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Statistics For Business And Economics 10th Edition David R. Anderson, Dennis J. Sweeney, Thomas A. Williams - Solutions

28. The 2004 Naples, Florida, mini marathon (13.1 miles) had 1228 registrants (Naples Daily News, January 17, 2004). Competition was held in six age groups. The following data show the ages for a sample of 40 individuals who participated in the marathon.a. Show a stretched stem-and-leaf display.b.
27. Most major ski resorts offer family programs that provide ski and snowboarding instruction for children. The typical classes provide four to six hours on the snow with a certified instructor. The daily rate for a group lesson at 15 ski resorts follows (The Wall Street Journal, January 20,
26. The American Association of Individual Investors conducts an annual survey of discount brokers. The following prices charged are from a sample of 24 discount brokers (AAII Journal, January 2003). The two types of trades are a broker-assisted trade of 100 shares at $50 per share and an online
25. A psychologist developed a new test of adult intelligence. The test was administered to 20 individuals, and the following data were obtained.Construct a stem-and-leaf display for the data. 114 99 131 124 98 104 144 151 251 117 102 106 127 119 115 132 106 125 122 118 118
24. Construct a stem-and-leaf display for the following data. Use a leaf unit of 10. 1161 1206 1478 1300 1604 1725 1361 1422 1221 1378 1623 1426 1557 1730 1706 1689
23. Construct a stem-and-leaf display for the following data. 11.3 9.6 10.4 9.3 8.1. 7.7 7.5 22 55 7.5 8.3 10.5 8.4 6.3 10.0 8.8
22. Construct a stem-and-leaf display for the following data. 70 16 76 72 75 225 789 75 64 68 65 59 58 83 57 78 28 85 888 80 82 72 223
21. The Nielsen Home Technology Report provided information about home technology and its usage. The following data are the hours of personal computer usage during one week for a sample of 50 persons.Summarize the data by constructing the following:a. A frequency distribution (use a class width of
20. The top 20 concert tours and their average ticket price for shows in North America are shown here. The list is based on data provided to the trade publication Pollstar by concert promoters and venue managers (Associated Press, November 21, 2003).Summarize the data by constructing the
19. Sorting through unsolicited e-mail and spam affects the productivity of office workers. An InsightExpress survey monitored office workers to determine the unproductive time per day devoted to unsolicited e-mail and spam (USA Today, November 13, 2003). The following data show a sample of time in
18. NRF/BIG research provided results of a consumer holiday spending survey (USA Today, December 20, 2005). The following data provide the dollar amount of holiday spending for a sample of 25 consumers.a. What is the lowest holiday spending? The highest?b. Use a class width of $250 to prepare a
17. What is the typical price for a share of stock for the 30 Dow Jones Industrial Average companies?The following data show the price for a share of stock to the nearest dollar in January 2006 (The Wall Street Journal, January 16, 2006).a. Prepare a frequency distribution of the data.b. Prepare a
16. Consider the following two frequency distributions. The first frequency distribution provides an approximation of the annual adjusted gross income in the United States (Internal Revenue Service, March 2003). The second frequency distribution shows exam scores for students in a college
15. A doctor’s office staff studied the waiting times for patients who arrive at the office with a request for emergency service. The following data with waiting times in minutes were collected over a one-month period.2 5 10 12 4 4 5 17 11 8 9 8 12 21 6 8 7 13 18 3 Use classes of 0–4, 5–9,
14. Consider the following data.a. Construct a dot plot.b. Construct a frequency distribution.c. Construct a percent frequency distribution. 8.9 10.2 11.5 7.8 10.0 12.2 13.5 14.1 10.0 12.2 6.8 9.5 11.5 11.2 14.9 7.5 10.0 6.0 15.8 11.5
13. Construct a histogram and an ogive for the data in exercise 12.
12. Consider the following frequency distribution.Class Frequency 10–19 10 20–29 14 30–39 17 40–49 7 50–59 2 Construct a cumulative frequency distribution and a cumulative relative frequency distribution.
