Question Physics: Electrostatic Force and Gravitational Force

A small piece of paper weighs 10ˆ-2 gm. The weight of earth is 10ˆ24 kg. The glass rod with a net charge of 10-6C is brought near the paper which gets stuck to the glass rod and one can lift the stuck paper against the gravitational pull of the earth. Compare the force due to gravity on piece of paper and electrostatic force between paper and glass rod.

After a dismal start to 2019, the U.S. economy seems to be speeding up in the spring. Growth has appeared to speed up towards the end of the 1st quarter, and after such signs, economists have been ratcheting up their estimates for 1st quarter GDP. Positive areas include a resurgence in consumer spending, a declining U.S. trade deficit, and a solid labor market.

Does the United States economy seem to be safe from a recession in the near future?

The ground temperature a few meters below the surface is fairly constant throughout the year, and is near the average value of the air temperature. In areas in which the air temperature drops very low in the winter, the exterior unit of a heat pump designed for heating is sometimes buried underground in order to use the earth as a thermal reservoir. Why is it worthwhile to bury the heat exchanger, even if the underground unit costs more to purchase and install than one above ground?

5–C. Part 1. Capital Projects Fund Transactions

The voters of the City of Monroe approved the issuance of tax-supported bonds in the face amount of $4,000,000 for the construction and equipping of a new City Jail. Architects were to be retained, and construction was to be completed by outside contractors. In addition to the bond proceeds, a $1,340,000 grant was expected from the state government.

Required:

a. Open a general journal for the City Jail Annex Construction Fund. Record the following transactions and post to the general ledger. Control accounts are not necessary.

(1) On January 1, 2017, the total face amount of bonds bearing an interest rate of 8 percent was sold at a $200,000 premium. Principal amounts of $200,000 each will come due annually over a 20-year period commencing January 1, 2018. Interest payment dates are July 1 and January 1. The first interest payment will be July 1, 2017. The premium was transferred to the City Jail Debt Service Fund for the future payment of principal on the bonds.

(2) The receivable from the state government was recorded.

(3) Legal and engineering fees early in the project were paid in the amount of $121,000. This amount had not been encumbered.

(4) Architects were engaged (like a contract, record an encumbrance) at a fee of $250,000.

(5) Preliminary plans were approved, and the architects were paid $50,000 (20 percent of the fee).

(6) The complete plans and specifications were received from the architects and approved. A liability in the amount of $150,000 to the architects was approved and paid.

(7) Bids were received and opened in public session. After considerable discussion in City Council, the low bid from Hardhat Construction Company in the amount of $4,500,000 was accepted, and a contract was signed.

(8) The contractor required partial payment of $1,350,000. Payment was approved and vouchered with the exception of a 5 percent retainage.

(9) Cash in the full amount of the grant was received from the state government.

(10) Furniture and equipment for the annex were ordered at a total cost of $459,500.

(11) Payment was made to the contractor for the amount payable (see 8 above).

(12) The contractor completed construction and requested payment of the balance due on the contract. After inspection of the work, the amount, including the past retainage, was approved for payment and then paid.

(13)The furniture and equipment were received at a total actual installed cost of $459,300. Invoices were approved for payment.

(14) The remainder of the architects’ fees was approved for payment.

(15) The City Jail Construction Fund paid all outstanding accounts payables ($ 509,300) on December 31, 2017.

(16) The remaining cash was transferred to the City Jail Debt Service Fund.

b. Post the entries to the City Jail Construction Fund general ledger.

c. Prepare and post an entry closing all nominal accounts to Fund Balance.

5–C. Part 2. Existing Debt Service Fund Transactions

The City Hall Debt Service Fund of the City of Monroe has been open for five years; it was created to service an $16,000,000, 3 percent tax-supported bond issue. As of December 31, 2016, this serial bond issue had a balance of $12,000,000. Semiannual interest payments are made on January 1 and July 1, and a principal payment of $400,000 is due on January 1 and July 1 of each year.

As this is a regular serial bond debt service fund, the only accounts with balances as of January 1, 2017, were Cash with Fiscal Agent and Fund Balance—Assigned for Debt Service, each with balances of $580,000. (Revenues were raised and collected in cash in 2016 in order to be able to pay bond principal and interest due on January 1, 2017.) The government chose not to accrue interest payable.

Required:

a. Open a general journal for the City Hall Debt Service Fund and prepare journal entries for the following transactions. Control accounts are not necessary

(1) The fiscal agent reported that $180,000 in checks had been mailed to bondholders for interest due on January 1, and $400,000 in checks were mailed for bonds maturing that day.

(2) Cash in the amount of $574,000 was received from the General Fund on June 30 and was transferred to the fiscal agent.

