NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 20X1. The company purchases merchandise for cash and on open account. In June 20X1, NewTech Medical Devices engaged in the following purchasing and cash payment activities:

Required:
Journalize the transactions in a general journal.

Analyze:
What was the amount of trade discounts received on the June 15 purchase from Park Research?

Statistics Out- of- Control Signals

Out-of-control signal I: Any point falls beyond the ±3σ level.

Out-of-control signal II: A run of nine consecutive points on the same side of the center line.

Out-of-control signal III: At least two of three consecutive points lie beyond the ±2σ level on the same side of the center line.

Yellowstone Park Medical Services provides emergency health care for park visitors. Such health care includes treatment for everything from indigestion and sunburn to more serious injuries. A recent issue of Yellowstone Today indicated that the average number of visitors treated each day was 21.7. The estimated standard deviation was 4.2.

For a ten- day summer period, the following data were obtained:

Day 1 2 3 4 5 6 7 8 9 10

Number Treated 20 15 12 21 24 28 32 36 35 37

The manager of a motel has 316 rooms. From observation over a long period of time, she knows that on an average night, 268 rooms will be rented. The long-term standard deviation is 12 rooms. For 10 consecutive nights, the following numbers of room were rented each night:

Night 1 2 3 4 5 6 7 8 9 10

Number of Rooms 238 245 261 269 273 250 241 230 215 217

+3σ = 34.3…………………………………………………………………………………………………………

+2σ= 30.1……………………………………………………………………………………………………….

+1σ = 25.9………………………………………………………………………………………………………..

µ = 21.7 _________________________________________________________

-1σ= 17.5………………………………………………………………………………………………………………

-2σ= 13.3………………………………………………………………………………………………………………

-3σ =9.1 ………………………………………………………………………………………………………………

Days 1 2 3 4 5 6 7 8 9 10

+3σ = …………………………………………………………………………………………………………

+2σ= ……………………………………………………………………………………………………….

+1σ ………………………………………………………………………………………………………..

µ = _________________________________________________________

-1σ= ………………………………………………………………………………………………………………

-2σ= ………………………………………………………………………………………………………………

-3σ = ………………………………………………………………………………………………………………

Nights 1 2 3 4 5 6 7 8 9 10

1. Let X be a random variable that represents the weights in kilograms (kg) of a healthy adult female deer (doe) from Mesa Verde National Park. X has a distribution that is approximately normal with µ = 63.0 kg and standard deviation σ = 7.1 kg. A doe is considered to be malnourished if it weighs less than 54 kg.

a. If the doe population is healthy, what is the probability that a single doe captured weighs less than 54 kg?

b. What is the probability that the mean weight of a random sample of 50 does is less than 54 kg?

c. Create a 95% confidence interval for the mean weight of a random sample of 36 does in Mesa Verde National Park.

2. A CPA firm is auditing the accounts of a large interstate banking system. Out of a random sample of 152 accounts, it was found that 19 had transaction errors. Let p be the number of accounts with transaction errors.

a. Find a point estimate for p ( pˆ ):

b. Find a 99% confidence interval for p: . An article in the local paper claims that the average amount spent in a visit to a fast food restaurant is $20. Is the fast food restaurant in problem #1 unusually inexpensive? (In other words, are people spending less at the local fast food restaurant than the population does at an average fast food restaurant?) Assuming that the amount people spend is normally distributed, conduct a hypothesis test using a 5% significance level. a. Ho: Ha: b. Is this a right-tailed, two-tailed or left-tailed test?

c. Compute the z or t test statistic. Show the correct computation.

d. Find the p-value for the test statistic. e. Based on your answers above, do you reject or fail to reject the null hypothesis? What do you conclude about the average cost of this fast food restaurant?

You are the accounting manager of ABC Inc, which sells laptops. Your company has the following transactions for the month of December, 2019:

1. December 1^st: Ordered 10,000 laptops from Park Inc and paid cash of $200.
2. December 1^st: Bought a delivery truck from Arthur Motors Inc for $36,000. You estimate that this delivery truck can be used for anywhere between 12 to 36 months.
3. December 5^th: Spent $20 in cash on each laptop to package it.
4. Dec 10^th: Delivered 10,000 laptops for a price of $500 to Bata Inc. and received cash for the entire order.
5. December 20^th: Ordered 5,000 laptops from Park Inc. and paid cash of $250.
6. December 29^th: Received a call from Home Inc. saying that they want 5,000 ($500 each)laptops. Home Inc. said that they can receive delivery any time between December 30^th, 2019 and January 5^th, 2020. You also know that Home Inc. will only be able to pay in February, 2020 as it is going through financial trouble. A credit check allowed you to find out that Home Inc. will only be able to pay between 80 – 90% of the full amount.