11. Consider the following data.14 21 23 21 16 19 22 25 16 16 24 24 25 19 16 19 18 19 21 12 16 17 18 23 25 20 23 16 20 19 24 26 15 22 24 20 22 24 22 20a. Develop a frequency distribution using classes of 12–14, 15–17, 18–20, 21–23, and 24–26.b. Develop a relative frequency distribution
10. Netflix, Inc., of San Jose, California, providesDVDrentals of more than 50,000 titles by mail.Customers go online to create an order list of DVDs they would like to view. Before ordering a particular DVD, the customer may view a description of the DVD and, if desired, a summary of
9. About 60% of small and medium-sized businesses are family-owned. ATEC International Inc. survey asked the chief executive officers (CEOs) of family-owned businesses how they became the CEO (The Wall Street Journal, December 16, 2003). Responses were that the CEO inherited the business, the CEO
8. Data for a sample of 55 members of the Baseball Hall of Fame in Cooperstown, New York, are shown here. Each observation indicates the primary position played by the Hall of Famers: pitcher (P), catcher (H), 1st base (1), 2nd base (2), 3rd base (3), shortstop (S), left field (L), center field
7. Leverock’s Waterfront Steakhouse in Maderia Beach, Florida, uses a questionnaire to ask customers how they rate the server, food quality, cocktails, prices, and atmosphere at the restaurant.Each characteristic is rated on a scale of outstanding (O), very good (V), good (G), average (A), and
6. The Nielsen Media Research television rating measures the percentage of television owners who are watching a particular television program. The highest-rated television program in television history was the M*A*S*H Last Episode Special shown on February 28, 1983.A 60.2 rating indicated that
5. In alphabetical order, the six most common last names in the United States are Brown, Davis, Johnson, Jones, Smith, and Williams (The World Almanac, 2006). Assume that a sample of 50 individuals with one of these last names provided the following data.Summarize the data by constructing the
4. The top four primetime television shows were CSI, ER, Everybody Loves Raymond, and Friends (Nielsen Media Research, January 11, 2004). Data indicating the preferred shows for a sample of 50 viewers follow.a. Are these data qualitative or quantitative?b. Provide frequency and percent frequency
3. A questionnaire provides 58 Yes, 42 No, and 20 no-opinion answers.a. In the construction of a pie chart, how many degrees would be in the section of the pie showing the Yes answers?b. How many degrees would be in the section of the pie showing the No answers?c. Construct a pie chart.d. Construct
2. A partial relative frequency distribution is given.Class Relative Frequency A .22 B .18 C .40 Da. What is the relative frequency of class D?b. The total sample size is 200. What is the frequency of class D?c. Show the frequency distribution.d. Show the percent frequency distribution.
1. The response to a question has three alternatives: A, B, and C. A sample of 120 responses provides 60 A, 24 B, and 36 C. Show the frequency and relative frequency distributions.
25. Table 1.8 shows a data set containing information for 25 of the shadow stocks tracked by the American Association of Individual Investors (aaii.com, February 2002). Shadow stocks are common stocks of smaller companies that are not closely followed by Wall Street analysts. The data set is also
24. Asample of midterm grades for five students showed the following results: 72, 65, 82, 90, 76. Which of the following statements are correct, and which should be challenged as being too generalized?a. The average midterm grade for the sample of five students is 77.b. The average midterm grade
23. Nielsen Media Research conducts weekly surveys of television viewing throughout the United States, publishing both rating and market share data. The Nielsen rating is the percentage of households with televisions watching a program, while the Nielsen share is the percentage of households
22. In the fall of 2003, Arnold Schwarzenegger challenged Governor Gray Davis for the governorship of California. APolicy Institute of California survey of registered voters reported Arnold Schwarzenegger in the lead with an estimated 54% of the vote (Newsweek, September 8, 2003).a. What was the
21. A seven-year medical research study reported that women whose mothers took the drug DES during pregnancy were twice as likely to develop tissue abnormalities that might lead to cancer as were women whose mothers did not take the drug.a. This study involved the comparison of two populations.
