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The practice questions will help the students of Makerere University (MUK & MUBS) to appreciate the theory underlying businesses in Uganda especially the partnership businesses.
DNS Business Development Workshop Course Overview This course is designed to provide a basic understanding of the Domain Name System (DNS) industry and business drivers to enable entrepreneurs to understand potential business opportunities in this industry. The course will focus on practical issues where appropriate, with case studies and listings of available resources and vendors in the industry. Ample time will be included for networking opportunities and identifying available resources for on-going assistance after the conclusion of the course. The course will occur over a 5 day period, with an early end on the last day to accommodate travel schedules
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Question 1
The best definition of assets is the
collections of resources belonging to the company and the claims on these resources.
cash owned by the company.
owners’ investment in the business.
resources belonging to a company that have future benefit to the company
Answer both questions (50 points each total = 100 points). Pl.docxrossskuddershamus
Answer both questions (50 points each: total = 100 points). Please show all work, including calculator keystrokes or Excel functions for time value of money calculations, so the maximum partial credit may be given.
1.
The president of Receding Airlines has asked you to calculate the company's cost of capital. To start, you have gathered the following information:
(1)
RecedingAir has the following securities outstanding:
· $1,000 face value, 8% annual coupon bonds with 15 years remaining to maturity and a current market price of $1,150.
· $100 par value preferred stock that pays an 11% annual dividend and has a current market price of $92.
· Common stock with a current market price of $50/share. Investors expect the next annual dividend to be $4.00 and to grow after that at a constant rate of 7% per year into the foreseeable future.
(2)
If RecedingAir were to issue new securities today:
· New bonds would pay interest annually, have a 15-year life, and incur a flotation cost of 3%.
· A new issue of preferred stock would pay annual dividends and incur flotation costs of 6%
· A new issue of common stock would incur flotation costs of 8%.
(3)
RecedingAir’s income is taxed at a 35% marginal rate.
(4)
RecedingAir’s target capital structure is 35% long-term debt, 15% preferred stock, and 50% common equity.
(5)
RecedingAir forecasts it will retain $25,000,000 of earnings in the coming year.
Required
a.
What is the required rate of return of RecedingAir’s bondholders?
b.
What is RecedingAir’s cost of debt?
c.
What is the required rate of return of RecedingAir’s preferred stockholders?
d.
What is RecedingAir’s cost of preferred stock financing?
e.
What is the required rate of return of RecedingAir’s common stockholders?
f.
What is RecedingAir’s cost of retained earnings financing?
g.
What is RecedingAir’s cost of a new common stock issue?
h.
What is RecedingAir’s weighted-average cost of capital (WACC) for its first dollar of new financing?
i.
How much total new financing can RecedingAir raise before its supply of new retained earnings financing is exhausted and there is a break in the cost of capital schedule?
j.
What would RecedingAir’s weighted-average cost of capital (WACC) become should it require more financing this year than the amount you calculated in part h, above?
2.
You have just been hired by Edifice Wrecks, Inc. (the demolition company) to evaluate a proposal to purchase a new solar-powered, web-enabled building smasher to replace an existing hand-powered smasher. You have discovered that:
· The old hand-powered smasher was purchased 5 years ago for $90,000 and is being depreciated for tax purposes using the straight-line method over an 8-year life to a $10,000 salvage value. The old smasher’s salvage value remains $10,000, however, it could be sold today for $25,000. $15,000 is invested in working capital in support of this smasher.
· The new smasher would cost $125,000 and be depreciated for .
Acct 221 Principles of Accounting IIThere are 27 questions in thi.docxrhetttrevannion
Acct 221: Principles of Accounting II
There are 27 questions in this exam. Upload the Answer Sheet when you complete the exam.
For this exam,
omit
all general journal entry
explanations.
Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:
Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy,
and did obtain significant influence
. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
Prepare the January 1 and December 31 general journal entries for Baker Company.
How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
On December 15, Murphy split common stock 2 shares for 1.
Net Income for 2016 was $275,000.
Requirements:
Prepare journal entries for the transactions listed above.
Prepa.
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Hi Can you do this? $40.
