At the end of the year, before distributions, Bombay (an S corporation) has an accumulated adjustments account balance of $18,400 and accumulated E&P of $24,250 from a previous year as a C corporation. During the year, Nicolette (a 40 percent shareholder) received a $24,250 distribution (the remaining shareholders received $36,375 in distributions). (Assume her stock basis is $48,500 after considering her share of Bombay’s income for the year but before considering the effects of the distribution.)
Required:
In: Accounting
The year-end adjusted trial balance of the Corporation included the following account balances:
|
Retained earnings |
$325,000 |
|
Service revenue |
741,000 |
|
Salaries expense |
396,000 |
|
Rent expense |
27,000 |
|
Interest expense |
5,000 |
|
Dividends |
200,000 |
Prepare the closing entries.
34. $________ In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited?
35. $________ In preparing the closing entries for the temporary accounts, how much should Retained earnings be debited?
36. $_________ After closing the accounts, what is the ending balance in Retained Earnings?
In: Accounting
A magazine published data on the best small firms in a certain year. These were firms that had been publicly traded for at least a year, have a stock price of at least $5 per share, and have reported annual revenue between $5 million and $1 billion. The table below shows the ages of the corporate CEOs for a random sample of these firms. 47 58 52 62 56 59 74 63 53 50 59 60 60 57 46 55 63 57 47 55 57 43 61 62 49 67 67 55 55 49 Use this sample data to construct a 90% confidence interval for the mean age of CEO's for these top small firms. Use the Student's t-distribution. (Round your answers to two decimal places.)
In: Statistics and Probability
One year, the mean age of an inmate on death row was 40.3 years. A sociologist wondered whether the mean age of a death-row inmate has changed since then. She randomly selects 32 death-row inmates and finds that their mean age is 38.5 with a standard deviation of 9.6 Construct a 95% confidence interval about the mean age. What does the interval imply?
Determine the nature of the hypothesis test. Recall that the mean age of death row inmates is being tested.
Though technology or the t-distribution table can be used to find the critical value, for the purpose of this exercise, use the t-distribution table.
In: Statistics and Probability
RS, a 63 year old college professor, is in the office for a yearly checkup. He feels his is generally healthy, and he doesn’t take any medications. During his physical examination, he tells his prescriber, “I want to try one of the drugs that can help my sex life”. The prescriber assesses RS’s sexual difficulties and prescribes sildenafil.
What teaching is important for RS before he starts the medication?
Follow up
Eleven months later, RS is admitted to the ED with chest pains. After a thorough examination, he is diagnosed with mild coronary disease and is started on Isosorbide dinitrate 40 mg every 12 hours.
A week later RS is back in the ED after falling in his bathroom. He said he suddenly felt dizzy and everything went black. What do you think could have caused this syncope?
One month later RS comes to the office for a follow up appointment and tells the nurse that he wants to try saw palmetto for his prostrate health. He has had a slight increase in difficulty with urination. How will the nurse respond to RS? What assessments are needed?
In: Nursing
In 2002, 5.6% of people used marijuana.
This year, a company wishes to use their employment drug screening to test a claim. They take a simple random sample of 1719 job applicants and find that 83 individuals fail the drug test for marijuana. They want to test the claim that the proportion of the population failing the test is lower than 5.6%. Use .10 for the significance level. Round to three decimal places where appropriate.
Hypotheses: H o : p = 5.6 % H 1 : p < 5.6 %
Test Statistic: z =
Critical Value: z =
p-value:
Conclusion About the Null:
A) Reject the null hypothesis
B)Fail to reject the null hypothesis
Conclusion About the Claim:
A)There is sufficient evidence to support the claim that the proportion of the population failing the test is lower than 5.6%
B)There is NOT sufficient evidence to support the claim that the proportion of the population failing the test is lower than 5.6%
C)There is sufficient evidence to warrant rejection of the claim that the proportion of the population failing the test is lower than 5.6%
D)There is NOT sufficient evidence to warrant rejection of the claim that the proportion of the population failing the test is lower than 5.6%
Do the results of this hypothesis test suggest that fewer people use marijuana? Why or why not?
In: Statistics and Probability
Problem:
The distribution of micro-strokes per year in the general population can be modeled as a random variable M=N(u=40, σ=4). A research study found 80 out of 100 patients with M>48 (that is more than 48 micro-strokes) suffered a major stroke within a year whereas only 30 out of 100 patients with M≤48 did. What is the probability a person picked randomly from the same population suffers a major stroke within a year?
