A consultant for a large university studied the number of hours per week freshmen watch TV versus the number of hours seniors do. The result of this study follow. Is there enough evidence to show the mean number of hours per week freshman watch TV is different from the mean number of hours seniors do at alpha= 0.01?

For the Hypothesis stated above (in terms of Seniors- Freshmen)

What are the critical values?

What is the decision?

What is the p-value? (Round off to 4 decimal place)

Problem #1 -- Historically, 20% of graduates of the engineering school at a major university have been women. In a recent, randomly selected graduating class of 210 students, 58 were females. Does the sample data present convincing evidence that the proportion of female graduates from the engineering school has shifted (changed)? Use α = 0.05.

A. Explain what it means to make a Type I error and indicate the probability of it occurring, under the assumption the null hypothesis was true.

B. Explain what it means to make a Type II error and suggest a possible value of the parameter in order for such an error to occur.

1.

Scott is a self-employed plumber and his wife, Emily, is a full-time employee for a University. Emily has health insurance from a qualified plan provided by the University, but Scott has chosen to purchase his own health insurance rather than participate in Emily's plan. Besides paying $5,590 for his health insurance premiums, Scott also pays the following expenses associated with his plumbing business:

Plumbing tools and supplies       $1,490​

Rent on Scott's plumbing shop   6,440​

Transportation between Scott's shop and various jobsites            690​

Plumber's uniform          70​

Plumbing truck rental    7,390​

Total self-employment tax          590​

What is the amount of deductions for AGI that Scott can claim this year (2019)?

2.

This year Tiffanie files as a single taxpayer. Tiffanie received $71,000 of salary and paid $3,050 of qualified educational interest. This year Tiffanie paid moving expenses of $6,100 and received $9,250 of alimony (from her ex-husband, whom she divorced in 2012). What is Tiffanie's AGI?

3.

This year, Benjamin Hassell paid $15,600 of interest on a mortgage on his home (Benjamin borrowed $520,000 in 2015 to buy the residence and it is currently worth $832,000), $11,200 on a $140,000 home-equity loan on his home, and $9,750 of interest on a mortgage on his vacation home (loan of $325,000; home purchased for $425,000 in 2016; home is not rented out at any time). How much interest expense can Benjamin deduct as an itemized deduction?

1. The Barry family had two sons in college at the same time. Their parents gave both boys an allowance for food and textbooks. For simplicity, assume Drew and Brent have identical preferences between food and textbooks and that both are normal goods. Drew went to Georgia Tech University (GT), while Brent went to Oregon State University (OSU), where food prices were higher. Both boys bought their textbooks from an online store with free shipping and no tax, so they paid the same price for textbooks.

1. Using indifference curves and budget constraints, show the choices of Drew and Brent if the Barrys gave the boys the same allowance.
2. You might expect that Brent would be a little annoyed at the situation. Suppose he calls up his parents and convinces them that they need to give him more money to compensate him for the fact that food is so much more expensive in Oregon. His call is successful, and his parents agree to give him more money. Brent wants enough to buy the same bundle the Drew buys. Always wanting to treat their kids fairly, Brent’s parents instead give Brent enough money to be just as happy as Drew is (i.e., on the same indifference curve). Show this new budget constraint and Brent’s utility-maximizing choice of food and books.
3. Explain how your answer to the previous question help illustrate the income and substitution effects of a price change from Georgia’s low food prices to Oregon’s high food prices.

1. A grocery store gave people the choice for a free sample of chocolate-chip brownies or chocolate-chip cake. They were told they were only allowed to pick one of the two samples and their choices were recorded.The statistic observers ensured that the samples were plentiful to prevent people from feeling bad for taking all of one sample or the other. Over the course of 325 customers, 210 chose the chocolate-chip brownies.

a) Can we perform a statistical study based on this sample?

b) Create a Hypothesis Test for the importance of chocolate-chip brownies over cake.

c) Estimate the standard error for this study. Round to three decimal places.

d) Find the test statistic for your study. Round to three decimal places.

e) Find the p-value.

f) Do we have enough evidence that people prefer chocolate-chip brownies over cake?

2.  A community university wants to suggest its students have all scored over 500 on their SAT English scores each year. Gathering 40 random students from the past 10 years, the average score per year is 520 with a standard deviation of 110.

a) Is this sample appropriate for a normalized confidence interval?

b) Find the standard error for this sample.

c) Find the appropriate t-distribution for the 95% confidence interval.

d) Find the confidence interval based on the sample.

e) Based on your confidence interval, is the university allowed to brag about its high SAT English scores?  Why or why not?

