportion of seeds that germinate differs with the percent of mushroom compost in the soil? Find the P-value and state a conclusion.

Please Show Work. Thank you!

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Question 3

Big Three Company produces televisions. Budgeted sales for February are 1,090 units. Finished goods inventory on February 1 is budgeted to be 310 units, and Finished goods inventory on February 28 is budgeted to be 135 units.

What is the budgeted production for February?

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Question 4

Pope Company produces a model fan, which currently has a net loss. Below are its sales and costs

Eliminating the model fan product line would eliminate all of direct fixed costs. All of the common fixed costs would be redistributed to Pope’s remaining product lines.

By how much will Pope’s net operating income increase or decrease if the fan is eliminated?

If net income decreases, indicate with a – .

Example, if net income decreases $1,000. Indicate –1,000.

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Question 5

It costs Mills, Inc. $11 per unit to manufacture 1,980 units per month of a product that it can sell for $37 each. Alternatively, Mills could process the units further into a more complex product, which would cost an additional $30 per unit. Mills could sell the more complex product for $58 each.

What is the incremental revenue if Mills decides to process further?

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Question 6

Garfield Corp. expects to sell 1,520 units of its pet beds in March and 2,170 units in April. Each unit sells for $76. Garfield’s ending inventory policy is 40 percent of the following month’s sales. Garfield pays its supplier $27 per unit.

What is Garfield's budgeted purchases for March?

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Question 7

Preston, Inc., manufactures wooden shelving units for collecting and sorting mail. The company expects to produce 420 units in July and 640 units in August. Each unit requires 9 feet of wood at a cost of $1.6 per foot. Preston wants to always have 10% of the next month’s required feet of wood on hand in materials inventory.

What is Preston’s raw materials purchases budget for July?

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Question 8

Avery Company has compiled the following data for the upcoming year:
Sales are expected to be 6,700 units at $32 each.

• Each unit requires 1.3 pounds of direct materials at $2.8 per pound.
• Each unit requires 1.3 hours of direct labor at $14 per hour.
• Manufacturing overhead is $4 per unit.
• Selling and administrative costs are $4 per unit.

What is Avery's budgeted cost of goods sold?

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Question 9

Randall has received a special order for 2,370 units of its product at a special price of $20. The product normally sells for $27 and has the following manufacturing costs:

Assume that Randall has sufficient capacity to fill the order. If Randall accepts the order, what effect will the order have on the company’s short-term profit?

If a decrease, place a – sign before your answer.

For example, a decrease of $1,000 would be answered –1,000.

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Question 10

Quiet Corp. currently makes 2,500 subcomponents a year in one of its factories. The unit costs to produce are:

An outside supplier has offered to provide Quiet Corp. with the 2,500 subcomponents at a $19 per unit price. Fixed overhead is not avoidable.

If Quiet Corp. decides to buy from the outside supplier, the impact to net income will be?

If positive, enter the number, if negative, place a – sign before your number.

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Assume a price floor is imposed in the market for milk at the current equilibrium price, and that a price ceiling is imposed in the market for natural gas at the current equilibrium price. What will a decrease in demand for both milk and natural gas create?

a. Shortages in both the milk and natural gas markets.

b. Surpluses in both the milk and natural gas markets.

c. A surplus in the milk market and a shortage in the natural gas market.

d. A shortage in the natural gas market and increase the quantity traded in the milk market.

e. A surplus in the milk market and a decrease in the quantity traded in the gas market

Please explain each step in detail to ensure I understand the process.

Omega Distributing Company

Omega Distributing Company specializes in supplying fragrances to retail outlets such as Goody’s and JCPenney. One of its products is Smelgud. Smelgud has generated significant revenue in the past, however top management is concerned as to whether its pricing and advertising policies are optimal for the demand. Partnering with some of its retail outlets Omega has undertaken to conduct a statistical study of consumer demand for Smelgud.

Omega’s analyst believe that the principal determinant of consumer demand for Smelgud are(1) the price of Smelgud, (2) the price of Antistink (a competing fragrance) and (3) advertising expenditures. The following data were collected from a group of representative outlets .

In the table the price of Antistink is the retail price charged customers while the price of Smelgud is the wholesale price charged by Omega to its customers. Since the retailers use markup pricing omega s price represents what retail customers pay for Smelgud.

It is hypothesized that a linear demand function like the following would describe the relation between quantity sold and price of Smelgud and the other independent variables.

Q = Bo + B1(Ps) + B2(Pa)+ B3(A)  

You have been hired by Omega after recent graduation from Missouri Valley College at a salary in the 95th percentile of new graduate hires. Because of your understanding of Economics and how to apply Statistics, one of your first assignments is to analyze this data and determine a demand function of the form shown. You have determined that once you have good estimates of the coefficients on the independent variables you could calculate various elasticity measures which could show insights into pricing, competition and advertising.    

You will need to report your findings to your immediate supervisor, Duncan Haynes. Mr. Haynes background is in Art History and Chemistry, he was promoted out of the the product inception area. Hence, your report will need to explain what you have done and what your findings mean in detail. You will make recommendations and defend them.    

1.         Based on Food and Drug Administration (FDA) regulations, a pharmaceutical company that requires that the quality control manager of a supplier report directly to the top leadership of that organization rather than the VP in charge of manufacturing or marketing is an example of which factor affecting work organization of that supplier?

            a. Financial stability

            b. Diversity and complexity of product line

            c. Company size

            d. Customer influences

2.         Which of the following is most likely a problem with a functional organizational structure?

            a. It separates employees from customers

            b. Makes quality everyone’s job

            c. It adapts to changes with ease

            d. It recognizes internal customers

3.         Processes that drive the creation of products and services, are critical to customer satisfaction, and have a large impact on the strategic goals of an organization are generally considered _____ processes.

1. critical to quality
2. value-creation
3. customer-driven
4. strategic

4.         _____ processes are those that are most important to an organization’s value creation processes, employees, and daily operations, but generally do not add value directly to the product or service.

1. Non-core
2. Support
3. Supplementary
4. Non value-added