11- Cape Corporation has been acquiring shares of Planet Enterprise at.docx
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11. Cape Corporation has been acquiring shares of Planet Enterprise at book value for the last several years. Planet Enterprise provided data including the following: Planet Enterprise has a fiscal-year end of November 30 and pays it annual dividend on July 2 each year. Its net book value on January 1, 20 X 2 was $250,000. Cape purchased shares of Enterprise on two occasions: Required: Below, please give all the journal entries to be recorded on Cape\'s books in 20X7 related to s investment in Enterprise. (Please round off all calculations to the nearest dollar (e.g.. $1,227.56 - $1,228). 12. In 2012, the Gold Company reported a net income of $80,000 and paid dividends of $35,000 during this same year. The Baldwin Corporation acquired 40% of Gold shares on January 1, 2012, for $300,000. At December 31, 2012. Baldwin determined the law value of the shares of Gold to be $300,000. Baldwin\'s reported operating income of $240,000 for 2012. Compute Baldwin\'s net income for 2013 assuming it uses: A. The lair value method in accounting for its investments In Gold. B. The equity method in accounting for its investments in Gold. 13. The ABC Corporation acquired 90 percent of the Tabletop Corporation\'s voting common stock on December 31, 2014 for $279,000. At the date of the combination, Tabletop reported the following fair values of its individual assets, liabilities and stock holders\' equity accounts Both of the company\'s have a calendar-year end of December 31th. Solution 12. if the value of the gold as per fair value is $240,000 and the original value is $300,000 so the value is declined by $60,000 b. by using equity value the total value is $300,000 plus dividend payment on 40% stake of the company. i.e. 40% on $35,000, i.e. $14000 and the total value of the firm is $314,000 13. purchase a/c $279,000 to cash account $279,000 .
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Remaining Time 31 minutes, 22 seconds QUESTION 1 Question Completion.pdf
Remaining Time: 31 minutes, 22 seconds QUESTION 1 Question Completion Status
REQUIRED: 1 During 2018, Stephenson experienced the following transactions relating to its
investment in stock: 6/1 Stephenson purchased 700 shares of Dawe common share for $14,600
9/1 11/1 12/30 Dawe paid cash dividends, $1/share Stephenson sold 20% of the Dave shares for
$6,300 in total. Dawe paid cash dividends, $.50/share >>Present the journal entries for the
transaction on the books of Stephenson. REQUIRED: 2. Sherollyn Company invested in two
companies in 2020 These company are Bamco Company and KingFeco Industries, Inc. Facts
about both investments are as follows: FV/share at 12/31 Income of Investee %Holding 40%
7.5% #0f shares Held 30,000 15,000 Cost/share 511 $13 Investee $11.50 $14.75 $80,000
$122,000 Bamco KingFeco In addition, Bamco paid $60,000 in total cash dividends in 2020
KingFeco paid a $30,000 total cash dividend in 2020 >>Prepare ALL 2020 required journal
entries for both investments on the books of Sherrollyn Company REQUIRED: Juli e Company
pu chased bonds with a total face value $900,000 f om K pple Company on February 1 2018 at
100 quote The bonds are 9% 51,000 bonds 3. and pay interest every February 1 The bonds are a
trading security on Julie\'s books. On December 31, the bonds have a market value reflecting a
97 quote. >>Present ALL iournal entries related to the bond investment reauired by Jullie in
2018 December 31 is fiscal year en Click Save and Submit to save and submit. Click Save All
Answers to save all answers
Solution
SOLUTION
Question -1DateAccount titles and ExplanationDebit ($)Credit ($)6/1Investment in
Stock14,600Common shares14,600(To record purchase of shares)9/1Dividend (700 *
$1)700Cash700(To record payment of dividend)11/1Cash6,300Investment in shares6,300(To
record sales of Dawe shares)12/30Dividends280Cash (700 * 80% * $0.50)280(To record
payment of dividend).
Chapter 2 Basic Financial Statements exercise and solutions
This document contains sample balance sheets, income statements, and accounting exercises involving the accounting equation and recording business transactions. The exercises demonstrate how to prepare basic financial statements, record the effects of transactions on the accounting equation, and interpret financial statements. Key elements include assets, liabilities, owner's equity, revenues, expenses, and how various transactions impact these elements.
PROBLEM 8-18a. Fill in the worksheet with the appropriate value.docx
PROBLEM 8-18:
a. Fill in the worksheet with the appropriate values, provide footnotes with calculations as appropriate;
Davis Corporation
Accounting Equation
Event
Assets
=
Liabilities
Stockholders’ Equity
Cash
=
Div. . Pay .
+
Pfd.
Stk.
+
Com. Stk.
+
PIC in Exc. PS
+
PIC in Exc.
CS
Trea-sury Stock
+
Ret. Earn.
Acct. Title R/E
2012
1/2
1/15
2/14
12/31
12/31
12/31*
Bal.
=
+
+
+
+
+
2013
1/31
3/1
6/1
12/31
12/31
12/31**
Bal.
=
+
+
+
+
+
Footnotes: * :
Footnotes: **:
b. Fill in the worksheet with the appropriate values;
Stockholders’ Equity
Preferred Stock, $50 par value, 5% cumulative, 50,000 shares authorized, 1,000 shares issued and outstanding
Common Stock, $10 par value, 100,000 shares authorized, 20,000 shares issued and outstanding
Paid-In Capital in Excess of ParPreferred Stock
Paid-In Capital in Excess of ParCommon Stock
Total Paid-In Capital
Retained Earnings
Total Stockholders’ Equity
c. Fill in the worksheet with the appropriate values;
Davis Corporation
Balance Sheet
As of December 31, 2013
Assets
Cash
Total Assets
Liabilities
Dividends Payable
Total Liabilities
Stockholders’ Equity
Preferred Stock, $50 par value, 5% cumulative, 50,000 shares authorized, 3,000 shares issued and outstanding
Common Stock, $10 par value, 100,000 shares authorized, 20,000 shares issued, 19,500 shares outstanding
Paid-In Capital in Excess of ParPreferred Stock
Paid-In Capital in Excess of ParCommon Stock
Total Paid-In Capital
Retained Earnings2
Less: Treasury Stock
Total Stockholders’ Equity
Total Liabilities and Stockholders’ Equity
PROBLEM 8-23:
This problem requires a brief memo, the completed schedules below and discussions;
Advantages
Disadvantages
Partnership
Ease of formation
Less regulation
Lower effective tax rate
Limited life
Mutual agency
Unlimited liability
Corporation
Unlimited life
Limited liability
Capital easier to acquire & ownership easily transferred
More regulation
Higher effective tax rate
Partnership
Corporation
Income before taxes
Tax at entity level (30%)
Net income distributed to owners
Less: Individual income tax (30%/15%)
After-tax cash flow
After-tax cash flow available to each investor*
Effective tax rate*
* show calculations
PROBLEM 7-26:
a. Fill in the worksheet with the appropriate values, provide footnotes with calculations as appropriate;
Artesia Co.
Effect of Events on the General Ledger
2012 and 2013
Asset.
Question 1Transactions for Mehta Company for the month of May .docx
Question 1
Transactions for Mehta Company for the month of May are presented below.
May
1
B.D. Mehta invests $3,309 cash in exchange for common stock of Mehta Company, a small welding corporation.
3
Buys equipment on account for $1,427.
13
Pays $477 to landlord for May rent.
21
Bills Noble Corp. $534 for welding work done.
Prepare journal entries for each of these transactions.
Date
Description/Account
Debit
Credit
May 1
May 3
May 13
May 21
Question 2
On July 1, 2012, Crowe Co. pays $18,036 to Zubin Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Crowe Co. journalize the entry on July 1 and the adjusting entry on December 31. (Round answers to zero decimal places, e.g. 2,555.)
Date
Description/Account
Debit
Credit
July 1
Dec. 31
Question 3
Dresser Company's weekly payroll, paid on Fridays, totals $9,300. Employees work a 5-day week. Prepare Dresser's adjusting entry on Wednesday, December 31, and the journal entry to record the $9,300 cash payment on Friday, January 2. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Date
Description/Account
Debit
Credit
Dec. 31
Jan. 2
Question 4
Side Kicks has year-end account balances of Sales $860,370; Interest Revenue $16,860; Cost of Goods Sold $563,130; Operating Expenses $191,430; Income Tax Expense $38,960; and Dividends $19,143. Prepare the year-end closing entries. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Description/Account
Debit
Credit
(To close sales account.)
(To close expense accounts.)
(To close net income to retained earnings.)
(To close dividends to retained earnings.)
Question 7
Starr Co. had sales revenue of $617,400 in 2012. Other items recorded during the year were:
Cost of goods sold
$321,700
Wage expense
121,600
Income tax expense
29,100
Increase in value of company reputation
18,700
Other operating expenses
12,300
Unrealized gain on value of patents
22,600
Prepare a single-step income statement for Allen for 2012. Allen has 100,000 shares of stock outstanding. (List multiple entries from largest to smallest amount, e.g. 10, 5, 2. Round earnings per share to 2 decimal places, e.g. 0.20. Enter all amounts as positive amounts and subtract where necessary.)
STARR CO.
Income Statement
For the Year 2012
Revenues
$
Expenses
$
Total Expenses
Net Income
$
Earnings per share
$
Question 8
Portman Corporation has retained earnings of $774,780 at January 1, 2012. Net income during 2012 was $1,571,050, and cash dividends declared and paid during 2012 totaled $79,850. Prepare a retained earnings statement for the year ended December 31, 2012. Assume an error was discovered: land costing $81,890 (net of tax) was charged t ...
Sheet1BTE 320 Financial Statements - Chapter 11Assets15,000Liabili.docx
Sheet1BTE 320 Financial Statements - Chapter 11Assets15,000Liabilities4,000Equity2Equity9,000Liabilities3,000Assets3Assets22,000Equity9,000LiabilitiesUsing Amalgamated Balance Sheet (page 5), answer the following:4Total Current Assets for 20025Accounts Payable 20026Retained Earnings 20027Net working capital 20018Define the term LeverageUsing Amalgamated Income Statement (page 13), answer the following:9Define the term Cost of Goods Sold10Cost of Goods Sold 200211Define the term Depreciation12Net Income 2002Using Amalgamated Cash Flow Statement (page 17), answer the following:13Cash flow from operations 200214Cash flow from investing 200215Cash flow from financing 200216The Balance Sheet shows17The Income Statement shows18The Cash flow Statement shows
Sheet2
Sheet3
© The McGraw-Hill Companies, Inc., 2002
McGraw-Hill/Irwin
BASIC FINANCIAL STATEMENTS
Chapter
2
2
© The McGraw-Hill Companies, Inc., 2002
McGraw-Hill/Irwin
Introduction to Financial Statements
Companies prepare interim financial statements and annual financial statements.
2000
X
© The McGraw-Hill Companies, Inc., 2002
McGraw-Hill/Irwin
Introduction to Financial Statements
Three primary financial statements.
Income Statement
Balance Sheet
Statement of Cash Flows
We will use a corporation to describe these statements.
© The McGraw-Hill Companies, Inc., 2002
McGraw-Hill/Irwin
Introduction to Financial Statements
Describes where the enterprise stands at a specific date.
Income Statement
Balance Sheet
Statement of Cash Flows
© The McGraw-Hill Companies, Inc., 2002
McGraw-Hill/Irwin
Introduction to Financial Statements
Depicts the revenue and expenses for a designated period of time.
Income Statement
Balance Sheet
Statement of Cash Flows
© The McGraw-Hill Companies, Inc., 2002
McGraw-Hill/Irwin
Introduction to Financial Statements
Revenues result in positive cash flow.
Expenses result in negative cash flow.
Either in the past, present, or future.
© The McGraw-Hill Companies, Inc., 2002
McGraw-Hill/Irwin
Introduction to Financial Statements
Net income (or net loss) is simply the difference between revenues and expenses.
Income Statement
Balance Sheet
Statement of Cash Flows
© The McGraw-Hill Companies, Inc., 2002
McGraw-Hill/Irwin
Introduction to Financial Statements
Depicts the ways cash has changed during a designated period of time.
Income Statement
Balance Sheet
Statement of Cash Flows
© The McGraw-Hill Companies, Inc., 2002
McGraw-Hill/Irwin
The Concept of the Business Entity
Vagabond Travel Agency
A business entity is separate from the personal affairs of its owner.
© The McGraw-Hill Companies, Inc., 2002
McGraw-Hill/Irwin
A Starting Point: Statement of Financial Position
Sheet1Vagabond Travel AgencyBalance SheetDecember 31, 2002AssetsLiabilities & Owners' EquityCash$ 22,500Liabilities:Notes receivable10,000Notes payable$ 41,000Accounts receivable60,500Accounts payable36,000Supplies2,000Salaries payable3,000Land100,000.
Wilco Corporation has the following account balances at December 3.docx
Wilco Corporation has the following account balances at December 31, 2012.
Common stock, $5 par value
$555,600
Treasury stock
90,720
Retained earnings
2,426,200
Paid-in capital in excess of par—common stock
1,321,900
Prepare Wilco’s December 31, 2012, stockholders’ equity section. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.)
WILCO CORPORATION
Stockholders’ Equity
December 31, 2012
$
:
$
Sprinkle Inc. has outstanding 10,050 shares of $10 par value common stock. On July 1, 2012, Sprinkle reacquired 107 shares at $89 per share. On September 1, Sprinkle reissued 61 shares at $90 per share. On November 1, Sprinkle reissued 46 shares at $85 per share.
Prepare Sprinkle’s journal entries to record these transactions using the cost method. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
7/1/12
9/1/12
11/1/12
Graves Mining Company declared, on April 20, a dividend of $519,800, on its $5 par common stock, payable on June 1. Of this amount, $133,700 is a return of capital.
Prepare the April 20 and June 1 entries for Graves. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Apr. 20
June 1
Apr. 20 Retained Earnings = ($519,800 – $133,700) = $386,100
Abernathy Corporation was organized on January 1, 2012. It is authorized to issue 10,290 shares of 8%, $65 par value preferred stock, and 544,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
Jan. 10
Issued 80,330 shares of common stock for cash at $6 per share.
Mar. 1
Issued 5,670 shares of preferred stock for cash at $113 per share.
Apr. 1
Issued 24,730 shares of common stock for land. The asking price of the land was $90,540; the fair value of the land was $80,330.
May 1
Issued 80,330 shares of common stock for cash at $9 per share.
