The Sheldon Corporation began a consulting business specializing in on-site computer training on January 1, 2018. The following transactions took place during its first three months of operations.

Summary of Transactions

Jan. 1 Sold 5,000 shares of capital stock for a total of $500,000 cash.

Jan. 2 Paid the premium of $12,000 on a 24-month insurance policy on all assets.

Jan. 3 Purchased land and a building for a total of $350,000 cash. The land is valued at $50,000, while the building is valued at $300,000 and is expected to have a useful life of 30 years.

Jan. 10 Purchased a computer network system for $36,000 cash. The expected useful life is 6 years.

Jan. 15 Paid $2,400 cash for a phone system that should have a 3-year useful life.

Jan. 16 Paid cash to acquire equipment and furniture for business purposes at a cost of $12,000. The expected useful life is 4 years.

Jan. 19 Purchased office supplies for $1,250 cash. (Use the asset account “Office Supplies” for such purchases.)

Jan. 24 Paid cash of $10,000 for binders, manuals, and workbooks for use in Sheldon's client programs. Sheldon's policy is to initially record these materials as an asset (Program Supplies) and to then expense the materials used for a particular training program when the program is completed.

Jan. 30 Paid wages of $1,800 and salaries of $3,600 for work performed during January.

Feb. 14 Completed the first client program for a fee of $9,500. The customer paid $2,500 of the fee that day, with the remainder billed on account. Program supplies used on the project had originally cost Sheldon $1,500.

Feb. 15 Paid wages of $2,400 in cash.

Feb. 19 Paid utilities for the month of January of $1,050 in cash.

Feb. 23 Purchased on account 30 specialized manuals as program supplies for use in computer training for a total of $1,800.

Feb. 28 Borrowed $45,000 from the bank on a 2-year note. The interest rate on the note is 6% per year (or 0.5% per month).

Mar. 1 Paid wages of $3,600 and salaries of $6,000.

Mar. 1 Completed on-site computer training for two customers: JKL Products, Inc., and Watson Company. Billed JKL $11,000 on account. The fee for Watson was $9,200, half of which Watson paid in cash with the remainder on account. Program supplies used for the two customers totaled $4,600.

Mar. 4 Purchased additional program supplies on account for a total of $3,600.

Mar. 13 Collected $16,600 on account from credit customers.

Mar. 15 Completed first all-day computer workshop for walk-in customers. Sales totaled $4,250, all in cash. Program supplies used for the workshop originally cost Sheldon $1,850.

Mar. 16 Billed Coastal Corporation $7,500 for on-site training completed on March 16. Program supplies for the training originally cost Sheldon $2,500. Mar. 16 Paid wages of $3,700.

Mar. 17 Purchased office supplies of $750 on account.

Mar. 21 Paid $3,200 to suppliers for materials previously purchased on account.

Mar. 23 Paid utilities for the month of February of $1,800 in cash.

Mar. 26 Received a $2,000 cash advance from Watson Company for additional computer training to begin April 1, 2018.

Mar. 29 Collected $6,250 on account from credit customers.

Mar. 31 Purchased $3,600 of program supplies for cash.

Additional Data Determined at March 31, 2018:

Unpaid and unrecorded wages and salaries totaled $2,700 and $8,500, respectively.

Service revenue unrecorded and unbilled at March 31 amounted to $9,300. Program supplies associated with these services originally cost Sheldon $2,800.

Office supplies on hand at March 31 totaled $450.

Sheldon uses straight-line depreciation on all depreciable assets and assumes the assets will have no value at the end of their estimated useful lives. A full month's depreciation is taken for the month of purchase, regardless of which day of the month the purchase is made. For example, depreciation expense for the three months ended March 31, 2018, on the phone system is $200 (i.e., $2,400/3 years x 3/12 of a year). Land is not considered depreciable. You may use a single account (Depreciation Expense) to record all of the depreciation expense for the depreciable assets. Also, you may use a single account (Accumulated Depreciation) to record the effect of depreciation on total assets.

Sheldon must record accrued interest for one month on the $45,000 bank loan.

Sheldon estimates utilities used during March amounted to $1,800, although the bill has not yet been received.

Remember insurance that has expired.

Required (round all amounts to the nearest dollar):

1. Record the transactions and events for the three months ending March 31, 2018, in general journal format. Record all prepaid expenses as assets at this time and all unearned revenues as liabilities. Do not record any adjusting journal entries based on the "additional data" at this time.

2. Post the journal entries prepared in (1.) to the general ledger T-accounts.

3. Prepare an unadjusted trial balance.

4. Record the necessary adjusting journal entries based on the "additional data" at March 31 in the general journal and then post these journal entries to the T- accounts.

5. Prepare an adjusted trial balance.

6. Prepare an income statement for the first three months of Sheldon's operations. Remember to include the proper heading.

7. Prepare Sheldon's March 31, 2018, balance sheet. Remember to include the proper heading. Also, the balance sheet does NOT need to be a classified balance sheet.

The following data give the percentages of random samples of United Kingdom citizens who were smokers, in a variety of years.

