Questions
Not sure about question f-j . looking to confirm my answers with someone Health spending per...

Not sure about question f-j . looking to confirm my answers with someone

Health spending per person from a random sample of 20 countries is shown below.

Country

Per capita health expenditure in 2010

Bahrain

868

Belarus

324

Belize

243

Brunei Darussalam

886

Colombia

476

Congo, Rep.

76

Cote d’Ivorie

64

Cuba

611

Finland

3988

Germany

4672

Guinea-Bissau

51

Guyana

184

Jamaica

247

Lesotho

113

Malta

1701

Morocco

152

Namibia

365

Phillipines

81

Qatar

1493

Saudi Arabia

684

  1. Create a histogram by hand for the frequencies of the per capita health expenditure data.
  2. What feature or features of this distribution indicate that the data are likely not from a population having a normal distribution?
  3. What features of this distribution make it a good candidate to try a log transformation?
  4. Calculate the natural log transformation for each data point of the sample. Create a new histogram with this transformed data, by hand.
  5. What is the sample size?
  6. What is the mean of the log health expenditure?
  7. What is the standard deviation of the mean log health expenditure?
  8. Calculate the standard error of the mean log health expenditure.
  9. Calculate the 95% confidence interval for the mean log health expenditure and interpret it in full sentences.
  10. What are the 95% confidence intervals on the non-log scale? Convert back the two values in your confidence interval.

In: Math

Explain how the strategy of the School of Management within Metropolitan State University is or should...

Explain how the strategy of the School of Management within Metropolitan State University is or should be different than the strategy for Metropolitan State University?

In: Finance

As an Account executive for a marketing consulting firm, your newest client is a university. Develop...

As an Account executive for a marketing consulting firm, your newest client is a university. Develop a positioning strategy and Marketing plan for Federation University.

In: Finance

On January 1, 2020, McGee Co. had the following balances:          Projected benefit obligation                    

On January 1, 2020, McGee Co. had the following balances:

         Projected benefit obligation                                                $7,800,000

         Fair value of plan assets                                                        7,800,000

Other data related to the pension plan for 2020:

         Service cost                                                                               315,000

         Contributions to the plan                                                         459,000

         Benefits paid                                                                             450,000

         Actual return on plan assets                                                     444,000

         Settlement rate                                                                                 9%

         Expected rate of return                                                                    6%

         No prior service cost, no prior OCI gains/losses

Required:

(a)    Prepare the journal entry to record pension expense, the contributions for 2020 and adjustments to Pension Asset/Liability and OCI (g/l).

(b) Answer the following questions:

(1) What is the plan assets balance on 12/31/2020?

(2) What is the Pension Benefit Obligation balance at December 31, 2020?

(3) What is the ending balance in the pension asset/liability at December 31, 2020?

(4)    What is Pension Expense for 2020?

A pension worksheet is provided to help you calculate and answer the questions, although you are not required to use it but feel free to fill it out here if you would like to. If you do, please make sure to answer the questions in the response area, do not expect to be graded only on what you might have included in the worksheet.

(a)    Prepare the journal entry to record pension expense, the contributions for 2020 and adjustments to Pension Asset/Liability and OCI (g/l).

(enter Journal entry here)

-->

(b) Answer the following questions. Type your response after each question:

(1) What is the plan assets balance on 12/31/2020? -->

(2) What is the Pension Benefit Obligation balance at December 31, 2020? -->

(3) What is the ending balance in the pension asset/liability at December 31, 2020? -->

(4)    What is Pension Expense for 2020? -->

McGee Company, Pension Worksheet—2020

General Ledger Entries

Memo Record

Items

Annual Pension Expense

Cash

OCI –

Gains/losses

Pension Asset/Liability

Projected Benefit

Obligation

Plan Assets

Journal Entry

In: Accounting

Here is the problem: The Neon Lumber Company uses the periodic inventory method, and it has...

Here is the problem:

The Neon Lumber Company uses the periodic inventory method, and it has a policy of adjusting and closing its books only at year end. The following adjusted trial balance for the company was prepared after posting the normal adjusting entries on December 31, 2020:

Account Title Debit Credit
Cash 66,240
Accounts Receivable 140,500
Merchandise Inventory, January 1, 2020 289,620
Supplies on Hand 5,200
Prepaid Insurance 4,800
Prepaid Rent 56,000
Equipment 92,000
Accumulated Depreciation 16,460
Accounts Payable 96,800
Capital Stock 50,000
Retained Earnings, January 1, 2020

456,210

Dividends 4,000
Sales 910,120
Sales Discounts 4,220
Sales Returns and Allowances 6,530
Interest Revenue 820
Purchases 624,440
Purchase Discounts 4,650
Purchase Returns and Allowances 2,400
Transportation In 9,420
Advertising Expense 36,840
Sales Salaries Expense 120,550
Administrative Salaries Expense 60,300
Utilities Expense 9,560
Delivery Expenses (Freight Out) 2,610
Legal and Accounting Expense 3,200
Interest Expense 400
Miscellaneous Administrative Expense 1,030
Totals 1,537,460 1,537,460

The ending inventory balance at Dec. 31, 2020 was $280,000.

Required:

A. Following the example on page 242 of the textbook, prepare the income statement for the year ended December 31, 2020. Do your best to distinguish between selling expenses and administrative expenses. Both interest revenue and interest expense, of course, are non-operating items.

B. Using the example on page 249 of the textbook, prepare the statement of retained earnings for the year ended December. 31, 2020.

