Link Ltd acquired 80 of the shares of Connect Ltd on 1 July.docx
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Link Ltd acquired 80% of the shares of Connect Ltd on 1 July 2012 for $115 000. At this date the equity of Connect Ltd consisted of: Share capital (100 000 shares) General reserve Retained earnings $ 80 000 2 400 29 600 All the identifiable assets and liabilities of Connect Ltd were recorded at amounts equal to their fair values except for: Carrying amount Fair value Plant (cost $65 000) $52 000 $56 000 Land 40 000 45 000 Inventory 25 000 28 000 The plant was expected to have a further useful life of 10 years. The land was sold on 1 January 2015. The inventory was all sold by 30 June 2013. Link Ltd uses the full goodwill method. The fair value of the non-controlling interest (NCI) at 1 July 2012 was $28 000. At 1 July 2012, Connect Ltd had unrecorded brands that had a fair value of $18 000. These had an indefinite life. Additional information · Connect Ltd had inventory on hand at 30 June 2014 that included inventory at cost of $8000 that had been sold to it by Link Ltd. This inventory had cost Link Ltd $6000. It was all sold by Connect Ltd by 30 June 2015. · During the 2014-15 year, Connect Ltd sold inventory to Link Ltd for $48 000. At 30 June 2015, Link Ltd still had some of this inventory on hand. This inventory had been sold to it by Connect Ltd at a profit of $4000. · On 1 January 2014, Connect Ltd sold plant to Link Ltd for $16 000. This had a carrying amount in Connect Ltd at time of sale of $12 000. Plant of this class is depreciated at 20% per annum. · Management and consultation fees derived by Link Ltd are all from Connect Ltd and represent charges for administration $1760 and technical services for the manufacturing section $2240. · All debentures issued by Connect Ltd are held by Link Ltd. · Other components of equity relate to movements in the fair values of financial assets held by the entities. Gains and losses on these financial assets are recognised in other comprehensive income. The balance of the other components of equity account at 1 July 2014 was $8000 (Link Ltd) and $6400 (Connect Ltd). · The tax rate is 30% · Financial information at 30 June 2015 of Link Ltd and its subsidiary company, Connect Ltd, is shown below. Link Ltd Connect Ltd Sales revenue $252 800 $176 000 Debenture interest 4 000 — Management and consultation fees 4 000 — Dividends 9 600 — Total revenue 270 400 176 000 Cost of sales (104 000) (68 000) Manufacturing expenses (82 000) (53 000) Depreciation on plant (12 000) (12 000) Administrative expenses (12 000) (6 400) Financial expenses (8 800) (4 000) Other expenses (11 200) (9 600) Total expenses 230 000 153 000 Profit from trading 40 400 23 000 Gains on sale of non-current assets 10 000 5 000 Profit before income tax 50 400 28 000 Income tax expense (20 000) (13 600) Profit for the year 30 400 14 400 Retained earnings at 1 July 2014 40 000 36 000 70 400 50 400 Dividend paid (8 000) (8 000) Dividend declared (8 000) (4 000) (16 000) (12 000) Retained earnings at 30 Ju ...
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FAC 2122Assignment Due Date April 24, 2019Instructions An.docx
FAC 2122
Assignment
Due Date: April 24, 2019
Instructions : Answer all questions
Question 1
Arcade Corporation's balance sheet and income statement appear below:
Income Statement
Sales
$723
Cost of goods sold
453
Gross margin
270
Selling and administrative expenses
163
Income before income taxes
107
Income tax expense
32
Net income
$75
Balance Sheet
Ending Balance
Beginning Balance
Cash
$42
$36
Debtors
77
80
Inventories
54
58
Plant and equipment
581
480
less: accumulated depreciation
(318)
(294)
Total Assets
$436
$360
creditors
$23
$28
Bonds payable
293
270
Common stock
61
60
Retained earnings
59
2
Total liabilities and equity
$436
$360
The company did not dispose of any property, plant, and equipment, retire any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend of $18.
Required: Prepare a statement of cash flow . (10 marks)
Question 2
Comparative Balance Sheet
Shiner Corporation
Assets
Dec 31, 1996
Dec 31, 1995
Cash
$37,000
$49,000
Accounts Receivable
$26,000
$36,000
Prepaid Expenses
$6,000
$0
Land
$70,000
$0
Building
$200,000
$0
Accumulated Depreciation
$11,000
$189,000
$0
Equipment
$68,000
$0
Accumulated Depreciation
$10,000
$58,000
$0
Total Assets
$386,000
$85,000
Liabilities and Stockholder Equity
Accounts Payable
$40,000
$5,000
Bonds Payable
$150,000
$0
Common Stock
$60,000
$0
Retained Earnings
$136,000
$20,000
Total Liabilities and Stockholder Equity
$386,000
$85,000
Income Statement
Shiner Corporation
Revenue
$492,000
Operating Expenses
$269,000
Depreciation
$21,000
$290,000
Income before Income Taxes
$202,000
Income Tax Expense
$68,000
Net Income
$134,000
Additional information:
1. During the year Shiner Corporation paid dividends of $18,000.
2. Shiner also issued $150,000 in bonds.
Copy and complete the statement below: (15 marks)
Statement of Cash Flows
Cash Flow from Operating Activities
Net Income
Adjustments to reconcile net income to net cash
Depreciation
Accts Receivable decrease
Prepaid Expense increase
Accts Payable Increase
Net cash provided from Operating Activities
Investing Activities
Land Purchase
Building Purchase
Equipment Purchase
Financing Activities
Dividend payment to shareholders
Issuance of Bonds Payable
Net Decrease in Cash
Cash Jan 1, 1996
Cash Dec 31, 1996
Question 3
Caribbean Distributors
Balance Sheet for
Assets20102009
Cash 191 000 159 000
Debtors/Accounts Receivables 12 000 15 000
Stock/Inventory 170 000 160 000
Prepaid expenses 6 000 8 000
Land 140 000 80 000
Equipment 160 000 0
Accumulated depreciation – equipment (16 000) 0
Total 663 000 422 000
Liabilities and Shareholders Equity
Trade creditors/Accounts Payable 52 000 60 000
Accrued expenses payable/owing 15 000 20 000
Income tax .
Exercise 12-1Putnam Corporation had these transactions during 20.docx
Exercise 12-1
Putnam Corporation had these transactions during 2014.
Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.
(a)
Purchased a machine for $30,000, giving a long-term note in exchange.
(b)
Issued $50,000 par value common stock for cash.
(c)
Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
(d)
Declared and paid a cash dividend of $13,000.
(e)
Sold a long-term investment with a cost of $15,000 for $15,000 cash.
(f)
Collected $16,000 of accounts receivable.
(g)
Paid $18,000 on accounts payable.
IFRS 13-1
Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.
LING COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2014
$
$
Problem 12-9A
Condensed financial data of Odgers Inc. follow.
ODGERS INC.Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 127,664
$ 76,472
Accounts receivable
138,724
60,040
Inventory
177,750
162,503
Prepaid expenses
44,872
41,080
Long-term investments
218,040
172,220
Plant assets
450,300
383,150
Accumulated depreciation
(79,000
)
(82,160
)
Total
$1,078,350
$813,305
Liabilities and Stockholders’ Equity
Accounts payable
$ 161,160
$ 106,334
Accrued expenses payable
26,070
33,180
Bonds payable
173,800
230,680
Common stock
347,600
276,500
Retained earnings
369,720
166,611
Total
$1,078,350
$813,305
ODGERS INC.Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$613,767
Less:
Cost of goods sold
$214,027
Operating expenses, excluding depreciation
19,608
Depreciation expense
73,470
Income tax expense
43,102
Interest expense
7,473
Loss on disposal of plant assets
11,850
369,530
Net income
$ 244,237
Additional information:
1.
New plant assets costing $158,000 were purchased for cash during the year.
2.
Old plant assets having an original cost of $90,850 and accumulated depreciation of $76,630 were sold for $2,370 cash.
3.
Bonds payable matured and were paid off at face value for cash.
4.
A cash dividend of $41,128 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
ODGERS INC.Statement of Cash Flows
For the Year Ended December 31, 2014
$
Adjustments to reconcile net income to
$
...
The condensed financial statements of Leeward Corporation for 2006 a.docx
The condensed financial statements of Leeward Corporation for 2006 and 2005 are presented below.
