A magazine collects data each year on the price of a hamburger in a certain fast food restaurant in various countries around the world. The price of this hamburger for a sample of restaurants in Europe in January resulted in the following hamburger prices (after conversion to U.S. dollars).

5.19 4.92 4.04 4.69 5.25 4.64

4.17 4.99 5.12 5.52 5.36 4.60

The mean price of this hamburger in the U.S. in January was $4.61. For purposes of this exercise, assume it is reasonable to regard the sample as representative of these European restaurants. Does the sample provide convincing evidence that the mean January price of this hamburger in Europe is greater than the reported U.S. price? Test the relevant hypotheses using α = 0.05. (Use a statistical computer package to calculate the P-value. Round your test statistic to two decimal places and your P-value to three decimal places.)

t = _____

P-value =_______

Data from a recent year showed that 72​% of the tens of thousands of applicants to a certain program were accepted. A company that trains applicants claimed that 216 of the 280 students it trained that year were accepted. Assume these trainees were representative of the population of applicants. Has the company demonstrated a real improvement over the​ average? Find z score

A firm is considering a project with a 5-year life and an initial cost of $1,000,000. The discount rate for the project is 10%. The firm expects to sell 2,500 units a year for the first 3 years. The after-tax cash flow per unit is $120. Beyond year 3, there is a 50% chance that sales will fall to 900 units a year for both years 4 and 5, and a 50% chance that sales will rise to 3,000 units a year, for both years 4 and 5. The firm will have the option to abandon the project after 3 years (i.e., at t=3) by selling it for $200,000 (after-taxes). You will know which state will be realized in years 4 and 5 (should the project be continued) by the time you have to make the potential abandonment decision at t=3. What is the net present value of this project given the sales forecasts and the abandonment option?

Deposits of $800 are made the first year into a 7% account. This amount increases by $30 for the second year and continues to increase over a total of 10 years.

1. What is the equivalent annual cost of these future deposits?
2. What is the present value of these deposits?

Executive officers of Solomon Company are wrestling with their budget for the next year. The following are two different sales estimates provided by two difference sources:

Solomon’s past experience indicates that cost of goods sold is about 65 percent of sales revenue. The company tries to maintain 15 percent of the next quarter’s expected cost of goods sold as the current quarter’s ending inventory. This year’s ending inventory is $22,000. Next year’s ending inventory is budgeted to be $23,000.

Required

Prepare an inventory purchases budget using the sales manager’s estimate.

Prepare an inventory purchases budget using the marketing consultant’s estimate. Complete this question by entering your answers in the tabs below.

Required A

Required B

Prepare an inventory purchases budget using the sales manager’s estimate. (Round your final answers to nearest whole dollar amount.)

Prepare an inventory purchases budget using the marketing consultant’s estimate. (Round your final answers to nearest whole dollar amount.)

You are provided with the following information on four stocks. Assume that the base year is Dec 2010 and all splits take place on this date. That is after close of trading on December 31, 2010. Stock A and B have a 2 for 1 split at the end of trading on December 31, 2010. Use this information to answer the questions listed below.

1. Calculate the rate of return on a price weighted average of the four stocks for the period December 31, 2010 to December 31, 2011. Remember to adjust for changes in the divisor.
2. Calculate the rate of return on a market value weighted index of the four stocks for the period December 31, 2010 to December 31, 2011.
3. Calculate the rate of return on an equally weighted index of the four stocks for the period December 31, 2010 to December 31,2011.

A) The present value of $45,000 to be received in one year, at 6% compounded annually, is (rounded to nearest dollar) ______ .
Use the present value table in Exhibit 8.

a.$42,056

b.$45,000

c.$42,453

d.$40,179

B) Balance sheet and income statement data indicate the following:

Based on the data presented above, what is the times interest earned ratio (round to two decimal places)?

a.5.72

b.4.72

c.2.31

d.3.31

C) On January 1 of the current year, Barton Corporation issued 7% bonds with a face value of $119,000. The bonds are sold for $113,050. The bonds pay interest semiannually on June 30 and December 31, and the maturity date is December 31, five years from now. Barton records straight-line amortization of the bond discount. The bond interest expense for the year ended December 31 is

a.$10,115

b.$595

c.$4,165

d.$9,520

The following information are the balances extracted from the books of Xxx for the year ended 31 December 2017:
accounts                  dr                        cr
opening stock        8000
buildings                 15000
debitors                  4000
purchases               22000
salaries                    1200
sales                                                   36000
discount                  800
sales returns          1000
furniture                 3000
office exp               300
wages                      600
purchase returns                               600
interest                                                  500
travelling exp         400
insurance                 600
machinery              8000
carriage on purchases 800
commission           600
cash in hand          1400
rent and rates         2400
capital                                                   25000
creditors                                                8000
totals                      70100                   70100

Adjustments need to be made:
1. closing stock was valued at $9000.
2. office exp $2000 and wages 300 are outstanding.
3.depreciate building by 2%, machinery by 10% and furniture by 20%
4. prepaid insurance $100

Required:
1.Prepare Trading & Profit and Loss account for the year ended 31 December 2017.
2. Balance sheet as on 31 December 2017

In a study of monthly salary distribution of residents in Paris conducted in year 2015, it was found that the salaries had an average of €2200 (EURO) and a standard deviation of €550. Assume that the salaries were normally distributed.

