Universal Leasing leases electronic equipment to a variety of businesses. The company’s primary service is providing alternate financing by acquiring equipment and leasing it to customers under long-term sales-type leases. Universal earns interest under these arrangements at a 12% annual rate.
  
The company leased an electronic typesetting machine it purchased for $44,900 to a local publisher, Desktop Inc. on December 31, 2017. The lease contract specified annual payments of $9,626 beginning January 1, 2018, the beginning of the lease, and each December 31 through 2019 (three-year lease term). The publisher had the option to purchase the machine on December 30, 2020, the end of the lease term, for $26,700 when it was expected to have a residual value of $30,700, a sufficient difference that exercise seems reasonably certain. (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:
1. Show how Universal calculated the $9,626 annual lease payments for this sales-type lease.
2. Prepare an amortization schedule that describes the pattern of interest revenue for Universal Leasing over the lease term.
3. Prepare the appropriate entries for Universal Leasing from the beginning of the lease through the end of the lease term.

Requirement 1:

Requirement 2:

Lease Amortization Table

Requirement 3:

- Recored the lease?

- Record cash received (January 1, 2018)

- Record cash received (December 31, 2018)

- Record cash received (December 31, 2019)

- Record cash received (December 30, 2020)

Roth Contractors Corporation was incorporated on December 1, 2019 and had the following transactions during December: Part A

a. Issued common stock for $5,000 cash

b. Paid $1,200 cash for three months’ rent: December 2019; January and February 2020

c. Purchased a used truck for $10,000 on credit (recorded as an account payable)

d. Purchased $1,000 of supplies on credit. These are expected to be used during the month (recorded as expense)

e. Paid $1,800 for a one-year truck insurance policy, effective December 1

f. Billed a customer $4,500 for work completed to date

g. Collected $800 for work completed to date

h. Paid the following expenses in cash: advertising, $350; interest, $100; telephone, $75; truck operating, $425; wages, $2,500

i. Collected $2,000 of the amount billed in f above

j. Billed customers $6,500 for work completed to date

k. Signed a $9,000 contract for work to be performed in January 2020

l. Paid the following expenses in cash: advertising, $200; interest, $150; truck operating, $375; wages, $2,500

m. Collected a $2,000 advance on work to be done in January (the policy of the corporation is to record such advances as revenue at the time they are received)

n. Received a bill for $100 for electricity used during the month (recorded as utilities expense).

Required:

1. Open general ledger T-accounts for the following: Cash, Accounts Receivable, Prepaid Insurance, Prepaid Rent, Truck, Accounts Payable, Common Stock, Repair Revenue, Advertising Expense, Interest Expense, Supplies Expense, Telephone Expense, Truck Operating Expense, Utilities Expense, and Wages Expense. General ledger account numbers are not necessary. 2. Prepare journal entries to record the December transactions. General ledger account numbers and descriptions are not needed.

3. Post the entries to general ledger T-accounts. Part B The following information relates to December 31, 2019: o. One month of the prepaid insurance has expired. p. The December portion of the rent paid on December 1 has expired. q. A physical count indicates that $350 of supplies is still on hand. r. The amount collected in transaction m is unearned at December 31. s. Three days of wages for December 29, 30, and 31 are unpaid, amounting to $1,500. These will be paid in January. t. The truck has an estimated useful life of 4 years. u. Income taxes expense is $500. This amount will be paid in the next fiscal year.

4. Open additional general ledger T-accounts for the following: Unused Supplies, Accumulated Depreciation, Wages Payable, Unearned Revenue, Income Taxes Payable, Depreciation Expense, Insurance Expense, Rent Expense, and Income Taxes Expense. General ledger account numbers are not necessary.

5. Prepare all necessary adjusting entries. General ledger account numbers and descriptions are not necessary.

6. Post the entries to general ledger T-accounts and calculate balances.

7. Prepare an adjusted trial balance at December 31.

8. Assume the fiscal year-end is December 31, 2019. Prepare an income statement, statement of changes in equity, and balance sheet.

