Questions
Aracel Engineering completed the following transactions in the month of June. a.Jenna Aracel, the owner, invested...

Aracel Engineering completed the following transactions in the month of June.

a.Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5,000, and $60,000 of drafting equipment to launch the company in exchange for common stock.

b.The company purchased land worth $49,000 for an office by paying $6,300 cash and signing a long-term note payable for $42,700.

c.The company purchased a portable building with $55,000 cash and moved it onto the land acquired in b.

d.The company paid $3,000cash for the premium on an 18-month insurance policy.

e.The company completed and delivered a set of plans for a client and collected $6,200 cash.

f.The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a long-term note payable for $10,500.

g.The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days.

h.The company purchased $1,150 of additional office equipment on credit.

I.The company completed engineering services for $22,000 on credit.

j.The company received a bill for rent of equipment that was used on a recently completed job. The $1,333 rent cost must be paid within 30 days.

k.The company collected $7,000 cash in partial payment from the client described in transaction g.

L.The company paid $1,200 cash for wages to a drafting assistant.

m.The company paid $1,150 cash to settle the account payable created in transaction h.

n.The company paid $925 cash for minor maintenance of its drafting equipment.

o.The company paid $9480 cash in dividends.

p.The company paid $1,200 cash for wages to a drafting assistant.

q.The company paid $2,500 cash for advertisements on the Web during June.

Required: 1. Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Prepaid Insurance (108); Office Equipment (163); Drafting Equipment (164); Building (170); Land (172); Accounts Payable (201); Notes Payable (250); J. Aracel, Capital (301); J. Aracel, Withdrawals (302); Engineering Fees Earned (402); Wages Expense (601); Equipment Rental Expense (602); Advertising Expense (603); and Repairs Expense (604).

2. Post the journal entries from part 1 to the ledger accounts.

3. Prepare a trial balance as of the end of June.

In: Accounting

Aracel Engineering completed the following transactions in the month of June. a.Jenna Aracel, the owner, invested...

Aracel Engineering completed the following transactions in the month of June.

a.Jenna Aracel, the owner, invested $170,000 cash, office equipment with a
value of $7,600, and $73,000 of drafting equipment to launch the company
in exchange for common stock.
b.The company purchased land worth $60,000 for an office by paying $6,400
cash and signing a long-term note payable for $53,600.
c.The company purchased a portable building with $58,000 cash and moved it
onto the land acquired in b.
d.The company paid $3,300 cash for the premium on an 18-month insurance
policy.
e.The company completed and delivered a set of plans for a client and
collected $7,700 cash.
f.The company purchased $22,000 of additional drafting equipment by paying
$10,700 cash and signing a long-term note payable for $11,300.
g.The company completed $18,500 of engineering services for a client. This
amount is to be received in 30 days.
h.The company purchased $1,050 of additional office equipment on credit.
i.The company completed engineering services for $26,000 on credit.
j.The company received a bill for rent of equipment that was used on a
recently completed job. The $1,501 rent cost must be paid within 30 days.
k.The company collected $8,000 cash in partial payment from the client
described in transaction g.
l.The company paid $2,200 cash for wages to a drafting assistant.
m.The company paid $1,050 cash to settle the account payable created in
transaction h.
n.The company paid $1,155 cash for minor maintenance of its drafting
equipment.
o.The company paid $9,560 cash in dividends.
p.The company paid $2,200 cash for wages to a drafting assistant.
q.The company paid $4,100 cash for advertisements on the Web during June.


Required:
1. Prepare general journal entries to record these transactions using the
following titles: Cash (101); Accounts Receivable (106); Prepaid Insurance
(108); Office Equipment (163); Drafting Equipment (164); Building (170);
Land (172); Accounts Payable (201); Notes Payable (250); Common Stock
(307); Dividends (319); Engineering Fees Earned (402); Wages Expense
(601); Equipment Rental Expense (602); Advertising Expense (603); and
Repairs Expense (604).
2. Post the journal entries from part 1 to the ledger accounts.
3. Prepare a trial balance as of the end of June.

