In the following problem, check that it is appropriate to use the normal approximation to the binomial. Then use the normal distribution to estimate the requested probabilities. Do you take the free samples offered in supermarkets? About 58% of all customers will take free samples. Furthermore, of those who take the free samples, about 35% will buy what they have sampled. Suppose you set up a counter in a supermarket offering free samples of a new product. The day you were offering free samples, 323 customers passed by your counter. (Round your answers to four decimal places.) (a) What is the probability that more than 180 will take your free sample? (b) What is the probability that fewer than 200 will take your free sample? (c) What is the probability that a customer will take a free sample and buy the product? Hint: Use the multiplication rule for dependent events. Notice that we are given the conditional probability P(buy|sample) = 0.35, while P(sample) = 0.58. (d) What is the probability that between 60 and 80 customers will take the free sample and buy the product? Hint: Use the probability of success calculated in part (c).
In: Statistics and Probability
8. A quality survey asked recent customers of their experience at a local department store. One question asked for the customers rating on their service using categorical responses of average, outstanding, and exceptional. Another question asked for the applicant’s education level with categorical responses of Some HS, HS Grad, Some College, and College Grad. The sample data below are for 700 customers who recently visited the department store. Education Quality Rating Some HS HS Grad Some College College Grad Average 55 80 50 35 Outstanding 60 105 65 70 Exceptional 35 65 35 45 Using a level of significance of 0.01, is there evidence to suggest that the customer’s Education level and Quality Rating are independent? In other words, is there a relationship or is there NO relationship between Education and Quality Rating? a. State the Null and Alternative hypothesis. b. What is the statistic you would use to analyze this? c. State your decision rule: d. Show your calculation: e. What is your conclusion? Quality Rating and Education level are independent OR Quality Rating and Education level are NOT independent
please show all the work
In: Statistics and Probability
In the following problem, check that it is appropriate to use the normal approximation to the binomial. Then use the normal distribution to estimate the requested probabilities. Do you take the free samples offered in supermarkets? About 58% of all customers will take free samples. Furthermore, of those who take the free samples, about 33% will buy what they have sampled. Suppose you set up a counter in a supermarket offering free samples of a new product. The day you were offering free samples, 315 customers passed by your counter. (Round your answers to four decimal places.) (a) What is the probability that more than 180 will take your free sample? (b) What is the probability that fewer than 200 will take your free sample? (c) What is the probability that a customer will take a free sample and buy the product? Hint: Use the multiplication rule for dependent events. Notice that we are given the conditional probability P(buy|sample) = 0.33, while P(sample) = 0.58. (d) What is the probability that between 60 and 80 customers will take the free sample and buy the product? Hint: Use the probability of success calculated in part (c).
In: Statistics and Probability
In the following problem, check that it is appropriate to use
the normal approximation to the binomial. Then use the normal
distribution to estimate the requested probabilities.
Do you take the free samples offered in supermarkets? About 64% of
all customers will take free samples. Furthermore, of those who
take the free samples, about 41% will buy what they have sampled.
Suppose you set up a counter in a supermarket offering free samples
of a new product. The day you were offering free samples, 327
customers passed by your counter. (Round your answers to four
decimal places.)
(a) What is the probability that more than 180 will take your
free sample?
(b) What is the probability that fewer than 200 will take your free
sample?
(c) What is the probability that a customer will take a free sample
and buy the product? Hint: Use the multiplication rule for
dependent events. Notice that we are given the conditional
probability P(buy|sample) = 0.41, while P(sample)
= 0.64.
(d) What is the probability that between 60 and 80 customers will
take the free sample and buy the product? Hint:
Use the probability of success calculated in part (c).
In: Statistics and Probability
In the following problem, check that it is appropriate to use
the normal approximation to the binomial. Then use the normal
distribution to estimate the requested probabilities.
Do you take the free samples offered in supermarkets? About 64% of
all customers will take free samples. Furthermore, of those who
take the free samples, about 41% will buy what they have sampled.
Suppose you set up a counter in a supermarket offering free samples
of a new product. The day you were offering free samples, 309
customers passed by your counter. (Round your answers to four
decimal places.)
(a) What is the probability that more than 180 will take your
free sample?
(b) What is the probability that fewer than 200 will take your free
sample?
(c) What is the probability that a customer will take a free sample
and buy the product? Hint: Use the multiplication rule for
dependent events. Notice that we are given the conditional
probability P(buy|sample) = 0.41, while P(sample)
= 0.64.
(d) What is the probability that between 60 and 80 customers will
take the free sample and buy the product? Hint:
Use the probability of success calculated in part (c).
In: Math
In the following problem, check that it is appropriate to use
the normal approximation to the binomial. Then use the normal
distribution to estimate the requested probabilities.
Do you take the free samples offered in supermarkets? About 64% of
all customers will take free samples. Furthermore, of those who
take the free samples, about 41% will buy what they have sampled.
Suppose you set up a counter in a supermarket offering free samples
of a new product. The day you were offering free samples, 309
customers passed by your counter. (Round your answers to four
decimal places.)
(a) What is the probability that more than 180 will take your
free sample?
(b) What is the probability that fewer than 200 will take your free
sample?
(c) What is the probability that a customer will take a free sample
and buy the product? Hint: Use the multiplication rule for
dependent events. Notice that we are given the conditional
probability P(buy|sample) = 0.41, while P(sample)
= 0.64.
(d) What is the probability that between 60 and 80 customers will
take the free sample and buy the product? Hint:
Use the probability of success calculated in part (c).
