Using basic demographic information (age, household income, marital status, etc.), you collect a random sample size 190 customers who accepted a special balance transfer offer from a major credit card company six months ago. The company wants to determine if there is evidence that it would profit by offering the deal to the population of customers with those same demographic characteristics. The sample mean balance transfer amount is 1,935 with a sample standard deviation of 424. Based on the information above, if the company were to perform a hypothesis test at α = 0.05, what is the largest value it could specify in the null hypothesis and still fail to reject the null hypothesis? Hint: Think about the relationship between hypothesis tests and intervals. Specifically, think about how a test done at alpha equals 0.05 would relate to a 95% confidence interval?
In: Math
IMPORTANT NOTE*****Read the following scenario, and write one or two paragraphs to answer each of the sub-questions below:
Consider a small, but growing, company that distributes kitchen supplies. The customers are primarily small retailers such as kitchen specialty stores, hardware stores, and other types of home retail stores. Managers currently keep track of all customers, orders, and inventory information using a spreadsheet.
a.Describe how a TPS would help the managers of this company keep track of orders and inventory.
b.Identify and discuss two Managerial level Decisions, and Two strategic decisions that can be made within this company. Explain your reasoning
c.If a TPS was set up to automate the order entry and inventory system, provide two examples of reports that could be produced at the Managerial Level, and one example of a report that could be produced at the Strategic Level. Explain and describe the reports.
In: Computer Science
Below are the transactions for September.
September 1 The owner contributed $20,000 to the business to start the operations.
September 2 Purchased a fully equipped hotdog cart for $15,000. Paid $5,000 upfront and put the remainder of the balance on account.
September 3 Purchased hotdogs, sodas and consumable supplies for $500.
September 3 Purchased 3 months of advertising services from the HB Times newspaper for $300.
September 4 Sold $200 worth of hot dogs to customers for cash.
September 5 Sold $300 worth of hot dogs to customers for cash.
September 6 Sold $100 worth of hotdogs the HBPD on account.
September 8 The HB surfing contest company asked me to supply hotdogs for their contests and paid $600 in advance for a total of 6 contests.
September 9 Hired a person to help with the surf contest sales. Paid that person $100 for services performed.
September 10 Purchased hotdogs, sodas and consumable supplies for $500.
September 12 Sold $200 worth of hot dogs to customers for cash.
September 18 The city of HB requested that you provide $500 worth of food for an event they are holding at the pier this coming weekend. The job was completed. The city of HB paid $200 and you billed the difference.
September 25 HBPD paid the balance on account due from September 6.
September 26 Received propane (utility) bill, $100, which was put on account.
September 30 Took out a small business loan from the bank for $15,000 to expand the business. The bank approved the loan due one year from today.
September 30 The owner withdrew $200 in the form of dividends.
Adjustments
Instructions
In: Accounting
The following trial balance was prepared from the ledger accounts of Ricardo Company: RICARDO COMPANY Trial Balance April 30, Year 1 Account Titles Debit Credit Cash $ 78,400 Accounts receivable 49,000 Supplies 3,700 Prepaid insurance 5,500 Land $ 10,000 Accounts payable 11,500 Common stock 100,000 Retained earnings 34,255 Dividends 9,900 Service revenue 93,000 Rent expense 11,500 Salaries expense 35,300 Operating expense 36,200 Totals $ 229,500 $ 248,755 When the trial balance failed to balance, the accountant reviewed the records and discovered the following errors: 1. The company received $655 as payment for services rendered. The credit to Service Revenue was recorded correctly, but the debit to Cash was recorded as $1,030. 2. A $1,850 receipt of cash that was received from a customer on accounts receivable was not recorded. 3. A $370 purchase of supplies on account was properly recorded as a debit to the Supplies account. However, the credit to Accounts Payable was not recorded. 4. Land valued at $10,000 was contributed to the business in exchange for common stock. The entry to record the transaction was recorded as a $10,000 credit to both the Land account and the Common Stock account. 5. A $1,450 rent payment was properly recorded as a credit to Cash. However, the Salaries Expense account was incorrectly debited for $1,450. Required Prepare a corrected trial balance for Ricardo Company.
In: Accounting
Divisional Income Statements and Return on Investment Analysis
E.F. Lynch Company is a diversified investment company with three operating divisions organized as investment centers. Condensed data taken from the records of the three divisions for the year ended June 30, 20Y8, are as follows:
Mutual Fund Division |
Electronic Brokerage Division |
Investment Banking Division |
||||
| Fee revenue | $1,610,000 | $1,680,000 | $1,620,000 | |||
| Operating expenses | 866,600 | 798,000 | 1,224,000 | |||
| Invested assets | 5,900,000 | 4,900,000 | 3,300,000 | |||
The management of E.F. Lynch Company is evaluating each division as a basis for planning a future expansion of operations.
