Journal Entries and Trial Balance

On October 1, 2018, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business:

Enter the following transactions on Page 2 of the two-column journal:

Three different companies each purchased trucks on January 1, 2018, for $76,000. Each truck was expected to last four years or 250,000 miles. Salvage value was estimated to be $6,000. All three trucks were driven 81,000 miles in 2018, 55,000 miles in 2019, 46,000 miles in 2020, and 71,000 miles in 2021. Each of the three companies earned $65,000 of cash revenue during each of the four years. Company A uses straight-line depreciation, company B uses double-declining-balance depreciation, and company C uses units-of-production depreciation. Answer each of the following questions. Ignore the effects of income taxes. d-1. Calculate the retained earnings on the December 31, 2021, balance sheet?

Three different companies each purchased trucks on January 1, 2018, for $74,000. Each truck was expected to last four years or 250,000 miles. Salvage value was estimated to be $5,000. All three trucks were driven 80,000 miles in 2018, 60,000 miles in 2019, 45,000 miles in 2020, and 70,000 miles in 2021. Each of the three companies earned $63,000 of cash revenue during each of the four years. Company A uses straight-line depreciation, company B uses double-declining-balance depreciation, and company C uses units-of-production depreciation. Answer each of the following questions. Ignore the effects of income taxes. d-1. Calculate the retained earnings on the December 31, 2021, balance sheet?

Three different companies each purchased trucks on January 1, 2018, for $74,000. Each truck was expected to last four years or 250,000 miles. Salvage value was estimated to be $5,000. All three trucks were driven 80,000 miles in 2018, 60,000 miles in 2019, 45,000 miles in 2020, and 70,000 miles in 2021. Each of the three companies earned $63,000 of cash revenue during each of the four years. Company A uses straight-line depreciation, company B uses double-declining-balance depreciation, and company C uses units-of-production depreciation. Answer each of the following questions. Ignore the effects of income taxes. c-1. Calculate the book value on the December 31, 2020, balance sheet?

In Maladia, many people go without health insurance. The following Cross-Tabulation shows the population in different age groups in Maladia with and without health insurance. You should fill in the Totals to help you calculate the later answers, but the Totals will not be graded. Health Insurance Age Yes (H) No (HC) Totals 40 and under (Y) 800,000 200,000 Over 40 (YC) 1,000,000 250,000 Totals Use the Cross-Tabulation to complete the Joint Probability Table below. Use at least three decimal points in your answers. Enter your answers to questions 23 to 31 on Canvas using the values in this table. Health Insurance Age Yes (H) No (HC) Totals 40 and under (Y) 23. 24. 25. Over 40 (YC) 26. 27. 28. Totals 29. 30. 31. 32. What is the probability that a randomly selected person in Maladia has health insurance? P(H) = 33. Given that a person in Maladia is age 40 and under, what is the probability that the person has health insurance? (Hint: You need to use the conditional probability formula.) P(H|Y) = 34. Given that a person in Maladia has health insurance, what is the probability that the person is age 40 or under? (Hint: You need to use the conditional probability formula.) Give three decimal places in your answer. P(Y|H) = 35. Are age and health insurance independent variables in Maladia? 36. Explain why or why not using the probability rule for identifying independence. 37. What is your conclusion about the relationship between age and health insurance in Maladia given this data?

A market researcher believes that brand perception of one of the company's products may vary between different groups. After interviewing 401persons, the following data was compiled. Can we conclude that brand perception is dependent on age?

Step 1 of 8: State the null and alternative hypothesis.

Step 2 of 8: Find the expected value for the number of particpants who are 18-30 years old and have a favorable perception of the brand. Round your answer to one decimal place.

Step 3 of 8: Find the expected value for the number of particpants who are 30-45 years old and have a favorable perception of the brand. Round your answer to one decimal place.

Step 4 of 8: Find the value of the test statistic. Round your answer to three decimal places.

Step 5 of 8: Find the degrees of freedom associated with the test statistic for this problem.

Step 6 of 8: Find the critical value of the test at the 0.1 level of significance. Round your answer to three decimal places.

