alance sheet. Use the data from the following financial statements i.pdf
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alance sheet. Use the data from the following financial statements in the popup window, LOADING... . Complete the balance sheet. Hint: Find the accumulated depreciation for 2017 first. Question content area bottom Part 1 The accumulated depreciation for 2017 is $enter your response here . (Round to the nearest dollar.) Part 2 Complete the balance sheet for 2016 : (Round to the nearest dollar.) Balance Sheet 12/31/2016 ASSETS LIABILITIES Current assets Current liabilities Cash $16,100 Notes payable $13,800 Accounts receivable $28,200 Accounts payable $19,200 Inventories $48,200 Total current liabilities $ Total current assets $ Long-term debt $189,900 Fixed assets $367,900 OWNERS' EQUITY Accumulated depreciation (-) $140,900 Retained earnings $ Intangible assets $82,100 Common stock $131,800 TOTAL LIABILITIES AND TOTAL ASSETS $ OWNERS' EQUITY $ Part 3 Complete the balance sheet for 2017 : (Round to the nearest dollar.) Balance Sheet 12/31/2017 ASSETS LIABILITIES Current assets Current liabilities Cash $25,800 Notes payable $11,800 Accounts receivable $18,800 Accounts payable $23,900 Inventories $53,200 Total current liabilities $ Total current assets $ Long-term debt $162,100 Fixed assets $448,200 OWNERS' EQUITY Accumulated depreciation (-) $ Retained earnings $ Intangible assets $81,900 Common stock $182,000 TOTAL LIABILITIES AND TOTAL ASSETS $ OWNERS' EQUITY $ Balance Sheet 12/31/2016 ASSETS LIABILITIES Current assets Current liabilities Cash $16,100 Notes payable $13,800 Accounts receivable $28,200 Accounts payable $19,200 Inventories $48,200 Total current liabilities $ Total current assets $ Long-term debt $189,900 Fixed assets $367,900 OWNERS' EQUITY Accumulated depreciation (-) $140,900 Retained earnings $ Intangible assets $82,100 Common stock $131,800 TOTAL LIABILITIES AND TOTAL ASSETS $ OWNERS' EQUITY $.
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EXERCISE 9-8Aa.EventAssets=Liab.+EquityRev.E.docx
EXERCISE 9-8A
a.
Event
Assets
=
Liab.
+
Equity
Rev.
Exp.
=
Net Inc.
Cash Flow
1.
2.
3a.
3b.
4.
5.
6.
7.
8.
9.
10.
EXERCISE 9-8A (cont.)
b.
Ozark Sales
General Journal for 2016
Event
Account Title
Debit
Credit
1.
Cash
Common Stock
2.
Merchandise Inventory
Accounts Payable
3a.
Cash
Sales Revenue
Sales Tax Payable
3b.
Cost of Goods Sold
Merchandise Inventory
4.
Warranty Expense
Warranties Payable
5.
Sales Tax Payable
Cash
6.
Cash
Notes Payable
7.
Warranty Payable
Cash
8.
Operating Expense
Cash
9.
Accounts Payable
Cash
10.
Interest Expense1
Interest Payable
EXERCISE 9-8A b. (cont.)
Ozark Sales
T-Accounts for 2016
Assets
=
Liabilities
+
Stockholder’s Equity
Cash
Accounts Payable
Common Stock
1.
5.
9.
2.
1.
3a.
7.
Bal.
Bal.
6.
8.
9.
Sales Tax Payable
Sales Revenue
Bal. 284,600
5.
3a.
3a. 510,000
Bal.
Bal. 510,000
Merchandise Inventory
2.
3b.
Warranties Payable
Cost of Goods Sold
Bal.
7.
4.
3b.
Bal. 4,000
Bal. 330,000
Interest Payable
Operating Expenses
10.
8.
Bal. 667
Bal. 78,000
Notes Payable
Warranty Expense
6.
4.
Bal. 50,000
Bal. 10,200
Interest Expense
10.
Bal. 667
EXERCISE 9-8A (cont.)
c.
Ozark Sales
Income Statement
For the Year Ended December 31, 2016
Sales Revenue
Cost of Goods Sold
Gross Margin
Expenses
Operating Expenses
$78,000
Warranty Expense
10,200
Total Operating Expenses
Operating Income
Interest Expense
Net Income
EXERCISE 9-8A c. (cont.)
Ozark Sales
Balance Sheet
As of December 31, 2016
Assets
Cash
Merchandise Inventory
Total Assets
Liabilities
Accounts Payable
Sales Tax Payable
Warranties Payable
Interest Payable
Notes Payable
Total Liabilities
Stockholders’ Equity
Common Stock
Retained Earnings
Total Stockholders’ Equity
141,133
Total Liabilities and Stockholders’ Equity
$334,600
EXERCISE 9-8A c. (cont.)
Ozark Sales
Statement of Cash Flows
For the Year Ended December 31, 2016
Cash Flows From Operating Activities:
Inflow from Customers
Inflow from Sales Tax
Outflow to Purchase Inventory
Outflow for Expenses1
Outflow for Sales Tax
Net Cash Flow from Operating Activities
Cash Flows From Investing Activities
-0-
Cash Flows From Financing Activities:
Inflow from Stock Issue
Inflow from Loan
Net Cash Flow from Financing Activities
Net Change in Cash
Plus: Beginning Cash Balance
Ending Cash Balance
d. Current Liabilit.
Exercise 1-5Suppose the following information was taken from the.docx
Exercise 1-5
Suppose the following information was taken from the 2017 financial statements of pharmaceutical giant Bramble Corp. (All dollar amounts are in millions.)
Retained earnings, January 1, 2017
$46,836.3
Cost of goods sold
9,460.6
Selling and administrative expenses
8,592.7
Dividends
3,387.0
Sales revenue
38,203.8
Research and development expense
5,960.5
Income tax expense
2,691.2
After analyzing the data, prepare an income statement for the year ending December 31, 2017. (Enter amounts in millions upto 1 decimal place, e.g. 45.5 million.)
Bramble Corp.
Income Statement
(in millions)
$
$
$
SHOW LIST OF ACCOUNTS
LINK TO TEXT
After analyzing the data, prepare a retained earnings statement for the year ending December 31, 2017. (List items that increase retained earnings first. Enter amounts in millions upto 1 decimal place, e.g. 45.5 million.)
Bramble Corp.
Retained Earnings Statement
(in millions)
$
:
:
$
Exercise 1-11
Wildhorse Co. is the world’s leading producer of ready-to-eat cereal and a leading producer of grain-based convenience foods such as frozen waffles and cereal bars. Suppose the following items were taken from its 2017 income statement and balance sheet. (All dollars are in millions.)
Retained earnings
$4,800
Cost of goods sold
6,860
Selling and administrative expenses
3,640
Cash
340
Notes payable
40
Interest expense
340
Bonds payable
4,700
Inventory
740
Sales revenue
12,400
Accounts payable
1,070
Common stock
140
Income tax expense
430
In each case, identify whether the item is an asset, liability, stockholders’ equity, revenue, or expense.
Retained earnings
Cost of goods sold
Selling and administrative expenses
Cash
Notes payable
Interest expense
Bonds payable
Inventory
Sales revenue
Accounts payable
Common stock
Income tax expense
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare an income statement for Wildhorse Co. for the year ended December 31, 2017. (Enter amounts in millions, e.g. 45.)
Wildhorse Co.
Income Statement
(in millions)
$
$
$
Exercise 1-14
Wayne Holtz is the bookkeeper for Windsor, Inc.. Wayne has been trying to get the balance sheet of Windsor, Inc. to balance. It finally balanced, but now he’s not sure it is correct.
Windsor, Inc.
Balance Sheet
December 31, 2017
Assets
Liabilities and Stockholders’ Equity
Cash
$12,400
Accounts payable
$10,400
Supplies
15,100
Accounts receivable
(17,600
)
Equipment
34,400
Common stock
45,600
Dividends
13,600
Retained earnings
37,100
Total assets
$75,500
Total liabilities and stockholders’ equity
$75,500
Prepare a correct balance sheet. (List assets in order of liquidity.)
Windsor, Inc.
Balance Sheet
Assets
$
$
Liabilities and Stockholders' Equity
$
$
$
Exerc ...
INTERNATIONAL ECONOMICSFrancisco L. Rivera-BatizBAU .docx
INTERNATIONAL ECONOMICS
Francisco L. Rivera-Batiz
BAU International University
Section 6. The National Income Accounts
March 7, 2018
@ Francisco Rivera-Batiz 2018. All rights reserved
*
Graded Midterms Exams returned today.
No class next week (Spring Break).
*
Readings for this section:
Rivera-Batiz and Rivera-Batiz, International Finance and Open Economy Macroeconomics, chapter 11.
Andrea Pescatori, Damiano Sandri and John Simon, “No Magic Threshold,” Finance & Development, June 2014, 39-42.
Thomas Herndon, Michael Ash and Robert Pollin, “Does High Public Debt Consistently Stifle Economic Growth?: A Critique of Reinhart and Rogoff,” Working Paper, Department of Economics, University of Massachusetts at Amherst, April 2013.
Dennis Tao Yang, “Aggregate Savings and External Imbalances in China,” Journal of Economic Perspectives, Vol. 26, No. 4, Fall 2012, 125-146.
Carmen M. Reinhart and Kenneth S. Rogoff. 2010. "Growth in a Time of Debt" American Economic Review, Vol. 100, No. 2, May 2010, 573-577.
*
The last section examined the concept of a current account balance deficit from the point of view of the balance of payments accounts.
In this section, we will adopt a different point of view on the U.S. current account balance deficit.
We will focus on the national income and product accounts, which describe the various production and spending outcomes of an economy over a certain period of time (say, a year).
*
Income is mostly obtained from production, so we will focus on studying national production.
The main concept used to measure national production is Gross National Product, GNP.
What is GNP?
*
GNP = The value of all (final) goods and services produced by a country’s residents in a given time period (YN ).
GNP = GDP + R
where GDP = Value of (final) goods and services produced domestically (YD ) and
Where R = Net factor income from abroad = Goods and services produced by domestic residents abroad minus goods and services produced by foreign residents (including multinational corporations) in the domestic economy.
*
Gross Domestic Product = The value of all (final) goods and services produced domestically in a given time period (YD ).
This output can be purchased by two groups:
(1) Purchases of domestic goods and services by foreign residents (domestic exports, X ),
(2) Purchases of domestic goods and services by domestic residents. Let us look at this last component in more detail.
*
Purchases or expenditures of domestic residents on domestic goods and services
=
Total purchases or expenditures of domestic residents (called domestic absorption, A)
Minus
Total purchases or expenditures of domestic residents on foreign goods and services (domestic imports, M )
*
So, with these definitions:
Output of Spending of Spending of
Domestic = Domestic Residents + Foreign Residents
Goods and on Domestic Goods on Domestic Goods
Services (YD) and .
ch17.pdf
This document provides a series of exercises related to preparing statements of cash flows using both the direct and indirect methods. It includes instructions for journal entries, reconciling net income to cash flows from operating activities, and computing free cash flow. The exercises provide comparative balance sheet information, income statement details, and additional transaction details to prepare various sections of the statement of cash flows.
ch17 (1).pdf
This document provides a series of exercises related to preparing statements of cash flows using both the direct and indirect methods. It includes instructions for journal entries, reconciling net income to cash flows from operating activities, and computing free cash flow. The exercises provide comparative balance sheet information, income statement details, and additional transaction details to calculate cash flow amounts and complete statements of cash flows.
Historical AnalysisHistorical Financial Analysis Dec. 2018Dec. 201.docx
This document provides historical financial information for Tootsie Roll Industries for the years 2016-2018. It includes income statements and balance sheets for each year. Key figures shown include total assets increasing from $920 million in 2016 to $947 million in 2018. Total current assets also increased over this period from $299 million to $304 million. Total liabilities remained relatively steady between $197-208 million. Total shareholder equity increased from $711 million in 2016 to $751 million in 2018. The notes provide calculations for various financial ratios over 2016-2018 such as current ratio, debt-to-equity ratio, and profit margin.
FIN 360BUSINESS DESCRIPTION Please include a pie chart depic.docx
FIN 360
BUSINESS DESCRIPTION
Please include a pie chart depicting the sizes of the various business
Resources:
Company annual report
Company 10-K filing
Company Investor Relations website
FIN 360
COMPETITIVE POSITION
What is the company’s respective industry market share of each line of business?
Is its market share growing or contracting and why?
