Getaway Sports is a vacation destination for the serious sports fanatic. Rajesh is in charge of equipment for the complex. The last shipment of ping-pong balls was normally distributed with a mean weight of 2.7 grams and a standard deviation of 0.1 gram. The 100-pound weights he orders from the manufacturer for the fitness center are normally distributed with mean weight 100.2 pounds and standard deviation 0.1 pound. Which distribution has the larger standard deviation?
Tammy Touchtone operates a talent agency called Touchtone Talent Agency. Some clients pay in advance for services; others are billed after services have been performed. Advance payments are credited to an account entitled Unearned Agency Fees. Adjusting entries are performed on a monthly basis. Closing entries are performed annually on December 31. An unadjusted trial balance dated December 31, 2011, follows. (Bear in mind that adjusting entries have already been made for the first 11 months of 2011, but not for December.)
- Office equipment is being depreciated over 60 months (5 years).
- At December of previously unearned agency fees had been earned.
- Accrued but unrecorded and unpaid salary expense totals at December .
- The agency pays rent quarterly (every three months). The most recent advance payment of was made November 1, 2011. The next payment of $1,800 will be made on February 1, 2012.
- Accrued but unrecorded and uncollected agency fees earned total at December .
- Office supplies on hand at December 31, 2011, total .
- On September 1, 2011, the agency purchased a six-month insurance policy for .
- On December 1,2011 , the agency borrowed by signing a three-month, 9 percent note payable. The entire amount borrowed, plus interest, is due March 1, 2012.
- Accrued income taxes payable for the entire year ending December 31 , 2011, total . The full amount is due early in 2012.
e. Assume that the agency purchased all of its office equipment when it first began business activities. For how many months has the agency been in operation?
Crabtree Co. purchased $60,000 of 6%, 15-year Thomas County bonds on June 20, 2014, directly from the county, at their face amount plus accrued interest. The bonds pay semiannual interest on May 1 and November 1. On December 1, 2014, Crabtree Co. sold$15,000 of the Thomas County bonds at 97 plus $75 accrued interest, less a$150 brokerage commission.
Provide journal entries for the following: a. The purchase of the bonds on June 20, plus 50 days of accrued interest.