9. Prepare closing entries and a post-closing trial balance at December 31, 2019.

Part A a. Issued common stock for $5,000 cash b. Paid $1,200 cash for three months’ rent: December 2019; January and February 2020 c. Purchased a used truck for $10,000 on credit (recorded as an account payable) d. Purchased $1,000 of supplies on credit. These are expected to be used during the month (recorded as expense) e. Paid $1,800 for a one-year truck insurance policy, effective December 1 f. Billed a customer $4,500 for work completed to date g. Collected $800 for work completed to date h. Paid the following expenses in cash: advertising, $350; interest, $100; telephone, $75; truck operating, $425; wages, $2,500 i. Collected $2,000 of the amount billed in f above j. Billed customers $6,500 for work completed to date k. Signed a $9,000 contract for work to be performed in January 2020 l. Paid the following expenses in cash: advertising, $200; interest, $150; truck operating, $375; wages, $2,500 m. Collected a $2,000 advance on work to be done in January (the policy of the corporation is to record such advances as revenue at the time they are received) n. Received a bill for $100 for electricity used during the month (recorded as utilities expense). Required: 1. Open general ledger T-accounts for the following: Cash, Accounts Receivable, Prepaid Insurance, Prepaid Rent, Truck, Accounts Payable, Common Stock, Repair Revenue, Advertising Expense, Interest Expense, Supplies Expense, Telephone Expense, Truck Operating Expense, Utilities Expense, and Wages Expense. General ledger account numbers are not necessary. 2. Prepare journal entries to record the December transactions. General ledger account numbers and descriptions are not needed. 3. Post the entries to general ledger T-accounts. Part B The following information relates to December 31, 2019: o. One month of the prepaid insurance has expired. p. The December portion of the rent paid on December 1 has expired. q. A physical count indicates that $350 of supplies is still on hand. r. The amount collected in transaction m is unearned at December 31. s. Three days of wages for December 29, 30, and 31 are unpaid, amounting to $1,500. These will be paid in January. t. The truck has an estimated useful life of 4 years. u. Income taxes expense is $500. This amount will be paid in the next fiscal year. Required: 4. Open additional general ledger T-accounts for the following: Unused Supplies, Accumulated Depreciation, Wages Payable, Unearned Revenue, Income Taxes Payable, Depreciation Expense, Insurance Expense, Rent Expense, and Income Taxes Expense. General ledger account numbers are not necessary. 5. Prepare all necessary adjusting entries. General ledger account numbers and descriptions are not necessary. 6. Post the entries to general ledger T-accounts and calculate balances. 7. Prepare an adjusted trial balance at December 31. 8. Assume the fiscal year-end is December 31, 2019. Prepare an income statement, statement of changes in equity, and balance sheet. 9. Prepare closing entries and a post-closing trial balance at December 31, 2019 I have the answers to parts 1-6. Looking for help with 7-9

