An instructor has given a short quiz consisting of two parts. For a randomly selected student, let X = the number of points earned on the first part and Y = the number of points earned on the second part. Suppose that the joint pmf of X and Y is given in the accompanying table.
| y | |||||
|
p(x, y) |
0 | 5 | 10 | 15 | |
| x | 0 | 0.03 | 0.06 | 0.02 | 0.10 |
| 5 | 0.04 | 0.13 | 0.20 | 0.10 | |
| 10 | 0.01 | 0.15 | 0.15 | 0.01 | |
(a) If the score recorded in the grade book is the total number
of points earned on the two parts, what is the expected recorded
score E(X + Y)? (Enter your answer to
one decimal place.)
(b) If the maximum of the two scores is recorded, what is the
expected recorded score? (Enter your answer to two decimal
places.)
In: Statistics and Probability
Suppose you are an expert on the fashion industry and wish to gather information to compare the amount earned per month by models featuring Liz Claiborne attire with those of Calvin Klein. The following is the amount ($000) earned per month by a sample of 15 Claiborne models: $3.9 $4.2 $5.1 $5.9 $6.4 $6.6 $6.4 $5.5 $3.8 $4.5 4.5 6.9 3.7 5.0 6.7
The following is the amount ($000) earned by a sample of 12 Klein models. $4.6 $4.2 $5.2 $5.1 $4.8 $3.9 $4.0 $4.2 $3.6 $3.9 4.3 4.4
b. State the decision rule for 0.10 significance level: H0: μClaiborne ≤ μCalvin Klein ; H1: μ Claiborne > μ Calvin Klein. (Round your answer to 3 decimal places.)
In: Statistics and Probability
You are the auditor in-charge of the annual audit of
Muscat Insurance Company (or MIC) for the
year ended December 31, 2019. MIC is the leading insurance company
in Oman and enjoys a good
reputation in the business community. As this is the first time
your audit firm will be auditing the
company, you communicated with the previous auditor as part of
understanding the business. Your
communication with previous auditors revealed something that you
didn’t expect to discover. The
previous auditors revealed that the company has an unpaid tax
amounting to OMR 3 million. Though
it was disclosed in the books as tax in arrears, there is no
indication that the company has attempted
to pay it. You have also found out in your initial review that MIC
has recently purchased a new
software that will enable the customers to access their insurance
accounts through the internet.
Because the directors are eager to use the software to attract more
customers, the software has been
rolled out already for use by the customers even though it was not
tested by the company’s
information technology (IT) department yet for security purposes.
As surprise discoveries seem not
to stop, you have also heard from your friends, who were customers
of MIC, that there were
insurance claims from customers which have not been paid by the
company. Some of the claims
were as old as five years ago. The management expects to receive a
report on the weaknesses on the
design and implementation of internal controls and some business
consultative advice on top of the
usual audit of financial statements.
Required: Discuss matters that you would consider in developing the
audit strategy for Muscat
Insurance Company.
In: Accounting
You are the auditor in-charge of the annual audit of
Muscat Insurance Company (or MIC) for the
year ended December 31, 2019. MIC is the leading insurance company
in Oman and enjoys a good
reputation in the business community. As this is the first time
your audit firm will be auditing the
company, you communicated with the previous auditor as part of
understanding the business. Your
communication with previous auditors revealed something that you
didn’t expect to discover. The
previous auditors revealed that the company has an unpaid tax
amounting to OMR 3 million. Though
it was disclosed in the books as tax in arrears, there is no
indication that the company has attempted
to pay it. You have also found out in your initial review that MIC
has recently purchased a new
software that will enable the customers to access their insurance
accounts through the internet.
Because the directors are eager to use the software to attract more
customers, the software has been
rolled out already for use by the customers even though it was not
tested by the company’s
information technology (IT) department yet for security purposes.
As surprise discoveries seem not
to stop, you have also heard from your friends, who were customers
of MIC, that there were
insurance claims from customers which have not been paid by the
company. Some of the claims
were as old as five years ago. The management expects to receive a
report on the weaknesses on the
design and implementation of internal controls and some business
consultative advice on top of the
usual audit of financial statements.
Required: Discuss matters that you would consider in developing the
audit strategy for Muscat
Insurance Company.
