FINANCIAL ACCOUNTING REFLECTION
JUNE 1, 2015 ADMIN
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Write a 350- to 500-word summary explaining the differences between revenue expenditures and capital expenditures during a useful life and identifying any similarities. Briefly explain the entries of revenue expenditures and capital expenditures.
Format your summary consistent with APA guidelines.
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STATISTICS
JUNE 1, 2015 ADMIN
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(TCO A) Consider the following sample data on the age of the 30 employees that were laid off recently from DVC Inc.
21 38 20 26 37 52 37 24 45 20 50 49 44 30 29 42 56 46 60 30 32 25 47 55 38 25 20 29 32 30
a. Compute the mean, median, mode, and standard deviation, Q1, Q3, Min, and Max for the above sample data on age of employees being laid off. Mean=36.30; Median = 34.50; SD= 11.87; Q1= 25.75; Q3= 46.25; Min=20; Max=60 Descriptive Statistics: Data
Variable N N* Mean SE Mean StDev Minimum Q1 Median Q3 Maximum Data 30 0 36.30 2.17 11.87 20.00 25.75 34.50 46.25 60.00
N for Variable Range Mode Mode Data 40.00 20, 30 3
b. In the context of this situation, interpret the Median, Q1, and Q3. Q1: 25.75 is the median in the first quartile Q3: 46.25 is the median in the third quartile (Points : 33)
(TCO B) East Side Bank has three loan officers, Jim, Sally, and Dave, who process all loan applications. Each application results in an approval, rejection, or delay. The results of the last 100 loan applications are shown below. Jim Sally Dave Total Approved 20 16 18 54 Rejected 12 7 14 33 Delayed 5 2 6 13 Total 37 25 38 100
If you choose a loan application at random, then find the probability that the loan application
a. was processed by Jim. = 0.37 b. was approved and processed by Sally. = 0.296 c. was rejected, given that the application was processed by Dave. =0.424 (Points : 18)
3. (TCO B) SILCHIPS corporation is a large manufacturer of widgets. Historically, they have maintained a defective rate of 1.8%. You purchase 100 widgets (which represents a random sample). Find the probability that
a. exactly three are defective. b. at least five are defective. c. fewer than four are defective. (Points : 18)
4. (TCO B) A study of homeowners in the 5th congressional district in Maryland found that their annual household incomes are normally distributed with a mean of $41,182 and a standard deviation of $11,990 (based on data from Nielsen Media Research).
a. What percentage of household incomes are greater than $30,000? b. What percentage of household incomes are between $25,000 and $40,000? c. If an advertising campaign is to be targeted at those whose household incomes are in the top 20%, find the minimum income level for this target group? (Points : 18)
(TCO C) Until this year, the mean braking distance of a Nikton automobile moving at 60 miles per hour was 175 ft. Nikton engineers have developed what they consider a better braking system. They test the new brake system on a random sample of 81 cars and determine the sample mean braking distance. The results are the following.
Sample Size = 81 Sample Mean = 167 ft Sample Standard Deviation = 27 ft
a. Compute the 95% confidence interval for the mean braking distance. b. Interpret this interval. c. How many cars should be tested if Nikton wants to be 95% confident of being within 2 ft of the population mean braking distance? (Points : 18)
7. (TCO D) Direct Mailing Company sells computer hardware and software over the Internet. The company claims that at least 90% of all orders are mailed within 72 hours after they are received. A random sample of 150 orders showed that 129 were mailed within 72 hours. Does the sample data provide evidence to conclude that less than 90% of all orders are mailed within 72 hours (with = .01)? Use the hypothesis testing procedure outlined below.
a. Formulate the null and alternative hypotheses. b. State the level of significance. c. Find the critical value (or values), and clearly show the rejection and nonrejection regions. d. Compute the test statistic. e. Decide whether you can reject Ho and accept Ha or not. f. Explain and interpret your conclusion in part e. What does this mean? g. Determine the observed p-value for the hypothesis test and interpret this value. What does this mean? h. Does the sample data provide evidence to conclude that less than 90% of all orders are mailed within 72 hours (with = .01)? (Points : 24)
(TCO D) Engineering studies show that it is feasible to install a windmill for generating electrical power if the mean wind speed is greater than 14 mi per hour (mph). The Piedmont Electric Co-op is considering locating mulls at the top of Mount Hunter. A random sample of 45 wind speed readings yields the following results.
