Questions
Project Instructions Please read the following instructions and review the table below carefully. Then, enter answers...

Project Instructions

  • Please read the following instructions and review the table below carefully. Then, enter answers for journal items [A] to [V] in the next item in this lesson, called Project 1 Part 1 Journal Entries for Accrual Accounting.
  • You may keep these instructions open in a separate browser or download the instructions as a PDF, and open it as you work through the exercise.

Illini Company, Inc. Balance Sheet as of 12/31/20X0

Assets

Current Assets:

Cash 1,500,000

Accounts receivable, net 18,000

Inventory 50,000

Total current assets 1,568,000

Equipment 90,000

Goodwill 20,000

Total assets 1,678,000

Liabilities and shareholders' equity

Shareholders' equity:

Common stock, 20,000 shares outstanding, $1 par 20,000

Additional paid-in capital 280,000

Retained earnings 1,378,000

Total shareholders' equity 1,678,000

Total liabilities and shareholders' equity 1,678,000

Note that all additional paid-in capital (APIC) sub accounts (e.g., APIC-options and APIC-treasury stock), if any, are tracked in the “Additional paid-in capital” account on the Balance Sheet.

Project 1.1 Topic: Accrual Accounting

  • On 1/1/20X1, Illini prepays 2-year $10,000 insurance premiums for certain assets: $4,000 for 20X1 and $6,000 for 20X2.
  • Illini pays $30,000 utility fees and $20,000 rentals each year for 20X1 and 20X2.
  • In 20X1, Illini incurs cash-based compensation expense of $100,000, for which $10,000 will be paid in Jan, 20X2 (others are paid in 20X1). In 20X2, Illini incurs cash-based compensation expense of $110,000. The actual total cash compensation payment made in 20X2 is $100,000.
  • On 12/31/20X2, Illini receives $50,000 from a customer for a service it will provide in 20X3.

Project 1.1 Balance Sheet

Date

Account Name

Debit

Credit

1/1/20X1

Prepaid insurance

[A]

Cash

[B]

12/31/20X1

Insurance expense

[C]

Prepaid insurance

[D]

12/31/20X1

Utility expense

[E]

Rent expense

[F]

Cash

[G]

12/31/20X1

Compensation expense

[H]

Cash

[I]

Wage payable

[J]

Jan, 20X2

Wage payable

[K]

Cash

[L]

12/31/20X2

Insurance expense

[M]

Prepaid insurance

[N]

12/31/20X2

Utility expense

[O]

Rent expense

[P]

Cash

[Q]

12/31/20X2

Compensation expense

[R]

Cash

[S]

Wage payable

[T]

12/31/20X2

Cash

[U]

Unearned revenue

[V]

Enter the correct journal entry for part [B]. [C]. [D]. [E]. [F]. [G]. [H]. [I]. [J]. [K]. [L]. [M]. [N]. [O]. [P].[Q].[R].[S].[T]. [U]. [V]

In: Finance

In an experiment to determine the effect of ambient temperature on the emissions of oxides of...

In an experiment to determine the effect of ambient temperature on the emissions of oxides of nitrogen of diesel trucks, ten trucks were run at temperatures of 40°F and 80°F. The emissions, in parts per billion, are presented in the following table.

Truck

1

2

3

4

5

6

7

8

9

10

40°

834.7

753.2

855.7

901.2

785.4

862.9

882.7

740.3

748.0

848.6

80°

815.2

765.2

842.6

797.1

764.3

819.5

783.6

694.5

772.9

794.7

Test the claim that there is a significant difference in mean emissions between the two temperatures. Use       α = 0.05

In: Statistics and Probability

An outcome in the cancer experiment is measured by a test for the presence of cells...

An outcome in the cancer experiment is measured by a test for the presence of cells that trigger an immune response in the body and so may help fight cancer. Here are the data of 11 subjects: counts of active cells per 100,000 cells before and after infusion of thee modified cells. The difference ( after minus before) is the response variable.

Before

14

0

1

0

0

0

0

20

1

6

0

After

41

7

1

215

20

700

13

530

35

92

108

Difference

27

7

0

215

20

700

13

510

34

86

108

a). Do the data give an evidence that the count of active cells is higher after treatment ?

b). Construct a 95% confidence interval for the data ?

In: Statistics and Probability

Consider a binomial experiment with n = 10 and p = 0.40.

 

Consider a binomial experiment with

n = 10

and

p = 0.40.

(a)

Compute

f(0).

(Round your answer to four decimal places.)

f(0) =

(b)

Compute

f(2).

(Round your answer to four decimal places.)

f(2) =

(c)

Compute

P(x ≤ 2).

(Round your answer to four decimal places.)

P(x ≤ 2) =

(d)

Compute

P(x ≥ 1).

(Round your answer to four decimal places.)

P(x ≥ 1) =

(e)

Compute

E(x).

E(x) =

(f)

Compute

Var(x)

and σ. (Round your answer for σ to two decimal places.)

Var(x)

=σ=

In: Statistics and Probability

(20.30) In a randomized comparative experiment on the effect of color on the performance of a...