(3) The fiscal agent reported that checks dated July 1 had been mailed to bondholders for interest of $ 174,000 due that day and $400,000 in checks were mailed for bonds maturing that day.

(4) Cash in the amount of $568,000 was received from the General Fund on December 31 and transferred to the fiscal agent to be used for the interest and principal due on January 1 (next fiscal year). The government elected to not accrue the interest or principal at year-end.

b. Post the entries to the City Hall Debt Service Fund ledger (t-accounts).

c. Prepare and post an entry closing all nominal accounts to Fund Balance.

5–C. Part 3. New Debt Service Fund Transactions

On the advice of the city attorney, a City Jail Debt Service Fund is opened to account for debt service transactions related to the bond issue sold on January 1, 2017 (see Part 1).

Required:

a. Open a general journal for the City Jail Debt Service Fund. Record the following transactions, as necessary. Control accounts are not necessary

(1) The premium described in transaction 1 of Part 1 was received as a transfer from the capital projects fund.

(2) Cash in the amount of $160,000 was received from the General Fund on June 30 and was transferred to the fiscal agent.

(3) The fiscal agent reported that checks dated July 1 had been mailed to bondholders for interest due that day.

(4) The transfer described in part c of Part 1 was received.

(5) Cash in the amount of $360,000 was received from the General Fund on December 31 and transferred to the fiscal agent to be used for interest and principal payments due on January 1 (next fiscal year). The government elected to not accrue the interest at year-end.

(6) $ 200,000 of the remaining cash on hand was invested.

b. Post the entries to the City Jail Debt Service Fund ledger (t-accounts).

c. Prepare and post an entry closing all nominal accounts to Fund Balance. Assume any remaining net resources are classified as Fund Balance – Assigned for Debt Service.

5–C. Part 4. Governmental Funds Financial Statements

Required:

a. Prepare a Balance Sheet for the governmental funds for the City of Monroe as of December 31, 2017. Include the General Fund, the Street and Highway Fund (P4–C), the City Hall Debt Service Fund, and the City Jail Debt Service Fund. Use the balances computed in 4-C for the General Fund and special revenue fund portions of this statement.

b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balances for the governmental funds for the City of Monroe for the Year Ended December 31, 2017. Include the same funds as listed in requirement a plus the City Jail Construction Fund.

5–C. Part 4. Governmental Funds Financial Statements

Required:

a. Prepare a Balance Sheet for the governmental funds for the City of Monroe as of December 31, 2017. Include the General Fund, the Street and Highway Fund (P4–C), the City Hall Debt Service Fund, and the City Jail Debt Service Fund. Use the balances computed in 4-C for the General Fund and special revenue fund portions of this statement.

b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balances for the governmental funds for the City of Monroe for the Year Ended December 31, 2017. Include the same funds as listed in requirement a plus the City Jail Construction Fund.

Previous Information:

5–C. Part 1. Capital Projects Fund Transactions

The voters of the City of Monroe approved the issuance of tax-supported bonds in the face amount of $4,000,000 for the construction and equipping of a new City Jail. Architects were to be retained, and construction was to be completed by outside contractors. In addition to the bond proceeds, a $1,340,000 grant was expected from the state government.

Required:

a. Open a general journal for the City Jail Annex Construction Fund. Record the following transactions and post to the general ledger. Control accounts are not necessary.

(1) On January 1, 2017, the total face amount of bonds bearing an interest rate of 8 percent was sold at a $200,000 premium. Principal amounts of $200,000 each will come due annually over a 20-year period commencing January 1, 2018. Interest payment dates are July 1 and January 1. The first interest payment will be July 1, 2017. The premium was transferred to the City Jail Debt Service Fund for the future payment of principal on the bonds.

(2) The receivable from the state government was recorded.

(3) Legal and engineering fees early in the project were paid in the amount of $121,000. This amount had not been encumbered.

(4) Architects were engaged at a fee of $250,000.

(5) Preliminary plans were approved, and the architects were paid $50,000 (20 percent of the fee).

(6) The complete plans and specifications were received from the architects and approved. A liability in the amount of $150,000 to the architects was approved and paid.

(7) Bids were received and opened in public session. After considerable discussion in City Council, the low bid from Hardhat Construction Company in the amount of $4,500,000 was accepted, and a contract was signed.

(8) The contractor required partial payment of $1,350,000. Payment was approved and vouchered with the exception of a 5 percent retainage.

(9) Cash in the full amount of the grant was received from the state government.

(10) Furniture and equipment for the annex were ordered at a total cost of $459,500.

(11) Payment was made to the contractor for the amount payable (see 8 above).

(12) The contractor completed construction and requested payment of the balance due on the contract. After inspection of the work, the amount, including the past retainage, was approved for payment and then paid.