Leeward Corporation Leeward Corporation
Balance Sheet Income Statement
December 31, 2006 For the Year Ended December 31, 2006
Assets Revenues $2,500,000
Current assets Expenses
Cash and temporary Cost of goods sold 1,080,000
investments $ 50,000 Selling and administrative
Accounts receivable 70,000 expenses 495,000
Inventories 120,000 Interest expense 30,000
Total current assets 240,000 Total expenses 1,605,000
Property, plant, and Income before income taxes 895,000
equipment (net) 780,000 Income tax expense 268,500
Total assets $1,020,000 Net income $ 626,500
Liabilities and Stockholders' Equity
Current liabilities $ 100,000
Long-term liabilities 300,000
Common stockholders' equity 620,000
Total liabilities and
stockholders' equity $1,020,000
Leeward Corporation Leeward Corporation
Balance Sheet Income Statement
December 31, 2005 For the Year Ended December 31, 2005
Assets Revenues $2,500,000
Current assets Expenses
Cash and temporary Cost of goods sold 1,750,000
investments $ 40,000 Selling and administrative
Accounts receivable 90,000 expenses 500,000
Inventories 150,000 Interest expense 30,000
Total current assets 280,000 Total expenses 2,280,000
Property, plant, and Income before income taxes 220,000
equipment (net) 800,000 Income tax expense 66,000
Total assets $1,080,000 Net income $ 154,000
Liabilities and Stockholders' Equity
Current liabilities $ 140,000
Long-term liabilities 320,000
Common stockholders' equity 620,000
Total liabilities and
stockholders' equity $1,080,000
Instructions
1. Compute the following listed ratios for 2006.
(a) Current ratio = .
(b) Debt to total assets = .
(d) Profit margin ratio = .
(e) Return on common stockholders' equity = .
(f) Return on assets = .
2. Perform horizontal analysis on both the balance sheet and income statement.
Leeward Corporation
Balance Sheet
Horizontal Analysis
2006 2005 Change Percent
Assets
Cash and temporary investments $50,000 $40,000
Accounts receivable $70,000 $90,000
Inventories $120,000 $150,000
Total current assets $240,000 $280,000
Property, plant and equipment $780,000 $800,000
Total assets $1,020,000 $1,080,000
Liabilities & Stockholder’s Equity
Current liabilities $100,000 $140,000
Long-term liabilities $300,000 $320,000
Common stockholder’s equity $620,000 $620,000
Total liabilities and stockholder’s equity $1,020,000 $1,080,000
Leeward Corporation
Income Statement
.
Calculating EFN The most recent financial statements for Moose Tours.pdf
Calculating EFN The most recent financial statements for Moose Tours, Inc., appear below.
Sales for 2012 are projected to grow by 20 percent. Interest expense will remain constant; the tax
rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets,
fixed assets, and accounts payable increase spontaneously with sales. MOOSE TOURS, INC.
2011 Income Statement Sales $ 836,100 Costs 650,700 Other expenses 17,100 Earnings before
interest and taxes $ 168,300 Interest expense 12,600 Taxable income $ 155,700 Taxes 54,495
Net income $ 101,205 Dividends $ 30,300 Addition to retained earnings 70,905 MOOSE
TOURS, INC. Balance Sheet as of December 31, 2011 Assets Liabilities and Owners’ Equity
Current assets Current liabilities Cash $ 24,035 Accounts payable $ 64,600 Accounts receivable
38,665 Notes payable 16,150 Inventory 82,555 Total $ 80,750 Total $ 145,255 Long-term debt $
150,000 Fixed assets Owners’ equity Net plant and equipment $ 392,350 Common stock and
paid-in surplus $ 130,000 Retained earnings 176,855 Total $ 306,855 Total assets $ 537,605
Total liabilities and owners’ equity $ 537,605 If the firm is operating at full capacity and no new
debt or equity is issued, what external financing is needed to support the 20 percent growth rate
in sales?
Solution
EFN = Total assets – Total liabilities and equity
Proforma Income Statement
Projected
Particulars
Amount
%
Particulars
Amount
Sales
836,100
100.00
Sales
1,003,320
Less : Costs
650,700
77.83
Less : Costs
780,840
Other Expenses
17,100
2.05
Other Expenses
20,520
EBIT
168,300
20.13
EBIT
201,960
Interest
12,600
Interest
12,600
Taxable Income
155,700
Taxable Income
189,360
Taxes
54,495
35.00
Taxes
66,276
Net Income
101,205
Net Income
123,084
Dividends
30,300
29.94
Dividends
36,850
Additon to retain earnings
70,905
Additon to retain earnings
86,234
Balance Sheet
Assets
Amount
%
Liabilities and Owners’ Equity
Amount
%
Current assets
Current liabilities
Cash
24,035
Accounts Payable
64,600
Accounts Receivable
38,665
Notes Payable
16,150
Inventory
82,555
80,750
15.02
145,255
37.02
Fixed assets :
Long Term Debt
150,000
Net plant and equipment
392,350
72.98
Owners’ equity
Common stock and paid-in surplus
130,000
Retained earnings
176,855
306,855
537,605
100.00
537,605
Balance Sheet(Projected)
Assets
Amount
%
Liabilities and Owners’ Equity
Amount
%
Current assets
Current liabilities
Cash
28,842
Accounts Payable
77,520
Accounts Receivable
46,398
Notes Payable
19,380
Inventory
99,066
96,900
15.141
174,306
37.02
Fixed assets :
Long Term Debt
150,000
Net plant and equipment
470,820
72.98
Owners’ equity
Common stock and paid-in surplus
130,000
Retained earnings(176,855+86,234)
263,089
393,089
645,126
100.00
639,989
EFN
5,137
Proforma Income Statement
Projected
Particulars
Amount
%
Particulars
Amount
Sales
836,100
100.00
Sales
1,003,320
Less : Costs
650,700
77.83
Less : Costs
780,840
Other Expenses
17,100
2.05
Other Expenses
20,520
EBIT
168,300
20.13
EBIT
201,960
Interest
12,.
Problems Problem 14-4AFinancial information for Ernie Bisho.docx
Problems:
Problem 14-4A
Financial information for Ernie Bishop Company is presented below.
ERNIE BISHOP COMPANY
Balance Sheets
December 31
Assets
2013
2012
Cash
$ 137,900
$ 128,050
Short-term investments
102,440
78,800
Receivables (net)
193,060
157,600
Inventory
246,250
265,950
Prepaid expenses
57,130
45,310
Land
256,100
256,100
Building and equipment (net)
330,960
344,750
$1,323,840
$1,276,560
Liabilities and Stockholders’ Equity
Notes payable
$197,000
197,000
Accounts payable
94,560
82,740
Accrued liabilities
86,680
78,800
Bonds payable, due 2016
295,500
295,500
Common stock, $10 par
394,000
394,000
Retained earnings
256,100
228,520
$1,323,840
$1,276,560
ERNIE BISHOP COMPANY
Income Statement
For the Years Ended December 31
2013
2012
Net sales
$1,690,260
$1,572,060
Cost of goods sold
1,203,670
1,132,750
Gross profit
486,590
439,310
Operating expenses
402,865
356,570
Net income
$ 83,725
$ 82,740
Additional information:
1.
Inventory at the beginning of 2012 was $232,460.
2.
Total assets at the beginning of 2012 were $1,245,040.
3.
No common stock transactions occurred during 2012 or 2013.
4.
All sales were on account.
5.
Receivables (net) at the beginning of 2012 were $173,360.
(a) Indicate, by using ratios, the change in liquidity and profitability of Ernie Bishop Company from 2012 to 2013. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all others to 1 decimal place, e.g. 6.8 or 6.8% .)
2012
2013
Change
LIQUIDITY
Current
:1
:1
Acid-test
:1
:1
Receivables turnover
times
times
Inventory turnover
times
times
PROFITABILITY
Profit margin
%
%
Asset turnover
times
times
Return on assets
%
%
Earnings per share
$
$
(b) Given below are three independent situations and a ratio that may be affected. For each situation, compute the affected ratio (1) as of December 31, 2013, and (2) as of December 31, 2014, after giving effect to the situation. Net income for 2014 was $98,500. Total assets on December 31, 2014, were $1,379,000.
Situation
Ratio
(1)
35,460 shares of common stock were sold at par on July 1, 2014.
Return on common stockholders’ equity
(2)
All of the notes payable were paid in 2014. The only change in liabilities was that the notes payable were paid.
Debt to total assets
(3)
Market price of common stock was $18 on December 31, 2013, and $24.63 on December 31, 2014.
Price-earnings ratio
2013
2014
Change
Return on common stockholders’ equity
%
%
Debt to total assets
%
%
Price-earnings ratio
times
times
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Problem 14-6A
The comparative statements of Beulah Company are presented below.
BEULAH COMPANY
Income Statement
For the Years Ended December 31
2014
2013
Net sales (all on account)
$501,000
...
Recommended
FAC 2122Assignment Due Date April 24, 2019Instructions An.docx
FAC 2122
Assignment
Due Date: April 24, 2019
Instructions : Answer all questions
Question 1
Arcade Corporation's balance sheet and income statement appear below:
Income Statement
Sales
$723
Cost of goods sold
453
Gross margin
270
Selling and administrative expenses
163
Income before income taxes
107
Income tax expense
32
Net income
$75
Balance Sheet
Ending Balance
Beginning Balance
Cash
$42
$36
Debtors
77
80
Inventories
54
58
Plant and equipment
581
480
less: accumulated depreciation
(318)
(294)
Total Assets
$436
$360
creditors
$23
$28
Bonds payable
293
270
Common stock
61
60
Retained earnings
59
2
Total liabilities and equity
$436
$360
The company did not dispose of any property, plant, and equipment, retire any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend of $18.
