Use the following abbreviations to indicate the journal in which you would record transactions a through n. J = General journal S = Sales journal CR= Cash receipts journal P = Purchases journal CP = Cash payments journal

Transactions: ___ a. Cash purchase of merchandise inventory ___b. Collection of dividend revenue earned on an investment ___ c. Prepayment of insurance ___ d. Borrowing money on a long-term note payable ___ e. Purchase of equipment on account __ f. Cost of goods sold along with a credit sale ___ g. Cash sale of merchandise inventory ___ h. Payment of rent

Instead of buying a new automobile, some people like to lease their new cars. A lease is like a long-term rental. The lease agreement has many stipulations in it about allowable mileage, origination fees, early termination, gap insurance, and excess wear and tear. Go online and do research about the details of leasing a car. Find approximate costs for different models. Learn the advantages and disadvantages of leasing. Interview a relative, friend, or neighbor who leased their car and ask them about the leasing experience. Include your findings on a poster or in a slide show.

A study of driving costs based on 2012 medium-sized sedans found that the average cost (car payments, gas, insurance, upkeep, and depreciation) in cents per mile is approximately $C(x)=\frac{1910.5}{x^{1.72}}+42.9 \ (5 \leq x \leq 20)$ where x (in thousands) denotes the number of miles the car is driven each year. Show that the graph of C is concave upward on the interval (5, 20). What does your result tell you about the average cost of driving a 2012 medium-sized sedan in terms of the number of miles driven?

Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that would result, after all closing journal entries were made and posted:

$$\begin{array}{c} \textbf{Adjusted Trial Balance} \end{array}$$

$$\begin{array}{lcc} &\textbf{Debit}&\textbf{Credit}\\[5pt] \text{Cash}&\text{\$\hspace{5pt}22,900}\\ \text{Prepaid Insurance}&\text{\hspace{15pt}4,000}\\ \text{Fixed Assets}&\text{\hspace{10pt}44,000}\\ \text{Notes Payable}&&\text{\$\hspace{5pt}40,000}\\ \text{Common Stock}&&\text{\hspace{10pt}25,000}\\ \text{Retained Earnings}&&\text{\hspace{10pt}48,350}\\ \text{Dividends}&\text{\hspace{10pt}22,000}\\ \text{Sales Revenue}&&\text{\hspace{5pt}150,000}\\ \text{Automobile Expense}&\text{\hspace{10pt}26,500}\\ \text{Insurance Expense}&\text{\hspace{10pt}20,000}\\ \text{Salaries Expense}&\text{\hspace{5pt}122,500}\\ \text{Supplies Expense}&\underline{\text{\hspace{15pt}1,450}}&\underline{\text{\hspace{39pt}}}\\ &\underline{\underline{\text{\$\hspace{1pt}263,350}}}&\underline{\underline{\text{\$\hspace{1pt}263,350}}}\\ \end{array}$$

Janice Wong receives an annual salary of $42,536, which is paid weekly. Her normal work week is 40 hours, and she is paid time and a half for all overtime. She is single and claims two withholding allowances. Her deductions include FICA, Medicare, federal withholding, state disability insurance, state withholding at 4.4%, credit union payments of$125, retirement deductions of $75, association dues of$12, and a Diabetes Association contribution of $25. Find the federal withholding using the percentage method for a week in which she works 52 hours.

From the following Company R adjusted trial balance, prepare the following:

B. Retained Earnings Statement

$$\begin{array}{c} \textbf{Adjusted Trial Balance} \end{array}$$

$$\begin{array}{lcc} &\textbf{Debit}&\textbf{Credit}\\[5pt] \text{Cash}&\text{\$\hspace{5pt}44,000}\\ \text{Accounts Receivable}&\text{\hspace{10pt}13,800}\\ \text{Prepaid Insurance}&\text{\hspace{15pt}6,400}\\ \text{Land}&\text{\hspace{10pt}16,000}\\ \text{Accounts Payable}&&\text{\$\hspace{5pt}14,900}\\ \text{Salaries Payable}&&\text{\hspace{15pt}4,500}\\ \text{Common Stock}&&\text{\hspace{10pt}31,000}\\ \text{Retained Earnings}&&\text{\hspace{10pt}10,200}\\ \text{Dividends}&\text{\hspace{10pt}12,000}\\ \text{Service Revenue}&&\text{\hspace{10pt}86,000}\\ \text{Insurance Expense}&\text{\hspace{15pt}7,600}\\ \text{Salaries Expense}&\text{\hspace{10pt}32,000}\\ \text{Miscellaneous Expense}&\underline{\text{\hspace{10pt}14,800}}&\underline{\text{\hspace{39pt}}}\\ &\underline{\underline{\text{\$\hspace{1pt}146,600}}}&\underline{\underline{\text{\$\hspace{1pt}146,600}}}\\ \end{array}$$

From the following Company T adjusted trial balance, prepare the following:

E. Post-Closing Trial Balance

$$\begin{array}{c} \textbf{Adjusted Trial Balance} \end{array}$$

$$\begin{array}{lcc} &\textbf{Debit}&\textbf{Credit}\\[5pt] \text{Cash}&\text{\$\hspace{5pt}24,000}\\ \text{Accounts Receivable}&\text{\hspace{10pt}14,900}\\ \text{Prepaid Insurance}&\text{\hspace{15pt}5,300}\\ \text{Land}&\text{\hspace{10pt}13,500}\\ \text{Accounts Payable}&&\text{\$\hspace{5pt}12,400}\\ \text{Salaries Payable}&&\text{\hspace{15pt}1,500}\\ \text{Common Stock}&&\text{\hspace{10pt}34,000}\\ \text{Retained Earnings}&&\text{\hspace{10pt}10,200}\\ \text{Dividends}&\text{\hspace{15pt}5,000}\\ \text{Service Revenue}&&\text{\hspace{10pt}56,300}\\ \text{Insurance Expense}&\text{\hspace{15pt}7,900}\\ \text{Salaries Expense}&\text{\hspace{10pt}39,000}\\ \text{Miscellaneous Expense}&\underline{\text{\hspace{15pt}4,800}}&\underline{\text{\hspace{39pt}}}\\ &\underline{\underline{\text{\$\hspace{1pt}114,400}}}&\underline{\underline{\text{\$\hspace{1pt}114,400}}}\\ \end{array}$$

From the following Company T adjusted trial balance, prepare the following:

D. Closing journal entries

$$\begin{array}{c} \textbf{Adjusted Trial Balance} \end{array}$$

$$\begin{array}{lcc} &\textbf{Debit}&\textbf{Credit}\\[5pt] \text{Cash}&\text{\$\hspace{5pt}24,000}\\ \text{Accounts Receivable}&\text{\hspace{10pt}14,900}\\ \text{Prepaid Insurance}&\text{\hspace{15pt}5,300}\\ \text{Land}&\text{\hspace{10pt}13,500}\\ \text{Accounts Payable}&&\text{\$\hspace{5pt}12,400}\\ \text{Salaries Payable}&&\text{\hspace{15pt}1,500}\\ \text{Common Stock}&&\text{\hspace{10pt}34,000}\\ \text{Retained Earnings}&&\text{\hspace{10pt}10,200}\\ \text{Dividends}&\text{\hspace{15pt}5,000}\\ \text{Service Revenue}&&\text{\hspace{10pt}56,300}\\ \text{Insurance Expense}&\text{\hspace{15pt}7,900}\\ \text{Salaries Expense}&\text{\hspace{10pt}39,000}\\ \text{Miscellaneous Expense}&\underline{\text{\hspace{15pt}4,800}}&\underline{\text{\hspace{39pt}}}\\ &\underline{\underline{\text{\$\hspace{1pt}114,400}}}&\underline{\underline{\text{\$\hspace{1pt}114,400}}}\\ \end{array}$$

Use the table to answer the question.

$$\scriptstyle\begin{array}{c}\\ \text{Annual Premium per \$1,000}\\ \begin{array}{|c|c|c|} \hline \text { Age } & \text { Male } & \text { Female } \\ \hline 18-30 & \$ 2.47 & \$ 2.13 \\ \hline 35 & \$ 2.70 & \$ 2.29 \\ \hline 40 & \$ 3.27 & \$ 2.67 \\ \hline \end{array} \end{array}$$

