Read the PROBLEM SOLVING Case “Wanted by Honda: Engineers Who Love Small-Town Living”
Although the U.S.-based Big Three automakers General Motors,
Ford, and Chrysler have announced cutbacks and layoffs recently,
some auto companies are still hiring. Toyota, Nissan, Honda, and
other companies have set up opera- tions in the United States.
While they employ far fewer in the United States than the Big
Three, their ranks are growing. Nearly one out of four jobs with
auto companies in the United States are with companies other than
the Big Three. Honda R&D Americas recently told a reporter that
it was adding about 100 employees a year and had 50 positions it
was trying to fill with engineers.
To staff those positions, Honda faces a chal- lenge: its location.
The Honda research and development facility is located in an
out-of-the- way spot in Ohio, the town of Raymond, located about 60
miles northwest of Columbus. Most automotive research facilities in
the United States are located near Detroit, because so much of the
industry talent lives and works in that area. The Honda plant sits
on an 8,000- acre plot of land along with the company’s
Transportation Research Center, and Honda operates two assembly
plants in nearby Marysville and East Liberty. Surrounding this
complex are cornfields.
Because of its location, Honda does not seek most of its recruits
from other auto companies. It hires local residents to fill
manufacturing jobs, and for engineers, it turns to schools in the
region to find recent graduates. Carol Hadden, who
manages human resources, says one good source of engineering
recruits has been Ohio State University.
Knowing that small-town life does not appeal to many recent grads,
Honda requires applicants to visit the Raymond site for their first
interview. Allen explains, “We make them come here to make sure
they know where we are.” Those who look around and like the
location have a better chance of being enthusiastic about a career
at Honda R&D.
Questions –
Suggest three ways Honda R&D Americas could recruit engineers to fill jobs at its research and development facility in Raymond, Ohio.
If you were interviewing a candidate for a job at this facility, what would you ask to determine whether the candidate would be satisfied to stay at Honda?
How would Honda R&D’s emphasis on recruiting recent graduates, rather than experienced automotive engineers, affect your job if you were the supervisor of these employees? Would you want Honda to change its recruiting strategy? Why or why not?
In: Operations Management
12. An agricultural research company has developed two new types
of soy bean seeds, call them "seed A" and "seed B". A study is
conducted to determine which will produce a higher mean yield. To
test the two types of seed, 20 similar plots of land were randomly
placed into one of two groups. One group of ten plots was planted
with "seed A", while the other ten plots were planted with "seed
B". The yield of each field, in bushels per acre, was recorded in
the table below.
| Seed A | 101 | 109 | 88 | 108 | 112 | 105 | 119 | 99 | 95 | 112 |
| Seed B | 91 | 102 | 103 | 105 | 87 | 97 | 84 | 88 | 100 | 94 |
1. Conduct a hypothesis test at a 0.050.05 level of significance to
determine if the two types of soy beans produce different mean
yields.
The test statistic is ________________________
The p-value is____________________________
Construct a 9595% confidence interval for the mean of the
differences. Hint: with the data in your lists, use the
two-independent sample t-INTERVAL option on your calculator.
__________________to________________________
13. A company owns 9 trucks of various makes and models. The manager recently heard that inflating tires with nitrogen may provide slightly better gas mileage. The manager wants to determine if there is a noticeable increase in the mean gas mileage for the 9 trucks when nitrogen is utilized. Over a period of time, a test is run in which the gas mileage of each truck is recorded both with and without nitrogen in the tires. The gas mileages of the 15 trucks with and without nitrogen in the tires are recorded here. (data is in miles per gallon)
| Truck | A | B | C | D | E | F | G | H | I |
| Without Nitrogen | 25 | 20 | 20 | 16 | 25 | 21 | 23 | 24 | 17 |
| With Nitrogen | 28 | 22 | 21 | 19 | 26 | 23 | 23 | 26 | 17 |
(b) The test statistic is_____________________
(c) The p-value is________________________
14. A professor of nursing wonders if the female nursing
students are more likely to drop out of a nursing program than the
male nursing students. To check her intuition, several nursing
programs are compiled and random samples of both male and female
nursing students are selected. Of the 200 male nursing students
selected, 17 of them did not attain their nursing degree. Of the
700 female nursing students selected, 68 of them did not attain
their nursing degree. Test the claim that the proportion of females
not completing their degree is higher than the proportion of males
using a level of significance of 0.05.