Required: Prepare a statement of cash flow . (10 marks)
Question 2
Comparative Balance Sheet
Shiner Corporation
Assets
Dec 31, 1996
Dec 31, 1995
Cash
$37,000
$49,000
Accounts Receivable
$26,000
$36,000
Prepaid Expenses
$6,000
$0
Land
$70,000
$0
Building
$200,000
$0
Accumulated Depreciation
$11,000
$189,000
$0
Equipment
$68,000
$0
Accumulated Depreciation
$10,000
$58,000
$0
Total Assets
$386,000
$85,000
Liabilities and Stockholder Equity
Accounts Payable
$40,000
$5,000
Bonds Payable
$150,000
$0
Common Stock
$60,000
$0
Retained Earnings
$136,000
$20,000
Total Liabilities and Stockholder Equity
$386,000
$85,000
Income Statement
Shiner Corporation
Revenue
$492,000
Operating Expenses
$269,000
Depreciation
$21,000
$290,000
Income before Income Taxes
$202,000
Income Tax Expense
$68,000
Net Income
$134,000
Additional information:
1. During the year Shiner Corporation paid dividends of $18,000.
2. Shiner also issued $150,000 in bonds.
Copy and complete the statement below: (15 marks)
Statement of Cash Flows
Cash Flow from Operating Activities
Net Income
Adjustments to reconcile net income to net cash
Depreciation
Accts Receivable decrease
Prepaid Expense increase
Accts Payable Increase
Net cash provided from Operating Activities
Investing Activities
Land Purchase
Building Purchase
Equipment Purchase
Financing Activities
Dividend payment to shareholders
Issuance of Bonds Payable
Net Decrease in Cash
Cash Jan 1, 1996
Cash Dec 31, 1996
Question 3
Caribbean Distributors
Balance Sheet for
Assets20102009
Cash 191 000 159 000
Debtors/Accounts Receivables 12 000 15 000
Stock/Inventory 170 000 160 000
Prepaid expenses 6 000 8 000
Land 140 000 80 000
Equipment 160 000 0
Accumulated depreciation – equipment (16 000) 0
Total 663 000 422 000
Liabilities and Shareholders Equity
Trade creditors/Accounts Payable 52 000 60 000
Accrued expenses payable/owing 15 000 20 000
Income tax .
Exercise 12-1Putnam Corporation had these transactions during 20.docx
Exercise 12-1
Putnam Corporation had these transactions during 2014.
Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.
(a)
Purchased a machine for $30,000, giving a long-term note in exchange.
(b)
Issued $50,000 par value common stock for cash.
(c)
Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
(d)
Declared and paid a cash dividend of $13,000.
(e)
Sold a long-term investment with a cost of $15,000 for $15,000 cash.
(f)
Collected $16,000 of accounts receivable.
(g)
Paid $18,000 on accounts payable.
IFRS 13-1
Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.
LING COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2014
$
$
Problem 12-9A
Condensed financial data of Odgers Inc. follow.
ODGERS INC.Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$ 127,664
$ 76,472
Accounts receivable
138,724
60,040
Inventory
177,750
162,503
Prepaid expenses
44,872
41,080
Long-term investments
218,040
172,220
Plant assets
450,300
383,150
Accumulated depreciation
(79,000
)
(82,160
)
Total
$1,078,350
$813,305
Liabilities and Stockholders’ Equity
Accounts payable
$ 161,160
$ 106,334
Accrued expenses payable
26,070
33,180
Bonds payable
173,800
230,680
Common stock
347,600
276,500
Retained earnings
369,720
166,611
Total
$1,078,350
$813,305
ODGERS INC.Income Statement Data
For the Year Ended December 31, 2014
Sales revenue
$613,767
Less:
Cost of goods sold
$214,027
Operating expenses, excluding depreciation
19,608
Depreciation expense
73,470
Income tax expense
43,102
Interest expense
7,473
Loss on disposal of plant assets
11,850
369,530
Net income
$ 244,237
Additional information:
1.
New plant assets costing $158,000 were purchased for cash during the year.
2.
Old plant assets having an original cost of $90,850 and accumulated depreciation of $76,630 were sold for $2,370 cash.
3.
Bonds payable matured and were paid off at face value for cash.
4.
A cash dividend of $41,128 was declared and paid during the year.
Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
ODGERS INC.Statement of Cash Flows
For the Year Ended December 31, 2014
$
Adjustments to reconcile net income to
$
...
The condensed financial statements of Leeward Corporation for 2006 a.docx
The condensed financial statements of Leeward Corporation for 2006 and 2005 are presented below.
Leeward Corporation Leeward Corporation
Balance Sheet Income Statement
December 31, 2006 For the Year Ended December 31, 2006
Assets Revenues $2,500,000
Current assets Expenses
Cash and temporary Cost of goods sold 1,080,000
investments $ 50,000 Selling and administrative
Accounts receivable 70,000 expenses 495,000
Inventories 120,000 Interest expense 30,000
Total current assets 240,000 Total expenses 1,605,000
Property, plant, and Income before income taxes 895,000
equipment (net) 780,000 Income tax expense 268,500
Total assets $1,020,000 Net income $ 626,500
Liabilities and Stockholders' Equity
Current liabilities $ 100,000
Long-term liabilities 300,000
Common stockholders' equity 620,000
Total liabilities and
stockholders' equity $1,020,000
Leeward Corporation Leeward Corporation
Balance Sheet Income Statement
December 31, 2005 For the Year Ended December 31, 2005
Assets Revenues $2,500,000
Current assets Expenses
Cash and temporary Cost of goods sold 1,750,000
investments $ 40,000 Selling and administrative
Accounts receivable 90,000 expenses 500,000
Inventories 150,000 Interest expense 30,000
Total current assets 280,000 Total expenses 2,280,000
Property, plant, and Income before income taxes 220,000
equipment (net) 800,000 Income tax expense 66,000
Total assets $1,080,000 Net income $ 154,000
Liabilities and Stockholders' Equity
Current liabilities $ 140,000
Long-term liabilities 320,000
Common stockholders' equity 620,000
Total liabilities and
stockholders' equity $1,080,000
Instructions
1. Compute the following listed ratios for 2006.
(a) Current ratio = .
(b) Debt to total assets = .
(d) Profit margin ratio = .
(e) Return on common stockholders' equity = .
(f) Return on assets = .
2. Perform horizontal analysis on both the balance sheet and income statement.
Leeward Corporation
Balance Sheet
Horizontal Analysis
2006 2005 Change Percent
Assets
Cash and temporary investments $50,000 $40,000
Accounts receivable $70,000 $90,000
Inventories $120,000 $150,000
Total current assets $240,000 $280,000
Property, plant and equipment $780,000 $800,000
Total assets $1,020,000 $1,080,000
Liabilities & Stockholder’s Equity
Current liabilities $100,000 $140,000
Long-term liabilities $300,000 $320,000
Common stockholder’s equity $620,000 $620,000
Total liabilities and stockholder’s equity $1,020,000 $1,080,000
Leeward Corporation
Income Statement
.
Calculating EFN The most recent financial statements for Moose Tours.pdf
Calculating EFN The most recent financial statements for Moose Tours, Inc., appear below.
Sales for 2012 are projected to grow by 20 percent. Interest expense will remain constant; the tax
rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets,
fixed assets, and accounts payable increase spontaneously with sales. MOOSE TOURS, INC.
2011 Income Statement Sales $ 836,100 Costs 650,700 Other expenses 17,100 Earnings before
interest and taxes $ 168,300 Interest expense 12,600 Taxable income $ 155,700 Taxes 54,495
Net income $ 101,205 Dividends $ 30,300 Addition to retained earnings 70,905 MOOSE
TOURS, INC. Balance Sheet as of December 31, 2011 Assets Liabilities and Owners’ Equity
Current assets Current liabilities Cash $ 24,035 Accounts payable $ 64,600 Accounts receivable
38,665 Notes payable 16,150 Inventory 82,555 Total $ 80,750 Total $ 145,255 Long-term debt $
150,000 Fixed assets Owners’ equity Net plant and equipment $ 392,350 Common stock and
paid-in surplus $ 130,000 Retained earnings 176,855 Total $ 306,855 Total assets $ 537,605
Total liabilities and owners’ equity $ 537,605 If the firm is operating at full capacity and no new
debt or equity is issued, what external financing is needed to support the 20 percent growth rate
in sales?