Question 1: Consider sampling with sample size 64 on the above population. Compute the mean of the sampling distribution of the mean (?̅).

Question 2: Compute the standard deviation of the sampling distribution of the mean in Question 1 above.

Question 3: A random sample of 64 salaries (sample 1) was selected from the above population. What is the probability that the average of the selected salaries is above €2330?

Question 4: Would the calculation you performed in Question 3 still be valid if the monthly salaries were NOT normally distributed? Why? In another study conducted in the same year (2015), the average monthly salary of residents in Bordeaux was found to be about €2353. And the standard deviation of the monthly salaries was €420. A random sample of 81 salaries (sample 2) was selected from this population. Set 1 = Paris (2015); 2 = Bordeaux (2015)

Question 5: Compute the mean of ?̅ 1 − ?̅ 2.

Question 6: Compute the standard deviation of ?̅ 1 − ?̅ 2.

Question 7: What is the probability that the average of the salaries in the sample 1 is less than the average of the salaries in sample 2? In 2017, a study on the salary distribution of Paris residents was conducted. Assume that the salaries were normally distributed. A random sample of 10 salaries was selected and the data are listed below: 3200 3500 3000 2100 2950 2050 2440 3100 3500 2500

Question 8: Assume that the standard deviation of the salaries was still the same as in 2015. Estimate the average salary (in 2017) with 95% confidence.

Question 9: The assumption made in Question 8 was certainly unrealistic. Estimate the average salary (in 2017) with 95% confidence again assuming that the standard deviation had changed from 2015.

Question 10: Estimate the variance of monthly salaries of Paris residents (in 2017) based on the sample provided above at a 95% confidence level.

Question 11: How would you interpret the result in Question 10 above? A similar study was conducted on salary distribution of Paris residents in 2019. The research team aimed to estimate the average salary. They chose the 98% confidence and assumed that the population standard deviation was the same as in 2015. Assume again that those salaries were normally distributed.

Question 12: If they would like the (margin of) error to be no more than €60, how large a sample would they need to select?

Closing the Balances in The Variance Accounts at the End of the Year

Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end:

Unadjusted Cost of Goods Sold equals $1,550,000, unadjusted Work in Process equals $276,000, and unadjusted Finished Goods equals $280,000.

Required:

1. Assume that the ending balances in the variance accounts are immaterial and prepare the journal entries to close them to Cost of Goods Sold. Note: Close the variances with a debit balance first. If an amount box does not require an entry, leave it blank or enter "0".

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Companies must restate costs and inventories at the end of the year to actual cost. So, variance accounts must be closed out and their balances applied to Cost of Goods Sold (if immaterial) or prorated among Cost of Goods Sold, Work in Process, and Finished Goods.

What is the adjusted balance in Cost of Goods Sold after closing out the variances?

$

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Companies must restate costs and inventories at the end of the year to actual cost. So, variance accounts must be closed out and their balances applied to Cost of Goods Sold (if immaterial) or prorated among Cost of Goods Sold, Work in Process, and Finished Goods.

2. What if any ending balance in a variance account that exceeds $9,000 is considered material? (a) Close the immaterial variance accounts to Cost of Goods Sold. (b) Prorate the largest of the labor variances among Cost of Goods Sold, Work in Process, and Finished Goods on the basis of prime costs in these accounts. (c) Prorate the largest of the material variances among Cost of Goods Sold, Work in Process, and Finished Goods on the basis of prime costs in these accounts. The prime cost in Cost of Goods Sold is $1,060,000, the prime cost in Work in Process is $166,000, and the prime cost in Finished Goods is $133,000. If an amount box does not require an entry, leave it blank or enter "0".

Note: Round all interim calculations to three decimal places, and round your final answers to the nearest dollar. Adjust credit entry for rounding to ensure debits equal credits in journal entry.

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See Cornerstone 9.5.

What are the adjusted balances in Work in Process, Finished Goods, and Cost of Goods Sold after closing out all variances?

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See Cornerstone