QRB501 Case Study 2.2 and 2.2

21.1 Contemporary Wood Furniture Charles Royston was checking the year-end balances for his wood furniture manufacturing and retail business and was concerned about the numbers. From what he remembered, his debts and accounts receivable were higher than the previous year. Rather than get worked up over nothing, he decided he would gather the information and make a comparison. For December 31, 2011, the business had current assets of: $1,844 cash, $11,807 accounts receivable, and $9,628 inventory. Plant
and equipment totaled $158,700. Current liabilities were: accounts payable $13,446; wages payable $650; and property and taxes payable $4,124. Long-term debt totaled $92,800 and owner’s equity $70,959. By comparison, for December 31, 2010, the business had current assets of: $3,278 cash;
$6,954 accounts receivable; $17,417 inventory. Plant and equipment totaled $144,500. Current liabilities
were: accounts payable $9,250; wages payable $1,110; property and taxes payable $3,650.
Long-term debt totaled $75,800; and owner’s equity $82,339.

1. Construct a comparative balance sheet for Contemporary Wood Furniture for year- end 2010 and 2011, including a vertical and horizontal analysis of the comparative balance sheet. Express percent to the nearest tenth of a percent.
2. Calculate the current ratio and the total debt to total assets ratio for 2010 and 2011.
3. Overall, what does your analysis mean? Is Charles correct to be concerned about these numbers? Explain.

21.2 Balanced Books Bookkeeping Jessica and David are student interns at Balanced Books Bookkeeping. They have taken several business math and accounting classes and are now applying what they have learned to real-life situ- ations. They enjoy their internship, but they are sometimes surprised by the assignments they are given. Luckily, they work together, so they share the assignments and learn from each other. Their most recent assignment is to take a listing of accounts provided by one of Balanced Books’ clients and turn them into a balance sheet and income statement. David suggests that their client might ap- preciate it if they also performed a vertical analysis of each statement. Jessica suggests that they should also compute the current ratio and the acid-test ratio.

1. Create the financial statements for December 31, 2011, depict them in vertical format, and compute the current and acid test ratios. Account title Amount Account title Amount Cash $4,000 Accounts payable $3,500 Depreciation 2,000 Merchandise inventory 15,000 Carlton, equity 34,500 Accounts receivable 6,000 Cost of goods sold 85,000 Net sales 120,000 Rent expense 15,000 Insurance payable 500 Wages payable 1,500 Equipment 15,000 Utilities 6,500 Wages 8,000 Miscellaneous expenses 1,500 write a paragraph or so summarizing what you “took-away” from Case Study 21-2, p. 769. You can also include a real-world application of the tools used in each case study.

Expert Answers

Refer to the following table for Questions1, 2, and 3. Show all work. Just the answer, without supporting work, will receive no credit.

The table shows temperatures on the first 12 days of October in a small town in Maryland.

Date Temperature Date Temperature Date Temperature
Oct 1 73 Oct 5 53 Oct 9 66
Oct 2 66 Oct 6 52 Oct 10 49
Oct 3 65 Oct 7 62 Oct 11 53
Oct 4 70 Oct 8 55 Oct 12 57

1. Determine the five-number summary for this data.
2. Determine the mean temperature.
3. Determine the mode(s), if any.

 4,5,6,7) The frequency distribution below shows the distribution for checkout time (In minutes) In UMUC MiniMart between 3:00 and 4 P.M. on a Friday afternoon  

Checkout Time (in minutes) Frequency
1.0 – 1.9 6
2.0 – 2.9 7
3.0 – 3.9 2
4.0 – 4.9 3
5.0 – 5.9 2

1. What percentage of the checkout times was less than 5 minutes?
2. Calculate the mean of this frequency distribution.
3. Calculate the standard deviation of this frequency distribution.
4. Assume that the smallest observation in this dataset is 1.2 minutes. Suppose this observation were incorrectly recorded as 0.12 instead of 1.2. Will the mean increase, decrease, or remain the same? Will the median increase, decrease or remain the same?

8,9) A 6-faced die is rolled two times. Let A be the event that the outcome of the first roll is greater than
4. Let B be the event that the outcome of second roll is an odd number.

