Gary Stevens and Mary James are production managers in the Consumer Electronics Division of General Electronics Company, which has several dozen plants scattered in locations throughout the world. Mary manages the plant located in Des Moines, Iowa, while Gary manages the plant in El Segundo, California. Production managers are paid a salary and get an additional bonus equal to 5% of their base salary if the entire division meets or exceeds its target profits for the year. The bonus is determined in March after the company’s annual report has been prepared and issued to stockholders.

Shortly after the beginning of the New Year, Mary received a phone call from Gary that went like this:

Gary: How’s it going, Mary?

Mary: Fine, Gary. How’s it going with you?

Gary: Great! I just got the preliminary profit figures for the division for last year and we are within $200,000 of making the year’s target profits. All we have to do is pull a few strings, and we’ll be over the top!

Mary: What do you mean? Gary: Well, one thing that would be easy to change is your estimate of the percentage completion of your ending work in process inventories. Mary: I don’t know if I can do that, Gary. Those percentage completion figures are supplied by Tom Winthrop, my lead supervisor, who I have always trusted to provide us with good estimates.

Besides, I have already sent the percentage completion figures to corporate headquarters. Gary: You can always tell them there was a mistake. Think about it, Mary. All of us managers are doing as much as we can to pull this bonus out of the hat. You may not want the bonus check, but the rest of us sure could use it.

The final processing department in Mary’s production facility began the year with no work in process inventories. During the year, 210,000 units were transferred in from the prior processing department and 200,000 units were completed and sold. Costs transferred in from the prior department totaled $39,375,000. No materials are added in the final processing department. A total of $20,807,500 of conversion cost was incurred in the final processing department during the year.

Gary is recommending that the completion percentage by adjusted by 10 percentage points in order to assist the team in making their bonus.

Required Discussion Points:

Do you think Mary James should go along with the request to alter estimates of the percentage completion? Why or why not?

How will this affect the financial statements?

Who will be affected by this change?

What should she do with this information?

​

1. Create a new “Area” project.
   1. Create a new Visual Studio Project and call it “Area”.
   2. This project will be used to calculate the area of certain figures, like circles, squares and rectangles.
   3. So add a title to the Form. The Form Title should say “Area”. Also add 3 labels, 3 Buttons, 3 Textboxes and 3 RadioButtons. The 3 Buttons should be near the bottom of the Form and say “Calc Area”, “Clear” and “Exit”. Make sure to give all your components names that make sense, like we did in the “GoTeam” project. The Labels and Textboxes should be near the top towards the right side. The labels should say “Radius”, “Width” and “Area” and the 3 Textboxes should be empty. And the 3 RadioButtons should be in the middle near the left side. They should read “Circle”, “Square” and “Rectangle”.
   4. Add all these components and run this project. Use the Properties window to change any colors or Fonts that you would like.

Assign 2: Add to the “Area” project from Lab #1.  

1. When the user selects the “Circle” radio button….make sure the top Label says “Radius:” and only one textbox is visible.
2. Then when the user clicks on the “Calculate” button…..calculate the area of a circle and display it in the “Area” textbox.   
3. When the user selects the “Square” radio button…. make sure the top Label says “Side:” and only one textbox is visible.
4. Then when the user clicks on the “Calculate” button…..calculate the area of a square and display it in the “Area” textbox.
5. When the user selects the “Rectangle” radio button…. make sure the top Label says “Height:” and the bottom Label say “Width:”. and only one textbox is visible.
6. Then when the user clicks on the “Calculate” button…..calculate the area of a rectangle and display it in the “Area” textbox.
7. Add an “Exit” button to this project. Make the exit button work.

Add a “Clear” button to this project. Also make the Clear button work, clear should clear all textbaoxes

A study showed that 62% of supermarket shoppers believe supermarket brands to be as good as national name brands. To investigate whether this result applies to its own product, the manufacturer of a national name-brand ketchup asked a sample of shoppers whether they believed that supermarket ketchup was as good as the national brand ketchup.

(a)

Formulate the hypotheses that could be used to determine whether the percentage of supermarket shoppers who believe that the supermarket ketchup was as good as the national brand ketchup is less than 62%.

H₀: p < 0.62

H_a: p ≥ 0.62

H₀: p = 0.62

H_a: p ≠ 0.62

H₀: p > 0.62

H_a: p ≤ 0.62

H₀: p ≤ 0.62

H_a: p > 0.62

H₀: p ≥ 0.62

H_a: p < 0.62

(b)

If a sample of 100 shoppers showed 51 stating that the supermarket brand was as good as the national brand, what is the p-value?

Find the value of the test statistic. (Round your answer to two decimal places.)

Find the p-value. (Round your answer to four decimal places.)

p-value =

(c)

At

α = 0.05,

what is your conclusion?

Do not reject H₀. There is sufficient evidence to conclude that the percentage of supermarket shoppers who believe that supermarket ketchup is as good as the national brand ketchup is less than 62%

.Do not reject H₀. There is insufficient evidence to conclude that the percentage of supermarket shoppers who believe that supermarket ketchup is as good as the national brand ketchup is less than 62%.   

Reject H₀. There is sufficient evidence to conclude that the percentage of supermarket shoppers who believe that supermarket ketchup is as good as the national brand ketchup is less than 62%

.Reject H₀. There is insufficient evidence to conclude that the percentage of supermarket shoppers who believe that supermarket ketchup is as good as the national brand ketchup is less than 62%.