Aug. 1
Issued 10,290 shares of common stock to attorneys in payment of their bill of $50,620 for services rendered in helping the company organize.
Sept. 1
Issued 10,290 shares of common stock for cash at $11 per share.
Nov. 1
Issued 1,940 shares of preferred stock for cash at $115 per share.
Prepare the journal entries to record the above transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 10
M.
Acc 401 advanced accounting week 11 quiz – final exam
Pandora Company purchased 75% of Saturn Company on January 1, 2010. The document provides separate balance sheet information for Pandora, Saturn book values, and Saturn fair values as of the acquisition date. It asks the reader to determine specific account balances on the January 2, 2010 consolidated balance sheet, including inventory, goodwill, retained earnings, and total assets. The document also provides additional acquisition examples and problems related to consolidated financial statements.
Acc 401 advanced accounting week 11 quiz – final exam
Pandora Company purchased 75% of Saturn Company on January 1, 2010. The document provides separate balance sheet information for Pandora, Saturn book values, and Saturn fair values as of the acquisition date. It asks for the consolidated balance of specific accounts on January 2, 2010, including inventory, goodwill, retained earnings, and total assets. Additionally, it provides several other examples and problems involving the purchase of subsidiaries and consolidation of financial statements.
Recommended
Remaining Time 31 minutes, 22 seconds QUESTION 1 Question Completion.pdf
Remaining Time: 31 minutes, 22 seconds QUESTION 1 Question Completion Status
REQUIRED: 1 During 2018, Stephenson experienced the following transactions relating to its
investment in stock: 6/1 Stephenson purchased 700 shares of Dawe common share for $14,600
9/1 11/1 12/30 Dawe paid cash dividends, $1/share Stephenson sold 20% of the Dave shares for
$6,300 in total. Dawe paid cash dividends, $.50/share >>Present the journal entries for the
transaction on the books of Stephenson. REQUIRED: 2. Sherollyn Company invested in two
companies in 2020 These company are Bamco Company and KingFeco Industries, Inc. Facts
about both investments are as follows: FV/share at 12/31 Income of Investee %Holding 40%
7.5% #0f shares Held 30,000 15,000 Cost/share 511 $13 Investee $11.50 $14.75 $80,000
$122,000 Bamco KingFeco In addition, Bamco paid $60,000 in total cash dividends in 2020
KingFeco paid a $30,000 total cash dividend in 2020 >>Prepare ALL 2020 required journal
entries for both investments on the books of Sherrollyn Company REQUIRED: Juli e Company
pu chased bonds with a total face value $900,000 f om K pple Company on February 1 2018 at
100 quote The bonds are 9% 51,000 bonds 3. and pay interest every February 1 The bonds are a
trading security on Julie\'s books. On December 31, the bonds have a market value reflecting a
97 quote. >>Present ALL iournal entries related to the bond investment reauired by Jullie in
2018 December 31 is fiscal year en Click Save and Submit to save and submit. Click Save All
Answers to save all answers
Solution
SOLUTION
Question -1DateAccount titles and ExplanationDebit ($)Credit ($)6/1Investment in
Stock14,600Common shares14,600(To record purchase of shares)9/1Dividend (700 *
$1)700Cash700(To record payment of dividend)11/1Cash6,300Investment in shares6,300(To
record sales of Dawe shares)12/30Dividends280Cash (700 * 80% * $0.50)280(To record
payment of dividend).
Chapter 2 Basic Financial Statements exercise and solutions
This document contains sample balance sheets, income statements, and accounting exercises involving the accounting equation and recording business transactions. The exercises demonstrate how to prepare basic financial statements, record the effects of transactions on the accounting equation, and interpret financial statements. Key elements include assets, liabilities, owner's equity, revenues, expenses, and how various transactions impact these elements.
PROBLEM 8-18a. Fill in the worksheet with the appropriate value.docx
PROBLEM 8-18:
a. Fill in the worksheet with the appropriate values, provide footnotes with calculations as appropriate;
Davis Corporation
Accounting Equation
Event
Assets
=
Liabilities
Stockholders’ Equity
Cash
=
Div. . Pay .
+
Pfd.
Stk.
+
Com. Stk.
+
PIC in Exc. PS
+
PIC in Exc.
CS
Trea-sury Stock
+
Ret. Earn.
Acct. Title R/E
2012
1/2
1/15
2/14
12/31
12/31
12/31*
Bal.
=
+
+
+
+
+
2013
1/31
3/1
6/1
12/31
12/31
12/31**
Bal.
=
+
+
+
+
+
Footnotes: * :
Footnotes: **:
b. Fill in the worksheet with the appropriate values;
Stockholders’ Equity
Preferred Stock, $50 par value, 5% cumulative, 50,000 shares authorized, 1,000 shares issued and outstanding
Common Stock, $10 par value, 100,000 shares authorized, 20,000 shares issued and outstanding
Paid-In Capital in Excess of ParPreferred Stock
Paid-In Capital in Excess of ParCommon Stock
Total Paid-In Capital
Retained Earnings
Total Stockholders’ Equity
c. Fill in the worksheet with the appropriate values;
Davis Corporation
Balance Sheet
As of December 31, 2013
Assets
Cash
Total Assets
Liabilities
Dividends Payable
Total Liabilities
Stockholders’ Equity
Preferred Stock, $50 par value, 5% cumulative, 50,000 shares authorized, 3,000 shares issued and outstanding
Common Stock, $10 par value, 100,000 shares authorized, 20,000 shares issued, 19,500 shares outstanding
Paid-In Capital in Excess of ParPreferred Stock
Paid-In Capital in Excess of ParCommon Stock
Total Paid-In Capital
Retained Earnings2
Less: Treasury Stock
Total Stockholders’ Equity
Total Liabilities and Stockholders’ Equity
PROBLEM 8-23:
This problem requires a brief memo, the completed schedules below and discussions;
Advantages
Disadvantages
Partnership
Ease of formation
Less regulation
Lower effective tax rate
Limited life
Mutual agency
Unlimited liability
Corporation
Unlimited life
Limited liability
Capital easier to acquire & ownership easily transferred
More regulation
Higher effective tax rate
Partnership
Corporation
Income before taxes
Tax at entity level (30%)
Net income distributed to owners
Less: Individual income tax (30%/15%)
After-tax cash flow
After-tax cash flow available to each investor*
Effective tax rate*
* show calculations
PROBLEM 7-26:
a. Fill in the worksheet with the appropriate values, provide footnotes with calculations as appropriate;
Artesia Co.
Effect of Events on the General Ledger
2012 and 2013
Asset.
Question 1Transactions for Mehta Company for the month of May .docx
Question 1
Transactions for Mehta Company for the month of May are presented below.
May
1
B.D. Mehta invests $3,309 cash in exchange for common stock of Mehta Company, a small welding corporation.
3
Buys equipment on account for $1,427.
13
Pays $477 to landlord for May rent.
21
Bills Noble Corp. $534 for welding work done.
Prepare journal entries for each of these transactions.
Date
Description/Account
Debit
Credit
May 1
May 3
May 13
May 21
Question 2
On July 1, 2012, Crowe Co. pays $18,036 to Zubin Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Crowe Co. journalize the entry on July 1 and the adjusting entry on December 31. (Round answers to zero decimal places, e.g. 2,555.)
Date
Description/Account
Debit
Credit
July 1
Dec. 31
Question 3
Dresser Company's weekly payroll, paid on Fridays, totals $9,300. Employees work a 5-day week. Prepare Dresser's adjusting entry on Wednesday, December 31, and the journal entry to record the $9,300 cash payment on Friday, January 2. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Date
Description/Account
Debit
Credit
Dec. 31
Jan. 2
Question 4
Side Kicks has year-end account balances of Sales $860,370; Interest Revenue $16,860; Cost of Goods Sold $563,130; Operating Expenses $191,430; Income Tax Expense $38,960; and Dividends $19,143. Prepare the year-end closing entries. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Description/Account
Debit
Credit
(To close sales account.)
(To close expense accounts.)
(To close net income to retained earnings.)
(To close dividends to retained earnings.)
Question 7
Starr Co. had sales revenue of $617,400 in 2012. Other items recorded during the year were:
Cost of goods sold
$321,700
Wage expense
121,600
Income tax expense
29,100
Increase in value of company reputation
18,700
Other operating expenses
12,300
Unrealized gain on value of patents
22,600
Prepare a single-step income statement for Allen for 2012. Allen has 100,000 shares of stock outstanding. (List multiple entries from largest to smallest amount, e.g. 10, 5, 2. Round earnings per share to 2 decimal places, e.g. 0.20. Enter all amounts as positive amounts and subtract where necessary.)
STARR CO.
Income Statement
For the Year 2012
Revenues
$
Expenses
$
Total Expenses
Net Income
$
Earnings per share
$
Question 8
Portman Corporation has retained earnings of $774,780 at January 1, 2012. Net income during 2012 was $1,571,050, and cash dividends declared and paid during 2012 totaled $79,850. Prepare a retained earnings statement for the year ended December 31, 2012. Assume an error was discovered: land costing $81,890 (net of tax) was charged t ...
Sheet1BTE 320 Financial Statements - Chapter 11Assets15,000Liabili.docx
Sheet1BTE 320 Financial Statements - Chapter 11Assets15,000Liabilities4,000Equity2Equity9,000Liabilities3,000Assets3Assets22,000Equity9,000LiabilitiesUsing Amalgamated Balance Sheet (page 5), answer the following:4Total Current Assets for 20025Accounts Payable 20026Retained Earnings 20027Net working capital 20018Define the term LeverageUsing Amalgamated Income Statement (page 13), answer the following:9Define the term Cost of Goods Sold10Cost of Goods Sold 200211Define the term Depreciation12Net Income 2002Using Amalgamated Cash Flow Statement (page 17), answer the following:13Cash flow from operations 200214Cash flow from investing 200215Cash flow from financing 200216The Balance Sheet shows17The Income Statement shows18The Cash flow Statement shows
Sheet2
Sheet3
© The McGraw-Hill Companies, Inc., 2002
McGraw-Hill/Irwin
BASIC FINANCIAL STATEMENTS
Chapter
2
2
© The McGraw-Hill Companies, Inc., 2002
McGraw-Hill/Irwin
Introduction to Financial Statements
Companies prepare interim financial statements and annual financial statements.
2000
X
© The McGraw-Hill Companies, Inc., 2002
McGraw-Hill/Irwin
Introduction to Financial Statements
Three primary financial statements.
Income Statement
Balance Sheet
Statement of Cash Flows
We will use a corporation to describe these statements.
© The McGraw-Hill Companies, Inc., 2002
McGraw-Hill/Irwin
Introduction to Financial Statements
Describes where the enterprise stands at a specific date.
Income Statement
Balance Sheet
Statement of Cash Flows
© The McGraw-Hill Companies, Inc., 2002
McGraw-Hill/Irwin
Introduction to Financial Statements
Depicts the revenue and expenses for a designated period of time.
Income Statement
Balance Sheet
Statement of Cash Flows
© The McGraw-Hill Companies, Inc., 2002
McGraw-Hill/Irwin
Introduction to Financial Statements
Revenues result in positive cash flow.
Expenses result in negative cash flow.
Either in the past, present, or future.
© The McGraw-Hill Companies, Inc., 2002
McGraw-Hill/Irwin
Introduction to Financial Statements
Net income (or net loss) is simply the difference between revenues and expenses.
Income Statement
Balance Sheet
Statement of Cash Flows
© The McGraw-Hill Companies, Inc., 2002
McGraw-Hill/Irwin
Introduction to Financial Statements
Depicts the ways cash has changed during a designated period of time.
Income Statement
Balance Sheet
Statement of Cash Flows
© The McGraw-Hill Companies, Inc., 2002
McGraw-Hill/Irwin
The Concept of the Business Entity
Vagabond Travel Agency
A business entity is separate from the personal affairs of its owner.
© The McGraw-Hill Companies, Inc., 2002
McGraw-Hill/Irwin
A Starting Point: Statement of Financial Position
Sheet1Vagabond Travel AgencyBalance SheetDecember 31, 2002AssetsLiabilities & Owners' EquityCash$ 22,500Liabilities:Notes receivable10,000Notes payable$ 41,000Accounts receivable60,500Accounts payable36,000Supplies2,000Salaries payable3,000Land100,000.
Wilco Corporation has the following account balances at December 3.docx
Wilco Corporation has the following account balances at December 31, 2012.
Common stock, $5 par value
$555,600
Treasury stock
90,720
Retained earnings
2,426,200
Paid-in capital in excess of par—common stock
1,321,900
Prepare Wilco’s December 31, 2012, stockholders’ equity section. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.)
WILCO CORPORATION
Stockholders’ Equity
December 31, 2012
$
:
$
Sprinkle Inc. has outstanding 10,050 shares of $10 par value common stock. On July 1, 2012, Sprinkle reacquired 107 shares at $89 per share. On September 1, Sprinkle reissued 61 shares at $90 per share. On November 1, Sprinkle reissued 46 shares at $85 per share.
Prepare Sprinkle’s journal entries to record these transactions using the cost method. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
7/1/12
9/1/12
11/1/12
Graves Mining Company declared, on April 20, a dividend of $519,800, on its $5 par common stock, payable on June 1. Of this amount, $133,700 is a return of capital.
Prepare the April 20 and June 1 entries for Graves. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Apr. 20
June 1
Apr. 20 Retained Earnings = ($519,800 – $133,700) = $386,100
Abernathy Corporation was organized on January 1, 2012. It is authorized to issue 10,290 shares of 8%, $65 par value preferred stock, and 544,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
Jan. 10
Issued 80,330 shares of common stock for cash at $6 per share.
Mar. 1
Issued 5,670 shares of preferred stock for cash at $113 per share.
Apr. 1
Issued 24,730 shares of common stock for land. The asking price of the land was $90,540; the fair value of the land was $80,330.
May 1
Issued 80,330 shares of common stock for cash at $9 per share.
Aug. 1
Issued 10,290 shares of common stock to attorneys in payment of their bill of $50,620 for services rendered in helping the company organize.
Sept. 1
Issued 10,290 shares of common stock for cash at $11 per share.
Nov. 1
Issued 1,940 shares of preferred stock for cash at $115 per share.
Prepare the journal entries to record the above transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 10
M.