Solution
EFN = Total assets – Total liabilities and equity
Proforma Income Statement
Projected
Particulars
Amount
%
Particulars
Amount
Sales
836,100
100.00
Sales
1,003,320
Less : Costs
650,700
77.83
Less : Costs
780,840
Other Expenses
17,100
2.05
Other Expenses
20,520
EBIT
168,300
20.13
EBIT
201,960
Interest
12,600
Interest
12,600
Taxable Income
155,700
Taxable Income
189,360
Taxes
54,495
35.00
Taxes
66,276
Net Income
101,205
Net Income
123,084
Dividends
30,300
29.94
Dividends
36,850
Additon to retain earnings
70,905
Additon to retain earnings
86,234
Balance Sheet
Assets
Amount
%
Liabilities and Owners’ Equity
Amount
%
Current assets
Current liabilities
Cash
24,035
Accounts Payable
64,600
Accounts Receivable
38,665
Notes Payable
16,150
Inventory
82,555
80,750
15.02
145,255
37.02
Fixed assets :
Long Term Debt
150,000
Net plant and equipment
392,350
72.98
Owners’ equity
Common stock and paid-in surplus
130,000
Retained earnings
176,855
306,855
537,605
100.00
537,605
Balance Sheet(Projected)
Assets
Amount
%
Liabilities and Owners’ Equity
Amount
%
Current assets
Current liabilities
Cash
28,842
Accounts Payable
77,520
Accounts Receivable
46,398
Notes Payable
19,380
Inventory
99,066
96,900
15.141
174,306
37.02
Fixed assets :
Long Term Debt
150,000
Net plant and equipment
470,820
72.98
Owners’ equity
Common stock and paid-in surplus
130,000
Retained earnings(176,855+86,234)
263,089
393,089
645,126
100.00
639,989
EFN
5,137
Proforma Income Statement
Projected
Particulars
Amount
%
Particulars
Amount
Sales
836,100
100.00
Sales
1,003,320
Less : Costs
650,700
77.83
Less : Costs
780,840
Other Expenses
17,100
2.05
Other Expenses
20,520
EBIT
168,300
20.13
EBIT
201,960
Interest
12,.
Problems Problem 14-4AFinancial information for Ernie Bisho.docx
Problems:
Problem 14-4A
Financial information for Ernie Bishop Company is presented below.
ERNIE BISHOP COMPANY
Balance Sheets
December 31
Assets
2013
2012
Cash
$ 137,900
$ 128,050
Short-term investments
102,440
78,800
Receivables (net)
193,060
157,600
Inventory
246,250
265,950
Prepaid expenses
57,130
45,310
Land
256,100
256,100
Building and equipment (net)
330,960
344,750
$1,323,840
$1,276,560
Liabilities and Stockholders’ Equity
Notes payable
$197,000
197,000
Accounts payable
94,560
82,740
Accrued liabilities
86,680
78,800
Bonds payable, due 2016
295,500
295,500
Common stock, $10 par
394,000
394,000
Retained earnings
256,100
228,520
$1,323,840
$1,276,560
ERNIE BISHOP COMPANY
Income Statement
For the Years Ended December 31
2013
2012
Net sales
$1,690,260
$1,572,060
Cost of goods sold
1,203,670
1,132,750
Gross profit
486,590
439,310
Operating expenses
402,865
356,570
Net income
$ 83,725
$ 82,740
Additional information:
1.
Inventory at the beginning of 2012 was $232,460.
2.
Total assets at the beginning of 2012 were $1,245,040.
3.
No common stock transactions occurred during 2012 or 2013.
4.
All sales were on account.
5.
Receivables (net) at the beginning of 2012 were $173,360.
(a) Indicate, by using ratios, the change in liquidity and profitability of Ernie Bishop Company from 2012 to 2013. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all others to 1 decimal place, e.g. 6.8 or 6.8% .)
2012
2013
Change
LIQUIDITY
Current
:1
:1
Acid-test
:1
:1
Receivables turnover
times
times
Inventory turnover
times
times
PROFITABILITY
Profit margin
%
%
Asset turnover
times
times
Return on assets
%
%
Earnings per share
$
$
(b) Given below are three independent situations and a ratio that may be affected. For each situation, compute the affected ratio (1) as of December 31, 2013, and (2) as of December 31, 2014, after giving effect to the situation. Net income for 2014 was $98,500. Total assets on December 31, 2014, were $1,379,000.
Situation
Ratio
(1)
35,460 shares of common stock were sold at par on July 1, 2014.
Return on common stockholders’ equity
(2)
All of the notes payable were paid in 2014. The only change in liabilities was that the notes payable were paid.
Debt to total assets
(3)
Market price of common stock was $18 on December 31, 2013, and $24.63 on December 31, 2014.
Price-earnings ratio
2013
2014
Change
Return on common stockholders’ equity
%
%
Debt to total assets
%
%
Price-earnings ratio
times
times
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Problem 14-6A
The comparative statements of Beulah Company are presented below.
BEULAH COMPANY
Income Statement
For the Years Ended December 31
2014
2013
Net sales (all on account)
$501,000
...
The condensed financial statements of Leeward Corporation for .docx
The condensed financial statements of Leeward Corporation for 2006 and 2005 are presented below.
Leeward Corporation
Leeward Corporation
Balance Sheet
Income Statement
December 31, 2006
For the Year Ended December 31, 2006
Assets
Revenues
$2,500,000
Current assets
Expenses
Cash and temporary
Cost of goods sold
1,080,000
investments
$
50,000
Selling and administrative
Accounts receivable
70,000
expenses
495,000
Inventories
120,000
Interest expense
30,000
Total current assets
240,000
Total expenses
1,605,000
Property, plant, and
Income before income taxes
895,000
equipment (net)
780,000
Income tax expense
268,500
Total assets
$1,020,000
Net income
$
626,500
Liabilities and Stockholders' Equity
Current liabilities
$
100,000
Long-term liabilities
300,000
Common stockholders' equity
620,000
Total liabilities and
stockholders' equity
$1,020,000
Leeward Corporation
Leeward Corporation
Balance Sheet
Income Statement
December 31, 2005
For the Year Ended December 31, 2005
Assets
Revenues
$2,500,000
Current assets
Expenses
Cash and temporary
Cost of goods sold
1,750,000
investments
$
40,000
Selling and administrative
Accounts receivable
90,000
expenses
500,000
Inventories
150,000
Interest expense
30,000
Total current assets
280,000
Total expenses
2,280,000
Property, plant, and
Income before income taxes
220,000
equipment (net)
800,000
Income tax expense
66,000
Total assets
$1,080,000
Net income
$
154,000
Liabilities and Stockholders' Equity
Current liabilities
$
140,000
Long-term liabilities
320,000
Common stockholders' equity
620,000
Total liabilities and
stockholders' equity
$1,080,000
Instructions
Compute the following listed ratios for 2006.
(a)
Current ratio =
___________________________________________________________
.
(b)
Debt to total assets =
_____________________________________________________
.
(c)
Profit margin ratio =
______________________________________________________
.
(d)
Return on common stockholders' equity =
____________________________________
.
(e)
Return on assets =
_______________________________________________________
.
Perform horizontal analysis on both the balance sheet and income statement.
Leeward Corporation
Balance Sheet
Horizontal Analysis
2006
2005
Change
Percent
Assets
Cash and temporary investments
$50,000
$40,000
Accounts receivable
$70,000
$90,000
Inventories
$120,000
$150,000
Total current assets
$240,000
$280,000
Property, plant and equipment
$780,000
$800,000
Total assets
$1,020,000
$1,080,000
Liabilities & Stockholder’s Equity
Current liabilities
$100,000
$140,000
Long-term liabilities
$300,000
$320,000
Common stockholder’s equity
$620,000
$620,000
Total liabilities and
stockholder’.
Accounting 970643 paper 4 problem solving (supplementary topics) october nove...
Accounting 970643 paper 4 problem solving (supplementary topics) october november 2014
Advanced Level
A Level
Zimsec
Cambridge
Alpro Learning Portal
Accounting
Accounts
Zimbabwe
Principle of accounts
he financial statements of Sierra Ltd are presented as followsSie.pdf
he financial statements of Sierra Ltd are presented as follows:
Sierra Ltd
Statement of Financial Position as at 31 Dec 2016
$
$
Changes Increase/ Decrease
2016
2015
Assets
Cash
55 000
49 000
6000 Increase
Accounts receivables
69 000
27 000
42 000 Increase
Inventory
55 000
----
55 000 Increase
Prepaid expensed
5 000
7 000
2 000 Decrease
Land
46 000
71 000
25 000 Decrease
Equipment
194 000
69 000
125 000 Increase
Accumulated depreciation equipment
(29 000)
(11 000)
18 000 Increase
Total
395 000
201 000
Liabilities and equity
Accounts payable
24 000
41 000
17 000 Decrease
Accrued expense payable
11 000
----
11 000 Increase
Convertible notes payable
111 000
151 000
40 000 Decrease
Share capital
220 000
60 000
160 000 Increase
Retained earnings
206 000
136 000
70 000 Increase
Total
572 000
388 000
Sierra Ltd
Statement of Profit or Loss
for year ended 31 Dec 2016
$
$
Sales
885 000
Cost of sales
460 000
Operating Expense
220 000
Interest expense
15 000
695 000
Profit before tax
190 000
Income tax expense
70 000
Profit
120 000
Additional information:
1. Operating expenses include depreciation expense of $35 000.
2. Cash dividends of $55 000 were declared and paid in 2016.
3. Interest expense of $15 000 was paid in cash.
4. Land was sold at its carrying amount for cash in 2016.
5. During 2016, equipment with a cost of $170 000 was purchased for cash. Equipment with a
cost of $40 000 and carrying amount of $35 000 was sold.
