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Lane Stevens is to retire from the partnership of Stevens and Associates as of March 31, the end of the current fiscal year. After closing the accounts, the capital balances of the partners are as follows: Lane Stevens, $150,000; Cherrie Ford,$70,000; and LaMarcus Rollins, $60,000. They have shared net income and net losses in the ratio of 3:2:2. The partners agree that the merchandise inventory should be increased by$22,300 and the allowance for doubtful accounts should be increased by $1,300. Stevens agrees to accept a note for$100,000 in partial settlement of his ownership equity. The remainder of his claim is to be paid in cash. Ford and Rollins are to share equally in the net income or net loss of the new partnership.
Journalize the entries to record (a) the adjustment of the assets to bring them into agreement with current market prices and (b) the withdrawal of Stevens from the partnership.
Factors in Choosing an Airline. Although airline schedules and cost are important factors for business travelers when choosing an airline carrier, a USA Today survey found that business travelers list an airline's frequent flyer program as the most important factor. From a sample of business travelers who responded to the survey, 618 listed a frequent flyer program as the most important factor.
c. How large a sample would be required to report the margin of error of at confidence? Would you recommend that USA Today attempt to provide this degree of precision? Why or why not?
Josh and Mike met each other as roommates during freshman year at MacAlister College in St. Paul, Minnesota. Despite a rocky start they became best friends. They are planning on going on a two-week adventure together to celebrate their graduation in June. Josh has never been to Europe and wants to visit France or Spain. Mike spent a semester abroad in Aarhus, Denmark, and traveled extensively in northern Europe. Even though he never went to France or Spain, Mike wants to go to someplace more exotic like South Africa or Vietnam. For the past week they have been arguing back and forth over where they should go. Josh argues that it will cost too much to fly to South Africa or Vietnam, while Mike counters that it will be much cheaper to travel in Vietnam or South Africa once they are there. Each of them agreed that they can spend no more than each on the trip and could be gone for only two weeks. One evening when they were arguing with each other over beers with friends, Sara said, "Why don't you use what you learned in your project management class to decide what to do?" Josh and Mike looked at each other and agreed that made perfect sense.
Assume you are either Mike or Josh; how would you go about making a decision using project management methodology?
Looking first at only cost, what decision would you make?
After cost, what other factors should be considered before making a decision