Acc 401 advanced accounting week 11 quiz – final exam
Pandora Company purchased 75% of Saturn Company on January 1, 2010. The document provides separate balance sheet information for Pandora, Saturn book values, and Saturn fair values as of the acquisition date. It asks the reader to determine specific account balances on the January 2, 2010 consolidated balance sheet, including inventory, goodwill, retained earnings, and total assets. The document also provides additional acquisition examples and problems related to consolidated financial statements.
Acc 401 advanced accounting week 11 quiz – final exam
Pandora Company purchased 75% of Saturn Company on January 1, 2010. The document provides separate balance sheet information for Pandora, Saturn book values, and Saturn fair values as of the acquisition date. It asks for the consolidated balance of specific accounts on January 2, 2010, including inventory, goodwill, retained earnings, and total assets. Additionally, it provides several other examples and problems involving the purchase of subsidiaries and consolidation of financial statements.
Acc 401 advanced accounting week 11 quiz – final exam
Pandora Company purchased 75% of Saturn Company on January 1, 2010. The document provides separate balance sheet information for Pandora, Saturn book values, and Saturn fair values as of the acquisition date. It asks the reader to determine specific account balances on the January 2, 2010 consolidated balance sheet, including inventory, goodwill, retained earnings, and total assets. The document also provides additional acquisition examples and problems related to consolidated financial statements.
Acc 401 advanced accounting week 11 quiz – final exam
Pandora Company purchased 75% of Saturn Company on January 1, 2010. The document provides separate balance sheet data for Pandora, Saturn book values, and Saturn fair values as of the acquisition date. It asks for the consolidated balance of specific accounts on January 2, 2010, including: (1) inventory of $139,250, (2) goodwill of $0, (3) retained earnings of $260,250, and (4) total assets of $1,525,000. Similarly, for a separate acquisition of Swimmer Company, the requested consolidated balances are: (1) inventory of $186,500, (2) goodwill of $42,000, (3) total assets of
1-The party to receive a distribution of principal from an estate is l.docx
1.The party to receive a distribution of principal from an estate is legally called a(n):
2.Cleary, Wasser, and Nolan formed a partnership on January 1, 2012, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Wasser, and (3) sharing the remainder of the income or loss in a ratio of 20% for Cleary, and 40% each for Wasser and Nolan. Net income was $150,000 in 2012 and $180,000 in 2013. Each partner withdrew $1,000 for personal use every month during 2012 and 2013.
What was Cleary\'s capital account balance at the end of 2013?
3. What was the total capital balance for the partnership at December 31, 2012?
$545,000
Solution
Distribution of Income for 2012:
Capital Account for 2013:
1. Estate Distributee.
2. $139,420
3. $564,000
.
PAGE 1Practice exerciseChapter 1 and 2 practice exercis.docx
PAGE
1
Practice exercise
Chapter 1 and 2 practice exercise
Name
ACC: 201
Instructor:
Date
Exercise 1-2: Assume that Kennedy Company acquires $1,600 cash from creditors and $1,800 cash from investors.
Required
a. Explain the primary differences between investors and creditors.
Answer:
a) The primary difference between creditors and investors is a creditor you must pay back the money borrowed and most of the time there is interest. An investor is someone that is investing in the company and normally has stock from doing so. If the company does not make it and dissolves creditors get paid first, and if there is still money left, investors get it.
b. If Kennedy has a net loss of $1,600 cash and then liquidates, what amount of cash will the creditors receive? What amount of cash will the investors receive?
Answer:
b) The creditors will get $1,600, or all of their money, and the investors will get $200.
c. If Kennedy has net income of $1,600 and then liquidates, what amount of cash will the creditors receive? What amount of cash will the investors receive?
Answer:
c) The creditors will get all of their money ($1,600), and the investors will get all of the rest which is their original $1,800 + 1,600 = $3,400.
Exercise 1-4: Kenneth Chang recently started a business. During the first few days of operation, Mr. Chang transferred $30,000 from his personal account into a business account for a company he named Chang Enterprises. Chang Enterprises borrowed $40,000 from First Bank. Mr. Chang’s father-in-law, Jim Harwood, invested $64,000 into the business for which he received a 25 percent ownership interest. Chang Enterprises purchased a building from Morton Realty Company. The building cost $120,000 cash. Chang Enterprises earned $28,000 in revenue from the company's customers and paid its employees $25,000 for salaries expense.
Answer
1. $30,000 from Kenneth Changs personal account – goes into Assets under Cash and in the Statement of cash flows.
2. $40,000 Borrowed from First Bank – goes into Assets under Cash and in the Statement of cash flows.
3. $64,000 from Jim Harwood (father-in-law) He received 25% ownership interest – goes into Assets and Common Stock and then in the Statement of cash flows.
4. $120,000 went toward buying a building – this would be in the Land column
5. $28,000 Revenue – would be in the Income statement under Rev. and Net Inc., and back in the Balance sheet under Cash and Ret, Earn. Columns. This is also listed in the Statement of cash flows
6. $25,000 Employee salaries – is listed in Assets under Cash and Ret. Earn. Then in the Income Statement under Exp. And Net Inc., and then under the Statement of cash flows.
Required:
Identify the entities that were mentioned in the scenario and explain what happened to the cash accounts of each entity that you identify.
Exercise 1-9: The December 31, 2012, balance sheet for Classic Company showed total stockholders’ equity of $82,500. Total stockholders’ equity increa.
4.(TCO E) During 20X3, Edwards Co. sold inventory to its paren.docx
4.
(TCO E) During 20X3, Edwards Co. sold inventory to its parent company, First Corp. First still owned the entire inventory purchased at the end of 20X3. Why must the gross profit on the sale be deferred when consolidated financial statements are prepared at the end of 20X3?
(Points : 15)
6.(TCO C) Assume that on January 1, 20X2, investors form Acme Corp agree to consolidate the operations of ABC, Inc., and DEF Company in a deal valued at $2.0 billion. Acme organizes each former entity as an operating segment. Additionally, Acme two divisions—ABC Hot and ABC Cold—that, along with DEF, are treated as independent reporting units for internal performance evaluation and management reviews. ACME recognizes $215 million as goodwill at the merger date of January 1, 20X3 and allocates this entire amount to its reporting units. That information and each reporting unit's acquisition-date fair values are as follows.
New Corp’s Acquisition-Date Fair Values
Reporting Units Goodwill January 1, 20X3
ABC Hot $ 22,000,000 $750,000,000
ABC Cold 155,000,000 748,000,000
DEF Company 38,000,000 502,000,000
In December, 20X3, Acme Corp performed an analysis for each of its three reporting units to assess potential goodwill impairment. They examined the events that may affect the fair values of its reporting units. The analysis reveals that the fair value of each reporting unit likely exceeds its carrying amount except for ABC Cold. The goodwill impairment test then reveals that ABC Cold’s fair value has fallen to $70 million, well below its current carrying amount. Acme compared the implied fair value of ABC Cold’s goodwill to its carrying amount. Acme needs to determine the implied fair value of goodwill. The fair value of ABC Cold’s net assets as of December 31, 21X3 is shown below.
ABC Cold December 31, 20X3, fair value $70,000,000
Fair values of ABC Cold net assets at December 31, 20X3:
Current assets $ 5,000,000
Property 10,000,000
Equipment 5,000,000
Subscriber list 1,000,000
Patented technology 1,000,000
Current liabilities (4,000,000)
Long-term debt (10,000,000)
Required:
(1) What is the implied fair value of goodwill for ABC Cold?
(2) What is the carry value of the assets of ABC Cold before impairment?
(3) What is the impairment loss of ABC Cold? (Points : 25)
7.
(TCO A) Steven Company owns 40% of the outstanding voting common stock of Nicole Corp. and has the ability to significantly influence the investee's operations. On January 3, 20X1, the balance in the Investment in Nicole Corp. account was $503,000. Amortization associated with this acquisition is $12,000 per year. During 20X1, Nicole earned a net income of $120,000 and paid cash dividends of $40,000. Previously in 20X0, Nicole had sold inventory costing $35,000 to Steven for $50,000. All but 25% of that inventory had been sold to outsiders by Steven during 20X0. Additional sales were made to Steven in 20X1 at a transfer price.
ACCT 221Midterm Problems1. Albert Corporation is author.docx
ACCT 221
Midterm Problems
1. Albert Corporation is authorized to issue 1,500,000 shares of $4 par value common stock. During
2013, its first year of operation, the company has the following stock transactions.
Jan. 15 Issued 500,000 shares of stock at $11 per share.
Jan.
30
The company’s attorney accepted 3,500 shares of common stock as payment for legal
services rendered in helping the company incorporate. The legal services are estimated to
have a value of $28,000.
July 2 Issued 100,000 shares of stock for land. The land had an asking price of $2,000,000. The
stock is currently selling on a national exchange at $14 per share.
Instructions
Journalize the transactions for Albert Corporation.
2. Vero Corporation has the following stockholders' equity accounts on January 1, 2013:
The company uses the cost method to account for treasury stock transactions. During 2013, the
following treasury stock transactions occurred:
March 1 Purchased 12,000 shares at $18 per share.
July 1 Sold 3,500 shares at $21 per share.
Sept 1 Sold 3,100 shares at $14 per share.
Instructions
Journalize the treasury stock transactions for 2013.
Due Date: Sunday, April 7 @ 11 p.m. ET submit via WebTycho Assignment Folder
1
Common Stock, $10 par value $1,500,000
Paid-in Capital in Excess of Par 200,000
Retained Earnings 500,000
Total Stockholders’ Equity $2,200,000
3. Domino Corporation was organized on January 1, 2011. During its first year, the corporation issued
20,000 shares of $5 par value preferred stock and 200,000 shares of $1 par value common stock. At
December 31, the company declared the following cash dividends:
Year Dividend
2011 5,000
2012 15,000
2013 35,000
Instructions
(a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend
is 8% and cumulative.
(b) Journalize the declaration of the cash dividend at December 31, 2013.
4. On January 1, 2013, Alsace Corporation had $3,000,000 of $5 par value common stock outstanding
that was issued at par and retained earnings of $2,000,000. The company issued 250,000 shares of
common stock at $14 per share on July 1. On December 15, the board of directors declared a 15%
stock dividend to stockholders of record on December 31, 2013, payable on January 15, 2014. The
market value of Alsace Corporation stock was $18 per share on December 15 and $20 per share on
December 31. Net income for 2013 was $550,000.
Instructions
Journalize the issuance of stock on July 1, the declaration of the stock dividend on December 15,
2013, and the issuance of the stock dividend on January 15, 2014.
5. Prepare the journal entries for the following two independent situations:
(a) On January 1, 2013, Hathaway Corporation issued $300,000, 11%, 10-year bonds for $291,780.
The bonds were sold to yield an effective-interest rate of 12%. Prepare the journal entry that
Hathaway Corporation would make on January 1.
(b) Monaghan, Inc. redeemed .
On January 1, 2012, Bailey Industries had stock outstanding as fol.docx
On January 1, 2012, Bailey Industries had stock outstanding as follows.
6% Cumulative preferred stock, $119 par value,
issued and outstanding 10,800 shares
$1,285,200
Common stock, $10 par value, issued and
outstanding 241,200 shares
2,412,000
To acquire the net assets of three smaller companies, Bailey authorized the issuance of an additional 176,400 common shares. The acquisitions took place as shown below.
Date of Acquisition
Shares Issued
Company A April 1, 2012
63,600
Company B July 1, 2012
85,200
Company C October 1, 2012
27,600
On May 14, 2012, Bailey realized a $106,800 (before taxes) insurance gain on the expropriation of investments originally purchased in 2000.
On December 31, 2012, Bailey recorded net income of $321,600 before tax and exclusive of the gain.
Assuming a 43% tax rate, compute the earnings per share data that should appear on the financial statements of Bailey Industries as of December 31, 2012. Assume that the expropriation is extraordinary.
(Round answer to 2 decimal places, e.g. $2.55.)
Bailey Industries
Income Statement
For the year ended December 31, 2012
$
$
[removed]
.
Multiple-choice questions. Select the best one that answers th.docx
Multiple-choice questions. Select the best one that answers the question. Show your procedure and calculations. Partial credits will be given if you procedure is correct, but answers are not. Each question is 3 points. Total: 78 points.
Chapter 1
1. Angelo uses the equity method to account for its investment in Fischer on January 1. On the date of acquisition, Fischer’s land and buildings were undervalued on its balance sheet. During the year following the acquisition, how do these excesses of fair values over book values affect Angelo's Equity Income from Fischer?
a. Building, Decrease; Land, No Effect
b. Building, Decrease; Land, Decrease
c. Building, Increase; Land, Increase
d. Building, Increase; Land, No Effect
2. On January 2, 2020, Campbell, Inc. purchased a 20% interest in Renner Corp. for $2,000,000 cash. During 2020, Renner's net income was $2,500,000 and it paid dividends of $750,000.
Equity Investment balance should Campbell report at December 31, 2020?
a. $2,500,000
b. $ 500,000
c. $2,350,000
d. $2,150,000
3. On December 31, 2020, Park Inc. paid $500,000 for all of the common stock of Smith Corp. On that date, Smith had assets and liabilities with book values of $400,000 and $100,000; and fair values of $450,000 and $125,000, respectively.
What amount of goodwill will be reported on the December 31, 2020 balance sheet?
a. $ 50,000
b. $100,000
c. $200,000
d. $175,000
4. Francis, Inc. acquired 40% of Park's voting stock on January 1, 2020 for $420,000. During 2020, Park earned $120,000 and paid dividends of $60,000. During 2021, Park earned $160,000 and paid dividends of $50,000 on April 1 and $40,000 on December 1. On July 1, 2021, Francis sold half of its stock in Park for $275,000 cash.
The Equity Investment balance at December 31, 2020 is:
a. $420,000
b. $444,000
c. $408,000
d. $492,000
5. On January 1, 2020, Cracker Co. purchased 40% of Dallas Corp.'s common stock at book value of net assets. The balance in Cracker's Equity Investment account was $820,000 at December 31, 2020. Dallas reported net income of $500,000 for the year ended December 31, 2020, and paid dividends totaling $150,000 during 2020.
How much did Cracker pay for its 40% interest in Dallas?
a. $680,000
b. $500,000
c. $560,000
d. $760,000
Chapter 2
The following three Questions are based on the following set of facts.
Lucky’s Company acquires Waterview, Inc., by issuing 40,000 shares of $1 par common stock with a market price of $25 per share on the acquisition date and paying $125,000 cash. The assets and liabilities on Waterview’s balance sheet were valued at fair values except equipment that was undervalued by $300,000. There was also an unrecorded patent valued at $40,000, as well as an unrecorded trademark valued at $75,000. In addition, the agreement provided for additional consideration, valued at $60,000, if certain earnings targets were met.