The test statistic is _________________
The p-value is ____________________
In: Math
Consider Commerce Clause, Dormant Commerce Clause, Supremacy & Preemption legal theory Golden is a privately-owned company engaged in the business of disposing toxic waste generated by mining companies. Golden operates pursuant to a license issued by the state of Alpha. This license authorizes Golden to contract with miners to provide the following services: (i) collection of toxic waste at mine sites, and (ii) transportation of that waste to Golden's disposal station, which is in Alpha, three miles from the border with the state of Beta. In accordance with the authority granted by its license for the past 10 years Golden has contracted to provide services to miners in Alpha. Recently, Golden expanded its business to serve the miners in Beta and emerging battery businesses across the border in Beta. Shortly after Golden extended its services to the Beta miners and plants, the residents of the town from which the toxic waste disposal station operates started complaining about the rash of skin irritations, and increased illness. Prior to Golden's expansion of service to the State of Beta miners and the battery business, the U.S. Congress has passed legislation promulgating standards for safe disposal of toxic materials including batteries. The residents petitioned the State of Alpha to close Golden's disposal station. Golden objected. The Commissioner held open hearings. Following the hearings, the state issued an order that the use of Golden's disposal station would be limited to toxic waste from Alpha miners only. The Beta miners and battery businesses were barred from disposing of their toxic waste through Golden. Both Golden and the State of Beta have filed suit against State of Alpha seeking to rescind the order. Develop an IRAC for the constitutional legal issues. Use proper labels for all parts of IRAC ISSUE: Single sentence which links parties and legal issue through a triggering fact. RULE: Start with a General rule statement and expand outward to include elements of each rule. This may take several paragraphs to present a logical and clear progression of the rule. ANALYSIS: Present a fact summary which allows you to develop your analysis of how the rules and elements of law apply to the facts of this case. This is a logical process proceeding through rules and facts so that there is a thorough understanding of the application of law. Prior case law is cited and explained to support your analysis. CONCLUSION: A single sentence answering the question raised in the Issue Statement along with a because statement which provides a fact pivotal to the conclusion of legal application.
In: Operations Management
Use Workbench/Command Line to create the commands that will run the following queries/problem scenarios.
Use MySQL and the Colonial Adventure Tours database to complete the following exercises.
1. List the last name of each guide that does not live in Massachusetts (MA).
2. List the trip name of each trip that has the type Biking.
3. List the trip name of each trip that has the season Summer.
4. List the trip name of each trip that has the type Hiking and that has a distance longer than 10 miles.
5. List the customer number, customer last name, and customer first name of each customer that lives in New Jersey (NJ), New York (NY) or Pennsylvania (PA). Use the IN operator in your command.
6. Repeat Exercise 5 and sort the records by state in descending order and then by customer last name in ascending order.
7. How many trips are in the states of Maine (ME) or Massachusetts (MA)?
8. How many trips originate in each state?
9. How many reservations include a trip price that is greater than $20 but less than $75?
10. How many trips of each type are there?
11. Colonial Adventure Tours calculates the total price of a trip by adding the trip price plus other fees and multiplying the result by the number of persons included in the reservation. List the reservation ID, trip ID, customer number, and total price for all reservations where the number of persons is greater than four. Use the column name TOTAL_PRICE for the calculated field.
12. Find the name of each trip containing the word “Pond.”
13. List the guide’s last name and guide’s first name for all guides that were hired before June 10, 2013.
14. What is the average distance and the average maximum group size for each type of trip?
15. Display the different seasons in which trips are offered. List each season only once.
16. List the reservation IDs for reservations that are for a paddling trip. (Hint: Use a subquery.)
17. What is the longest distance for a biking trip?
18. For each trip in the RESERVATION table that has more than one reservation, group by trip ID and sum the trip price. (Hint: Use the COUNT function and a HAVING clause.)
19. How many current reservations does Colonial Adventure Tours have and what is the total number of persons for all reservations?
In: Computer Science
Jason Ackerman is the management accountant for Central Restaurant Supply (CRS. Beth Donaldson, the CRS sales manager, and Jason are meeting to discuss the profitability of one of the customers, Mama Leone's Leone's Pizza. Jason hands Beth the following analysis of Mama Leone's activity during the last quarter, taken from Central activity-based costing system:
Sales $23,400
Cost of goods sold (all variable) 14,025
Order processing (25 orders processed at $300 per order) 7,500
Delivery (2,500 miles driven at $0.75 per mile) 1,875
Rush orders (3 rush orders at $165 per rush order) 495
Sales calls (3 sales calls at $150 per call) 450
Operating income $ (945)
Beth looks at the report and remarks, "I'm glad to see all my hard work is paying off with Mama Leone's. Sales have gone up 10 % over the previous quarter!"
