Question 3)The final grades in Math class of 80 students at State University are recorded in the accompanying table.

A.The given data set is in ascending order. If class interval size is 3 for the constructed 14 classes, find “m”.(Note: This section is not related with section B)

B.Construct a frequency table with 8 classes and find its frequencies.

i)Find median class

ii)Sketch the ogive curves by using either the cumulative frequency or the cumulative relative frequency.

iii)Using the ogive curve find the following probabilities:

P(x<76.5)=

P(x>88.5)=

P(x>84)=

P(x<90)=

P(74<x<92)=

P(x=78)=

iv)Find interquartile range (IQR)

v)Sketch box and whisker plot.

vi)Comment on skewness.

vii)The standard deviation and mean of another math class of 49 students from Technology University is 10.3 and 88.6, respectively. Compare the Math class in State University with Math class in Technology University, which one is more consistent? In other words which Math class has less spread of values around its mean? Show your work and explain why?Note: You can find the necessary parameters for the State University either from raw data given or from the frequency table you constructed.

Required information

[The following information applies to the questions displayed below.]

Following is financial information describing the six operating segments that make up Fairfield, Inc. (in thousands):

Consider the following questions independently. None of the six segments has a primarily financial nature.

a. What minimum revenue amount must any one segment generate to be of significant size to require disaggregated disclosure? (Enter your answer in dollars but not in thousands.)

c. What volume of revenues must a single customer generate to necessitate disclosing the existence of a major customer? (Enter your answer in dollars but not in thousands.)

The following unadjusted trial balance is taken from the ledger of Tim’s Top Business Services on 30 June 2019.

Additional information is also available on 30 June 2019:

• Accrued wages, $20 000.
• Expired insurance, $14 000.
• Depreciation on equipment, $50 000.

Required:

1. Provide adjusting and closing journal entries in the general journal; (10 Marks)

2. Prepare an Income Statement for the year ended 30 June 2019;

3. Prepare a Statement of Changes in Equity for the year ended 30 June 2019; (4 Marks)

4. Prepare a Balance Sheet as at 30 June 2019. (8 Marks)

"Party Sea" is considering a new business idea: buying and then renting out sailing catamarans to rich customers. The company estimates that it will cost $32,000,000 to buy brand-new sailing catamarans. The estimated operating cash flow will equal $4,000,000 per year. At the end of Year 3 this catamaran project will be over, at which time all used catamarans will be sold at the after-tax salvage value of $10,000,000. The company also plans to immediately set aside $58,000 in cash which will be increased by $5,000 each year and recovered at the end of the project. Calculate the Net Present Value of the project if the appropriate discount rate is 11%. Increase decimal places for any intermediate calculations, from the default 2 to 6 or higher. Only round your final answer to whole dollar.

Transactions of Sky Company for the month of December 2017 are presented below: 1. The owner invested $400,000 to start his business. 2. Purchased equipment for $48,000, paying $12,000 cash and the remaining amount will be paid after 10 days. 3. Purchased office supplies on credit for $3,200. 4. Invested additional $160,000 cash in the business. 5. Services billed to customers amounted to $20,000. 6. Received a bill for $1,200 for advertising of the current month. 7. Paid $10,000 as salaries of the month. 8. The owner withdrew $1,400 cash from the business for his personal use. Required: a. Using the following table, show the effect of the above transactions on the accounting equation b. Prepare the income statement, statement of owner’s equity, and balance sheet of Sky Company on 31 December 2017

BORROWING ISSUESTessa’s personality compels her to make virtually all major operating decisions. Owen is concerned that firms the size of KF have had difficulty maintaining a stable bank relationship. Due to increasingly strict federal regulations, some lenders have called in loans, and most are scrutinizing new business loans very carefully. Consequently, Tessa views bank debt financing as unreliable, a potential problem should business become slow, and thinks that loan officers are capable of wasting her time.Owen isn’t sure what to make of these arguments, but he is concerned that avoiding debt has significantly reduced KF’s financial flexibility because it means that all projects will have to be equity financed. In fact, over the past five years there have been no dividends because all earnings have been reinvested. And three years ago each of the partners had to contribute $20,000 of capital in order to meet the company’s needs.Another infusion of capital may be necessary since the firm’s present cash position is low by historical standards. More important, however, Owen feels that the company is not benefiting from the leverage effect of debt financing, and that this hurts the profitability of the firm to the two owners.