The adjusted trial balance for Chiara Company as of December 31 follows.

Required:
Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31; (b) the statement of retained earnings for the year ended December 31 [Note: Retained Earnings at December 31 of the prior year was $320,220]; and (c) the balance sheet as of December 31.

Management Group, Inc., adjusts and closes its books each month. The trial balance at March 31, 2017 before adjustments is as follows:

Debit Credit Cash.......................................... 26,650

Accounts Receivable................. 30,000

Supplies..................................... 3,750

Prepaid Advertising................... 8,400

Equipment................................ 72,000

Accumulated Depreciation: Equipment 25,000

Unearned Consulting Fees............ 19,500

Capital Stock....................... 20,000

Retained Earnings................... 26,500

Consulting Fees Earned.............. 87,500

Salaries Expense.................... 32,000

Utilities Expense................... 1,200

Rent Expense........................ 4,500 _______ 178,500 178,500 ======= ========

The following information relates to month-end adjustments:

a According to contracts, consulting fees received in advance that were earned in March total $13,000.

b On January 1, 2017, the company paid in advance for 6 months' advertising in professional journals.

c At March 31, supplies on hand amount to $1,250. d The equipment has an original estimated useful life of 6 years.

Required: 1. Prepare the required adjusting entries in the journal form.

2. After the proper adjusting entry is made, what is the balance in the Unearned Consulting Fees account at March 31?

3. After closing entries on March 31, how much is the Total Stockholders’ Equity.

The adjusted trial balance for Chiara Company as of December 31 follows.

Required:
Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31; (b) the statement of retained earnings for the year ended December 31 [Note: Retained Earnings at December 31 of the prior year was $248,220]; and (c) the balance sheet as of December 31.

Kubin Company’s relevant range of production is 18,000 to 22,000 units. When it produces and sells 20,000 units, its average costs per unit are as follows:

Required:

1. Assume the cost object is units of production:

a. What is the total direct manufacturing cost incurred to make 20,000 units?

b. What is the total indirect manufacturing cost incurred to make 20,000 units?

2. Assume the cost object is the Manufacturing Department and that its total output is 20,000 units.

a. How much total manufacturing cost is directly traceable to the Manufacturing Department?

b. How much total manufacturing cost is an indirect cost that cannot be easily traced to the Manufacturing Department?

3. Assume the cost object is the company’s various sales representatives. Furthermore, assume that the company spent $50,000 of its total fixed selling expense on advertising and the remainder of the total fixed selling expense comprised the fixed portion of the company's sales representatives’ compensation.

a. When the company sells 20,000 units, what is the total direct selling expense that can be readily traced to individual sales representatives?

b. When the company sells 20,000 units, what is the total indirect selling expense that cannot be readily traced to individual sales representatives?

1. Assume the cost object is units of production:

a. What is the total direct manufacturing cost incurred to make 20,000 units? (Round per unit values to 2 decimal places.)

b. What is the total indirect manufacturing cost incurred to make 20,000 units? (Round per unit values to 2 decimal places.)

2. Assume the cost object is the Manufacturing Department and that its total output is 20,000 units.

a. How much total manufacturing cost is directly traceable to the Manufacturing Department? (Round per unit values to 2 decimal places.)

b. How much total manufacturing cost is an indirect cost that cannot be easily traced to the Manufacturing Department?

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3. Assume the cost object is the company’s various sales representatives. Furthermore, assume that the company spent $50,000 of its total fixed selling expense on advertising and the remainder of the total fixed selling expense comprised the fixed portion of the company's sales representatives’ compensation.

a. When the company sells 20,000 units, what is the total direct selling expense that can be readily traced to individual sales representatives? (Round per unit value to 2 decimal places.)

b. When the company sells 20,000 units, what is the total indirect selling expense that cannot be readily traced to individual sales representatives?

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Using all of the IMC information pertaining to global markets in an owned media, paid media and earned media strategy, identify what the optimal blend is of owned, paid and earned marketing communication for your company’s market entry.

Provide rationale for your strategy and include key metrics such as response rate, cost per response, cost per thousand impressions (CPM), cost per click (CPC).