RESOURCES .. Barron’s, Bloomberg, Business Source Complete, CNBC, Google Finance, IBES World, Morningstar Direct, Mutual Fund Management Commentary on Holdings, S&P NetAdvantage, Statista, ValueLine, Wall Street Journal, Zacks, Yahoo Finance
FIN 360
INVESTMENT POSTIVES
Bullet point rationales… what are the positive attributes of your stock recommendation back it up by facts
Examples… new product introduction, niche market with growing market share, cost cutting initiative will grow operating margins
RESOURCES .. Barron’s, Bloomberg, Business Source Complete, CNBC, Google Finance, IBES World, Morningstar Direct, Mutual Fund Management Commentary on Holdings, S&P NetAdvantage, Statista, ValueLine, Wall Street Journal, Zacks, Yahoo Finance
EXERCISE 9-8A
a.
Event
Assets
=
Liab.
+
Equity
Rev.
Exp.
=
Net Inc.
Cash Flow
1.
2.
3a.
3b.
4.
5.
6.
7.
8.
9.
10.
EXERCISE 9-8A (cont.)
b.
Ozark Sales
General Journal for 2016
Event
Account Title
Debit
Credit
1.
Cash
Common Stock
2.
Merchandise Inventory
Accounts Payable
3a.
Cash
Sales Revenue
Sales Tax Payable
3b.
Cost of Goods Sold
Merchandise Inventory
4.
Warranty Expense
Warranties Payable
5.
Sales Tax Payable
Cash
6.
Cash
Notes Payable
7.
Warranty Payable
Cash
8.
Operating Expense
Cash
9.
Accounts Payable
Cash
10.
Interest Expense1
Interest Payable
EXERCISE 9-8A b. (cont.)
Ozark Sales
T-Accounts for 2016
Assets
=
Liabilities
+
Stockholder’s Equity
Cash
Accounts Payable
Common Stock
1.
5.
9.
2.
1.
3a.
7.
Bal.
Bal.
6.
8.
9.
Sales Tax Payable
Sales Revenue
Bal. 284,600
5.
3a.
3a. 510,000
Bal.
Bal. 510,000
Merchandise Inventory
2.
3b.
Warranties Payable
Cost of Goods Sold
Bal.
7.
4.
3b.
Bal. 4,000
Bal. 330,000
Interest Payable
Operating Expenses
10.
8.
Bal. 667
Bal. 78,000
Notes Payable
Warranty Expense
6.
4.
Bal. 50,000
Bal. 10,200
Interest Expense
10.
Bal. 667
EXERCISE 9-8A (cont.)
c.
Ozark Sales
Income Statement
For the Year Ended December 31, 2016
Sales Revenue
Cost of Goods Sold
Gross Margin
Expenses
Operating Expenses
$78,000
Warranty Expense
10,200
Total Operating Expenses
Operating Income
Interest Expense
Net Income
...
The adjusted trial balance for Tybalt Construction as of December 31.pdf
The accounting records for Eisner Manufacturing Company included the following cost
information relating to its first year of operations: Direct materials Direct labor Fixed
manufacturing overhead Variable manufacturing overhead $ 60,000 $ 80,000 100,000 $ 20,000
Assume the company produced 10,000 units of inventory and sold 6,000 of these units for
$192,000. What amount of finished goods will be reported on the balance sheet at the end of the
year under absorption costing? Under variable costing? A. $104,000, $64,000 B. $64,000,
$104,000 C. $130,667, $64,000 D. $64,000, $130,667
Solution
Calculate unit product cost and finished goods :
So answer is a) $104000 ; $64000AbsorptionvariableDirect material66Direct labour88Variable
manufacturing overhead22Fixed manufacturing overhead100Unit product cost2616Finished
goods inventory40004000Finished goods inventory cost10400064000.
Recommended
EXERCISE 9-8Aa.EventAssets=Liab.+EquityRev.E.docx
EXERCISE 9-8A
a.
Event
Assets
=
Liab.
+
Equity
Rev.
Exp.
=
Net Inc.
Cash Flow
1.
2.
3a.
3b.
4.
5.
6.
7.
8.
9.
10.
EXERCISE 9-8A (cont.)
b.
Ozark Sales
General Journal for 2016
Event
Account Title
Debit
Credit
1.
Cash
Common Stock
2.
Merchandise Inventory
Accounts Payable
3a.
Cash
Sales Revenue
Sales Tax Payable
3b.
Cost of Goods Sold
Merchandise Inventory
4.
Warranty Expense
Warranties Payable
5.
Sales Tax Payable
Cash
6.
Cash
Notes Payable
7.
Warranty Payable
Cash
8.
Operating Expense
Cash
9.
Accounts Payable
Cash
10.
Interest Expense1
Interest Payable
EXERCISE 9-8A b. (cont.)
Ozark Sales
T-Accounts for 2016
Assets
=
Liabilities
+
Stockholder’s Equity
Cash
Accounts Payable
Common Stock
1.
5.
9.
2.
1.
3a.
7.
Bal.
Bal.
6.
8.
9.
Sales Tax Payable
Sales Revenue
Bal. 284,600
5.
3a.
3a. 510,000
Bal.
Bal. 510,000
Merchandise Inventory
2.
3b.
Warranties Payable
Cost of Goods Sold
Bal.
7.
4.
3b.
Bal. 4,000
Bal. 330,000
Interest Payable
Operating Expenses
10.
8.
Bal. 667
Bal. 78,000
Notes Payable
Warranty Expense
6.
4.
Bal. 50,000
Bal. 10,200
Interest Expense
10.
Bal. 667
EXERCISE 9-8A (cont.)
c.
Ozark Sales
Income Statement
For the Year Ended December 31, 2016
Sales Revenue
Cost of Goods Sold
Gross Margin
Expenses
Operating Expenses
$78,000
Warranty Expense
10,200
Total Operating Expenses
Operating Income
Interest Expense
Net Income
EXERCISE 9-8A c. (cont.)
Ozark Sales
Balance Sheet
As of December 31, 2016
Assets
Cash
Merchandise Inventory
Total Assets
Liabilities
Accounts Payable
Sales Tax Payable
Warranties Payable
Interest Payable
Notes Payable
Total Liabilities
Stockholders’ Equity
Common Stock
Retained Earnings
Total Stockholders’ Equity
141,133
Total Liabilities and Stockholders’ Equity
$334,600
EXERCISE 9-8A c. (cont.)
Ozark Sales
Statement of Cash Flows
For the Year Ended December 31, 2016
Cash Flows From Operating Activities:
Inflow from Customers
Inflow from Sales Tax
Outflow to Purchase Inventory
Outflow for Expenses1
Outflow for Sales Tax
Net Cash Flow from Operating Activities
Cash Flows From Investing Activities
-0-
Cash Flows From Financing Activities:
Inflow from Stock Issue
Inflow from Loan
Net Cash Flow from Financing Activities
Net Change in Cash
Plus: Beginning Cash Balance
Ending Cash Balance
d. Current Liabilit.
Exercise 1-5Suppose the following information was taken from the.docx
Exercise 1-5
Suppose the following information was taken from the 2017 financial statements of pharmaceutical giant Bramble Corp. (All dollar amounts are in millions.)
Retained earnings, January 1, 2017
$46,836.3
Cost of goods sold
9,460.6
Selling and administrative expenses
8,592.7
Dividends
3,387.0
Sales revenue
38,203.8
Research and development expense
5,960.5
Income tax expense
2,691.2
After analyzing the data, prepare an income statement for the year ending December 31, 2017. (Enter amounts in millions upto 1 decimal place, e.g. 45.5 million.)
Bramble Corp.
Income Statement
(in millions)
$
$
$
SHOW LIST OF ACCOUNTS
LINK TO TEXT
After analyzing the data, prepare a retained earnings statement for the year ending December 31, 2017. (List items that increase retained earnings first. Enter amounts in millions upto 1 decimal place, e.g. 45.5 million.)
Bramble Corp.
Retained Earnings Statement
(in millions)
$
:
:
$
Exercise 1-11
Wildhorse Co. is the world’s leading producer of ready-to-eat cereal and a leading producer of grain-based convenience foods such as frozen waffles and cereal bars. Suppose the following items were taken from its 2017 income statement and balance sheet. (All dollars are in millions.)
Retained earnings
$4,800
Cost of goods sold
6,860
Selling and administrative expenses
3,640
Cash
340
Notes payable
40
Interest expense
340
Bonds payable
4,700
Inventory
740
Sales revenue
12,400
Accounts payable
1,070
Common stock
140
Income tax expense
430
In each case, identify whether the item is an asset, liability, stockholders’ equity, revenue, or expense.
Retained earnings
Cost of goods sold
Selling and administrative expenses
Cash
Notes payable
Interest expense
Bonds payable
Inventory
Sales revenue
Accounts payable
Common stock
Income tax expense
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Prepare an income statement for Wildhorse Co. for the year ended December 31, 2017. (Enter amounts in millions, e.g. 45.)
Wildhorse Co.
Income Statement
(in millions)
$
$
$
Exercise 1-14
Wayne Holtz is the bookkeeper for Windsor, Inc.. Wayne has been trying to get the balance sheet of Windsor, Inc. to balance. It finally balanced, but now he’s not sure it is correct.
Windsor, Inc.
Balance Sheet
December 31, 2017
Assets
Liabilities and Stockholders’ Equity
Cash
$12,400
Accounts payable
$10,400
Supplies
15,100
Accounts receivable
(17,600
)
Equipment
34,400
Common stock
45,600
Dividends
13,600
Retained earnings
37,100
Total assets
$75,500
Total liabilities and stockholders’ equity
$75,500
Prepare a correct balance sheet. (List assets in order of liquidity.)
Windsor, Inc.
Balance Sheet
Assets
$
$
Liabilities and Stockholders' Equity
$
$
$
Exerc ...
INTERNATIONAL ECONOMICSFrancisco L. Rivera-BatizBAU .docx
INTERNATIONAL ECONOMICS
Francisco L. Rivera-Batiz
BAU International University
Section 6. The National Income Accounts
March 7, 2018
@ Francisco Rivera-Batiz 2018. All rights reserved
*
Graded Midterms Exams returned today.
No class next week (Spring Break).
*
Readings for this section:
Rivera-Batiz and Rivera-Batiz, International Finance and Open Economy Macroeconomics, chapter 11.
Andrea Pescatori, Damiano Sandri and John Simon, “No Magic Threshold,” Finance & Development, June 2014, 39-42.
Thomas Herndon, Michael Ash and Robert Pollin, “Does High Public Debt Consistently Stifle Economic Growth?: A Critique of Reinhart and Rogoff,” Working Paper, Department of Economics, University of Massachusetts at Amherst, April 2013.
Dennis Tao Yang, “Aggregate Savings and External Imbalances in China,” Journal of Economic Perspectives, Vol. 26, No. 4, Fall 2012, 125-146.
Carmen M. Reinhart and Kenneth S. Rogoff. 2010. "Growth in a Time of Debt" American Economic Review, Vol. 100, No. 2, May 2010, 573-577.
*
The last section examined the concept of a current account balance deficit from the point of view of the balance of payments accounts.
In this section, we will adopt a different point of view on the U.S. current account balance deficit.
We will focus on the national income and product accounts, which describe the various production and spending outcomes of an economy over a certain period of time (say, a year).
*
Income is mostly obtained from production, so we will focus on studying national production.
The main concept used to measure national production is Gross National Product, GNP.
What is GNP?
*
GNP = The value of all (final) goods and services produced by a country’s residents in a given time period (YN ).
GNP = GDP + R
where GDP = Value of (final) goods and services produced domestically (YD ) and
Where R = Net factor income from abroad = Goods and services produced by domestic residents abroad minus goods and services produced by foreign residents (including multinational corporations) in the domestic economy.
*
Gross Domestic Product = The value of all (final) goods and services produced domestically in a given time period (YD ).
This output can be purchased by two groups:
(1) Purchases of domestic goods and services by foreign residents (domestic exports, X ),
(2) Purchases of domestic goods and services by domestic residents. Let us look at this last component in more detail.
*
Purchases or expenditures of domestic residents on domestic goods and services
=
Total purchases or expenditures of domestic residents (called domestic absorption, A)
Minus
Total purchases or expenditures of domestic residents on foreign goods and services (domestic imports, M )
*
So, with these definitions:
Output of Spending of Spending of
Domestic = Domestic Residents + Foreign Residents
Goods and on Domestic Goods on Domestic Goods
Services (YD) and .
ch17.pdf
This document provides a series of exercises related to preparing statements of cash flows using both the direct and indirect methods. It includes instructions for journal entries, reconciling net income to cash flows from operating activities, and computing free cash flow. The exercises provide comparative balance sheet information, income statement details, and additional transaction details to prepare various sections of the statement of cash flows.
ch17 (1).pdf
This document provides a series of exercises related to preparing statements of cash flows using both the direct and indirect methods. It includes instructions for journal entries, reconciling net income to cash flows from operating activities, and computing free cash flow. The exercises provide comparative balance sheet information, income statement details, and additional transaction details to calculate cash flow amounts and complete statements of cash flows.