In: Accounting

in March of this year the University Hospitals Fertility Center in Ohio disclosed that more than...

in March of this year the University Hospitals Fertility Center in Ohio disclosed that more than 4,000 frozen eggs and embryos were lost due to a storage failure. Suppose you are in charge of delivering the news to devastated patients. What recommendations do you have for how to do this? What would you say? How would you feel about having to do this? What supports should be made available to the affected patients? Finally what are your thoughts on the way it was handled by University Hospitals Fertility Center?

In: Nursing

Dean Halverson recently read that full-time college students study 20 hours each week. She decides to...

Dean Halverson recently read that full-time college students study 20 hours each week. She decides to do a study at her university to see if there is evidence to show that this is not true at her university. A random sample of 32 students were asked to keep a diary of their activities over a period of several weeks. It was found that the average number of hours that the 32 students studied each week was 19.1 hours. The sample standard deviation of 4.2 hours.

Find the p-value.

round to four decimal points

In: Statistics and Probability

Problem 2: You have applied to two universities X and Y for graduate admission. There is...

Problem 2: You have applied to two universities X and Y for graduate admission. There is a .25 chance that you are going to get into X and .20 chance that you are going to get into Y. Keep in mind that admission into the universities is independent events.

a)    What is the probability that you are going to get into both universities?

b)     What is the probability that you are going to get into at least one university?

c)    What is the probability that you are going to get into any one of the university?

d)    Are getting into those universities mutually exclusive?

In: Advanced Math

The average GRE score at the University of Pennsylvania for the incoming class of 2016-2017 was...

The average GRE score at the University of Pennsylvania for the incoming class of 2016-2017 was 311. Assume that the standard deviation was 13.4. If you select a random sample of 40 students, what is the probability that the sample mean will be less than 313? Round your answer to three decimal places.

The average GRE score at the University of Pennsylvania for the incoming class of 2016-2017 was 311. Assume that the standard deviation was 13.4. If you select a random sample of 40 students, what is the standard error of the mean? Round your answer to three decimal places.

In: Statistics and Probability

Five years ago the average university student owed $19,000 in student-loan debt at the time of...

Five years ago the average university student owed $19,000 in student-loan debt at the time of graduation. With all the cuts in funding, it is suspected that this amount has gone up. A survey of 45 recent university graduates revealed an average student-loan debt of $20,000. Assume that the population standard deviation is $2,500.

a) Define the parameter of interest (in words), and then formulate the null hypothesis and the alternative hypotheses.

b) Find the p-value and make a conclusion in the context of the question. Use a level of significance of 5% (i.e. α = 0.05).

In: Statistics and Probability

PQR Ltd is a US-based retailer and it uses LIFO method for valuation of inventory.

PQR Ltd is a US-based retailer and it uses LIFO method for valuation of inventory. Following information is obtained from its inventory records for 2019:

Inventory

Units

Unit price $

Opening balance

5000

10

January purchases

5000

12

April purchases

5000

14

June purchases

5000

16

Sold during 2019

19000


You are require to answer the following (no calculations are necessary):

  1. In light of US-GAAP, what are your key observations regarding cost of inventory balance and units sold?                                                                                        

  2. What are the potential consequences of current inventory management on profitability and availability of inventory?

In: Finance

Below are the jersey numbers of 11 players randomly selected from a football team. Find the range, variance, and standard deviation for the given sample data.

Below are the jersey numbers of 11 players randomly selected from a football team. Find the range, variance, and standard deviation for the given sample data. What do the results tell us? 

58 59 66 57 3 6 42 25 219 56

 Range = 64 (Round to one decimal place as needed.)

 Sample standard deviation = (Round to one decimal place as needed.)

 Sample variance = (Round to one decimal place as needed.) 

 What do the results tell us?

 A. Jersey numbers are nominal data that are just replacements for names, so the resulting statistics are meaningless.


In: Statistics and Probability

LIN Ltd is a US-based retailer and it uses LIFO method for valuation of inventory. Following...

LIN Ltd is a US-based retailer and it uses LIFO method for valuation of inventory. Following information is obtained from its inventory records for 2019:

Inventory Units Unit price $
Opening balance 5000 10

January purchases

 5000 12

April purchases

 5000 14
June purchases 5000 16
Sold during 2019 19000

You are require to answer the following (no calculations are necessary):

a) In light of US-GAAP, what are your key observations regarding cost of inventory balance and units sold?

b) What are the potential consequences of current inventory management on profitability and availability of inventory?

In: Accounting