On October 31, 2016, Quesnell Corp. (QC), a publicly accountable entity, sold inventory to a customer in exchange for a $ 450,000, three-year, 3% note receivable. QC’s incremental borrowing rate at the inception of the note receivable was 4%, and the customer’s incremental borrowing rate was 7%. QC’s original cost of the inventory sold was $325,000.

QC collected the note in full on October 31, 2019. Interest was received annually on October 31, and the first interest payment was received on October 31, 2017, as per the terms of the note.

QC has a year end of October 31.

Required:
Prepare the journal entries relating to this transaction for the full three-year period from October 31, 2016, to October 31, 2019.

Refer to the Baseball 2016 data, which report information on the 30 Major League Baseball teams for the 2016 season. a. At the .05 significance level, can we conclude that there is a difference in the mean salary of teams in the American League versus teams in the National League? b. At the .05 significance level, can we conclude that there is a difference in the mean home attendance of teams in the American League versus teams in the National League? c. Compute the mean and the standard deviation of the number of wins for the 10 teams with the highest salaries. Do the same for the 10 teams with the lowest salaries. At the .05 significance level, is there a difference in the mean number of wins for the two groups? At the .05 significance level, is there a difference in the mean attendance for the two groups?

Wainwright Electric sold $3,000,000, 10%, 10-year bonds on March 1, 2015. The bonds were dated January 1 and pay interest September 1 and March 1. Wainwright Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at 104. The company’s year ends on December 31.

Instructions

(a) Prepare the journal entry to record the issuance of the bonds on March 1, 2015.   

(b) Prepare a bond premium amortization schedule for the first 4 interest periods.   

(c) Prepare the journal entries for interest and the amortization of the premium in 2015 and 2016.

(d) Show the balance sheet presentation of the bond liability at December 31, 2016.        

Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the gross method is used.
> Alpha Company sold on account merchandise costing $3,000 to Bravo Company on May 2, 2016. Selling price was $4,500. Freight charges related to this transaction of $200 were paid by Alpha Company.
> Bravo Company returned, to Alpha Company, merchandise with an original cost to Alpha of $300 on May 3, 2016. Merchandise was sold to Bravo for $450
Use this information to prepare Alpha Company's General Journal entries (without explanation) for May 2 & May 3 entries. If no entry is required then write "No Entry Required."

Determining Net Income from Net Cash Flow from Operating Activities Sanhueza, Inc., reported a net cash flow from operating activities of $159,500 on its statement of cash flows for the year ended December 31, 2016. The following information was reported in the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method: Decrease in income taxes payable $3,400 Decrease in inventories 8,500 Depreciation 13,100 Gain on sale of investments 5,900 Increase in accounts payable 2,400 Increase in prepaid expenses 1,400 Increase in accounts receivable 6,400 Determine the net income reported by Sanhueza, Inc., for the year ended December 31, 2016. $

Examine the table below which estimates the number of voters by race in the 2016 election in a particular county. Do the results from the election suggest President Trump earned the expected number of votes from each racial/ethnic group based on their distribution in the county’s population? Performs an appropriate hypothesis test to examine this issue, being sure to list all steps and writing out your conclusion in words. (HINT: Did Trump’s vote proportion match those of the proportion of residents of each racial group)

Below are some data from the land of milk and honey

a. compute nominal GDP, real GDP, and the GDP deflator for each year, using 2016 as the base year

b. compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2017 and 2018 from the preceding year. For each year, identify the variable that does not change. Explain why your answer makes sense.

c. Did economic well-being increase more in 2017 or 2018, explain

3. Individuals who enrolled in Affordable Care Act Heath Insurance Marketplace plans represented about 4.1% of all Americans with insurance in 2015. The Department of Health & Human Service wanted to determine whether the rate of enrollment in these marketplace plans in 2016 grew as compared to the 2015 rate of 4.1%. It selected a random sample of 500 insured Americans in 2016 and found that 29 of them enrolled in ACA marketplace plans.

a) Could the Department of Health & Human Service be reasonably sure that the enrollment rate increased? Calculate a p-value for the observed proportion and interpret it.

b) If the significance level is set at .01, is this change in enrollment rate statistically significant? State your hypotheses and conduct a test.