Historical AnalysisHistorical Financial Analysis Dec. 2018Dec. 201.docx
This document provides historical financial information for Tootsie Roll Industries for the years 2016-2018. It includes income statements and balance sheets for each year. Key figures shown include total assets increasing from $920 million in 2016 to $947 million in 2018. Total current assets also increased over this period from $299 million to $304 million. Total liabilities remained relatively steady between $197-208 million. Total shareholder equity increased from $711 million in 2016 to $751 million in 2018. The notes provide calculations for various financial ratios over 2016-2018 such as current ratio, debt-to-equity ratio, and profit margin.
FIN 360BUSINESS DESCRIPTION Please include a pie chart depic.docx
FIN 360
BUSINESS DESCRIPTION
Please include a pie chart depicting the sizes of the various business
Resources:
Company annual report
Company 10-K filing
Company Investor Relations website
FIN 360
COMPETITIVE POSITION
What is the company’s respective industry market share of each line of business?
Is its market share growing or contracting and why?
RESOURCES .. Barron’s, Bloomberg, Business Source Complete, CNBC, Google Finance, IBES World, Morningstar Direct, Mutual Fund Management Commentary on Holdings, S&P NetAdvantage, Statista, ValueLine, Wall Street Journal, Zacks, Yahoo Finance
FIN 360
INVESTMENT POSTIVES
Bullet point rationales… what are the positive attributes of your stock recommendation back it up by facts
Examples… new product introduction, niche market with growing market share, cost cutting initiative will grow operating margins
RESOURCES .. Barron’s, Bloomberg, Business Source Complete, CNBC, Google Finance, IBES World, Morningstar Direct, Mutual Fund Management Commentary on Holdings, S&P NetAdvantage, Statista, ValueLine, Wall Street Journal, Zacks, Yahoo Finance
EXERCISE 9-8A
a.
Event
Assets
=
Liab.
+
Equity
Rev.
Exp.
=
Net Inc.
Cash Flow
1.
2.
3a.
3b.
4.
5.
6.
7.
8.
9.
10.
EXERCISE 9-8A (cont.)
b.
Ozark Sales
General Journal for 2016
Event
Account Title
Debit
Credit
1.
Cash
Common Stock
2.
Merchandise Inventory
Accounts Payable
3a.
Cash
Sales Revenue
Sales Tax Payable
3b.
Cost of Goods Sold
Merchandise Inventory
4.
Warranty Expense
Warranties Payable
5.
Sales Tax Payable
Cash
6.
Cash
Notes Payable
7.
Warranty Payable
Cash
8.
Operating Expense
Cash
9.
Accounts Payable
Cash
10.
Interest Expense1
Interest Payable
EXERCISE 9-8A b. (cont.)
Ozark Sales
T-Accounts for 2016
Assets
=
Liabilities
+
Stockholder’s Equity
Cash
Accounts Payable
Common Stock
1.
5.
9.
2.
1.
3a.
7.
Bal.
Bal.
6.
8.
9.
Sales Tax Payable
Sales Revenue
Bal. 284,600
5.
3a.
3a. 510,000
Bal.
Bal. 510,000
Merchandise Inventory
2.
3b.
Warranties Payable
Cost of Goods Sold
Bal.
7.
4.
3b.
Bal. 4,000
Bal. 330,000
Interest Payable
Operating Expenses
10.
8.
Bal. 667
Bal. 78,000
Notes Payable
Warranty Expense
6.
4.
Bal. 50,000
Bal. 10,200
Interest Expense
10.
Bal. 667
EXERCISE 9-8A (cont.)
c.
Ozark Sales
Income Statement
For the Year Ended December 31, 2016
Sales Revenue
Cost of Goods Sold
Gross Margin
Expenses
Operating Expenses
$78,000
Warranty Expense
10,200
Total Operating Expenses
Operating Income
Interest Expense
Net Income
...
The adjusted trial balance for Tybalt Construction as of December 31.pdf
The accounting records for Eisner Manufacturing Company included the following cost
information relating to its first year of operations: Direct materials Direct labor Fixed
manufacturing overhead Variable manufacturing overhead $ 60,000 $ 80,000 100,000 $ 20,000
Assume the company produced 10,000 units of inventory and sold 6,000 of these units for
$192,000. What amount of finished goods will be reported on the balance sheet at the end of the
year under absorption costing? Under variable costing? A. $104,000, $64,000 B. $64,000,
$104,000 C. $130,667, $64,000 D. $64,000, $130,667
Solution
Calculate unit product cost and finished goods :
So answer is a) $104000 ; $64000AbsorptionvariableDirect material66Direct labour88Variable
manufacturing overhead22Fixed manufacturing overhead100Unit product cost2616Finished
goods inventory40004000Finished goods inventory cost10400064000.
FIB - 1Question 1 (9 points)Question 1 UnsavedFor the FY 2.docx
FIB - 1
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For the FY 2016, Alpha Company's balance sheet included the following current items: cash $40,000, accounts receivable $160,000, inventories $100,000, prepaid expenses $20,000, accounts payable $90,000, and accrued expenses $70,000. Use this information to determine the: (Round & enter your answers to one decimal place for non-dollar ratios and enter the value. For dollar ratio enter as whole dollars only.)
1. Quick Ratio
2. Current Ratio
2. Working Capital
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For the FY 2016, Alpha Company had net sales of $950,000 and net income of $65,000, paid income taxes of $30,000, and had before tax interest expense of $15,000. Use this information to determine the: (Round & enter your answers to one decimal place and enter the value.)
1. Times Interest Earned Ratio
2. Profit Margin
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The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):
Item/Account
2017
2016
Accounts Receivable
$9,800
$9,400
Inventory
25,000
16,000
Net Sales (all credit)
80,000
71,000
Cost of Goods Sold
49,000
52,000
Net Income
7,200
6,900
Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.)
1. the inventory turnover ratio
2. number of days of inventory
3. Gross Profit Margin
4. Profit Margin
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The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):
Item/Account
2017
2016
Accounts Receivable
$9,800
$9,400
Inventory
20,000
16,000
Net Sales (all credit)
72,000
71,000
Cost of Goods Sold
54,000
52,000
Net Income
7,200
6,900
Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.)
1. the accounts receivable turnover ratio
2. average collection period accounts receivable
3. Gross Profit Margin
4. Profit Margin
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Alpha's net accounts receivable were $500,000 at December 31, 2015, and $600,000 at December 31, 2016. Net cash sales for 2016 were $300,000. The accounts receivable turnover for 2016 was 5.5. Use this information to determine the Fiscal Year 2016: (Round & enter your answers to one decimal place for non-dollar ratios and enter the value. For dollar ratio enter as whole dollars only.)
1. Total Net Sales
2. Total Net Credit Sales
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The following financial information is for Alpha Corporat ...
Uop acc-421-final-exam-guide-new
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Uop acc-421-final-exam-guide-new
acc 421,uop acc 421,uop acc 421 complete course,uop acc 421 entire course,uop acc 421 week 1,uop acc 421 week 2,uop acc 421 week 3,uop acc 421 week 4,uop acc 421 week 5,acc 421 final exam guide new,acc 421 tutorials,acc 421 assignments,acc 421 help
Problem 11-2A Fechter Corporation had the following stockholders’ eq.pdf
Problem 11-2A Fechter Corporation had the following stockholders’ equity accounts on January
1, 2017: Common Stock ($5 par) $536,800, Paid-in Capital in Excess of Par—Common Stock
$193,790, and Retained Earnings $100,450. In 2017, the company had the following treasury
stock transactions. Mar. 1 Purchased 5,700 shares at $9 per share. June 1 Sold 1,040 shares at
$13 per share. Sept. 1 Sold 1,980 shares at $10 per share. Dec. 1 Sold 1,310 shares at $7 per
share. Fechter Corporation uses the cost method of accounting for treasury stock. In 2017, the
company reported net income of $32,820
ournalize the treasury stock transactions, and prepare the closing entry at December 31, 2017, for
net income. (Record journal entries in the order presented in the problem. Credit account titles
are automatically indented when amount is entered. Do not indent manually. If no entry is
required, select \"No Entry\" for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
SHOW LIST OF ACCOUNTS
Paid-in Capital from Treasury Stock
Date
Explanation
Ref.
Debit
Credit
Balance
J10
J10
J10
Treasury Stock
Date
Explanation
Ref.
Debit
Credit
Balance
J10
J10
J10
J10
Retained Earnings
Date
Explanation
Ref.
Debit
Credit
Balance
Balance
?
J10
SHOW LIST OF ACCOUNTS
Date
Account Titles and Explanation
Debit
Credit Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31
Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31
Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31
Dec. 1
Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31
SHOW LIST OF ACCOUNTS
Solution
Journal Entries:
Date
Account Titles and Explanation
Debit
Credit
Mar. 1
Treasury Stock (5700*$9)
$ 51,300.00
Cash
$ 51,300.00
(Being shares repurchased )
June. 1
Cash (1040*$13)
$ 13,520.00
Paid-in Capital from Treasury Stock = 13520 - 9360
$ 4,160.00
Treasury Stock (1040*$9)
$ 9,360.00
(Being treasury shares reissued)
Sept. 1
Cash (1980*$10)
$ 19,800.00
Paid-in Capital from Treasury Stock = 19800-17820
$ 1,980.00
Treasury Stock (1980*$9)
$ 17,820.00
(Being treasury shares reissued)
Dec. 1
Cash (1310*$7)
$ 9,170.00
Paid-in Capital from Treasury Stock = 11790-9170
$ 2,620.00
Treasury Stock (1310*$9)
$ 11,790.00
(Being treasury shares reissued)
Dec. 31
Income Summary
$ 32,820.00
Retained Earnings
$ 32,820.00
(Being bet inc0me closed)
Paid-in Capital from Treasury Stock
Date
Explanation
Ref.
Debit
Credit
Balance
June. 1
J10
$ 4,160.00
$ 4,160.00
Sept. 1
J10
$ 1,980.00
$ 6,140.00
Dec. 1
J10
$ 2,620.00
$ 3,520.00
Treasury Stock
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 1
J10
$ 51,300.00
$ 51,300.00
June. 1
J10
$ 9,360.00
$ 41,940.00
Sept. 1
J10
$ 17,820.00
$ 24,120.00
Dec. 1
J10
$ 11,790.00
$ 12,330.00
Retained Earnings
Date
Explanation
Ref.
Debit
Credit
Balance
Balance
$ 100,450.00
$ 100,450.00
Dec. 31
J10
$ 32,820.00
$ 133,270.00
FECHTER CORPORATION
Balance Sheet (Partial)
For the Year Ended December 31, 2017
Common Stock ($5 par)
$ 536,800.00
Paid-in Capital in Excess of Par—Common Stock
$ 193,790.00
Retained Earnings
$ 133,270.0.
Problem 11-2A Fechter Corporation had the following stockholders’ eq.pdf
Problem 11-2A Fechter Corporation had the following stockholders’ equity accounts on January
1, 2017: Common Stock ($5 par) $536,800, Paid-in Capital in Excess of Par—Common Stock
$193,790, and Retained Earnings $100,450. In 2017, the company had the following treasury
stock transactions. Mar. 1 Purchased 5,700 shares at $9 per share. June 1 Sold 1,040 shares at
$13 per share. Sept. 1 Sold 1,980 shares at $10 per share. Dec. 1 Sold 1,310 shares at $7 per
share. Fechter Corporation uses the cost method of accounting for treasury stock. In 2017, the
company reported net income of $32,820
ournalize the treasury stock transactions, and prepare the closing entry at December 31, 2017, for
net income. (Record journal entries in the order presented in the problem. Credit account titles
are automatically indented when amount is entered. Do not indent manually. If no entry is
required, select \"No Entry\" for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
SHOW LIST OF ACCOUNTS
Paid-in Capital from Treasury Stock
Date
Explanation
Ref.
Debit
Credit
Balance
J10
J10
J10
Treasury Stock
Date
Explanation
Ref.
Debit
Credit
Balance
J10
J10
J10
J10
Retained Earnings
Date
Explanation
Ref.
Debit
Credit
Balance
Balance
?
