Approximately 360 million people speak English as their first language. With 231 million native speakers, the United States comprises the majority of the global total. Additionally, there are 60 million native English speakers in the United Kingdom, 20 million in Canada, 17 million in Australia, 4.8 million in Ireland, and 4.8 million in New Zealand. Other countries also use English as their primary and official languages.

Problem 7. Summarize the data using a table

(The program I am using for my stats class is called past 3)

Make a pie chart showing the percentage of native English speakers

Make a bar chart showing the percentage of native English speakers

Make a Pareto chart showing the percentage of native English speakers

Q6. You are the assistant director of political research for the NBC television network, and two candidates Jeffrey Temple and Rotenberg Marvel, are running for president of the United States. You need to furnish a prediction of the percentage of the vote going to Marin, assuming the election was held today, for tomorrow’s evening newscast. You want to be 93% confident in your prediction and desire a total precision of ±4 percentage points.

a) Assume that you have no reliable information concerning the percentage of the population that prefers Marvel. What sample size will you use for the project? Hint: in this case, you should be conservative assuming the maximum degree of heterogeneity in the population so as to have a sample that is larger than it is necessary.

b) Assume that a similar poll, taken thirty days ago, revealed that 43 percent of the respondents would vote for Marvel. Taking this information into account, what sample size will you use for the project?

To predict the probability of default on their bond obligations, Daniel Rubinfeld studied a sample of 35 municipalities in Massachusetts for the year 1930, several of which did in fact default. The LPM model he chose and estimated was as follows:

P= 1.96 -0.029 TAX - 4.86 INT + 0.063 AV + 0.007 DAV - 0.48 WELF

(0.29) (0.009)      (2.13) (0.028) (0.003) (0.88) R2 = 0.36

where; P = 0 if the municipality defaulted and 1 otherwise

TAX = average of 1929, 1930, and 1931 tax rates

INT = percentage of current budget allocated to interest payments in 1930

AV = percentage growth in assessed property valuation from 1925 to 1930

DAV = ratio of total direct net debt to total assessed valuation in 1930

WELF = percentage of 1930 budget allocated to charities, pensions, and soldiers’ benefits. Interpret these results economically and statistically.

34) Winston Sporting Goods is considering a public offering of common stock. Its investment banker has informed the company that the retail price will be $18.70 per share for 500,000 shares. The company will receive $17.00 per share and will incur $170,000 in registration, accounting, and printing fees.

a-1. What is the spread on this issue in percentage terms? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

SPREAD_________%

a-2. What are the total expenses of the issue as a percentage of total value (at retail)? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

EXPENDITURE PERCENTAGE _________%

b. If the firm wanted to net $16.83 million from this issue, how many shares must be sold? (Do not round intermediate calculations. Enter your answer rounded to the nearest whole number.)

SHARES _____________-

Owen Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Owen Company uses the FIFO method to compute equivalent units. Production and cost data for the month of March are as follows.

Calculate the equivalent units of production for materials and conversion costs for both the bicycles and the tricycles. (Round answers to 0 decimal places, e.g. 2,520.)

Calculate the unit costs of production for materials and conversion costs for both the bicycles and the tricycles. (Round unit costs to 3 decimal places, e.g. 25.215.)

Calculate the assignment of costs to units transferred out and in process at the end of the accounting period for both the bicycles and the tricycles. (Round answers to 0 decimal places, e.g. 2,520.)

Bicycles

Tricycles

Prepare a production cost report for the month of March for the bicycles only. (Round unit costs to 3 decimal places, e.g. 25.123 and all other answers to 0 decimal places, e.g. 2,520.)

Owen Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Owen Company uses the FIFO method to compute equivalent units. Production and cost data for the month of March are as follows.

Calculate the equivalent units of production for materials and conversion costs for both the bicycles and the tricycles. (Round answers to 0 decimal places, e.g. 2,520.)

Calculate the unit costs of production for materials and conversion costs for both the bicycles and the tricycles. (Round unit costs to 3 decimal places, e.g. 25.215.)

Calculate the assignment of costs to units transferred out and in process at the end of the accounting period for both the bicycles and the tricycles. (Round answers to 0 decimal places, e.g. 2,520.)

Bicycles

Tricycles

Prepare a production cost report for the month of March for the bicycles only. (Round unit costs to 3 decimal places, e.g. 25.123 and all other answers to 0 decimal places, e.g. 2,520.)

Attaboy sells sports jerseys. The jerseys are manufactured by a supplier that makes them according to Attaboy’s specifications. You are the chief financial officer for Attaboy and you need to prepare a master budget for Year4. Attaboy needs the budget for the year, broken down by quarters.