Sample Size = 45 Sample Mean = 14.9 mph Sample Standard Deviation = 3.8 mph
Does the sample data provide sufficient evidence to conclude that installation is feasible at this location (using = .10)? Use the hypothesis testing procedure outlined below.
a. Formulate the null and alternative hypotheses. b. State the level of significance. c. Find the critical value (or values), and clearly show the rejection and nonrejection regions. d. Compute the test statistic. e. Decide whether you can reject Ho and accept Ha or not. f. Explain and interpret your conclusion in part e. What does this mean? g. Determine the observed p-value for the hypothesis test and interpret this value. What does this mean? h. Does the sample data provide sufficient evidence to conclude that installation is feasible at this location (using = .10)? (Points : 24)
(TCO E) Bill McFarland is a real estate broker who specializes in selling farmland in a large western state. Because Bill advises many of his clients about pricing their land, he is interested in developing a pricing formula of some type. He feels he could increase his business significantly if he could accurately determine the value of a farmer’s land. A geologist tells Bill that the soil and rock characteristics in most of the area that Bill sells do not vary much. Thus the price of land should depend greatly on acreage. Bill selects a sample of 30 plots recently sold. The data is found below (in Minitab), where X=Acreage and Y=Price ($1,000s).
PRICE ACREAGE PREDICT 60 20.0 50 130 40.5 250 25 10.2 300 100.0 85 30.0 182 56.5 115 41.0 24 10.0 60 18.5 92 30.0 77 25.6 122 42.0 41 14.0 200 70.0 42 13.0 60 21.6 20 6.5 145 45.0 61 19.2 235 80.0 250 90.0 278 95.0 118 41.0 46 14.0 69 22.0 220 81.5 235 78.0 50 16.0 25 10.0 290 100.0
Correlations: PRICE, ACREAGE
Pearson correlation of PRICE and ACREAGE = 0.997 P-Value = 0.000
Regression Analysis: PRICE versus ACREAGE
The regression equation is PRICE = 2.26 + 2.89 ACREAGE
Predictor Coef SE Coef T P Constant 2.257 2.231 1.01 0.320 ACREAGE 2.89202 0.04353 66.44 0.000
S = 7.21461 R-Sq = 99.4% R-Sq(adj) = 99.3%
Analysis of Variance
Source DF SS MS F P Regression 1 229757 229757 4414.11 0.000 Residual Error 28 1457 52 Total 29 231215
Predicted Values for New Observations
New Obs Fit SE Fit 95% CI 95% PI 1 146.86 1.37 (144.05, 149.66) (131.82, 161.90) 2 725.26 9.18 (706.46, 744.06) (701.35, 749.17)XX
XX denotes a point that is an extreme outlier in the predictors.