Floppy Company's December 31, 2014 trial balance is as follows:
Floppy Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
53,500
Allowance for Doubtful Accounts
1,500
Notes Receivable
30,000
Merchandise Inventory
55,000
Land
20,000
Building
150,000
Accumulated Depreciation, Building
$15,000
Equipment
50,000
Accumulated Depreciation, Equipment
21,000
Goodwill
26,000
Accounts Payable
25,000
Long Term Notes Payable
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000
Retained Earnings
147,000
Sales Revenue
700,000
Salaries Expense
150,000
Utilities Expense
3,500
Cost of Goods Sold
350,000
Administrative Expenses
55,000
Sales Expenses
15,000
_______
Totals
$1,003,000
$1,003,000
Floppy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Additional Information:
a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014.
b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
c. Building is depreciated at 3% per year. There is no salvage value.
d. Equipment is depreciated at 15% year. There is no salvage value.
e. Floppy discovered, on December 30
th
, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.
g. Salaries for the last half of December, payable in January, amount to $5,500.
h. Floppy estimates that of the Accounts Receivable 5% will not be collectable.
Required:
a. Prepare in journal form, any required correcting entries
b. Prepare in journal form, all end-of-the period adjusting entries
c. Prepare a December adjusted trial balance
d. Prepare a classified balance sheet for the year ended December 31, 2014
e. Prepare in journal form, the closing entries for the year ended December 31, 2014
Floppy uses the period method and had the following inventory events during January:
Date
Units Purchased
Unit Cost
Date
Units Sold
Unit Sales Price
Jan. 1
150
$7.00
Jan. 2
100
$10.00
Jan. 5
225
7.20
Jan. 7
125
10.00
Jan. 10
100
7.50
Jan. 12
75
12.00
Jan. 15
150
7.80
Jan. 17
200
12.50
Jan. 20
200
7.95
Jan. 24
150
15.00
Jan. 25
150
8.00
Jan. 30
75
8.20
Note:
January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar v.
Question 1 (1 point)The following trial balance of Flip Corp.docxamrit47
Question 1 (1 point)
The following trial balance of Flip Corp. at December 31, year 1, has been adjusted except for income tax expense.
Account
Debit
Credit
Cash
$600,000
Accounts Receivable, net
3,500,000
Cost in excess of billings on long-ter contracts
1,600,000
Billings in excess of cost on long-term contracts
$700,000
Prepaid taxes
450,000
Property, plant, and equipment, net
1,480,000
Notes Payable, noncurrent
1,620,000
Common Stock
750,000
Additional Paid In Capital
2000,000
Retained Earnings - unappropriated
900,000
Retained Earnings - restricted for Notes Payable
160,000
Earning from long-term contracts
6,680,000
Cost and Expenses
5,180,000
________
Totals
$12,810,000
$12,810,000
Other financial data for the year ended December 31, year 1, are
Flip uses the percentage-of-completion method to account for long-term construction contracts for financial statement and income tax purposes. All receivables on these contracts are considered to be collectible within twelve months.
During year 1, estimated tax payments of $450,000 were charged to prepaid taxes. Flip has not recorded income tax expense. There were no temporary or permanent differences, and Flip's tax rate is 30%.
In Flip's December 31, year 1 balance sheet, what amount should be reported as total noncurrent liabilities?
Question 1 options:
$2,480,000
$1,780,000
$1,620,000
$2,320,000
Save
Question 2 (1 point)
The following trial balance of Flip Corp. at December 31, year 1, has been adjusted except for income tax expense.
Account
Debit
Credit
Cash
$600,000
Accounts Receivable, net
3,500,000
Cost in excess of billings on long-ter contracts
1,600,000
Billings in excess of cost on long-term contracts
$700,000
Prepaid taxes
450,000
Property, plant, and equipment, net
1,480,000
Notes Payable, noncurrent
1,620,000
Common Stock
750,000
Additional Paid In Capital
2000,000
Retained Earnings - unappropriated
900,000
Retained Earnings - restricted for Notes Payable
160,000
Earning from long-term contracts
6,680,000
Cost and Expenses
5,180,000
________
Totals
$12,810,000
$12,810,000
Other financial data for the year ended December 31, year 1, are
Flip uses the percentage-of-completion method to account for long-term construction contracts for financial statement and income tax purposes. All receivables on these contracts are considered to be collectible within twelve months.
