The number of hours worked per year per adult in a state is normally distributed with a standard deviation of 37. A sample of 115 adults is selected at random, and the number of hours worked per year per adult is given below. Use Excel to calculate the 98% confidence interval for the mean hours worked per year for adults in this state. Round your answers to two decimal places and use ascending order.
Number of hours
2250
1987
2029
2018
1938
2197
2099
2228
2245
1913
1903
2298
2231
2200
1902
2161
2211
2124
2082
2257
2087
2123
1929
1948
2124
2013
1973
2000
2030
1932
1993
2014
2118
1900
2195
2222
2035
2088
2010
1962
2166
1918
2070
2277
2114
1975
2045
2050
1921
2103
1954
2017
2235
1993
2156
1984
2057
2200
2133
2144
2145
2219
2222
2210
2143
2163
2168
2246
2186
1907
2072
2142
2187
2036
2207
2270
2262
2159
1914
1926
2261
2006
1948
2028
2256
2182
1955
1969
1941
1924
2176
2256
2051
2111
2221
2222
2190
2068
1942
2024
2258
2201
2085
2061
2004
2260
2136
2244
1989
1941
2297
2159
2260
2093
2293
In: Statistics and Probability
Sachs Brands' defined benefit pension plan specifies annual
retirement benefits equal to: 1.4% × service years × final year's
salary, payable at the end of each year. Angela Davenport was hired
by Sachs at the beginning of 2004 and is expected to retire at the
end of 2038 after 35 years' service. Her retirement is expected to
span 18 years. Davenport's salary is $86,000 at the end of 2018 and
the company’s actuary projects her salary to be $260,000 at
retirement. The actuary's discount rate is 8%. (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:
2. Estimate by the accumulated benefits approach the
amount of Davenport’s annual retirement payments earned as of the
end of 2018.
3. What is the company’s accumulated benefit
obligation at the end of 2018 with respect to Davenport?
(Do not round intermediate calculations. Round your final
answer to nearest whole dollar.)
4. If no estimates are changed in the meantime,
what will be the accumulated benefit obligation at the end of 2021
(three years later) when Davenport’s salary is $95,000? (Do
not round intermediate calculations. Round your final answer to
nearest whole dollar.)
2.Annual retirement payments
3.Accumulated benefit obligation 2018
4.Accumulated benefit obligation 2021
In: Accounting
Sachs Brands' defined benefit pension plan specifies annual
retirement benefits equal to: 1.5% × service years × final year's
salary, payable at the end of each year. Angela Davenport was hired
by Sachs at the beginning of 2004 and is expected to retire at the
end of 2038 after 35 years' service. Her retirement is expected to
span 18 years. Davenport's salary is $93,000 at the end of 2018 and
the company's actuary projects her salary to be $295,000 at
retirement. The actuary's discount rate is 7%. (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.)
At the beginning of 2019, the pension formula was amended to:
1.60% × Service years × Final year's salary
The amendment was made retroactive to apply the increased benefits
to prior service years.
Required:
1. What is the company's prior service cost at
the beginning of 2019 with respect to Davenport after the amendment
described above?
2. Since the amendment occurred at the beginning
of 2019, amortization of the prior service cost begins in 2019.
What is the prior service cost amortization that would be included
in pension expense?
3. What is the service cost for 2019 with respect
to Davenport?
4. What is the interest cost for 2019 with respect
to Davenport?
5. Calculate pension expense for 2019 with respect
to Davenport, assuming plan assets attributable to her of $210,000
and a rate of return (actual and expected) of 10%.