The pre-acquisition balance she ...
Busi 320 Dev Shell - 2012 Fall BFoundations of Financial Managem.docx
Busi 320 Dev Shell - 2012 Fall B
Foundations of Financial Management ( Block , 14th ed.)
assignment: Homework 1
1.Problem 2-1 Income statement [LO1]
Frantic Fast Foods had earnings after taxes of $1,200,000 in the year 2009 with 322,000 shares outstanding. On January 1, 2010, the firm issued 30,000 new shares. Because of the proceeds from these new shares and other operating improvements, earnings after taxes increased by 24 percent.
(a)
Compute earnings per share for the year 2009. (Round your answer to 2 decimal places. Omit the "$" sign in your response.)
Earnings per share
(b)
Compute earnings per share for the year 2010. (Round your answer to 2 decimal places. Omit the "$" sign in your response.)
Earnings per share
2.Problem 2-3 Gross profit [LO1]
Hillary Swank Clothiers had sales of $428,000 and cost of goods sold of $260,000.
(a)
What is the gross profit margin (ratio of gross profit to sales)? (Round your answer to the nearest whole percentage. Omit the "%" sign in your response.)
Gross profit margin
(b)
If the average firm in the clothing industry had a gross profit of 35 percent, how is the firm doing?
The firm is .
3.Problem 2-4 Operating profit [LO1]
A-Rod Fishing Supplies had sales of $2,160,000 and cost of goods sold of $1,550,000. Selling and administrative expenses represented 10 percent of sales. Depreciation was 6 percent of the total assets of $4,450,000.
What was the firm’s operating profit? (Omit the "$" sign in your response.)
Operating profit
4.Problem 2-6 Income statement [LO1]
Given the following information, prepare an income statement for the Dental Drilling Company. (Input all amounts as positive values. Omit the "$" sign in your response.)
Selling and administrative expense
$
72,000
Depreciation expense
71,000
Sales
536,000
Interest expense
45,000
Cost of goods sold
179,000
Taxes
53,000
5.Problem 2-7 Income statement [LO1]
Given the following information, prepare an income statement for Jonas Brothers Cough Drops. (Input all amounts as positive values. Omit the "$" sign in your response.)
Selling and administrative expense
$
326,000
Depreciation expense
196,000
Sales
1,600,000
Interest expense
124,000
Cost of goods sold
551,000
Taxes
167,000
6.Problem 2-11 Depreciation and earnings [LO1]
Stein Books, Inc., sold 2,300 finance textbooks for $200 each to High Tuition University in 2010. These books cost $170 to produce. Stein Books spent $12,300 (selling expense) to convince the university to buy its books.
Depreciation expense for the year was $15,500. In addition, Stein Books borrowed $102,000 on January 1, 2010, on which the company paid 17 percent interest. Both the interest and principal of the loan were paid on December 31, 2010. The publishing firm’s tax rate is 30 percent.
Prepare an income statement for Stein Books. (Input all amounts as positive values.Omit the "$" sign in your response.)
7.Problem 2-15 ...
Acquisition of Saban Ltd On 1stJanuary 2010, Habiki Ltd acquir.docx
Acquisition of Saban Ltd
On 1
st
January 2010, Habiki Ltd acquired 90% of the share capital (ex div) of Saban Ltd for $14,500,000. At this date, the accounts of Saban Ltd included the following balances:
Share capital (9,000,000 shares) $9,000,000
General reserve 2,100,000
Retained profits 1,050,000
Dividends payable 900,000
All of the identifiable net assets of Saban Ltd were recorded at fair value except for Patents which had a fair value of $1,180,000 above the carrying amount. Adjustments for the differences are made on consolidation and tax-effect entries are needed.On the 15 June 2011, Saban Ltd paid a cash dividend of $450,000 (appropriated from pre-acquisition profits). This amount was recognised as revenue by Habiki Ltd. The Financial Controller of Habiki Ltd felt that the dividend had impaired the value of the company’s investment in Saban Ltd and subsequently records an impairment of the Investment in SabanAccount for the applicable amounts received as a dividend.
(a) On 1
st
October 2014, Saban sold inventory to Habiki Ltd for $1,350,000, at a mark-up of 20%. At 31stDecember 2014, $778,000 of this inventory was still on hand
(b) On 28
th
November 2013, Habiki Ltd sold some inventory to Saban Ltd for $980,000, at a profit before tax of $530,000. This was still on hand in Saban Ltd at 31
st
December 2013, but was all sold by 31
st
December 2014.
(c) On 1
st
July 2014, Saban Ltd sold an item of equipment to HabikiLtd for $2,680,000 at a before tax loss of $985,000. The equipment has a useful life of 5 years and is depreciated using the straight-line method by both companies.
(d) During the year Habiki Ltd paid $165,000 of Staff Training Fees to Saban Ltd. This amount is disclosed under General Administrative Expenses by Habiki Ltd.
(e) Habiki Ltd extended a loan of $700,000 to Saban Ltd. This loan was issued on the 1
st
March 2012 payable over 10 years, with an interest rate on the loan of 5.5% pa. Interest is paid on the 1
st
April and 1
st
October every year.
(f) A goodwill impairment test in December 2014 revealed the need to impair goodwill by $221,600. No other impairment of goodwill has been recorded. For consolidation purposes the partial goodwill method is used.
(g) All dividends are recognised before receipt of cash.
(h) The corporate income tax rate is 30% and the companies in the group have financial years from 1
st
January to 31
st
December.
REQUIRED:
Consolidate Habiki Ltd and Saban Ltd:
(a) Prepare the consolidation journal entries, with narrations, and the consolidated worksheet (using Excel) to consolidate HABIKI Ltd and SABAN Ltd for the year ended 31
st
December 2014.
(b) Produce the completed Consolidated Financial Reports (Statement of Comprehensive Income and Statement of Financial Position) for the year ended 31stDecember 2014. You are advised to comply with AASB standards and the requirements in the Australian Corporations Legislation when determining the structure and presentation r.
Problems – 5 points each1. Greg and Justin are forming the G.docx
Problems – 5 points each
1. Greg and Justin are forming the GJ Partnership. Greg contributes $500,000 cash and Justin contributes nondepreciable property with an adjusted basis of $200,000 and a fair market value of $550,000. The property is subject to a $50,000 liability, which is also transferred into the partnership and is shared equally by the partners for basis purposes. Greg and Justin share in all partnership profits equally except for any precontribution gain, which must be allocated according to the statutory rules for built-in gain allocations.
a. What is Justin’s adjusted tax basis for his partnership interest immediately after the partnership is formed?
b. What is the partnership’s adjusted basis for the property contributed by Justin?
c. If the partnership sells the property contributed by Justin for $600,000, how is the tax gain allocated between the partners?
2. The LN partnership reported the following items of income and deduction during the current tax year: revenues, $200,000; cost of goods sold, $80,000; tax-exempt interest income, $5,000; salaries to employees, $50,000; and long-term capital gain, $5,000. In addition, the partnership distributed $10,000 of cash to 50% partner Nina and $20,000 of cash to 50% partner Len. What is Nina’s share of ordinary partnership income and separately stated items?
3. In the current year, Derek formed an equal partnership with Cody. Derek contributed land with an adjusted basis of $110,000 and a fair market value of $200,000. Derek also contributed $50,000 cash to the partnership. Cody contributed land with an adjusted basis of $80,000 and a fair market value of $230,000. The land contributed by Derek was encumbered by a $60,000 nonrecourse debt. The land contributed by Cody was encumbered by $40,000 of nonrecourse debt. Assume the partners share debt equally. Immediately after the formation, what is the basis of Cody’s partnership interest?
4. Janet Wang is a 50% owner of a calendar year S corporation. During 2012, the S corporation has ordinary income of $175,000, short-term capital gain of $94,000, tax-exempt income of $22,000, and a charitable contribution of $18,000. What S corporation items must Janet report in 2012?
5. Bidden, Inc., a calendar year S corporation, incurred the following items:
Sales
$130,000
Depreciation recapture income
12,000
Short-term capital gain
30,000
Cost of goods sold
(42,000)
Municipal bond interest income
7,000
Administrative expenses
(15,000)
Depreciation expense
(17,000)
Charitable contributions
(14,000)
Calculate Bidden’s nonseparately computed income.
6. During 2012, Ms. Rasic, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. On December 31, 2011, Ms. Rasic’s stock basis was $4,000. The corporation earned $11,000 ordinary income during the year. Calculate the amount and type of income Ms. Rasic recognizes in 2012, assuming there is no C ...
Financing Activities Financing activities include inflows and outflows.docx
Financing Activities
Financing activities include inflows and outflows of cash from transactions that either generate capital or repay capital provided to the company. As with investing activities, you must review the changes to equity accounts and noncurrent liabilities as well as collect any additional data related to equity accounts and noncurrent liabilities to correctly calculate the cash flows from financing activities.
APPLY THE CONCEPTS: Prepare the financing activities section
Additional financing activities data:
1. On February 1, 2013, Leonardo Inc. issued 12,800 shares of its $1 par value stock. The company received the par value for the shares and $25,600 in excess of par value.
2. Leonardo paid dividends of $9,600 to its stockholders on June 30, 2013.
Use a minus sign (–) to indicate an outflow of cash. No sign is needed to indicate an inflow of cash.
Cash flows from financing activities
Solution
Working
Common stock Issued = 12800*1 + 25600
Common stock Issued = 38400
.
.08 mjm 1. On August 31, Jenks Co. partially refunded $1.docx
....._
Cl0; Introduction to Computers; Assignment 4 Rubric
CATEGORY Exemplary Satisfactory Unsatisfactory Unacceptable
Justificalion:20 20 points: Three or 13 points: Two items 6 points: One item in o points: None of the
points more items in the in the proposal the proposal includes 'items in the proposalproposal include an include an an expIanaIion of why incJude an explanation
explanation of why explanation of why that particular choice of why that particular
that particular choice that particular choice wasmade_ choice was made.
wasmade._ was made.
Quality of 20 points: 13 points: Information 6 points: Information o points: Information
Infonnation: 20 Information clearly clearty relates to the clear1yrelates to the had little or nothing to 'relates to the main main topic. It main topic.. Supporting do with the main topic.
points topic. It includes includes one or two details and/or
three or more items items with supporting examples are not
with supporting details andfor incJlided_
I
details andfor examples_
examples.
Accuracy: 20 20 points: All of the 13 points:. Most ofthe 6 points: Some of the o points: None or
points technical technical technical ,~ almost none of thedescriptions and descriptions and and details are technical descriptions
details are described details are described described accurately and details are
accurately and accurately and and match tDday\'s described accurateJy
match today\'s match today\'s available technology. and match today\'s I
available technology.. available technology- available technology.
Format: 10 10 points: The 7 points: The 4 points: The proposal o points: The proposal I
points proposal covers aD proposal covers 3 or covers 1or 2 of the covers none of the Iof the five 4 of the five five requirements five requirements I
requirements requirements requested by the requested by the
requested by the requested by the Custol1lelC (Budget, customer. (Budget.
I
customer. (Budget. customer. (Budget, Security, HardWare, Seclriy, I-fardware.
Security, Hardware, Sea.riy, Hardware, OS, Mobile OS, Mobile
OS, Mobile OS,Mobile Computing) Computing)
Computing) Computing)
Mechanics: 10 10 points: No 7 points: One to two 4 points: Three to four o points: FIVeor more
points grammatical, grammalical,. grammatical, spelling, grammatic-aJ. spelling,spelling. spacing, spelling. spacing. spacing, capilalizalion spacing" capiIaization I
capitalization or capitalization or or punctuation errors. or punctuation errors. I
_ punctuation errors. punctuation errors. I
Acronyms: 10 10 points: All of the 7 points: Most of the 4 points: Some of the o poin1s: None of the
points acronyms. acronyms, acronyms, acronyms,abbreviations or abbreviations or abbreviations or abbreViations or
I
technical terms are technical terms are technical terms are technical terms are
either spelled out or either speIed out or either spefled out or either spelled out or
explained in a way explained in a way explained in a way explained in a ...
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Joni...
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Jonick Verified Chapter's 1 - 26 Complete.
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Jonick Verified Chapter's 1 - 26 Complete.
Uop acc-422-week-5-wiley plus-assignment-new
uop acc 422 week 5 computer fraud paper,uop acc 422 week 5,acc 422 week 5,uop acc 422 week 5 tutorial,uop acc 422 week 5 assignment,uop acc 422 week 5 help
Uop acc-422-week-5-wiley plus-assignment-new
uop acc 422 week 5 computer fraud paper,uop acc 422 week 5,acc 422 week 5,uop acc 422 week 5 tutorial,uop acc 422 week 5 assignment,uop acc 422 week 5 help
ACC 422 Final Exam Guide All 3 Sets3
This document provides a guide to the ACC 422 final exam with 180 multiple choice questions across 3 sets. It includes sample accounting questions on topics like cash, inventory valuation methods, long-term assets, depreciation, and intangible assets. The questions assess understanding of concepts like lower of cost or market, inventory systems, capitalization of interest, and accounting for patents.
The post-closing trial balance of Wildhorse Corporation at December 3.pdf
The post-closing trial balance of Wildhorse Corporation at December 31,2022 , contains the
following stockholders' equity accounts. A review of the accounting records reveals the
following. 1. No errors have been made in recording 2022 transactions or in preparing the
closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative, 15,800 shares
have been outstanding since January 1,2021. 3. Authorized stock is 20,800 shares of preferred,
520,000 shares of common with a $10 par value. 4. The January 1 balance in Retained Earnings
was $1,190,000. 5. On July 1,19,400 shares of common stock were issued for cash at $18 per
share. 6. On September 1, the company discovered an understatement error of $92,400 in
computing salaries and wages expense in 2021 . The net of tax effect of $64,680 was properly
debited directly to Retained Earnings. 7. A cash dividend of $260,000 was dectared and properly
allocated to preferred and common stock on October 1. No dividends were paid to preferred
stockholders in 2021. 8. On December 31 , a 10% common stock dividend was declared out of
retained eamings on common stock when the market price per share was $18. 9. Net income for
the year was $595,000. 10. On December 31,2022 , the directors authorized disclosure of a
$208,000 restriction of retained earnings for plant
Compute the allocation of the cash dividend to preferred and common stock. Allocation of the
cash dividend to preferred stock Allocation of the cash dividend to common stock
(a) Reproduce the Retained Earnings account for 2022. (Uist items in order presented in the
problem.)