Here is Attaboy’s balance sheet as of the end of Year3 (which, of course, is the beginning of Year4)

Cash 36,800$

Accounts Receivable 353,000

Inventory 10,000

PP&E 415,000

Accumulated depreciation (200,000)

$614,800

Acct Payable 426,000

Capital stock 150,000

Retained earnings 38,800

Total L&S E 614,800

You have gathered the following information about expected activity:

1.The marketing department provided projected sales for Attaboy. In Quarters 1 and 2, each jersey is expected to sell for $40. A $2 price increase is predicted in Quarter 3 and a $3 increase in Quarter 4.

Quarter 1, Year4: 21,000jerseys

Quarter 2,Year4: 25,000jerseys

Quarter 3,Year4: 23,000jerseys

Quarter 4,Year4: 22,000jerseys

Quarter 1,Year5: 23,000jerseys

2.Attaboy sells all of the merchandise on credit. Historically,Attaboy receives 70% of each quarter's sales during the quarter, 20% in the next quarter, and 10% in the quarter after that. Accounts receivable at 12/31/Year3are expected to be collected as follows:$238,000 in Quarter 1 and $115,000 in Quarter 2.

3.Attaboy estimates that it will have a gross margin percentage of 60% in Year4. They suffered from a shortage of inventory at the end of Year4, so they plan to keep inventory levels much higher in Year4. Inventory levels are budgeted to be 35% of the next quarters cost of goods sold.They pay for inventory purchases in the quarter following the purchase.

4.Variable selling and administrative costs are estimated at $10 per unit sold. Fixed selling and administrative costs are $70,000 per quarter. (This amount includes $3,000 of depreciation per quarter).

5.Attaboy will purchase land for $500,000 in the third quarter, for cash.They hope to begin construction on a flagship facility in Year5.

6.Attaboy pays quarterly dividends of $50,000.The dividends are paid in the same quarter they are declared.

7.Attaboy has to maintain a minimum cash balance of $30,000. Any projected borrowings are assumed to be borrowed at the beginning of the quarter. Payments are made at the end of the following quarters to the extent cash is available. All borrowings and repayments are made in $10,000 increments. Interest is paid at the time of repayment. Interest is calculated at 12% per year (no compounding).

Goodfellow & Perkins LLP is a successful mid-tier accounting firm with a large range of clients across Texas. During 2022, Goodfellow & Perkins gained a new client, Brookwood Pines Hospital (BPH), a private, not-for-profit hospital. The fiscal year-end for BPH is June 30. Goodfellow & Perkins is performing the audit for the fiscal year-end June 30, 2023.

BPH provides medically necessary care to patients, regardless of their ability to pay. Both uninsured and underinsured patients are offered discounts of up to 100% of charges based on their income as a percentage of the federal poverty level guidelines. BPH does not pursue collection of these accounts; therefore, they are not reported in patient service revenue and accounts receivable. The cost of providing the charity care is included in operating expenses.

BPH’s investments consist of mutual funds, common equities, corporate and U.S. government debt issues, state and municipal government debt issues, and trusts. A majority of the investments are the result of charitable contributions to the hospital by generous donors. Earnings from the investments are used to cover the costs of the charity care. BPH is also eligible for certain government grants to help cover the costs of the charity care.

The breakdown by payor of BPH’s accounts receivable balance approximates the following:

The historical estimated allowance for uncollectible accounts is approximately 23%.
The following table lists selected asset accounts for BPH as of June 30, 2023 and 2022 (amounts in thousands).

Select three asset accounts that you consider significant accounts for BPH and explain why they are significant. For each significant account that you identify, determine the two most relevant assertions for that account and select one audit procedure that would provide sufficient appropriate audit evidence related to each of the relevant assertions.

Enter your answer in accordance to the question statement

Which of the following is an example of errors in financial statements? Select one:

a. While working on the financial statements, Maria accidentally adds $500 when the amount was actually $50.

b. While working on the financial statements, Maria recognizes the new estimate for useful lives of their new work truck.

c. While working on the financial statements, Maria decides to implement a new valuation method decided on by the company.

d. While working on the financial statements, Maria makes sure to have other employees check to ensure everything is included.

The company’s accountant forgot to record $25,000 in depreciation expense for the past year. If the books have not been closed then the necessary correcting entry is: Select one:

a. Debit Depreciation Expense, $25,000; Credit Accumulated Depreciation, $25,000.

b. Debit Retained Earnings, $25,000; Credit Accumulated Depreciation, $25,000.

c. Debit Retained Earnings, $25,000; Credit Depreciation Expense, $25,000.

d. Debit Accumulated Depreciation, $25,000; Credit Retained Earnings, $25,000.