5. What is the probability that the outcome of the second roll is an odd number, given that the first roll is greater than 4?
6. Are A and B independent? Why or why not?

10, 11)
A random sample of STAT200 weekly study times in hours is as follows:

2  14  15  18  20

7. Find the standard deviation.
8. Are any of these study times considered unusual in the sense of our textbook? Explain. Does this differ with your intuition? Explain.

14, 15) A box contains 10 chips. The chips are numbered 1 through 10. Otherwise, the chips are identical. From this box, we draw one chip at random, and record its value. We then put the chip back in the box. We repeat this process two more times, making three draws in all from this box.

14. How many elements are in the sample space of this experiment?

15. What is the probability that the three numbers drawn are all multiples of 3?

16, 17) Questions 16 and 17 involve the random variable x with probability distribution given below:

x       1    2     3    4    5
P(x) 0.1 0.2 0.3 0.1 0.3

16. Determine the expected value of x.
17. Determine the standard deviation of x.

18) Mimi just started her tennis class three weeks ago. On average, she is able to return 35% of her opponent’s serves. Let random number X be the number of serves Mimi returns. As we know, the distribution of X is a binomial probability distribution. If her opponent serves 10 times, please answer the following questions:

18. What is the number of trials (n), probability of successes (p) and probability of failures (q), respectively?

19. Find the probability that she returns at least 2 of the 10 serves from her opponent .

20. Find the mean and standard deviation for the probability distribution.

Refer to the following information for Questions 21, 22, and 23. Show all work.
The heights of pecan trees are normally distributed with a mean of 10 feet and a standard deviation of 2 feet.

21. What is the probability that a randomly selected pecan is between 8 and 12 feet tall?

22. Find the 80th percentile of the pecan tree height distribution.

23. If a random sample of 25 pecan trees is selected, what is the standard deviation of the sample mean?

24. A random sample of 625 SAT scores has a mean of 1500. Assume that SAT scores have a population standard deviation of 250. Construct a 95% confidence interval estimate of the mean SAT scores. Show all work.

25. Given a sample size of 81, with sample mean 730 and sample standard deviation 90, we 
perform the following hypothesis test at the 0.05 level. H0 :µ = 750
H1 :µ < 750

(a)  Determine the test statistic. Show all work; writing the correct test statistic, without supporting work, will receive no credit.

(b)  Determine the critical value. Show all work; writing the correct critical value, without supporting work, will receive no credit.

(c)  What is your conclusion of the test? Please explain.

26. Consider the hypothesis test given by H0 :µ = 530,
H1 :µ ≠ 530.
In a random sample of 225 subjects, the sample mean is found to be x= 525. Also, the population standard deviation is a= 25.

(a)  Determine the test statistic. Show all work; writing the correct test statistic, without supporting work, will receive no credit.

(b)  Determine the P-value for this test. Show all work; writing the correct P-value, without supporting work, will receive no credit.

(c)  Is there sufficient evidence to justify the rejection of H0 at the 0.01 level? Explain.

27. A certain researcher thinks that the proportion of women who say that the earth is getting warmer is greater than the proportion of men. The research conducted a survey, and found the following result :

In a random sample of 250 women, 70% said that the earth is getting warmer.

In a random sample of 200 men, 67% said that the earth is getting warmer.

Assume we want to use a 0.05 significance level to test the claim.

(a)  Identify the null hypothesis and the alternative hypothesis.

(b)  Determine the test statistic. Show all work; writing the correct test statistic, without supporting work, will receive no credit.

(c)  Determine the critical value. Show all work; writing the correct critical value, without supporting work, will receive no credit.

(d)  Is there sufficient evidence to support the claim that the proportion of women saying the earth is getting warmer is higher than the proportion of men saying the earth is getting warmer? Justify your conclusion.

Refer to the following data for Questions 28 and 29.

x 0 -1 1 2 4
y 3 -2 4 6 8

 

28. Find an equation of the least squares regression line. Show all work; writing the correct equation, without supporting work, will receive no credit.

