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3 years ago

5

The gross weekly sales at a certain restaurant is a normal random variable with mean $2200 and standard deviation $230. What is

the probability that (a) the total gross sales over the next 2 weeks exceeds $5000; (b) weekly sales exceed $2000 in at least 2 of the next 3 weeks?

1 answer:

Katyanochek1 [597]3 years ago

7 0

Answer:

a. 0.0326

b. 0.9034

Explanation:

Please see attachment.

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Journalize all transactions for Jo Jo Music. Round all amounts to the nearest dollar. (For notes stated in days, use a 360-day y

DIA [1.3K]

Answer: Please refer to Explanation

Explanation:

The following is a compound journal. I shall record the accounts that need to be debited first and then the account to be credited.

Dec 6

DR Notes Receivable - Concord Sounds $9,000

CR Accounts Receivable - Concord Sounds $9,000

(To record note received as settlement)

Dec 31

DR Interest Receivable (9,000 * 12% * ((25 days since Dec 6)/360) $ 75

CR Interest Revenue $75

(To record accrued interest)

Dec 31

DR Interest Revenue $75

CR Cash $75

(To record closing entry on interest revenue)

Mar 6

DR Cash $9,270

CR Notes Receivable - Concord Sounds $9,000

CR Interest Receivable $75

CR Interest Revenue (9,000 * 12% * 65/360) $195

(To record Collected note)

Jun 30

DR Notes Receivable - Main Street Music $11,000

CR Cash $11,000

(To record Note Received)

Oct 2

DR Notes Receivable - Salem Sounds $9,000

CR Sales Revenue - Salem Sounds $9,000

(To record Note Received)

Dec 1

DR Accounts receivable - Salem Sounds $9,180

CR Notes Receivable $9,000

CR Interest Receivable (9,000 * 12% * 60/360) $180

Dec 1

DR Allowance for Bad Debt $9,180

CR Accounts Receivable - Salem Sounds $9,180

(To record receivable written off)

Dec 30

DR Cash $11,660

CR Notes Receivable - Main street Music $11,000

CR Interest Revenue (11,000* 12% * ( 6 months / 12) ) $660

(To record collection of Note - MS)

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3 years ago

Optimus Company manufactures a variety of tools and industrial equipment. The company operates through three divisions. Each div

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Answer:

OPTIMUS COMPANY

Home Division Responsibility Report For the Year Ended December 31, 2020

The report is attached in form of a variance report with comments. Where the variance is not indicated, it means that it was neither favorable nor unfavorable.

Explanation:

A responsibility report is usually presented by a division that is an investment center. An investment center has responsibility for return on investments.

The investment center takes charge of the cost, revenue, profit, and investments of the division. It is expected to produce returns on its investment that will be favorable to the shareholders of the company. It is directly responsible for profitability of the division vis-a-vis the capital investments made in the center. It is unlike other divisions like cost center, revenue center, and profit center, which narrowly report their performances in accordance with their responsibilities.

This is why it does not only report on the cost, but also the revenue, the profit and the returns on investment achieved during a period. An investment center is, therefore, the largest division of an entity.

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3 years ago

a personal account earmarked as a retirement supplement contains $292,200. suppose $250,000 is used to establish an annuity that

Hoochie [10]

Suppose $250,000 is used to establish an annuity that earns 6%, compounded quarterly, and pays $6000 at the end of each quarter. It will take about 120 quarters until the account balance reaches $0.

Amount invested (Present value) = $250000

Quarterly payment (At the end of each quarter) (P) = $4500

Interest Rate (Quarterly) (r) = 6% /4

= 1.5% = 0.015

A number of quarters (n) = ?

Future value at the end = 0

Present value of Annuity formula:

Present value = P × $(1-(1+r))^{(-n)} / r$

250000 = 4500 × $(1-((1+0.015))^{(-n)} / 0.015$

250000 = 300000 × $(1-((1+0.015)}}^{(-n)}$

250000 / 300000 = $1-(1+0.015)^{(-n)}$

0.83333 = $1-(1.015)^{(-n)$

n = 120

Hence is shall take 120 Quarters until the account balance is $0.

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1 year ago

For each of the following transactions, determine if Raymond Corporation has earned revenue during the month of May and, if so,

kompoz [17]

Answer:In the month of May, Revenue was only earned from Customer C $3,400 and customer D, $2,300. Revenue was not earned from Customers A and B in the month of May. Therefore, total revenue is $5,700.

Explanation:In accordance with the principle of revenue recognition,Revenue will only be recognised when it is earned and services when they are fully rendered. For Customer A, the service has not been rendered, Therefore, the revenue is not yet earned.

For customer B, Although agreement has been reached and goods delivered, since payment hasn't been received, revenue is not recognised.

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3 years ago

Research and then discuss the two types of equity found on the balance sheet that contribute to total stockholder’s equity for t

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The equity on the balance sheet that contribute to total stockholder’s equity for the corporation are:

stockholders' equity
owner's equity

<h3>What is a total stockholder’s equity?</h3>

The total stockholders' equity means the total value of assets that remains in a business after all the total liabilities have been settled.

However, the stockholders' equity is the most important for rewarding stockholder investment because it is the basis at which a dividend for the stockholder will be calculated.

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2 years ago