The company’s accountant forgot to record $25,000 in depreciation expense for the past year. If the books have been closed then the necessary correcting entry is: Select one:

a. Debit Depreciation Expense, $25,000; Credit Accumulated Depreciation, $25,000.

b. Debit Retained Earnings, $25,000; Credit Accumulated Depreciation, $25,000.

c. Debit Retained Earnings, $25,000; Credit Depreciation Expense, $25,000.

d. Debit Accumulated Depreciation, $25,000; Credit Retained Earnings, $25,000.

Which of the following scenarios requires the company to issue restatements? Select one:

a. Penn West Petroleum capitalized $300 million dollars in operating expenses.

b. Apple backdated its employee stock options to the point when the stock price was at the lowest point in the prior period.

c. Waste Management estimates that its capital assets would have twice the useful lives as the industry averages and inappropriately high salvage values.

d. All of the above. Poland Springs purchased a water Machine two years ago for $120,000 and the asset now has $20,000 in accumulated depreciation.

At the beginning of Year 3, there was a revision in periodic depreciation and the company now estimates that the total estimated life should be six years with a salvage value of $12,000 at the end of that time. Poland Springs uses the straight-line method of depreciation for the machine. What is the amount of depreciation expense the company would recognize in Year 3? Select one:

a. $14,700

b. $18,000

c. $22,000

d. $25,000

At the beginning of 2019, Bayside Co. changed from the recognition overtime (percentage-of-completion) to the completed-contract method for financial reporting purposes. The company will continue to use the completed-contract method for tax purposes. For years prior to 2019, pretax income under the two methods was as follows: percentage-of-completion $278,000, and completed-contract $231,000. The tax rate is 30%.
In preparing its 2019 journal entry to record the change in accounting principle, Construction in Process would be credited by what amount?

Select one:

a. $14,100

b. $32,900

c. $47,000

d. $231,000

At the beginning of 2019, Bayside Co. changed from the recognition overtime (percentage-of-completion) to the completed-contract method for financial reporting purposes. The company will continue to use the completed-contract method for tax purposes. For years prior to 2019, pretax income under the two methods was as follows: percentage-of-completion $278,000, and completed-contract $231,000. The tax rate is 30%.
In preparing its 2019 journal entry to record the change in accounting principle, Deferred Tax Liability would be debited by what amount?

Select one:

a. $14,100

b. $231,000

c. $47,000

d. $32,900

In 2020, Nike discovered that equipment purchased on January 1, 2019, for $63,000 was expensed at that time. The equipment should have been depreciated over 6 years using the straight-line method, with a $6,600 value. The effective tax rate is 40%.
When preparing the 2020 correcting entry, Retained Earnings would be credited by what amount?

Select one:

a. $63,000

b. $9,400

c. $21,440

d. $32,160

Cheyenne, Inc. changed depreciation methods in 2017 from straight-line to double-declining-balance. Depreciation prior to 2017 under straight-line was $107,000, whereas double-declining-balance depreciation prior to 2017 would have been $162,600. Cheyenne’s depreciable assets had a cost of $406,500 with a $32,000 salvage value, and a 5-year remaining useful life at the beginning of 2017
What is the 2017 Depreciation Expense?

Select one:

a. $119,800

b. $93,625

c. $74,900

d. $162,600

Mindzak Corp leases equipment and recognizes a right-of-use asset. This account is increased by

Select one:

a. initial direct costs incurred by the lessee only.

b. lease incentives received.

c. prepaid lease payments only.

d. lease prepayments made by the lessee and initial direct costs incurred by the lessee.

Henry Doyle the president of King’s sugar is evaluating the addition of a new sugar-processing mill, to make white sugar, and eliminate the need to buy white sugar from its competitor, Kennard’s sugar company. King’s sugar makes brown sugar only, but would need a mill to process the brown sugar into white sugar. Kennard’s company produces white sugar from the raw sugar cane. Doyle believes that the new mill will bring in additional revenues and reduce operating costs. The competitor had excess capacity of white sugar that it sells to other sugar mills. Therefore, building the new mill would compete with Kennard’s mill. The new mill will cost $20 million in addition to the working capital requirements. Henry Doyle is wondering whether the investment can be justified. The project is expected to be 6 years until 2025.

The construction of the mill will take two years. $18 million will be spent in 2019, and $2 million in 2020. It is expected that when the plant start operating fully in 2020, the company’s operating costs will be reduced because the savings will be derived from the cost differences of producing versus buying white sugar from Kennard’s mill. The cost savings will be $ 2.8 million in 2020 and $ 3.7 million for the next five years. The company uses 15 % as the cost of capital. The following are the financial projections for the new mill.

Net working capital (10% of incremental sales)

SG&A (5% sales)

Taxes 40%

Answer all of the questions.

1. What is the net present value (NPV) and internal rate of return (IRR) for the investment?
2. What is the payback period of the project?
3. Would you recommend that King’s sugar go ahead with making this investment? Why?