In: Accounting
You are the auditor in-charge of the annual audit of Muscat Insurance Company (or MIC) for the year ended December 31, 2019. MIC is the leading insurance company in Oman and enjoys a good reputation in the business community. As this is the first time your audit firm will be auditing the company, you communicated with the previous auditor as part of understanding the business. Your communication with previous auditors revealed something that you didn’t expect to discover. The previous auditors revealed that the company has an unpaid tax amounting to OMR 3 million. Though it was disclosed in the books as tax in arrears, there is no indication that the company has attempted to pay it. You have also found out in your initial review that MIC has recently purchased a new software that will enable the customers to access their insurance accounts through the internet. Because the directors are eager to use the software to attract more customers, the software has been rolled out already for use by the customers even though it was not tested by the company’s information technology (IT) department yet for security purposes. As surprise discoveries seem not to stop, you have also heard from your friends, who were customers of MIC, that there were insurance claims from customers which have not been paid by the company. Some of the claims were as old as five years ago. The management expects to receive a report on the weaknesses on the design and implementation of internal controls and some business consultative advice on top of the usual audit of financial statements. Required: Discuss matters that you would consider in developing the audit strategy for Muscat Insurance Company.
In: Accounting
This is 1 java question with its parts. Thanks so much!
Create a class named Student that has fields for an ID number, number of credit hours earned, and number of points earned. (For example, many schools compute grade point averages based on a scale of 4, so a three-credit-hour class in which a student earns an A is worth 12 points.) Include methods to assign values to all fields. A Student also has a field for grade point average. Include a method to compute the grade point average field by dividing points by credit hours earned. Write methods to display the values in each Student field.
Use class named ShowStudent that instantiates a Student object to test your class. Compute the Student grade point average, and then display all the values associated with the Student.
Create a constructor for the Student class you created. The constructor should initialize each Student’s ID number to 9999, his or her points earned to 12, and credit hours to 3 (resulting in a grade point average of 4.0). Write a program that demonstrates that the constructor works by instantiating an object and displaying the initial values.
In: Computer Science
| E.Pace Consulting | |||||||||
| Work Sheet | |||||||||
| For the Year Ended December 31. 2021 | |||||||||
| Unadjusted Trial Balance | Adjustments | Adjusted Trial Balance | |||||||
| Account Titles | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. | |||
| Cash | 8,000 | ||||||||
| 10,000 | |||||||||
| Supplies | 6,000 | ||||||||
| Equipment | 14,000 | ||||||||
| Accum. Depr-Eqpt. | 4,000 | ||||||||
| Accounts Payable | 5,000 | ||||||||
| Unearned Revenues | 5,000 | ||||||||
| Salaries Payable | |||||||||
| Common Stock | 3,000 | ||||||||
| Retained Earnings | 15,500 | ||||||||
| Dividends | 1,500 | ||||||||
| Revenue Earned | 20,000 | << | |||||||
| (include above) | |||||||||
| Salaries Expense | 9,000 | ||||||||
| Rent Expense | 4,000 | ||||||||
| Supplies Expense | |||||||||
| Depreciation Expense | |||||||||
| Totals | 52,500 | 52,500 | |||||||
| Required: | |||||||||
| a. Using the following information, complete the work sheet including totals for each column and extending each | |||||||||
| account to the adjusted trial balance columns. | |||||||||
| a) | Salaries earned by employees that wwere unpaid and unrecorded at year end, $2,000. | ||||||||
| b) | A count of supplies costing $1,300 were still on hand at year end. | ||||||||
| c) | Depreciation expense for the year is $4,000. | ||||||||
| d) | Review of Unearned Revenue confirmed $3,000 had been earned. | ||||||||
| e) | Revenue of $6,000 had been earned but not yeat billed. | ||||||||
In: Accounting
EXPRESS COMFY Case Study: Express Comfy Co. operates an airline business since few years ago. The company’s year-end is 31 December of each year. You are the Engagement partner in charge and you have started planning the audit. You are setting a meeting with the client to identify any relevant audit risks. From your meeting you came across the following: In order to expand their flight network, Express Comfy Co will need to acquire more aeroplanes; they have placed orders for another six planes at an estimated total cost of QR70 millions and the company’s CEO has requested from the procurement director to handle this matter. Accordingly, the Procurement Director assigned Mr. Hamad ALKaaby to handle this transaction. Due to his prolonged experience and the trust the company is having in Mr Hamad, the Procurement