Consider

P For each of the following situations, define an appropriate random variable and

state whether it is continuous or discrete.

(a) An environmental engineer is looking at 10 field plots to determine whether

they contain a certain type of insect.

(b) A quality-control technician samples a continuously produced fabric in

square-yard sections and counts the number of defects she observes for each

sampled section.

(c) A metallurgist counts the number of grains seen in a cross-sectional sample

of aluminum.

(d) The metallurgist of part (c) measures the area proportion covered by grains

of a certain size rather than simply counting them.

4.2P The effectiveness of solar-energy heating units depends on the amount of

radiation available from the sun. For a typical October, daily total solar radiation in

Tampa, Florida, approximately follows the probability density function given below

(units are hundreds of calories):

?(y) = {

3

32

(y ? 3)(7 ? y)

0

3?y?7

elsewhere

(a) Find the probability that solar radiation will exceed 300 calories on a typical

October day.

(b) What amount of solar radiation is exceeded on exactly 50% of the October

days, according to this model?

AutoSave . OFF COMPREHNSIVE PROBLEM PART 2 SOLUTION-2 Q Q v Home Insert Draw Page Layout Formulas Data Review View Developer Share Comments Calibri (Body) AA General Conditional Formatting v Insert v v Format as Table v Delete v Paste BIUY A % 9 Sort & Find & Ideas Sensitivity Cell Styles v Format v X Filter Select Clipboard Font Alignment Number Styles Cells Editing Ideas Sensitivity B2 X V fx G H 1 J K L M N O P Q R S T U V W X Z AA 2. T-accounts 3. Trial Balance ID:2134 Cash Accounts Receivable Prepaid Insurance Inventory $1,067,000 $10,000 $24,000 $10,000 ABC, Inc. $206,700 Trial Balance $25,608 As of June 30 20XX $320,100 $10,000 $24,000 $10,000 $24,000 Debit Credit $20,000 Cash 914,692 $1,500 Building Equipment Land Accounts Receivable 10,000 $2,000 $320,100 $106,700 $25,608 Prepaid Insurance 24,000 $500 Inventory 10,000 $1,800 Building 320,100 $4,000 $320,100 $106,700 $25,608 Equipment 106,700 $500 Land 25,608 Accounts Payable Advance Deposits Note Payable Accounts Payable S 116,700 $106,700 $500 $206,700! Advance Deposits 500 $10,000 Note Payable 206,700 $914,692 Common Stock 1,067,000 $116,700 $500 $206,700 500 NNEBE Service Revenue 20,000 Common Stock Dividends Service Revenue Consulting Revenue Consulting Revenue 10,000 $1,067,000 $500 $20,000 $10,000 Advertising Expense 1,500 Utilities Expense 2,000 R & M Expense 1,800 $1,067,000 $500 $20,000 $10,000 Wages Expense 4,000 Total $ 1,420,900 1,420,900 Advertising Expense Utilities Expense R & M Expense Wages Expense $1,500 $2,000 51,80 $4,000 31 32 $1,500 $2,000 $1,800 $4,000 33 34 35 36 Part 1 Part 2 + + 100%Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Project 2 Excel Template.xlsx". Use the following accounts as appropriate: Cash, Accounts Required: #2. receivable, Allowance for uncollectible accounts, Inventory, Notes receivables, Interest receivables, Equipment, Accumulated depreciation, Accounts payable, Common stock, Retained earnings, Sales revenue, Interest revenue, Cost of goods sold, Depreciation expense, Bad debt expense, Income tax expense. Dec. 1. Used cash to purchase equipment at a purchase price of $20,600, plus tax $300, plus shipping $700. Dec. 1. Lend $11,000 to an employee by receiving a note for six months at annual interest rate of 12% due at the maturity date. Dec. 6. Purchase 3,300 units of inventory on account at $7.5 per unit for a total cost of $24,750. Assuming the perpetual method is used, the company sold 3,200 units at $15 each on account, terms 2/10, n/30. Dec 12. Calculate the cost of goods sold using the FIFO method and record the appropriate journal entries for the sale and the cost of the sale. (Hint: Make sure to consider the beginning inventory balance from the beginning trial balance) Dec 20. Paid $23,000 to suppliers for purchases made on account in the prior month. Dec 23. Received cash of $13,500 for sales of inventory made on account on December 12. Dec 28. Write-off $2,300 of accounts receivables using the allowance method. Dec 30. Paid $3,400 for income tax for the month of December. Post all of the December transactions from the "General Journal" tab to the T-accounts under the "T-Accounts (General Required: #3. Ledger)" tab in the excel template file "Accounting Cycle project 2 Excel Template.xlsx". Make sure to include beginning balances for accounts where necessary. Required: #4. Compute the balances for each T-account after all of the entries have been posted. These are the unadjusted