C. Using the example on page 250 and other locations in the textbook, prepare the balance sheet as of December. 31, 2020.

D. Prepare the closing entries as of December 31,2020

In: Accounting

Swifty Company purchased a delivery truck for $26,000 on January 1, 2020. The truck has an...

Swifty Company purchased a delivery truck for $26,000 on January 1, 2020. The truck has an expected salvage value of $1,000, and is expected to be driven 100,000 miles over its estimated useful life of 10 years. Actual miles driven were 12,800 in 2020 and 12,000 in 2021.

Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.)

Depreciation expense $ per mile

eTextbook and Media

List of Accounts

Compute depreciation expense for 2020 and 2021 using (1) the straight-line method, (2) the units-of-activity method, and (3) the double-declining-balance method. (Round depreciation cost per unit to 2 decimal places, e.g. 0.50 and depreciation rate to 0 decimal places, e.g. 15%. Round final answers to 0 decimal places, e.g. 2,125.)

Depreciation Expense

2020

2021

(1) Straight-line method $ $
(2) Units-of-activity method $ $
(3) Declining-balance method $ $

eTextbook and Media

List of Accounts

Assume that Swifty uses the straight-line method. Prepare the journal entry to record 2020 depreciation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 2,125.)

Account Titles and Explanation

Debit

Credit

eTextbook and Media

List of Accounts

Assume that Swifty uses the straight-line method. Show how the truck would be reported in the December 31, 2020, balance sheet. (Round answers to 0 decimal places, e.g. 2,125.)

SWIFTY COMPANY
Partial Balance Sheet
                                                                      December 31, 2020For the Month Ended December 31, 2020For the Year Ended December 31, 2020

$

                                                                      AddLess:

$

In: Accounting

Here is the problem: The Neon Lumber Company uses the periodic inventory method, and it has...

Here is the problem:

The Neon Lumber Company uses the periodic inventory method, and it has a policy of adjusting and closing its books only at year end. The following adjusted trial balance for the company was prepared after posting the normal adjusting entries on December 31, 2020:

Account Title Debit Credit
Cash 66,240
Accounts Receivable 140,500
Merchandise Inventory, January 1, 2020 289,620
Supplies on Hand 5,200
Prepaid Insurance 4,800
Prepaid Rent 56,000
Equipment 92,000
Accumulated Depreciation 16,460
Accounts Payable 96,800
Capital Stock 50,000
Retained Earnings, January 1, 2020

456,210

Dividends 4,000
Sales 910,120
Sales Discounts 4,220
Sales Returns and Allowances 6,530
Interest Revenue 820
Purchases 624,440
Purchase Discounts 4,650
Purchase Returns and Allowances 2,400
Transportation In 9,420
Advertising Expense 36,840
Sales Salaries Expense 120,550
Administrative Salaries Expense 60,300
Utilities Expense 9,560
Delivery Expenses (Freight Out) 2,610
Legal and Accounting Expense 3,200
Interest Expense 400
Miscellaneous Administrative Expense 1,030
Totals 1,537,460 1,537,460

The ending inventory balance at Dec. 31, 2020 was $280,000.

Required:

A. Following the example on page 242 of the textbook, prepare the income statement for the year ended December 31, 2020. Do your best to distinguish between selling expenses and administrative expenses. Both interest revenue and interest expense, of course, are non-operating items.

B. Using the example on page 249 of the textbook, prepare the statement of retained earnings for the year ended December. 31, 2020.

C. Using the example on page 250 and other locations in the textbook, prepare the balance sheet as of December. 31, 2020.

D. Prepare the closing entries as of December 31,2020

In: Accounting

Nash Company sells on credits goods that cost $310,000 to Ricard Company for $409,500 on January...

Nash Company sells on credits goods that cost $310,000 to Ricard Company for $409,500 on January 2, 2020. The sales price includes an installation fee, which has a standalone selling price of $42,500. The standalone selling price of the goods is $367,000. The installation is considered a separate performance obligation and is expected to take 6 months to complete.

(a) Prepare the journal entries (if any) to record the sale on January 2, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 2, 2020

enter an account title to record the transaction on January 2, 2017

enter a debit amount

enter a credit amount

enter an account title to record the transaction on January 2, 2017

enter a debit amount

enter a credit amount

enter an account title to record the transaction on January 2, 2017

enter a debit amount

enter a credit amount

(To record sales on account)

Jan. 2, 2020

enter an account title to record the transaction on January 2, 2017

enter a debit amount

enter a credit amount

enter an account title to record the transaction on January 2, 2017

enter a debit amount

enter a credit amount

(To record cost of goods aold)


(b) Nash prepares an income statement for the first quarter of 2020, ending on March 31, 2020 (installation was completed on June 18, 2020). How much revenue should Nash recognize related to its sale to Ricard?

First Quarter

Sales Revenue

$enter a dollar amount

Cost of Goods Sold

enter a dollar amount

Gross Profit

$enter a total amount for this statement

show work and explain

In: Accounting

If Desmond originally planned to donate $250,000 to the university today, what equivalent amount could he...

If Desmond originally planned to donate $250,000 to the university today, what equivalent amount could he donate at the end of 10 years from now instead? Assume his interest rate is still 7% per year, compounded annually.

In: Economics

Suppose that the university elected to report as a special-purpose government engaged in governmental and business-type...

Suppose that the university elected to report as a special-purpose government engaged in governmental and business-type activities. How would the financial statements differ from those presented? What are the pros and cons associated with reporting under each approach? Explain.

In: Accounting