J10
SHOW LIST OF ACCOUNTS
Date
Account Titles and Explanation
Debit
Credit Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31
Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31
Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31
Dec. 1
Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31
SHOW LIST OF ACCOUNTS
Solution
Journal Entries:
Date
Account Titles and Explanation
Debit
Credit
Mar. 1
Treasury Stock (5700*$9)
$ 51,300.00
Cash
$ 51,300.00
(Being shares repurchased )
June. 1
Cash (1040*$13)
$ 13,520.00
Paid-in Capital from Treasury Stock = 13520 - 9360
$ 4,160.00
Treasury Stock (1040*$9)
$ 9,360.00
(Being treasury shares reissued)
Sept. 1
Cash (1980*$10)
$ 19,800.00
Paid-in Capital from Treasury Stock = 19800-17820
$ 1,980.00
Treasury Stock (1980*$9)
$ 17,820.00
(Being treasury shares reissued)
Dec. 1
Cash (1310*$7)
$ 9,170.00
Paid-in Capital from Treasury Stock = 11790-9170
$ 2,620.00
Treasury Stock (1310*$9)
$ 11,790.00
(Being treasury shares reissued)
Dec. 31
Income Summary
$ 32,820.00
Retained Earnings
$ 32,820.00
(Being bet inc0me closed)
Paid-in Capital from Treasury Stock
Date
Explanation
Ref.
Debit
Credit
Balance
June. 1
J10
$ 4,160.00
$ 4,160.00
Sept. 1
J10
$ 1,980.00
$ 6,140.00
Dec. 1
J10
$ 2,620.00
$ 3,520.00
Treasury Stock
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 1
J10
$ 51,300.00
$ 51,300.00
June. 1
J10
$ 9,360.00
$ 41,940.00
Sept. 1
J10
$ 17,820.00
$ 24,120.00
Dec. 1
J10
$ 11,790.00
$ 12,330.00
Retained Earnings
Date
Explanation
Ref.
Debit
Credit
Balance
Balance
$ 100,450.00
$ 100,450.00
Dec. 31
J10
$ 32,820.00
$ 133,270.00
FECHTER CORPORATION
Balance Sheet (Partial)
For the Year Ended December 31, 2017
Common Stock ($5 par)
$ 536,800.00
Paid-in Capital in Excess of Par—Common Stock
$ 193,790.00
Retained Earnings
$ 133,270.0.
B PROBLEMSP23-1B (L02,4) (SCF—Indirect Method) The followi.docx
B PROBLEMS
P23-1B (L02,4) (SCF—Indirect Method) The following are Sanibel Corp.’s comparative balance sheet accounts at Decem-
ber 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017.
Additional information:
1. On December 31, 2016, Sanibel acquired 25% of Island Co.’s common stock for $420,000. On that date, the carrying value
of Island’s assets and liabilities, which approximated their fair values, was $1,680,000. Island reported income of $220,000
for the year ended December 31, 2017. No dividend was paid on Island’s common stock during the year.
2. During 2016, Sanibel loaned $500,000 to POI Co., an unrelated company. POI made the first semi-annual principal repay-
ment of $50,000, plus interest at 10%, on December 31, 2016. POI is current on the loan as of December 31, 2017.
3. On January 2, 2017, Sanibel sold equipment costing $100,000, with a carrying amount of $31,000, for $20,000 cash.
4. On December 31, 2017, Sanibel entered into a capital lease for a new factory. The present value of the annual rental pay-
ments is $850,000, which equals the fair value of the building. Sanibel made the first rental payment of $120,000 when due
on January 2, 2018.
5. Net income for 2017 was $285,000.
6. Sanibel declared and paid cash dividends for 2017 and 2016 as follows.
Instructions
Prepare a statement of cash flows for Sanibel Corp. for the year ended December 31, 2017, using the indirect method.
(AICPA adapted)
1
COMPARATIVE BALANCE SHEETS
Increase
2017 2016 (Decrease)
Cash $ 650,000 $ 510,000 $ 140,000
Accounts receivable 1,260,000 1,090,000 170,000
Inventory 1,538,000 1,370,000 168,000
Property, plant, and equipment 2,680,000 1,763,000 917,000
Accumulated depreciation (850,000) (760,000) (90,000)
Investment in Island Co. 475,000 420,000 55,000
Loan receivable 350,000 450,000 (100,000)
Total assets $6,103,000 $4,843,000 $1,260,000
Accounts payable $1,080,000 $ 910,000 $ 170,000
Income taxes payable 90,000 75,000 15,000
Dividends payable 100,000 60,000 40,000
Capital lease obligation 850,000 0 850,000
Common stock, $1 par 400,000 400,000 0
Paid-in capital in excess of 2,100,000 2,100,000 0
par—common stock
Retained earnings 1,483,000 1,298,000 185,000
Total liabilities and stockholders’ equity $6,103,000 $4,843,000 $1,260,000
2017 2016
Declared December 15, 2017 December 15, 2016
Paid February 28, 2018 February 28, 2017
Amount $100,000 $60,000
c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 /208/WB01908/XXXXXXXXXXXXX/ch23/text_s/208/WB01908/XXXXXXXXXXXXX/ch23/text_s
2 Chapter 23 Statement of Cash Flows
P23-2B (L02,4) (SCF—Indirect Method) The comparative balance sheets for Queen Corporation show the following
information.
Additional data related to 2017 are as follows.
1. Equipment that had cost $20,000 and was 60% depreciated at time of disposal was sold for $2,000.
2. $18,000 of th ...
FM2-Brooks_3e_ppt_02.pdf
The document provides an overview of key financial statements including the balance sheet, income statement, statement of retained earnings, and statement of cash flows. It discusses the relationships between these statements and how they are used to assess a company's performance and cash flows. Specific topics covered include operating cash flow, net capital spending, changes in working capital, cash flows from assets and to creditors/owners. Examples of each statement are provided and additional practice problems with solutions are included at the end.
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx
AWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-term investments
3,000
2,500
2,000
Accounts receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid expenses
800
800
800
Accounts payable
200
200
200
Notes payable: short-term
3,100
3,100
3,100
Accrued payables
300
300
300
Long-term liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc:
20X5
20X4
Net credit sales
$832,000
$760,000
Cost of goods sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Average Accounts receivable
180,000
140,000
Average Inventory
70,000
50,000
Accounts payable, Dec. 31
115,000
108,000
a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest expense
$120,000
Income tax expense
$80,000
Preferred dividends
$25,000
Net income
$130,000
Average assets
$1,100,000
Average common stockholders' equity
$400,000
a. Compute the profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places.
b. Does the firm have positive or negative financial leverage? Briefly explain.
4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$76,000
$80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
5. Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work.
6. Ratio computation. The financial statements of the Lone Pine Company follow.
LONE PINE COMPANY
Comparat ...
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
Problem
Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:
7/1:
Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued.
7/7:
Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work.
8/11:
Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued.
12/14:
Issued 30,000 shares to the MJB Company for land valued at $900,000.
Instructions
Prepare journal entries to record each transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.
1) Reen Lawns, Inc., performs adjusting entries every month, but c.docx
1) Reen Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2015, was:
GREEN LAWNS, INC.
Adjusted Trial Balance
December 31, 2015
Cash
$
182,200
Accounts receivable
9,000
Supplies
600
Equipment
24,000
Accumulated depreciation: equipment
$
10,000
Accounts payable
3,000
Income taxes payable
7,000
Capital stock
50,000
Retained earnings
90,000
Dividends
4,000
Lawn care revenue earned
192,000
Salary expense
104,000
Supply expense
2,400
Advertising expense
600
Depreciation expense: equipment
2,000
Income taxes expense
23,600
$
352,000
$
352,000
a-1.
Prepare an income statement for the year ended December 31, 2015.
a-2.
Prepare a statement of retained earnings for the year ended December 31, 2015.
a-3.
Prepare the company's balance sheet dated December 31, 2015. (Amounts to be deducted should be indicated by a minus sign.)
b.
Does the company appear to be liquid?
No
Yes
c.
Has the company been profitable in the past?
No
Yes
2) Reen Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2015, was:
GREEN LAWNS, INC.
Adjusted Trial Balance
December 31, 2015
Cash
$
182,200
Accounts receivable
9,000
Supplies
600
Equipment
24,000
Accumulated depreciation: equipment
$
10,000
Accounts payable
3,000
Income taxes payable
7,000
Capital stock
50,000
Retained earnings
90,000
Dividends
4,000
Lawn care revenue earned
192,000
Salary expense
104,000
Supply expense
2,400
Advertising expense
600
Depreciation expense: equipment
2,000
Income taxes expense
23,200
$
352,000
$
352,000
a.
Prepare all necessary closing entries at December 31, 2015.
1. Record the entry to close Lawn Care Revenue earned to income summary
2. REcord the entry to close all expense accounts to income summary
3. Record the entry to transfer net income earned in 2015 to retained earnings account
4. Record the entry to close dividends declared in 2015 to retained earnings account.
Prepare an after-closing trial balance dated December 31, 2015.
· Record the entry to close all expense accounts to income summary.
· Record the entry to close all expense accounts to income summary.
3) Cat Fancy, Inc., has provided the following information from its most current financial statements:
Total revenue
$
125,000
Total expenses
80,000
Total current assets
32,000
Total current liabilities
8,000
Total stockholders' equity, January 1, 2015
74,000
Total stockholders' equity, December 31, 2015
76,000
Compute the company’s net income per ...
Week 2 Homework TemplateProblem 3-2B (a) Show the effects of.docx
Week 2 Homework Template
Problem 3-2B: (a) Show the effects of each transaction on the accounting equation. Enter each amount in the proper column. Assume the note payable is to be repaid within the year.
REMEMBER: each transaction affects TWO accounts! Use the + or – signs to indicate whether the amount increased or decreased the account. Total up each account in the last line of the worksheet then “check” your work by totaling up Assets, Liabilities and Equity. Put each transaction on a separate line.
Remember the accounting equation: assets = liabilities + equity. Note any changes in Retained Earnings on the page below the worksheet.
(a)WALZ SERVICE INC.
Assets=Liabilities
+Stockholders’ Equity
Date
Cash
+
Accounts Receivable
+
Supplies
+
Equipment
=
Notes Payable
+
Accounts Payable
+
Common Stock
+
Retained Earnings
Revenues
–
Expenses
–
Dividends
June 1
Totals
$
$
Total of All Columns under Assets
Total of All columns under Liabilities & Stockholder’s Equity
(a) Continued
Changes in Retained Earnings:
(b) Prepare an Income Statement for June
WALZ SERVICE INC.
Income Statement
For the Month Ended June, 30, 2014
Revenues
Account title
Amount
Expenses
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Total expenses
Amount
Net income
Amount
(Part C is on the next page)
(c) Prepare a Classified balance sheet at June 30, 2014 (Remember, assets and liabilities + equity MUST equal). If it doesn’t, there is an error somewhere).
WALZ SERVICE Inc.
Balance Sheet
June 30, 2014
Assets
Current assets
Account title
Amount
Account title
Amount
Account title
Amount
Total current assets
Amount
Account title
Amount
Total assets
Amount
Liabilities and Stockholders’ Equity
Current liabilities
Account title
Amount
Account title
Amount
Total current liabilities
Amount
Stockholders’ equity
Account title
Amount
Account title
Amount
Amount
Total liabilities and stockholders’ equity
Amount
Problem 3-5B is on the next page.
(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).
Remember that every transaction affects TWO accounts!
Date
Account Titles and Explanation
Debit
Credit
May1
2
3
7
11
12
17
31
31
Part B is on the next page.
PROBLEM 3-5B (Continued)
3-62Copyright © 2011 John Wiley & Sons, Inc. Kimmel, Financial Accounting, 6/e,
Solution
s Manual (For Instructor Use Only)
(b) Post the transactions to the ledger.
Maximum PointsDefined the quality management principle.4.docx
Maximum Points
Defined the "quality management principle."
4
Defined and described the 8 quality management principles.
4
Related quality standards to quality assurance as defined by ISO 9001 and gave examples of their application.
4
Identified at least two examples of business performance indicators and their significance.
4
Justified ideas and responded by using appropriate examples and references from texts, web sites and other references. All references should be cited using proper APA citation format.
4
Used appropriate vocabulary, proper sentence structure, and grammar
Go to http://www.kristerforsberg.com/qmp and read the Quality Management Principle material provided there.
· How is the "quality management principle" defined?
· Briefly identify and describe the 8 quality management principles and give examples of their application to Quality Assurance as defined by ISO 9001.
· Identify some examples of business performance indicators and their significance.
Provide explanations, references to readings, lectures, and outside references in your answers.
1
1.
value:
2.35 points
Use the information in the following adjusted trial balance for the Webb Trucking Company.
Account Title
Debit
Credit
Cash
$
7,300
Accounts receivable
16,500
Office supplies
2,000
Trucks
197,000
Accumulated depreciation—Trucks
$
40,582
Land
75,000
Accounts payable
11,300
Interest payable
3,000
Long-term notes payable
52,000
K. Webb, Capital
183,638
K. Webb, Withdrawals
19,000
Trucking fees earned
134,500
Depreciation expense—Trucks
26,175
Salaries expense
63,080
Office supplies expense
7,398
Repairs expense—Trucks
11,567
Totals
$
425,020
$
425,020
(1)
Calculate the current ratio. (Assume that the industry average for the current ratio is 1.5.) (Round your answer to 2 decimal places.)
