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Note: Methods of computation could include the usage of Excel® or by hand computation.
Your work should include your calculation steps, calculation equations, and all of the intermediate results. You should submit your solution file to the Individual Forum that has been assigned to you.
1. A certain airplane has two independent alternators to provide electrical power.The probability that a given alternator will fail on a 1-hour flight is .02. What is the probability that (a) both will fail? (b) Neither will fail? (c) One or the other will fail? Show all steps carefully.
2.The probability is 1 in 4,000,000 that a single auto trip in the United States will result in a fatality. Over a lifetime, an average U.S. driver takes 50,000 trips. a) What is the probability of a fatal accident over a lifetime? Explain your reasoning carefully.: Assume independent events. Why might the assumption of independence be violated? (b) Why might a driver be tempted not to use a seat belt "just on this trip"? hide problem.
Distinguish between current and accumulated earnings and profits. Why is it important to make this distinction?
Answer the following questions based on Scottsdale, AZ CAFR year ending June 30, 2012.
Calculate the marginal tax rate and the effective tax rate for each of the C corporations. Explain why the marginal tax rate for a C corporation can exceed 35%, but the effective tax rate cannot.
Prepare example journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods.
What is the distinctive difference between the United States focus on promulgating and implementing accounting principles and that of other countries?
Fill in each of the blanks below with one of these: larger, smaller, unchanged, or insufficient (information given to answer question). Several years after the switch from FIFO to LIFO:
Taylor Flowers' bank statement shows a balance of $135.42 and a service charge of $8.00. The account register shows deposits of $112.88 and $235.45 that do not appear on the statement.
In the past, TTTH Inc. allocated indirect manufacturing costs based on direct labor hours. Recently, management has decided to pilot a system of time-driven activity-based costing (TDABC) to allocate these costs. Determine the indirect labor suppor..
Prepare a memorandum - Does Cost of Goods Sold decrease or increase when concluding a favorable variance? Does gross margin increase or decrease when a favorable variance is closed to Cost of Goods Sold? Describe.
Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar.)The December 31, 2010 balance sheet of Wolfe Co. included the following items: 7.5% bonds payable due December 31, 2018 $1,200,000
Discuss the relevance of budgeting as it relates to the accounting profession in general. Relate lessons learned from a self-selected reading or from something you learned while working on your accounting profession in general.
Boulter, Inc. began business on January 1, 2006. At the end of December 2006, Boulter had the following investments in equity securities:
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