Values of Predictors for New Observations
New Obs ACREAGE 1 50 2 250
a. Analyze the above output to determine the regression equation. b. Find and interpret in the context of this problem. c. Find and interpret the coefficient of determination (r-squared). d. Find and interpret coefficient of correlation. e. Does the data provide significant evidence (= .05) that the acreage can be used to predict the price? Test the utility of this model using a two-tailed test. Find the observed p-value and interpret. f. Find the 95% confidence interval for mean price of plots of farmland that are 50 acres. Interpret this interval. g. Find the 95% prediction interval for the price of a single plot of farmland that is 50 acres. Interpret this interval. h. What can we say about the price for a plot of farmland that is 250 acres? (Points : 48)
4
Question 1.1. (TCO E) An insurance firm wishes to study the relationship between driving experience (X1, in years), number of driving violations in the past three years (X2), and current monthly auto insurance premium (Y). A sample of 12 insured drivers is selected at random. The data is given below (in MINITAB):
Y X1 X2 Predict X1 Predict X2 74 5 2 8 1 38 14 0 50 6 1 63 10 3 97 4 6 55 8 2 57 11 3 43 16 1 99 3 5 46 9 1 35 19 0 60 13 3
Regression Analysis: Y versus X1, X2
The regression equation is Y = 55.1 – 1.37 X1 + 8.05 X2
Predictor Coef SE Coef T P Constant 55.138 7.309 7.54 0.000 X1 -1.3736 0.4885 -2.81 0.020 X2 8.053 1.307 6.16 0.000
S = 6.07296 R-Sq = 93.1% R-Sq(adj) = 91.6%
Analysis of Variance
Source DF SS MS F P Regression 2 4490.3 2245.2 60.88 0.000 Residual Error 9 331.9 36.9 Total 11 4822.3
Predicted Values for New Observations
New Obs Fit SE Fit 95% CI 95% PI 1 52.20 2.91 (45.62, 58.79) (36.97, 67.44)
Values of Predictors for New Observations
New Obs X1 X2 1 8.00 1.00
Correlations: Y, X1, X2
Y X1 X1 -0.800 0.002
X2 0.933 -0.660 0.000 0.020
Cell Contents: Pearson correlation P-Value
a. Analyze the above output to determine the multiple regression equation. b. Find and interpret the multiple index of determination (R-Sq). c. Perform the t-tests on and on (use two tailed test with (= .05). Interpret your results. d. Predict the monthly premium for an individual having 8 years of driving experience and 1 driving violation during the past 3 years. Use both a point estimate and the appropriate interval estimate. (Points : 31)
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SOCKET APPLICATION (AUCTION SYSTEM)
JUNE 1, 2015 ADMIN
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You are required to implement a simple online auction system using Java socket API. Two applications (client and server) using TCP connection are required. The client application (named ClientBid) allows users to logon to the server in order to join the auction and bid for items. The server application (named ServerAuction) hosts the auction, authenticates user logons, sends announcements to buyers advertising the item, accepts bid from clients and informs clients whether their bids are successful or not. There are different models of auction. The most well-known model is English auction, in which bidders announce higher bids publicly until there is no higher one. The item is then sold to the buyer with highest bid. In this assignment you are required to implement another auction model called a Yankee auction, in which a number of a commodity item is auctioned off and buyers have to specify the bids and the quantity to buy. When the auction completes, the highest bidder will be allocated the corresponding quantity in the bid. The next highest bidder will get a share from the remaining items. This continues until all items are allocated. This implies that the lowest successful bidder may not be able to get the desirable number of items. The unit price that ALL bidders pay is the price bid of the lowest successful bidder.
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BUSINESS
JUNE 1, 2015 ADMIN
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Service organizations tend to manage their processes by use of flowcharting and blueprinting. Discuss the differences and similarities ?
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PRICING STRATEGIES
JUNE 1, 2015 ADMIN
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Pricing Strategies: Identity three types of pricing strategies. Select a good or service and compare the prices of two different companies associated with the goods or service. Why do different organizations have different pricing strategies for the same good or service?
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WRITE ABOUT A TIME WHEN YOUR BEST EFFORTS WERE MET WITH WHAT SEEMED TO BE INSURMOUNTABLE OBSTACLES.
JUNE 1, 2015 ADMIN
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write about a time when your best efforts were met with what seemed to be insurmountable obstacles.
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WRITE ESSAY ABOUT FIRE PROTECTION AND SOUND CONTROL?
JUNE 1, 2015 ADMIN
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Write essay about Fire protection and sound control?
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SHORT-TERM FINANCING
JUNE 1, 2015 ADMIN
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Explain the major economic and / or other salient business environmental factors that are likely to impact the availability of short-term financing for a given business. Provide support for your rationale.
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BUDGETING AND FORECASTING
JUNE 1, 2015 ADMIN
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(TCO 7) The cash budget is one of the primary financial budgets. Discuss the importance of the cash budget. Identify the individual sections of the cash budget and the information included in each section. (Points : 20)
TCO 9) Understanding how costs behave can help managers plan operations and choose between various courses of action.