In: Statistics and Probability
Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows:
| 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||
| Total cash receipts | $ | 280,000 | $ | 400,000 | $ | 330,000 | $ | 350,000 |
| Total cash disbursements | $ | 344,000 | $ | 314,000 | $ | 304,000 | $ | 324,000 |
The company’s beginning cash balance for the upcoming fiscal year
will be $45,000. The company requires a minimum cash balance of
$10,000 and may borrow any amount needed from a local bank at a
quarterly interest rate of 3%. The company may borrow any amount at
the beginning of any quarter and may repay its loans, or any part
of its loans, at the end of any quarter. Interest payments are due
on any principal at the time it is repaid. For simplicity, assume
that interest is not compounded.
Required:
Prepare the company’s cash budget for the upcoming fiscal year. (Repayments, and interest, should be indicated by a minus sign.)
Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows:
| 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||
| Total cash receipts | $ | 280,000 | $ | 400,000 | $ | 330,000 | $ | 350,000 |
| Total cash disbursements | $ | 344,000 | $ | 314,000 | $ | 304,000 | $ | 324,000 |
The company’s beginning cash balance for the upcoming fiscal year
will be $45,000. The company requires a minimum cash balance of
$10,000 and may borrow any amount needed from a local bank at a
quarterly interest rate of 3%. The company may borrow any amount at
the beginning of any quarter and may repay its loans, or any part
of its loans, at the end of any quarter. Interest payments are due
on any principal at the time it is repaid. For simplicity, assume
that interest is not compounded.
Required:
Prepare the company’s cash budget for the upcoming fiscal year. (Repayments, and interest, should be indicated by a minus sign.)
Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows:
| 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||
| Total cash receipts | $ | 280,000 | $ | 400,000 | $ | 330,000 | $ | 350,000 |
| Total cash disbursements | $ | 344,000 | $ | 314,000 | $ | 304,000 | $ | 324,000 |
The company’s beginning cash balance for the upcoming fiscal year
will be $45,000. The company requires a minimum cash balance of
$10,000 and may borrow any amount needed from a local bank at a
quarterly interest rate of 3%. The company may borrow any amount at
the beginning of any quarter and may repay its loans, or any part
of its loans, at the end of any quarter. Interest payments are due
on any principal at the time it is repaid. For simplicity, assume
that interest is not compounded.
Required:
Prepare the company’s cash budget for the upcoming fiscal year. (Repayments, and interest, should be indicated by a minus sign.)
In: Accounting
Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows:
| 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||
| Total cash receipts | $ | 270,000 | $ | 420,000 | $ | 300,000 | $ | 320,000 |
| Total cash disbursements | $ | 323,000 | $ | 293,000 | $ | 283,000 | $ | 303,000 |
The company’s beginning cash balance for the upcoming fiscal year
will be $38,000. The company requires a minimum cash balance of
$10,000 and may borrow any amount needed from a local bank at a
quarterly interest rate of 3%. The company may borrow any amount at
the beginning of any quarter and may repay its loans, or any part
of its loans, at the end of any quarter. Interest payments are due
on any principal at the time it is repaid. For simplicity, assume
that interest is not compounded.
Required:
Prepare the company’s cash budget for the upcoming fiscal year. (Repayments, and interest, should be indicated by a minus sign.)
In: Accounting
Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows:
| 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||
| Total cash receipts | $ | 230,000 | $ | 380,000 | $ | 260,000 | $ | 280,000 |
| Total cash disbursements | $ | 295,000 | $ | 265,000 | $ | 255,000 | $ | 275,000 |
The company’s beginning cash balance for the upcoming fiscal year
will be $30,000. The company requires a minimum cash balance of
$10,000 and may borrow any amount needed from a local bank at a
quarterly interest rate of 3%. The company may borrow any amount at
the beginning of any quarter and may repay its loans, or any part
of its loans, at the end of any quarter. Interest payments are due
on any principal at the time it is repaid. For simplicity, assume
that interest is not compounded.
Required:
Prepare the company’s cash budget for the upcoming fiscal year. (Repayments, and interest, should be indicated by a minus sign.)
In: Accounting