A short term insurance company receives seven motor vehicle claims, on average, per week. Assume that the daily claims follow a Poisson process and 7 working days per week a) what is the probability that on a given day no more than two motor vehicle claims will be received?
b) what is the probability that more than 7 but less than 11 motor Vehicle claims will be received in any given week?

Grey company holds an overdue note receivable of $800,000 plus recorded accrued interest of $64,000. the effective interest rate is 8%. as the result of a court-imposed settlement on december 31, year 3, grey agreed to the following restructuring arrangement: reduced the principal obligation to $600,000.forgave the $64,000 accrued interest.extended the maturity date to december 31, year 5.annual interest of $40,000 is to be paid to grey on december 31, year 4 and year 5. the present value of the interest and principal payments to be received by grey company discounted for two years at 8% is $585,734. grey does not elect the fair value option for reporting the debt modification. on december 31, year 3, grey would recognize a valuation allowance for impaired loans of

Almeda products, inc., uses a job-order costing system. the company's inventory balances on april 1, the start of its fiscal year, were as follows:

Providing a great shopping experience to customers is one of the important objectives of purple fashions inc., a clothing store. to achieve this objective, the company has a team of committed customer service professionals whose job is to ensure that customers get exactly what they want. this scenario illustrates that purple fashions is trying to achieve