Required:
1. Prepare condensed divisional income statements for the three divisions, assuming that there were no service department charges.
| E.F. Lynch Company | |||
| Divisional Income Statements | |||
| For the Year Ended June 30, 20Y8 | |||
| Mutual Fund Division | Electronic Brokerage Division | Investment Banking Division | |
| Fee revenue | $ | $ | $ |
| Operating expenses | |||
| Income from operations | $ | $ | $ |
2. Using the DuPont formula for rate of return on investment, compute the profit margin, investment turnover, and rate of return on investment for each division. Round your answers to one decimal place.
| Division | Profit Margin | Investment Turnover | ROI |
| Mutual Fund Division | % | % | |
| Electronic Brokerage Division | % | % | |
| Investment Banking Division | % | % |
3. When faced with limited funds for expansion, management should consider an expansion of the Division first.
In: Accounting
Common-Size Income Statements
Consider the following income statement data from the Ross Company:
|
2013 |
2012 |
|
|---|---|---|
|
Sales revenue |
$527,000 |
$452,000 |
|
Cost of goods sold |
338,000 |
281,000 |
|
Selling expenses |
107,000 |
101,000 |
|
Administrative expenses |
60,000 |
54,000 |
|
Income tax expense |
7,800 |
5,400 |
Prepare common-size income statements for each year. Round percentages to one decimal point.
|
ROSS COMPANY |
|||||||
|---|---|---|---|---|---|---|---|
|
2013 |
2012 |
||||||
|
Sales Revenue |
Answer
% |
Answer
% |
|||||
|
Cost of Goods Sold |
Answer
% |
Answer
% |
|||||
|
Answer |
|||||||
|
|
Answer
% |
Answer
% |
|||||
|
Answer |
|||||||
|
|
||
|
Selling Expenses |
Answer
% |
Answer
% |
|
Administrative Expenses |
Answer
% |
Answer
% |
|
Total |
Answer
% |
Answer
% |
|
Income before Income Taxes |
Answer
% |
Answer
% |
|
Answer |
|
|
Answer
% |
Answer
% |
|
Answer |
|
|
Answer
% |
Answer
% |
In: Accounting
Common-Size Income Statements
Consider the following income statement data from the Ross Company:
|
2013 |
2012 |
|
|---|---|---|
|
Sales revenue |
$527,000 |
$452,000 |
|
Cost of goods sold |
338,000 |
281,000 |
|
Selling expenses |
107,000 |
101,000 |
|
Administrative expenses |
60,000 |
54,000 |
|
Income tax expense |
7,800 |
5,400 |
Prepare common-size income statements for each year. Round percentages to one decimal point.
|
ROSS COMPANY |
||||||
|---|---|---|---|---|---|---|
|
2013 |
2012 |
|||||
|
Sales Revenue |
Answer% |
Answer% |
||||
|
Cost of Goods Sold |
Answer% |
Answer% |
||||
|
Answer |
||||||
|
Answer% |
Answer% |
|||||
|
Answer |
||||||
|
Selling Expenses |
Answer% |
Answer% |
|
Administrative Expenses |
Answer% |
Answer% |
|
Total |
Answer% |
Answer% |
|
Income before Income Taxes |
Answer% |
Answer% |
|
Answer |
|
Answer% |
Answer% |
|
Answer |
|
Answer% |
Answer% |
In: Accounting
In early 2019, Bridge Company entered into a long term contract to construct a bridge for Greensville County for $10 million. The bridge will take three years to complete. In 2019, Bridge spent $2.8 million on the project, recognized $3.5 million in revenue and $.7 million in profit. In 2020, Bridge spent $4.2 million on the project, recognized $3.8 million in revenue and a $.4 million loss. Bridge billed Greensville $3.0 million in 2019 and $4.5 million in 2020. Greensville paid Bridge $2.6 million in 2019 and $4.3 million in 2020. Bridge Company recognizes revenue on all contracts over time, as the project is being completed by using the cost to cost approach. When preparing the December 31, 2019 and the December 31, 2020 balance sheets what would Bridge report in regards to this contract?
In: Accounting
| Account Name | Amount |
| Income tax expense | $12,380 |
| Cash (beginning of year) | 39,910 |
| Purchase of intangibles | 1,560 |
| Website design | 1,500 |
| Supplies expense | 1,375 |
| Supplies | 3,150 |
| Payment of dividends | 7,000 |
| Service revenue | 79,480 |
| Cash received from debt | 25,000 |
| Dividends | 7,000 |
| Payments to suppliers | 56,925 |
| Retained earnings (beginning of year) | 28,365 |
| Bank loan payable, due in 2025 | 25,000 |
| Website expense | 1,000 |
| Advertising expense | 1,750 |
| Owner's capital | 17,500 |
| Prepaid insurance | 1,800 |
| Contributions by owners | 8,500 |
| Business licence | 60 |
| Insurance expense | 3,600 |
| Interest expense | 1,800 |
| Accounts receivable | 52,375 |
| Prepaid expenses | 2,700 |
| Income tax payable | 2,775 |
| Deferred revenue | 2,450 |
| Collections from customers | 58,450 |
| Accounts payable | 33,845 |
| Cash (end of year) | 66,375 |
| Salaries expense | 32,550 |
create statement of retained earnings & balance sheet
In: Accounting
On June 1, 2021, Royal Property Management entered into a
one-year contract to oversee leasing and maintenance for an
apartment building. The contract starts on July 1, 2021. Under the
terms of the contract, Royal will be paid a fixed fee of $69,000
and will receive an additional 10% of the fixed fee at the end of
the contract provided that building occupancy exceeds 80%. Royal
estimates a 20% chance it will exceed the occupancy threshold, and
concludes the revenue recognition over time is appropriate for this
contract.
Assume Royal estimates variable consideration as the expected
value. How much revenue should Royal recognize on this contract in
2021?
Multiple Choice
$35,190
$38,250
$34,500
$69,000
Which of the following is not a performance obligation?
Multiple Choice
A good that the seller could sell separately and that is separately identifiable from other goods or services in the contract.
An extended warranty.
A right of return.
An option for a customer to purchase goods under terms that are more advantageous than those enjoyed by other customers.
In: Accounting