During year 1, estimated tax payments of $450,000 were charged to prepaid taxes. Flip has not recorded income tax expense. There were no temporary or permanent differences, and Flip's tax rate is 30%.
In Flip's December 31, year 1 balance sheet, what amount should be reported as total current assets?
Question 2 options:
$6,150,000
$5,700,000
$5,450,000
$5,000,000
Save
Question 3 (1 point)
Flip, Inc. was incorporated on January 1, year 1, with proceeds from the issuance of $750,000 in stock and borrowed funds of $110,000. During the first year of op ...
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Financial Reporting Problem Part I Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: What are the company’s total assets at the end of its most recent annual reporting period? Why is this important?
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Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
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What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
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An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
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Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
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Acc 291 final exam guide (new)
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2. Question 207
On January 1, a machine with a useful life of five years and a residual value of
$40,000 was purchased for $120,000. What is the depreciation expense for year 2
under the double-declining-balance method of depreciation?
IFRS Multiple Choice Question 01
As a recent graduate of State University you're aware that IFRS requires
component depreciation for plant assets. A friend has asked you to succinctly
explain what component depreciation means. Which of the following correctly
describes component depreciation?
Multiple Choice Question 198
Given the following account balances at year end, compute the total intangible
assets on the balance sheet of Janssen Enterprises.
Cash $1,500,000
Accounts Receivable 4,000,000
Trademarks 1,000,000
Goodwill 2,500,000
Research & Development Costs 2,000,000
Explanation: Intangible Assets = Goodwill + Trademarks = 3,500,000
Multiple Choice Question 146
Bonds with a face value of $300,000 and a quoted price of 97ј have a selling
price of
Multiple Choice Question 188
Sparks Company received proceeds of $423,000 on 10-year, 8% bonds issued on
January 1, 2013. The bonds had a face value of $400,000, pay interest annually
on December 31st, and have a call price of 102. Sparks uses the straight-line
method of amortization. What is the carrying value of the bonds on January 1,
2015?
Multiple Choice Question
S. Lawyer performed legal services for E. Corp. Due to a cash shortage, an
agreement was reached whereby E. Corp. would pay S. Lawyer a legal fee of
approximately $15,000 by issuing 8,000 shares of its common stock (par $1). The
stock trades on a daily basis and the market price of the stock on the day the
debt was settled is $1.80 per share. Given this information, the best journal
entry for E. Corp. to record for this transaction is
Multiple Choice Question 110
Logan Corporation issues 50,000 shares of $50 par value preferred stock for cash
at $60 per share. The entry to record the transaction will consist of a debit to
Cash for $3,000,000 and a credit or credits to
?
IFRS Multiple Choice Question 01
Jahnke Corporation issued 8,000 shares of Ђ2 par value ordinary shares for Ђ11
per share. The journal entry to record the sale will include
Multiple Choice Question 80
Zoum Corporation had the following transactions during 2014:
1. Issued $125,000 of par value common stock for cash.
2. Recorded and paid wages expense of $60,000.
3. Acquired land by issuing common stock of par value $50,000.
4. Declared and paid a cash dividend of $10,000.
5. Sold a long-term investment (cost $3,000) for cash of $3,000.
6. Recorded cash sales of $400,000.
7. Bought inventory for cash of $160,000.
8. Acquired an investment in Zynga stock for cash of $21,000.
9. Converted bonds payable to common stock in the amount of $500,000.
10. Repaid a 6 year note payable in the amount of $220,000.
What is the net cash provided by financing activities?
Multiple Choice Question 176
Colie Company had an increase in inventory of $120,000. The cost of goods sold
was $490,000. There was a $30,000 decrease in accounts payable from the prior
period. Using the direct method of reporting cash flows from operating
activities, what were Colie's cash payments to suppliers?
?