Jean Hernandez is a 20-year-old female who has a $75,000 life insurance policy. What is her annual premium? A.$200.25 B. $245.25 C.$185.25 D. $159.75

From the following Company R adjusted trial balance, prepare the following:

E. Post-Closing Trial Balance

$$\begin{array}{c} \textbf{Adjusted Trial Balance} \end{array}$$

$$\begin{array}{lcc} &\textbf{Debit}&\textbf{Credit}\\[5pt] \text{Cash}&\text{\$\hspace{5pt}44,000}\\ \text{Accounts Receivable}&\text{\hspace{10pt}13,800}\\ \text{Prepaid Insurance}&\text{\hspace{15pt}6,400}\\ \text{Land}&\text{\hspace{10pt}16,000}\\ \text{Accounts Payable}&&\text{\$\hspace{5pt}14,900}\\ \text{Salaries Payable}&&\text{\hspace{15pt}4,500}\\ \text{Common Stock}&&\text{\hspace{10pt}31,000}\\ \text{Retained Earnings}&&\text{\hspace{10pt}10,200}\\ \text{Dividends}&\text{\hspace{10pt}12,000}\\ \text{Service Revenue}&&\text{\hspace{10pt}86,000}\\ \text{Insurance Expense}&\text{\hspace{15pt}7,600}\\ \text{Salaries Expense}&\text{\hspace{10pt}32,000}\\ \text{Miscellaneous Expense}&\underline{\text{\hspace{10pt}14,800}}&\underline{\text{\hspace{39pt}}}\\ &\underline{\underline{\text{\$\hspace{1pt}146,600}}}&\underline{\underline{\text{\$\hspace{1pt}146,600}}}\\ \end{array}$$

The following revenue and expense account balances were taken from the ledger of Wholistic Health Services Co. after the accounts had been adjusted on February 28, 2019, the end of the fiscal year:

$$\begin{array}{lrlr}\text { Depreciation Expense } & \$ 7,500 & \text { Service Revenue } & \$ 448,400 \\ \text { Insurance Expense } & 3,000 & \text { Supplies Expense } & 2,750 \\ \text { Miscellaneous Expense } & 8,150 & \text { Utilities Expense } & 33,900 \\ \text { Rent Expense } & 54,000 & \text { Wages Expense } & 360,000\end{array}$$

Prepare an income statement.

Imagine you are a provider of portfolio insurance. You are establishing a four-year program. The portfolio you manage is currently worth $100 million, and you promise to provide a minimum return of 0%. The equity portfolio has a standard deviation of 25% per year, and T-bills pay 5% per year. Assume for simplicity that the portfolio pays no dividends (or that all dividends are reinvested). a. What fraction of the portfolio should be placed in bills? What fraction in equity? b. What should the manager do if the stock portfolio falls by 3% on the first day of trading?

$$\begin{matrix} \text{Estimated uncollectible accounts based} & \text{}\\ \text{on aging accounts receivable} & \text{\$ 3,796.00}\\ \text{Accrued interest income} & \text{80.00}\\ \text{Merchandise inventory} & \text{98,996.13}\\ \text{Supplies inventory} & \text{401.25}\\ \text{Jalue of prepaid insurance} & \text{600.00}\\ \text{Annual depreciation expense- equipment} & \text{7,345.00}\\ \text{Accrued interest expense} & \text{150.00}\\ \text{Prepaid rent income earned} & \text{2,000.00}\\ \end{matrix}$$

Journalize the income tax adjustment and post it to the T accounts.

The mishandling of a shipping container loaded with 750 cases of wine caused some of the bottles to break. An insurance adjuster proposed to settle the claim at $20.8 \%$ of the value of the shipment. based on a random 250-bottle sample in which 52 were cracked or broken. Calculate

(a) the relative standard deviation of the adjuster's evaluation.

(b) the absolute standard deviation for the 750 cases (12 bottles per case).

(c) the $90 \%$ confidence interval for the total number of bottles,

(d) the size of a random sampling needed for a relative standard deviation of $5.0 \%$, assuming a breakage rate of about $21 \%$.