Roth Contractors Corporation was incorporated on December 1, 2019 and had the following transactions during December: Part A a. Issued common stock for $5,000 cash b. Paid $1,200 cash for three months’ rent: December 2019; January and February 2020 c. Purchased a used truck for $10,000 on credit (recorded as an account payable) d. Purchased $1,000 of supplies on credit. These are expected to be used during the month (recorded as expense) e. Paid $1,800 for a one-year truck insurance policy, effective December 1 f. Billed a customer $4,500 for work completed to date g. Collected $800 for work completed to date h. Paid the following expenses in cash: advertising, $350; interest, $100; telephone, $75; truck operating, $425; wages, $2,500 i. Collected $2,000 of the amount billed in f above j. Billed customers $6,500 for work completed to date k. Signed a $9,000 contract for work to be performed in January 2020 l. Paid the following expenses in cash: advertising, $200; interest, $150; truck operating, $375; wages, $2,500 m. Collected a $2,000 advance on work to be done in January (the policy of the corporation is to record such advances as revenue at the time they are received) n. Received a bill for $100 for electricity used during the month (recorded as utilities expense). Required: 1. Open general ledger T-accounts for the following: Cash, Accounts Receivable, Prepaid Insurance, Prepaid Rent, Truck, Accounts Payable, Common Stock, Repair Revenue, Advertising Expense, Interest Expense, Supplies Expense, Telephone Expense, Truck Operating Expense, Utilities Expense, and Wages Expense. General ledger account numbers are not necessary. 2. Prepare journal entries to record the December transactions. General ledger account numbers and descriptions are not needed. 3. Post the entries to general ledger T-accounts. Part B The following information relates to December 31, 2019: o. One month of the prepaid insurance has expired. p. The December portion of the rent paid on December 1 has expired. q. A physical count indicates that $350 of supplies is still on hand. r. The amount collected in transaction m is unearned at December 31. s. Three days of wages for December 29, 30, and 31 are unpaid, amounting to $1,500. These will be paid in January. t. The truck has an estimated useful life of 4 years. u. Income taxes expense is $500. This amount will be paid in the next fiscal year. Required: 4. Open additional general ledger T-accounts for the following: Unused Supplies, Accumulated Depreciation, Wages Payable, Unearned Revenue, Income Taxes Payable, Depreciation Expense, Insurance Expense, Rent Expense, and Income Taxes Expense. General ledger account numbers are not necessary. 5. Prepare all necessary adjusting entries. General ledger account numbers and descriptions are not necessary. 6. Post the entries to general ledger T-accounts and calculate balances. 7. Prepare an adjusted trial balance at December 31. 8. Assume the fiscal year-end is December 31, 2019. Prepare an income statement, statement of changes in equity, and balance sheet. 9. Prepare closing entries and a post-closing trial balance at December 31, 2019.

19) A die is weighted in such a way that each of 1 and 2 is three times as likely to come up as each of

the other numbers. Find the probability distribution. What is the probability of rolling an even

number?

20) Suppose you pick 1 card at random from a standard deck of 52 playing cards. Find the probability

that the card you select is between 4 and 7?

21) Suppose you pick 1 card at random from a standard deck of 52 playing cards. Find the probability

that the card you select is an “ace” or a club.

22) Suppose you pick 4 cards at random out of a deck of cards. Find the probability that

all

cards are

the same color.

Suppose that I have a bag of marbles: 2 are red, 2 are green and 1 is blue.

You select three marbles from the bag. Find the following probabilities:

23) You get both red marbles

24) You get at least

one

red marble

25) You get one of each color

26) You get no red marbles.

27) You get both red marbles, given that you got the blue marble

28) You get both red marbles, given that you did not get the blue marble.

29) Two dice are rolled – a red die and a green die.

Let event A := Neither die is a 1 or a 6 and event B:= The sum is even.

Are these events independent? How do you know?

30) It snows in Greenland an average of once every 25 days, and when it does, glaciers have a 20%

chance of growing. When it does not snow in Greenland, glaciers have only a 4% chance of growing.

What is the probability that it is snowing in Greenland when glaciers are growing?

AM -vs- PM sections of Stats - Significance test (Raw Data, Software Required):
There are two sections of statistics, one in the afternoon (PM) with 30 students and one in the morning (AM) with 22 students. Each section takes the identical test. The PM section, on average, scored higher than the AM section. The scores from each section are given in the table below. Test the claim that the PM section did significantly better than the AM section, i.e., is the difference in mean scores large enough to believe that something more than random variation produced this difference. Use a 0.01 significance level.

The post anesthesia care area (recovery room) at St. Luke's Hospital in Maumee, Ohio, was recently enlarged. The hope was that with the enlargement the mean number of patients per day would be more than 25. A random sample of 15 days revealed the following numbers of patients.

At the .01 significance level, can we conclude that the mean number of patients per day is more than 25?

1. Identify Null and Alternate Hypothesis
2. Identify the t statistic
3. Estimate the p-value and interpret it. (Reject or Not Reject and why)

Using the data in the Excel file Home Market Value, develop a multiple regression model for estimating the market value as a function of house age and house size. Predict the value of a house that is 30 years old and has 1800 square feet, and also predict the value of a house that is 5 years old and has 2800 square feet.