20. A survey of 131 investment managers in Barron’s Big Money poll revealed the following(Barron’s, October 28, 2002):• 43% of managers classified themselves as bullish or very bullish on the stock market.• The average expected return over the next 12 months for equities was 11.2%.• 21%
19. ABusinessWeek North American subscriber study collected data from a sample of 2861 subscribers.Fifty-nine percent of the respondents indicated an annual income of $75,000 or more, and 50% reported having an American Express credit card.a. What is the population of interest in this study?b. Is
18. Asurvey of 430 business travelers found 155 business travelers used a travel agent to make the travel arrangements (USA Today, November 20, 2003).a. Develop a descriptive statistic that can be used to estimate the percentage of all business travelers who use a travel agent to make travel
17. A manager of a large corporation recommends a $10,000 raise be given to keep a valued subordinate from moving to another company. What internal and external sources of data might be used to decide whether such a salary increase is appropriate? FIGURE 1.9 NUMBER OF NEW DRUGS APPROVED BY THE FOOD
16. The marketing group at your company developed a new diet soft drink that it claims will capture a large share of the young adult market.a. What data would you want to see before deciding to invest substantial funds in introducing the new product into the marketplace?b. How would you expect the
15. The Food and Drug Administration (FDA) reported the number of new drugs approved over an eight-year period (The Wall Street Journal, January 12, 2004). Figure 1.9 provides a bar graph summarizing the number of new drugs approved each year.a. Are the data qualitative or quantitative?b. Are the
14. CSM Worldwide forecasts global production for all automobile manufacturers. The following CSM data show the forecast of global auto production for General Motors, Ford, DaimlerChrysler, and Toyota for the years 2004 to 2007 (USA Today, December 21, 2005).Data are in millions of vehicles.a.
13. Figure 1.8 provides a bar graph summarizing the earnings for Volkswagen for the years 1997 to 2005 (BusinessWeek, December 26, 2005).a. Are the data qualitative or quantitative?b. Are the data time series or cross-sectional?c. What is the variable of interest?d. Comment on the trend in
12. The Hawaii Visitors Bureau collects data on visitors to Hawaii. The following questions were among 16 asked in a questionnaire handed out to passengers during incoming airline flights in June 2003.• This trip to Hawaii is my: 1st, 2nd, 3rd, 4th, etc.• The primary reason for this trip is:
11. State whether each of the following variables is qualitative or quantitative and indicate its measurement scale.a. Annual salesb. Soft drink size (small, medium, large)c. Employee classification (GS1 through GS18)d. Earnings per sharee. Method of payment (cash, check, credit card)
10. The Wall Street Journal subscriber survey (October 13, 2003) asked 46 questions about subscriber characteristics and interests. State whether each of the following questions provided qualitative or quantitative data and indicate the measurement scale appropriate for each.a. What is your age?b.
9. The Commerce Department reported receiving the following applications for the Malcolm Baldrige National Quality Award: 23 from large manufacturing firms, 18 from large service firms, and 30 from small businesses.a. Is type of business a qualitative or quantitative variable?b. What percentage of
8. The Gallup organization conducted a telephone survey with a randomly selected national sample of 1005 adults, 18 years and older. The survey asked the respondents, “How would you describe your own physical health at this time?” (www.gallup.com, February 7, 2002).Response categories were
7. The Ritz-Carlton Hotel used a customer opinion questionnaire to obtain performance data about its dining and entertainment services (The Ritz-Carrolton Hotel, Naples, Florida, February 2006). Customers were asked to rate six factors: Welcome, Service, Food, Menu Appeal, Atmosphere, and Overall
6. Columbia House provides CDs to its mail-order club members. A Columbia House Music Survey asked new club members to complete an 11-question survey. Some of the questions asked were:a. How many CDs have you bought in the last 12 months?b. Are you currently a member of a national mail-order book
5. Consider the data set for the sample of 10 minisystems in Table 1.7.a. How many variables are in the data set?b. Which of the variables are quantitative and which are qualitative?c. What is the average CD capacity for the sample?d. What percentage of the minisystems provides an FMtuning rating
4. All-in-one sound systems, called minisystems, typically include an AM/FM tuner, a dualcassette tape deck, and a CD changer in a book-sized box with two separate speakers. The data in Table 1.7 show the retail price, sound quality, CD capacity, FM tuning sensitivity and selectivity, and the
3. Refer to Table 1.6.a. What is the average number of rooms for the nine hotels?b. Compute the average overall score.c. What is the percentage of hotels located in England?d. What is the percentage of hotels with a room rate of $$? TABLE 1.6 RATINGS FOR NINE PLACES TO STAY IN EUROPE Room Name of
2. Condé Nast Traveler magazine conducts an annual survey of subscribers in order to determine the best places to stay throughout the world. Table 1.6 shows a sample of nine European hotels(Condé Nast Traveler, January 2000). The price of a standard double room during the hotel’s high season