Current ratio
(2)
Compare Webb's current ratio with the industry average.
Webb's current ratio is above the industry average.
Webb's current ratio is below the industry average.
2.
value:
2.35 points
The following adjusted trial balance of Webb Trucking Company.
Account Title
Debit
Credit
Cash
$
8,100
Accounts receivable
16,500
Office supplies
2,000
Trucks
158,000
Accumulated depreciation—Trucks
$
32,548
Land
75,000
Accounts payable
12,100
Interest payable
3,000
Long-term notes payable
52,000
K. Webb, Capital
160,160
K. Webb, Withdrawals
19,000
Trucking fees earned
113,000
Depreciation expense—Trucks
20,993
Salaries expense
52,997
Office supplies expense
10,500
Repairs expense—Trucks
9,718
Totals
$
372,808
$
372,808
The K. Webb, Capital, account balance is $160,160 at December 31, 2010.
(1)
Prepare the income statement for the year ended December 31, 2011. (Input all amounts as pos ...
Nordic Company, a merchandising company, prepares its master budge.docx
Nordic Company, a merchandising company, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the second quarter.
a.
As of March 31 (the end of the prior quarter), the company’s balance sheet showed the following account balances:
Cash
$
9,000
Accounts receivable
48,000
Inventory
12,600
Buildings and equipment (net)
214,100
Accounts payable
$
18,300
Capital stock
190,000
Retained earnings
75,400
$
283,700
$
283,700
b.
Actual sales for March and budgeted sales for April–July are as follows:
March (actual)
$60,000
April
$70,000
May
$85,000
June
$90,000
July
$50,000
c.
Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following the sale. The accounts receivable at March 31 are a result of March credit sales.
d.
The company’s gross margin percentage is 40% of sales. (In other words, cost of goods sold is 60% of sales.)
e.
Monthly selling and administrative expenses are budgeted as follows: salaries and wages, $7,500 per month; shipping, 6% of sales; advertising, $6,000 per month; other expenses, 4% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $6,000 for the quarter.
f.
Each month’s ending inventory should equal 30% of the following month’s cost of goods sold.
g.
Half of a month’s inventory purchases are paid for in the month of purchase and half in the following month.
h.
Equipment purchases during the quarter will be as follows: April, $11,500; and May, $3,000.
i.
Dividends totaling $3,500 will be declared and paid in June.
j.
Management wants to maintain a minimum cash balance of $8,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $20,000. The interest rate on these loans is 1% per month, and for simplicity, we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter.
Required:
Using the data above, complete the following statements and schedules for the second quarter:
1.
Schedule of expected cash collections: (Omit the "$" sign in your response.)
Schedule of expected cash collections
April
May
June
Total
Cash sales
$ 14,000
$
$
$
Credit sales
48,000
Total collections
$ 62,000
$
$
$
2a.
Merchandise purchases budget. (Input all amounts as positive values. Omit the "$" sign in your response.)
Merchandise purchases budget
April
May
June
Total
Budgeted cost of goods sold
$ 42,000
*
$ 51,000
$
$
: desired ending inventory
15,300
†
Total needs
57,300
: beginning inventory
12,600
Required purchases
$ 44,700
$
$
$ .
CBO’s Contributions to Fiscal Transparency
On April 12, 2016, CBO Deputy Director Robert Sunshine presented at the 8th Annual Meeting of OECD Parliamentary Budget Officials and Independent Fiscal Institutions.
The OECD (Organisation for Economic Co-operation and Development) defines fiscal transparency as the full disclosure of all relevant fiscal information in a timely and systematic manner. Each year, CBO produces numerous products that provide such information to the Congress, and through its website, to other interested parties and the general public. This presentation describes several of those products.
REVISED _Current Liabilities in advanced auditing.pptx
Piper Company recorded the following adjusting entries at year-end:
1) Recorded $10,000 in previously unrecorded cash sales and $400 in sales tax payable.
2) Earned $50,000 of $125,000 previously received as unearned services revenue.
3) Earned $32,000 of $80,000 previously received as unearned services revenue.
Stmts2
This document provides examples of basic financial statements for a sole proprietorship business, including an income statement, statement of owner's capital, and balance sheet. The income statement shows revenues, expenses, and net income of $33,000 for the year. The statement of owner's capital indicates the owner's equity started at $7,000, increased by the $33,000 net income, less $2,000 in withdrawals, to end at $38,000. The balance sheet lists the business's assets of $189,000, which include current assets of $27,000 and long-term assets of $162,000, and liabilities of $101,000 and owner's equity of $88,000
01_Chapter_01_Intro_to_FA_1007_3.ppt
Accounting provides financial information to both internal and external users of a business to help them make informed economic decisions. The accounting process involves recording, classifying, and summarizing transactions, and communicating the results through financial statements. There are three main types of accounting: financial accounting which provides external reporting, managerial accounting for internal use, and tax accounting. The four main financial statements are the balance sheet, income statement, statement of cash flows, and statement of owner's equity.
An auditor obtains knowledge about a new client�s business and its i.pdf
An auditor obtains knowledge about a new clients business and its industry in order to:
Select one:
A.
understand the events and transactions that may have an effect on the clients financial report.
B.
evaluate whether the aggregation of known misstatements causes the financial report taken as a
whole to be materially misstated.
C.
make constructive suggestions concerning improvements to the clients internal control.
D.
develop an attitude of professional scepticism concerning managements financial report
assertions..
An Anthem for the ERA By Michael Moiso �2021 The first Equal Rights .pdf
An Anthem for the ERA By Michael Moiso 2021 The first Equal Rights Amendment (ERA) was
introduced in Congress in 1923 to ensure that not only suffrage but all rights would be
guaranteed equally to women and men.1 What should have been a straight forward vote for a
fundamental right failed to pass and would remain in limbo for decades. Occasionally, Congress
has shown signs of hope to pass it only to have those hopes dashed time and time again. It
remained this way until the 1970s. In 1972 there was new hope with the passage by both the
House and Senate of the ERA that included a 7 year deadline for ratification by the states.2
Article V of the Constitution requires that 38 states out of the 50 ratify the ERA in order to pass
it as a constitutional amendment. Within one year, over 30 states had ratified the ERA, but by
1977 only 5 more had joined leaving it 3 short and vulnerable to the 7 year deadline.3 The
strategy then turned to an extension of the deadline through intermediary legislation that would
push the deadline out 3 years to 1982. In July of 1978 to rally support for the extension, the
National Organization of Women (NOW) organized an event at the steps of the Capitol building
in Washington D.C.4 Over 100,000 women from all over the country came that day to support
the fight for equal rights.5 There was a stage at the base of the Capitol steps and the crowd stood
like a sea of supporters that stretched out for a mile. The President of NOW at the time, Eleanor
Smeal, gave a fiery speech advocating for equal rights for women and for an extension of the
deadline so that the ERA could finally become law. She then introduced the next guest to the
podium telling the vast crowd how proud she was to hand the microphone to the woman she
claimed had given the ERA movement an anthem, a voice. 6 Helen Reddy was shy by nature and
by 1978 hadnt performed publicly for over 3 years. Her daughter was a member of NOW and
approached her about singing at the NOW event at the Capitol Mall. She was reluctant to do it,
but agreed after her daughter convinced her it was the time to fight for womens rights. She
slowly made her way up the steps to the stage. After being introduced by Eleanor Smeal, she
made her way to the microphone and thanked the crowd for letting her be there. As the music
began to play, she meekly said to the crowd, if you know the words I hope youll sing along with
me. 7 She began to sing: I am woman, hear me roar In numbers too big to ignore And I know too
much to go back and pretend 'Cause I've heard it all before And I've been down there on the floor
No one's ever gonna keep me down again And what happened next was truly astonishing. As she
launched into the chorus, you could hear the entire crowd of 100,000 singing the lyrics like a
choir: Oh yes, I am wise But it's wisdom born of pain Yes, I've paid the price But look how
much I gained If I have to, I can do anything I am Strong, Strong I am Invincible, Invincible I am
WOMAN It was.
Among 150 students, 70 students are wearing hats, 60 are wearing glo.pdf
Among 150 students, 70 students are wearing hats, 60 are wearing gloves, and 37 are wearing
both hats and gloves. Of the 65 students who are wearing sweaters, 32 are wearing hats, 28 are
wearing gloves, and 17 are wearing both hats and gloves. Everyone wearing neither a hat nor
gloves is wearing scarves.
(a) How many students are wearing scarves?
(b) How many students not wearing a sweater are wearing hats but not gloves?
(c) How many students not wearing a sweater are wearing neither a hat nor gloves?.
Ahuja Dental Services general ledger at June 30, 2024, included the.pdf
Ahuja Dental Services' general ledger at June 30, 2024, included the following. Cash, $5,820,
Supplies $1,180, Equipment $64,990, Notes Payable $50,020, Accounts Payable $680, and S.
Ahuja, Capital $21,290. During July 2024, the following transactions occurred:
July 2 Paid July's rent of $1,060.
4 A Purchased $790 of supplies on account.
15 Paid the accounts payable owing from June 30, 2024.
31 Paid the dental assistant's salary of $2,420.
31 Provided $10,340 of dental services during July. Collected $9,940 of this in cash.
PREPARE AND POST JOURNAL ENTRIES AND PREPARE TRIAL BALANCE.
After studying Chapter 2 from International acct Book 7th edition, y.pdf
After studying Chapter 2 from International acct Book 7th edition, you should able to:
1. Identify and understand the importance of the eight factors that have a significant
influence on accounting development.
2. Understand the four approaches to accounting development found in marketoriented
Western economies and identify countries in which each one in prevalent.
3. Have a basic working knowledge of accounting classifications and how they compare
with one another.
4. Explain the difference between the fair presentation and legal compliance
orientations of accounting and identify nations in which each is prevalent.
5. Explain why distinctions of accounting at the national level are becoming blurred..
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FIB - 1Question 1 (9 points)Question 1 UnsavedFor the FY 2.docx
FIB - 1
Question 1 (9 points)
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For the FY 2016, Alpha Company's balance sheet included the following current items: cash $40,000, accounts receivable $160,000, inventories $100,000, prepaid expenses $20,000, accounts payable $90,000, and accrued expenses $70,000. Use this information to determine the: (Round & enter your answers to one decimal place for non-dollar ratios and enter the value. For dollar ratio enter as whole dollars only.)
1. Quick Ratio
2. Current Ratio
2. Working Capital
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For the FY 2016, Alpha Company had net sales of $950,000 and net income of $65,000, paid income taxes of $30,000, and had before tax interest expense of $15,000. Use this information to determine the: (Round & enter your answers to one decimal place and enter the value.)
1. Times Interest Earned Ratio
2. Profit Margin
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The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):
Item/Account
2017
2016
Accounts Receivable
$9,800
$9,400
Inventory
25,000
16,000
Net Sales (all credit)
80,000
71,000
Cost of Goods Sold
49,000
52,000
Net Income
7,200
6,900
Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.)
1. the inventory turnover ratio
2. number of days of inventory
3. Gross Profit Margin
4. Profit Margin
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The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):
Item/Account
2017
2016
Accounts Receivable
$9,800
$9,400
Inventory
20,000
16,000
Net Sales (all credit)
72,000
71,000
Cost of Goods Sold
54,000
52,000
Net Income
7,200
6,900
Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.)
1. the accounts receivable turnover ratio
2. average collection period accounts receivable
3. Gross Profit Margin
4. Profit Margin
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Alpha's net accounts receivable were $500,000 at December 31, 2015, and $600,000 at December 31, 2016. Net cash sales for 2016 were $300,000. The accounts receivable turnover for 2016 was 5.5. Use this information to determine the Fiscal Year 2016: (Round & enter your answers to one decimal place for non-dollar ratios and enter the value. For dollar ratio enter as whole dollars only.)
1. Total Net Sales
2. Total Net Credit Sales
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The following financial information is for Alpha Corporat ...
Uop acc-421-final-exam-guide-new
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Problem 11-2A Fechter Corporation had the following stockholders’ eq.pdf
Problem 11-2A Fechter Corporation had the following stockholders’ equity accounts on January
1, 2017: Common Stock ($5 par) $536,800, Paid-in Capital in Excess of Par—Common Stock
$193,790, and Retained Earnings $100,450. In 2017, the company had the following treasury
stock transactions. Mar. 1 Purchased 5,700 shares at $9 per share. June 1 Sold 1,040 shares at
$13 per share. Sept. 1 Sold 1,980 shares at $10 per share. Dec. 1 Sold 1,310 shares at $7 per
share. Fechter Corporation uses the cost method of accounting for treasury stock. In 2017, the
company reported net income of $32,820
ournalize the treasury stock transactions, and prepare the closing entry at December 31, 2017, for
net income. (Record journal entries in the order presented in the problem. Credit account titles
are automatically indented when amount is entered. Do not indent manually. If no entry is
required, select \"No Entry\" for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
SHOW LIST OF ACCOUNTS
Paid-in Capital from Treasury Stock
Date
Explanation
Ref.