Conduct your analysis using the following Multiple Regression Model Building and Interpretation Rubric:

1. Identify the dependent variable (Y)
2. Identify the independent variables (Xs)
3. Check for multicollinearity among the Xs: Data>Data Analysis>Correlation -> take action as needed
4. Run Regression: Data>Data Anaysis>Regression, including residuals, standardized residuals, and residual plots
5. Evaluate residuals for obvious non-random patterns and outliers -> take action as needed
6. Check p-values for X coefficients -> take action as needed
7. Check the significance of the overall model based upon the ANOVA significance F (p-value) – take action as needed
8. Interpret the adjusted R Square value
9. Write out the prediction equation to include regression coefficients as follows: Y=β₀ + β₁X₁ + β₂X₂. Please note that the regression coefficients are the slope coefficients and reflect the influence that each factor has on the response variable. Make predictions as required.
10. Tell the story. Explain the meaning of the analysis using everyday words.
    
    
    Data:
    

    Home Market Value
    House Age	Square Feet	Market Value
    27	1,484	$   79,800.00
    27	1,701	$   94,200.00
    27	1,520	$   88,600.00
    27	1,484	$   76,600.00
    27	1,668	$   90,900.00
    27	1,484	$   81,300.00
    27	1,520	$ 100,700.00
    27	1,684	$   96,700.00
    27	1,581	$ 120,700.00
    28	1,520	$   83,400.00
    28	1,588	$   81,500.00
    28	1,598	$   87,100.00
    28	1,484	$   82,600.00
    28	1,484	$   78,800.00
    28	1,520	$   87,600.00
    28	1,484	$   82,000.00
    28	1,468	$   88,100.00
    28	1,520	$   88,100.00
    28	1,520	$   84,400.00
    28	1,588	$   81,000.00
    28	1,784	$   91,300.00
    28	1,520	$   87,200.00
    32	1,914	$ 104,400.00
    32	1,842	$   93,300.00
    32	1,836	$ 101,900.00
    32	1,732	$   87,600.00
    32	1,791	$   89,200.00
    32	1,852	$ 100,800.00
    32	1,620	$   96,700.00
    32	1,692	$   87,500.00
    32	2,372	$ 114,000.00
    32	2,372	$ 113,200.00
    32	2,123	$ 116,100.00
    32	1,620	$   94,700.00
    32	1,731	$   86,400.00
    32	1,666	$   87,100.00
    33	1,812	$   90,000.00
    33	1,812	$   91,000.00
    33	2,028	$ 108,500.00
    33	1,850	$   96,000.00
    33	1,666	$   88,400.00
    33	1,666	$   87,500.00

Retaking the SAT (Raw Data, Software Required): Many high school students take the SAT's twice; once in their Junior year and once in their Senior year. The Senior year scores (x) and associated Junior year scores (y) are given in the table below. This came from a random sample of 35 students. Use this data to test the claim that retaking the SAT increases the score on average by more than 27 points. Test this claim at the 0.01 significance level. (a) The claim is that the mean difference (x - y) is greater than 27 (μd > 27). What type of test is this? This is a left-tailed test. This is a two-tailed test. This is a right-tailed test. (b) What is the test statistic? Round your answer to 2 decimal places. t d = (c) Use software to get the P-value of the test statistic. Round to 4 decimal places. P-value = (d) What is the conclusion regarding the null hypothesis? reject H0 fail to reject H0 (e) Choose the appropriate concluding statement. The data supports the claim that retaking the SAT increases the score on average by more than 27 points. There is not enough data to support the claim that retaking the SAT increases the score on average by more than 27 points. We reject the claim that retaking the SAT increases the score on average by more than 27 points. We have proven that retaking the SAT increases the score on average by more than 27 points. Senior Score (x) Junior Score (y) (x - y) 1093 1063 30 1238 1195 43 1238 1186 52 1112 1099 13 1289 1248 41 1109 1098 11 1061 1055 6 1102 1056 46 1139 1087 52 1090 1076 14 1157 1118 39 1263 1223 40 1279 1240 39 1117 1086 31 1226 1191 35 1216 1187 29 1324 1268 56 1199 1173 26 1279 1244 35 1165 1128 37 1151 1124 27 1159 1124 35 1256 1224 32 1255 1231 24 1129 1093 36 1299 1270 29 1261 1207 54 1207 1187 20 1156 1147 9 1177 1150 27 1253 1234 19 1320 1274 46 1200 1122 78 1234 1213 21 1143 1143 0

You may need to use the appropriate technology to answer this question.

