The scores of high school seniors on the ACT college entrance examination in a recent year had mean μ = 20.8 and standard deviation σ = 4.8. The distribution of scores is only roughly Normal.

(a) What is the approximate probability that a single student randomly chosen from all those taking the test scores 21 or higher? (Round your answer to four decimal places.)


(b) Now take an SRS of 25 students who took the test. What are the mean and standard deviation of the sample mean score x of these 25 students? (Round your answers to two decimal places.)

(c) What is the approximate probability that the mean score

x

of these students is 21 or higher? (Round your answer to four decimal places.)


(d) Which of your two Normal probability calculations in (a) and (c) is more accurate? Why?

The answer to (a) is more accurate because an individual score should have a distribution farther from Normal.The answer to (a) is more accurate because an individual score should have a distribution that is exactly Normal.    The answer to (a) is more accurate because an individual score should have a distribution closer to Normal.The answer to (c) is more accurate because x should have a distribution closer to Normal.The answer to (c) is more accurate because x should have a distribution that is farther from Normal.

In the current year, Marah gives $20,000 cash to Sam, $60,000 of stock to Craig, and $100,000 of bonds to Lynn. In the same year, Marah’s husband, Bryan, gives $120,000 of land to Jerry.

a. What are Marah and Bryan’s taxable gifts if they do not elect gift splitting?

b. What are the couple’s taxable gifts assuming the couple elects gift splitting?

a. Jack Repair Shop started the year with total assets of $300,000 and total liabilities of $200,000. During the year, the repair shop recorded $500,000 in computer repair revenues, $300,000 in expenses, and paid dividends of $50,000. The repair shop stockholders' equity at the end of the year was $___________.

b. Costs of goods sold is $15,000 greater than net purchases. If beginning inventory is $110,000, what is ending inventory? Using COGS=BI+P-EI

c. Revenue of $45,000 had been collected, but only $39,000 had been earned. Expenses of $24,000 had been incurred, but only $29,000 had been paid. Based on the accrual basis of accounting, what is the amount of net income?

d. The following is selected information from Tiff. Co for the fiscal year ending October 31, 2019.

Cash received from customers $300,000

Revenue recognized  $375,000

Cash paid for expenses $180,000

Cash paid for computers on November 1, 2018 that will be used for 3 years (annual depreciation is $16,000) $48,000

Expenses incurred, including interest, but excluding any depreciation $220,000

Proceeds from a bank loan, part of which was used to pay for the computers $100,000

Based on the accrual basis of accounting, what is Tiff. Co's net income for the year ending October 31, 2019?

: Sarah operates a concession stand at a downtown location throughout the year. One of her most popular items is circus peanuts, selling about 200 bags per month. Sarah pays $1 per bag. Sarah purchases the circus peanuts from Peter's Peanut Shop. She has been purchasing 100 bags at a time. To encourage larger purchases, Peter now is offering her discounts for larger orders according to the following price schedule. Discount Category Order Quantity Price per Bag 1 1 to 199 $1.00 2 200 to 499 $0.95 3 500 or more $0.90 Sara estimates an annual holding rate of 17% of the value of the peanuts. She also estimates an ordering cost of $4 for placing each order. Questions: 1-1 Sarah wants to decide which discounted price to adopt (if at all) and how much she should order. a. 200 b. 345 c. 354 d. 500 1-2 Only for the order-size that you answered in question 1, show how the total cost is calculated. (Show the values you substitute in the cost formulae; ordering cost, holding cost, purchasing cost). 1-3 Sarah knows she cannot stock more than 400 bags because of limited storage space. What would be her optimal ordering policy now? Use the template results. 200 b. 345 c. 354 d. 400

The December 31, Year 4, balance sheet for Rundle Corporation is presented here. These are the only accounts on Rundle’s balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information:

Required
a. Compute the balance in trade accounts payable as of December 31, Year 4.
b. Compute the balance in retained earnings as of December 31, Year 4.
c. Compute the balance in the inventory account as of December 31, Year 4. (Assume that the level of inventory did not change from last year.)

One year borrowing and deposit interest rates are 10% and 8% respectively in

the US and 8% and 6% respectively in Spain. The spot exchange rate for the

US dollar is $1.25 to the EURO. The 12-month forward rate is $1.30

i) Assuming you do not have any initial investment funds, suggest a way you

might profit from the pricing inconsistency presented above.

(ii) Explain why some of the figures in the question of borrowing and deposit rates are not used.

determine the tax liability for tax year 2017 in each of the following instances. in each case, assume the taxpayer can take only the standard deduction. use the appropriate taxtable and tax rate schedules.
a. single taxpayer, not household, with AGI of $23493 and one dependent.
b. A single taxpayer, not head of household, with AGI of $169783 and no dependents.
c. A married couple filling jointly with AGI of $39945 and two dependents.
d. a married couple filling jointly with AGI of 162288 and three dependents. ( round your intermediate computation to two decimal places and final answer to the nearest amount)
e. A married couple filling jointly with AGI of $301947 and one dependent.
f.taxpayer filing separately with AGI of $68996 and one dependent.
g. A qualifying widow, age 66, with AGI of $ 49240 and one dependent.
h. A head of household with AGI of $14392 and two dependents.
I. A head of household with AGI of $59226 and one dependent

Last year Minden Company introduced a new product and sold 25,100 units of it at a price of $95 per unit. The product's variable expenses are $65 per unit and its fixed expenses are $834,300 per year.

Required:

1. What was this product's net operating income (loss) last year?

2. What is the product's break-even point in unit sales and dollar sales?

3. Assume the company has conducted a marketing study that estimates it can increase annual sales of this product by 5,000 units for each $2 reduction in its selling price. If the company will only consider price reductions in increments of $2 (e.g., $68, $66, etc.), what is the maximum annual profit that it can earn on this product? What sales volume and selling price per unit generate the maximum profit?

4. What would be the break-even point in unit sales and in dollar sales using the selling price that you determined in requirement 3?