6. In 2016, convertible notes of $15 000 were redeemed at their carrying amount for cash;
convertible notes of $30 000 were converted into ordinary shares issued at $30 000 in total.
7. Ordinary shares were issues for $120 000 in cash during 2016.
Required:
statement of cash flows using the direct method.
Sierra Ltd
Statement of Financial Position as at 31 Dec 2016
$
$
Changes Increase/ Decrease
2016
2015
Assets
Cash
55 000
49 000
6000 Increase
Accounts receivables
69 000
27 000
42 000 Increase
Inventory
55 000
----
55 000 Increase
Prepaid expensed
5 000
7 000
2 000 Decrease
Land
46 000
71 000
25 000 Decrease
Equipment
194 000
69 000
125 000 Increase
Accumulated depreciation equipment
(29 000)
(11 000)
18 000 Increase
Total
395 000
201 000
Liabilities and equity
Accounts payable
24 000
41 000
17 000 Decrease
Accrued expense payable
11 000
----
11 000 Increase
Convertible notes payable
111 000
151 000
40 000 Decrease
Share capital
220 000
60 000
160 000 Increase
Retained earnings
206 000
136 000
70 000 Increase
Total
572 000
388 000.
MGT101 - Financial Accounting- Lecture 40
Virtual University
Course MGT101 - Financial Accounting
Lecture No 40
Instructor's Name: Mr. Mujahid Eshai
Course Email: mgt101@vu.edu.pk
financial statements of Sierra Ltd are presented as followsSierra.pdf
financial statements of Sierra Ltd are presented as follows:
Sierra Ltd
Statement of Financial Position as at 31 Dec 2016
$
$
Changes Increase/ Decrease
2016
2015
Assets
Cash
55 000
49 000
6000 Increase
Accounts receivables
69 000
27 000
42 000 Increase
Inventory
55 000
----
55 000 Increase
Prepaid expensed
5 000
7 000
2 000 Decrease
Land
46 000
71 000
25 000 Decrease
Equipment
194 000
69 000
125 000 Increase
Accumulated depreciation equipment
(29 000)
(11 000)
18 000 Increase
Total
395 000
201 000
Liabilities and equity
Accounts payable
24 000
41 000
17 000 Decrease
Accrued expense payable
11 000
----
11 000 Increase
Convertible notes payable
111 000
151 000
40 000 Decrease
Share capital
220 000
60 000
160 000 Increase
Retained earnings
206 000
136 000
70 000 Increase
Total
572 000
388 000
Sierra Ltd
Statement of Profit or Loss
for year ended 31 Dec 2016
$
$
Sales
885 000
Cost of sales
460 000
Operating Expense
220 000
Interest expense
15 000
695 000
Profit before tax
190 000
Income tax expense
70 000
Profit
120 00
Additional information:
1. Operating expenses include depreciation expense of $35 000.
2. Cash dividends of $55 000 were declared and paid in 2016.
3. Interest expense of $15 000 was paid in cash.
4. Land was sold at its carrying amount for cash in 2016.
5. During 2016, equipment with a cost of $170 000 was purchased for cash. Equipment with a
cost of $40 000 and carrying amount of $35 000 was sold.
6. In 2016, convertible notes of $15 000 were redeemed at their carrying amount for cash;
convertible notes of $30 000 were converted into ordinary shares issued at $30 000 in total.
7. Ordinary shares were issues for $120 000 in cash during 2016.
Required:
statement of cash flows using the direct method.
Sierra Ltd
Statement of Financial Position as at 31 Dec 2016
$
$
Changes Increase/ Decrease
2016
2015
Assets
Cash
55 000
49 000
6000 Increase
Accounts receivables
69 000
27 000
42 000 Increase
Inventory
55 000
----
55 000 Increase
Prepaid expensed
5 000
7 000
2 000 Decrease
Land
46 000
71 000
25 000 Decrease
Equipment
194 000
69 000
125 000 Increase
Accumulated depreciation equipment
(29 000)
(11 000)
18 000 Increase
Total
395 000
201 000
Liabilities and equity
Accounts payable
24 000
41 000
17 000 Decrease
Accrued expense payable
11 000
----
11 000 Increase
Convertible notes payable
111 000
151 000
40 000 Decrease
Share capital
220 000
60 000
160 000 Increase
Retained earnings
206 000
136 000
70 000 Increase
Total
572 000
388 000.
1-1 It is the policy of Libra Ltd to retain 40- of the profit after ta.pdf
1.1 It is the policy of Libra Ltd to retain 40% of the profit after tax. Was this policy adhered to
for the financial year ended 31 December 2020? Motivate your answer. (5 marks)
1.2 Has management been efficient in the management of its accounts receivable? Use the
relevant ratio to motivate your answer.
1.3 Did Libra Ltd take advantage of the credit terms offered by its trade creditors? Substantiate
your answer. (4 marks)
1.4 Would the shareholders of Libra Ltd be satisfied with their return on investment? Why? (4
marks)
1.5 Suppose Libra Ltd purchases goods for R600 000. How much should it sell the goods for and
still maintain the existing gross margin ratio? (4 marks)
1.6 Comment on the ability of the company to generate profits from all the capital it has
employed. Support your answer with a suitable ratio. (4 marks)
INFORMATION
Libra Ltd commenced operations during January 2015. The company experienced profitability
since the first year of existence and was able to pay out dividends to the shareholders over the
years and retain some of the profit. The following are excerpts of the financial statements of
Libra Ltd for 2020:
LIBRA LTD
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER
2020
Sales (all credit) 7 000 000
Cost of sales (5 600 000)
Gross profit 1 400 000
Operating expenses (800 000)
Operating profit 600 000
Interest expense (150 000)
Profit before tax 450 000
Company tax (135 000)
Profit after tax 315 000
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020
Assets
Non-current assets 700 000
Inventories 1 600 000
Accounts receivable/Debtors 800 000
Cash 100 000
3 200 000
Equity and liabilities
Ordinary share capital 1 200 000
Retained earnings 500 000
Long-term loan (15%) 800 000
Accounts payable/Creditors 400 000
Dividends payable 100 000
Other current liabilities 200 000
3 200 000
NOTE:
1. Interim dividends paid during the year amounted to R114 200.
2. Inventories amounted to R1 800 000 on 31 December 2019.
3. Eight percent (80%) of all purchases of inventories is on credit.
4. Credit terms to debtors are 30 days and the creditors of Libra Ltd allow 90 days to settle
accounts..
In.docx
Income Statement
Balance Sheet
Next Year
This Year
Next Year
Revenue
$5,000
Total assets
$1,000
$2,000
Operating expenses
4,000
Liabilities & equity:
EBIT
1,000
Current liabilities
$ 576
$ 200
Interest (8%)
?
Long-term debt
100
?
EBT
?
Equity
324
?
Taxes(40%)
?
Earnings after tax
?
Total liabilities
& equity
$1,000
$2,000
The firm pays 8% interest on all of its debt and is subject to a 40% tax rate. Complete the plan.
1. Emperor Corporation's financial statements for the last year are shown below. The firm paid a $1,000 dividend to its stockholders during the year. There were no sales of new stock.
Balance Sheets
ASSETS
Ending
Beginning
Income Statement
Cash
$ 2,000
$ 1,600
Sales
$100,000
Accounts receivable
12,000
5,200
COGS
80,000
Inventory
14,000
15,600
Gross Margin
$ 20,000
Current Assets
$28,000
$22,400
Cash Expenses
$ 8,000
Gross Fixed assets
$27,000
$20,000
Depreciation
1,600
Accumulated depreciation
(16,000
)
(14,400
)
EBIT
$ 10,400
Net fixed assets
11,000
5,600
Interest
800
Total assets
$39,000
$28,000
EBT
$ 9,600
LIABILITIES
Tax
2,600
Accounts payable
$ 3,000
$ 2,500
Net Income
$ 7,000
Accruals
1,000
1,500
Current Liabilities
$ 4,000
$ 4,000
Long term Debt
10,000
5,000
Equity
25,000
19,000
Total liabilities & equity
$39,000
$28,000
Develop Emperor's Statement of Cash Flows.
.
Pearson edexcel ial accounting may 2020 unit 01 the accounting system and cos...