Jason replies, "Increased sales are great, but I'm worried about Mama Leone's margin, Beth. We were showing a profit with Mama Leone's at the lower sales level, but now we're showing a loss. Gross margin percentage this quarter was 40 %, down five percentage points from the prior quarter. I'm afraid that corporate will push hard to drop them as a customer if things don't turn around."
"That's crazy," Beth responds. "A lot of that overhead for things like order processing, deliveries, and sales calls would just be allocated to other customers if we dropped Mama Leone's. This report makes it look like we're losing money on Mama Leone's when we're not. In any case, I am sure you can do something to make its profitability look closer to what we think it is. No one doubts that Mama Leone's is a very good customer."
Requirements
Assume that Beth is partly correct in her assessment of the report. Upon further investigation, it is determined that 10 % of the order processing costs and 20 % of the delivery costs would not be avoidable if CRS were to drop Mama Leone's. Would CRS benefit from dropping Mama Leone's? Show your calculations.
Beth's bonus is based on meeting sales targets. Based on the preceding information regarding gross margin percentage, what might Beth have done last quarter to meet her target and receive her bonus? How might CRS revise its bonus system to address this?
Should Jason rework the numbers? How should he respond to Beth's comments about making Mama Leone's look more profitable?
In: Accounting
Using OLS estimation methodology, the study of Morelli and Smith (2015) uses a cross sectional data of 2490 cars for the year 2013 to estimate the factors affecting the price of automobiles in the state of California. The estimation results of regressing the price variable on a set of explanatory variables are shown in Model (1), where the numbers in parentheses are the robust standard errors of the coefficients.
????? = 5647.02 + 5.77 ????ℎ? + 23.64 ??? + 3573.09 ??????? (1)
(1042.20) (1.50) (13.74) (1230)
???_?^2= 0.65, ? = 2490
Where price is in U.S. dollars, weight is in pounds, mpg is the number of miles per gallon, and foreign is a dummy variable that takes 1 if the ith car is foreign and 0 if domestic.
????? = 5524.02 + 6.54 ????ℎ? + 22.73 ??? + 3568.11 ??????? − 93.48 ?????ℎ (2)
(1033.10) (4.85) (13.68) (1232) (32.87)
???_?^2 = 0.92, ? = 2490
If the F-statistic of the coefficients of the four included variables in Model (2) is equal to 54.32, does the inclusion of the variable length in Model (2) creates an econometric problem? Explain in details.
????? = 5631.24 + 4.95 ????ℎ? + 25.99 ??? + 3650.22 ??????? + 88.31 ????? (3)
(1144.67) (1.62) (13.54) (1285.29) (44.38)
???_?^2 = 0.75, ? = 2490
Suppose that the correlations between the variable trunk and the variables price, weight, mpg, and foreign are equal to 0.25, 0.49, -0.38, and -0.36, respectively. Based on these correlations, refer to Model (1) and discuss the direction of the bias of each coefficient of the three included variables. What is your opinion about including the variable trunk as an additional regressor in Model (3)? Does the inclusion of the variable trunk violate any of the OLS assumptions? Explain in details.
