QUESTION 1 (25 Marks: 45 minutes)
Hold – on Limited is a breakfast cereal producer and distributor company that has recently acquired a very reputable and popular brand of cereal. Through the company’s market research, the brand is expected to derive enormous value for the company, especially as the company has now opted to not only sell the brand of cereal locally, but internationally to South Africa, Botswana and Mozambique as well. The company has a sophisticated and functional distribution and logistics network to assist with the distribution of this cereal.
As part of the production of this new brand of breakfast cereal, the company purchased a machine for N$ 1 200 000 cash. The machine was delivered on the same day as the payment was made. It is expected to be used over a five year period to produce the already profitable brand of cereal. At the end of the five years, it is expected that the machine will be scrapped and thus has a zero residual value.
Required:
Discuss with reference to the Conceptual Framework, how the purchase of the machine should be recognized and measured. Your answer should include a discussion as to whether the machine should be recognized as either an asset or an expense.

Errors and Adjusting Entries Use the following information to record necessary end of period journal entries:

A man came into Cutting Edge on 31 March 2020 to pay for repairs to his mower which he will bring in later. He paid $2,500 cash. The mower was arranged to be delivered to Cutting Edge on 10 April, 2020.

 Repair services of $6,250 were provided on 31 March 2020 but have not yet been recorded in the transactions. Payment has not yet been received.

 Billy-Bob did a count of the stock on hand of Workshop Supplies. He realised that only $5,500 of Workshop Supplies were used in March, instead of $7,000 as recorded on 31 March 2020 (in Practice Set 2).

 Jimmy-James’ last wages payment was on Friday 20 March. The next $1,000 fortnightly payment is on Friday 3 April. Jimmy-James only works Monday to Friday, being 10 days per fortnight.

 Annual insurance of $1,200 was paid on 1 February and recorded in the Prepaid Insurance account.

 From all sources of revenue (Sales Revenue and Service Revenue), $70,730 was cash sales.

 Add any other necessary adjusting entries based on the information provided under the accounting policies and procedures.

Kookaburra Ltd used the cost model to measure its machine. Machine Z had cost of $80 000 and had a carrying amount of $70 000 at 30 June 2020 and is depreciated on a straight-line basis over a 10-year period.

On 31 December 2020, the directors of Kookaburra Ltd decided to change the basis of measuring the equipment from the cost model to the revaluation model. Machine Z was revalued to $70 000 with an expected useful life of 8 years.

REQUIRED

Provide the numbers for the journal entries in the blanks below for Machine Z on 31 December 2020 and on 30 June 2021. Complete the four blanks.(You don't need to provide the numbers for "??")

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31 December 2020

a)

            Depreciation expense – Machine Z                          Dr   

                     Accumulated depreciation – Machine Z          Cr                                       

b)

            Accumulated depreciation – Machine Z                   Dr   

                     Machine Z                                                        Cr                                       

c)

            Machine Z                                                                 Dr    

                     Gain on revaluation – Machine Z (OCI)         Cr                                       

            Gain on revaluation – Machine Z (OCI)                  Dr ??

                     Asset revaluation surplus – Machine Z           Cr ??   

30 June 2021

d)

            Depreciation expense – Machine Z                          Dr   

                     Accumulated depreciation – Machine Z          Cr                                       

Among the 120 applicants for a job, only 80 are qualified. If 5 of these applicants are randomly selected for an interview, answer the following:

a. Identify the random process

b. Define a variable

c. Associate the random variable with a distribution and its parameters

Solve using Rstudio:

d. Find the probability that exactly 2 of the 5 are qualified for the job
e. Find the probability that at least 3 of the 5 are qualified for the job
f. Find the probability that at most 4 of the 5 are qualified for the job.

Please discuss the following question in your own words 350 word on the following question.

Choose a real health care organization to study. Interview 1 key leader who is involved in the organization's health care delivery. Based on questions asked and answers given, the report will summarize the questions and answers and then present detailed information evaluating the following: team building activities and conflict resolution techniques of the organization and these changes may impact may impact operations and budgets.

For each scenario, you need to clearly and specifically indicate how the respondents in each sample will be identified and selected. In some of the scenarios, the sample size is indicated; in others, it is not and you will need to specify the size. (Do NOT focus on how the data will be collected.)

1. A sample of homeowners in the state of Illinois is desired for a major segmentation study conducted by a large financial institution. A lengthy personal interview lasting over 1 hour will be conducted with each respondent. A sample size of 3,000 is targeted.

You are a proposal manager for a government contractor working on a huge new program. You have an interview with an former employee of your main competitor who wants you to hire him. He happens to mention that when he left his former employer, he still had the entire text of their proposal for the same program on his laptop. If you have this information, it will give you a huge advantage in the competition. What do you do? And why?

ARTICLE: Hansen CE, Credle M, Shapiro ED, Niccolai LM. "It All Depends": A Qualitative Study of Parents' Views of Human Papillomavirus Vaccine for their Adolescents at Ages 11-12 years.

1. What sampling strategy was employed? Strengths and Limitation?

2. How did this strategy relate to the purpose of the study?

3. Describe the types of questions included in the assessment. Is there sufficient information presented here on the interview guide?

4. What themes were identified?

The amount of time part time worker at a pet store is normally distributed with a mean of 25 hours and a standard deviation of 2.5 hours. In a random sample of 25 employees, what is the probability that a worker will work for between 24 and 26 hours?

A student goes to the university library. The probability that the student checks out the science book for the science class is 0.40; the probability that the student checks out the math book is 0.30; and the probability that the student checks out both the science and math book is 0.20. What is the probability that the student checks out the science and the math book?

Dutch elm disease of American elm trees is caused by a fungus. It is known that 95% of elm trees in a city that have been treated with a fungicide recover from the disease. What is the probability that in a random sample of 4 elm trees in this city, at least 3 trees recover when treated with the fungicide?

A canning company claims that the amount of sugar in a cup of cherries is 13.2 grams. The population is normally distributed with a population standard deviation known to be 0.5 grams. The researcher took a sample of 25 cups of cherries and found a mean of 12.95 grams of sugar. Test at the 5% significance level that the amount of sugar in a cup of cherries is different than what the company claims. What is the p value for this test and what is your conclusion?