balance as of December 31. Required: #5. Prepare the unadjusted trial balance under the "Unadjusted Trial Balance" tab in the excel template file "Accounting Cycle project 2 Excel Template.xlsx" Provide the total of the debit column from the Unadjusted trial balance Required: #6. Record the following four transactions as adjusting entries under the "General Journal" tab Dec 31. The company estimates 20% of the ending balance of accounts receivables is not going to be collected. (Hint: Remember to consider the balance in the allowance for uncollectibe account, if any.) Dec 31. Record December's adjustment to accrue interest for the notes receivables Dec 31. The company uses the lower of cost or net realizable value method for inventory valuation. The net realizable value of the inventory is $5.5 per unit. Make the adjusting entry if necessary. Dec 31. Calculate depreciation using Straight line method. The equipment purchased has a useful life of 72 months and no residual value. Record the depreciation for the month of December. Post all of the adjusting entries to the T-accounts under the "T-Accounts (General Ledger)" tab. Compute the balance Required: #7. for each T-account after all of the adjusting entries have been posted. These are the adjusted balance as of December 31. Required: #8. Prepare the adjusted trial balance under the "Adjusted Trial Balance" tab as of December 31 in the excel template file "Accounting Cycle project 2 Excel Template.xIsx"Question 4 Goon Enterprise had the following balances on 1 February 2016: Land and building RM120,000; mortgage on premises RM100,000; office equipment RM15,000; cash at bank RM120,000 and cash on hand RM2,000. The following are the business transactions for the month of February 2016, which are to be recorded in the books of Goon Enterprise. Date Transactions Feb.4 Sold goods RM600 cash. Feb.5 Sold goods on credit to Lolo RM50,000. Feb.6 Paid sundry expenses RM140 in cash. Feb. 11 Purchase goods on credit from Orak Enterprise worth RM10,000. Received 5% trade discount Feb. 12 Sold goods on credit to Suko Enterprise RM21,000. Feb. 16 Suko Enterprise returned 10% of the goods sold to them. Feb. 18 Received a credit note from Orak Enterprise for goods returned worth RM1,000 Feb. 19 Owner took cash of RM300 for his own use. Feb.20 Paid Orak Enterprise in full settlement of the amount owing for goods purchased by cheque. Feb.22 Made cash purchases of RM20,000. Feb.23 Purchase office furniture RM50,000 from Ali Enteprise. Paid RM10,000 by cheque to Ali Enterprise as part of the settlement of the asset bought The March 2014. balance outstanding will be settled in 30 monthly instalments starting fromQuestion 10 During the accounting cycle, to complete step 7 you would: X Selected Answer: Prepare adjusted trial balance-Summarize adjusted ledger accounts and amounts. Answers: Prepare post-closing trial balance-Test clerical accuracy of the closing procedures. Prepare adjusted trial balance Summarize adjusted ledger accounts and amounts. Prepare statements-Use adjusted trial balance to prepare financial statements. Close-Journalize and post entries to close temporary accounts, Question 11 The three financial statements that should be prepared during the accounting cycle are the: X Selected Answer. Balance sheet, adjusted trial balance, income statement Answers: Balance sheet, adjusted trial balance, income statement Balance sheet, unadjusted trial balance, Statement of Owner's Equity Income statement, adjusted trial balance, Statement of Owner's Equity Balance shoot, Income statement, Statement of Owner's EquityQUESTION 12 In the accounting cycle, the last step is O a. preparing the financial statements O b. journalizing and posting the closing entries O c journalizing and posting the adjusting entries O d. preparing a post-closing trial balance QUESTION 13 If the buyer is to pay the freight costs of delivering merchandise, delivery terms are stated as O a. FOB shipping point O b. FOB n 30 O c FOB destination O d. FOB buyer QUESTION 14 Applying the lower of cost or market to each item of inventory, what should the total inventory value be for the following items? Market Inventory Cost per value Total Total Item Quantity Unit perUnit Cost Market A 300 $15.00 $14 50 $4.500 $4.350 B 200 $14.00 $15 00 $2 600 $3.000 C 100 $17.00 $17.50 $1,700 $1.750 a 59.100 O b. 59,000 O c. 59.250 O d. 58,850 QUESTION 15 The classified balance sheet will show which asset subsections? other revenues and property, plant and equipment Of bi current liabilities and short-term asicts Oric, current assets and property plant, and equipment @ d current assets and other equity