Suppose that the average annual revenue of a small business is $150,000 with a standard deviation of $40,000.

Assume that the revenue distribution is normal.

1. What is the probability that one business selected at random makes less than $120,000?

2. What is the probability that the average annual revenue of a random sample of 4 businesses is less than $120,000?

3. Why are your answers to the previous two questions different?

Suppose the monthly market for an agricultural commodity is characterized by the following equations: QS =–35+35P QD =100–10P

(a) where QS and QD are quantities in units and P is the price per unit. Graph the supply and demand curves. Be sure to calculate the P and Q intercepts for demand and the P intercept for supply. Calculate and illustrate the equilibrium price and quantity. [Hint: Show your work.

(b) Calculate both the demand and supply elasticity around the equilibrium point. [Hint: you can use either the point method or the average arc (midpoint) method.

(c) Would the entry of new producers increase or decrease total spending on the good? Explain with reference to your answer from part (b). Would the entry of new demanders lead to an increase or decrease in total revenue to producers?

(d) Suppose the government institutes a supply management program that restricts the quantity to 60. It enforces this by granting quotas for 60 units of output to existing producers. What is the new price and quantity traded? Does this policy create deadweight loss (DWL) in the market? Briefly explain and identify any DWL in your diagram.

(e) What is the value of a unit of quota? Illustrate in your diagram. What is the total value of all units of the quota?

Calculates the tax benefits of switching the business to a s corporation for each of the stakeholders involved and the business entity

For a s corporation lets say the company Is worth $100 million dollars and $17.5 million in revenue.

Bob owns 50% of the company

Mark owns 20% of the company

Tony owns 25% but his selling his portion of the company

Steve owns 5 %

tax benefits of switching the business to a s corporation?

please work on this assignment

Twenty-five percent of the customers entering a grocery store between 5 P.M. and 7 P.M. use an express checkout. Consider five randomly selected customers, and let x denote the number among the five who use the express checkout.

(a) What is p(3), that is, P(x = 3)? (Round the answer to five decimal places.)
p(3) =

(b) What is P(x ≤ 1)? (Round the answer to five decimal places.)
P(x ≤ 1) =

(c) What is P(2 ≤ x)? (Round the answer to five decimal places. Hint: Make use of your computation in Part (b).)
P(2 ≤ x) =

(d) What is P(x ≠ 3)? (Round the answer to five decimal places.)
P(x ≠ 3) =

Question No 2: (2x5=10 Marks)

Assume that you are a newly appointed junior auditor in Delloite, an auditing firm. After a 3-month
rigorous training on the job, you have been awarded the certificate of completion and is now ready to
embark on your very first assignment. Today, your first job was to evaluate the audit evidence
gathered by your team from Sohar Trading and see if they are reliable or not based on ISA 500. The
following are the evidences gathered in various forms:
a) One auditor from your team sent letters to customers to confirm their payment to Sohar
Trading. Today, you received back the letter from the customers with their confirmation and
signature.
b) You are analyzing the cash balance and bank balance of the company. You have prepared
bank reconciliation to see where the difference on cash balance is. After you finished
analyzing, you include the bank reconciliation in your audit evidence file.
c) One key official sent an email to the audit team as a reply to your inquiry about the
company’s building construction.
d) The bookkeeper submitted to the audit team the original official receipt as support to the
company’s payment of the furniture purchased.
e) The accountant gave verbal confirmation to your inquiry about the suppliers dealing with the
company.
Required:
Evaluate the reliability of each of the documents above and identify the one that is considered the
most reliable and least reliable. (2 marks each)

Assume that you are a newly appointed junior auditor in Delloite, an auditing firm. After a 3-month
rigorous training on the job, you have been awarded the certificate of completion and is now ready to
embark on your very first assignment. Today, your first job was to evaluate the audit evidence
gathered by your team from Sohar Trading and see if they are reliable or not based on ISA 500. The
following are the evidences gathered in various forms:
a) One auditor from your team sent letters to customers to confirm their payment to Sohar
Trading. Today, you received back the letter from the customers with their confirmation and
signature.
b) You are analyzing the cash balance and bank balance of the company. You have prepared
bank reconciliation to see where the difference on cash balance is. After you finished
analyzing, you include the bank reconciliation in your audit evidence file.
c) One key official sent an email to the audit team as a reply to your inquiry about the
company’s building construction.
d) The bookkeeper submitted to the audit team the original official receipt as support to the
company’s payment of the furniture purchased.
e) The accountant gave verbal confirmation to your inquiry about the suppliers dealing with the
company.
Required:
Evaluate the reliability of each of the documents above and identify the one that is considered the
most reliable and least reliable.