(13)The furniture and equipment were received at a total actual installed cost of $459,300. Invoices were approved for payment.

(14) The remainder of the architects’ fees was approved for payment.

(15) The City Jail Construction Fund paid all outstanding accounts payables ($ 509,300) on December 31, 2017.

(16) The remaining cash was transferred to the City Jail Debt Service Fund.

b. Post the entries to the City Jail Construction Fund general ledger.

c. Prepare and post an entry closing all nominal accounts to Fund Balance.

5–C. Part 2. Existing Debt Service Fund Transactions

The City Hall Debt Service Fund of the City of Monroe has been open for five years; it was created to service an $16,000,000, 3 percent tax-supported bond issue. As of December 31, 2016, this serial bond issue had a balance of $12,000,000. Semiannual interest payments are made on January 1 and July 1, and a principal payment of $400,000 is due on January 1 and July 1 of each year.

As this is a regular serial bond debt service fund, the only accounts with balances as of January 1, 2017, were Cash with Fiscal Agent and Fund Balance—Assigned for Debt Service, each with balances of $580,000. (Revenues were raised and collected in cash in 2016 in order to be able to pay bond principal and interest due on January 1, 2017.) The government chose not to accrue interest payable.

Required:

a. Open a general journal for the City Hall Debt Service Fund and prepare journal entries for the following transactions. Control accounts are not necessary

(1) The fiscal agent reported that $180,000 in checks had been mailed to bondholders for interest due on January 1, and $400,000 in checks were mailed for bonds maturing that day.

(2) Cash in the amount of $574,000 was received from the General Fund on June 30 and was transferred to the fiscal agent.

(3) The fiscal agent reported that checks dated July 1 had been mailed to bondholders for interest of $ 174,000 due that day and $400,000 in checks were mailed for bonds maturing that day.

(4) Cash in the amount of $568,000 was received from the General Fund on December 31 and transferred to the fiscal agent to be used for the interest and principal due on January 1 (next fiscal year). The government elected to not accrue the interest or principal at year-end.

b. Post the entries to the City Hall Debt Service Fund ledger (t-accounts).

c. Prepare and post an entry closing all nominal accounts to Fund Balance.

5–C. Part 3. New Debt Service Fund Transactions

On the advice of the city attorney, a City Jail Debt Service Fund is opened to account for debt service transactions related to the bond issue sold on January 1, 2017 (see Part 1).

Required:

a. Open a general journal for the City Jail Debt Service Fund. Record the following transactions, as necessary. Control accounts are not necessary

(1) The premium described in transaction 1 of Part 1 was received as a transfer from the capital projects fund.

(2) Cash in the amount of $160,000 was received from the General Fund on June 30 and was transferred to the fiscal agent.

(3) The fiscal agent reported that checks dated July 1 had been mailed to bondholders for interest due that day.

(4) The transfer described in part c of Part 1 was received.

(5) Cash in the amount of $360,000 was received from the General Fund on December 31 and transferred to the fiscal agent to be used for interest and principal payments due on January 1 (next fiscal year). The government elected to not accrue the interest at year-end.

(6) $ 200,000 of the remaining cash on hand was invested.

b. Post the entries to the City Jail Debt Service Fund ledger (t-accounts).

c. Prepare and post an entry closing all nominal accounts to Fund Balance. Assume any remaining net resources are classified as Fund Balance – Assigned for Debt Service.

Many consumers pay careful attention to stated nutritional contents on packaged foods when making purchases. It is therefore important that the information on packages be accurate. A random sample of n = 12 frozen dinners of a certain type was selected from production during a particular period, and the calorie content of each one was determined. (This determination entails destroying the product, so a census would certainly not be desirable!) Here are the resulting observations, along with a boxplot and normal probability plot. (To obtain the dataset for your analysis software, go to the Book Companion Website.)

A vertical boxplot has a vertical axis labeled "Calories" with values from 223 to 267. The top whisker is approximately at 265.0, the top-most edge of the box is near 253.0, the line inside the box is approximately 244.5, the bottom-most edge of the box is near 236.0, and the bottom whisker is at approximately 225.0.

(c) Carry out a formal test of the hypotheses suggested in part (b). (Use Table 4 in Appendix A. Use α = 0.05. Round your test statistic to two decimal places and your P-value to three decimal places.)

P=  

The ages of commercial aircraft are normally distributed with a mean of 13.5 years and a standard deviation of 7.8

years. What percentage of individual aircraft have ages greater than 15​years? Assume that a random sample of 81

aircraft is selected and the mean age of the sample is computed. What percentage of sample means have ages greater than 15

​years?The percentage of individual aircraft that have ages greater than 15 years is _____ ​%