Part (a): Identify and describe the three types of cost behavior, including examples of each. Part (b): As a manager, which cost behavior would you prefer and why? (Points : 20)
(TCO 6) Savanna Company is considering two capital investment proposals. Relevant data on each project are as follows.
Project Red
Project Blue
Capital investment
$400,000
$560,000
Annual net income
$50,000
$80,000
Annual cash flows
$100,000
$150,000
Estimated useful life
8 years
8 years
Savanna requires an 8% rate of return on all new investments.
Part (a): Compute the payback period for each project. Part (b): Compute the net present value for each project. Part (c): Compute the accounting rate of return for each project. Part (d): Which project should Savanna select?
(Points : 30)
(TCO 7) Farris Co.’s projected sales are as follows.
August
$240,000
September
$270,000
October
$330,000
Farris estimates that it will collect 30% in the month of sale, 50% in the month after the sale, and 18% in the second month following the sale. Two percent of all sales are estimated to be bad debts. How much are Farris Co.’s budgeted cash receipts for October? (Points : 30)
. (TCO 8) Eastern Company’s budgeted and actual sales for 2009 were as follows.
Product
Budgeted Sales
Actual Sales
A
35,300 units at $2.00 per unit
32,700 units at $2.60 per unit
B
27,900 units at $5.00 per unit
29,200 units at $4.70 per unit
Part (a): Calculate the sales volume variance. Part (b): Calculate the sales price variance. Part (c): Calculate the total sales variance. (Points : 30)
(TCO 9) Herbart Company gathered the following information on power costs and factory machine usage for the last 6 months.
Power Cost
Factory Machine Hours
January
$24,400
13,900
February
30,300
17,600
March
29,000
16,800
April
22,340
13,200
May
19,900
11,600
June
14,900
6,600
Using the high-low method of analyzing costs, answer the following questions and show computations to support your answers.
Part (a): What is the estimated variable portion of power costs per factory machine hour? Part (b): What is the estimated fixed power cost each month? Part (c): If it is estimated that 10,000 factory machine hours will be run in July, what is the expected total power cost for July? (Points : 30)
(TCO 1) A common starting point in the budgeting process is _____. (Points : 5) expected future net income past performance to motivate the sales force a clean slate, with no expectations
Question 2.2. (TCO 2) Which of the following is not a quantitative forecasting method? (Points : 5) Moving average model Classical decomposition Delphi method Simple regression
Question 3.3. (TCO 3) Which of the following is not an example of a seasonal variation? (Points : 5) Increased restaurant sales on Fridays and Saturdays Increased retail sales in the fourth quarter Increased sales of jet skis in the summer Increased sales resulting from a special promotion
Question 4.4. (TCO 4) Which of the following statements regarding the risk associated with R & D activities is incorrect? (Points : 5) The amount of time between the R & D activity and the cash flows from the project does not affect risk. Greater risk is associated with creating new products than with improving existing products. Risk increases as the time between the R & D activity and the cash flows from the project increases. Assessing risk is a vital part of research and development.
Question 5.5. (TCO 5) Which of the following is not true of the decision packages used in zero-base budgeting? (Points : 5) Decision packages should include alternative methods of performing the activity. Decision packages may cross functional and organizational lines. Decision packages can be either mutually exclusive or incremental. Decision packages may cover either short-term or long-term periods.
Question 6.6. (TCO 6) The payback period technique _____. (Points : 5) should be used as a final screening tool can be the only basis for the capital budgeting decision is relatively easy to compute and understand considers the expected profitability of a project
Question 7.7. (TCO 6) The accounting rate of return method is based on _____. (Points : 5) income data the time value of money data market values cash flow data
Question 8.8. (TCO 6) A company projects annual cash inflows of $90,000 each year for the next 5 years if it invests $450,000 in new equipment. The equipment has a 5-year life and an estimated salvage value of $150,000. What is the accounting rate of return on this investment? (Points : 5) 6.7% 13.3% 20% 33.3%
Question 9.9. (TCO 6) Bradshaw Inc. is contemplating a capital investment of $85,000. The cash inflows over the project’s 4 years are as follows.
