An insurance company provides four sequential services to its customers. Over the last year, the reliability of each of these services was 94%, 97%, 95%, and 91%.
What is their overall reliability?
Question 19 options:
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a. 0.9425 |
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b. 0.9500 |
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c. 0.9999 |
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b. 0.7883 |
In: Operations Management
The State Farm Insurance Company boasts that 90% of its customers who make claims are satisfied with the service. To check the accuracy of this declaration, the company conducts a survey wherein customers are asked whether they were satisfied with the quality of service. 153 were satisfied and 24 were not satisfied. Can we infer at the 5% level of significance that the satisfaction rate is less than 90%? (Use 4 decimal places in your initial work for this problem.)
1.a.Is the test statistic for this test Z or t?
1.b.What is the value of the test statistic of the test? ( Enter 0 if this value cannot be determined with the given information.)
1.c.What is the pvalue of the test? (Enter 0 if this value cannot be determined with the given information.)
1.d.What is the relevant bound of the rejection region? (Enter 0 if this value cannot be determined with the given information.)
1.e.
What decision should be made?
Select one:
a. Do not reject the null hypothesis
b. Can not be determined from given information
c. Reject the null hypothesis
d. Accept the null hypothesis
In: Statistics and Probability
An insurance company has an online help service for its customers. Customer queries that take more than 5 minutes to resolve are categorized as "unsatisfactory" experiences. To evaluate the quality of its service, the company takes 10 samples of 100 calls each while the process is under control.
p values (n = 100)
0.06
0.14
0.13
0.05
0.16
0.08
0.17
0.04
0.19
0.16
a. calculate the p̄ and Sp values and set up control limits so that future sample p values should fall within the control limits 99.7% of the time
The p̄ value is _____. (enter your response rounded to three decimal places.)
In: Operations Management
) Consider a company that has two types of employees: people who take orders from customers (“order-takers”) and people who deliver the ordered products (“delivery people”). Suppose that the company obtains a new technology that allows it to use computers to automate many of the tasks that its order-takers are currently doing.
a. What effect would you expect this technology to have on the quantity of computers used by the company? Explain.
b. What effect would you expect this technology to have on the number of delivery people employed by the company? Explain.
c. What effect would you expect this technology to have on the number of order-takers employed by the company? Explain.
In: Economics
Executive Summary
The executive summary is a company marketing document intended to excite potential investors, customers, advisers, and employees. Its purpose is to get the call back and start the serious discussions—the process that will result in action.
Your executive summary should include:
This paper should have a title page, abstract (the elevator speech), body, and reference page. Points will be deducted if any of these four sections are missing. Make sure papers are written in correct APA style.
The executive summary should be between 400-600 words (not including the elevator speech/abstract), double space, and use font size 12. Structure the paper along the lines advised above.
In: Economics
Colorado Rocky Cookie Company offers credit terms to its
customers. At the end of 2018, accounts receivable totaled
$710,000. The allowance method is used to account for uncollectible
accounts. The allowance for uncollectible accounts had a credit
balance of $49,000 at the beginning of 2018 and $29,500 in
receivables were written off during the year as uncollectible.
Also, $2,900 in cash was received in December from a customer whose
account previously had been written off. The company estimates bad
debts by applying a percentage of 10% to accounts receivable at the
end of the year.
Required:
1. Prepare journal entries to record the write-off of receivables, the collection of $2,900 for previously written off receivables, and the year-end adjusting entry for bad debt expense.
4 ENTRIES
Record the write-off of receivables.
Record the reinstatement of an account previously written off.
Record collection of account previously written off.
Record bad debt expense for the year.
2. How would accounts receivable be shown in the
2018 year-end balance sheet?
