Andy’s Co. is a manufacturing firm of a computer hardware device. Its sales forecasts for the year 2020 is as follows:

The company will start its business this year with $30,000 of cash balance. As of Q4 of the fiscal year 2019, it does not have any material, work in progress, or finished goods inventories. The company currently has no debt and entirely owned by shareholders. The balance sheet of Andy’s Co. as of the end of the year 2019 is as follows:

Direct material costs per unit are $150. Each unit requires three direct labor hours to be completed. The hourly wage is $40. For the year 2020, the company expects the variable overhead to be $136,000. The company allocates variable overhead by direct labor hours. Fixed overhead is expected to be $204,000, including the depreciation of the equipment ($47,500). The company will evenly allocate the fixed overhead for each quarter.

At the beginning of the year 2020, the company will invest in $95,000 for the equipment.

The company supplies products with no material selling and administrative expenses. Their products are immediately picked up by other manufacturers in the complex for cash. Due to the highly efficient just-in-time inventory management system, the company does not hold materials inventories. All materials are purchased just enough to be used in production each quarter. The company also does not hold work in progress inventories. However, they keep 10% of next quarter’s sales as ending inventories of finished goods.

The company also engages in flexible cash management. They require a minimum balance of zero. Whenever they run short of cash, they can borrow from a partnered venture capital at the quarterly interest rate of 2%. They obtain the short-term loan at the beginning of the quarter, and they repay both principal and interest at the end of the quarter if they have enough cash.

The company will incur 20% of taxable income (operating income less interest expenses) as tax expenses but will pay the income taxes in the year 2021.

5) Complete the overhead budget including the cash disbursement for Andy’s Co. for the fiscal year 2020

6) Complete the cost of goods manufactured budget for Andy’s Co. for the fiscal year 2020

7) Complete the cost of goods sold budget for Andy’s Co. for the fiscal year 2020

8) Complete the cash budget for Andy’s Co. for the fiscal year 2020

9) Complete the income statement for Andy’s Co. for the fiscal year 2020

10) Complete the balance sheet for Andy’s Co. for the fiscal year 2020

11) An alternative plan for operation requires more investment in the equipment. If the company can invest $210,000 instead of $95,000 in the equipment at the beginning of the year 2020, the company can reduce direct labor hours required for each unit to 2 hours. The depreciation of the equipment will be $105,000 for the year 2020. Calculate the impacts of the additional investment on net income and operating cash flows for the year 2020. You can present an alternative income statement, cash budget, and balance sheet.

12) The executives of Andy’s Co. are debating over whether to invest $95,000 or $210,000. The market analysts suggest that the demand for the products will be at a similar level over the next few years. Based on the sales forecasts of the market analysts, provide advice to the executives. Support your advice quantitatively.

Question:

1. Assume the data in tab 11.a (Cancer mortality) represent data on cancer mortality rates for the communities in your hospital's service area. Perform a statistical test to determine if the average cancer mortality in the rural communities is different from the average mortality in the urban communities. (Assume the mortality rates are normally distributed.) Offer an interpretation of your results. Remember to describe the mean cancer mortality rates. (4 points)
2. Does this problem call for a one-tailed test or a two-tailed test? (1 point)
3. Using the data in tab 11.b (Weight loss), test whether the average weight of patients attending your new weight loss clinic has changed as a result of attending the clinic. That is, is the average weight of patients after attending the clinic different from the average weight before attending? Report the average weight of these patients before and after attending the clinic and interpret the results of the statistical test(s) performed. (5 points)
4. Apply the appropriate t-test to compare the mean time required to process clinical records before and after the introduction of a new method for this work. Note, assume the same records were processed before and after the introduction of the new procedure. Using data in Tab 12. (Processing time), evaluate the following:
5. Test whether the intervention designed by a clever intern to reduce the time required to process billing forms made a difference. (That is, test whether the mean processing time after the intervention is different from the mean before the intervention.) Report your results and offer an interpretation of the statistical test(s) performed. (5 points)
6. Would your conclusion be different if you were asked to test whether mean processing time after the intervention was less than mean processing time before the intervention? Describe how you interpret your results under these conditions. (Hint: this is a one-tailed problem.) (5 points)
7. Choose the appropriate t-test for your evaluation and decide if each hypothesis requires a one- or a two-tailed test. Assume the data in Tab 13.(ER Wait times) are the time spent waiting to be seen by a physician for two groups of patients. One group were considered to have true emergencies and the other group were triaged as requiring only urgent care.
8. Test the hypothesis that the time spent waiting does not depend on the reason for admission to the ER (true emergency v. needing urgent care). Report your results and interpret the statistical test. Does this hypothesis call for a two-tailed test or a one-tailed test? (5 points)
9. Test the hypothesis that waiting time for patients with true emergencies was less than the waiting time for patients only needing urgent care. (Note the specific hypothesis to be tested here.) Interpret the results of the proper statistical test and justify your answer. Does this hypothesis call for a one-tailed or a two-tailed test? Please justify your answer.