In: Economics
Bad Bad Benny: A True Story (Identifying Controls for a System) In the early 20th century, there was an ambitious young man named Arthur who started working at a company in Chicago as a mailroom clerk. He was a hard worker and very smart, eventually ending up as the president of the company, the James H. Rhodes Company. The firm produced steel wool and harvested sea sponges in Tarpon Springs, Florida for household and industrial use. The company was very successful, and Arthur decided that the best way to assure the continued success of the company was to hire trusted family members for key management positions—because you can always count on your family. Arthur decided to hire his brother Benny to be his Chief Financial Officer (CFO) and placed other members of the family in key management positions. He also started his eldest son, Arthur Junior (an accountant by training) in a management training program, hoping that he would eventually succeed him as president. As the company moved into the 1920s, Benny was a model employee; he worked long hours, never took vacations, and made sure that he personally managed all aspects of the cash function. For example, he handled the entire purchasing process—from issuing purchase orders through the disbursement of cash to pay bills. He also handled the cash side of the revenue process by collecting cash payments, preparing the daily bank deposits, and reconciling the monthly bank statement. The end of the 1920s saw the United States entering its worst Depression since the beginning of the Industrial Age. Because of this, Arthur and other managers did not get raises, and, in fact, took pay cuts to keep the company going and avoid layoffs. Arthur and other top management officials made ‘‘lifestyle’’ adjustments as well—for example, reducing the number of their household servants and keeping their old cars, rather than purchasing new ones. Benny, however, was able to build a new house on the shore of Lake Michigan and purchased a new car. He dressed impeccably and seemed impervious to the economic downturn. His family continued to enjoy the theater, new cars, and nice clothes. Arthur’s wife became suspicious of Benny’s good fortune in the face of others’ hardships, so she and Arthur hired an accountant to review the books. External audits were not yet required for publicly held companies, and the Securities and Exchange Commission (SEC) had not yet been formed (that would happen in 1933–1934). Jim the accountant was eventually able to determine that Benny had diverted company funds to himself by setting up false vendors and having checks mailed to himself. He also diverted some of the cash payments received from customers and was able to hide it by handling the bank deposits and the reconciliation of the company’s bank accounts. Eventually, Jim determined that Benny had embezzled about $500,000 (in 1930 dollars). If we assume annual compounding of 5% for 72 years, the value in today’s dollars would be about $17.61 million! Arthur was furious and sent Benny away. Arthur sold most of his personal stock holdings in the company to repay Benny’s embezzlement, which caused him to lose his controlling interest in the company and eventually was voted out of office by the Board of Directors. Jim, the accountant, wrote a paper about his experience with Benny (now referred to as ‘‘Bad Bad Benny’’ by the family). Jim’s paper contributed to the increasing call for required annual external audits for publicly held companies. Arthur eventually reestablished himself as a successful stockbroker and financial planner. Benny disappeared and was never heard from again.
1. Identify the five control weaknesses in Revenue and Purchase process.
2. Identify the five General controls Arthur should have implemented in the company.
3. From Chapter 13, identify the five internal control activities Arthur should have considered (or implemented) to thwart Benny’s bad behavior.
In: Accounting
In your opinion is the US debt a problem for the United States or not? Given that monetary policy has an effect on interest rates, should monetary policy work with fiscal policy to reduce the impacts of debt? What are the pros and cons of monetary policy and fiscal policy working together? (Answer question based on the article below)
Article:
As Congress allocates trillions of dollars to support businesses and individuals impacted by the coronavirus pandemic, some project US debt skyrocketing to historical highs. This adds fuel to a long-running question: Does America’s growing debt load spell future trouble? In our view, focusing solely on the debt’s size doesn’t tell the whole story. By looking at the debt question differently, we think investors can defuse concerns about America’s allegedly ticking time bomb.
Even before the coronavirus dominated headlines, some worried about big deficits adding to America’s debt. In early May, US Treasury data show $25.1 trillion in total federal government debt outstanding. [i] While this figure includes intra-governmental holdings (i.e., money the government owes itself), even stripping this away leaves net public debt at a still-huge $19.1 trillion—nearly 2.5 times the amount on January 1, 2010. [ii]
In isolation, that big number doesn’t mean much. So to put this figure into perspective, many economists compare a country’s debt to its GDP. At the end of 2019, net public debt was 79.2% of US GDP—up from 52.3% a decade earlier and the biggest since the late 1940s. [iii] Moreover, coronavirus’ impact is almost assured to push the ratio far higher. Between Q1’s -4.8% annualized GDP decline (with worse likely in Q2) and rising debt as the government funds its coronavirus response, America’s debt-to-GDP ratio could exceed its post–World War II high of 106.1% in the not-so-distant future. [iv]
Large debt-to-GDP ratios inspire comparisons to countries like Greece, which defaulted multiple times in the past decade. But even these ratios alone don’t mean problems loom. What matters more: a country’s ability to meet interest payments. Governments don’t use GDP—an annual flow of economic activity—to meet those obligations. They use tax revenue. In fiscal year 2019, US interest payments accounted for about 10.8% of tax revenues. [v] This figure has been rising over the past 4 years, but it remains well below the 15%–18% range in effect during most of the 1980s–1990s. [vi] America had no trouble servicing its debt during these two decades. The economy boomed.