Your CEO, Mrs. Hop, asks you to present her some accounting numbers by the end of day on December 31^st, 2019.

a) What is the highest value of net income you can report to her? (1.5 points)

b) What is the lowest value of net income you can report to her? (1.5 points)

c) What is the highest value of cash provided by operations you can report to her? (1.5 points)

d)What is the lowest value of cash provided by operations you can report to her? (1.5 points)

Please show the formula.

The YMCA contracts with Road Maintenance Inc. to clear roads and driveways during the winter months and to do repair work during summer on its properties in Estes Park and Winter Park. Road Maintenance has been doing this work for over 10 years and has been very responsive to the YMCA’s requests. The YMCA site managers call Road Maintenance to request specific work to be done, and Road Maintenance does the work then bills the YMCA quarterly for work that’s been performed. The YMCA pays the bills within 60 days of receiving the invoices. Occasionally, Road Maintenance will donate its services to the YMCA to receive a tax write off.

While clearing off a remote access road that had recently been patched by YMCA volunteers, Road Maintenance’s plow broke when it hit an unexpected barrier. Road Maintenance bills the YMCA for repair costs to the plow, and the YMCA refuses to pay for it. Neither party can find their original contract to see who is responsible for the repair costs.

QUESTION #1: (1 point)

What tort should Road Maintenance bring against the YMCA?

QUESTION #2: (2 points)

List the elements of the tort you identified when answering Question #1 and apply them to the hypothetical.

QUESTION #3: (1 points)

What contract claim should Road Maintenance bring against the YMCA?

QUESTION #4: (2 points)

List the elements of the contract claim you identified when answering Question #3 and apply them to the hypothetical.

QUESTION #5: (4 points)

Who is most likely to win: Road Maintenance or YMCA? What will be the easiest cause of action for Road Maintenance to prove—the tort or the contract claim? The most difficult? Explain your reasoning.

Simulation Individual Tax AICPA Released: U.S. Taxation

Based on the data provided, enter the approriate values in the form 1040 from Line 7 through Line 22..

Information

Trevor and Jordan Riley were married during the year 2017. Following is additional information pertaining to the Riley family for the year 2017:

1. Prior to her marriage to Trevor, Jordan received $5,000 in alimony and $12,600 in child support.
2. The Rileys earned $10,000 in ordinary interest and $8,500 in municipal bond interest.
3. Trevor’s wages were $85,000, and Jordan’s were $62,000.

4. The Rileys received a $2,000 security deposit on the rental property they actively manage. They are required to return the amount to the tenant. In addition, the Rileys received $20,000 in gross receipts from the rental property. The expenses for the residential rental property were:

Bank mortgage interest                                    $5,000
Real estate taxes                                     2,600
Insurance                                               1,700
Depreciation                                           3,200

5. In January, as part of a sweepstakes contest, Jordan won a week’s stay valued at $3,000 at a luxurious hotel in Hawaii. Trevor and Jordan spent their honeymoon at that hotel.
6. The Rileys had no capital loss carryovers from prior years. During the year, the Rileys had the following stock transactions:

       Date Acquired Date Sold    Sales Price    Cost Basis
Buster Co.   2/1/2016         3/17/2017   $15,000          $5,000
Copper lnc. 2/18/2017       4/1/2017        8,000            4,000

Requirement: complete the Rileys’ 2017 Form 1040, Schedule A, Schedule D and Schedule E.

Please complete the line 7 through the line 22 on Form 1040.

Please complete the line 1 through line 16 on Schedule D.

Please complete the line 3 through line 26 on Schedule E.

Analyze means 1) identify the issue or problem 2) State the rule(s) and any exceptions if applicable 3) discuss the facts with the rules, and 4) conclude

Harvey is riding his bicycle, no-handed, and at a very fast speed down a park path. Trish, a jogger, accompanied by her dog, Rover on a leash is approaching Harvey from the other direction. Because he knows that he is bigger and faster on his bike, Harvey expects Trish to move out of his way. Unfortunately, Trish does not and as Harvey passes Trish, he side-swipes her knocking her to the ground and injuring her. Rover is inadvertently released when Trish falls, and he runs off into the road. Monty is driving carefully down the road. Seeing Rover running into his path and wanting to avoid hitting him, Monty swerves driving off the road and onto the sidewalk, damaging his wheel alignment when he jumps the curb. Grandma Jenkins is babysitting young Elvis, her grandson. Elvis happens to be playing hopscotch on the sidewalk across the street from the park. Fortunately, Monty's veering car stops far short of Elvis, and all is well for the tot (except for anxiety he suffered when he looked up and saw Monty's car heading straight for him). Unfortunately, Grandma Jenkins, observing the car veering off the road and heading straight toward her grandson, suffers a heart attack.