Step 7 of 8: Make the decision to reject or fail to reject the null hypothesis at the 0.1 level of significance.

Make the decision to reject or fail to reject the null hypothesis at the 0.05 level of significance.

Step 8 of 8: State the conclusion of the hypothesis test at the 0.1 level of significance.

  State the conclusion of the hypothesis test at the 0.05 level of significance.

There is significant evidence that brand perception and age are related.

or

There is not significant evidence that brand perception and age are related.

administrative Expense Budget Green Earth Landscaping Company provides monthly and weekly landscaping and maintenance services to residential customers in the tri-city area. Green Earth has no variable administrative expense. Fixed administrative expenses for June, July, and August include: Salaries $9,400 Insurance 2,000 Depreciation 4,300 Accounting services 900 Required: 1. Construct an administrative expense budget for Green Earth Landscaping Company for the three summer months. Show total amounts by month and in total for the three-month period.

What if Green Earth Landscaping Company's insurance rates increased at the beginning of July to $3,000 per month? How would that affect monthly administrative expense?

1. Mr. Cherry owns a gas station on a highway in Vermont. In the afternoon hours, there are, on average, 30 cars per hour passing by the gas station that would like to refuel. However, because there are several other gas stations with similar prices on the highway, potential customers are not willing to wait—if they see that all of the pumps are occupied, they continue on down the road.
   The gas station has three pumps that can be used for fueling vehicles, and cars spend four minutes, on average, parked at a pump (filling up their tank, paying, etc.).
   1. What is the probability that all three pumps are being used by vehicles?
   2. 1. How many pumps should it have to ensure that it captures at least 98 percent of the demand that drives by the station?

1. O’Brien, Inc. needs a stamping machine for their factory so they can better meet customers’ requirements. After investigating numerous alternatives they have the following alternatives:
2. Purchase Machine A for $120,000.
3. Lease Machine B, a similar machine, for 7 years (8 year EUL) for $20,000 at the beginning of each year. There is no transfer of ownership or bargain purchase option. There is no salvage value at the end of the lease term. O’Brien’s incremental borrowing rate is 9%.
4. Use Excel to prepare a lease amortization schedule and a depreciation schedule for the term of the lease. Prepare journal entries for the inception of the lease and the first three lease payments and first three depreciation entries. Should O’Brien purchase Machine A or lease Machine B? Why?

Police records show the following numbers of daily crime reports for a sample of days during the winter months and a sample of days during the summer months.

Use a 0.05 level of significance to determine whether there is a significant difference between the winter and summer months in terms of the number of crime reports.

State the null and alternative hypotheses.

H₀: Median number of daily crime reports for winter − Median number of daily crime reports for summer < 0
H_a: Median number of daily crime reports for winter − Median number of daily crime reports for summer = 0

H₀: The two populations of daily crime reports are identical.
H_a: The two populations of daily crime reports are not identical.    

H₀: Median number of daily crime reports for winter − Median number of daily crime reports for summer ≤ 0
H_a: Median number of daily crime reports for winter − Median number of daily crime reports for summer > 0

H₀: The two populations of daily crime reports are not identical.
H_a: The two populations of daily crime reports are identical.

H₀: Median number of daily crime reports for winter − Median number of daily crime reports for summer ≥ 0
H_a: Median number of daily crime reports for winter − Median number of daily crime reports for summer < 0

Find the value of the test statistic.

W =

Find the p-value. (Round your answer to four decimal places.)

p-value =

What is your conclusion?

Reject H₀. There is sufficient evidence to conclude that there is a significant difference between the winter and summer months in terms of the number of crime reports.

Reject H₀. There is not sufficient evidence to conclude that there is a significant difference between the winter and summer months in terms of the number of crime reports.   

Do not reject H₀. There is sufficient evidence to conclude that there is a significant difference between the winter and summer months in terms of the number of crime reports.

Do not reject H₀. There is not sufficient evidence to conclude that there is a significant difference between the winter and summer months in terms of the number of crime reports.