In: Math
Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Jason Payne, Capital; Jason Payne, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.
| Transactions | ||
| Oct. | 1 | Paid rent for the month, $2,100. |
| 3 | Paid advertising expense, $650. | |
| 5 | Paid cash for supplies, $1,350. | |
| 6 | Purchased office equipment on account, $9,300. | |
| 10 | Received cash from customers on account, $15,600. | |
| 15 | Paid creditors on account, $3,360. | |
| 27 | Paid cash for miscellaneous expenses, $500. | |
| 30 | Paid telephone bill (utility expense) for the month, $300. | |
| 31 | Fees earned and billed to customers for the month, $51,230. | |
| 31 | Paid electricity bill (utility expense) for the month, $840. | |
| 31 | Withdrew cash for personal use, $1,650. | |
Journalize the above selected transactions for October 2019 in a two-column journal. Refer to the Chart of Accounts for exact wording of account titles.
Journalize the above selected transactions for October 2019 in a two-column journal. Refer to the Chart of Accounts for exact wording of account titles.
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In: Accounting
June
| Date | |
| June-01 | Collected $ 1500 cash from customer accounts receivable |
| June-02 | Purchased supplies on account that cost $ 300 |
| June-07 | Recorded services of catering to customers and cash receipts were $ 500 and invoices for services on account were $ 1500. |
| June-08 |
Received $ 450 cash as an advance payment on May 10 from a client to be served in June and completed the job on June 8. |
| June-10 | Paid the utility company for the monthly utility bills that had been received in the previous month, $ 360 |
| June-15 | Paid $ 1800 cash for employee salaries |
| June-15 | Purchased a one-year insurance policy for $ 1000 on the microwave |
| June-16 | Paid $ 150 on the account payable that was established when supplies were purchased on June 2. |
| June-20 | Paid a $ 300 cash dividend to the stockholders |
| June-27 | Received monthly utility bills amounting to $ 350. The bills would be paid in the month of July |
| June-31 | Recorded revenues to customers. Cash receipts were $ 800, and invoices for sales on account were $ 1350 |
| June-31 | Paid $ 1800 cash for employee salaries |
Required:
1. Describe and journalise the transactions for the month of June in the general journal.
2. Record and post appropriate adjusting entries for June.
3. Prepare an adjusted trial balance for the month of June.
4. Prepare an income statement and statement of retained earnings for the month of June.
5. Record and post the closing entries for the month of June.
6. Prepare a closing trial balance for June.
In: Accounting
| Purchased merchandise on account from Black Wholesale Supply for $8,000, terms 1/10, n/30. | ||
| 2 | Sold merchandise on account for $4,800, terms 2/10, n/30. The cost of the merchandise sold was $3,600. | |
| 5 | Received credit from Black Wholesale Supply for merchandise returned $500. | |
| 9 | Received collections in full, less discounts, from customers billed on May 2. | |
| 10 | Paid Black Wholesale Supply in full, less discount. | |
| 11 | Purchased supplies for cash $1,170. | |
| 12 | Purchased merchandise for cash $4,030. | |
| 15 | Received $299 refund for return of poor-quality merchandise from supplier on cash purchase. | |
| 17 | Purchased merchandise from Wilhelm Distributors for $3,500, terms 2/10, n/30. | |
| 19 | Paid freight on May 17 purchase $325. | |
| 24 | Sold merchandise for cash $7,150. The cost of the merchandise sold was $5,330. | |
| 25 | Purchased merchandise from Clasps Inc. for $1,040, terms 3/10, n/30. | |
| 27 | Paid Wilhelm Distributors in full, less discount. | |
| 29 | Made refunds to cash customers for returned merchandise $150. The returned merchandise had cost $91. | |
| 31 | Sold merchandise on account for $1,664, terms n/30. The cost of the merchandise sold was $1,079. |
journalze into T accounts, having trouble. ive already made them into a perpetual inventory system
Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters’ ledger showed Cash of $10,400 and Common Stock of $10,400.
In: Accounting
On June 5, 2011, Fremont Corporation signed a contract with Jackson Associates under which Jackson agreed (1) to construct an office building on land owned by Fremont Corporation, (2) to accept responsibility for procuring financing for the project and finding tenants, and (3) to manage the property for 35 years. The annual net income from the project, after debt service, was to be divided equally between Fremont Corporation and Jackson Associates. Jackson was to accept its share of future net income as full payment for its services in construction, obtaining finances and tenants, and management of the project. By May 31, 2012, the project was nearly completed, and tenants had signed leases to occupy 90% of the available space at annual rentals totaling $4,000,000. It is estimated that, after operating expenses and debt service, the annual net income will amount to $1,500,000. The management of Jackson Associates believed that (a) the economic benefit derived from the contract with Fremont should be reflected on its financial statements for the fiscal year ended May 31, 2012, and directed that revenue be accrued in an amount equal to the commercial value of the services Jackson had rendered during the year, (b) this amount should be carried in contracts receivable, and (c) all related expenditures should be charged against the revenue.
On the basis of the above information, answer the following questions in the Essay Question area:
Explain the main difference between the economic concept of business income as reflected by Jackson’s management and the measurement of income under generally accepted accounting principles.
Discuss the factors to be considered in determining when revenue should be recognized for the purpose of accounting measurement of periodic income.
Is the belief of Jackson’s management in accordance with generally accepted accounting principles for the measurement of revenue and expense for the year ended May 31, 2012?
In: Accounting