Debit
Credit
Balance
J10
J10
J10
Treasury Stock
Date
Explanation
Ref.
Debit
Credit
Balance
J10
J10
J10
J10
Retained Earnings
Date
Explanation
Ref.
Debit
Credit
Balance
Balance
?
J10
SHOW LIST OF ACCOUNTS
Date
Account Titles and Explanation
Debit
Credit Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31
Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31
Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31
Dec. 1
Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31
SHOW LIST OF ACCOUNTS
Solution
Journal Entries:
Date
Account Titles and Explanation
Debit
Credit
Mar. 1
Treasury Stock (5700*$9)
$ 51,300.00
Cash
$ 51,300.00
(Being shares repurchased )
June. 1
Cash (1040*$13)
$ 13,520.00
Paid-in Capital from Treasury Stock = 13520 - 9360
$ 4,160.00
Treasury Stock (1040*$9)
$ 9,360.00
(Being treasury shares reissued)
Sept. 1
Cash (1980*$10)
$ 19,800.00
Paid-in Capital from Treasury Stock = 19800-17820
$ 1,980.00
Treasury Stock (1980*$9)
$ 17,820.00
(Being treasury shares reissued)
Dec. 1
Cash (1310*$7)
$ 9,170.00
Paid-in Capital from Treasury Stock = 11790-9170
$ 2,620.00
Treasury Stock (1310*$9)
$ 11,790.00
(Being treasury shares reissued)
Dec. 31
Income Summary
$ 32,820.00
Retained Earnings
$ 32,820.00
(Being bet inc0me closed)
Paid-in Capital from Treasury Stock
Date
Explanation
Ref.
Debit
Credit
Balance
June. 1
J10
$ 4,160.00
$ 4,160.00
Sept. 1
J10
$ 1,980.00
$ 6,140.00
Dec. 1
J10
$ 2,620.00
$ 3,520.00
Treasury Stock
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 1
J10
$ 51,300.00
$ 51,300.00
June. 1
J10
$ 9,360.00
$ 41,940.00
Sept. 1
J10
$ 17,820.00
$ 24,120.00
Dec. 1
J10
$ 11,790.00
$ 12,330.00
Retained Earnings
Date
Explanation
Ref.
Debit
Credit
Balance
Balance
$ 100,450.00
$ 100,450.00
Dec. 31
J10
$ 32,820.00
$ 133,270.00
FECHTER CORPORATION
Balance Sheet (Partial)
For the Year Ended December 31, 2017
Common Stock ($5 par)
$ 536,800.00
Paid-in Capital in Excess of Par—Common Stock
$ 193,790.00
Retained Earnings
$ 133,270.0.
Problem 11-2A Fechter Corporation had the following stockholders’ eq.pdf
Problem 11-2A Fechter Corporation had the following stockholders’ equity accounts on January
1, 2017: Common Stock ($5 par) $536,800, Paid-in Capital in Excess of Par—Common Stock
$193,790, and Retained Earnings $100,450. In 2017, the company had the following treasury
stock transactions. Mar. 1 Purchased 5,700 shares at $9 per share. June 1 Sold 1,040 shares at
$13 per share. Sept. 1 Sold 1,980 shares at $10 per share. Dec. 1 Sold 1,310 shares at $7 per
share. Fechter Corporation uses the cost method of accounting for treasury stock. In 2017, the
company reported net income of $32,820
ournalize the treasury stock transactions, and prepare the closing entry at December 31, 2017, for
net income. (Record journal entries in the order presented in the problem. Credit account titles
are automatically indented when amount is entered. Do not indent manually. If no entry is
required, select \"No Entry\" for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
SHOW LIST OF ACCOUNTS
Paid-in Capital from Treasury Stock
Date
Explanation
Ref.
Debit
Credit
Balance
J10
J10
J10
Treasury Stock
Date
Explanation
Ref.
Debit
Credit
Balance
J10
J10
J10
J10
Retained Earnings
Date
Explanation
Ref.
Debit
Credit
Balance
Balance
?
J10
SHOW LIST OF ACCOUNTS
Date
Account Titles and Explanation
Debit
Credit Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31
Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31
Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31
Dec. 1
Jan. 1Mar. 1June 1Sept. 1Dec. 1Dec. 31
SHOW LIST OF ACCOUNTS
Solution
Journal Entries:
Date
Account Titles and Explanation
Debit
Credit
Mar. 1
Treasury Stock (5700*$9)
$ 51,300.00
Cash
$ 51,300.00
(Being shares repurchased )
June. 1
Cash (1040*$13)
$ 13,520.00
Paid-in Capital from Treasury Stock = 13520 - 9360
$ 4,160.00
Treasury Stock (1040*$9)
$ 9,360.00
(Being treasury shares reissued)
Sept. 1
Cash (1980*$10)
$ 19,800.00
Paid-in Capital from Treasury Stock = 19800-17820
$ 1,980.00
Treasury Stock (1980*$9)
$ 17,820.00
(Being treasury shares reissued)
Dec. 1
Cash (1310*$7)
$ 9,170.00
Paid-in Capital from Treasury Stock = 11790-9170
$ 2,620.00
Treasury Stock (1310*$9)
$ 11,790.00
(Being treasury shares reissued)
Dec. 31
Income Summary
$ 32,820.00
Retained Earnings
$ 32,820.00
(Being bet inc0me closed)
Paid-in Capital from Treasury Stock
Date
Explanation
Ref.
Debit
Credit
Balance
June. 1
J10
$ 4,160.00
$ 4,160.00
Sept. 1
J10
$ 1,980.00
$ 6,140.00
Dec. 1
J10
$ 2,620.00
$ 3,520.00
Treasury Stock
Date
Explanation
Ref.
Debit
Credit
Balance
Mar. 1
J10
$ 51,300.00
$ 51,300.00
June. 1
J10
$ 9,360.00
$ 41,940.00
Sept. 1
J10
$ 17,820.00
$ 24,120.00
Dec. 1
J10
$ 11,790.00
$ 12,330.00
Retained Earnings
Date
Explanation
Ref.
Debit
Credit
Balance
Balance
$ 100,450.00
$ 100,450.00
Dec. 31
J10
$ 32,820.00
$ 133,270.00
FECHTER CORPORATION
Balance Sheet (Partial)
For the Year Ended December 31, 2017
Common Stock ($5 par)
$ 536,800.00
Paid-in Capital in Excess of Par—Common Stock
$ 193,790.00
Retained Earnings
$ 133,270.0.
B PROBLEMSP23-1B (L02,4) (SCF—Indirect Method) The followi.docx
B PROBLEMS
P23-1B (L02,4) (SCF—Indirect Method) The following are Sanibel Corp.’s comparative balance sheet accounts at Decem-
ber 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017.
Additional information:
1. On December 31, 2016, Sanibel acquired 25% of Island Co.’s common stock for $420,000. On that date, the carrying value
of Island’s assets and liabilities, which approximated their fair values, was $1,680,000. Island reported income of $220,000
for the year ended December 31, 2017. No dividend was paid on Island’s common stock during the year.
2. During 2016, Sanibel loaned $500,000 to POI Co., an unrelated company. POI made the first semi-annual principal repay-
ment of $50,000, plus interest at 10%, on December 31, 2016. POI is current on the loan as of December 31, 2017.
3. On January 2, 2017, Sanibel sold equipment costing $100,000, with a carrying amount of $31,000, for $20,000 cash.
4. On December 31, 2017, Sanibel entered into a capital lease for a new factory. The present value of the annual rental pay-
ments is $850,000, which equals the fair value of the building. Sanibel made the first rental payment of $120,000 when due
on January 2, 2018.
5. Net income for 2017 was $285,000.
6. Sanibel declared and paid cash dividends for 2017 and 2016 as follows.
Instructions
Prepare a statement of cash flows for Sanibel Corp. for the year ended December 31, 2017, using the indirect method.
(AICPA adapted)
1
COMPARATIVE BALANCE SHEETS
Increase
2017 2016 (Decrease)
Cash $ 650,000 $ 510,000 $ 140,000
Accounts receivable 1,260,000 1,090,000 170,000
Inventory 1,538,000 1,370,000 168,000
Property, plant, and equipment 2,680,000 1,763,000 917,000
Accumulated depreciation (850,000) (760,000) (90,000)
Investment in Island Co. 475,000 420,000 55,000
Loan receivable 350,000 450,000 (100,000)
Total assets $6,103,000 $4,843,000 $1,260,000
Accounts payable $1,080,000 $ 910,000 $ 170,000
Income taxes payable 90,000 75,000 15,000
Dividends payable 100,000 60,000 40,000
Capital lease obligation 850,000 0 850,000
Common stock, $1 par 400,000 400,000 0
Paid-in capital in excess of 2,100,000 2,100,000 0
par—common stock
Retained earnings 1,483,000 1,298,000 185,000
Total liabilities and stockholders’ equity $6,103,000 $4,843,000 $1,260,000
2017 2016
Declared December 15, 2017 December 15, 2016
Paid February 28, 2018 February 28, 2017
Amount $100,000 $60,000
c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 c23_Kieso_IA_16e_PB.indd Page 1 12/07/16 9:00 AM f-389 /208/WB01908/XXXXXXXXXXXXX/ch23/text_s/208/WB01908/XXXXXXXXXXXXX/ch23/text_s
2 Chapter 23 Statement of Cash Flows
P23-2B (L02,4) (SCF—Indirect Method) The comparative balance sheets for Queen Corporation show the following
information.
Additional data related to 2017 are as follows.
1. Equipment that had cost $20,000 and was 60% depreciated at time of disposal was sold for $2,000.
2. $18,000 of th ...
FM2-Brooks_3e_ppt_02.pdf
The document provides an overview of key financial statements including the balance sheet, income statement, statement of retained earnings, and statement of cash flows. It discusses the relationships between these statements and how they are used to assess a company's performance and cash flows. Specific topics covered include operating cash flow, net capital spending, changes in working capital, cash flows from assets and to creditors/owners. Examples of each statement are provided and additional practice problems with solutions are included at the end.
AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx
AWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-term investments
3,000
2,500
2,000
Accounts receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid expenses
800
800
800
Accounts payable
200
200
200
Notes payable: short-term
3,100
3,100
3,100
Accrued payables
300
300
300
Long-term liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
2. Computation and evaluation of activity ratios. The following data relate to Alaska Products, Inc:
20X5
20X4
Net credit sales
$832,000
$760,000
Cost of goods sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Average Accounts receivable
180,000
140,000
Average Inventory
70,000
50,000
Accounts payable, Dec. 31
115,000
108,000
a. Compute the accounts receivable and inventory turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
3. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest expense
$120,000
Income tax expense
$80,000
Preferred dividends
$25,000
Net income
$130,000
Average assets
$1,100,000
Average common stockholders' equity
$400,000
a. Compute the profit margin ratio, the return on equity and the return on assets, rounding calculations to two decimal places.
b. Does the firm have positive or negative financial leverage? Briefly explain.
4. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$76,000
$80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
5. Vertical analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders’ Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
Prepare a vertical analysis for 20X1 and 20X2. Briefly comment on the results of your work.
6. Ratio computation. The financial statements of the Lone Pine Company follow.
LONE PINE COMPANY
Comparat ...
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
Problem
Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:
7/1:
Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued.
7/7:
Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work.
8/11:
Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued.
12/14:
Issued 30,000 shares to the MJB Company for land valued at $900,000.
Instructions
Prepare journal entries to record each transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.
1) Reen Lawns, Inc., performs adjusting entries every month, but c.docx
1) Reen Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2015, was:
GREEN LAWNS, INC.
Adjusted Trial Balance
December 31, 2015
Cash
$
182,200
Accounts receivable
9,000
Supplies
600
Equipment
24,000
Accumulated depreciation: equipment
$
10,000
Accounts payable
3,000
Income taxes payable
7,000
Capital stock
50,000
Retained earnings
90,000
Dividends
4,000
Lawn care revenue earned
192,000
Salary expense
104,000
Supply expense
2,400
Advertising expense
600
Depreciation expense: equipment
2,000
Income taxes expense
23,600
$
352,000
$
352,000
a-1.
Prepare an income statement for the year ended December 31, 2015.
a-2.
Prepare a statement of retained earnings for the year ended December 31, 2015.
a-3.