With Treasury yields historically low, many acknowledge financing debt today isn’t onerous—especially since the Treasury gets to refinance maturing debt at a cheaper rate. On May 5, 2010, the Treasury sold $24 billion in 10-year notes at a 3.51% interest rate. [vii] The Treasury effectively refinanced those at a mid-May 2020 auction of new 10-year notes. The interest rate? A far-lower 0.65%. [viii]
Which brings us to another point: Treasury bonds carry fixed rates, so rising rates don’t immediately threaten affordability. As of 12/31/2019, the weighted average maturity of US debt was nearly 70 months—higher than the 60-month historical average over the past 40 years. [ix] Hence, rates would need to rise significantly from here—and stay there for years as Treasury refinanced maturing bonds—to hit costs materially. That doesn’t seem likely today. Demand is strong, putting downward pressure on yields. With sovereign-debt yields low globally—Japan and Europe have lower rates than America—US debt remains more attractive in comparison.
Moreover, interest rates tend to move with inflation, and the latter looks unlikely to surge in the near future. Even after the spread widened between long and short rates since February’s end, the US yield curve is still around its flattest over the past 10 years. That weighs on bank lending and, relatedly, money supply growth—a key inflation component. When investors anticipate higher inflation to come, they will demand a higher premium to compensate for their loss in purchasing power. That isn’t likely to be the case with inflation benign. US debt could be on its way to making new records, but that doesn’t mean new problems will come with it.
Investing in stock markets involves the risk of loss and there is no guarantee that all or any capital invested will be repaid. Past performance is no guarantee of future returns. International currency fluctuations may result in a higher or lower investment return. This document constitutes the general views of Fisher Investments and should not be regarded as personalized investment or tax advice or as a representation of its performance or that of its clients. No assurances are made that Fisher Investments will continue to hold these views, which may change at any time based on new information, analysis or reconsideration. In addition, no assurances are made regarding the accuracy of any forecast made herein. Not all past forecasts have been, nor future forecasts will be, as accurate as any contained herein.
In: Economics
3-2
Almost all companies utilize some type of? year-end performance review for their employees. Human Resources? (HR) at a? university's Health Science Center provides guidelines for supervisors rating their subordinates. For? example, raters are advised to examine their ratings for a tendency to be either too lenient or too harsh. According to? HR, "if you have this? tendency, consider using a normal distribution —?10% of employees? (rated) exemplary,? 20% distinguished,? 40% competent,? 20% marginal, and? 10% unacceptable." Suppose you are rating an? employee's performance on a scale of 1? (lowest) to 100? (highest). Also, assume the ratings follow a normal distribution with a mean of 49 and a standard deviation of 15.
Complete parts a and b.
View a table of areas under the standardized normal curve.
z .00 .01 .02 .03 .04 .05 .06 .07 .08 .09
.0 .0000 .0040 .0080 .0120 .0160 .0199 .0239 .0279 .0319 .0359
.1 .0398 .0438 .0478 .0517 .0557 .0596 .0636 .0675 .0714 .0753
.2 .0793 .0832 .0871 .0910 .0948 .0987 .1026 .1064 .1103 .1141