An amusement park studied methods for decreasing the waiting time (minutes) for rides by loading and unloading riders more efficiently. Two alternative loading/unloading methods have been proposed. To account for potential differences due to the type of ride and the possible interaction between the method of loading and unloading and the type of ride, a factorial experiment was designed. Use the following data to test for any significant effect due to the loading and unloading method, the type of ride, and interaction. Use α = 0.05.

Find the value of the test statistic for method of loading and unloading.

Find the p-value for method of loading and unloading. (Round your answer to three decimal places.)

p-value =

State your conclusion about method of loading and unloading.

Because the p-value > α = 0.05, method of loading and unloading is not significant.Because the p-value ≤ α = 0.05, method of loading and unloading is significant.     Because the p-value ≤ α = 0.05, method of loading and unloading is not significant.Because the p-value > α = 0.05, method of loading and unloading is significant.

Find the value of the test statistic for type of ride.

Find the p-value for type of ride. (Round your answer to three decimal places.)

p-value =

State your conclusion about type of ride.

Because the p-value ≤ α = 0.05, type of ride is not significant.Because the p-value ≤ α = 0.05, type of ride is significant.     Because the p-value > α = 0.05, type of ride is not significant.Because the p-value > α = 0.05, type of ride is significant.

Find the value of the test statistic for interaction between method of loading and unloading and type of ride.

Find the p-value for interaction between method of loading and unloading and type of ride. (Round your answer to three decimal places.)

p-value =

State your conclusion about interaction between method of loading and unloading and type of ride.

Because the p-value > α = 0.05, interaction between method of loading and unloading and type of ride is significant.Because the p-value > α = 0.05, interaction between method of loading and unloading and type of ride is not significant.     Because the p-value ≤ α = 0.05, interaction between method of loading and unloading and type of ride is significant.Because the p-value ≤ α = 0.05, interaction between method of loading and unloading and type of ride is not significant.

2. You may need to use the appropriate technology to answer this question.

The calculations for a factorial experiment involving four levels of factor A, three levels of factor B, and three replications resulted in the following data: SST = 282, SSA = 26, SSB = 22, SSAB = 179.Set up the ANOVA table. (Round your values for mean squares and F to two decimal places, and your p-values to three decimal places.)

Test for any significant main effects and any interaction effect. Use α = 0.05.

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

Find the p-value for factor A. (Round your answer to three decimal places.)

p-value =

State your conclusion about factor A.

Because the p-value ≤ α = 0.05, factor A is not significant.Because the p-value ≤ α = 0.05, factor A is significant.     Because the p-value > α = 0.05, factor A is not significant.Because the p-value > α = 0.05, factor A is significant.

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

Find the p-value for factor B. (Round your answer to three decimal places.)

p-value =

State your conclusion about factor B.

Because the p-value ≤ α = 0.05, factor B is significant.Because the p-value ≤ α = 0.05, factor B is not significant.     Because the p-value > α = 0.05, factor B is not significant.Because the p-value > α = 0.05, factor B is significant.

Find the value of the test statistic for the interaction between factors A and B. (Round your answer to two decimal places.)

Find the p-value for the interaction between factors A and B. (Round your answer to three decimal places.)

p-value =

State your conclusion about the interaction between factors A and B.

Because the p-value > α = 0.05, the interaction between factors A and B is not significant.Because the p-value ≤ α = 0.05, the interaction between factors A and B is not significant.     Because the p-value ≤ α = 0.05, the interaction between factors A and B is significant.Because the p-value > α = 0.05, the interaction between factors A and B is significant.