1. Discuss the differences between statistics as numerical facts and statistics as a discipline or field of study.
3. Create no more than three PowerPoint slides summarizing your state’s definitions of and rules for using the following terms. Hint: Your state might not use these terms at all, or it might use a term that differs slightly; so make sure your Internet research is broad enough to find the
2. The trustee of the Thornton Trust was approached by the development director of the Orrfield Symphony Orchestra (OSO) for a gift of $1 million toward the OSO building campaign. The parties agreed that because of the size of the gift, the trust would need to obtain the funds by accumulating the
1. For three generations, the Dexter family has sent its children to Private University, preparing them for successful professional careers. The Edna Dexter Trust was established in the 1950s by LaKeisha’s late grandmother and has accumulated a sizable corpus. It makes distributions to Edna’s
31. LO.3 Determine the tax effects of the indicated losses for the Yellow Estate for both tax years. The estate holds a variety of investment assets, which it received from the decedent, Mrs. Yellow. The estate’s sole income and remainder beneficiary is Yellow, Jr. All taxpayers use a calendar
30. LO.2 Each of the following items was incurred by José, a cash basis, calendar year decedent.Under the terms of the will, Dora took immediate ownership in all of José’s assets, except the dividend-paying stocks. The estate received José’s final paycheck.Applying the rules for income and
29. LO.2, 3 The trustee of the Pieper Trust can distribute any amount of accounting income and corpus to the trust’s beneficiaries, Lydia and Kent. This year, the trust’s records reflect the following:Taxable interest income $40,000 Tax-exempt interest income 20,000 Long-term capital
28. LO.3 The Dailey Estate has $100,000 of DNI, composed of $40,000 in dividends,$20,000 in taxable interest, $15,000 in passive activity income, and $25,000 in tax-exempt interest. The entity’s two noncharitable income beneficiaries, Brenda and Del, receive cash distributions of $20,000 each.
27. LO.3 The Lane Sisters Trust is required to distribute $60,000 annually equally to its two income beneficiaries, Clare and Renee. If trust income is not sufficient to pay these amounts, the trustee can invade corpus to the extent necessary. During the current year, the trust generates only
26. LO.3 Under the terms of the Lagos Trust instrument, the trustee has discretion to distribute or accumulate income on behalf of Willie, Sylvia, and Doris in equal shares. The trustee also can invade corpus for the benefit of any of the beneficiaries to the extent of each person’s respective
25. LO.2, 3 Assume the same facts as in Problem 24, except that the trust instrument allocates the capital gain to income.a. How much income is each beneficiary entitled to receive?b. What is the trust’s DNI?c. What is the trust’s taxable income?d. How much gross income is reported by each of
24. LO.2, 3 The Ricardo Trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitled to the trust’s annual accounting income in shares of one-half each. For the current calendar year, the trust generates ordinary income of
23. LO.2 Sanchez incurred the following items: Business income Tax-exempt interest income Payment to charity from 2012 income, paid March 1, 2013 $80,000 40,000 20,000 Complete the following chart, indicating the charitable contribution deduction under the various assumptions. Assumption Sanchez is
22. LO.1, 2, 3 Complete the following chart, indicating the comparative attributes of the typical trust and estate by answering yeso or explaining the differences between the entities where appropriate. Attribute Separate income tax entity Controlling document Can have both income and remainder
21. LO.1 The Purple Trust incurred the following items this year.Taxable interest income $75,000 Tax-exempt interest income, not on private activity bonds 60,000 Tax-exempt interest income, on private activity bonds (not issued during 2009 or 2010) 25,000 Compute Purple’s tentative minimum tax
20. LO.1 Compute the Federal income tax liability for the Valerio Trust. The entity reports the following transactions for the 2012 tax year. The trustee accumulates all accounting income for the year.Operating income from a business $ 400,000 Dividend income, all from U.S. corporations 30,000
19. LO.1 Complete the following chart, indicating the comparative attributes of the typical simple trust and complex trust by answering yeso or explaining the differences between the entities where appropriate. Attribute Trust could incur its own tax liability for the year Trust generally
18. LO.4 Comment on the following items relative to tax planning strategies of a fiduciary entity.a. To reduce taxes for a typical family, should income be shifted to a trust or from a trust? Why?b. From a tax planning standpoint, who should invest in tax-exempt bonds, the trust or its
