Two types of tickets are to be sold for a concert. One type costs $30 per ticket and the other type costs$40 per ticket. The promoter of the concert must sell at least 15,000 tickets, including at least 8000 of the $30 tickets and at least 4000 of the$40 tickets. Moreover, the gross receipts must total at least $500,000 in order for the concert to be held. (a) Find a system of inequalities describing the different numbers of tickets that must be sold, and (b) sketch the graph of the system.

Stallworth Company uses the direct write-off method of recording uncollectible accounts expense. A general journal and cash receipts journal are provided in the Working Papers.

Instructions:

Journalize the following transactions completed during the current year. Use page 4 of a general journal and page 6 of a cash receipts journal. Source documents are abbreviated as follows: memorandum, M; receipt, R.

Transactions:

Jan. 23. Rochelle Company's legal counsel notified Stallworth of its plans to declare bankruptcy. Write off the $325.15 account balance as uncollectible. M42.

Mar. 6. Received a$168.25 check from Norris Industries in full payment of its account. Norris Industries was never notified that Stallworth previously wrote off the account as uncollectible. M62 and R432.

May 9. Based on conversations with managers at Guice Corporation, the account is expected to become uncollectible, $421.05. M73.

July 30. Received a check from Zimmer Supply as a partial payment on its account that was previously written off as uncollectible,$250.00. M85 and R503.

Julie Brown, the owner of Julie’s Party Sandwiches, has delegated management of the business to Stacie Wood, a friend. Brown drops by to meet customers and check up on cash receipts, but Wood buys the merchandise and handles cash payments. Business has been very good lately, and cash receipts have kept pace with the apparent level of sales. However, for a year or so, the amount of cash on hand has been too low. When asked about this, Wood explains that suppliers are charging more for goods than in the past. During the past year, Wood has taken two expensive vacations, and Brown wonders how Wood can aford these trips on her $52,000 annual salary and commissions.

List at least three ways Wood could be defrauding Brown of cash. In each instance, also identify how Brown can determine whether Wood’s actions are ethical. Limit your answers to the store’s cash payments. The business pays all suppliers by check (no EFTs).

Janet Black, the owner of Janet’s Catering, has delegated the management of the business to Danielle Vale, a friend. Black drops by to meet customers and check up on cash receipts, but Vale buys the merchandise and handles cash payments. Business has been very good lately, and cash receipts have kept pace with the apparent level of sales. However, for a year or so, the amount of cash on hand has been too low. When asked about this, Vale explains that suppliers are charging more for goods than in the past. During the past year, Vale has taken two expensive vacations, and Black wonders how Vale can afford these trips on her $52,000 annual salary and commissions.

List at least three ways Vale could be defrauding Black of cash. In each instance, also identify how Black can determine whether Vale’s actions are ethical. Limit your answers to the store’s cash payments. The business pays all suppliers by check (no EFTs).

Using the answer line provided, complete item below with the correct word from the box. Use each word once. A. clamor B. contract c. duplicity D. equivocal E. irresolute F. rescind G. stagnant H. uniform I. untenable J. vilify Lenore insisted that she had paid all the rent she owed, but her claim was _____. She was unable to substantiate ${ }^{\circ}$ it by producing any canceled checks or receipts.

Bjork Larsen was trying to decide whether to use a new racing wax for cross-country skis. He decided that the wax would be worth the price if he could average less than 55 seconds on a course he knew well, so he planned to study the wax by racing on the course 8 times. His 8 race times were 56.3, 65.9, 50.5, 52.4, 46.5, 57.8, 52.2, and 43.2 seconds. Should he buy the wax? Explain by using a confidence interval

J. Lo’s Clothiers has forecast credit sales for the fourth quarter of the year. Experience has shown that 30 percent of sales are collected in the month of sale, 60 percent are collected in the following month, and 10 percent are never collected. Prepare a schedule of cash receipts for J. Lo’s Clothiers covering the fourth quarter (October through December).

Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on May 31, 2017, its Cash account shows a $27,500 debit balance. The company’s May 31 bank statement shows$25,800 on deposit in the bank. Prepare a bank reconciliation for the company using the following information. a. The May 31 bank statement lists $100 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total$5,600. c. May 31 cash receipts of $6,200 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement. d. In reviewing the bank statement, a$400 check written by Smith Company was mistakenly drawn against Wright’s account. e. The bank statement shows a $600 NSF check from a customer; the company has not yet recorded this NSF check.

A series of titrations of lactic acid, $\mathrm{CH}_3 \mathrm{CH}(\mathrm{OH}) \mathrm{COOH}$ $\left(\mathrm{p} K_{\mathrm{a}}=3.86\right)$ is planned. About $1.00 \mathrm{mmol}$ of the acid will be titrated with $\mathrm{NaOH}(\mathrm{aq})$ to a final volume of about $100 \mathrm{~mL}$ at the equivalence point.
(a)To assist in locating the equivalence point in the titration, a buffer solution is to be prepared to have the same $\mathrm{pH}$ as that at the equivalence point. A few drops of the indicator in this buffer will produce the color to be matched in the titrations.

Assume that Wise Co. in the previous problem uses the periodic inventory system.

Required
1. Prepare headings for a sales journal like the one in Exhibit 7A.1. Prepare headings for a cash receipts journal like the one in Exhibit 7A.2. Journalize the April transactions shown in the previous problem that should be recorded in the sales journal and the cash receipts journal assuming the periodic inventory system is used.
2. Open the general ledger accounts with balances as shown in the previous problem (do not open a Cost of Goods Sold ledger account). Also open accounts receivable subsidiary ledger accounts for Brooke Sledd, Paul Kohr, and Amy Nilson. Under the periodic system, an Inventory account exists but is inactive until its balance is updated to the correct inventory balance at year-end. In this problem, the Inventory account remains inactive but must be included to correctly complete the trial balance.
3. Complete parts 3, 4, and 5 of the previous problem using the results of parts 1 and 2 of this problem.

Cooking Whiz manufactures premium food processors. The following are some manufacturing overhead data for Cooking Whiz for the year ended December 31, 2017:

$$\begin{matrix} \text{Manufacturing Overhead} & \text{Actual Results} & \text{Flexible Budget} & \text{Allocated Amount}\\ \text{Variable } & \text{\$ 71.808} & \text{\$ 80.640} & \text{\$ 80.640}\\ \text{Fixed } & \text{360.672} & \text{351.360} & \text{368.640}\\ \end{matrix}$$

Budgeted number of output units: 915. Planned allocation rate: 2 machine-hours per unit. Actual number of machine-hours used: 1.632. Static-budget variable manufacturing overhead costs: $76.860. Compute the following quantities (you should be able to do so in the prescribed order): 1. Budgeted number of machine-hours planned. 2. Budgeted fixed manufacturing overhead costs per machine-hour. 3. Budgeted variable manufacturing overhead costs per machine-hour. 4. Budgeted number of machine-hours allowed for actual output produced. 5. Actual number of output units. 6. Actual number of machine-hours used per output unit.

Using the current year, journalize the following transactions. Use page 10 of a general journal and page 20 of a cash receipts journal. Source documents are abbreviated as follows: check, C; receipt, R; memorandum, M. Transactions: June 8. Signed a 180-day, 8% note, for $20,000.00 with First National Bank. R361. June 12. Signed a 90-day, 6% note with Best Company for an extension of time on this account payable,$10,000.00. M165.

Four friends were comparing installment loans. They each planned to borrow $850. Adam Carter wanted to make one monthly payment of$900. Betsy Dunn preferred to make 900 monthly payments of $1 each. More realistically, Chris Evans decided to make 18 monthly payments of$50 each. Darcy Fogel chose to make 30 monthly payments of $30 each. To the nearest hundredth of a percent, find the APR for each. You can use the table or the formula for Chris and Darcy.

A cash receipts journal and a cash payments journal are provided in the Working Papers. Source documents are abbreviated as: check, C; receipt, R.

Using the current year, journalize the following transactions.