The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year).

Transactions during 2021 (current year) were as follows:

Additional Information:

The notes payable are dated June 30, 2020, and are due on June 30, 2022. Interest at 8% is payable annually on June 30. Depreciation on the furniture and fixtures for 2021 is $36,000. The furniture and fixtures originally cost $460,000.

Required:
Prepare a classified balance sheet at December 31, 2021, by updating ending balances from 2020 for transactions during 2021 and the additional information. The cost of furniture and fixtures and their accumulated depreciation are shown separately. (Amounts to be deducted should be indicated by a minus sign.)

The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year). KORVER SUPPLY COMPANY Balance Sheet At December 31, 2020 Assets Cash $120,000 Accounts receivable 300,000 Inventory 200,000 Furniture and fixtures (net)  150,000 Total assets $770,000 Liabilities and Shareholders’ Equity Accounts payable (for merchandise) $190,000 Notes payable 200,000 Interest payable 6,000 Common stock 100,000 Retained earnings  274,000 Total liabilities and shareholders’ equity $770,000 Transactions during 2021 (current year) were as follows: 1. Sales to customers on account $800,000 2. Cash collected from customers 780,000 3. Purchase of merchandise on account 550,000 4. Cash payment to suppliers 560,000 5. Cost of merchandise sold 500,000 6. Cash paid for operating expenses 160,000 7. Cash paid for interest on notes 12,000 Additional Information: The notes payable are dated June 30, 2020, and are due on June 30, 2022. Interest at 6% is payable annually on June 30. Depreciation on the furniture and fixtures for 2021 is $20,000. The furniture and fixtures originally cost $300,000.

Required: Prepare a classified balance sheet at December 31, 2021, by updating ending balances from 2020 for transactions during 2021 and the additional information. The cost of furniture and fixtures and their accumulated depreciation are shown separately.

For the problems 1 -6

Consider the data set   

16, 26, 31, 32, 32, 32, 42, 47, 47, 47, 50, 50 (already put in increasing order)

Compute the following:

1/   The mode:

A/ 47       B/ 32           C/ Bimodal       D/ 42  

2/   The median:

A/ 42       B/ 37           C/ 32           D/ 47  

3/   The mean:

       A/ 37.7       B/ 37           C/ 36           D/ 36.2

4/   The standard deviation:

       A/ 10.5       B/ 12          C/ 14           D/ 11  

5/   The mid-range:

A./ 17       B/ 20.5         C/ 33           D/ 34      
6/   If x = 42 , the standard deviation s = 12 and the mean = 67, then the z-score ( the standard score) of x is

A./ 2.28       B/ - 1.00       C/ 3.52       D/ -2.08
  
7/   In the set of data : 2, 3, 35, 5, 8, 9,10, 10,12,14,16, is the value 35 outlier?

A/ No, upper limit for outlier is 27.5       B/ Yes, upper limit for outlier is 27.5
C/ No, upper limit for outlier is 24.5       D/ Yes, upper limit for outlier is 32.1
  

For the problems 8 -13: Consider the set of 15 data ( in increasing order )

   10, 15, 19, 20, 21, 21, 29, 29, 30, 30, 33, 39, 40, 50, 50.

( It is better to enter this data set into a calculator to find the needed values to answering the following questions )

8/   Find ( the value x which separates the bottom 30th percentile )      

A./ 70       B/ 21           C/ 29.5         D/ 53      

9/   Find the percentile ( kth percentile ) of the value x = 30.

A/ 53 percentile   B/ 82 percentile C/ 38 percentile   D/ 60 percentile  

10/   The third quartile () is:

   A./ 39       B/ 17           C/ 40         D/ 18      

11/   The inter-quartile range ( IQR) is:          

A./ 17       B/ 21           C/ 19         D/ 59  

12/   The sample variance is approximate to ( round to whole number )

A./ 11       B/ 148       C/ 12         D/ 142
      

13/   Approximate the value of x if its z-score is 0.83 ( Use the formula )

  
A./ 35       B/ 39           C/ 19         D/ 25      
14/   For the data set 8, 6, 29, 3, 9, 23, 15, 18, 5, 3, 22, 27, 4, 2 and 22 the midrange is

  
A./ 16       B/ 11           C/ 15         D/ 18      

15/   By the Empirical Rule, in a city of 62,000 people, the number of people below the mean by more than 1 standard deviation is:

A./ 41,160      B/ 9, 920       C/ 21,080        D/ 6,200      
Questions 16-18 : Use the distribution in the form of the stem-leaf plot

         
Stem   Leaves   

1478   
01237888  
189   

16/   The mid-point of the third class is

   A./ 32       B/ 36           C/ 34.5         D/ 35      

17/   The median is

   A./ 24       B/ 23           C/ 25           D/ 5
      
18/   The relative frequency for the third class is:

A./ 20%       B/ 50%        C/ 66%         D/ 40%

19/   The heights of a group of professional basketball players are summarized in the frequency distribution below. Find the mean height from this frequency table.

           Height s ( in)   Frequency
  
4
6
8
79-81       2

A./ 75.2 in       B/ 76.8 in       C/ 74.0 in       D/ 77.5 in

20/   The temperatures ( in ºF ) in a room is recorded at the top of hours are

   67, 68, 70 , 5, 77, 77, 78, 80, 78, 79, 74, 74. Choose best answer:
  
   a/ It is a typo
   b/ highest temperature is probably 95
   c/ 5 is not an outlier
   d/ 5 is an outlier

21/   The variance of 6 washing machines with prices: $ 800, $784, $ 1,235, $860, $1,036 and $770 is

A/ 196.4       B/ 34,295.3       C/ 26,002.7       D/ 185.2

22/   The coefficient of variation ( round to closest %) for the set of data :

1, 3, 3, 5, 5, 6, 7, 8, 9 ,12, 15, 24 is

A 74%       B/ 67%       C/ 24%       D/ 78 %

23/   Human body temperatures have the mean of 98.2º and a standard deviation of 0.6º.
   Amy’s temperature can be described by z = 0.9. What is her temperature?

   A/   98.2º       B/ 97.8º       C/ 98.7º       D/ 99.3º

24/   The upper bound for the outlier for the data set
-11, 14, 22, 22, 22, 23, 31, 31, 42, 44, 44, 75 is

A/ 74.5           B/ 75           C/ 84       D/ 68
                                  
25/   The box-plot of a data with 5- point summary 2, 6, 8, 11, 18
  

   A/is positive skewed.       B/ is negative skewed.
   C/ is symmetric       D/ perfect skewed

The trial balance sheet of Moe’s Mowing, Inc is dated August 31, 2019: Assets Liabilities Cash 6,000 Account Payable 5,000 Account Receivable 400 Notes payable 2,500 Supplies 6000 salary payable 2,000 Prepaid rent 13,000 Loan Payable 13,000 Inventory 2,500 Unearned Revenue 4000 Total current assts 27,900 Total Liabilities 26,500 Cars 7,500 building 1500 Shareholder’s Equity furniture 2500 Common Stocks 6,700 Retained Earning 6,200 Total fixed asset 11,500 Total owner's equity 12,900 Total Assets 39,400 Total Liabilities and Equity 39,400 During the month of September, the business incurred the following transactions: 1. Deposited $5,000 cash in the business’s bank account. The company received the cash and issued common stocks. 2. The company purchased a car for $1,750 on account from Melton Supply 3. The company bought equipment, paying cash, 1,750 4. The company purchased office supplies for $1000 cash. 5. The company provided services to the Walker Company for $1,800 on account. 6. The company paid $500 to Melton Office Supply 7. The company borrowed a short-term debt (notes payable) from the bank, $20,000 8. The company received $1,000 in cash for services provided to a new customer. 9. Shortly after opening the business, the company paid the month’s rent of $650. 10. 1% of the inventory has been expired (bad goods expense). 11. The company paid $100 cash to repair car. 12. Bought computer software from Moss Computer center, $740, paying $240 in cash and placing the balance on account 13. The company received $1,100 cash from Walker Company 14. Declared and paid dividends of $600. 15. Collecting 70% of accounts receivable. 16. The company paid 35% of its accounts payable. 17. Supplies on hand at month-end, $4000 18. Salary owed but not paid yet $1000 19. Prepaid rent expired, $8,000 20. $2000 out of the unearned service revenue was earned during September. 21. The loan accrues interest at 1% per month. No interest was paid in September 22. The bookkeeper recorded a collection from accounts receivable of $100 as $10 23. Income tax is 2.5% 24. EFT payment of insurance expense, $400.

for this, i need 1. Journal entryof 2. Income Statement 3. Retained Earnings Statement 4. The trial balance sheet.