Prepare the company's balance sheet dated December 31, 2015. (Amounts to be deducted should be indicated by a minus sign.)
b.
Does the company appear to be liquid?
No
Yes
c.
Has the company been profitable in the past?
No
Yes
2) Reen Lawns, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2015, was:
GREEN LAWNS, INC.
Adjusted Trial Balance
December 31, 2015
Cash
$
182,200
Accounts receivable
9,000
Supplies
600
Equipment
24,000
Accumulated depreciation: equipment
$
10,000
Accounts payable
3,000
Income taxes payable
7,000
Capital stock
50,000
Retained earnings
90,000
Dividends
4,000
Lawn care revenue earned
192,000
Salary expense
104,000
Supply expense
2,400
Advertising expense
600
Depreciation expense: equipment
2,000
Income taxes expense
23,200
$
352,000
$
352,000
a.
Prepare all necessary closing entries at December 31, 2015.
1. Record the entry to close Lawn Care Revenue earned to income summary
2. REcord the entry to close all expense accounts to income summary
3. Record the entry to transfer net income earned in 2015 to retained earnings account
4. Record the entry to close dividends declared in 2015 to retained earnings account.
Prepare an after-closing trial balance dated December 31, 2015.
· Record the entry to close all expense accounts to income summary.
· Record the entry to close all expense accounts to income summary.
3) Cat Fancy, Inc., has provided the following information from its most current financial statements:
Total revenue
$
125,000
Total expenses
80,000
Total current assets
32,000
Total current liabilities
8,000
Total stockholders' equity, January 1, 2015
74,000
Total stockholders' equity, December 31, 2015
76,000
Compute the company’s net income per ...
Week 2 Homework TemplateProblem 3-2B (a) Show the effects of.docx
Week 2 Homework Template
Problem 3-2B: (a) Show the effects of each transaction on the accounting equation. Enter each amount in the proper column. Assume the note payable is to be repaid within the year.
REMEMBER: each transaction affects TWO accounts! Use the + or – signs to indicate whether the amount increased or decreased the account. Total up each account in the last line of the worksheet then “check” your work by totaling up Assets, Liabilities and Equity. Put each transaction on a separate line.
Remember the accounting equation: assets = liabilities + equity. Note any changes in Retained Earnings on the page below the worksheet.
(a)WALZ SERVICE INC.
Assets=Liabilities
+Stockholders’ Equity
Date
Cash
+
Accounts Receivable
+
Supplies
+
Equipment
=
Notes Payable
+
Accounts Payable
+
Common Stock
+
Retained Earnings
Revenues
–
Expenses
–
Dividends
June 1
Totals
$
$
Total of All Columns under Assets
Total of All columns under Liabilities & Stockholder’s Equity
(a) Continued
Changes in Retained Earnings:
(b) Prepare an Income Statement for June
WALZ SERVICE INC.
Income Statement
For the Month Ended June, 30, 2014
Revenues
Account title
Amount
Expenses
Account title
Amount
Account title
Amount
Account title
Amount
Account title
Amount
Total expenses
Amount
Net income
Amount
(Part C is on the next page)
(c) Prepare a Classified balance sheet at June 30, 2014 (Remember, assets and liabilities + equity MUST equal). If it doesn’t, there is an error somewhere).
WALZ SERVICE Inc.
Balance Sheet
June 30, 2014
Assets
Current assets
Account title
Amount
Account title
Amount
Account title
Amount
Total current assets
Amount
Account title
Amount
Total assets
Amount
Liabilities and Stockholders’ Equity
Current liabilities
Account title
Amount
Account title
Amount
Total current liabilities
Amount
Stockholders’ equity
Account title
Amount
Account title
Amount
Amount
Total liabilities and stockholders’ equity
Amount
Problem 3-5B is on the next page.
(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).
Remember that every transaction affects TWO accounts!
Date
Account Titles and Explanation
Debit
Credit
May1
2
3
7
11
12
17
31
31
Part B is on the next page.
PROBLEM 3-5B (Continued)
3-62Copyright © 2011 John Wiley & Sons, Inc. Kimmel, Financial Accounting, 6/e,
Solution
s Manual (For Instructor Use Only)
(b) Post the transactions to the ledger.
Maximum PointsDefined the quality management principle.4.docx
Maximum Points
Defined the "quality management principle."
4
Defined and described the 8 quality management principles.
4
Related quality standards to quality assurance as defined by ISO 9001 and gave examples of their application.
4
Identified at least two examples of business performance indicators and their significance.
4
Justified ideas and responded by using appropriate examples and references from texts, web sites and other references. All references should be cited using proper APA citation format.
4
Used appropriate vocabulary, proper sentence structure, and grammar
Go to http://www.kristerforsberg.com/qmp and read the Quality Management Principle material provided there.
· How is the "quality management principle" defined?
· Briefly identify and describe the 8 quality management principles and give examples of their application to Quality Assurance as defined by ISO 9001.
· Identify some examples of business performance indicators and their significance.
Provide explanations, references to readings, lectures, and outside references in your answers.
1
1.
value:
2.35 points
Use the information in the following adjusted trial balance for the Webb Trucking Company.
Account Title
Debit
Credit
Cash
$
7,300
Accounts receivable
16,500
Office supplies
2,000
Trucks
197,000
Accumulated depreciation—Trucks
$
40,582
Land
75,000
Accounts payable
11,300
Interest payable
3,000
Long-term notes payable
52,000
K. Webb, Capital
183,638
K. Webb, Withdrawals
19,000
Trucking fees earned
134,500
Depreciation expense—Trucks
26,175
Salaries expense
63,080
Office supplies expense
7,398
Repairs expense—Trucks
11,567
Totals
$
425,020
$
425,020
(1)
Calculate the current ratio. (Assume that the industry average for the current ratio is 1.5.) (Round your answer to 2 decimal places.)
Current ratio
(2)
Compare Webb's current ratio with the industry average.
Webb's current ratio is above the industry average.
Webb's current ratio is below the industry average.
2.
value:
2.35 points
The following adjusted trial balance of Webb Trucking Company.
Account Title
Debit
Credit
Cash
$
8,100
Accounts receivable
16,500
Office supplies
2,000
Trucks
158,000
Accumulated depreciation—Trucks
$
32,548
Land
75,000
Accounts payable
12,100
Interest payable
3,000
Long-term notes payable
52,000
K. Webb, Capital
160,160
K. Webb, Withdrawals
19,000
Trucking fees earned
113,000
Depreciation expense—Trucks
20,993
Salaries expense
52,997
Office supplies expense
10,500
Repairs expense—Trucks
9,718
Totals
$
372,808
$
372,808
The K. Webb, Capital, account balance is $160,160 at December 31, 2010.
(1)
Prepare the income statement for the year ended December 31, 2011. (Input all amounts as pos ...
Nordic Company, a merchandising company, prepares its master budge.docx
Nordic Company, a merchandising company, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the second quarter.
a.
As of March 31 (the end of the prior quarter), the company’s balance sheet showed the following account balances:
Cash
$
9,000
Accounts receivable
48,000
Inventory
12,600
Buildings and equipment (net)
214,100
Accounts payable
$
18,300
Capital stock
190,000
Retained earnings
75,400
$
283,700
$
283,700
b.
Actual sales for March and budgeted sales for April–July are as follows:
March (actual)
$60,000
April
$70,000
May
$85,000
June
$90,000
July
$50,000
c.
Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following the sale. The accounts receivable at March 31 are a result of March credit sales.
d.
The company’s gross margin percentage is 40% of sales. (In other words, cost of goods sold is 60% of sales.)
e.
Monthly selling and administrative expenses are budgeted as follows: salaries and wages, $7,500 per month; shipping, 6% of sales; advertising, $6,000 per month; other expenses, 4% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $6,000 for the quarter.
f.
Each month’s ending inventory should equal 30% of the following month’s cost of goods sold.
g.
Half of a month’s inventory purchases are paid for in the month of purchase and half in the following month.
h.
Equipment purchases during the quarter will be as follows: April, $11,500; and May, $3,000.
i.
Dividends totaling $3,500 will be declared and paid in June.
j.
Management wants to maintain a minimum cash balance of $8,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $20,000. The interest rate on these loans is 1% per month, and for simplicity, we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter.
Required:
Using the data above, complete the following statements and schedules for the second quarter:
1.
Schedule of expected cash collections: (Omit the "$" sign in your response.)
Schedule of expected cash collections
April
May
June
Total
Cash sales
$ 14,000
$
$
$
Credit sales
48,000
Total collections
$ 62,000
$
$
$
2a.
Merchandise purchases budget. (Input all amounts as positive values. Omit the "$" sign in your response.)
Merchandise purchases budget
April
May
June
Total
Budgeted cost of goods sold
$ 42,000
*
$ 51,000
$
$
: desired ending inventory
15,300
†
Total needs
57,300
: beginning inventory
12,600
Required purchases
$ 44,700
$
$
$ .
CBO’s Contributions to Fiscal Transparency
On April 12, 2016, CBO Deputy Director Robert Sunshine presented at the 8th Annual Meeting of OECD Parliamentary Budget Officials and Independent Fiscal Institutions.
The OECD (Organisation for Economic Co-operation and Development) defines fiscal transparency as the full disclosure of all relevant fiscal information in a timely and systematic manner. Each year, CBO produces numerous products that provide such information to the Congress, and through its website, to other interested parties and the general public. This presentation describes several of those products.
REVISED _Current Liabilities in advanced auditing.pptx
Piper Company recorded the following adjusting entries at year-end:
1) Recorded $10,000 in previously unrecorded cash sales and $400 in sales tax payable.
2) Earned $50,000 of $125,000 previously received as unearned services revenue.
3) Earned $32,000 of $80,000 previously received as unearned services revenue.
Stmts2
This document provides examples of basic financial statements for a sole proprietorship business, including an income statement, statement of owner's capital, and balance sheet. The income statement shows revenues, expenses, and net income of $33,000 for the year. The statement of owner's capital indicates the owner's equity started at $7,000, increased by the $33,000 net income, less $2,000 in withdrawals, to end at $38,000. The balance sheet lists the business's assets of $189,000, which include current assets of $27,000 and long-term assets of $162,000, and liabilities of $101,000 and owner's equity of $88,000
01_Chapter_01_Intro_to_FA_1007_3.ppt
Accounting provides financial information to both internal and external users of a business to help them make informed economic decisions. The accounting process involves recording, classifying, and summarizing transactions, and communicating the results through financial statements. There are three main types of accounting: financial accounting which provides external reporting, managerial accounting for internal use, and tax accounting. The four main financial statements are the balance sheet, income statement, statement of cash flows, and statement of owner's equity.
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AWeek Five Exercise AssignmentFinancial Ratios1. Liquidity r.docx
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
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Week 2 Homework TemplateProblem 3-2B (a) Show the effects of.docx
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Maximum PointsDefined the quality management principle.4.docx
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Nordic Company, a merchandising company, prepares its master budge.docx
REVISED _Current Liabilities in advanced auditing.pptx
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A.
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B.
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C.
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guaranteed equally to women and men.1 What should have been a straight forward vote for a
fundamental right failed to pass and would remain in limbo for decades. Occasionally, Congress
has shown signs of hope to pass it only to have those hopes dashed time and time again. It
remained this way until the 1970s. In 1972 there was new hope with the passage by both the
House and Senate of the ERA that included a 7 year deadline for ratification by the states.2
Article V of the Constitution requires that 38 states out of the 50 ratify the ERA in order to pass
it as a constitutional amendment. Within one year, over 30 states had ratified the ERA, but by
1977 only 5 more had joined leaving it 3 short and vulnerable to the 7 year deadline.3 The
strategy then turned to an extension of the deadline through intermediary legislation that would
push the deadline out 3 years to 1982. In July of 1978 to rally support for the extension, the
National Organization of Women (NOW) organized an event at the steps of the Capitol building
in Washington D.C.4 Over 100,000 women from all over the country came that day to support
the fight for equal rights.5 There was a stage at the base of the Capitol steps and the crowd stood
like a sea of supporters that stretched out for a mile. The President of NOW at the time, Eleanor
Smeal, gave a fiery speech advocating for equal rights for women and for an extension of the
deadline so that the ERA could finally become law. She then introduced the next guest to the
podium telling the vast crowd how proud she was to hand the microphone to the woman she
claimed had given the ERA movement an anthem, a voice. 6 Helen Reddy was shy by nature and
by 1978 hadnt performed publicly for over 3 years. Her daughter was a member of NOW and
approached her about singing at the NOW event at the Capitol Mall. She was reluctant to do it,
but agreed after her daughter convinced her it was the time to fight for womens rights. She
slowly made her way up the steps to the stage. After being introduced by Eleanor Smeal, she
made her way to the microphone and thanked the crowd for letting her be there. As the music
began to play, she meekly said to the crowd, if you know the words I hope youll sing along with
me. 7 She began to sing: I am woman, hear me roar In numbers too big to ignore And I know too
much to go back and pretend 'Cause I've heard it all before And I've been down there on the floor
No one's ever gonna keep me down again And what happened next was truly astonishing. As she
launched into the chorus, you could hear the entire crowd of 100,000 singing the lyrics like a
choir: Oh yes, I am wise But it's wisdom born of pain Yes, I've paid the price But look how
much I gained If I have to, I can do anything I am Strong, Strong I am Invincible, Invincible I am
WOMAN It was.
