Your friend, Jane Lee, recently won the Lotto Max and is planning to sell her business and move to England. Jane owns the Vancouver Running Centre Inc. (Centre) that offers training and running clinics. She has provided you with the trial balance for the year ended October 31, 2018 (the company’s year-end).

Vancouver Running Centre Inc.

Unadjusted Trial Balance

October 31, 2020

Required:

She has asked you to review the trial balance and the additional information and prepare any adjusting journal entries you believe are necessary to ensure the accounts are complete and accurate in accordance with Generally Accepted Accounting Principles. Place your responses together with supporting calculations in the table provided. Explanations are not required.

1) The computer equipment is in excellent shape. It was purchased on July 1, 2019 and is expected to have a useful life of 4 years at which time it is expected to be sold for $4,000.

2) On February 1, 2020, Centre received and recorded in Revenue Earned a $20,000 cash advance from the Richmond School Board. The payment covers marathon training for the eight-month period starting July 1, 2020.

3) Each of Centre’s employees is paid $1,500 every two weeks – i.e.10 days of work. The six employees did not receive a pay cheque for the last seven working days of October 2020, as the bookkeeper was ill. The amounts were both recorded and paid upon her return on November 4, 2020.

4. Centre’s sales invoices for the last two weeks of October 2020 have not been prepared nor recorded. You estimate that $14,500 of services rendered during that period has not been recorded or billed to customers.

5. An inventory count completed at October 31, 2020 revealed inventory of $44,700.

6) On January 1, 2020 Centre purchased a two-year liability insurance policy for $4,800.

7) A letter from Centre’s landlord dated October 25, 2020 demands a total of $18,000 to be paid to cover the rent for the months of September to November 2020 inclusive. Centre’s monthly rent expense has been constant for the past three years.

8) Supplies on hand at October 31, 2020 are estimated at $3,500.

Recently, Quandl announced that they were purchased by NASDAQ. Both firms provide historic market data and other information about exchange transactions in equity and futures markets, so they offer substitute products. After the merger is completed, we should expect that the price of these market data products offered by the combined firm will:

To successfully adopt a price discrimination strategy, the seller must:

Which group is offered the lower price under a price discrimation scheme?

The remaining consumer surplus is zero under a successful first-degree price discrimination scheme.

True

False

In general, women's clothing items (e.g., running shoes) have higher prices than comparable products designed for men due to price discrimination. How do the clothing sellers prevent resale in these markets?

Which of the following claims is NOT true?

A consumer product testing organization uses a survey of readers to obtain customer satisfaction ratings for the nation's largest supermarkets. Each survey respondent is asked to rate a specified supermarket based on a variety of factors such as: quality of products, selection, value, checkout efficiency, service, and store layout. An overall satisfaction score summarizes the rating for each respondent with 100 meaning the respondent is completely satisfied in terms of all factors. Suppose sample data representative of independent samples of two supermarkets' customers are shown below.

(a)

Formulate the null and alternative hypotheses to test whether there is a difference between the population mean customer satisfaction scores for the two retailers. (Let μ₁ = the population mean satisfaction score for Supermarket 1's customers, and let μ₂ = the population mean satisfaction score for Supermarket 2's customers. Enter != for ≠ as needed.)

H₀:

H_a:

(b)

Assume that experience with the satisfaction rating scale indicates that a population standard deviation of 14 is a reasonable assumption for both retailers. Conduct the hypothesis test.

Calculate the test statistic. (Use μ₁ − μ₂. Round your answer to two decimal places.)

test statistic=

Report the p-value. (Round your answer to four decimal places.)

p-value =

At a 0.05 level of significance what is your conclusion?

Reject H₀. There is not sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.

Do not reject H₀. There is not sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.    

Do not reject H₀. There is sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.

Reject H₀. There is sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.

(c) Which retailer, if either, appears to have the greater customer satisfaction?

Supermarket 1

Supermarket 2  

  neither

Provide a 95% confidence interval for the difference between the population mean customer satisfaction scores for the two retailers. (Use x₁ − x₂. Round your answers to two decimal places.)

WHAT to WHAT

A consumer product testing organization uses a survey of readers to obtain customer satisfaction ratings for the nation's largest supermarkets. Each survey respondent is asked to rate a specified supermarket based on a variety of factors such as: quality of products, selection, value, checkout efficiency, service, and store layout. An overall satisfaction score summarizes the rating for each respondent with 100 meaning the respondent is completely satisfied in terms of all factors. Suppose sample data representative of independent samples of two supermarkets' customers are shown below.

(a)

Formulate the null and alternative hypotheses to test whether there is a difference between the population mean customer satisfaction scores for the two retailers. (Let μ₁ = the population mean satisfaction score for Supermarket 1's customers, and let μ₂ = the population mean satisfaction score for Supermarket 2's customers. Enter != for ≠ as needed.)

Assume that experience with the satisfaction rating scale indicates that a population standard deviation of 17 is a reasonable assumption for both retailers. Conduct the hypothesis test.

Calculate the test statistic. (Use

μ₁ − μ₂.

Round your answer to two decimal places.)