Owen suspects that KF’s inventory is excessive. He stated, “Capital is unneces- sarily tied up in inventory.” Tessa’s position is that a large inventory is necessary to provide speedy delivery to customers. She replied, “Our customers expect quick service when a game is in demand, and a large inventory helps us to provide it.” Owen is skeptical of this argument and wonders if there isn’t a more efficient way of providing good service.He also questions Tessa’s credit standards and collection procedures, and believes that Tessa has been quite generous in granting payment extensions to customers. At one point, nearly 45 percent of the company’s receivables were more than 90 days overdue. Furthermore, Tessa would continue to accept and ship orders to these resellers even when it was clear that their ability to pay was marginal. Tessa’s position is that she doesn’t want to lose sales and that the difficult times are only temporary.Owen wonders about the wisdom of passing up trade discounts. Vendors frequently offer KF terms of 11⁄2/10, net 30. That is, KF receives a 11⁄2 percent discount if a bill is paid in 10 days and in any event full payment is expected within 30 days. Tessa rarely takes these discounts because she “wants to hold onto our cash as long as possible.” She also notes that “the discount isn’t espe- cially generous and 981⁄2 percent of the bill must still be paid.”

Despite all of Owen’s concerns, however, the relationship between the two partners has been relatively smooth over the years. And he admits that he may be unduly critical of Tessa’s management decisions. “After all,” he concedes, “she seems to have reasons for what she does, and we have never lost money since we started, which is an impressive record, really, for a firm in our business.”Owen has discussed with two advisors the possibility of selling his half of the firm. Since KF is not publicly traded, the market value of the company’s stock must be estimated. The consultants believe that KF is worth between $35 and $40 per share, figures that appear reasonable to Owen.

1.Using the data in Exhibits C2.1 and C2.2, calculate and analyze the firm’s 2012 and 2013 ratios.

2. Part of Owen’s evaluation will consist of comparing the firm’s ratios to the industry as shown in Exhibit C3.3. Discuss the limitations of such a comparative financial analysis. In view of these limitations, why are such industry comparisons so frequently made? (Note: Sales are forecast to be $8.25 million in 2014.)

3.Owen thinks that the profitability of the firm has been hurt by Tessa’s reluc- tance to use much interest‐bearing debt. Is this a reasonable position? Explain.

4. The case mentions that Tessar arely takes trade discounts,which are typically 11⁄2/10, net 30. Does this seem like a wise financial move? Explain.

5.Is the estimate of $35 to $40 for Owen’s shares a fair evaluation?

6.What do you recommend that Owen and Tessa do to improve their company?

Collier Company installs carpet.  Since each customers’ needs are different, Collier Company uses job costing.  Upon accepting a customer’s order, the carpet selected is cut at the warehouse to correct dimensions and then the carpet is delivered and installed at the customer’s facility.  Collier has decided to use a predetermined overhead rate based on machine hours.  The estimated annual overhead is $585,000 with an estimated 2,600 machine hours.  The following information relates to Job 101:

direct materials      $10,000

direct labor cost       7,000

labor hours                40

machine hours               8

A. If a markup of 20% is applied to all orders, what is the sales price for Job 101?

B. Suppose that Collier Company decided to use a separate overhead rate for the cutting and installation processes.  The overhead rate for cutting would be based on machine hours and the installation process would be based on labor hours.  If $585,000 estimated annual overhead is separated as follows, what would be the applied overhead to Job 101?

                        Estimated Overhead      Estimated Hour Usage

     cutting                $390,000             2,600 machine hours

     installation            195,000             2,000 labor hours

5) A project manager at System Design Corporation has collected the following data on the size of software programs and the length of programming time. The company is bidding on a new system that is estimated to consist of 300,000 lines of code. Use a scatter plot to find the correlation function of coding time to the program size and estimate the number of days it would take to code the system.

Module Size in 1000 lines of code Number of days to code

(KLOC)

1. On June 1, King Company paid $7,200 for one year of advertising, in advance. King Company recorded the transaction by debiting Prepaid Advertising and crediting Cash.

Required: Journalize the adjusting entry on December 31.

Note: Assume that the advertising is used evenly throughout the year

2. By the end of December, Brown Company has completed work, earning $2,500. Brown company has neither billed the clients nor recorded any of the revenue.

Required:
Journalize the adjusting entry on December 31.

3. On January 2, 2020, Collins Company purchased land that cost $500,000, a building on the land that cost $910,000, and equipment that cost $73,000. The building has an estimated useful life of 28 years. The equipment has an estimated useful life of 10 years.

Required:

Prepare the property, plant, and equipment section of the balance sheet as of December 31, 2020.

Note: Use straight-line depreciation with no salvage value.

Erie Company manufactures a mobile fitness device called the Jogging Mate. The company uses standards to control its costs. The labor standards that have been set for one Jogging Mate are as follows:

During August, 9,405 hours of direct labor time were needed to make 19,500 units of the Jogging Mate. The direct labor cost totaled $53,609 for the month.

Required:

1. What is the standard labor-hours allowed (SH) to makes 19,500 Jogging Mates?

2. What is the standard labor cost allowed (SH × SR) to make 19,500 Jogging Mates?

3. What is the labor spending variance?

4. What is the labor rate variance and the labor efficiency variance?

5. The budgeted variable manufacturing overhead rate is $4.50 per direct labor-hour. During August, the company incurred $45,144 in variable manufacturing overhead cost. Compute the variable overhead rate and efficiency variances for the month.

(For requirements 3 through 5, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.)