Suppose all incoming freshmen at a private college must take an entrance exam. Supposethe scores have normal distribution with a mean of U = 420 and standard deviation of σ =95. (Show your work by indicating what calculator commands and input you use to find youranswers. Round your answer to 1 decimal place.) No Work No Crédit.1. If a student scores in the bottom 8%, they must attend summer school. What would astudent have to score to avoid summer school? Sketch a corresponding normal curve inyour solution. Interpret your answer in a complete sentence.2. If a student scores in the top 4%, they get a free vacation in Hawaii. What would astudent have to score to get the vacation? Sketch a corresponding normal curve in yoursolution. Interpret your answer in a complete sentence.

let X be the number of incoming freshmen at a private college X follows the normal distribution with…

Answered: Suppose all incoming freshmen at a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Seeing your success, one of your friends, Greg Kommens, opened a cinnamon roll shop. He wants to buy one of your mixers, but he cannot afford to pay for the mixer for 30 days. Greg gave you a set of his most recent financial statements. What calculations should you make with the data from these statements, and what questions should you ask him after you have analyzed the statements? How will this information help you decide if you should extend credit to Greg?” Is there an alternative other than extending credit to Greg for 30 days?” “You are thinking seriously about being able to have your customers use credit cards. What are some of the advantages and disadvantages of letting your customers pay by credit card?” The following transactions occurred in June through August 2021. June 1 After much thought, you sell a mixer to Greg on credit, terms n/30, for $985 (cost of mixer $510). 30 Greg calls you. He is unable to pay the amount outstanding for…
Your birthday is next week and instead of other presents, your parents promised to give you $1,300 in cash. Since you have a part-time job and, thus, don't need the cash immediately, you decide to invest the money in a bank CD that pays 5.40 percent, compounded quarterly, for the next two years. How much money can you expect to earn in this period of time? (If you solve this problem with algebra round intermediate calculations to 6 decimal places, in all cases round your final answer to the nearest penny) Value of investment after 2 years $
2. For each action, write YES or NO for whether it will likely decrease your credit score: a. You request a copy of your credit report b. You open 5 new credit cards in one month c. You are 3 months late paying your student loan bill d. You lose your job, & it takes 4 months to find a new one
Directions: For each scenario, use the items in the tables to indicate whether the item will improve or decrease the individuals credit score. Then answer the question that follows. George just turned 21 and has applied for a few credit cards. Here are some details about his profileItem Improve or decrease credit scoreHe currently has 2 credit cards He got his first credit card 8 months ago He has no student loans He has applied for 4 credit cards in the last year (and had 2 applications accepted) He opened his last credit card 4 months ago All of his credit cards currently have a balance, as he has trouble paying off his card each month He has $5,000 currently outstanding on all his credit cards He missed a payment in the last three months when he forgot to notify the card company that he had recently moved out of his apartment. He was 30 days behind on making a payment. He has no cards currently past due His credit card balances of $5,000 are about 55%…
Assume that you are nearing graduation and that you have applied for a job at a local bank. As part of the bank’s evaluation (interview) process, you have been asked to take an exam that covers several financial analysis techniques. The hiring decision depends on how you would answer the following questions: Part I: TVM Analysis. The first section of the test addresses time value money analysis.John andMaryareayoungcouple, who want to put their finance in order. Boththehusbandandthe wifeare27yearsagoandinstableemployment. They want to manage their savings and earnings to achieve a better return and reduce the risks. You want to help them with their financial planning by answering a series of questions as follows: ThegreatAlbertEinsteinoncesaid“Compoundinterestistheeighthwonderofthe world. He who understands it earns it...he who doesn't...pays it.” Whatisthefuture value of an initial $500 after 30 years if it is invested in an account paying 15 percent annual interest? What is the…
Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.You are required to submit this assignment to LopesWrite. Please refer to the directions in the Student Success Center.Paul Duncan, financial manager of EduSoft Inc., is facing a dilemma. The firm was founded 5 years ago to provide educational software for the rapidly expanding primary and secondary school markets. Although EduSoft has done well, the firm's founder believes an industry shakeout is imminent. To survive, EduSoft must grab market share now, and this will require a large infusion of new capital.Because he expects earnings to continue rising sharply and looks for the stock price to follow suit, Mr. Duncan does not think it would be wise to issue new common stock at this time. On the other hand, interest rates are currently high by historical standards, and the firm's B rating means that interest payments on a new debt issue would be prohibitive.…
Needing continuing education hours to renew your CPA license, you, a sensible person, decide to combine business and pleasure. So you find a tax conference in Miami and buy a round-trip ticket for $400. The conference is Tuesday-Friday. Bright and early on Saturday morning you hop into your rental car and drive down the “Overseas Highway” to Key West, where you party and stay over. On Sunday afternoon you reluctantly return to Miami and fly home. How much, if any, of your airfare is deductible, and why?
2. Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society’s annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 196 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is four hours or more. There is a student-run inn and conference center across the street from campus that charges $101 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round-trip fare of $300. Flying would require her to rent a car for $39 per day and pay an airport parking fee of $25 for the day. The company pays a per diem of $35 for incidentals if the employee spends at least six hours out of town. (The per…
You graduated college six years ago with an undergraduate degree in Finance. Although satisfied withyour current job, your goal is to become an investment banker, and you wonder if an MBA degree wouldallow you to achieve that goal. After examining schools, you have narrowed your choice to eitherWilton University or Mount Perry College. Although internships are encouraged by both schools, to getcredit for the internship, no salary can be paid. Other than internships, neither school will allowstudents to work while enrolled on the MBA program. However, thanks to a bequest from yourgrandmother, your savings account has enough money to cover the entire cost of the MBA programYou currently work a money management firm, earning $53, 000 annually. Your salary is expected toincrease 3% per year until retirement. You expect to work for 38 more years. Your current job includesa fully paid health insurance plan. Your current average tax rate is 26%.The Ritter College of Business at Wilton…
(Comprehensive Problem) Suppose that you are in the fall of your senior year and are faced with the choice of either getting a job when you graduate or going to law school. Of course, your choice is not purely financial. However, to make an informed decision you would like to know the financial implications of the two alternatives. Let's assume that your alternatives are as follows: If you take the "get a job" route you expect to start off with a salary of $35,000 per year. There is no way to predict what will happen in the future, your best guess is that your salary will grow at 3 percent per year until you retire in 44 years. As a law student, you will be paying $30,000 per year tuition for each of the 3 years you are in graduate school. However, you can then expect a job with a starting salary of $80,000 per year. Moreover, you expect your salary to grow by 7 percent per year until you retire 38 years later. Clearly, your total expected lifetime salary will be higher if you become a…

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