17. LO.4 For tax planning purposes, should an estate adopt a calendar or a fiscal tax year?Why?
16. LO.1, 4 The Strauss Trust must file a Form 1041 for the first time, because it has recognized about $18,000 of gross income. Corpus assets are transferred to the trust on August 30. Considering only the Federal income tax effects of the creation of Strauss:a. What tax year should the trust
15. LO.3 The Flan Trust is scheduled to terminate in two years, when Amy Flan reaches age 30. Several years ago, the trust operated a business that generated a sizable NOL carryforward that the trust has not been able to use. In addition, due to a bearish stock market, the value of the entity’s
14. LO.3 Use the following chart to indicate whether each of the indicated items is included in distributable net income (DNI)Fiduciary Entity Item Included in DNI?Taxable interest income ________________ Tax-exempt interest income ________________ Capital gain allocable to corpus ________________
13. LO.3 One of the key concepts in fiduciary income taxation is that of distributable net income (DNI). List the major functions of DNI on one PowerPoint slide, with no more than five bullets, to present to your classmates as part of the discussion of this chapter of the text. Just review the uses
12. LO.2 In 2012, the Helpful Trust agreed to make a $90,000 contribution to Local Soup Kitchen, a charitable organization. Helpful’s board agreed to the gift at a November 2012 meeting, but the check was not issued until February 20, 2013 (i.e., during the next tax year). Can the trust claim a
11. LO.2 The Sterling Trust owns a business and generated $100,000 in depreciation deductions for the tax year. Mona is one of the income beneficiaries of the entity. Given the following information, can Mona deduct any of the Sterling depreciation on her Form 1040? If so, how much is her
10. LO.2 In its first tax year, the Vasquez Estate generated $50,000 of taxable interest income and $30,000 of tax-exempt interest income. It paid fiduciary fees of $8,000. The estate is subject to a 35% marginal estate tax rate and a 40% marginal income tax rate.How should the executor assign the
9. LO.2 The Liu Trust is short of cash. It is required to distribute $100,000 to Yang every year, and that payment is due in six weeks. In its asset corpus, Liu holds a number of investments that are valued at $100,000. One of them is a plot of land with a tax basis to the trust of $80,000.
8. LO.2 Using Figure 28.2 as a guide, describe the computation of a fiduciary entity’s accounting income, taxable income, and distributable net income.
7. LO.1 Create a fact pattern that illustrates each of the following tax situations. Be specific.a. A simple trust.b. A complex trust with a $300 personal exemption.c. A complex trust with a $100 personal exemption.
6. LO.1 Your college’s accounting group has asked you to give a 10-minute speech titled“Trusts, Estates, and the AMT.” The audience will be students who have completed at least one course concerning Federal income taxation. Develop a brief outline for your remarks.
5. LO.1 In general terms, describe how the following entities are subject to the Federal income tax. (Answer only for the entity, not for its owners, beneficiaries, etc.)a. C corporations (Subchapter C).b. Partnerships (Subchapter K).c. S corporations (Subchapter S).d. Trusts and estates
4. LO.1 Some fiduciary entities are known as simple trusts, while others are complex trusts.How does the tax professional know whether a trust is simple or complex? When is this determination made?