Report the p-value. (Round your answer to four decimal places.)

p-value =

At a 0.05 level of significance what is your conclusion?

Reject H₀. There is not sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.Do not reject H₀. There is sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.    Do not reject H₀. There is not sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.Reject H₀. There is sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.

Which retailer, if either, appears to have the greater customer satisfaction?

Supermarket 1Supermarket 2    neither

Provide a 95% confidence interval for the difference between the population mean customer satisfaction scores for the two retailers. (Use

x₁ − x₂.

Round your answers to two decimal places.)

A consumer product testing organization uses a survey of readers to obtain customer satisfaction ratings for the nation's largest supermarkets. Each survey respondent is asked to rate a specified supermarket based on a variety of factors such as: quality of products, selection, value, checkout efficiency, service, and store layout. An overall satisfaction score summarizes the rating for each respondent with 100 meaning the respondent is completely satisfied in terms of all factors. Suppose sample data representative of independent samples of two supermarkets' customers are shown below.

(a)

Formulate the null and alternative hypotheses to test whether there is a difference between the population mean customer satisfaction scores for the two retailers. (Let μ₁ = the population mean satisfaction score for Supermarket 1's customers, and let μ₂ = the population mean satisfaction score for Supermarket 2's customers. Enter != for ≠ as needed.)

H₀:

H_a:

(b)

Assume that experience with the satisfaction rating scale indicates that a population standard deviation of 16 is a reasonable assumption for both retailers. Conduct the hypothesis test.

Calculate the test statistic. (Use

μ₁ − μ₂.

Round your answer to two decimal places.)

Report the p-value. (Round your answer to four decimal places.)

p-value =

At a 0.05 level of significance what is your conclusion?

Do not reject H₀. There is not sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.Reject H₀. There is sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.    Do not reject H₀. There is sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.Reject H₀. There is not sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.

(c)

Which retailer, if either, appears to have the greater customer satisfaction?

Supermarket 1Supermarket 2    neither

Provide a 95% confidence interval for the difference between the population mean customer satisfaction scores for the two retailers. (Use

x₁ − x₂.

Round your answers to two decimal places.)

to

A consumer product testing organization uses a survey of readers to obtain customer satisfaction ratings for the nation's largest supermarkets. Each survey respondent is asked to rate a specified supermarket based on a variety of factors such as: quality of products, selection, value, checkout efficiency, service, and store layout. An overall satisfaction score summarizes the rating for each respondent with 100 meaning the respondent is completely satisfied in terms of all factors. Suppose sample data representative of independent samples of two supermarkets' customers are shown below.

(a)

Formulate the null and alternative hypotheses to test whether there is a difference between the population mean customer satisfaction scores for the two retailers. (Let μ₁ = the population mean satisfaction score for Supermarket 1's customers, and let μ₂ = the population mean satisfaction score for Supermarket 2's customers. Enter != for ≠ as needed.)

H₀:

H_a:

(b)

Assume that experience with the satisfaction rating scale indicates that a population standard deviation of 17 is a reasonable assumption for both retailers. Conduct the hypothesis test.

Calculate the test statistic. (Use

μ₁ − μ₂.

Round your answer to two decimal places.)

Report the p-value. (Round your answer to four decimal places.)

p-value =

At a 0.05 level of significance what is your conclusion?

Reject H₀. There is not sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.Reject H₀. There is sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.    Do not reject H₀. There is sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.Do not reject H₀. There is not sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.

(c)

Which retailer, if either, appears to have the greater customer satisfaction?

Supermarket 1Supermarket 2    neither

Provide a 95% confidence interval for the difference between the population mean customer satisfaction scores for the two retailers. (Use

x₁ − x₂.

Round your answers to two decimal places.)

to

A consumer product testing organization uses a survey of readers to obtain customer satisfaction ratings for the nation's largest supermarkets. Each survey respondent is asked to rate a specified supermarket based on a variety of factors such as: quality of products, selection, value, checkout efficiency, service, and store layout. An overall satisfaction score summarizes the rating for each respondent with 100 meaning the respondent is completely satisfied in terms of all factors. Suppose sample data representative of independent samples of two supermarkets' customers are shown below.

(a)

Formulate the null and alternative hypotheses to test whether there is a difference between the population mean customer satisfaction scores for the two retailers. (Let μ₁ = the population mean satisfaction score for Supermarket 1's customers, and let μ₂ = the population mean satisfaction score for Supermarket 2's customers. Enter != for ≠ as needed.)

H₀:

μ1=μ2

  H_a:

μ1!=μ2

(b)

Assume that experience with the satisfaction rating scale indicates that a population standard deviation of 17 is a reasonable assumption for both retailers. Conduct the hypothesis test.

Calculate the test statistic. (Use

μ₁ − μ₂.

Round your answer to two decimal places.)

Report the p-value. (Round your answer to four decimal places.)

p-value =

At a 0.05 level of significance what is your conclusion?

Reject H₀. There is not sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.Do not reject H₀. There is not sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.     Reject H₀. There is sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.Do not reject H₀. There is sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.

(c)

Which retailer, if either, appears to have the greater customer satisfaction?