PLEASE USE DATA BELOW

ER waiting time:

Type of visit:

Urgent   Emergency
29 33
30 43
32 26
31 46
22 31
26 40
30 34
38 4
29 30
28 24
29 40
38 32
30 36
43 31
23 45
32 20
25 31
32 42
30 29
32 40
35 34
34 44
29 9
21 25
29 29
31 34
36 28
14 37
31 18
36 38
29
48
36
49
28
39
34
37
34
42

**The last Data Set of numbers refer to Column 2 (Emergency)**

Question:

1. Assume the data in tab 11.a (Cancer mortality) represent data on cancer mortality rates for the communities in your hospital's service area. Perform a statistical test to determine if the average cancer mortality in the rural communities is different from the average mortality in the urban communities. (Assume the mortality rates are normally distributed.) Offer an interpretation of your results. Remember to describe the mean cancer mortality rates. (4 points)
2. Does this problem call for a one-tailed test or a two-tailed test? (1 point)
3. Using the data in tab 11.b (Weight loss), test whether the average weight of patients attending your new weight loss clinic has changed as a result of attending the clinic. That is, is the average weight of patients after attending the clinic different from the average weight before attending? Report the average weight of these patients before and after attending the clinic and interpret the results of the statistical test(s) performed. (5 points)
4. Apply the appropriate t-test to compare the mean time required to process clinical records before and after the introduction of a new method for this work. Note, assume the same records were processed before and after the introduction of the new procedure. Using data in Tab 12. (Processing time), evaluate the following:
5. Test whether the intervention designed by a clever intern to reduce the time required to process billing forms made a difference. (That is, test whether the mean processing time after the intervention is different from the mean before the intervention.) Report your results and offer an interpretation of the statistical test(s) performed. (5 points)
6. Would your conclusion be different if you were asked to test whether mean processing time after the intervention was less than mean processing time before the intervention? Describe how you interpret your results under these conditions. (Hint: this is a one-tailed problem.) (5 points)
7. Choose the appropriate t-test for your evaluation and decide if each hypothesis requires a one- or a two-tailed test. Assume the data in Tab 13.(ER Wait times) are the time spent waiting to be seen by a physician for two groups of patients. One group were considered to have true emergencies and the other group were triaged as requiring only urgent care.
8. Test the hypothesis that the time spent waiting does not depend on the reason for admission to the ER (true emergency v. needing urgent care). Report your results and interpret the statistical test. Does this hypothesis call for a two-tailed test or a one-tailed test? (5 points)
9. Test the hypothesis that waiting time for patients with true emergencies was less than the waiting time for patients only needing urgent care. (Note the specific hypothesis to be tested here.) Interpret the results of the proper statistical test and justify your answer. Does this hypothesis call for a one-tailed or a two-tailed test? Please justify your answer.

PLEASE USE DATA BELOW

ER waiting time:

Type of visit:

Urgent   Emergency
29 33
30 43
32 26
31 46
22 31
26 40
30 34
38 4
29 30
28 24
29 40
38 32
30 36
43 31
23 45
32 20
25 31
32 42
30 29
32 40
35 34
34 44
29 9
21 25
29 29
31 34
36 28
14 37
31 18
36 38
29
48
36
49
28
39
34
37
34
42

Study the following items related to transactions during the year to September 30, 2020 for Thompson’s Tours’ Inc. All transactions are reported on the financial statements in $XCD.

I. A bank overdraft of $200,000 in a chequing account at St Kitts National Bank.

II. A saving account with a balance of $400,000 at Open Campus Bank and chequing account with an overdraft of $100,000 at the same bank repayable on demand.

III. The Operation Manager was given a salary advance of $2,000 on August 24, 2020 and this amount was deducted from his October salary.

IV. CAD$3,045 on hand from tips up to March 31, 2020, its pre-COVID operations when the exchange rate was CAD$1 = $2.01 XCD. On September 30, 2020, the exchange rate was CAD$1 = $1.95 XCD

V. Special Edition Independence postage stamps on hand valued at $200.

VI. Cash holdings of US$100,000, the exchange rate on September 30, 2020 is $2.70.

VII. Petty cash on hand valued at $1,500.

VIII. A cheque in the amount of $5,000 and dated October 23, 2020 was received from a customer on September 27, 2020.

IX. Short term 60 days treasury bill valued at $35,000.

X. Thompson’s Tours’ Inc. invested $1,000,000 in a money market fund with Mona Campus Bank on July 10, 2020 which will mature on October 9, 2020.