.3 .1179 .1217 .1255 .1293 .1331 .1368 .1406 .1443 .1480 .1517
.4 .1554 .1591 .1628 .1664 .1700 .1736 .1772 .1808 .1844 .1879
.5 .1915 .1950 .1985 .2019 .2054 .2088 .2123 .2157 .2190 .2224
.6 .2257 .2291 .2324 .2357 .2389 .2422 .2454 .2486 .2517 .2549
.7 .2580 .2611 .2642 .2673 .2704 .2734 .2764 .2794 .2823 .2852
.8 .2881 .2910 .2939 .2967 .2995 .3023 .3051 .3078 .3106 .3133
.9 .3159 .3186 .3212 .3238 .3264 .3289 .3315 .3340 .3365 .3389
1.0 .3413 .3438 .3461 .3485 .3508 .3531 .3554 .3577 .3599 .3621
1.1 .3643 .3665 .3686 .3708 .3729 .3749 .3770 .3790 .3810 .3830
1.2 .3849 .3869 .3888 .3907 .3925 .3944 .3962 .3980 .3997 .4015
1.3 .4032 .4049 .4066 .4082 .4099 .4115 .4131 .4147 .4162 .4177
1.4 .4192 .4207 .4222 .4236 .4251 .4265 .4279 .4292 .4306 .4319
1.5 .4332 .4345 .4357 .4370 .4382 .4394 .4406 .4418 .4429 .4441
1.6 .4452 .4463 .4474 .4484 .4495 .4505 .4515 .4525 .4535 .4545
1.7 .4554 .4564 .4573 .4582 .4591 .4599 .4608 .4616 .4625 .4633
1.8 .4641 .4649 .4656 .4664 .4671 .4678 .4686 .4693 .4699 .4706
1.9 .4713 .4719 .4726 .4732 .4738 .4744 .4750 .4756 .4761 .4767
2.0 .4772 .4778 .4783 .4788 .4793 .4798 .4803 .4808 .4812 .4817
2.1 .4821 .4826 .4830 .4834 .4838 .4842 .4846 .4850 .4854 .4857
2.2 .4861 .4864 .4868 .4871 .4875 .4878 .4881 .4884 .4887 .4890
2.3 .4893 .4896 .4898 .4901 .4904 .4906 .4909 .4911 .4913 .4916
2.4 .4918 .4920 .4922 .4925 .4927 .4929 .4931 .4932 .4934 .4936
2.5 .4938 .4940 .4941 .4943 .4945 .4946 .4948 .4949 .4951 .4952
2.6 .4953 .4955 .4956 .4957 .4959 .4960 .4961 .4962 .4963 .4964
2.7 .4965 .4966 .4967 .4968 .4969 .4970 .4971 .4972 .4973 .4974
2.8 .4974 .4975 .4976 .4977 .4977 .4978 .4979 .4979 .4980 .4981
2.9 .4981 .4982 .4982 .4983 .4984 .4984 .4985 .4985 .4986 .4986
3.0 .4987 .4987 .4987 .4988 .4988 .4989 .4989 .4989 .4990 .4990
3.1 .49903 .49906 .49910 .49913 .49916 .49918 .49921 .49924 .49926 .49929
3.2 .49931 .49934 .49936 .49938 .49940 .49942 .49944 .49946 .49948 .49950
3.3 .49952 .49953 .49955 .49957 .49958 .49960 .49961 .49962 .49964 .49965
3.4 .49966 .49968 .49969 .49970 .49971 .49972 .49973 .49974 .49975 .49976
3.5 .49977 .49978 .49978 .49979 .49980 .49981 .49981 .49982 .49983 .49983
3.6 .49984 .49985 .49985 .49986 .49986 .49987 .49987 .49988 .49988 .49989
3.7 .49989 .49990 .49990 .49990 .49991 .49991 .49992 .49992 .49992 .49992
3.8 .49993 .49993 .49993 .49994 .49994 .49994 .49994 .49995 .49995 .49995
3.9 .49995 .49995 .49996 .49996 .49996 .49996 .49996 .49996 .49997 .49997
a. What is the lowest rating you should give to an? "exemplary" employee if you follow the? university's HR? guidelines? --- ------ (Round to two decimal places as? needed.)
b. What is the lowest rating you should give to a? "competent" employee if you follow the? university's guidelines? ------- (Round to two decimal places as? needed.)
3- 3
Personnel tests are designed to test a job? applicant's cognitive? and/or physical abilities. A particular dexterity test is administered nationwide by a private testing service. It is known that for all tests administered last?year, the distribution of scores was approximately normal with mean 78 and standard deviation 8.4.
a. A particular employer requires job candidates to score at least 82 on the dexterity test. Approximately what percentage of the test scores during the past year exceeded 82??
b. The testing service reported to a particular employer that one of its job? candidate's scores fell at the 90th percentile of the distribution? (i.e., approximately 90?% of the scores were lower than the? candidate's, and only 10?% were? higher). What was the? candidate's score?
View a table of areas under the standardized normal curve.
