Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances).

1. Prepare closing journal entries from the above ledger accounts.
2. Post the entries from Requirement 1 to the General Ledger accounts below. Use the transaction number from Requirement 1 as the date.

This is one big question with different parts!

I expect to need four turkeys to feed my 20 Thanksgiving guests. However, spiking the eggnog (adding alcohol) with bourbon will induce my Thanksgiving guests to eat 25% less turkey. Turkeys cost $30 each, and the bourbon needed costs $20. How much money do I save if I spike the eggnog? A. $0 B. $10 C. $30 D.$120

How cheap would turkeys have to be (per turkey) for me to not have the incentive to spike the eggnog? A. free B. $10 C. $15 D. $20

A monopoly retailer makes a 50% margin on the $30 turkeys. Is there a price for the bourbon that the retailer can set (for the amount of bourbon needed to spike the turkeys) such that I will purchase the bourbon and the retailer will want to sell it, if the wholesale price of the bourbon is $10? (Assume the only added value from spiking the eggnog is from the reduced cost of turkey and that this type of bourbon is only used to spike eggnog).

Yes No

The Justice Corporation mass produces wooden chairs. The standard costs follow:

Plastic                                                  10 pounds at $4.50 per pound.

Molding                                                         3 feet at $3.00 per foot.

Direct labor                                              4 hours at $15.00 per hour.

Variable overhead                                         $3 per direct labor hour.

Fixed overhead                                          $.75 per direct labor hour.

                                  The static budget called for 80,000 direct labor hours in June.

Transactions during June follow:

• Justice purchased 200,000 pounds of plastic at $ 4.45 and issued 185,000 pounds to production.
• Justice purchased 60,000 feet of molding at $3.10 per foot and issued 50,000 feet to production.
• The direct labor payroll was 72,500 hours at $14.50.
• Overhead costs were $275,000 of which $221,125 was variable.
• Justice produced 18,000 chairs during the month.

                  Required:

1. Compute the direct materials, direct labor, variable overhead, and fixed overhead variances that were discussed in class.
2. Discuss the significance of the variances.

Part III: The following question requires hand calculations. Be sure to show ALL work and round final answers appropriately. You MUST show all work in order to receive full points.

Z-scores (20 points total)

The average age reported for onset into delinquent activity for the population of prison inmates is 12 with a standard deviation of 2.4. Based on this information and assuming the population is normally distributed:

Z=(X-µ)/s

An inmate's age of one set is 17. Is he in the top 15% of ages? (5 points)

In muscle tissue, the ratio of phosphorylase a to phosphorylase b determines the rate of conversion of glycogen to glucose 1‑phosphate.

Classify how each event affects the rate of glycogen breakdown in isolated muscle tissue.

Increased rate

Decreased rate

No change

Answer Bank

AMP allosteric binding activates phosphorylase b

removal of phosphate groups from phosphorylase a

addition of phosphorylase b kinase

[ATP] exceeds [AMP]

addition of a kinase inhibitor

treatment with insulin

addition of a phosphatase inhibitor

treatment with glucagon

Workers’ compensation represents a compromise between the needs of employees and the needs of employers.

Question 2 (2 points)

Contributory negligence means that an employee knew that the job involved risk; he or she could not expect to be compensated when the risks resulted in accidents and injuries.

Question 3 (2 points)

There are three types of workers’ compensation insurance: state funds, private insurance, and self-insurance.

Question 4 (2 points)

Temporary disability:

Question 5 (2 points)

Which of the following is the whole-person theory of handling permanent partial disability cases?

One main feeder have two sub feeders (Sub Feeder-A and Sub Feeder-B). If the Sub Feeder-A has demand at a time to be 35 kW and Sub Feeder-B has demand at a time as 42 kW, calculate the total individual maximum demand (MD), the demand of the whole system and the diversity factor if the maximum demand of the main feeder is recorded as 70 kW. Explain the possibility of having the main feeder’s MD to be equal with the sum of both sub feeder’s MD.

You have stated several reasons as to why a company could have negative cash flows. Many start-up companies experienced negative cash flows during the first few years of their operations. Would you invest in a start up company if it has negative cash flows for the first three years of its operations, and in the 4th year the company is still expecting a negative cash flow?

What goals are attempted to be accomplished by the presentation of the cash flow statement to investors?

Discuss how the format of the Cash flow statement may have contributed towards meeting its objectives.

How does moral reasoning fit into your religious or nonreligious theory?

To evaluate the effect of a treatment, a sample of n = 6 is obtained from a population with a mean of μ = 80 and the treatment is administered to the individuals in the sample. After treatment, the sample mean is found to be M = 72. a. If the sample variance is s2 = 54, are the data sufficient to conclude that the treatment has a significant effect using a two-tailed test with α =0.05? b. If the sample variance is s2 = 150, are the data sufficient to conclude that the treatment has a significant effect using a two-tailed test with α =0.05? c. Comparing your answers for parts a and b, how does the variability of the scores in the sample influence the outcome of a hypothesis test?

In what court was the Bates and Cramer vs Ames, heard for breach of contract, for not re soding the lawn of Antlers local lodge.

Identify the following as an asset, liability, or equity by writing the letter of the correct classification in the space provided.

Helsinki Co. is considering a new project that will cost $328,500. The expected net cash inflows from this project are $62,000 per year for 8 years. If Helsinki’s weighted average cost of capital (WACC) is 6%, what is the project’s net present value (NPV), IRR, Payback Period, and Discount Period?

Please show work.