Year
Expected Cash Inflow
1
$18,000
2
$25,000
3
$35,000
4
$20,000
The payback period is _____. (Points : 5) 2.17 years 3.35 years 2.30 years 3.47 years
Question 10.10. (TCO 6) Hyde Inc. is comparing several alternative capital budgeting projects as shown below.
Projects
A
B
C
Initial Investment
$110,000
$90,000
$50,000
Present value of cash inflows
$100,000
$100,000
$60,000
Using the profitability index, rank the projects, starting with the most attractive. (Points : 5) A, C, B A, B, C C, A, B C, B, A
Question 11.11. (TCO 6) A company has a minimum required rate of return of 10%. It is considering investing in a project that costs $210,000 and is expected to generate cash inflows of $85,000 at the end of each year for 4 years. The approximate net present value of this project is _____. (Points : 5) $59,442 $1,387 $65,375 $5,161
Question 12.12. (TCO 7) Which one of the following is not needed in preparing a production budget? (Points : 5) Budgeted unit sales Budgeted raw materials Beginning finished goods units Ending finished goods units
Question 13.13. (TCO 7) If the required materials to be purchased are 18,000 pounds, the production needs are three times the direct materials purchases, and the beginning direct materials are three and a half times the direct materials purchases, what are the desired ending direct materials in pounds? (Points : 5) 45,000 9,000 27,000 18,000
Question 14.14. (TCO 8) A variance that results from expected economic conditions that do not materialize is called what? (Points : 5) Sales variance Planning variance Economic variance Material variance
Question 15.15. (TCO 9) A static budget is appropriate in evaluating a manager’s performance if _____. (Points : 5) actual activity closely approximates the master budget activity actual activity is less than the master budget activity the company prepares reports on an annual basis the company is a not-for-profit organization
Question 16.16. (TCO 9) If the activity level increases 10%, total variable costs will _____. (Points : 5) remain the same increase by more than 10% decrease by less than 10% increase 10%
Question 17.17. (TCO 9) Using the high-low method, what is the fixed cost for the following information?
Month
Miles
Total Cost
January
80,000
$96,000
February
50,000
$80,000
March
70,000
$94,000
April
90,000
$130,000
(Points : 5) $17,500 $36,000 $14,000 $50,000
Question 18.18. (TCO 10) What do you call a budget report that is prepared to report on unusual events that require immediate attention? (Points : 5) Advance report Special report Unique report Progress report
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MACROECONOMICS
JUNE 1, 2015 ADMIN
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. (TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets.
(a.) (15 points) You know from data collected on the Widget Market that market demand has recently increased and market supply has recently decreased. As manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility?
Remember that supply and demand are about the market supply and market demand, which is bigger than your own company. You are being given data on supply and demand for the whole market and are being asked what effect that has on you as a small part of that market.
(b.) (15 points) Now, suppose that following the supply and demand changes in (a), a substitute good goes up in price, and your costs of production decrease. What new decisions will you make regarding production levels and pricing for your Widget facility? (Points : 30)
Question 2. 2. (TCO B) The supply and demand schedules for tickets to basketball games in town of Oakwood are given in the table below.
Price Quantity Demanded
Quantity Supplied
$6
5,000
2,000
7
4,000
2,000
8
3,000
2,000
9
2,000
2,000
10
1,000
2,000
The stadium owners need to find the optimum price for the games.
What are the coefficients of elasticity of supply and demand if the price is raised from $6 to $8? (8 points) Characterize the demand and supply for tickets based on the calculated elasticies. (4 points) What is the optimum price that the stadium owners can set for the tickets? (4 points) Why is the selected price for the tickets better than other prices given in the table above? (4 points) (Points : 30)
Question 3. 3. (TCO C) You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below.
Total Total Workers Labor Cost Output Revenue 1 $300 50 $350 2 600 140 675 3 900 220 1120 4 1200 270 1570 5 1500 300 1865 6 1800 315 2070 7 2100 320 2170
(a.) (6 points) What is the marginal product of the second worker?
(b.) (6 points) What is the marginal revenue product of the fourth worker?