Supermarket 1Supermarket 2     neither

Provide a 95% confidence interval for the difference between the population mean customer satisfaction scores for the two retailers. (Use

x₁ − x₂.

Round your answers to two decimal places.)

to

A consumer product testing organization uses a survey of readers to obtain customer satisfaction ratings for the nation's largest supermarkets. Each survey respondent is asked to rate a specified supermarket based on a variety of factors such as: quality of products, selection, value, checkout efficiency, service, and store layout. An overall satisfaction score summarizes the rating for each respondent with 100 meaning the respondent is completely satisfied in terms of all factors. Suppose sample data representative of independent samples of two supermarkets' customers are shown below.

(a)

Formulate the null and alternative hypotheses to test whether there is a difference between the population mean customer satisfaction scores for the two retailers. (Let μ₁ = the population mean satisfaction score for Supermarket 1's customers, and let μ₂ = the population mean satisfaction score for Supermarket 2's customers. Enter != for ≠ as needed.)

H₀:

H_a:

(b)

Assume that experience with the satisfaction rating scale indicates that a population standard deviation of 17 is a reasonable assumption for both retailers. Conduct the hypothesis test.

Calculate the test statistic. (Use

μ₁ − μ₂.

Round your answer to two decimal places.)

Report the p-value. (Round your answer to four decimal places.)

p-value =

At a 0.05 level of significance what is your conclusion?

Reject H₀. There is not sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.Reject H₀. There is sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.    Do not reject H₀. There is sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.Do not reject H₀. There is not sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.

(c)

Which retailer, if either, appears to have the greater customer satisfaction?

Supermarket 1

Supermarket 2    

neither

Provide a 95% confidence interval for the difference between the population mean customer satisfaction scores for the two retailers. (Use

x₁ − x₂.

Round your answers to two decimal places.)

to

A consumer product testing organization uses a survey of readers to obtain customer satisfaction ratings for the nation's largest supermarkets. Each survey respondent is asked to rate a specified supermarket based on a variety of factors such as: quality of products, selection, value, checkout efficiency, service, and store layout. An overall satisfaction score summarizes the rating for each respondent with 100 meaning the respondent is completely satisfied in terms of all factors. Suppose sample data representative of independent samples of two supermarkets' customers are shown below.

(a)

Formulate the null and alternative hypotheses to test whether there is a difference between the population mean customer satisfaction scores for the two retailers. (Let μ₁ = the population mean satisfaction score for Supermarket 1's customers, and let μ₂ = the population mean satisfaction score for Supermarket 2's customers. Enter != for ≠ as needed.)

H₀:

H_a:

(b)

Assume that experience with the satisfaction rating scale indicates that a population standard deviation of 13 is a reasonable assumption for both retailers. Conduct the hypothesis test.

Calculate the test statistic. (Use

μ₁ − μ₂.

Round your answer to two decimal places.)

Report the p-value. (Round your answer to four decimal places.)

p-value =

At a 0.05 level of significance what is your conclusion?

Reject H₀. There is sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.Do not reject H₀. There is not sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.    Do not reject H₀. There is sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.Reject H₀. There is not sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.

(c)

Which retailer, if either, appears to have the greater customer satisfaction?

Supermarket 1Supermarket 2    neither

Provide a 95% confidence interval for the difference between the population mean customer satisfaction scores for the two retailers. (Use

x₁ − x₂.

Round your answers to two decimal places.)

to

A consumer product testing organization uses a survey of readers to obtain customer satisfaction ratings for the nation's largest supermarkets. Each survey respondent is asked to rate a specified supermarket based on a variety of factors such as: quality of products, selection, value, checkout efficiency, service, and store layout. An overall satisfaction score summarizes the rating for each respondent with 100 meaning the respondent is completely satisfied in terms of all factors. Suppose sample data representative of independent samples of two supermarkets' customers are shown below.

(a) Formulate the null and alternative hypotheses to test whether there is a difference between the population mean customer satisfaction scores for the two retailers. (Let μ₁ = the population mean satisfaction score for Supermarket 1's customers, and let μ₂ = the population mean satisfaction score for Supermarket 2's customers. Enter != for ≠ as needed.)

H₀:

H_a:

(b) Assume that experience with the satisfaction rating scale indicates that a population standard deviation of 15 is a reasonable assumption for both retailers. Conduct the hypothesis test.

Calculate the test statistic. (Use μ₁ − μ₂. Round your answer to two decimal places.)

test statistic =

Report the p-value. (Round your answer to four decimal places.)

p-value =

At a 0.05 level of significance what is your conclusion?

Reject H₀. There is sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.

Reject H₀. There is not sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.    

Do not reject H₀. There is not sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.

Do not reject H₀. There is sufficient evidence to conclude that the population mean satisfaction scores differ for the two retailers.

(c) Which retailer, if either, appears to have the greater customer satisfaction?

Supermarket 1, Supermarket 2, or  neither

Provide a 95% confidence interval for the difference between the population mean customer satisfaction scores for the two retailers. (Use x₁ − x₂. Round your answers to two decimal places.)