Pearson Edexcel International Advanced Level (IAL):
Accounting
Paper : The Accounting System and Costing May 2020 Paper 01/ Unit 01
Instructions for each section must be fully adhered to.Section.docx
Instructions for each section must be fully adhered to.
Section 1
Instructions for Exercise 13:
Prepare a statement of cash flows for 2011 using the indirect method.
13)
Here are comparative balance sheets for Taguchi Company.
TAGUCHI COMPANY
Comparative Balance Sheets
December 31
Assets
2011 2010
Cash $ 73,000 $ 22,000
Accounts receivable 85,000 76,000
Inventories 170,000 189,000
Land 75,000 100,000
Equipment 260,000 200,000
Accumulated depreciation
(66,000)
(32,000)
Total
$597,000
$555,000
Liabilities and Stockholders’ Equity
Accounts payable $ 39,000 $ 47,000
Bonds payable 150,000 200,000
Common stock ($1 par) 216,000 174,000
Retained earnings
192,000
134,000
Total
$597,000
$555,000
Additional information:
1. Net income for 2011 was $103,000.
2. Cash dividends of $45,000 were declared and paid.
3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.
4. Common stock was issued for $42,000 cash.
5. No equipment was sold during 2011, but land was sold at cost.
Instructions for Exercise 14:
(A)
Prepare a horizontal analysis of the balance sheet data for Conard Corporation using 2011 as a base.
(B)
Prepare a vertical analysis of the balance sheet data for Conard Corporation in columnar form for 2012.
14)
The comparative condensed balance sheets of Conard Corporation are presented below.
CONARD CORPORATION
Comparative Condensed Balance Sheets
December 31
2012 2011
Assets
Current assets $ 74,000 $ 80,000
Property, plant, and equipment (net) 99,000 .
Eli- 16 httpedugen.wiley.comledugensharedJassignmentltest.docx
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Print by: RANDALL LUCAS
ACC/ 291 - 40918999 I Week Four Assignment
E11-16
Before preparing financial statements for the current year, the chief accountant for Springer Company
discovered the following errors in the accounts.
1. The declaration and payment of $50,000 cash dividend was recorded as a debit to Interest
Expense $50,000 and a credit to Cash $50,000.
2. A 10% stock dividend (1,000 shares) was declared on the $10 par value stock when the market
value per share was $16. The only entry made was: Retained Earnings (Dr.) $10,000 and
Dividend Payable (Cr.) $10,000. The shares have not been issued.
3. A 4-for-i stock split involving the issue of 400,000 shares of $5 par value common stock for
100,000 shares of $20 par value common stock was recorded as a debit to Retained Earnings
$2,000,000 and a credit to Common Stock $2,000,000.
Prepare the correcting entries at December 31. (For multiple debit/credit entries, list amounts
from largest to smallest e.g. 10, 5, 3, 2.)
CCoUflt/ DescriDtion Debit’ Credit
Ii. Dec.
bi I I I
I I II
12. Dec.
L31 I____________________________
I i___________________________________________________________________
I I I I
I I Ii
13. Dec.
bi I I I
I Ii 1.1 I I
Question Attempts: 0 of 3 used
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Print by: RANDALL LUCAS
ACC/291. - 40918999 / Week Five Assignment
P13-9A
Condensed financial data of Arma Inc. follow.
ARMA INC.
Comparative Balance Sheets
December 31
Assets 2011 2010
Cash $90,800 $48,400
Accounts receivable 92,800 33,000
Inventories 112,500 102,850
Prepaid expenses 28,400 26,000
Investments 138,000 114,000
Plant assets 270,000 242,500
Accumulated depreciation (50,000) (52,000)
Total $682,500 $514,750
Liabilities and Stockholders’ Eauitv
Accounts payable $112,000 $67,300
Accrued expenses payable 16,500 17,000
Bonds payable 110,000 150,000
Common stock 220,000 175,000
Retained earnings 224,000 105,450
Total $682,500 $514,750
ARMA INC.
Income Statement
For the Year Ended December 31, 2011
Sales $392,780
Less:
Cost of goods sold $135,460
Operating expenses, excluding depreciation 12,410
Depreciation expense 46,500
Income taxes 27,280
Interest expense 4,730
Loss on sale of plant assets 7,500 233,880
Net income $158,900
Additional information:
1. New plant assets costing $85,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $57,500 were sold for $1,500 cash.
3. Bonds matured and were paid off at face value for cash.
4. A cash dividend of $40,350 was declared and paid during the year.
Complete the statement of cash flows using the indirect method. (List amounts from largest
I of 3
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AshfordACC305Guidance ReportWeek TwoMake the follo.docx
Ashford
ACC305
Guidance Report
Week Two
Make the following changes to the exercises and problems.
Nov 13
Problem
Change Amount to:
Applicable Transaction
Ex 4-16
240000
Customers
10000
Interest on notes receivable
32000
Principle on note receivable
15000
Sale of investments
60000
Proceeds from note payable
-90000
Purchase of inventory
-20000
Interest on note payable
-40000
Purchase of equipment
30000
Salaries to employees
-42000
Principle on note payable
-52000
Payment of dividends to shareholders
Ex 4-19
Financing
Investing
Operating
270000
-25000
-12000
-9000
-55000
36000
Ex 4-22
950
Net income
210
Depreciation expense
Changed ending balance
685
Accounts receivable
670
Inventory
65
Prepaid insurance
2200
Plant and equipment
-810
Accumulated depreciation
270
Accounts payable
280
Payables for admin
230
Income taxes payable
820
Note payable
945
Common stock
485
Retained earnings
Ex 5-3
2011
2012
Installment Sales
390000
490000
Cost of Installment Sales
270000
290000
Cash collections on sales
during:
2011
240000
90000
2012
300000
Ex 5-10
($ in millions)
2011
2012
2013
Contract price
$340
$340
$340
Actual costs to date
70
150
200
Estimated costs to complete
150
90
0
Total estimated costs
220
240
200
Estimated gross profit (actual in 2013)
$120
$100
$140
Case 5-23
Net income
16000
Short term note
5000
Bonds interest rate
0.08
Cash balance
15000
Profit margin on sales
0.05
Return on assets
0.075
Gross profit margin
0.4
Inventory turnover ratio
6
Receivables turnover ratio
25
Acid test ratio
0.9
Current ratio
2
Return on shareholders equity
0.1
Debt to equity ratio
0.33
Times interest earned
12
Exercise 4-16
Bluebonnet Bakers
Statement of Cash Flows
For the Year Ended December 31, 2011
Cash flows from operating activities:
Collections from customers
Interest on note receivable
Purchase of inventory
Interest on note payable
Payment of salaries
Net cash flows from operating activities
$
Cash flows from investing activities:
Collection of note receivable
Sale of investments
Purchase of equipment
Net cash flows from investing activities
Cash flows from financing activities:
Proceeds from note payable
Payment of note payable
Payment of dividends
Net cash flows from financing activities
Net increase in cash
Cash and cash equivalents, January 1
Cash and cash equivalents, December 31
$
Exercise 4-19
Requirement 1 (Completed)
Financing
Investing
Operating
1.
Changed
2.
(
Changed
3.
(
4.
(
5.
Changed
6.
Changed
7.
Changed
8.
Changed
9.
(
__________
__________
__________
$
=
Requirement 2
Wainwright Corporation
Statement of Cash Flows
For the Month Ended March 31, 2011
Cash flows from operat ...
1Exercise 8-4The ledger of Wainwright Company at the end of the cu.docx
1Exercise 8-4
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $76,000; Credit Sales $801,000; and Sales Returns and Allowances $50,000.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,000 balance is uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of $990 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable.
(c)
If Allowance for Doubtful Accounts has a debit balance of $850 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.
No.
Account Titles and Explanation
Debit
Credit
(a)
2
Broadening Your Perspective 8-1
The financial statements of
Tootsie Roll
are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRE.
ACC 304 Lecture notes updated (2).docx
Kindly provide an answer to Foreign branch account under the attached document
The John Marshall Company Inc which provides consulting s.pdf
The John Marshall Company, Inc., which provides consulting services to major utility companies,
was formed on January 2 of this year. Transactions completed during the first year of operation
were as follows: January 2 - Issued 600,000 shares of stock for $10,300,000. January 10 -
Acquired equipment in exchange for $2,600,000 cash and a $5,100,000 note payable. The note is
due in ten years. February 1 - Paid $12,000 for a business insurance policy covering the two-year
period beginning on February 1. February 22 - Purchased $900,000 of supplies on account March
1 - Paid wages of $185,600 March 23 - Billed $2,810,000 for services rendered on account April 1
- Paid $120,000 of the amount due on the supplies purchased February 22. April 17 - Collected
$300,000 of the accounts receivable May 1 - Paid wages of $200,400. May 8 - Received and paid
bill for $96,000 for utilities. May 24 - Paid $44,000 for sales commissions. June 1 - Made the first
payment of 250,000 on the note issued January 10. The payment consisted of $50,000 interest
and $200,000 applied against the principal of the note. June 16 - Billed eustomers for $520,000 of
services rendered. June 30 - Collected $310,000 on accounts receivable. July 10 - Purchased
$150,000 of supplies on account. August 25 - Paid $155,000 for administrative expenses.