Prepare a stockholders' equity section at December 31, 2022. (Enter account name only and do
not provide descriptive information) WILDHORSE CORPORATION Partial Balance Sheet $$.
River bed Corporation is preparing its December 312020 ba.pdf
River bed Corporation is preparing its December 31,2020 , balance sheet. The following items
may be reported as either a current or long-term liability. 1. On December 15,2020 . Riverbed
declared a cash dividend of $2.40 per share to stockholders of record on December 31 . The
dividend is payable on January 15, 2021. Riverbed has issued 1,000,000 shares of common
stock, of which 50,000 shares are held in treasury. 2. At December 31 , bonds payable of $111,
299,000 are outstanding. The bonds pay 12% interest every September 30 and mature in
installments of $27,824,750 every September 30 , beginning September 30,2021. 3. At December
31,2019 , customer advances were $13,603,000. During 2020 , Riverbed collected $30,634,000 of
customer advances; advances of $26,948,000 should be recognized in income. For each item
above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if
any..
Cff302.ppt
I apologize, upon reviewing the document again I do not see a clear equation to solve for T. The document provides an overview of financial statements, cash flows, taxes and related concepts but does not include a specific equation stated in the form of "solve for T". Could you please clarify which equation you intended me to solve for T?
ID-D Samei- -14- Which ofthe following should sever be evaporwedon-hpl.docx
ID:D Samei, -14. Which ofthe following should sever be evaporwedon.hple Phosphoric acid b. Teluene c. Triethylene glyoel. d. Diethyl ether e. Aoaty halicy lis acid 15. Which of the following staments about the foemation of adipic acid thom cyclohenone is fal the krtone. b. A brown peecipitate of manganese dionide forms d. The final prodact is an alkene 16. A separatory funnel costains watcr, esher and ate other compound Which of the following is the compound most Wkely found is the water lyer? a Phenoil b. Sodiam benzoale 17, One step in the preparusios of cyelohevene froes cyclshexamol is tranaferring the dislate into a separatory fineel with saturated sodiem chloride solusion What is the parpose of this step? a. To renove water froms the distillane To lower the semperature of the solution d. To oxidize the cyclohesene 1& The neutral compound 1 s in a separatory funnel that also contains water and other How would you separate the 1,4-dimethoxyhenneme Daan out the water lnr, tes evaporate de ether. Add HCL thee basify the water leyer with NaOH and flter the product Drain out the ether layer, then filter the water lryer Add NaOil, thos ackdify the water layer with HCI and filher the product a. 19. How would the boiling point of water be effected ifsand was added so the water? . There would be a docrease. b. There wouild be no effect c There woeld be an increase d There would be both an increase and a decrease. 20. The final product from the process of crystalliration is isclated by a Graviy fitration b. Extraction c. Vacuum filtration. d Gas chromalographry
Solution
14 - (b)
Ether should never be directly kept on a hot plate because it can increase the temperature which is sufficient to start a fire.
15 - (d)
.
I- Physical Properties- Color-- Clear Odor- Nail polish Yemover (corre.docx
I. Physical Properties: Color:- Clear Odor: Nail polish Yemover (corrected) Boiling Point (while distilling): ID(corrected) Refractive Index (optional) Density (optional): II. Solubility Test Results: Test performed pH of an aq. EtOH solution: Test Results Conclusions No soulaility oxpaic laver on TOP dist. H20 aq. HC OreanicLaver on TOP N Solu bilrt No Solubi lity ag. NaHCO conc. H2SO4 Afier you finally identify the Unknown, write a balanced equation for any one reaction that occurred in the solubility tests:
Solution
Pinacolone is a ketone, hence it does not react with water( non-polar), HCl, NaOH, aq NaHCO 3 (no acid group) et. However, it gave yellow solution with H 2 SO 4 . H 2 SO 4 being a conc. acid, it chars the compound. Another probable reason is the formation of enol species in acidic medium. Enols are slightly polar, and due to conjugation of OH lone pair with the double bond, the solution becomes coloured.
Me 3 CCOCH 3 + H + = Me 3 CC(OH)=CH 2
.
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Acc 401 advanced accounting week 11 quiz – final exam
Pandora Company purchased 75% of Saturn Company on January 1, 2010. The document provides separate balance sheet information for Pandora, Saturn book values, and Saturn fair values as of the acquisition date. It asks the reader to determine specific account balances on the January 2, 2010 consolidated balance sheet, including inventory, goodwill, retained earnings, and total assets. The document also provides additional acquisition examples and problems related to consolidated financial statements.
Acc 401 advanced accounting week 11 quiz – final exam
Pandora Company purchased 75% of Saturn Company on January 1, 2010. The document provides separate balance sheet data for Pandora, Saturn book values, and Saturn fair values as of the acquisition date. It asks for the consolidated balance of specific accounts on January 2, 2010, including: (1) inventory of $139,250, (2) goodwill of $0, (3) retained earnings of $260,250, and (4) total assets of $1,525,000. Similarly, for a separate acquisition of Swimmer Company, the requested consolidated balances are: (1) inventory of $186,500, (2) goodwill of $42,000, (3) total assets of
1-The party to receive a distribution of principal from an estate is l.docx
1.The party to receive a distribution of principal from an estate is legally called a(n):
2.Cleary, Wasser, and Nolan formed a partnership on January 1, 2012, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Wasser, and (3) sharing the remainder of the income or loss in a ratio of 20% for Cleary, and 40% each for Wasser and Nolan. Net income was $150,000 in 2012 and $180,000 in 2013. Each partner withdrew $1,000 for personal use every month during 2012 and 2013.
What was Cleary\'s capital account balance at the end of 2013?
3. What was the total capital balance for the partnership at December 31, 2012?
$545,000
Solution
Distribution of Income for 2012:
Capital Account for 2013:
1. Estate Distributee.
2. $139,420
3. $564,000
.
PAGE 1Practice exerciseChapter 1 and 2 practice exercis.docx
PAGE
1
Practice exercise
Chapter 1 and 2 practice exercise
Name
ACC: 201
Instructor:
Date
Exercise 1-2: Assume that Kennedy Company acquires $1,600 cash from creditors and $1,800 cash from investors.
Required
a. Explain the primary differences between investors and creditors.
Answer:
a) The primary difference between creditors and investors is a creditor you must pay back the money borrowed and most of the time there is interest. An investor is someone that is investing in the company and normally has stock from doing so. If the company does not make it and dissolves creditors get paid first, and if there is still money left, investors get it.
b. If Kennedy has a net loss of $1,600 cash and then liquidates, what amount of cash will the creditors receive? What amount of cash will the investors receive?
Answer:
b) The creditors will get $1,600, or all of their money, and the investors will get $200.
c. If Kennedy has net income of $1,600 and then liquidates, what amount of cash will the creditors receive? What amount of cash will the investors receive?
Answer:
c) The creditors will get all of their money ($1,600), and the investors will get all of the rest which is their original $1,800 + 1,600 = $3,400.
Exercise 1-4: Kenneth Chang recently started a business. During the first few days of operation, Mr. Chang transferred $30,000 from his personal account into a business account for a company he named Chang Enterprises. Chang Enterprises borrowed $40,000 from First Bank. Mr. Chang’s father-in-law, Jim Harwood, invested $64,000 into the business for which he received a 25 percent ownership interest. Chang Enterprises purchased a building from Morton Realty Company. The building cost $120,000 cash. Chang Enterprises earned $28,000 in revenue from the company's customers and paid its employees $25,000 for salaries expense.
Answer
1. $30,000 from Kenneth Changs personal account – goes into Assets under Cash and in the Statement of cash flows.
2. $40,000 Borrowed from First Bank – goes into Assets under Cash and in the Statement of cash flows.
3. $64,000 from Jim Harwood (father-in-law) He received 25% ownership interest – goes into Assets and Common Stock and then in the Statement of cash flows.
4. $120,000 went toward buying a building – this would be in the Land column
5. $28,000 Revenue – would be in the Income statement under Rev. and Net Inc., and back in the Balance sheet under Cash and Ret, Earn. Columns. This is also listed in the Statement of cash flows
6. $25,000 Employee salaries – is listed in Assets under Cash and Ret. Earn. Then in the Income Statement under Exp. And Net Inc., and then under the Statement of cash flows.
Required:
Identify the entities that were mentioned in the scenario and explain what happened to the cash accounts of each entity that you identify.
Exercise 1-9: The December 31, 2012, balance sheet for Classic Company showed total stockholders’ equity of $82,500. Total stockholders’ equity increa.
4.(TCO E) During 20X3, Edwards Co. sold inventory to its paren.docx
4.
(TCO E) During 20X3, Edwards Co. sold inventory to its parent company, First Corp. First still owned the entire inventory purchased at the end of 20X3. Why must the gross profit on the sale be deferred when consolidated financial statements are prepared at the end of 20X3?
(Points : 15)
6.(TCO C) Assume that on January 1, 20X2, investors form Acme Corp agree to consolidate the operations of ABC, Inc., and DEF Company in a deal valued at $2.0 billion. Acme organizes each former entity as an operating segment. Additionally, Acme two divisions—ABC Hot and ABC Cold—that, along with DEF, are treated as independent reporting units for internal performance evaluation and management reviews. ACME recognizes $215 million as goodwill at the merger date of January 1, 20X3 and allocates this entire amount to its reporting units. That information and each reporting unit's acquisition-date fair values are as follows.
New Corp’s Acquisition-Date Fair Values
Reporting Units Goodwill January 1, 20X3
ABC Hot $ 22,000,000 $750,000,000
ABC Cold 155,000,000 748,000,000
DEF Company 38,000,000 502,000,000
In December, 20X3, Acme Corp performed an analysis for each of its three reporting units to assess potential goodwill impairment. They examined the events that may affect the fair values of its reporting units. The analysis reveals that the fair value of each reporting unit likely exceeds its carrying amount except for ABC Cold. The goodwill impairment test then reveals that ABC Cold’s fair value has fallen to $70 million, well below its current carrying amount. Acme compared the implied fair value of ABC Cold’s goodwill to its carrying amount. Acme needs to determine the implied fair value of goodwill. The fair value of ABC Cold’s net assets as of December 31, 21X3 is shown below.
ABC Cold December 31, 20X3, fair value $70,000,000
Fair values of ABC Cold net assets at December 31, 20X3:
Current assets $ 5,000,000
Property 10,000,000
Equipment 5,000,000
Subscriber list 1,000,000
Patented technology 1,000,000
Current liabilities (4,000,000)
Long-term debt (10,000,000)
Required:
(1) What is the implied fair value of goodwill for ABC Cold?
(2) What is the carry value of the assets of ABC Cold before impairment?
(3) What is the impairment loss of ABC Cold? (Points : 25)
7.
(TCO A) Steven Company owns 40% of the outstanding voting common stock of Nicole Corp. and has the ability to significantly influence the investee's operations. On January 3, 20X1, the balance in the Investment in Nicole Corp. account was $503,000. Amortization associated with this acquisition is $12,000 per year. During 20X1, Nicole earned a net income of $120,000 and paid cash dividends of $40,000. Previously in 20X0, Nicole had sold inventory costing $35,000 to Steven for $50,000. All but 25% of that inventory had been sold to outsiders by Steven during 20X0. Additional sales were made to Steven in 20X1 at a transfer price.
ACCT 221Midterm Problems1. Albert Corporation is author.docx
ACCT 221
Midterm Problems
1. Albert Corporation is authorized to issue 1,500,000 shares of $4 par value common stock. During
2013, its first year of operation, the company has the following stock transactions.
Jan. 15 Issued 500,000 shares of stock at $11 per share.
Jan.
30
The company’s attorney accepted 3,500 shares of common stock as payment for legal
services rendered in helping the company incorporate. The legal services are estimated to
have a value of $28,000.
July 2 Issued 100,000 shares of stock for land. The land had an asking price of $2,000,000. The
stock is currently selling on a national exchange at $14 per share.
Instructions
Journalize the transactions for Albert Corporation.
2. Vero Corporation has the following stockholders' equity accounts on January 1, 2013:
The company uses the cost method to account for treasury stock transactions. During 2013, the
following treasury stock transactions occurred:
March 1 Purchased 12,000 shares at $18 per share.
July 1 Sold 3,500 shares at $21 per share.
Sept 1 Sold 3,100 shares at $14 per share.
Instructions
Journalize the treasury stock transactions for 2013.
Due Date: Sunday, April 7 @ 11 p.m. ET submit via WebTycho Assignment Folder
1
Common Stock, $10 par value $1,500,000
Paid-in Capital in Excess of Par 200,000
Retained Earnings 500,000
Total Stockholders’ Equity $2,200,000
3. Domino Corporation was organized on January 1, 2011. During its first year, the corporation issued
20,000 shares of $5 par value preferred stock and 200,000 shares of $1 par value common stock. At
December 31, the company declared the following cash dividends:
Year Dividend
2011 5,000
2012 15,000
2013 35,000
Instructions
(a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend
is 8% and cumulative.
(b) Journalize the declaration of the cash dividend at December 31, 2013.
4. On January 1, 2013, Alsace Corporation had $3,000,000 of $5 par value common stock outstanding
that was issued at par and retained earnings of $2,000,000. The company issued 250,000 shares of
common stock at $14 per share on July 1. On December 15, the board of directors declared a 15%
stock dividend to stockholders of record on December 31, 2013, payable on January 15, 2014. The
market value of Alsace Corporation stock was $18 per share on December 15 and $20 per share on
December 31. Net income for 2013 was $550,000.
Instructions
Journalize the issuance of stock on July 1, the declaration of the stock dividend on December 15,
2013, and the issuance of the stock dividend on January 15, 2014.
5. Prepare the journal entries for the following two independent situations:
(a) On January 1, 2013, Hathaway Corporation issued $300,000, 11%, 10-year bonds for $291,780.
The bonds were sold to yield an effective-interest rate of 12%. Prepare the journal entry that
Hathaway Corporation would make on January 1.
(b) Monaghan, Inc. redeemed .
On January 1, 2012, Bailey Industries had stock outstanding as fol.docx
On January 1, 2012, Bailey Industries had stock outstanding as follows.
6% Cumulative preferred stock, $119 par value,
issued and outstanding 10,800 shares
$1,285,200
Common stock, $10 par value, issued and
outstanding 241,200 shares
2,412,000
To acquire the net assets of three smaller companies, Bailey authorized the issuance of an additional 176,400 common shares. The acquisitions took place as shown below.