Net
In: Accounting
Total Solution Ltd. is rendering its service on Network Solution to two types of customers: Company and Household. It categorised its operating department into: Company-Service and Household Service. Total Solution Ltd. also has two support departments: Administration (Admin) and Technician (Tech). Each of the operating departments conducts its operations independently. Total Solution Ltd. uses the number of technician’s hours used to allocate Tech costs and the number of admin staff used to allocate Admin costs. The following data are available for May 2020. Support Departments Operating Departments Admin Tech Company Household Budgeted costs $1,355,000 $3,200,000 $5,000,000 $4,000,000 Budgeted processing time (in min) 1,000 --- 1,600 2,400 Number of employees --- 15 9 36 Required (show your workings): Allocate the cost from support department to operating department and determine the total budgeted cost of each operating department after the cost has been allocated from the support department using the following method:
(a) Direct method
(b) Step-down method if the support department with highest dollar amount is allocated first. (c) Reciprocal method (using linear equation)
In: Accounting
1. A shipping company offers various sized shipping boxes to its
customers. Some of these boxes are cube-shaped, with equal height,
width, and depth. As part of an upcoming sales promotion, the
company will offer two cube-shaped boxes for the price of
one.
a. Write an expression to represent the total volume of two
different sized boxes as a sum of cubes if one of the boxes has
sides with a length of 1 foot and the other has sides with a length
of x feet.
b. Factor the sum of cubes.
c. Calculate the total volume of the two boxes if x = 3 feet.
2. A toy manufacturer is preparing to manufacture a puzzle cube in
two different sizes. One of the puzzle cubes will have a side
length of 4 centimeters, and the size of the other is yet to be
determined.
a. Write an expression to represent the total volume of two
different sized puzzle cubes as a sum of cubes, using m centimeters
as the side lengths of the second puzzle.
b. Factor the sum of cubes.
c. Calculate the total volume of the two puzzle cubes if m = 5
centimeters.
3. A pet supply store is planning to offer cube-shaped fish tanks.
The store manager decides to order one tank with a 12-inch side
length but has not yet decided on the size of the other.
a. Write an expression to represent the total volume of two
different sized tanks as a sum of cubes, using 2t centimeters as
the length of the sides in the second tank.
b. Factor the sum of cubes.
c. Calculate the total volume of the two fish tanks if t = 7
inches.
4. Think of another real-world situation involving two different
sized cube-shaped items.
a. Write a sentence to describe what the cubes represent and then
write an expression to represent the total volume of the two items
as a sum of cubes, using 2a to represent the side lengths in one
cube and 3b to represent the side lengths in the other cube.
b. Factor the sum of cubes.
c. Choose two different values for a and b and use these values to
calculate a specific total volume for the two items.
In: Math
olorado Rocky Cookie Company offers credit terms to its
customers. At the end of 2021, accounts receivable totaled
$655,000. The allowance method is used to account for uncollectible
accounts. The allowance for uncollectible accounts had a credit
balance of $38,000 at the beginning of 2021 and $24,000 in
receivables were written off during the year as uncollectible.
Also, $1,800 in cash was received in December from a customer whose
account previously had been written off. The company estimates bad
debts by applying a percentage of 15% to accounts receivable at the
end of the year.
Required:
1. Prepare journal entries to record the
write-off of receivables, the collection of $1,800 for previously
written off receivables, and the year-end adjusting entry for bad
debt expense.
2. How would accounts receivable be shown in the
2021 year-end balance sheet?
In: Accounting
Logical Logistics Inc. (Logical Logistics or the “Company”) provides transportation and logistics services to customers throughout a network of offices in North America, South America, and Asia. The Company contracts fleets of shipping vessels, trucks, and aircraft to provide regional, long-haul, and international shipments of customer goods. In addition, the Company contracts warehouse operators across North America for use of their facilities as distribution centers that temporarily store goods in transit. The Company has entered into the following contracts with the vendors identified below.
Logical Logistics enters into a contract with See Boat Inc. (See Boat) to use its shipping vessels to transport customer goods from North America to Asia. See Boat has a fleet of 25 multi-use shipping vessels, each of which has the capacity to hold 1,000 shipping containers.
Logical Logistics enters into a contract with Fly-By-Air Inc. (Fly-By-Air) to use its aircraft to transport customer goods from South America to North America. Fly-By-Air has a fleet of 50 multi-use aircraft, each of which has the capacity to hold 500 shipping pallets of customer goods.