September 23 - Paid $31,000 for warehouse repairs. October 1 - Paid general wages of $91,000.
November 20 - Purchased supplies for $61,000 cash. December 15 - Collected $145,000 in
advance for services to be provided in December and January. December 30 - Declared and paid
a $55,000 dividend to shareholders.Assets: 101102CashAccountsreceivable 103 Supplies 104
Prepaid insurance 110 Equipment 112 Accumulated depreciation Liabilities: 201 Accounts payable
202 Unearned service revenue 203 Wages payable 210 Interest payable 220 Notes payable
Stockholders' Equity: 301 Common stock 310 Retained eamings 320 Dividends Revenues: 401
Service revenue Expenses: 5015025035045055065075105200ther:601Wageexpense
UtilityexpenseSellingexpenseAdministrativeexpenseRepairsexpenseInsuranceexpense
SuppliesexpenseDepreciationexpenseInterestexpenseIncomesummary1. Journalize the
transactions for the year. 2. Post the journal entries to a T account. 3. Prepare an unadjusted trial
balance as of December 31 . 4. Journalize and post adjusting entries to the T accounts based on
the following additional information: a. Eleven months of the insurance policy expired by the end of
the year. b. Depreciation for equipment is $410,000. c. The company provided $92,000 of services
related to the advance collection of December 15 . d. There are $545,000 of supplies on hand at
the end of the year. e. An additional $185,000 of interest has accrued on the note by the end of
the year. f. Marshall accrued wages of $215,000 at the end of the ear. 5. Prepare an adjusted trial
balance as of December 31 . 6. Prepare a single-step income statement and statement of retained
eamings for the year.
The John Marshall Company Inc which provides consulting s.pdf
The John Marshall Company, Inc., which provides consulting services to major utility companies,
was formed on January 2 of this year. Transactions completed during the first year of operation
were as follows: January 2 - Issued 600,000 shares of stock for $10,300,000. January 10 -
Acquired equipment in exchange for $2,600,000 cash and a $5,100,000 note payable. The note is
due in ten years. February 1 - Paid $12,000 for a business insurance policy covering the two-year
period beginning on February 1. February 22 - Purchased $900,000 of supplies on account March
1 - Paid wages of $185,600 March 23 - Billed $2,810,000 for services rendered on account April 1
- Paid $120,000 of the amount due on the supplies purchased February 22. April 17 - Collected
$300,000 of the accounts receivable May 1 - Paid wages of $200,400. May 8 - Received and paid
bill for $96,000 for utilities. May 24 - Paid $44,000 for sales commissions. June 1 - Made the first
payment of 250,000 on the note issued January 10. The payment consisted of $50,000 interest
and $200,000 applied against the principal of the note. June 16 - Billed eustomers for $520,000 of
services rendered. June 30 - Collected $310,000 on accounts receivable. July 10 - Purchased
$150,000 of supplies on account. August 25 - Paid $155,000 for administrative expenses.
September 23 - Paid $31,000 for warehouse repairs. October 1 - Paid general wages of $91,000.
November 20 - Purchased supplies for $61,000 cash. December 15 - Collected $145,000 in
advance for services to be provided in December and January. December 30 - Declared and paid
a $55,000 dividend to shareholders.Assets: 101102CashAccountsreceivable 103 Supplies 104
Prepaid insurance 110 Equipment 112 Accumulated depreciation Liabilities: 201 Accounts payable
202 Unearned service revenue 203 Wages payable 210 Interest payable 220 Notes payable
Stockholders' Equity: 301 Common stock 310 Retained eamings 320 Dividends Revenues: 401
Service revenue Expenses: 5015025035045055065075105200ther:601Wageexpense
UtilityexpenseSellingexpenseAdministrativeexpenseRepairsexpenseInsuranceexpense
SuppliesexpenseDepreciationexpenseInterestexpenseIncomesummary1. Journalize the
transactions for the year. 2. Post the journal entries to a T account. 3. Prepare an unadjusted trial
balance as of December 31 . 4. Journalize and post adjusting entries to the T accounts based on
the following additional information: a. Eleven months of the insurance policy expired by the end of
the year. b. Depreciation for equipment is $410,000. c. The company provided $92,000 of services
related to the advance collection of December 15 . d. There are $545,000 of supplies on hand at
the end of the year. e. An additional $185,000 of interest has accrued on the note by the end of
the year. f. Marshall accrued wages of $215,000 at the end of the ear. 5. Prepare an adjusted trial
balance as of December 31 . 6. Prepare a single-step income statement and statement of retained
eamings for the year.
A COM Balance Sheets As of December 31 2015 2014 Assets Current asset.pdf
A COM Balance Sheets As of December 31 2015 2014 Assets Current assets Cash Marketable
securities Accounts receivable (net) Inventories Prepaid items $ 20,000 20,800 49,000 134,000
28,000 16,000 6,800 41,000 142,000 13,000 Total current assets Investments Plant (net) Land
251,800 32,000 295,000 29,000 218,800 25,000 280,000 24,000 Total assets $607,800 $547,800
Liabilities and Stockholders\' Equity Liabilities Current liabilities Notes payable Accounts
payable Salaries payable $ 31,600 $ 17,700 100,000 17,000 113,800 23,000 Total current
liabilities 168,400 134,700 Noncurrent liabilities Bonds payable Other 120,000 120,000 32,000
152,000 320,400 27,000 147,000 281,700 Total noncurrent liabilities Total liabilities
Stockholders\' equity Preferred stock, (par value $10, 4% cumulative non-participating; 8,000
shares authorized and issued) 80,000 80,000 Common stock (No par; 50,000 shares authorized;
80,000 127,400 10,000 shares issued) 80,000 106,100 266,100 $607,800 $547,800 Retained
earnings Total stockholders\' equity 287,400 Total liabilities and stockholders\' equity
Solution
SOLUTION
1. Working Capital = Current assets - Current Liabilities
2014 -
Working capital = $218,800 - $134,700 = $84,100
2015-
Working capital = $251,800 - $168,400 = $83,400
2. Current Ratio = Current assets / Current liabilities
2014 -
Current ratio = $218,800 / $134,700 = 1.62
2015-
Current ratio = $251,800 / $168,400 = 1.50
3. Quick ratio = (Current assets - Inventories) / Current liabilities
2014 -
Quick ratio = ($218,800 - $142,000) / $134,700 = 0.57
2015-
Quick ratio = ($251,800 - $134,000) / $168,400 = 0.70
4. Receivable turnover = Net credit sales / Average accounts receivable
2014-
Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2
= ($42,000 + $41,000) / 2 = $41,500
Receivable turnover = $290,000 / $41,500 = 6.99
2015-
Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2
= ($41,000 + $49,000) / 2 = $45,000
Receivable turnover = $310,000 / $45,000 = 6.89.
Answer the following questions in a minimum of 1-2 paragraphs ea.docx
Answer the following questions in a minimum of
1-2 paragraphs
each. Be sure to explain your answers and give reasons for your views.
When you talk about the meaning of life, which sense of the term do you use-- external meaning or internal meaning?
What bearing, if any, does the ephemeral nature of our existence have on the question of whether life has meaning? Does the fact that we die negate the possibility of meaning in life?
Is Schopenhauer right about the meaninglessness of life? Does the wretchedness of our existence show that life has no meaning?
Note:
All journal entries must be submitted as attachments (
in Microsoft Word format
) in order to generate an originality report.
.
Answer the following questions using scholarly sources as references.docx
Answer the following questions using scholarly sources as references. Add references at the end of the page.
Answer each question with at least 300 words counter.
1.What is your assessment of Frantz Fanon's argument that “The wealth of the imperialist nations is also our wealth”? Do you believe "developed nations" owe some form of reparations to colonized peoples?
2.How would you account for revolutionaries in Spain such as the CNT and FAI having more success than in other European countries leading up to 1936?
3.How you can you account for the outcome of the Russian Revolution?
4.Why do you think that acts of violence against tyrannical leaders in the era did not inspire the masses to rise up in revolution?
.
More Related Content
Similar to Link Ltd acquired 80 of the shares of Connect Ltd on 1 July.docx
The condensed financial statements of Leeward Corporation for .docx
The condensed financial statements of Leeward Corporation for 2006 and 2005 are presented below.
