QUESTION 1

1. In order to determine the average price of hotel rooms in Atlanta, a sample of 38 hotels were selected. It was determined that the average price of the rooms in the sample was $109.3. The population standard deviation is known to be $18. We would like to test whether or not the average room price is significantly different from $110.

   Compute the test statistic.

QUESTION 2

1. In order to determine the average price of hotel rooms in Atlanta, a sample of 39 hotels were selected. It was determined that the test statistic (z) was $-1.99. We would like to test whether or not the average room price is significantly different from $110. Population standard deviation is known to us.

   Compute the p-value.

QUESTION 3

1. In order to determine the average price of hotel rooms in Atlanta. Using a 0.1 level of significance, we would like to test whether or not the average room price is significantly different from $110. The population standard deviation is known to be $16. A sample of 64 hotels was selected. The test statistic (z) is calculated and it is -1.38.

   We conclude that the average price of hotel rooms in Atlanta is NOT significantly different from $110. (Enter 1 if the conclusion is correct. Enter 0 if the conclusion is wrong.)

QUESTION 4

1. In order to determine the average price of hotel rooms in Atlanta. Using a 0.1 level of significance, we would like to test whether or not the average room price is significantly different from $110. The population standard deviation is known to be $16. A sample of 64 hotels was selected. The p-value associated with the test statistic (z) is calculated and it is 0.03.

   We conclude that the average price of hotel rooms in Atlanta is NOT significantly different from $110. (Enter 1 if the conclusion is correct. Enter 0 if the conclusion is wrong.)

Mohanned decided to start a water theme park in Barka , Oman . He prepared a business plan and submitted it to Bank Muscat to take loan of OMR 5000000 . He submitted documents of his 5 villas to get the loan from bank . After the bank issued loan Mohanned went to Oman chamber of commerce and industry and requested his new theme park named as Ross Island to be legally registered . After checking the documents the ministry registered the theme park as Ross Island LLC . Mohanned had partners who invested in this new business who were shareholders . The tourists who came to his place and the citizens who came to the Ross Island kept increasing . The entry tickets pricing was affordable many visitors came to his park . So Mohanned started Ross Island also in Salalah .

1 ) Is Mohanned an entrepreneur or Intrapreneur ? Define entrepreneur and intrapreneur .

2 ) Mohanned requested OMR 5000000 loan from Bank Muscat . What is this request called in Business Plan ? Define it .

3 ) Write the management team of Ross Island in your own words in two sentences .

4 ) Write the executive summary for Ross Island theme park in your own words in two sentences .

5 ) Write the company description of Ross Island in your own words in two sentences .

6 ) What are the advantages and disadvantages of starting this theme park ?

7 ) Mohanned decides to start one more Ross Island in Salalah . Is this called Market expansion ? Explain it .

8 ) He registered Ross Island as LLC . Define LLC .

9 ) Mohanned submitted documents of his 5 villas . What are these documents called ?

10 ) Do you think that this business will be successful ?

Jason Hope opened a hotel. Prepare journal entries and post to the appropriate T-accounts to record the following transactions. Compute the balance as of June 30 for each T-account Hope uses the accounts Room Rental Revenue and Event Revenue. All expenses for special events are recorded as Event Expense.

June 1 Hope invested $400,000 cash into the business

June 2 Hope purchased a hotel building for $800,000 and land for $100,000. Hope paid $250,000 in cash and signed note payable for $650,000.

June 3 Paid $6,000 for a six month insurance policy on the hotel.

June 5 Purchased supplies costing $4,000 on account.

June 10 Received advance payments of $12,000 from customers that will be staying at the hotel in July. Payments will be refunded if the customer cancels within 7 days of their scheduled arrival time.

June 14: Received cash payments of $13,000 from current customers staying at the hotel in June.

June 15 Paid $2,000 cash for staff salaries. June 16 Paid $500 for maintenance expense.

June 17: Received $10,000 payment for a wedding reception hosted that day.

June 18 Paid $2,500 for catering expenses.

June 18 Paid event expenses of $1,000 for table and chair rentals.

June 19 Paid event expenses of $2,000 for flowers.

June 24 Paid for the supplies purchased on June 5.

June 25 Recorded an additional $5,000 cash received from current hotel customers for June.

June 30 Paid $2,000 cash for staff salaries.

June 30 The owner withdrew $4,000 for personal use.

Part I and Part II are independent. Please answer both parts.

Part I: During a year of operation, a firm collects $450,000 in revenue and spends $100,000 on labor expense, raw materials, rent and utilities. The firm’s owner has provided $750,000 of her own money instead of investing the money and earning a 10 percent annual rate of return.