(d)

Should the national brand ketchup manufacturer be pleased with this conclusion? Explain.

Yes, the national brand ketchup manufacturer should be pleased with this conclusion. The results of the hypothesis test did not indicate that the percentage of shoppers who believe that supermarket ketchup is as good as the national brand ketchup was less than the overall percentage for all products.

No, the national brand ketchup manufacturer should not be pleased with this conclusion. The results of the hypothesis test indicated that the percentage of shoppers who believe that supermarket ketchup is as good as the national brand ketchup was less than the overall percentage for all products.   

Yes, the national brand ketchup manufacturer should be pleased with this conclusion. The results of the hypothesis test indicated that the percentage of shoppers who believe that supermarket ketchup is as good as the national brand ketchup was less than the overall percentage for all products.

No, the national brand ketchup manufacturer should not be pleased with this conclusion. The results of the hypothesis test did not indicate that the percentage of shoppers who believe that supermarket ketchup is as good as the national brand ketchup was less than the overall percentage for all products.

What is the difference between federal purchases and federal expenditures? Are federal purchases higher today as a percentage of GDP than they were in 1960? Are federal expenditures as a percentage of GDP higher?

Barbour Corporation, located in Buffalo, New York, is a retailer of high-tech products and is known for its excellent quality and innovation. Recently, the firm conducted a relevant cost analysis of one of its product lines that has only two products, T-1 and T-2. The sales for T-2 are decreasing and the purchase costs are increasing. The firm might drop T-2 and sell only T-1.

Barbour allocates fixed costs to products on the basis of sales revenue. When the president of Barbour saw the income statements (see below), he agreed that T-2 should be dropped. If T-2 is dropped, sales of T-1 are expected to increase by 10% next year, but the firm’s cost structure will remain the same.

Required:

1. Find the expected change in annual operating income by dropping T-2 and selling only T-1.

2. By what percentage would sales from T-1 have to increase in order to make up the financial loss from dropping T-2?

3. What is the required percentage increase in sales from T-1 to compensate for lost margin from T-2, if total fixed costs can be reduced by $58,500?

Discussion:

Imagine you are the CEO of Very Big US Auto. In anticipation of the upcoming quarterly disclosure of profits, you prepare your Board of Directors for the challenge that US Tariffs on Chinese Imports is having on profits.

Very Big US Auto - Very Big US Auto is one of the oldest and one of the largest auto manufacturers of autos in the US. Very Big US Auto's supply chain is highly dependent components manufactured in China and assembled in the US. Like the US economy the Chinese continue to have major stoppage in production due to Covid-19. Additionally manufacturing facilities like ours must take extra precaution to keep workers safe. Costs are rising we are experiencing rising costs. Very Big US Auto know that demand is relatively elastic with a price elasticity of demand of 1.2. We also know that the supply of auto is relatively inelastic and all our competitors are facing the same cost increase.

Is the demand curve for your product relatively elastic, inelastic or unitary elastic? Demonstrate for your company's product, by how much the quantity demanded will change if you pass on a 10% increase in cost. In other words, show your calculation of the percentage change in the quantity demanded given a 10% change in your price. You must provide a calculations showing the percentage change in quantity demanded.

Given your company's and price elasticity of demand and the industry supply/competitive environment you face prepare a statement for your board as to the potential impact on profits. Who will pay the larger share of the cost increases, your firm or your customers?

1. An increase in revenue always:
   1. increases stockholders' equity.
   2. increases assets.
   3. decreases stockholders' equity.
   4. decreases assets.

2. Which of the following journal entries would decrease stockholders' equity?
   1. Debit Prepaid Insurance and credit Cash.
   2. Debit Deferred Revenue and credit Service Revenue.
   3. Debit Supplies and credit Accounts Payable.
   4. Debit Insurance Expense and credit Cash.

3. In April, the Surf and Sand Hotel books and accepts a cash payment for $25,600 for vacation services to be provided during in July. The journal entry recorded in April will include a debit to:
   1. Cash and a credit to Deferred Revenue.
   2. Accounts Payable and a credit to Service Revenue.
   3. Accounts Receivable and a credit to Service Revenue.
   4. Prepaid Expenses and a credit to Service Revenue.

discuss at least one pro and con of putting a price on a specific environmental good of your choosing. Using a specific resource or environmental amenity, discuss:

• What characteristics of the good restrict market valuation?
• In what instances would we want to put a price on the good?
• In what cases can a price actually harm the resource in question rather than help it?
• What estimation techniques did the researchers use in this National Park study and is this tool the best tool for estimating the value of your chosen amenity? Why or why not?
• In your response to a classmate's post, offer an alternative valuation method and briefly explain why it would be an acceptable tool for the amenity discussed.

200-400 Words

A New York City daily newspaper called "Manhattan Today" charges an annual subscription fee of $108. Customers prepay their subscriptions and receive 270 issues over the year. To attract more subscribers, the company offered new subscribers the ability to pay $110 for an annual subscription that also would include a coupon to receive a 40% discount on a one-hour ride through Central Park in a horse-drawn carriage. The list price of a carriage ride is $100 per hour. The company estimates that approximately 30% of the coupons will be redeemed.

Required:

Prepare the journal entry to recognize the sale of 10 new subscriptions, clearly identifying the revenue or unearned revenue associated with each performance obligation.