Among 150 students, 70 students are wearing hats, 60 are wearing glo.pdf
Among 150 students, 70 students are wearing hats, 60 are wearing gloves, and 37 are wearing
both hats and gloves. Of the 65 students who are wearing sweaters, 32 are wearing hats, 28 are
wearing gloves, and 17 are wearing both hats and gloves. Everyone wearing neither a hat nor
gloves is wearing scarves.
(a) How many students are wearing scarves?
(b) How many students not wearing a sweater are wearing hats but not gloves?
(c) How many students not wearing a sweater are wearing neither a hat nor gloves?.
Ahuja Dental Services general ledger at June 30, 2024, included the.pdf
Ahuja Dental Services' general ledger at June 30, 2024, included the following. Cash, $5,820,
Supplies $1,180, Equipment $64,990, Notes Payable $50,020, Accounts Payable $680, and S.
Ahuja, Capital $21,290. During July 2024, the following transactions occurred:
July 2 Paid July's rent of $1,060.
4 A Purchased $790 of supplies on account.
15 Paid the accounts payable owing from June 30, 2024.
31 Paid the dental assistant's salary of $2,420.
31 Provided $10,340 of dental services during July. Collected $9,940 of this in cash.
PREPARE AND POST JOURNAL ENTRIES AND PREPARE TRIAL BALANCE.
After studying Chapter 2 from International acct Book 7th edition, y.pdf
After studying Chapter 2 from International acct Book 7th edition, you should able to:
1. Identify and understand the importance of the eight factors that have a significant
influence on accounting development.
2. Understand the four approaches to accounting development found in marketoriented
Western economies and identify countries in which each one in prevalent.
3. Have a basic working knowledge of accounting classifications and how they compare
with one another.
4. Explain the difference between the fair presentation and legal compliance
orientations of accounting and identify nations in which each is prevalent.
5. Explain why distinctions of accounting at the national level are becoming blurred..
After reading the case please answer Q5 relating to the case Q5 (a.pdf
After reading the case please answer Q5 relating to the case Q5: (a) How has the situation
changed in terms of the management decision/challenges identified?
Provide your perspectives on key changes (b) Identify and explain at least 3 relevant
International business lessons learned from this case in terms of the implications of national
cultural differences. China, Hong Kong, Macau, and Taiwan Today, a lot of discussion centers
on how much economic power, political influence, and international competitiveness the
People's Republic of China (PRC) has achieved in the international marketplace in just a few
decades. Culturally, such power in the international marketplace also begs the questions of how
much influence China is likely to have moving forward, and what this means for China's
influence culturally around the world. So far, other powerful countries in the world have focused
on China's economic influence, but what about the country's influence on culture? China, along
with India, Brazil, and Russia, form the so-called BRIC countries (an acronym formulated using
their initial letters), which have been viewed as the business engines of tomorrow (especially
China and India), based on their immense economic potential. The BRICs, which cover a quarter
of the world's landmass and contain 40 percent of its population, had a combined GDP of \$20
trillion in 2001. Today, these increasingly marketoriented economies boast a GDP of \$37 trillion
(or 22 percent of global GDP), a figure forecast to reach \$120 trillion by 2050 . Together, they
control more than 43 percent of the world's currency reserves ( $4 trillion) and 20 percent of its
trade. Is it too simplistic and nave to think that the BRIC countries-especially China and Russia-
only have a focus on economic power? Clearly, Russia has engaged in at least some political
activities that have had tremendous global effects (e.g., election meddling). And what about
China? Many reports and investigations suggest the country is likewise engaged in political
meddling. Does that affect culture around the world also? The BRIC countries' economic size
and population were the simplistic starting point to group them as powerful marketplaces-to
export products to, and to buy products from. These datapoints led former Goldman Sachs chief
economist Jim O'Neill to first coin the acronym BRIC to highlight the immense collective
economic potential of these four emerging markets. However, despite many countries' and
companies' enthusiasm for increased global interaction and economic exchange with the BRIC
economies, especially China and India, many have found that cultural differences hinder their
ability to conduct business in these countries. Not only is the culture different between each
BRIC country and most of the globe's remaining 191 countries, but the business and societal
cultures within the BRIC countries are also vastly different from each other. Plus, the outlook for
the BRICs may not be as positive .
Advanced-Data Manipulation and Exploratory Data Analysis (EDA)Obje.pdf
Advanced-Data Manipulation and Exploratory Data Analysis (EDA)
Objectives: In this lab sheet, you will continue working with Pandas and dive into more
advanced data manipulation techniques. Then, you will perform Exploratory Data Analysis
(EDA).
1. Data Loading:
Task 1 Load a dataset from a CSV file into a Pandas DataFrame for EDA.
2. Data Cleaning
Task 2: Handle duplicate rows by detecting and removing them.
Task 3: Handle missing or null values by dropping rows with missing data.
Task 4: Detect and handle outliers using the IQR score technique.
3. Data Exploration:
Task 5: Check the data types of columns in the DataFrame to ensure data consistency.
Task 6: Calculate correlations between different features in the dataset.
Task 7: Calculate Interquartile Range (IQR)
Task 8: Create various visualizations, including histograms, bar plots, and heatmaps, to explore
and understand the data.
4. Data Transformation
Task 8: Sorting the Data and Selecting Data
Task 9: Rename columns to improve readability..
Addressing the structure of unionization that has existed at CN rail .pdf
Addressing the structure of unionization that has existed at CN rail 1 A- Provide a description of
the parent union in terms of: A brief history/ background of the union The type of union The
type of workers it organizes The unions geographic scope of operations The unions
international linkages if any The unions financial strength The unions militancy The type of
leadership in the union - how are leaders of the union selected? - how does the union amend its
constitution? - how often are conventions held? - how are decisions made between conventions?
The unions organizational structure (please provide an organizational chart) The unions linkages
with political parties or other political organizations if any The unions record of success in
organizing and collective bargaining Anything else you believe to be relevant 1b -Provide a
description of the specific union local that represents the striking workers you are studying, in
terms of: The local number A brief history/ background of the local The composition of the
bargaining unit involved in the strike/ lockout. How many years have these workers been
unionized? The type of leadership in the local union - how are leaders of the local union
selected? - how does the local union amend its by-laws? - how often are general meetings held? -
how are decisions made between general meetings?.
A �cash basis� budget relative to a �modified accrual basis� budget .pdf
A cash basis budget relative to a modified accrual basis budget
a. Better facilitates the preparation of year-end financial statements in accordance with generally
accepted accounting principles
b. Better facilitates the day-to-day management of an organizations cash flows
c. Limits the opportunities of an entity to balance its budget by arbitrarily delaying cash
payments from one period to the next
d. Better ensures that a government will achieve Interperiod equity.
According to the most recent available data from the Atlantis Depart.pdf
According to the most recent available data from the Atlantis Department of Transportation,
"enplanements" that is, the number of passengers boarding an aircraft at the Terranova airport
are a little over 10,000 per year, or about 30 outbound passengers per day, or 15 passengers per
scheduled outbound flight. (Passengers flying to Terranova are counted as enplanements at
Caralis Metro.)
With the economic pressures facing the airline industry, AtlantAir and Badlands have found it
increasingly difficult to justify the ongoing expense of providing air service to airports offering
so few passengers. Badlands estimates its costs associated with the Terranova-Caralis route as
follows:
The marginal cost of carrying an additional passenger round trip on one of its two existing
scheduled Terranova-Caralis round-trip flights is only $60, including about $35 per passenger in
taxes and fees paid to airports and various governments.
Badlands spends another $2,725 per flight ($5,450 per round trip, $10,900 per day) on flight-
related costs (excluding the $60 per-passenger costs) such as fuel, air and ground crews, and the
use of one 34-seat Saab SF 340 turbo-prop plane.
Badlands estimates that, by discontinuing service to Terranova completely, it could save
additional $30,000 per month, or $360,000 per year, on local staff, airplane hangars, and other
facilities it currently maintains in Terranova.
Note: In your calculations, assume 30 days in a month
Question 1.1 (25 points) Given the information above, would it be profitable for AtlantAir-
Badlands to offer service to Terranova County Airport if it carried 15 passengers per flight (30
round trips per day) at the profit-maximizing uniform round-trip fare of $405? (that is, assuming
for now that every passenger pays the same price). Explain.
Question 1.2 (25 points) The majority of air travel to and from Alpena is for business purposes.
Based on years of experience serving Terranova, Badlands estimates the (inverse) demand for
business and leisure travel to be:
Business travelers: P = 980 46QB
Leisure travelers: P = 520 46QL
where P is the round-trip air fare, and QB and QL are the number of daily round trips demanded
by business and leisure travelers per scheduled flight (i.e., daily demand is twice QB and QL
given that Badlands offers two scheduled round trips per day). To earn the most possible on the
Terranova-Caralis route, AtlantAir-Badlands offers a regular fare without restrictions, and a
discount fare that requires a Saturday night stay over (the time between departure and return
reservations must include at least one Saturday night). Assuming that leisure travelers are
willing, but business travelers are not willing, to stay over Saturday nights, what fare structure
should AtlantAir-Badlands adopt to maximize profits? (i.e., what price should the charge to
Business travelers? and to Leisure travelers?) How many of each type of traveler would
AtlantAir-Badlands carry each month? Would it be profit.
A people-focused organization stems fromTheory Y, which is a view .pdf
A people-focused organization stems from
Theory Y, which is a view of the organization that considers employees to be capable, creative,
responsible, and motivated to work and learn. In contrast, Theory X suggests that workers are
resistant and unwilling and need to be monitored and controlled in order to achieve anything. A
part of self-awareness includes gaining a better understanding of what type of organizational
work environment one prefers.
Answer the following questions in your response:.
A Moral Dilemma Head versus HeartSITUATIONA 42-year-old male su.pdf
A Moral Dilemma: Head versus Heart
SITUATION
A 42-year-old male suddenly and unexpectedly died of a brain tumor, leaving behind a
wife and a small child. During a review of his employee benefits, it was noted that
although he was eligible for an additional company-sponsored life insurance plan used
for plant decommissioning purposes, his name was not identified on the insurance rolls.
Evaluation
It was determined that when the employee was promoted to supervisor three years
before his death, his paperwork had been submitted to the corporate office for inclusion
in the program. Coincidentally, the program was under review at the time, and the
employee was not entered into the program due to administrative oversight. Legal
Review A legal department review determined that the program was offered to certain
supervisory employees at the discretion of the company. Therefore, there was no legal
obligation to pay.
Dilemma
The death benefit was twice the employees salary. Because the employee was not
enrolled in the life insurance program, if the company were to pay any benefit, it would
have to come from the general fund (paid from the business units annual operating
budget).
To Pay or Not to Pay?
The company could argue that it must start acting like a business and use its head, not
its heart. Existing company programs adequately compensate the individuals family; no
additional dollars should be paid. On the other hand, it was an administrative oversight
that failed to enter the employee into the program.
INSTRUCTIONS
1. Identify the Stakeholders and their stakes.
2. Distinguish between the primary and secondary stakeholders. Conduct a
stakeholder map.
3. Determine a course of action to deal with the most imminent stakeholders
4. Based upon a CSR model analysis, determine whether the business has an
obligation to pay..
Answer the following question based on the following scenarioSa.pdf
Answer the following question based on the following scenario:
Sara, a worker, was use her own laptop while on company property. She established a connection
to the company's internal network with her laptop and started listening in on conversations
between other devices there. She detected sensitive data moving via the network, including login
credentials and other private data.
Identify the type of attack performed by Sara in the above scenario.
Why is it recommended to use complex and unique passwords for each online account?.
Answer MUST be in JAVAProblemWrite a program that reads a text f.pdf
Answer MUST be in JAVA
Problem
Write a program that reads a text file and prints the contents in reverse order.
Expected Output
Your program must include the following line of code:
The variable path allows for different text files to be sent to your program for testing. The TRY
IT button below will send a test file to your program. You should see the following output:
Where is the code visualizer?
TRY IT
Submit your code when ready
Check It! (1 left).
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