In: Accounting
Mickey Company manufactures three different sizes of stuffed teddy bears (large, small and medium d corresponding costs for the month of January 2004 are given below: large medium small projected unit sales 3,000 5,000 4,000 $ $ $ price per unit 40 30 20 variable cost per unit --direct material 12 10 8 --direct labour 8 5 3 --support costs 5 3 2 fixed cost per unit 2 2 2 total unit cost 27 20 15 It takes 20, 15 and 10 machine hours to manufacture 100 units of large, medium and small teddy bears, respectively. The company has a monthly machine hour capacity of 2,050 machine hours and this machine hour capacity cannot be increased for at least a year. Required: b) Determine how many units Mickey Company should produce of each size to maximise its profits c) Suppose that a foreign firm has offered to buy 2,000 large teddy bears at $45 each. Determine the opportunity costs for this order. d) Suppose that the available machine hour capacity is reduced to 1,550 machine hours due to machine break down. How many units of each size should Mickey Company produce to maximise its profits?
In: Accounting
Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.6% × service years × final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2004 and is expected to retire at the end of 2038 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $89,000 at the end of 2018 and the company's actuary projects her salary to be $275,000 at retirement. The actuary's discount rate is 7%. (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.) At the beginning of 2019, the pension formula was amended to: 1.70% × Service years × Final year's salary The amendment was made retroactive to apply the increased benefits to prior service years. Required: 1. What is the company's prior service cost at the beginning of 2019 with respect to Davenport after the amendment described above? 2. Since the amendment occurred at the beginning of 2019, amortization of the prior service cost begins in 2019. What is the prior service cost amortization that would be included in pension expense? 3. What is the service cost for 2019 with respect to Davenport? 4. What is the interest cost for 2019 with respect to Davenport? 5. Calculate pension expense for 2019 with respect to Davenport, assuming plan assets attributable to her of $210,000 and a rate of return (actual and expected) of 10%.
In: Accounting
In Python
Create a function called ????. The function receives a "string" that represents a year (the variable with this "String" will be called uve) and a list containing "strings" representing bank accounts (call this list ????).
• Each account is represented by 8 characters. The format of each account number is "** - ** - **", where the asterisks are replaced by numeric characters.
o For example, “59-04-23”.
• The two central characters of the "string" of each account represent the year in which the account was created.
o For example, the account “59-04-23” was created in 2004.
o Assume that all years are from the year 2000 onwards.
• The year in uve is represented by four characters.
o For example, "2001"
• The function must return a list with all the accounts that were created in the year indicated in ???, with each counts without the “-“ symbols.
o For example, if the accounts are [“49-01-26”, “19-01-33”, “99-01-53”, “59-04-23”] and the year of interest is "2001", then the function should return ["490126", "190133", "990153"]; note that the accounts continue in the form of a "string".
• In addition, the function must return the percentage of accounts that were created in the year indicated by ???.
o For example, if the accounts are [“49-01-26”, “19-01-33”, “99-01-53”, “59-04-23”] and the year of interest is "2001", so the function should return 75% (three accounts were created in 2001, and there are four accounts, therefore 100 × 3/4 = 75%)
In: Computer Science
Use the information below for ABC Co. to answer the following questions (#15 – 26).
Balance Sheet December 31
2005 2004
Assets
Cash $ 20,000 $ 10,000
Accounts receivable 160,000 110,000
Inventories 80,000 50,000
Prepaid Rent 15,000 10,000
Investments 100,000 75,000
Plant assets 210,000 250,000
Accumulated depreciation (65,000) (60,000)
Total $520,000 $445,000
Liabilities and Stockholders' Equity
Accounts payable $ 50,000 $ 40,000
Interest payable 20,000 5,000
Income tax payable 5,000 10,000
Note payable 130,000 140,000
Common stock 155,000 100,000
Retained earnings 160,000 150,000
Total $520,000 $445,000
Income Statement
For the Year Ended December 31, 2005
Sales $800,000
Cost of goods sold 480,000
Gross Profit 320,000
Operating expenses (including Depreciation Expense) 120,000
Interest expense 20,000
Income tax expense 25,000
Total 165,000
Income before Gains and Losses 155,000
Gain on sale of plant assets 5,000
Net income $ 160,000
Additional information:
Accounts payable pertain to the purchase of inventory.