3. IFRS Multiple Choice Question 04
Each of the following items may be classified as operating or financing
activities under IFRS except
Multiple Choice Question 165
The current assets of Orangatte Company are $227,500. The current liabilities
are $130,000. The current ratio expressed as a proportion is
Multiple Choice Question 41
All of the following requirements about internal controls were enacted under the
Sarbanes Oxley Act of 2002 except:
Explanation: Redundant controls are actually a good thing because they help
close potential auditing loopholes.
Multiple Choice Question 85
?Which of the following is not an internal control activity for cash?
Multiple Choice Question 92
Before a check authorization is issued, the following documents must be in
agreement, except for the
receiving report.
invoice.
purchase order.
remittance advice.
Multiple Choice Question 115
Mitchell Corporation bought equipment on January 1, 2014 .The equipment cost
$180,000 and had an expected salvage value of $30,000. The life of the equipment
was estimated to be 6 years. The book value of the equipment at the beginning of
the third year would be
Explanation: Depreciation would be 25K per year, thus 130K at the beginning of
year 3.
Multiple Choice Question 142
Brevard Corporation purchased a taxicab on January 1, 2013 for $25,500 to use
for its shuttle business. The cab is expected to have a five-year useful life
and no salvage value. During 2014, it retouched the cab's paint at a cost of
$1,200, replaced the transmission for $3,000 (which extended its life by an
additional 2 years), and tuned-up the motor for $150. If Brevard Corporation
uses straight-line depreciation, what annual depreciation will Brevard report
for 2014?
Multiple Choice Question 164
On July 1, 2014, Fleming Company sells machinery for $120,000. The machinery
originally cost $300,000, had an estimated 5-year life and an expected salvage
value of $50,000. The Accumulated Depreciation account had a balance of $175,000
on January 1, 2014, using the straight-line method. The gain or loss on disposal
is
Multiple Choice Question 180
On July 1, 2014, Linden Company purchased the copyright to Norman Computer
Tutorials for $140,000. It is estimated that the copyright will have a useful
life of 5 years. The amount of Amortization Expense recognized for the year 2014
would be
Multiple Choice Question 120
The following totals for the month of April were taken from the payroll records
of Metz Company.
Salaries $30,000
FICA taxes withheld 2,295
Income taxes withheld 6,600
Medical insurance deductions 1,200
Federal unemployment taxes 240
State unemployment taxes 1,500
?The entry to record accrual of employer’s payroll taxes would include a
Multiple Choice Question 242
Thayer Company purchased a building on January 2 by signing a long-term
$2,520,000 mortgage with monthly payments of $23,100. The mortgage carries an
interest rate of 10 percent. The amount owed on the mortgage after the first
payment will be
Multiple Choice Question 96
The following data is available for BOX Corporation at December 31, 2014:
Common stock, par $10 (authorized 30,000 shares) $250,000
Treasury stock (at cost $15 per share) $1,200
4. Based on the data, how many shares of common stock are outstanding?
Multiple Choice Question 144
Indicate the respective effects of the declaration of a cash dividend on the
following balance sheet sections:
Total Assets Total Liabilities ?Total Stockholders' Equity
Multiple Choice Question 102
Assume the following cost of goods sold data for a company:
If 2013 is the base year, what is the percentage increase in cost of goods sold
from 2013 to 2015?
Multiple Choice Question 179
A company has an average inventory on hand of $75,000 and its average days in
inventory is 36.5 days. What is the cost of goods sold?
Multiple Choice Question 199
The following information is available for Patterson Company:
2014 2013
Accounts receivable $ 360,000 $ 340,000
Inventory 280,000 320,000
Net credit sales 3,000,000 2,600,000
Cost of goods sold 1,500,000 840,000
Net income 300,000 170,000
The accounts receivable turnover for 2014 is
Multiple Choice Question 221
All of the following situations below might indicate a company has a low
quality of earnings except
A lack of disclosure about guaranteed payments that were mentioned in the MD&A
of the annual report.
Maintenance costs are capitalized and then depreciated.
Revenue is recognized when earned.
Adoption of a different inventory method for each of the last three years.
IFRS Multiple Choice Question 05
IFRS