Logical Logistics enters into a contract with Trucking Co. Inc. (Trucking Co.) to use its trucks to transport customer goods from distribution centers to retail stores across North America. Trucking Co. has a fleet of 1,500 multi-use long-haul trucking carriers, each of which has the capacity to hold 100 shipping pallets of goods.
Logical Logistics enters into a contract with Warehouse Co. Inc. (Warehouse Co.) to store up to 18,000 shipping pallets of customer goods at one of Warehouse Co.’s locations. Warehouse Co. has the capacity to store 20,000 shipping pallets of goods.
The terms of the shipping contracts are as follows:
• See Boat
o The contract term is for the voyage to transport Logical Logistics’s cargo from Los Angeles to Shanghai. Logical Logistics does not have discretion to change the departure or arrival ports without a renegotiation of the contract fees.
o SB0829, a commercial shipping vessel in See Boat’s fleet, is dedicated to delivering Logical Logistics’s cargo for the term of the contract. See Boat cannot substitute SB0829 with another vessel in its fleet.
o The contract identifies the shipping containers and acceptable cargo (e.g., semiconductors) to be transported on the ship as well as the transportation route. Logical Logistics does not have discretion to change the identified cargo without renegotiating the contract fees.
o See Boat is responsible for the safe passage of the cargo, as well as operation and maintenance of SB0829. The crew determines the ship’s route, speeds, and date of departure from Los Angeles. In addition, Logical Logistics cannot, under any circumstances, replace See Boat’s crew.
• Fly-By-Air o The contract term is five years.
o FBA1231, a commercial aircraft in Fly-By-Air’s fleet, is dedicated to delivering Logical Logistics’s shipping pallets during the term of the contract.
o Logical Logistics determines (1) the airports from and to which goods are shipped and received and (2) the order in which deliveries are made to the airports. Fly-By-Air provides the aircraft’s pilot and crew, and Logical Logistics instructs Fly-By-Air accordingly.
o While Logical Logistics determines what cargo will be transported throughout the term of the contract, certain restrictions prevent the Company from shipping flammable materials.
o Logical Logistics has the right to send the aircraft regardless of whether its cargo levels meet the full storage capacity of the aircraft. If FBA1231 is below capacity, Fly-By-Air cannot use the excess storage space to ship products of its other customers.
• Trucking Co.
o The contract term is five years.
o Trucking Co. must deliver Logical Logistics’s shipments within three weeks of the Company’s notification that it has pallets of customer goods ready for shipping.
o Trucking Co. may choose any truck from its fleet to fulfill the shipping request.
o Logical Logistics may request shipment of 25 to 100 shipping pallets of goods in a single request. (Individual shipping requests generally do not exceed 50 shipping pallets.)
o Trucking Co. has the right to use any excess storage space to ship products of its other customers.
o Trucking Co. determines the shipment’s delivery date (within the threeweek period), as well as the shipping route.
• Warehouse Co.
o The contract term is 10 years.
o Logical Logistics can store up to 18,000 shipping pallets at one specified Warehouse Co. location. Logical Logistics will be charged for storage of 18,000 shipping pallets, regardless of the actual number of pallets stored, and Warehouse Co. cannot use any of Logical Logistics’s unused storage space for other storage needs.
o Warehouse Co. can use the remaining space in its warehouse for other storage needs.
o Warehouse Co. cannot relocate Logical Logistics’s inventory to another facility.
o Logical Logistics has the right to decide which shipping pallets are placed in storage and when they can be removed.
o Warehouse Co. provides the loading and unloading services for the warehouse activities, both of which are dependent on Logical Logistics’s decisions about which shipping pallets are placed in storage and when they can be removed.
The CFO of Logical Logistics recognizes that the new leasing standard contains certain provisions that may affect how the Company treats contracts of this nature.
Required: Analyze the information above, and prepare a memorandum addressing the impact (if any) of the new leasing standard on Logical Logistics’s arrangements for the following considerations:
1. Determine whether each of Logical Logistics’s vendor contracts contains an identified asset.
In: Accounting