1A. The accounting costs of the firm are

1B. The opportunity cost is

1C. Total economic costs are

1D. Accounting profits are

1E. Economic profits are  

The answers I have for these are:

1A. The accounting costs of the firm are                                                      $100,000

The accounting costs of the firm, or the explicit costs were

expressed in the question as $100,000.                          

1B. The opportunity cost is                                                                        $75,000

The opportunity cost, or implicit cost is calculated as the owner’s

own money*the rate of return (both expressed in the question).

$750,000*.10=$75,000

1C. Total economic costs are                                                                     $175,000

The total economic cost is calculated as the implicit cost (1B)

+ the explicit cost (1A).

$75,000+$100,000=$175,000

1D. Accounting profits are                                                                         $350,000

Accounting profits are calculated as the revenue

(from the question)-explicit cost (1A).

$450,000-$100,000=$350,000

1E. Economic profits are                                                                           $275,000

Economic profits are calculated as revenue

(from the question)-economic cost (1C).

$450,000-$175,000=$275,000

Part II: Higher personal taxes in the U.S. will affect personal disposable income which in turn will affect the domestic demand for goods and services. Costs of production and inputs however continue declining. What do you expect the U.S. output and prices in the near future. Assume we are moving from the old equilibrium to a new equilibrium. Please state clearly your assumptions and include a graph to support your answer.

Case 401

Hotel Front Office Management

Ana Chavarria, front office manager, and Lorraine DeSantes, director of marketing and sales, have just returned from a computer conference at which they were able to look at the latest property management systems for hotels. Ana is enthusiastic about updating and adopting front office applications for reservations, registration, room status, posting, call accounting, checkout, and night audit. Lorraine is sure the marketing and sales applications will help her department be more efficient. Both realize the cost involved in obtaining modules for a property management system. What would you suggest they do prior to discussing this issue with Margaret Chu, general manager of The Times Hotel? Assuming Ms. Chu is willing to consider the purchase of a PMS, how should Ana and Lorraine proceed? Whom should they include in developing a PMS adoption plan, and why? What areas should they investigate?

E10.12 Interfund Transactions

Interfund transfers of the general fund of Timberline County for 2020 were as follows:

1. $2,000,000 advance to the Park Development special revenue fund, to permit initial expenditures under a project to be fully supported by a federal grant.

2. $1,500,000 to the Timberline County Fire Protection District (a special revenue fund) as the county’s contribution to fire and emergency medical service activities for the year.

3. $500,000 from the Roads capital projects fund, unspent proceeds of a bond issue.

4. $3,000,000 to the County Hospital (enterprise fund), as the city’s cost of services provided.

5. $2,900,000 to the Airport Fund (enterprise fund) to temporarily finance the maintenance of runways.

6. $2,000,000 from the Park Development special revenue fund, to repay the advance.

Required

For each of the above interfund transfers, state how the transaction is reported on the general fund’s balance sheet and/or statement of revenues, expenditures, and changes in fund balances.

Most Major airports have separate lots for long-term and short-term parking. The cost to park depends on the lot you select , and how long you stay. Considering this rate structure on the lot you select, and how long you stay. Consider this rate structure from the Salt Lake International Airport during the summer of 2016.

Long-Term (Economy) Parking

-The First Hour is $2.00, and each additional hour or fraction thereof is $1.00

-Daily maximum $9.00

-Weekly maximum $60

Short Term Parking

-The first 30 minutes are $2.00 and each additional 20 minutes or fraction thereof is $1.00

-Daily maximum $32.00

Write a program using matlab that asks the user the following:

-Which lot are you using?

-How many weeks, hours, days, and minutes did you park? Your program should calculate the parking bill.

A donor pledges $100,000 to the Shakespeare Foundation to be used only to support the summer Shakespeare Theater—an event that has been held every summer for 38 years. This is an example of a A. Conditional Contribution. B. Contributions with donor restrictions. C. Contributions with no donor restrictions. D. A decrease in net assets.

You are given the sample mean and the population standard deviation. Use this information to construct the​ 90% confidence interval for the population mean.

A random sample of 60 home theater systems has a mean price of ​$110.00. Assume the population standard deviation is ​$16.90.

The​ 90% confidence interval is what?

Think of a time when you had to locate someone in a crowd, such as a participant in a parade, a friend in a packed theater, or a runner in a marathon. Based on your experience, respond to the following:
Did you conduct a conjunctive search? If yes, how did the number of distracters and features affect your search?