Date of Acquisition
Shares Issued
Company A April 1, 2012
63,600
Company B July 1, 2012
85,200
Company C October 1, 2012
27,600
On May 14, 2012, Bailey realized a $106,800 (before taxes) insurance gain on the expropriation of investments originally purchased in 2000.
On December 31, 2012, Bailey recorded net income of $321,600 before tax and exclusive of the gain.
Assuming a 43% tax rate, compute the earnings per share data that should appear on the financial statements of Bailey Industries as of December 31, 2012. Assume that the expropriation is extraordinary.
(Round answer to 2 decimal places, e.g. $2.55.)
Bailey Industries
Income Statement
For the year ended December 31, 2012
$
$
[removed]
.
Multiple-choice questions. Select the best one that answers th.docx
Multiple-choice questions. Select the best one that answers the question. Show your procedure and calculations. Partial credits will be given if you procedure is correct, but answers are not. Each question is 3 points. Total: 78 points.
Chapter 1
1. Angelo uses the equity method to account for its investment in Fischer on January 1. On the date of acquisition, Fischer’s land and buildings were undervalued on its balance sheet. During the year following the acquisition, how do these excesses of fair values over book values affect Angelo's Equity Income from Fischer?
a. Building, Decrease; Land, No Effect
b. Building, Decrease; Land, Decrease
c. Building, Increase; Land, Increase
d. Building, Increase; Land, No Effect
2. On January 2, 2020, Campbell, Inc. purchased a 20% interest in Renner Corp. for $2,000,000 cash. During 2020, Renner's net income was $2,500,000 and it paid dividends of $750,000.
Equity Investment balance should Campbell report at December 31, 2020?
a. $2,500,000
b. $ 500,000
c. $2,350,000
d. $2,150,000
3. On December 31, 2020, Park Inc. paid $500,000 for all of the common stock of Smith Corp. On that date, Smith had assets and liabilities with book values of $400,000 and $100,000; and fair values of $450,000 and $125,000, respectively.
What amount of goodwill will be reported on the December 31, 2020 balance sheet?
a. $ 50,000
b. $100,000
c. $200,000
d. $175,000
4. Francis, Inc. acquired 40% of Park's voting stock on January 1, 2020 for $420,000. During 2020, Park earned $120,000 and paid dividends of $60,000. During 2021, Park earned $160,000 and paid dividends of $50,000 on April 1 and $40,000 on December 1. On July 1, 2021, Francis sold half of its stock in Park for $275,000 cash.
The Equity Investment balance at December 31, 2020 is:
a. $420,000
b. $444,000
c. $408,000
d. $492,000
5. On January 1, 2020, Cracker Co. purchased 40% of Dallas Corp.'s common stock at book value of net assets. The balance in Cracker's Equity Investment account was $820,000 at December 31, 2020. Dallas reported net income of $500,000 for the year ended December 31, 2020, and paid dividends totaling $150,000 during 2020.
How much did Cracker pay for its 40% interest in Dallas?
a. $680,000
b. $500,000
c. $560,000
d. $760,000
Chapter 2
The following three Questions are based on the following set of facts.
Lucky’s Company acquires Waterview, Inc., by issuing 40,000 shares of $1 par common stock with a market price of $25 per share on the acquisition date and paying $125,000 cash. The assets and liabilities on Waterview’s balance sheet were valued at fair values except equipment that was undervalued by $300,000. There was also an unrecorded patent valued at $40,000, as well as an unrecorded trademark valued at $75,000. In addition, the agreement provided for additional consideration, valued at $60,000, if certain earnings targets were met.
The pre-acquisition balance she ...
Busi 320 Dev Shell - 2012 Fall BFoundations of Financial Managem.docx
Busi 320 Dev Shell - 2012 Fall B
Foundations of Financial Management ( Block , 14th ed.)
assignment: Homework 1
1.Problem 2-1 Income statement [LO1]
Frantic Fast Foods had earnings after taxes of $1,200,000 in the year 2009 with 322,000 shares outstanding. On January 1, 2010, the firm issued 30,000 new shares. Because of the proceeds from these new shares and other operating improvements, earnings after taxes increased by 24 percent.
(a)
Compute earnings per share for the year 2009. (Round your answer to 2 decimal places. Omit the "$" sign in your response.)
Earnings per share
(b)
Compute earnings per share for the year 2010. (Round your answer to 2 decimal places. Omit the "$" sign in your response.)
Earnings per share
2.Problem 2-3 Gross profit [LO1]
Hillary Swank Clothiers had sales of $428,000 and cost of goods sold of $260,000.
(a)
What is the gross profit margin (ratio of gross profit to sales)? (Round your answer to the nearest whole percentage. Omit the "%" sign in your response.)
Gross profit margin
(b)
If the average firm in the clothing industry had a gross profit of 35 percent, how is the firm doing?
The firm is .
3.Problem 2-4 Operating profit [LO1]
A-Rod Fishing Supplies had sales of $2,160,000 and cost of goods sold of $1,550,000. Selling and administrative expenses represented 10 percent of sales. Depreciation was 6 percent of the total assets of $4,450,000.
What was the firm’s operating profit? (Omit the "$" sign in your response.)
Operating profit
4.Problem 2-6 Income statement [LO1]
Given the following information, prepare an income statement for the Dental Drilling Company. (Input all amounts as positive values. Omit the "$" sign in your response.)
Selling and administrative expense
$
72,000
Depreciation expense
71,000
Sales
536,000
Interest expense
45,000
Cost of goods sold
179,000
Taxes
53,000
5.Problem 2-7 Income statement [LO1]
Given the following information, prepare an income statement for Jonas Brothers Cough Drops. (Input all amounts as positive values. Omit the "$" sign in your response.)
Selling and administrative expense
$
326,000
Depreciation expense
196,000
Sales
1,600,000
Interest expense
124,000
Cost of goods sold
551,000
Taxes
167,000
6.Problem 2-11 Depreciation and earnings [LO1]
Stein Books, Inc., sold 2,300 finance textbooks for $200 each to High Tuition University in 2010. These books cost $170 to produce. Stein Books spent $12,300 (selling expense) to convince the university to buy its books.
Depreciation expense for the year was $15,500. In addition, Stein Books borrowed $102,000 on January 1, 2010, on which the company paid 17 percent interest. Both the interest and principal of the loan were paid on December 31, 2010. The publishing firm’s tax rate is 30 percent.
Prepare an income statement for Stein Books. (Input all amounts as positive values.Omit the "$" sign in your response.)
7.Problem 2-15 ...
Acquisition of Saban Ltd On 1stJanuary 2010, Habiki Ltd acquir.docx
Acquisition of Saban Ltd
On 1
st
January 2010, Habiki Ltd acquired 90% of the share capital (ex div) of Saban Ltd for $14,500,000. At this date, the accounts of Saban Ltd included the following balances:
Share capital (9,000,000 shares) $9,000,000
General reserve 2,100,000
Retained profits 1,050,000
Dividends payable 900,000
All of the identifiable net assets of Saban Ltd were recorded at fair value except for Patents which had a fair value of $1,180,000 above the carrying amount. Adjustments for the differences are made on consolidation and tax-effect entries are needed.On the 15 June 2011, Saban Ltd paid a cash dividend of $450,000 (appropriated from pre-acquisition profits). This amount was recognised as revenue by Habiki Ltd. The Financial Controller of Habiki Ltd felt that the dividend had impaired the value of the company’s investment in Saban Ltd and subsequently records an impairment of the Investment in SabanAccount for the applicable amounts received as a dividend.
(a) On 1
st
October 2014, Saban sold inventory to Habiki Ltd for $1,350,000, at a mark-up of 20%. At 31stDecember 2014, $778,000 of this inventory was still on hand
(b) On 28
th
November 2013, Habiki Ltd sold some inventory to Saban Ltd for $980,000, at a profit before tax of $530,000. This was still on hand in Saban Ltd at 31
st
December 2013, but was all sold by 31
st
December 2014.
(c) On 1
st
July 2014, Saban Ltd sold an item of equipment to HabikiLtd for $2,680,000 at a before tax loss of $985,000. The equipment has a useful life of 5 years and is depreciated using the straight-line method by both companies.
(d) During the year Habiki Ltd paid $165,000 of Staff Training Fees to Saban Ltd. This amount is disclosed under General Administrative Expenses by Habiki Ltd.
(e) Habiki Ltd extended a loan of $700,000 to Saban Ltd. This loan was issued on the 1
st
March 2012 payable over 10 years, with an interest rate on the loan of 5.5% pa. Interest is paid on the 1
st
April and 1
st
October every year.
(f) A goodwill impairment test in December 2014 revealed the need to impair goodwill by $221,600. No other impairment of goodwill has been recorded. For consolidation purposes the partial goodwill method is used.
(g) All dividends are recognised before receipt of cash.
(h) The corporate income tax rate is 30% and the companies in the group have financial years from 1
st
January to 31
st
December.
REQUIRED:
Consolidate Habiki Ltd and Saban Ltd:
(a) Prepare the consolidation journal entries, with narrations, and the consolidated worksheet (using Excel) to consolidate HABIKI Ltd and SABAN Ltd for the year ended 31
st
December 2014.
(b) Produce the completed Consolidated Financial Reports (Statement of Comprehensive Income and Statement of Financial Position) for the year ended 31stDecember 2014. You are advised to comply with AASB standards and the requirements in the Australian Corporations Legislation when determining the structure and presentation r.
Problems – 5 points each1. Greg and Justin are forming the G.docx
Problems – 5 points each
1. Greg and Justin are forming the GJ Partnership. Greg contributes $500,000 cash and Justin contributes nondepreciable property with an adjusted basis of $200,000 and a fair market value of $550,000. The property is subject to a $50,000 liability, which is also transferred into the partnership and is shared equally by the partners for basis purposes. Greg and Justin share in all partnership profits equally except for any precontribution gain, which must be allocated according to the statutory rules for built-in gain allocations.
a. What is Justin’s adjusted tax basis for his partnership interest immediately after the partnership is formed?
b. What is the partnership’s adjusted basis for the property contributed by Justin?
c. If the partnership sells the property contributed by Justin for $600,000, how is the tax gain allocated between the partners?
2. The LN partnership reported the following items of income and deduction during the current tax year: revenues, $200,000; cost of goods sold, $80,000; tax-exempt interest income, $5,000; salaries to employees, $50,000; and long-term capital gain, $5,000. In addition, the partnership distributed $10,000 of cash to 50% partner Nina and $20,000 of cash to 50% partner Len. What is Nina’s share of ordinary partnership income and separately stated items?
3. In the current year, Derek formed an equal partnership with Cody. Derek contributed land with an adjusted basis of $110,000 and a fair market value of $200,000. Derek also contributed $50,000 cash to the partnership. Cody contributed land with an adjusted basis of $80,000 and a fair market value of $230,000. The land contributed by Derek was encumbered by a $60,000 nonrecourse debt. The land contributed by Cody was encumbered by $40,000 of nonrecourse debt. Assume the partners share debt equally. Immediately after the formation, what is the basis of Cody’s partnership interest?
4. Janet Wang is a 50% owner of a calendar year S corporation. During 2012, the S corporation has ordinary income of $175,000, short-term capital gain of $94,000, tax-exempt income of $22,000, and a charitable contribution of $18,000. What S corporation items must Janet report in 2012?
5. Bidden, Inc., a calendar year S corporation, incurred the following items:
Sales
$130,000
Depreciation recapture income
12,000
Short-term capital gain
30,000
Cost of goods sold
(42,000)
Municipal bond interest income
7,000
Administrative expenses
(15,000)
Depreciation expense
(17,000)
Charitable contributions
(14,000)
Calculate Bidden’s nonseparately computed income.
6. During 2012, Ms. Rasic, the sole shareholder of a calendar year S corporation, received a distribution of $16,000. On December 31, 2011, Ms. Rasic’s stock basis was $4,000. The corporation earned $11,000 ordinary income during the year. Calculate the amount and type of income Ms. Rasic recognizes in 2012, assuming there is no C ...
Financing Activities Financing activities include inflows and outflows.docx
Financing Activities
Financing activities include inflows and outflows of cash from transactions that either generate capital or repay capital provided to the company. As with investing activities, you must review the changes to equity accounts and noncurrent liabilities as well as collect any additional data related to equity accounts and noncurrent liabilities to correctly calculate the cash flows from financing activities.
APPLY THE CONCEPTS: Prepare the financing activities section
Additional financing activities data:
1. On February 1, 2013, Leonardo Inc. issued 12,800 shares of its $1 par value stock. The company received the par value for the shares and $25,600 in excess of par value.
2. Leonardo paid dividends of $9,600 to its stockholders on June 30, 2013.
Use a minus sign (–) to indicate an outflow of cash. No sign is needed to indicate an inflow of cash.
Cash flows from financing activities
Solution
Working
Common stock Issued = 12800*1 + 25600
Common stock Issued = 38400
.
.08 mjm 1. On August 31, Jenks Co. partially refunded $1.docx
....._
Cl0; Introduction to Computers; Assignment 4 Rubric
CATEGORY Exemplary Satisfactory Unsatisfactory Unacceptable
Justificalion:20 20 points: Three or 13 points: Two items 6 points: One item in o points: None of the
points more items in the in the proposal the proposal includes 'items in the proposalproposal include an include an an expIanaIion of why incJude an explanation
explanation of why explanation of why that particular choice of why that particular
that particular choice that particular choice wasmade_ choice was made.
wasmade._ was made.
Quality of 20 points: 13 points: Information 6 points: Information o points: Information
Infonnation: 20 Information clearly clearty relates to the clear1yrelates to the had little or nothing to 'relates to the main main topic. It main topic.. Supporting do with the main topic.
points topic. It includes includes one or two details and/or
three or more items items with supporting examples are not
with supporting details andfor incJlided_
I
details andfor examples_
examples.
Accuracy: 20 20 points: All of the 13 points:. Most ofthe 6 points: Some of the o points: None or
points technical technical technical ,~ almost none of thedescriptions and descriptions and and details are technical descriptions
details are described details are described described accurately and details are
accurately and accurately and and match tDday\'s described accurateJy
match today\'s match today\'s available technology. and match today\'s I
available technology.. available technology- available technology.