z 0.00 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.09
0.0 0.0000 0.0040 0.0080 0.0120 0.0160 0.0199 0.0239 0.0279 0.0319 0.0359
0.1 0.0398 0.0438 0.0478 0.0517 0.0557 0.0596 0.0636 0.0675 0.0714 0.0753
0.2 0.0793 0.0832 0.0871 0.0910 0.0948 0.0987 0.1026 0.1064 0.1103 0.1141
0.3 0.1179 0.1217 0.1255 0.1293 0.1331 0.1368 0.1406 0.1443 0.1480 0.1517
0.4 0.1554 0.1591 0.1628 0.1664 0.1700 0.1736 0.1772 0.1808 0.1844 0.1879
0.5 0.1915 0.1950 0.1985 0.2019 0.2054 0.2088 0.2123 0.2157 0.2190 0.2224
0.6 0.2257 0.2291 0.2324 0.2357 0.2389 0.2422 0.2454 0.2486 0.2517 0.2549
0.7 0.2580 0.2611 0.2642 0.2673 0.2704 0.2734 0.2764 0.2794 0.2823 0.2852
0.8 0.2881 0.2910 0.2939 0.2967 0.2995 0.3023 0.3051 0.3078 0.3106 0.3133
0.9 0.3159 0.3186 0.3212 0.3238 0.3264 0.3289 0.3315 0.3340 0.3365 0.3389
1.0 0.3413 0.3438 0.3461 0.3485 0.3508 0.3531 0.3554 0.3577 0.3599 0.3621
1.1 0.3643 0.3665 0.3686 0.3708 0.3729 0.3749 0.3770 0.3790 0.3810 0.3830
1.2 0.3849 0.3869 0.3888 0.3907 0.3925 0.3944 0.3962 0.3980 0.3997 0.4015
1.3 0.4032 0.4049 0.4066 0.4082 0.4099 0.4115 0.4131 0.4147 0.4162 0.4177
1.4 0.4192 0.4207 0.4222 0.4236 0.4251 0.4265 0.4279 0.4292 0.4306 0.4319
1.5 0.4332 0.4345 0.4357 0.4370 0.4382 0.4394 0.4406 0.4418 0.4429 0.4441
1.6 0.4452 0.4463 0.4474 0.4484 0.4495 0.4505 0.4515 0.4525 0.4535 0.4545
1.7 0.4554 0.4564 0.4573 0.4582 0.4591 0.4599 0.4608 0.4616 0.4625 0.4633
1.8 0.4641 0.4649 0.4656 0.4664 0.4671 0.4678 0.4686 0.4693 0.4699 0.4706
1.9 0.4713 0.4719 0.4726 0.4732 0.4738 0.4744 0.4750 0.4756 0.4761 0.4767
2.0 0.4772 0.4778 0.4783 0.4788 0.4793 0.4798 0.4803 0.4808 0.4812 0.4817
2.1 0.4821 0.4826 0.4830 0.4834 0.4838 0.4842 0.4846 0.4850 0.4854 0.4857
2.2 0.4861 0.4864 0.4868 0.4871 0.4875 0.4878 0.4881 0.4884 0.4887 0.4890
2.3 0.4893 0.4896 0.4898 0.4901 0.4904 0.4906 0.4909 0.4911 0.4913 0.4916
2.4 0.4918 0.4920 0.4922 0.4925 0.4927 0.4929 0.4931 0.4932 0.4934 0.4936
2.5 0.4938 0.4940 0.4941 0.4943 0.4945 0.4946 0.4948 0.4949 0.4951 0.4952
2.6 0.4953 0.4955 0.4956 0.4957 0.4959 0.4960 0.4961 0.4962 0.4963 0.4964
2.7 0.4965 0.4966 0.4967 0.4968 0.4969 0.4970 0.4971 0.4972 0.4973 0.4974
2.8 0.4974 0.4975 0.4976 0.4977 0.4977 0.4978 0.4979 0.4979 0.4980 0.4981
2.9 0.4981 0.4982 0.4982 0.4983 0.4984 0.4984 0.4985 0.4985 0.4986 0.4986
3.0 0.4987 0.4987 0.4987 0.4988 0.4988 0.4989 0.4989 0.4989 0.4990 0.4990
3.1 0.49903 0.49906 0.49910 0.49913 0.49916 0.49918 0.49921 0.49924 0.49926 0.49929
3.2 0.49931 0.49934 0.49936 0.49938 0.49940 0.49942 0.49944 0.49946 0.49948 0.49950
3.3 0.49952 0.49953 0.49955 0.49957 0.49958 0.49960 0.49961 0.49962 0.49964 0.49965
3.4 0.49966 0.49968 0.49969 0.49970 0.49971 0.49972 0.49973 0.49974 0.49975 0.49976
3.5 0.49977 0.49978 0.49978 0.49979 0.49980 0.49981 0.49981 0.49982 0.49983 0.49983
3.6 0.49984 0.49985 0.49985 0.49986 0.49986 0.49987 0.49987 0.49988 0.49988 0.49989
3.7 0.49989 0.49990 0.49990 0.49990 0.49991 0.49991 0.49992 0.49992 0.49992 0.49992
3.8 0.49993 0.49993 0.49993 0.49994 0.49994 0.49994 0.49994 0.49995 0.49995 0.49995
3.9 0.49995 0.49995 0.49996 0.49996 0.49996 0.49996 0.49996 0.49996 0.49997 0.49997
a. Approximately ----?% of the test scores during the past year exceeded 82. ?(Round to one decimal place as? needed.)
b. The? candidate's score was ----. (Round to the nearest whole number as? needed.)