Plant assets were sold for $40,000. The cost of the plant assets was $40,000.
All dividends are cash.
For the year 2005:
Cash received/collected from customers is:
Purchases for the year is:
Cash paid to suppliers is:
Depreciation expense is:
In: Accounting
Question #6. Independent cases:
A. On January 1, Nets Company paid $48,000 for a new delivery truck. It was estimated that the truck would be driven 100,000 miles during the next 5 years, at which time it would have a salvage value of $3,000. During the first and second years, the odometer registered 22,000 and 40,000 miles, respectively. Calculate the depreciation expense Nets Company needs to record at the end of year I & end of year 2. Nets Company uses the Units of Production method to account for depreciation. What is the book value of the truck at the end of 2nd year.
B. On Jan. 1, 2004, Cav Co., which uses straight-line depreciation, purchased equipment for $60,000 with a useful life of 7 years and $4,000 salvage value. On April 1, 2008, the equipment was sold for $30,000 cash. What gain or loss should Cav recognize as a result of this disposition? Indicate the impact of the disposition on the income statement & balance sheet.
C. On Nov. 1, 2005, GoodTaste Magazine received $36,000 of annual magazine subscriptions. On Dec. 31, 2005, the end of fiscal year, Management of GoodTaste decided to recognize the $36,000 as revenues for the year 2005. Do you agree with GoodTaste Management? Explain. How should GoodTaste Magazine report this in its financial statements as of Dec. 31, 2005?
In: Accounting
For ten years, Illinois Tool Works (ITW) has followed an acquisition strategy where it focused on growing from 800 to 1,000 businesses, each of which sought to follow an 80/20 rule where 80% of revenues business came from 20% of its products or customers. In support of this strategy, ITW sent hundreds of managers for training to sharpen their negotiating and deal making skills. As a result, ITW bought 201 companies between 2004 and 2008. Indeed, new acquired companies added $1 billion a year to annual revenues totaling nearly $18 billion.
Now, however, company leaders believe they’ve focused too much on acquisition. Former CEO David Speer said, “I can buy a lot of companies and fix them, but are they something I want to own four or five years from now?” So ITW is switching to a divestiture strategy aimed at making the company stronger through subtraction rather than addition. Divesting, or selling companies or their parts, is often done to get rid of business units that no longer fit strategic plans. The goal is to raise cash, streamline operations, and focus on the remaining core businesses. Research ITW’s divesting strategy, summarize it, and explain its goals and tactics. Find out the latest developments from the last few years. Do you think the divesting strategy will work?
In: Operations Management
42–3. Insider Trading.
Scott Ginsburg was chief executive officer (CEO) of Evergreen Media
Corp., which owned and operated radio stations. In 1996, Evergreen became interested in
acquiring EZ Communications, Inc., which also owned radio stations. To initiate negotiations,
Ginsburg met with EZ’s CEO, Alan Box, on Friday, July 12. Two days later, Scott phoned his
brother Mark, who, on Monday, bought 3,800 shares of EZ stock. Mark discussed the deal with
their father Jordan, who bought 20,000 EZ shares on Thursday. On July 25, the day before the
EZ bid was due, Scott phoned his parents’ home, and Mark bought another 3,200 EZ shares.
The same routine was followed over the next few days, with Scott periodically phoning Mark or
Jordan, both of whom continued to buy EZ shares. Evergreen’s bid was refused, but on August
5, EZ announced its merger with another company. The price of EZ stock rose 30 percent,
increasing the value of Mark and Jordan’s shares by $664,024 and $412,875, respectively. The
Securities and Exchange Commission (SEC) filed a civil suit in a federal district court against
Scott. What was the most likely allegation? What is required to impose sanctions for this
offense? Should the court hold Scott liable? Why or why not? [
SEC v. Ginsburg,
362 F.3d 1292
(11th Cir. 2004)]
In: Operations Management