Format: 10 10 points: The 7 points: The 4 points: The proposal o points: The proposal I
points proposal covers aD proposal covers 3 or covers 1or 2 of the covers none of the Iof the five 4 of the five five requirements five requirements I
requirements requirements requested by the requested by the
requested by the requested by the Custol1lelC (Budget, customer. (Budget.
I
customer. (Budget. customer. (Budget, Security, HardWare, Seclriy, I-fardware.
Security, Hardware, Sea.riy, Hardware, OS, Mobile OS, Mobile
OS, Mobile OS,Mobile Computing) Computing)
Computing) Computing)
Mechanics: 10 10 points: No 7 points: One to two 4 points: Three to four o points: FIVeor more
points grammatical, grammalical,. grammatical, spelling, grammatic-aJ. spelling,spelling. spacing, spelling. spacing. spacing, capilalizalion spacing" capiIaization I
capitalization or capitalization or or punctuation errors. or punctuation errors. I
_ punctuation errors. punctuation errors. I
Acronyms: 10 10 points: All of the 7 points: Most of the 4 points: Some of the o poin1s: None of the
points acronyms. acronyms, acronyms, acronyms,abbreviations or abbreviations or abbreviations or abbreViations or
I
technical terms are technical terms are technical terms are technical terms are
either spelled out or either speIed out or either spefled out or either spelled out or
explained in a way explained in a way explained in a way explained in a ...
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Joni...
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Jonick Verified Chapter's 1 - 26 Complete.
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Jonick Verified Chapter's 1 - 26 Complete.
Uop acc-422-week-5-wiley plus-assignment-new
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Uop acc-422-week-5-wiley plus-assignment-new
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ACC 422 Final Exam Guide All 3 Sets3
This document provides a guide to the ACC 422 final exam with 180 multiple choice questions across 3 sets. It includes sample accounting questions on topics like cash, inventory valuation methods, long-term assets, depreciation, and intangible assets. The questions assess understanding of concepts like lower of cost or market, inventory systems, capitalization of interest, and accounting for patents.
The post-closing trial balance of Wildhorse Corporation at December 3.pdf
The post-closing trial balance of Wildhorse Corporation at December 31,2022 , contains the
following stockholders' equity accounts. A review of the accounting records reveals the
following. 1. No errors have been made in recording 2022 transactions or in preparing the
closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative, 15,800 shares
have been outstanding since January 1,2021. 3. Authorized stock is 20,800 shares of preferred,
520,000 shares of common with a $10 par value. 4. The January 1 balance in Retained Earnings
was $1,190,000. 5. On July 1,19,400 shares of common stock were issued for cash at $18 per
share. 6. On September 1, the company discovered an understatement error of $92,400 in
computing salaries and wages expense in 2021 . The net of tax effect of $64,680 was properly
debited directly to Retained Earnings. 7. A cash dividend of $260,000 was dectared and properly
allocated to preferred and common stock on October 1. No dividends were paid to preferred
stockholders in 2021. 8. On December 31 , a 10% common stock dividend was declared out of
retained eamings on common stock when the market price per share was $18. 9. Net income for
the year was $595,000. 10. On December 31,2022 , the directors authorized disclosure of a
$208,000 restriction of retained earnings for plant
Compute the allocation of the cash dividend to preferred and common stock. Allocation of the
cash dividend to preferred stock Allocation of the cash dividend to common stock
(a) Reproduce the Retained Earnings account for 2022. (Uist items in order presented in the
problem.)
Prepare a stockholders' equity section at December 31, 2022. (Enter account name only and do
not provide descriptive information) WILDHORSE CORPORATION Partial Balance Sheet $$.
River bed Corporation is preparing its December 312020 ba.pdf
River bed Corporation is preparing its December 31,2020 , balance sheet. The following items
may be reported as either a current or long-term liability. 1. On December 15,2020 . Riverbed
declared a cash dividend of $2.40 per share to stockholders of record on December 31 . The
dividend is payable on January 15, 2021. Riverbed has issued 1,000,000 shares of common
stock, of which 50,000 shares are held in treasury. 2. At December 31 , bonds payable of $111,
299,000 are outstanding. The bonds pay 12% interest every September 30 and mature in
installments of $27,824,750 every September 30 , beginning September 30,2021. 3. At December
31,2019 , customer advances were $13,603,000. During 2020 , Riverbed collected $30,634,000 of
customer advances; advances of $26,948,000 should be recognized in income. For each item
above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if
any..
Cff302.ppt
I apologize, upon reviewing the document again I do not see a clear equation to solve for T. The document provides an overview of financial statements, cash flows, taxes and related concepts but does not include a specific equation stated in the form of "solve for T". Could you please clarify which equation you intended me to solve for T?
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Acc 401 advanced accounting week 11 quiz – final exam
Acc 401 advanced accounting week 11 quiz – final exam
Acc 401 advanced accounting week 11 quiz – final exam
Acc 401 advanced accounting week 11 quiz – final exam
1-The party to receive a distribution of principal from an estate is l.docx
1-The party to receive a distribution of principal from an estate is l.docx
PAGE 1Practice exerciseChapter 1 and 2 practice exercis.docx
PAGE 1Practice exerciseChapter 1 and 2 practice exercis.docx
4.(TCO E) During 20X3, Edwards Co. sold inventory to its paren.docx
4.(TCO E) During 20X3, Edwards Co. sold inventory to its paren.docx
ACCT 221Midterm Problems1. Albert Corporation is author.docx
ACCT 221Midterm Problems1. Albert Corporation is author.docx
On January 1, 2012, Bailey Industries had stock outstanding as fol.docx
On January 1, 2012, Bailey Industries had stock outstanding as fol.docx
Multiple-choice questions. Select the best one that answers th.docx
Multiple-choice questions. Select the best one that answers th.docx
Busi 320 Dev Shell - 2012 Fall BFoundations of Financial Managem.docx
Busi 320 Dev Shell - 2012 Fall BFoundations of Financial Managem.docx
Acquisition of Saban Ltd On 1stJanuary 2010, Habiki Ltd acquir.docx
Acquisition of Saban Ltd On 1stJanuary 2010, Habiki Ltd acquir.docx
Problems – 5 points each1. Greg and Justin are forming the G.docx
Problems – 5 points each1. Greg and Justin are forming the G.docx
Financing Activities Financing activities include inflows and outflows.docx
Financing Activities Financing activities include inflows and outflows.docx
.08 mjm 1. On August 31, Jenks Co. partially refunded $1.docx
.08 mjm 1. On August 31, Jenks Co. partially refunded $1.docx
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Joni...
Solution Manual For Accounting 28th Edition by Carl S. Warren, Christine Joni...
The post-closing trial balance of Wildhorse Corporation at December 3.pdf
The post-closing trial balance of Wildhorse Corporation at December 3.pdf
River bed Corporation is preparing its December 312020 ba.pdf
River bed Corporation is preparing its December 312020 ba.pdf
More from patriciab30
ID-D Samei- -14- Which ofthe following should sever be evaporwedon-hpl.docx
ID:D Samei, -14. Which ofthe following should sever be evaporwedon.hple Phosphoric acid b. Teluene c. Triethylene glyoel. d. Diethyl ether e. Aoaty halicy lis acid 15. Which of the following staments about the foemation of adipic acid thom cyclohenone is fal the krtone. b. A brown peecipitate of manganese dionide forms d. The final prodact is an alkene 16. A separatory funnel costains watcr, esher and ate other compound Which of the following is the compound most Wkely found is the water lyer? a Phenoil b. Sodiam benzoale 17, One step in the preparusios of cyelohevene froes cyclshexamol is tranaferring the dislate into a separatory fineel with saturated sodiem chloride solusion What is the parpose of this step? a. To renove water froms the distillane To lower the semperature of the solution d. To oxidize the cyclohesene 1& The neutral compound 1 s in a separatory funnel that also contains water and other How would you separate the 1,4-dimethoxyhenneme Daan out the water lnr, tes evaporate de ether. Add HCL thee basify the water leyer with NaOH and flter the product Drain out the ether layer, then filter the water lryer Add NaOil, thos ackdify the water layer with HCI and filher the product a. 19. How would the boiling point of water be effected ifsand was added so the water? . There would be a docrease. b. There wouild be no effect c There woeld be an increase d There would be both an increase and a decrease. 20. The final product from the process of crystalliration is isclated by a Graviy fitration b. Extraction c. Vacuum filtration. d Gas chromalographry
Solution
14 - (b)
Ether should never be directly kept on a hot plate because it can increase the temperature which is sufficient to start a fire.
15 - (d)
.
I- Physical Properties- Color-- Clear Odor- Nail polish Yemover (corre.docx
I. Physical Properties: Color:- Clear Odor: Nail polish Yemover (corrected) Boiling Point (while distilling): ID(corrected) Refractive Index (optional) Density (optional): II. Solubility Test Results: Test performed pH of an aq. EtOH solution: Test Results Conclusions No soulaility oxpaic laver on TOP dist. H20 aq. HC OreanicLaver on TOP N Solu bilrt No Solubi lity ag. NaHCO conc. H2SO4 Afier you finally identify the Unknown, write a balanced equation for any one reaction that occurred in the solubility tests:
Solution
Pinacolone is a ketone, hence it does not react with water( non-polar), HCl, NaOH, aq NaHCO 3 (no acid group) et. However, it gave yellow solution with H 2 SO 4 . H 2 SO 4 being a conc. acid, it chars the compound. Another probable reason is the formation of enol species in acidic medium. Enols are slightly polar, and due to conjugation of OH lone pair with the double bond, the solution becomes coloured.
Me 3 CCOCH 3 + H + = Me 3 CC(OH)=CH 2
.
I- H low do you know when to name something as an ionic compound- 2- H.docx
I. H low do you know when to name something as an ionic compound? 2. How do you know when to name something as a molecular compound? 3. How does nami ing an ionic compound differ from naming a molecular compound? 4. How do you know when a polyatomic ion is present? 5. Why do we include a Roman numeral in the name for compounds containing a transition metal and not for main group metals?
Solution
1. When we see that a metal (cation) is bonded to a non-metal (anion) we detect it to an ionic compound and name it so.
2. When two elements of comparable electronegativity combine to form a molecule it then becomes a covalent compound.
3. In naming ionic compounds we generally name the cation and anion separately. Molecular compounds either have trivial names or are named according to IUPAC rules.
4. Polyatomic ions are placed in brackets and so we can detect them.
5. Transition metals can have more than one oxidation states which normal metals dont. So, the roman numerals are included to indicate oxidation states of the transition metals.
.
I- Which type of star oscillates in brightness in a pattern in such a.docx
I. Which type of star oscillates in brightness in a pattern in such a way that we can measure its luminosity a. Black hole b. Main Sequence star c. Wolf-Rayet Star d. Cepheid Variable star What is Cephus? 3. To use a Cepheid Variable to measure the distance, what do you actually measure? a. Apparent brightness b. Absolute brightness c. The period of brightness change d. The period of color change 4. Cepheid Variables are relatively dim stars. a. Trae b. False . How far out does a Cepheid Variable work to measure distance a In the Milky Way galaxy b. 10 million ly c. 100 million ly d. 1 billion ly 6. Who first used Cepheid Variables to measure the distance to the Andromeda Galaxy a. Henrietta Swan Leavitt b. Hank Caldwell c. John Dobson d. Edwin Hubble 7. The faster a Cepheid Variable oscillates in brightness, the brighter the star is a. Trae b. False 8. A standard candle is . Which standard candle involves the rotation spood of spiral galaxies a. Cepheid Variables b. Scully-Fisher c. Tully-Fisher Relation d. Type la Superova 10. What would you use to measure the rotation speed of a galaxy a. A flux capacitor b. A spectrograph c. Radar d. Doppler Effect 11. Type Il supernova involve a. The death of huge stars b. The death of a regular sized main sequence star c. The death of two main sequence stars d. A white dwarf e. All of the above f None of the above g A and D h. A and c i. C and D
Solution
1. Cepheid variable star oscillates in brightness in a pattern in such a way that we can measure its luminosity.
.
I- Describe the different bonds that exist between the different macro.docx
I. Describe the different bonds that exist between the different macromolecules (Big 4). If there are variations
in bonding that change physical properties make sure to mention that as well.
Solution
Hi,
Among the big 4,
1. Carbohydrates have glycosidic linkages (C-O-C bond) between monosaccharides which form a dehydrated polysaccharide. Larger number of glycosidic linkage leads to a decrease in solubility of saccharide in water.
2. Proteins have peptide bonds which are formed via dehydration between amino acid chains (COOH and NH2 group form CO-NH). These bonds help amino acid units to form large structures (sheet/helix) of proteins. The presence of these bonds help in stability of proteins.
3. Lipids have mostly non-bonded interactions (and hydrogen bonds at polar head of the lipid) the interactions/H-bonds interplay in self aggregation and micellization of lipids.
4. Nucleic acids are composed of 5 carbon sugars mostly, with phosphate group attached to a CH2 group as C-O-P bond. The two COP bonds help forming long chain structures like DNA, apart from COP, C-N bond is also formed between nucleic acid and nitrogenous bases (A,T,U,G,C).
Thanks,
.
I- Anole Company 25 POINTS Anole Company was incorporated as a new bus.docx
I.              Anole Company 25 POINTS
Anole Company was incorporated as a new business on January 1, 2015. The company is authorized to issue 20,000 shares of $5 par value common stock and 10,000 shares of 6%, $10 par value, cumulative, participating preferred stock. On January 1, 2015, the company issued 8,000 shares of common stock for $15 per share and 2,000 shares of preferred stock for $30 per share. Net income for the year ended December 31, 2015, was $375,000.
1.Refer to the information about Anole Company.
The amount of Anole’s total contributed capital at December 31, 2015, is
2.Refer to the information about Anole Company.
The number of Anole’s unissued shares of common stock at December 31, 2015, is
3.Refer to the information about Anole Company.
Anole’s total stockholders\' equity reported on the balance sheet at December 31, 2015, is
Solution
1. Contributed capital:
= 8,000×$15+2,000×$30
= $180,000
2.Unissued shares of common stock:
= 20,000-8,000
= 12,000
3. Stockholders equity in balance sheet:
= 8,000×$15+2,000×$30+$375,000
= $555,000
.
I) What are secondary bonding interactions (also called charge transfe.docx
I)
What are secondary bonding interactions (also called charge transfer interactions) and which elements are they most relevant to?
II)
Which halogen can be used to support central atoms in their highest oxidation states?