Required:

a. List all items from above that would NOT be classified as cash or cash equivalents in the current asset section of Thompson’s Tours’ Inc. Statement of Financial Position as at September 30, 2020? State how each of these items would then be classified in the financials.

b. Prepare the necessary journal entry at September 30, 2020 to account for Item IV.

C. Using the information in B above, calculate the cash and cash equivalent value that would appear in Thompson’s Tours’ Inc. Statement of Financial Position on September 30,2020.

Question 2 .

A. List two (2) policies a company may adopt to lessen the risk of uncollectible accounts and improve its cashflows. (1 mark)

B. Joseph Corporation a mobile phone wholesaler sells mobile phones to PhoneTech Ltd, a mobile phone retailer on August 1, 2020 for $500 each, the value of the sale is $50,000, with credit terms of 3/10, n/30. Assume the company uses the net method to record accounts receivables.

Required:

a. Prepare the journal entry to record the sale.

b. On August 8, 2020, collection on $15,000 of the sales was received from PhoneTech. Record the necessary journal entry for the cash received.

c. The remaining $35,000 of the sales was collected on August 28, 2020 from Phone Tech. Record the necessary journal entry for the transaction on this date.

Question 3

A. J & B Company uses the percentage of sales approach to estimate its uncollectible accounts. The company’s annual sales for its first financial year of operations ending July 31, 2020 was $500,000, cash sales contributed to 2% of the overall sales and the 3 accounts receivable balance at year end was $75,000. Based on industry expectations, it estimated that 3% of its credit sales would be uncollectible.

Required:

a. Calculate the bad debt expense at July 31, 2020.

b. Calculate the net receivable balance that would be reported in the Statement of Financial Position as at July 31, 2020.

B. Tosh and Sons Inc. uses the percentage of receivables approach to estimate its uncollectible accounts. The company had sales of $100,000 at the end of its financial year on June 30, 2020. The allowance for doubtful debts account had a debit balance of $400, the accounts receivable balance was $30,000at year end and the company estimates the uncollectible percentages as follows:

Current (1 - 30 days) $15,000 0.5%

31 - 60 days $10,000 2.0%

61 - 90 days $3,000 10.0%

Over 90 days $2000 60.0%

Required:

a. Calculate the bad debt expense at June 30, 2020.

b. Prepare the necessary journal entry to record the bad debt expense for the year.

C. During the financial year ending May 31, 2020 the Board of Directors of Chung Sa Corporation authorised the write off of a $3,000 two-year debt belonging to a previous customer Jap Inc. On July 2, 2020 Chung Sa Corporation received an electronic funds transfer from Jap Inc. in the amount of $3,000.

Required: Prepare all necessary journal entries to record this transaction.

On Thursday, July 22, 2010, you bought (traded) the FG, Inc. 6.75% corporate bonds for $101.25. The coupon payments are paid on May 31 and November 30. Using the 360-day accrual basis, calculate the invoice price of the bonds. Please use T+3 to calculate the settlement day (use 2 decimals).

On September 1, 2009, Olpe Corporation paid $2,400 in advance for a one year insurance policy that covers the period September 1, 2009 through August 31, 2010. What amount of insurance expense should Olpe report for the year endedDecember 31, 2009?

A)$800

B)$1,200

C)$2,400

D)$0

Cite how the following are VALUABLE TO FOREIGNERS operating in a local business organization: legal, educational, spiritual, and cultural values.

Read as your Reference ( and other HBO textbooks)

Newstrom, J.W. (2011). Organizational behavior: 2011Human behavior at work. Boston: McGraw-Hill.
Livermore, D. (2010). Leading with cultural intelligence. Boston: Amacom.

An urban economist wishes to estimate the proportion of Americans who own their homes. What sample size should be obtained if he wishes the estate to be within 0.03 with 99% confidence level

A: he uses a 2010 estimate of 0.723 obtained from the us census bureau?

b: he dose not use any prior estimates.

The Affordable Care Act (ACA) of 2010 has dramatically changed the U.S. health care system. Despite the beneficent intent of the reform, however, it has been suffering from many problems like the rise of insurance cost, etc. Discuss ethical challenges present in the ACA era from the market economic point of view