29. Based on the equation from # 28, what is the predicted value of if = 3? Show all work and justify your answer.

30. The UMUC Daily News reported that the color distribution for plain M&M’s was: 35% brown, 20% yellow, 20% orange, 15% green, and 10% tan. Each piece of candy in a random sample of 100 plain M&M’s was classified according to color, and the results are listed below.

Color Brown Yellow Orange Green Tan
Number 42 21 15 10 12

 

Assume we want to use a 0.1 0 significance level to test the claim that the published color distribution is correct.

(a) Identify the null hypothesis and the alternative hypothesis.

(b) Determine the test statistic. Show all work; writing the correct test statistic, without supporting work, will receive no credit.

(c) Determine the critical value. Show all work; writing the correct critical value, without supporting work, will receive no credit. 

(d) Is there sufficient evidence to support the claim that the published color distribution is correct? Justify your answer.

Case Study

• Write an imaginary case study for your hypothetical patient.(about 2 pages)
o Explain how the patient moved through the healthcare delivery system.
o With respect to the costs you calculated last week, describe how the patient will pay for the cost of treatment.
• Analyze the healthcare delivery system as illustrated in this case. What problems did you notice? Would some people find it difficult to pay for treatment? Are there areas where treatment for this illness is unavailable or unaffordable to the common person?
• Incorporate the feedback you have received from your instructor for all the tasks of the project topic you selected, including the corrective feedback or suggestions for more information.
• Ensure that your completed project meets all of the expectations of each week’s tasks.
• Combine what you have developed in Weeks 2–5 into a single 14- to 16-page Microsoft Word document, applying appropriate headings and formatting to make it one complete document, including works cited or referenced on the final page of the document. Cite all references in APA format.

Unit III Article Review

Unit III Article Review
In this unit, you learned about the doctrine of respondeat superior, which states that an employer may be held liable for
the actions of his/her employees. For this assignment, you will choose a peer-reviewed article to review regarding this
doctrine as it relates to the healthcare industry. Use the databases within the CSU Online Library, or use another
reputable source that contains peer-reviewed articles. The purpose of this assignment is for you to practice reviewing
articles that contribute to the industry. The authors of these articles are researchers and professionals who have shared or
experimented with ideas that demonstrate potential to improve the industry. As a professional in the industry, it is in your
best interest to review the literature and trends. This provides you with the opportunity to read about what was successful
and how it was accomplished. Plus, it allows you to analyze what was unsuccessful, how you can improve it or at least
how you can avoid repeating the mistakes of others. Use these skills to contribute to research papers and other scholarly
writings. If you have not already, hopefully, you will contribute to the industry by publishing an article and sharing with your
community of peers.
As you read the article you choose for this assignment, consider the following questions: How could the topic of this
article apply to your personal or professional life? How could it apply to an organization you have observed?
The article you choose must meet the following requirements:
Be peer reviewed·
Relate to the concepts within this course·
Be at least ten pages in length·
The writing you submit must meet the following requirements:
Be at least two full pages in length·
Identify the main topic/question·
Identify the author’s intended audience·
Summarize the article for page one·
Explain how the doctrine of respondeat superior was depicted in your article. Was it discussed in a positive or·
negative light?
Explain if it is logical to judge an employer for the actions of an employee? Why or Why not?·
MHA 5101, Legal Foundations of Health Care 3
Format your article review using APA style. Use your own words, and include citations and references as needed to
avoid plagiarism.
2.
Review the National Patient Safety Goals, presented at http://www.jointcommission.org/ and searching for “National Patient Safety Goals.” Do they provide the right focus for healthcare in America today? Are there any “gaps” or areas which need further attention in these goals for future years? Explain using specific example.
Your response should be at least 500 words in length. You must use at least one scholarly source other than and including your text book to complete this assignment. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. All references and citations used must be in APA style.
3.
What is the role of risk management in modern U.S. healthcare facilities? What are the pros and cons of risk management?
Your response should be at least 300 words in length. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. Any references or citations used should be in APA style.
4.
Discuss three issues addressed in the unit reading regarding medical malpractice liability in the US today. What is the best way to address these issues? Discuss a specific case for each issue to support your assertions?
Your response should be at least 300 words in length. You must use at least one scholarly source other than and including your text book to complete this assignment. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. Any references or citations used should be in APA style.