1. At store A, the sample average amount spent by a random sample of 32 customers was $31.22 with a sample standard deviation of $6.48. At store B, the sample average amount spent by a random sample of 36 customers was $34.68 with a sample standard deviation of $5.15. Test, using the 4-step procedure and a 5% level of significance, whether or not there is a difference between the population mean amount spent per customer at store A and the population mean amount spent per customer at store B.

2.

Fifteen years ago 57% of American families had money invested in the stock market. It is believed that this percentage has dropped. To see if this is true, Morningstar recently sampled 200 American families and recorded in Excel each family’s Yes/No answer to the question “Do you have money invested in the stock market?”. Based on these results, can Morningstar declare that the proportion of American families who have money invested in the stock market is now lower than .57 at α=.01? Use the excel output above to answer the following question.

For the 90% confidence interval, find the upper (i.e., right) endpoint.

Generally, schools in the United States are organized around four goals: Academic, Civic, Personal, and Vocational. The academic goals are the knowledge and curriculum that we expect students to learn in school (English, math, science, etc). With the civic goals we want our students to learn about the American system of government and to learn the skills and attitudes to become informed citizens (courses such as American government, social studies, political science). The personal goals help our students with issues such as development of personal talents (think music, drama, athletics, etc.), life skills (maintaining a bank account, economics, consumer information) and health (PE, health classes, biology). In the vocational goals, students learn skills and knowledge which will make them productive in the workplace; able to leave school and to participate in the job market.

Question: Based on this information, which goal or goals do you think are most important for our schools. Which goals should American schools concentrate on? Explain your answers.

Exercise 14-20 Installment note; amortization schedule [LO14-3]

American Food Services, Inc., acquired a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2018. In payment for the $4.3 million machine, American Food Services issued a four-year installment note to be paid in four equal payments at the end of each year. The payments include interest at the rate of 9%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required:
1. Prepare the journal entry for American Food Services’ purchase of the machine on January 1, 2018.
2. Prepare an amortization schedule for the four-year term of the installment note.
3. Prepare the journal entry for the first installment payment on December 31, 2018.
4. Prepare the journal entry for the third installment payment on December 31, 2020.

Bank Reconciliation and Entries

The cash account for Brentwood Bike Co. at May 1 indicated a balance of $13,720. During May, the total cash deposited was $69,160 and checks written totaled $64,220. The bank statement indicated a balance of $23,450 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

1. Checks outstanding totaled $10,440.
2. A deposit of $8,510, representing receipts of May 31, had been made too late to appear on the bank statement.
3. The bank had collected for Brentwood Bike Co. $4,500 on a note left for collection. The face of the note was $4,150.
4. A check for $580 returned with the statement had been incorrectly charged by the bank as $850.
5. A check for $520 returned with the statement had been recorded by Brentwood Bike Co. as $250. The check was for the payment of an obligation to Adkins Co. on account.
6. Bank service charges for May amounted to $60.
7. A check for $1,040 from Jennings Co. was returned by the bank because of insufficient funds.

Instructions:

1. Prepare a bank reconciliation as of May 31.

2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank.

3. If a balance sheet is prepared for Brentwood Bike Co. on May 31, what amount should be reported as cash?
$

Bank Reconciliation and Entries

The cash account for Brentwood Bike Co. at May 1 indicated a balance of $13,660. During May, the total cash deposited was $68,400 and checks written totaled $63,510. The bank statement indicated a balance of $23,190 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

1. Checks outstanding totaled $10,330.
2. A deposit of $8,410, representing receipts of May 31, had been made too late to appear on the bank statement.
3. The bank had collected for Brentwood Bike Co. $4,450 on a note left for collection. The face of the note was $4,100.
4. A check for $270 returned with the statement had been incorrectly charged by the bank as $720.
5. A check for $970 returned with the statement had been recorded by Brentwood Bike Co. as $790. The check was for the payment of an obligation to Adkins Co. on account.
6. Bank service charges for May amounted to $70.
7. A check for $1,030 from Jennings Co. was returned by the bank because of insufficient funds.

Instructions:

1. Prepare a bank reconciliation as of May 31.

2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank.