  Age (years)

Year 16–19 20–24 25–34 35–49 50–59 60+

1978 34 44 45 45 45 30

1988    28 37 36 36 33 23

1998 31 40 35 30 27 16

2000 29 35 35 29 27 16

2002 25 38 34 28 26 15

2007 20 31 27 22 21 12

(a) Test the hypothesis that the actual percentages of smokers do not depend on the year considered. (b) Test the hypothesis that there is no effect due to age group.

Question 9 (1 point)
Twelve students who were not satisfied with their ACT scores particiapted in an online 10-hour training program. The ACT scores before and after the training for the 12 students are given below:

Student Before After
1 23 27
2 25 26
3 27 31
4 30 32
5 24 26
6 25 24
7 27 31
8 26 28
9 28 30
10 22 25
11 20 24
12 29 32
Test a claim that the program is effective in improving a student’ ACT score.

What is the p-value?

Question 9 options:

Essentially 0

0.0325

0.0478

1.000

For the dataset Production Count.xlsx.   Is there evidence at a 5% significance level that the mean production count for factory workers is greater after attending a seminar than before? Highlight the P-value and interpret your result.

forty new automobile were tested for fuel efficiency by the Environmental protection Agency (in mile per gallon). The individual values and frequency distribution are displaced below.

24, 19 22 29 17 31 27 33 27 18

32 24 34 23 31 23 24 8 34 34

23 32 17 22 23 18 31 23 23 30

19 26 31 19 37 23 16 26 30 31

CLSS FREQUECY

8-12 1

13-17    3

18-22    8

23-27 14

28-32    9

33-37    5

Find the median, mode, and midrange of the data set.

the data set shown​ below, complete parts​ (a) through​ (d) below. x 3 4 5 7 8 y 5 7 6 12 13 ​(a)  Find the estimates of beta 0 and beta 1. beta 0almost equalsb 0equals nothing ​(Round to three decimal places as​ needed.) beta 1almost equalsb 1equals nothing ​(Round to three decimal places as​ needed.)(a)  Find the estimates of beta 0 and beta 1. beta 0almost equalsb 0equals ??​(Round to three decimal places as​ needed.) beta 1almost equalsb 1equals ?? ​(Round to three decimal places as​ needed.) ​(b)  Compute the standard​ error, the point estimate for sigma. s Subscript eequals ??? ​(Round to four decimal places as​ needed.) ​(c)  Assuming the residuals are normally​ distributed, determine s Subscript b 1 Baseline . s Subscript b 1equals ??? ​(Round to three decimal places as​ needed.) ​(d)  Assuming the residuals are normally​ distributed, test Upper H 0 : beta 1 equals 0 versus Upper H 1 : beta 1 not equals 0 at the alpha equals 0.05 level of significance. Use the​ P-value approach. The​ P-value for this test is ????​(Round to three decimal places as​ needed.) Make a statement regarding the null hypothesis and draw a conclusion for this test. Choose the correct answer below. A. Reject Upper H 0. There is sufficient evidence at the alpha equals 0.05 level of significance to conclude that a linear relation exists between x and y. Do not reject Upper H 0. There is sufficient evidence at the alpha equals 0.05 level of significance to conclude that a linear relation exists between x and y. C. Reject Upper H 0. There is not sufficient evidence at the alpha equals 0.05 level of significance to conclude that a linear relation exists between x and y. D. Do not reject Upper H 0. There is not sufficient evidence at the alpha equals 0.05 level of significance to conclude that a linear relation exists between x and y.

Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,000 pounds of oysters in August. The company’s flexible budget for August appears below:

The actual results for August appear below:

Required:

Calculate the company’s revenue and spending variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

.

Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company’s operations in July appear below:

The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount.

Required:

1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

The following transactions occurred during December 31, 2021, for the Falwell Company.

1. A three-year fire insurance policy was purchased on July 1, 2021, for $15,480. The company debited insurance expense for the entire amount.
2. Depreciation on equipment totaled $14,500 for the year.
3. Employee salaries of $21,500 for the month of December will be paid in early January 2022.
4. On November 1, 2021, the company borrowed $290,000 from a bank. The note requires principal and interest at 12% to be paid on April 30, 2022.
5. On December 1, 2021, the company received $8,700 in cash from another company that is renting office space in Falwell’s building. The payment, representing rent for December, January, and February was credited to deferred rent revenue.
6. On December 1, 2021, the company received $8,700 in cash from another company that is renting office space in Falwell’s building. The payment, representing rent for December, January, and February was credited to rent revenue rather than deferred rent revenue for $8,700 on December 1, 2021.

Prepare the necessary adjusting entries for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Exercise 6-24 (Algo) Long-term contract; revenue recognition over time; solve for unknowns [LO6-9]

In 2021, Long Construction Corporation began construction work under a three-year contract. The contract price is $3,200,000. Long recognizes revenue over time according to percentage of completion for financial reporting purposes. The financial statement presentation relating to this contract at December 31, 2021, is as follows:

Required:
1. What was the cost of construction actually incurred in 2021?
2. How much cash was collected in 2021 on this contract?
3. What was the estimated cost to complete as of the end of 2021?
4. What was the estimated percentage of completion used to calculate revenue in 2021? (Round your percentage answer to 2 decimal places.)