Director has delegated all power and authority to Mr Hamad with no need to return back to him during the processing of this transaction. Mr. Hamad is now the one communicating with the vendors (suppliers), preparing the invoices, following up on things, and he is the one to check the fleet of planes when they arrive to ensure they meet the quality standards set by the company. In addition, the company has spent an estimated QR50 millions on refurbishing (restoring) their existing planes. In order to fund the expansion, the Finance Department has applied for a loan of QR80 millions. It has yet to hear from the bank as to whether it will lend them the money. Notably, the CFO of the company has assigned four accountants from the finance department to handle the processing of this loan request. Four accountants have been assigned due to the fact that Ms. Reem Almansoury, the Chief Internal Auditor of the company, is currently on vacation and one of these four accountants has been asked to cover for her during her absence. The company receives bookings from travel agents as well as from individuals directly via their website. The travel agents are given a 90-day credit period to pay Express Comfy Co, however, due to difficult trading conditions a number of the receivables (travel agents) are struggling to pay. Furthermore, and due to the complexity of the online transactions, Engineer Ahmed El-Sabbahy has been assigned to handle these transactions, who in turn is responsible for all the online transactions with no other control procedures to protect the company from any sort of errors and/or fraud. Worth noting too, the website was launched few months ago and has consistently encountered difficulties with customer complaints that tickets have been booked and paid for online but Express Comfy Co has no documented record of them and hence has sold the seat to another customer. For this reason, the company is currently in communication with an external expert IT company to look into this issue. Based on the previous key facts concerning Express Comfy, you are required to submit a report that covers ALL the following points:
1. Identify the pre-conditions that should have been met before accepting Express Comfy as a client. You are also required to state the contents of the engagement letter highlighting the role and responsibilities of each party involved.
2. Outline the members of the audit team who are expected to audit the records of East Comfy highlighting the role played by each of these members
. 3. Outline the steps involved in the audit cycle as well as the audit strategy and relate these to East Comfy. ) 4. Outline the main procedures involved in setting the audit plan(s) for Easy Comfy.
In: Accounting
Find the amount to which $300 will grow under each of these conditions:
4% compounded annually for 6 years. Do not round intermediate calculations. Round your answer to the nearest cent.
4% compounded semiannually for 6 years. Do not round intermediate calculations. Round your answer to the nearest cent.
$
4% compounded quarterly for 6 years. Do not round intermediate calculations. Round your answer to the nearest cent.
$
4% compounded monthly for 6 years. Do not round intermediate calculations. Round your answer to the nearest cent.
$
4% compounded daily for 6 years. Assume 365-days in a year. Do not round intermediate calculations. Round your answer to the nearest cent.
$
Why does the observed pattern of FVs occur? (Bold letters are answer choices pick best answer) A.The future values increase because as compounding periods per year increase, interest is earned on interest less frequently. B. The future values decrease because as compounding periods per year increase, interest is earned on interest more frequently. C.The future values increase because as compounding periods per year increase, interest is earned on interest more frequently. D. The future values increase because as compounding periods per year decrease, interest is earned on interest more frequently. E.The future values decrease because as compounding periods per year decrease, interest is earned on interest more frequently.
In: Finance
Consider a firm in financial distress (i.e. its assets are worth much less than the face amount of its outstanding debt, which is due in two years).
For each scenario below, please briefly explain who stands to gain and who stands to lose among the firm’s owners? Focus on the incremental gain or loss in value for each party that each scenario may entail.
The company manages to scrape together cash and distributes it as dividends
The lenders accept to extend the maturity of their loans by one year
The company invests in a negative-NPV project using the remaining cash
The company raises money by issuing preferred stock and invests it in a new project with a
positive NPV
The company invests in a new project with a zero-NPV and raises debt to finance it; the new
debt has exactly the same level of seniority and security as the existing debt
The company ceases operations, sells its fixed assets for an amount that is much less than the
face amount of debt and invests the proceeds in treasuries
In: Finance