3. If a balance sheet is prepared for Brentwood Bike Co. on May 31, what amount should be reported as cash?
$

Bank Reconciliation and Entries

The cash account for Brentwood Bike Co. at May 1 indicated a balance of $15,210. During May, the total cash deposited was $76,260 and checks written totaled $70,810. The bank statementindicated a balance of $25,850 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

1. Checks outstanding totaled $11,520.
2. A deposit of $9,380, representing receipts of May 31, had been made too late to appear on the bank statement.
3. The bank had collected for Brentwood Bike Co. $4,960 on a note left for collection. The face of the note was $4,580.
4. A check for $490 returned with the statement had been incorrectly charged by the bank as $940.
5. A check for $410 returned with the statement had been recorded by Brentwood Bike Co. as $140. The check was for the payment of an obligation to Adkins Co. on account.
6. Bank service charges for May amounted to $50.
7. A check for $1,140 from Jennings Co. was returned by the bank because of insufficient funds.

Instructions:

1. Prepare a bank reconciliation as of May 31.

2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank.

3. If a balance sheet is prepared for Brentwood Bike Co. on May 31, what amount should be reported as cash?
$

Bank Reconciliation and Entries

The cash account for Brentwood Bike Co. at May 1 indicated a balance of $13,600. During May, the total cash deposited was $68,640 and checks written totaled $63,730. The bank statement indicated a balance of $23,270 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

1. Checks outstanding totaled $10,360.
2. A deposit of $8,440, representing receipts of May 31, had been made too late to appear on the bank statement.
3. The bank had collected for Brentwood Bike Co. $4,460 on a note left for collection. The face of the note was $4,120.
4. A check for $580 returned with the statement had been incorrectly charged by the bank as $850.
5. A check for $630 returned with the statement had been recorded by Brentwood Bike Co. as $360. The check was for the payment of an obligation to Adkins Co. on account.
6. Bank service charges for May amounted to $50.
7. A check for $1,030 from Jennings Co. was returned by the bank because of insufficient funds.

Instructions:

1. Prepare a bank reconciliation as of May 31.

2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank.

3. If a balance sheet is prepared for Brentwood Bike Co. on May 31, what amount should be reported as cash?
$

Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $13,990. During May, the total cash deposited was $69,790 and checks written totaled $64,800. The bank statement indicated a balance of $23,660 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: Checks outstanding totaled $10,540. A deposit of $8,580, representing receipts of May 31, had been made too late to appear on the bank statement. The bank had collected for Brentwood Bike Co. $4,540 on a note left for collection. The face of the note was $4,190. A check for $270 returned with the statement had been incorrectly charged by the bank as $720. A check for $850 returned with the statement had been recorded by Brentwood Bike Co. as $580. The check was for the payment of an obligation to Adkins Co. on account. Bank service charges for May amounted to $50. A check for $1,050 from Jennings Co. was returned by the bank because of insufficient funds. Instructions: 1. Prepare a bank reconciliation as of May 31. Brentwood Bike Co. Bank Reconciliation May 31 Cash balance according to bank statement $ $ $ Adjusted balance $ Cash balance according to company's records $ $ $ Adjusted balance $ 2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank. a. May 31 b. May 31 3. If a balance sheet is prepared for Brentwood Bike Co. on May 31, what amount should be reported as cash? $

Bank Reconciliation and Entries

The cash account for Brentwood Bike Co. at May 1 indicated a balance of $12,780. During May, the total cash deposited was $64,360 and checks written totaled $59,760. The bank statement indicated a balance of $21,820 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

Checks outstanding totaled $9,720.

A deposit of $7,920, representing receipts of May 31, had been made too late to appear on the bank statement.

The bank had collected for Brentwood Bike Co. $4,180 on a note left for collection. The face of the note was $3,860.

A check for $580 returned with the statement had been incorrectly charged by the bank as $850.

A check for $630 returned with the statement had been recorded by Brentwood Bike Co. as $360. The check was for the payment of an obligation to Adkins Co. on account.

Bank service charges for May amounted to $30.

A check for $970 from Jennings Co. was returned by the bank because of insufficient funds.

Instructions:

1. Prepare a bank reconciliation as of May 31.

2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if an amount box does not require an entry, leave it blank.

3. If a balance sheet were prepared for Brentwood Bike Co. on May 31, what amount should be reported as cash?
$