Supply Club, Inc., sells a variety of paper products, office supplies, and other products used by businesses and individual consumers. During July 2021 it started a loyalty program through which qualifying customers can accumulate points and redeem those points for discounts on future purchases. Redemption of a loyalty point reduces the price of one dollar of future purchases by 20% (equal to 20 cents). Customers do not earn additional loyalty points for purchases on which loyalty points are redeemed. Based on past experience, Supply Club estimates a 80% probability that any point issued will be redeemed for the discount. During July 2021, the company records $136,000 of revenue and awards 150,000 loyalty points. The aggregate stand-alone selling price of the purchased products is $136,000. Seventy-five percent of sales were cash sales, and the remainder were credit sales.

Required:
1. & 2. Prepare Supply Club’s journal entry to record July and August sales. During August, customers redeem loyalty points on $96,000 of merchandise. Seventy-five percent of those sales were for cash, and the remainder were credit sales. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Note: Enter debits before credits.

Note: Enter debits before credits.

[The following information applies to the questions displayed below.] Ricky’s Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $ 7,850 Accounts Payable $ 10,300 Accounts Receivable 15,000 Deferred Revenue (deposits) 4,400 Supplies 2,100 Notes Payable (long-term) 41,500 Equipment 9,500 Common Stock 10,000 Land 8,400 Retained Earnings 5,050 Building 28,400 Following are the January transactions: Received a $690 deposit from a customer who wanted her piano rebuilt in February. Rented a part of the building to a bicycle repair shop; $350 rent received for January. Delivered five rebuilt pianos to customers who paid $15,050 in cash. Delivered two rebuilt pianos to customers for $7,700 charged on account. Received $6,350 from customers as payment on their accounts. Received an electric and gas utility bill for $765 for January services to be paid in February. Ordered $900 in supplies. Paid $2,450 on account in January. Paid $10,900 in wages to employees in January for work done this month. Received and paid cash for the supplies in (g). 5-a. Prepare an income statement for the month ended and at January 31. 5-b. Prepare a statement of retained earnings for the month ended and at January 31. 5-c. Prepare a classified balance sheet for the month ended and at January 31

1. The owner of Showtime Movie Theaters, Inc. would like to estimate weekly gross revenue as a function of advertising expenditures. Historical data for a sample of eight weeks follow.

1. Develop an estimated regression equation in Excel with the amount of television advertising as the independent variable
2. Develop an estimated regression equation in Excel with both television advertising and newspaper advertising as the independent variables
3. Develop an estimated regression equation in Excel with all three independent variables: television advertising, newspaper advertising, and radio advertising
4. Is the estimated regression equation coefficient for television advertising expenditures the same in par a), in part b) and in part c)? Interpret the coefficient in each case
5. Obtain and compare the multiple coefficient of determination and the adjusted multiple coefficient of determination for parts a), b) and c). How does the coefficient of determination changes as a result of adding more independent variables in the equation?
6. What is the estimate of the weekly gross revenue for a week when $3500 is spent on television advertising, $1800 is spent on newspaper advertising, and $350 in radio advertising?
7. Use the F test to determine the overall significance of the relationship. What is the conclusion at the .05 level of significance?
8. Use the t test to determine the significance of each independent variable. What is your conclusion at the .05 level of significance?
1. Determine the sample correlation coefficient between all possible pairs of independent variables to measure multicollinearity. Is there any value high enough to predict any potential problem in the regression model? Explain

SHOW ALL WORK

Accountants are frequently called on to choose between alternative accounting methods. Which of the following choices do you think is most true to the conservatism principle? Explain.

1. FIFO or LIFO

2. Net or Gross method of accounting for cash discounts allowed to customers.

3. Using an Allowance for Doubtful Accounts account or not.

Can you think of an end-of-period entry that would affect the Cash account in the general ledger?

Describe the dramatic increase in the rate of obesity and explain why it increased so dramatically. What is the significance of sugar, fat, and salt? How can their significance be applied to the food industry and its customers/consumers?