3. LO.1 Define the following terms.a. Income interest.b. Remainder interest.c. Reversionary interest.d. Life tenant.e. Term certain.
2. LO.1 Trusts and estates are known as fiduciary entities, in that a legal structure is formed to accomplish the financial and other goals of one or more individuals. List the parties who must be identified when a trust is created, and describe the responsibilities of each. Do the same for an
1. LO.1 A local bank has asked you to speak at its Building Personal Wealth Conference on the topic of “What Should Your Trust Do for You?” Develop at least four PowerPoint slides, each one listing a function that a trust might be able to accomplish for an individual who has more than a modest
3. The IRS makes available several publications that can prove useful to those involved in the administration of estates. Retrieve and summarize the following documents.a. Publication 559.b. Publication 510.c. Publication 950.
2. Before her death in 2009, Lucy entered into the following transactions.a. In 2000, Lucy borrowed $600,000 from her brother, Irwin, so that Lucy could start a business. The loan was on open account, and no interest or due date was provided for.Under applicable state law, collection on the loan
1. In 2000, June, a 75-year-old widow, creates an irrevocable trust naming her five adult grandchildren as the beneficiaries. The assets transferred in trust consist of marketable securities (worth $800,000) and June’s personal residence (worth $400,000).Bob, June’s younger brother and a
58. LO.5, 8 In each of the following independent situations, determine the gift tax that was due and the decedent’s final estate tax liability (net of any unified tax credit). Decedent Joseph Brandi Caden 2002 2005 2012 $1,500,000 Year of death Taxable estate Post-1976 taxable gifts- Made in 2001
57. LO.9 In 2011, Marsha died, and her after-tax estate of $6 million passed to a trust.Under the terms of the trust, Wilma (Marsha’s daughter) is granted a life estate with the remainder passing to Karl (Marsha’s grandson) upon Wilma’s death. The trustee elects to use $3 million of the
56. LO.9 In 2012, Loretta makes a taxable gift of $2 million to her granddaughter, Bertha.Presuming that Loretta used up both her unified transfer tax credit and her generationskipping transfer tax credit, how much tax does Loretta owe as a result of the transfer?
55. LO.8 Under Rowena’s will, Mandy (Rowena’s sister) inherits her property. One year later, Mandy dies. Based on the following independent assumptions, what is Mandy’s credit for the tax on prior transfers?a. The estate tax attributable to the inclusion of the property in Rowena’s gross
54. LO.7 In 2012, Roy dies and is survived by his wife, Marge. Under Roy’s will, all of his otherwise uncommitted assets pass to Marge. Based on the property interests listed below, determine the marital deduction allowed to Roy’s estate.a. Timberland worth $1.2 million owned by Roy, Marge, and
53. LO.7 While vacationing in Florida in November 2012, Sally was seriously injured in an automobile accident (she died several days later). How are the following transactions handled for tax purposes?a. Bruce, Sally’s son and executor, incurred $6,200 in travel expenses in flying to Florida,
52. LO.5, 6, 7 In each of the independent situations below, determine the transfer tax (i.e., estate and gift) consequences of what has occurred. (In all cases, assume that Gene and Mary are married and that Ashley is their daughter.)a. Mary purchases an insurance policy on Gene’s life and
51. LO.4, 6, 7 Assume the same facts as in Problem 50, except that Gordon and Fawn are husband and wife (not brother and sister).a. What are the gift tax consequences in 2002?b. What are the estate tax consequences in 2012?c. Under part (b), would your answer change if it was Fawn (not Gordon) who
50. LO.4, 6, 7 In 2002, Gordon purchased real estate for $900,000 and listed title to the property as “Gordon and Fawn, joint tenants with right of survivorship.” Gordon predeceases Fawn in 2012 when the real estate is worth $2.9 million.Gordon and Fawn are brother and sister.a. Did a gift
49. LO.6 At the time of his death on July 9, 2012, Aiden was involved in the following real estate.Fair Market Value(on July 9, 2012)Apartment building $2,100,000 Tree farm 1,500,000 Pastureland 750,000 Residence 900,000 The apartment building was purchased by Chloe, Aiden’s mother, and is owned

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