(20.30) In a randomized comparative experiment on the effect of color on the performance of a cognitive task, researchers randomly divided 68 subjects (29 males and 39 females ranging in age from 17 to 25 years) into three groups. Participants were asked to solve a series of 6 anagrams. One group was presented with the anagrams on a blue screen; one group saw them on a red screen; and one group had a neutral screen. The time, in seconds, taken to solve the anagrams was recorded. The paper reporting the study gives x¯= 11.5 and s= 4.31 for the times of the 24 members of the neutral group.

(Give your answer to three decimal places.)

A 90% confidence interval for the mean time in the population from which the subjects were recruited is from ___ to ____ seconds.

In: Statistics and Probability

Here is the data for our experiment. a) The data are the SMUT scores of the...

Here is the data for our experiment.

a) The data are the SMUT scores of the students in each group. Notice that we have a different number (n) for the lecture group. This is to show you that we can have uneven sets of data for ANOVA. Note: If we were doing a real study, we would have larger n’s. Enter the data into the Excel spread sheet, SPSS or your calculator

Independent Variable Data
Computer (n1= 8) 85, 87, 91, 78, 90, 83, 86, 89
Lecture (n2= 7) 79, 76, 75, 79, 75, 72, 81,
Cooperative (n3= 8) 80, 99, 87, 84, 83, 77, 76, 80

b) Performing the ANOVA:

Use SPSS, Excel or your calculator to enter the data above and perform a one-way ANOVA. Your spreadsheet should have 2 columns one for the I.V. and one for the D.V. You may create your own variable names. There are 3 nominal levels for the I.V. (1=computer; 2=lecture; 3=cooperative) while your D.V. is a continuous variable.

c) Calculating the F-Score (F-ratio):

The value of F is obtained by dividing the Between Groups Mean Square by the Within Groups Mean Square.

The formula for the F-ratio is F= Vb/Vw = between-groups variance/ Within-groups variance

We divide the variance that can be attributed between the groups by the variance that can be attributed within the groups. If the two variances are the same, the F-ratio will be equal to one. We would thus conclude that no difference exists between the groups because we get the same variance whether we compute the variance between groups or the variance within the groups. As the variance between the groups increases, the value of the F-ratio will increase, if the Within Groups variance remains the same. Likewise, as the Within Groups variance increases, this tends to decrease the value of the F-ratio. Any F- ratio less than or equal to 1 result in a non-significant difference between the population means. That is, a failure to reject the null hypothesis.

d) Once you have entered all the data and run your ANOVA and F-ration, based on the results do you reject the null hypothesis or fail to reject the null hypothesis?

Please I will need help with this assignment. thanks

In: Statistics and Probability

An experiment was conducted to observe the effect of an increase in temperature on the potency...

An experiment was conducted to observe the effect of an increase in temperature on the potency of an antibiotic. Three 1-ounce portions of the antibiotic were stored for equal lengths of time at each of the following Fahrenheit temperatures: 40, 55, 70, and 90. The potency readings observed at the end of the experimental period were

Potency reading, y: 49 38 27 24 38 33 19 28 16 18 23

Temperature, x: 40 40 40 55 55 55 70 70 70 90 90

a) Find the least-squares line appropriate for these data.

b) Calculate the 95% confidence intervals for B0 and B1

In: Statistics and Probability

An experiment was conducted to observe the effect of an increase in temperature on the potency...

An experiment was conducted to observe the effect of an increase in temperature on the potency of an antibiotic. Three 1-ounce portions of the antibiotic were stored for equal lengths of time at each of the following Fahrenheit temperatures: 40, 55, 70, and 90. The potency readings observed at the end of the experimental period were

Potency reading, y: 49 38 27 24 38 33 19 28 16 18 23

Temperature, x: 40 40 40 55 55 55 70 70 70 90 90

a) Find the least-squares line appropriate for these data.

b) Calculate the 95% confidence intervals for B0 and B1

In: Statistics and Probability

One of the scenarios below is a Binomial Experiment and the other is not. For each​...

One of the scenarios below is a Binomial Experiment and the other is not. For each​ scenario, state whether or not it is a Binomial Experiment. If it​ is, give the values of n and p and state all the possible values of X. If it is​ not, say why​ (which of the four conditions are not​ met?).

​(a) In the 2008 presidential​ election, 54% of the voters voted for President Obama. Suppose 5 people who voted in the 2008 election are randomly selcted. The random variable represents the number of people in the random sample who voted for President Obama in the 2008 election.

​(b) Suppose that the probability that a randomly selected person who has recently married for the first time will be divorced within 5 years is​ 0.2, and that the probability that a randomly selected person who has recently married for the second time is 0.3. We take a random sample of 20 people who recently married​ (10 for the first time and 10 for the​ second). The sample is chosen so that no one in the sample is married to anyone else in the sample. The

random variable represents the number of people in the sample of 20 who will be divorced within 5 years.

In: Statistics and Probability

Which of the following statements is true? a. An experiment is the process by which an...

Which of the following statements is true?

a.

An experiment is the process by which an observation or measurement is obtained.

b.

An event that cannot be decomposed is called a simple event.

c.

An event is the collection of one or more simple events.

d.

All of the above statements are true.

e.

None of the above statements are true.

In: Statistics and Probability