Analyze the following questions based on Negligence - (how far does Harvey's liability go? support)

Is Harvey liable for the injuries suffered by Trish and the loss of Rover? (Note: Rover is not dead, just lost) Is Harvey liable for the damage to Monty's car?

Is Harvey liable for the anxiety that Elvis suffered?

Is Harvey liable for Grandma Jenkins' heart attack?

• Journalize the transactions for the month of July, 2019, beginning on page GJ 1. Be sure and list the Debit Account(s) first; Credit Account(s) next. Be sure and write a brief explanation for each transaction.

You made the following transactions for Floral & Fauna Landscaping   during the month of July:

July   1        You deposited $25,000 in a bank account in the name of the business.

1           You invested your personal gardening equipment, with a fair market value of $1,500, in the business.

6           Bought a used trailer on account from Trailers R Us , $800, Inv. #286.

7           Paid the rent for July, $1485, Ck. # 1000.

8           Bought a used backhoe from Deere Equipment, $8,500, paying $4,000 in cash and placing the balance on account, Inv. #3562,       Ck. # 1001.

          10        Bought liability insurance for one year, $2,400, Ck. #1002.

11       Sold landscaping services on account to Bel-Red Business Park,    $2,225, Inv. #100.  

15       Bought supplies on account from Garden Suppliers, Inc., $1,585,        Inv. #6283.

16       Sold landscaping services on account to Phylla Dendron, $1,850,   Inv. #101.

18       Received and paid the bill from Gas To Go for gas and oil for the equipment, $95, Ck. #1003.

19       Sold landscaping services for cash to A Chinzy Company, $1,978,   Inv. #102.

20       Paid on account to Trailers R Us, $600, Inv. #286, Ck #1004.

21       Received on account from Bel-Red Business Park, $725, Inv. 100.

22       Sold landscaping services on account to Bonsai, Inc.,$1,626,         Inv. #103.

25       Received and paid the utility bill, $184, Ck. #1005.

30       Paid salaries of the employees, $3,000, Ck. #1006.

31       You withdrew cash for your personal use, $1,500, Ck. #1007.

NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 20X1. The company purchases merchandise for cash and on open account. In June 20X1, NewTech Medical Devices engaged in the following purchasing and cash payment activities:

Required:
Journalize the transactions in a general journal.


Analyze:
What was the amount of trade discounts received on the June 15 purchase from Park Research?

1. For a particular scenario, we wish to test the hypothesis H₀ : p = 0.48. For a sample of size 50, the sample proportion p̂ is 0.42. Compute the value of the test statistic z_obs. (Express your answer as a decimal rounded to two decimal places.)

2. Which of the following is a valid alternative hypothesis for a one-sided hypothesis test about a population proportion p?

A. p = 0.6

B. p < 0

C. p ≠ 0.7

D. p > 0.3

3. Suppose that the sample proportion p̂ is used to construct a confidence interval for the population proportion p. Assuming that the value of p̂ is fixed, which of the following combinations of confidence levels and sample sizes yield the the widest confidence interval (that is, one with the largest range of values)?

A. 95% confidence level, n = 500

B. 95% confidence level, n = 50

C. 99% confidence level, n = 50

D. 99% confidence level, n = 500

4. Which of the following statements about a confidence interval is NOT true?

A. A confidence interval of size α indicates that there is a probability of α that the parameter of interest falls inside the interval.

B. A confidence interval is generally constructed by taking a point estimate plus or minus the margin of error.

C. A confidence interval is often more informative than a point estimate because it accounts for sampling variability.

D. A confidence interval provides a range of plausible values for a parameter based on the sampling distribution of a point estimator.

5. For a test of H₀ : p = p_{0 vs.} H₁ : p < p₀, the value of the test statistic z _obs is -0.87. What is the p-value of the hypothesis test? (Express your answer as a decimal rounded to three decimal places.)

6. A pilot survey reveals that a certain population proportion p is likely close to 0.37. For a more thorough follow-up survey, it is desired for the margin of error to be no more than 0.03 (with 95% confidence). Assuming that the data from the pilot survey are reliable, what sample size is necessary to achieve this? (Express your answer as an integer, rounded as appropriate.)​​​​​​​

7. Suppose that you are testing whether a coin is fair. The hypotheses for this test are H₀: p = 0.5 and H₁: p ≠ 0.5. Which of the following would be a type II error?

A. Concluding that the coin is not fair when in reality the coin is not fair.

B. Concluding that the coin is fair when in reality the coin is fair.

C. Concluding that the coin is not fair when in reality the coin is fair.

D. Concluding that the coin is fair when in reality the coin is not fair.