Solution
I)In a complex if one component is a good electron donor and the other a good electron acceptor, charge transfer interactions may occur. Several trasition metal complexes show charge transfer interactions. Electrons migrate from orbitals which has predominantly ligand character to orbitals having predominantly metal character or vice versa depending on energy of the orbitals.These can be identified by high intensity bands in their electromagnetic spectra.
II)Among halogens Iodine is a good candidate as it is a good donor as well as a good acceptor. For metals in high oxidation state electron density can be transferred from iodine to metal centre more effectively (due to low electron affinity and high polarisability).This stabilizes the complex.
.
I need to write a soil chemistry paper using scientific articles and j.docx
I need to write a soil chemistry paper using scientific articles and journals as references. Can people suggest specific topics that have a lot of avaiable informetion on them that I could use to write a 7-10 page paper including some graphs and charts. Some ideas I have include nutrient pollution and eutrophication, root structure and soil formation, if anyone has any good topics with a high amount of information I would greatly appreciate it.
Solution
Answer:
There are a few topics which can be suggested. Please see below:
1. Characterisation of soil particles and speciation of compounds in the soil.
2. Behavior of contaminants such as heavy metals at the soil-water interface in the environment, and soil health.
3. Assessment of nitrogen and phosphorus cycle processes in agricultural soils with respect to enhancing plant nutrient uptake. Specific research topics include: improve fertilizer N recovery by crops; the functions and dynamics of soil organic matter; appropriate practices for management of soil organic matter.
4. Fate of nanoparticles in the soil environment
5. Micronutrient Management for Sustainable Agriculture and Environment
6. Examination of physical soil characteristics that contribute to soil fertility, soil quality, transport and exchange processes in soils. Research topics include: soil physical tests to determine soil health; examination of natural porous media; transport theories; the exchange processes in soils.
.
I need help with CH4- What is its intermolecular force- Question 4 of.docx
I need help with CH4. What is its intermolecular force?
Question 4 of 28 Avail Map A Due Point Grad Desc Sapling Learning Identify the intermolecular forces present in each of these substances. Hydrogen bonding dipole-dipole, Policie and dispersion Dipole dipole and dispersion onlyDispersion only You c You c You c until You lo co ??? attem O eText O Help W O Web H O Technic O Previous e?Check Answer 0 Next Exit
Solution
Dispersion forces present in CH 4 .
The only intermolecular forces in methane are London dispersion forces.The major intermolecular forces would be dipole-dipole forces and London dispersion forces. But The electronegativities of C and H are so close that C-H bonds are nonpolar. There are no bond dipoles and no dipole-dipole interactions.Even if the molecule had polar C-H bonds, the symmetry of molecule would cause the bond dipoles to cancel.So the only forces left to consider are London dispersion forces.
.
I need help writing this program in MIPS MARS assembly language 2- Mak.docx
I need help writing this program in MIPS MARS assembly language
2. Make a function call to read an integer from user (user input is in seconds)
- display that number in days
- ... hours
- ... Minutes
- .... Seconds.
Solution
GUI with point-and-click control and integrated editor
Easily editable register and memory values, similar to a spreadsheet
Display values in hexadecimal or decimal
Command line mode for instructors to test and evaluate many programs easily
Floating point registers, coprocessor1 and coprocessor2. St andard tool: bit-level view and edit of 32-bit floating point registers (screenshot).
Variable-speed single-step execution
\"Tool\" utility for MIPS control of simulated devices. S tandard tool: Cache performance analysis tool (screenshot).
Single-step backwards
Recall from the beginning of this text the demonstration program duplicated below:
.
I need help writing a python 3 function- I need to write a function th.docx
I need help writing a python 3 function.
I need to write a function that takes 3 inputs which are lists (first names, middle ini., and last names ).
It needs to take those names and put them together correctly and then print them in a column, 1 on top of another, and so on. they need to be printed in aphabetical order of the last names.
Also, they need to have a border around the whole column and the initials need to be aligned vertically. if there is no initial, a space can just take its place to keep things aligned.
I feel like being able to look at the code and go over it line by line until I understand it and can recreate it myself is the best way I learn. If someone could create this function for me, that would be unbelievably helpful.
Thanks SO much for the help and sorry for any grammar issues, I\'m writing this from my phone
Solution
def createNames(firstName, middleName, lastName): #creating a function to generate names from the given lists and give output of names in a list
allNames=[]
for i in range(len(firstName)):
name=lastName[i]+\" \"+middleName[i]+\" \"+firstName[i]
allNames.append(name)
allNames.sort() Â Â #sorting the names in alphabatical order of lastNames
return allNames
firstNames=[] Â Â #give here firstNames
middleNames=[]Â Â #give here middleNames
lastNames=[]Â Â #give here lastNames
namesList = createNames(firstNames, middleNames, lastNames)
print(\"_______________________________\ \")
for name in namesList:
print(name+\"\ \")Â Â #printing the names one by one
print(\"_______________________________\")
.
I need help with my geotechnical engineering HW-- Can a soil have a lo.docx
I need help with my geotechnical engineering HW,,
Can a soil have a low void ratio and a low total unit weight at the same time? Explain. Name and define three types of weathering. From memory, try to write the equations for water content, void ratio, dry unit weight, moist (total) unit weight, and saturated unit weight. After 5 minutes you can look up the definitions, and write the correct answers below your attempt. For a given soil, the following parameters are known: e -0.62, specific gravity 2.65, moisture content w=15% Determine: 3. 4. 5. 6. dry unit weight moist unit weight water content at S-100% saturated unit weight .
Solution
3. No, low void ratio and low total unit weight at the same time are possible, beacause if void ratio is low ultimately the mass of the solids is high so that the unit weight increases.
4.Types of Weathering:
i) Mechanical weathering: which produces clasts of rock/mineral which are smaller that the original and of the same general composition. There are two basic processes: Fracturing and Abrasion
ii) Chemical weathering: It also produces smaller pieces, but of a different chemical composition, the minerals have been changed in an attempt to be more in balance with surface conditions.
iii) Biological weathering: It is the action of plants and animals can and do lead to both mechanical and biological weathering.
5. Water Content = Weight of water/weight of solids
Void ratio = volume of voids/volume of solids
Moist unit weight = mass of soil * accleration due to gravity / volume of soil
Dry unit weight = mass of solid * accleration due to gravity / volume of soil or moist unit wieght/(1+water content)
Saturated unit weight = submerged unit wiegt + unit weight of water
6. Dry unit Weight = 16.35 KN/cubic meter
Moist unit Weight = 18.81 KN/cubic meter
Water content at S=100%, w=23.39%
Saturated Unit Weight = 20.185 KN/cubic meter
.
I need help m5 In the modern Respond to the following questions with s.docx
I need help
m5
In the modern Respond to the following questions with supporting details from what you\'ve learn 1. W 2. Consider your social media relationships. Does texting, tweeting, and other social media strengthen our relationships with world, there are so many gadgets that keep us \"connected.\" But what are we really connecting to? ed in this module: hat are some of the pros and cons to the widespread acceptance of communication through technology? others, or does it create fake relationships? 3. Do the friends you have online meet your needs? 4. If you do not use social media, discuss your decision to avoid these innovations. 6. What has your experience been like in keeping, maintaining, and growing relationships with others who do use them? 5. Why have you decided to not partake in these technologies? 7. What do you imagine are the costs and benefits to the next generation who will grow up with all of these technologies already integrated into their culture?
Solution
5th part:
The decision to not partske in these technologies may be because of following reasons:
1. These technologies keep people engaged and people tend to neglect the current outgoing activities to their surroundings. They tend to ignore there most neighboring surroundings to connect with a distant friend.
2. These technologies are proved to be harmful for health when used excessively. People tend to get used to these and once these go into habit, they use it excessively.
3. These make distractions from work or study and people lose their concentration becaus eof a random text or call.
4. These make people inactive in life as more social media less sports
.
I need help describing the two kinds of people who are responsible for.docx
I need help describing the two kinds of people who are responsible for building and securing the network cryptography and the people who try to break it.
Solution
Network cryptography:
Cyber security is the most significant field in the IT sector and it try to reduce the risk of hacking.there are many people with different positions to preserve security.
There are many other people who take care of cybersecurity in the IT field.
Security analyst
Security engineer
Security architect
Security administrator
1)Analyzing and assessing various vulnerabilities in the software and hardware .and then think of what are the existing and available tools and procedures to eradicate the detected vulnerabilities, and finally suggests the best outputs.
2) Inspect the security issues and then give responses immediately to reduce the vulnarabilities.
3) He is the person who is involving in the design of the system security
4) Who manages all the system securities?
on the other hand is the hacker
Hacker: In the context of security a hacker is the one who trying to get the information from a compuer network.
They may have different reasons:
Because of profits, interest, to exhibit their talent etc..
.
12- Your friend has high protein and sugar in her urine- She repeats t.docx
12. Your friend has high protein and sugar in her urine. She repeats the tests and determines that these components are repeatable, suggesting they are present in her urine. What does this signify to you, as her friend and primary care physician?
Solution
Everyone has protein in their blood. The main protein in your blood is called albumin. healthy kidneys should only filter tiny (trace) amounts into the urine as most protein molecules are too large for the filters (glomeruli). When she have protein in her urine, it is called proteinuria (or albuminuria), which is usually a sign of chronic kidney disease. As proteinuria progresses, oedema may occur. High levels of glucose in her urine may indicate hyperglycemia, or high blood sugar, which often indicates the onset of diabetes. Untreated hyperglycemia can lead to ketoacidosis, which can result in diabetic coma and even death.
Possible causes of proteinuria:
1. Diseases of the glomeruli like glomerulonephritis or diabetes.
2. Urine infection such as cystitis/urinary tract infections.
3. Congestive heart failure, a first warning of eclampsia in pregnancy.
4. May be she tested concentrated urine samples (early morning), or if she have become dehydrated or haven’t drunk much. It is also better to check protein/creatinine ratio (PCR test).
5. Temporary proteinuria may occur after vigorous exercise or if she have a high fever.
Hope this helped you!
Thank You So Much! Please Rate this answer as you wish.(\"Thumbs Up\")
.
12- Under which of the following circumstances is the principal-agent.docx
12. Under which of the following circumstances is the principal-agent problem likely to be most serious.
Between general practitioners and patients.
Between surgeons and patients.
Between hospitals and nurses.
Between dentists and physicians.
Between physicians and lawyers.
13. Inoculation programs against certain diseases such as small pox, polio, and whooping cough create
public goods.
positive externalities in consumption.
nonrival goods.
nonexcludable goods.
external costs to society equal to the costs of the program.
14. The government agency that controls the development and availability of new medical discoveries, including pharmaceutical drugs is
the Health Care Financing Administration.
the Food and Drug Administration.
the Centers for Disease Control.
the National Institutes for Health.
the Federal Emergency Medical Administration.
Solution
12) Between general practitioners and patients.
13) positive externalities in consumption.
14) the Food and Drug Administration
.
12- An Asteroid passes by Earth every 17 years- The asteroid orbits th.docx
12. An Asteroid passes by Earth every 17 years. The asteroid orbits the Sun, not the Earth. Remember these: M(Earth) 5.97 x 1024kg, R(Earth) 6400 km, M(Sun)- 1.99 x 1030kg, R(Sun) 700, 000 km, and the distance between the Earth and the Sun is 1.5 x 1011m. Answer the following: What is the radius of its orbit? What is the closest it gets to Earth? What is its angular velocity?
Solution
Time period of the Asteroid, T = 17 years
= 17*365*24*60*60
= 5.361*10^8 s
let r is the radius of the orbit of the asteroid.
we know, T = 2*pi*r^1.5/sqrt(G*Msun)
T^2 = 4*pi^2*r^3/(G*M_sun)
r^3 = G*M_sun*T^2/4*pi^2
r = (G*M_sun*T^2/4*pi^2)^(1/3)
= (6.67*10^-11*1.99*10^30*(5.361*10^8)^2/(4*pi^2))^(1/3)
= 9.886*10^11 m <<<<<<<---------Answer
distance between the earth and the asteroid = 9.886*10^11 - 1.5*10^11
8.386*10^11 m <<<<<<<---------Answer
Angular velocity, w = 2*pi/T
= 2*pi/(5.361*10^8)
= 1.172*10^-8 rad/s <<<<<<<---------Answer
.
11- What are the components of the user interface-SolutionNow a days t.docx
11. What are the components of the user interface?
Solution
Now a days there are lots of types of user interfaces. We are going to describe the components in general, using four main categories:
Containers: This are panes, windows, forms which hold other components. Containers have grids in order to arrange other components. There are rows and columns grids, flexible grids, flow grids. Containers also has the responsibility to adapt to the screen size. Some containers are:
Window
Frame
Form
Dialog
Menus: This user interface components allows the user to navigate through the different commands of a given applications. Menus organize commands in a logical and hierarchical manner, using several submenus. Some types of menu are:
Main Manu (located on the top of the container).
Menu Bar
Contextual Menu
Controls. This components allows communication between the user and the application. This allows the user to send and receive request, messages and information from/to the application. This the category which hold the bigger number of components. Some of them are the following:
Text Boxes
Text Area
Buttons
File Control
Select List
Check
Optinon
Label
Tables
Graphic Area
Media
Controllers: The controller is not a graphic component but it is necessary to process input/output. This are pieces of code which capture user interaction, takes arguments and details and finally process commands and requests. Normally the controller uses the publisher/subscriber pattern. It subscribes itself with the components and receive notifications when the events occur, being able to react accordingly.
.
11- The employer payroll tax expense on employee wages that is paid fo.docx
11. The employer payroll tax expense on employee wages that is paid for federal funding of state compensation for unemployed workers is:
Social Security and Medicare tax expense
Federal Unemployment Tax (FUTA) expense
State Unemployment Tax (SUTA) expense
Worker\'s Compensation expense
Retirement plan voluntary deductions
Health insurance voluntary deductions
Contributions
None of the above
Solution
11)Â Â Federal Unemployment Tax (FUTA) expense
12) click on the Pay Employees icon and select Set Up Payroll Service
13) All of the above
14) They are deducted from the employee\'s gross pay
15) General tab
16) Medicare tax withholding
17) Maintain Employees & Sales Reps
18) Employee Icon
19) Pay info tab
20) None of the above
.
110) When you create a form from two tables that have a one-to-many re.docx
110) When you create a form from two tables that have a one-to-many relationship, the first table selected becomes the subform and the second table you select becomes the main form. teue or false
Solution
.
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Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
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