In: Statistics and Probability
In response to requests from customers, S. Rey will begin selling computer software. The company will extend credit terms of 1/10, n/30, FOB shipping point, to all customers who purchase this merchandise. However, no cash discount is available on consulting fees. Additional accounts (Nos. 119, 413, 414, 415, and 502) are added to its general ledger to accommodate the company’s new merchandising activities. Also, Business Solutions does not use reversing entries and, therefore, all revenue and expense accounts have zero beginning balances as of January 1, 2018. Its transactions for January through March follow:
Jan. 4 The company paid cash to Lyn Addie for five days’ work at
the rate of $175 per day. Four of the five days relate to wages
payable that were accrued in the prior year.
5 Santana Rey invested an additional $25,000 cash in the
company.
7 The company purchased $6,600 of merchandise from Kansas Corp.
with terms of 1/10, n/30, FOB shipping point, invoice dated January
7.
9 The company received $2,688 cash from Gomez Co. as full payment
on its account.
11 The company completed a five-day project for Alex’s Engineering
Co. and billed it $5,470, which is the total price of $6,820 less
the advance payment of $1,350.
13 The company sold merchandise with a retail value of $4,400 and a
cost of $3,510 to Liu Corp., invoice dated January 13.
15 The company paid $710 cash for freight charges on the
merchandise purchased on January 7.
16 The company received $4,180 cash from Delta Co. for computer
services provided.
17 The company paid Kansas Corp. for the invoice dated January 7,
net of the discount.
20 Liu Corp. returned $700 of defective merchandise from its
invoice dated January 13. The returned merchandise, which had a
$280 cost, is discarded. (The policy of Business Solutions is to
leave the cost of defective products in cost of goods sold.)
22 The company received the balance due from Liu Corp., net of both
the discount and the credit for the returned merchandise.
24 The company returned defective merchandise to Kansas Corp. and
accepted a credit against future purchases. The defective
merchandise invoice cost, net of the discount, was $486.
26 The company purchased $10,000 of merchandise from Kansas Corp.
with terms of 1/10, n/30, FOB destination, invoice dated January
26.
26 The company sold merchandise with a $4,600 cost for $5,810 on
credit to KC, Inc., invoice dated January 26.
31 The company paid cash to Lyn Addie for 10 days’ work at $175 per
day.
Feb. 1 The company paid $2,565 cash to Hillside Mall for another
three months’ rent in advance.
3 The company paid Kansas Corp. for the balance due, net of the
cash discount, less the $486 amount in the credit memorandum.
5 The company paid $410 cash to the local newspaper for an
advertising insert in today’s paper.
11 The company received the balance due from Alex’s Engineering Co.
for fees billed on January 11.
15 Santana Rey withdrew $4,750 cash from the company for personal
use.
23 The company sold merchandise with a $2,550 cost for $3,410 on
credit to Delta Co., invoice dated February 23.
26 The company paid cash to Lyn Addie for eight days’ work at $175
per day.
27 The company reimbursed Santana Rey for business automobile
mileage (1,000 miles at $0.32 per mile).
Mar. 8 The company purchased $2,850 of computer supplies from
Harris Office Products on credit, invoice dated March 8.
9 The company received the balance due from Delta Co. for
merchandise sold on February 23.
11 The company paid $860 cash for minor repairs to the company’s
computer.
16 The company received $5,260 cash from Dream, Inc., for computing
services provided.
19 The company paid the full amount due to Harris Office Products,
consisting of amounts created on December 15 (of $1,130) and March
8.
24 The company billed Easy Leasing for $9,157 of computing services
provided.
25 The company sold merchandise with a $2,102 cost for $2,870 on
credit to Wildcat Services, invoice dated March 25.
30 The company sold merchandise with a $1,048 cost for $2,360 on
credit to IFM Company, invoice dated March 30.
31 The company reimbursed Santana Rey for business automobile
mileage (300 miles at $0.32 per mile).
The following additional facts are available for preparing adjustments on March 31 prior to financial statement preparation:
The March 31 amount of computer supplies still available totals
$2,205.
Three more months have expired since the company purchased its
annual insurance policy at a $2,472 cost for 12 months of
coverage.
Lyn Addie has not been paid for seven days of work at the rate of
$175 per day.
Three months have passed since any prepaid rent has been
transferred to expense. The monthly rent expense is $855.
Depreciation on the computer equipment for January 1 through March
31 is $1,060.
Depreciation on the office equipment for January 1 through March 31
is $400.
The March 31 amount of merchandise inventory still available totals
$594.
Required:
1. Prepare journal entries to record each of the January through March transactions.
In: Accounting