Describe in detail the chemically altered process that occurs in the brain when people eat foods that are high in sugar, fat, and salt. Include relevant concepts, their corresponding definitions, and the relationships between them in your explanation

Customers at a fast-food restaurant buy both sandwiches and drinks. The mean number of sandwiches is 1.5 with a standard deviation of 0.5. The mean number of drinks is 1.45 with a standard deviation of 0.3. The correlation between the number of sandwiches and drinks purchased by the customer is 0.6. If the profit earned from selling a sandwich is $1.50 and from a drink is $1, what is the expected value and standard deviation of profit made from each customer.

On July 1, 2020, Skysong Inc. made two sales: 1. It sold excess land in exchange for a four-year, non–interest-bearing promissory note in the face amount of $1,147,860. The land’s carrying value is $620,000. 2. It rendered services in exchange for an eight-year promissory note having a face value of $500,000. Interest at a rate of 3% is payable annually. The customers in the above transactions have credit ratings that require them to borrow money at 10% interest. Skysong recently had to pay 7% interest for money it borrowed from British Bank. 3. On July 1, 2020, Skysong also agreed to accept an instalment note from one of its customers in partial settlement of accounts receivable that were overdue. The note calls for four equal payments of $20,300, including the principal and interest due, on the anniversary of the note. The implied interest rate on this note is 9%. The tables in this problem are to be used as a reference for this problem. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Partially correct answer. Your answer is partially correct. Try again. Prepare the journal entries to record the three notes receivable transactions of Skysong Inc. on July 1, 2020 2.Prepare an instalment note receivable schedule for the instalment note obtained in partial collection of accounts receivable

Listed below are the transactions for Ajayi Art, Inc. for the month of July:

July 1 Ajayi Art, Inc. is started with an investment of $250,000 cash.

July 1 Ajayi purchases office equipment for $22,250 by signing a 10% note (interest and principal to be paid over the next 12 months).

July 6 Pays rent for the art gallery in advance for the next three months with a check for $3,000.

July 8 Purchases art supplies from Wacky Art Co. on credit for $10,300.

July 9 Receipt of $3,500 from a customer who has commissioned a piece of custom art to be completed by the end of the year.

July 11 Pays miscellaneous office expenses totaling $375 in cash.

July 13 Bills customers $4,300 for art classes provided in June.

July 15 Pays $3,500 to Wacky Art Co.

July 20 Receives $1,900 from customers on account.

July 30 Ajayi records $3,800 in salaries for the month of July. Paychecks will be disbursed to employees on August 2nd.

Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). Use the following ledger accounts: Cash, Accounts Receivable, Supplies on Hand, Office Equipment, Accumulated Depreciation, Accounts Payable, Common Stock, Service Revenue, Rent Expense, Miscellaneous Office Expense, Office Salaries Expense, Supplies Expense, Depreciation Expense, and Income Summary.

Prepare an unadjusted trial balance.

Record depreciation using a 5-year life on the office equipment, the straight-line method, and no salvage value. Round to whole numbers. Also, record an adjustment for art supplies used in the amount of $1,510 and record interest expense for the note.

Prepare an adjusted trial balance.

Prepare an income statement, a statement of retained earnings, and an unclassified balance sheet.

Prepare closing entries.

provide an explanation to the management team on July's financial performance.

The number of actual fire emergencies (emergencies where there is actually a fire) per week as the fire service
in Stavanger can be described with a Poisson distribution with parameter λ = 1.8.

a) What is the probability of exactly three calls in a week?

What is the probability of more than three calls in a week?

What is the probability of at least an emergency during one day?

What is the expected number of calls in a year?

The time, measured in number of days, that passes between two subsequent real fire calls is exponentially distributed with parameter λ = 1.8 / 7 = 0.26 (the time between subsequent events in a Poisson process is exponentially distributed).

b) What is the expected number of days between two consecutive calls?
What is the probability that there will be more than 1 day between two consecutive calls?
What is the probability that there will be less than 2 days between two consecutive calls?
What is the probability that there will be between 1 and 2 days between two subsequent calls?