(c.) (6 points) What is the marginal cost of the first worker?
(d.) (12 points) Based on your knowledge of marginal analysis, how many workers should you hire? Explain you answer. (Points : 30)
Question 4. 4. (TCO C) John operates a small business out of his home and has very little in terms of fixed costs. Answer the next questions (Parts A and B) on the basis of the following cost data for John’s firm operating in pure competition:
OUTPUT —— TFC ———- TVC 0 $30.00 0.00 1 30.00 70.00 2 30.00 120.00 3 30.00 150.00 4 30.00 200.00 5 30.00 270.00 6 30.00 360.00
(a.) (15 points) Refer to the above data. If the product price is $60, at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
(b.) (15 points) Refer to the above data. If the product price is $55 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations. (Points : 30)
Question 5. 5. (TCO D) A software producer has fixed costs of $30,000 per month and her Total Variable Costs (TVC) as a function of output Q are given below:
Q TVC Price 3,000 $ 5,000 $5 13,000 25,000 4 23,000 50,000 3 33,000 80,000 2 43,000 120,000 1 (a.) (15 points) If software can only be produced in the quantities above, what should be the production level if the producer operates in a monopolistic competitive market where the price of software at each possible quantity is also listed above? Why? (Show all work.)
(b.) (15 points) What should be the production level if fixed costs rose to $50,000 per month? Explain.
(Points : 30)
Question 6. 6. (TCO F)
(a.) (20 points) Suppose nominal GDP in 1999 was $200 billion, and in 2001, it was $270 billion. The general price index in 1999 was 100 and in 2001 it was 150. Between 1999 and 2001, the real GDP rose by what percent?
(b.) Use the following scenario to answer questions (b1) and (b2). In a given year in the United States, the total number of residents is 270 million, the number of residents under the age of 16 is 38 million, the number of institutionalized adults is 15 million, the number of adults who are not looking for work is 17 million, and the number of unemployed is 10 million.
(b1.) (5 points) Refer to the data in the above scenario. What is the size of the labor force in the United States for the given year?
(b2.) (5 points) Refer to the data in the above scenario. What is the unemployment rate in the United States for the given year? (Points : 30)
Question 7. 7. (TCO G and H)
(a.) (15 points) What are the arguments for and against the use of fiscal policy to fight inflation, lower unemployment, and raise GDP (Keynesian and Monetarist)?
(b.) (10 points) Any change in the economy’s total expenditures would be expected to translate into a change in GDP that was larger than the initial change in spending. This phenomenon is known as the multiplier effect. Explain how the multiplier effect works.
(c.) (15 points) You are told that 80 cents out of every extra dollar pumped into the economy goes toward consumption (as opposed to saving). Estimate the GDP impact of a positive change in government spending that equals $10 billion. (Points : 40)
Question 8. 8. (TCO G)
(a.) Reserve requirement for banks is set at 5%. Your firm deposits its profits of $28,000 into the Third National Bank.
(10 points) How much excess reserve does your deposit generate for the bank?
(10 points) What is the maximum amount of new money that can be created in the banking system as a result of this deposit? Show all work.
(b.) (10 points) What is the Federal Funds Rate in the banking system?
(10 points) Explain how the Fed manipulates this rate in order to achieve macroeconomic objectives. (Points : 40)
Question 9. 9. (TCO E and I) Let the exchange rate be defined as the number of dollars per Japanese yen. Assume that there is a decrease in U.S. interest rates relative to that of Japan.
(a.) (10 points) Would this event cause the demand for the dollar to increase or decrease relative to the demand for the yen? Why?
(b.) (10 points) Has the dollar appreciated or depreciated in value relative to the yen?
(c.) (10 points) Does this change in the value of the dollar make imports cheaper or more expensive for Americans? Are American exports cheaper or more expensive for importers of U.S. goods in Japan? Illustrate by showing the price of a U.S. e-reader in Japan before and after the change in the exchange rate.
(d.) (10 points) If you had a business exporting goods to Japan, and U.S. interest rates fell as they have in this example, would you plan to expand production or cut back? Why? (Points : 40)
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