Leeward Corporation
Leeward Corporation
Balance Sheet
Income Statement
December 31, 2006
For the Year Ended December 31, 2006
Assets
Revenues
$2,500,000
Current assets
Expenses
Cash and temporary
Cost of goods sold
1,080,000
investments
$
50,000
Selling and administrative
Accounts receivable
70,000
expenses
495,000
Inventories
120,000
Interest expense
30,000
Total current assets
240,000
Total expenses
1,605,000
Property, plant, and
Income before income taxes
895,000
equipment (net)
780,000
Income tax expense
268,500
Total assets
$1,020,000
Net income
$
626,500
Liabilities and Stockholders' Equity
Current liabilities
$
100,000
Long-term liabilities
300,000
Common stockholders' equity
620,000
Total liabilities and
stockholders' equity
$1,020,000
Leeward Corporation
Leeward Corporation
Balance Sheet
Income Statement
December 31, 2005
For the Year Ended December 31, 2005
Assets
Revenues
$2,500,000
Current assets
Expenses
Cash and temporary
Cost of goods sold
1,750,000
investments
$
40,000
Selling and administrative
Accounts receivable
90,000
expenses
500,000
Inventories
150,000
Interest expense
30,000
Total current assets
280,000
Total expenses
2,280,000
Property, plant, and
Income before income taxes
220,000
equipment (net)
800,000
Income tax expense
66,000
Total assets
$1,080,000
Net income
$
154,000
Liabilities and Stockholders' Equity
Current liabilities
$
140,000
Long-term liabilities
320,000
Common stockholders' equity
620,000
Total liabilities and
stockholders' equity
$1,080,000
Instructions
Compute the following listed ratios for 2006.
(a)
Current ratio =
___________________________________________________________
.
(b)
Debt to total assets =
_____________________________________________________
.
(c)
Profit margin ratio =
______________________________________________________
.
(d)
Return on common stockholders' equity =
____________________________________
.
(e)
Return on assets =
_______________________________________________________
.
Perform horizontal analysis on both the balance sheet and income statement.
Leeward Corporation
Balance Sheet
Horizontal Analysis
2006
2005
Change
Percent
Assets
Cash and temporary investments
$50,000
$40,000
Accounts receivable
$70,000
$90,000
Inventories
$120,000
$150,000
Total current assets
$240,000
$280,000
Property, plant and equipment
$780,000
$800,000
Total assets
$1,020,000
$1,080,000
Liabilities & Stockholder’s Equity
Current liabilities
$100,000
$140,000
Long-term liabilities
$300,000
$320,000
Common stockholder’s equity
$620,000
$620,000
Total liabilities and
stockholder’.
Accounting 970643 paper 4 problem solving (supplementary topics) october nove...
Accounting 970643 paper 4 problem solving (supplementary topics) october november 2014
Advanced Level
A Level
Zimsec
Cambridge
Alpro Learning Portal
Accounting
Accounts
Zimbabwe
Principle of accounts
he financial statements of Sierra Ltd are presented as followsSie.pdf
he financial statements of Sierra Ltd are presented as follows:
Sierra Ltd
Statement of Financial Position as at 31 Dec 2016
$
$
Changes Increase/ Decrease
2016
2015
Assets
Cash
55 000
49 000
6000 Increase
Accounts receivables
69 000
27 000
42 000 Increase
Inventory
55 000
----
55 000 Increase
Prepaid expensed
5 000
7 000
2 000 Decrease
Land
46 000
71 000
25 000 Decrease
Equipment
194 000
69 000
125 000 Increase
Accumulated depreciation equipment
(29 000)
(11 000)
18 000 Increase
Total
395 000
201 000
Liabilities and equity
Accounts payable
24 000
41 000
17 000 Decrease
Accrued expense payable
11 000
----
11 000 Increase
Convertible notes payable
111 000
151 000
40 000 Decrease
Share capital
220 000
60 000
160 000 Increase
Retained earnings
206 000
136 000
70 000 Increase
Total
572 000
388 000
Sierra Ltd
Statement of Profit or Loss
for year ended 31 Dec 2016
$
$
Sales
885 000
Cost of sales
460 000
Operating Expense
220 000
Interest expense
15 000
695 000
Profit before tax
190 000
Income tax expense
70 000
Profit
120 000
Additional information:
1. Operating expenses include depreciation expense of $35 000.
2. Cash dividends of $55 000 were declared and paid in 2016.
3. Interest expense of $15 000 was paid in cash.
4. Land was sold at its carrying amount for cash in 2016.
5. During 2016, equipment with a cost of $170 000 was purchased for cash. Equipment with a
cost of $40 000 and carrying amount of $35 000 was sold.
6. In 2016, convertible notes of $15 000 were redeemed at their carrying amount for cash;
convertible notes of $30 000 were converted into ordinary shares issued at $30 000 in total.
7. Ordinary shares were issues for $120 000 in cash during 2016.
Required:
statement of cash flows using the direct method.
Sierra Ltd
Statement of Financial Position as at 31 Dec 2016
$
$
Changes Increase/ Decrease
2016
2015
Assets
Cash
55 000
49 000
6000 Increase
Accounts receivables
69 000
27 000
42 000 Increase
Inventory
55 000
----
55 000 Increase
Prepaid expensed
5 000
7 000
2 000 Decrease
Land
46 000
71 000
25 000 Decrease
Equipment
194 000
69 000
125 000 Increase
Accumulated depreciation equipment
(29 000)
(11 000)
18 000 Increase
Total
395 000
201 000
Liabilities and equity
Accounts payable
24 000
41 000
17 000 Decrease
Accrued expense payable
11 000
----
11 000 Increase
Convertible notes payable
111 000
151 000
40 000 Decrease
Share capital
220 000
60 000
160 000 Increase
Retained earnings
206 000
136 000
70 000 Increase
Total
572 000
388 000.
MGT101 - Financial Accounting- Lecture 40
Virtual University
Course MGT101 - Financial Accounting
Lecture No 40
Instructor's Name: Mr. Mujahid Eshai
Course Email: mgt101@vu.edu.pk
financial statements of Sierra Ltd are presented as followsSierra.pdf
financial statements of Sierra Ltd are presented as follows:
Sierra Ltd
Statement of Financial Position as at 31 Dec 2016
$
$
Changes Increase/ Decrease
2016
2015
Assets
Cash
55 000
49 000
6000 Increase
Accounts receivables
69 000
27 000
42 000 Increase
Inventory
55 000
----
55 000 Increase
Prepaid expensed
5 000
7 000
2 000 Decrease
Land
46 000
71 000
25 000 Decrease
Equipment
194 000
69 000
125 000 Increase
Accumulated depreciation equipment
(29 000)
(11 000)
18 000 Increase
Total
395 000
201 000
Liabilities and equity
Accounts payable
24 000
41 000
17 000 Decrease
Accrued expense payable
11 000
----
11 000 Increase
Convertible notes payable
111 000
151 000
40 000 Decrease
Share capital
220 000
60 000
160 000 Increase
Retained earnings
206 000
136 000
70 000 Increase
Total
572 000
388 000
Sierra Ltd
Statement of Profit or Loss
for year ended 31 Dec 2016
$
$
Sales
885 000
Cost of sales
460 000
Operating Expense
220 000
Interest expense
15 000
695 000
Profit before tax
190 000
Income tax expense
70 000
Profit
120 00
Additional information:
1. Operating expenses include depreciation expense of $35 000.
2. Cash dividends of $55 000 were declared and paid in 2016.
3. Interest expense of $15 000 was paid in cash.
4. Land was sold at its carrying amount for cash in 2016.
5. During 2016, equipment with a cost of $170 000 was purchased for cash. Equipment with a
cost of $40 000 and carrying amount of $35 000 was sold.
6. In 2016, convertible notes of $15 000 were redeemed at their carrying amount for cash;
convertible notes of $30 000 were converted into ordinary shares issued at $30 000 in total.
7. Ordinary shares were issues for $120 000 in cash during 2016.
Required:
statement of cash flows using the direct method.
Sierra Ltd
Statement of Financial Position as at 31 Dec 2016
$
$
Changes Increase/ Decrease
2016
2015
Assets
Cash
55 000
49 000
6000 Increase
Accounts receivables
69 000
27 000
42 000 Increase
Inventory
55 000
----
55 000 Increase
Prepaid expensed
5 000
7 000
2 000 Decrease
Land
46 000
71 000
25 000 Decrease
Equipment
194 000
69 000
125 000 Increase
Accumulated depreciation equipment
(29 000)
(11 000)
18 000 Increase
Total
395 000
201 000
Liabilities and equity
Accounts payable
24 000
41 000
17 000 Decrease
Accrued expense payable
11 000
----
11 000 Increase
Convertible notes payable
111 000
151 000
40 000 Decrease
Share capital
220 000
60 000
160 000 Increase
Retained earnings
206 000
136 000
70 000 Increase
Total
572 000
388 000.
1-1 It is the policy of Libra Ltd to retain 40- of the profit after ta.pdf
1.1 It is the policy of Libra Ltd to retain 40% of the profit after tax. Was this policy adhered to
for the financial year ended 31 December 2020? Motivate your answer. (5 marks)
1.2 Has management been efficient in the management of its accounts receivable? Use the
relevant ratio to motivate your answer.
1.3 Did Libra Ltd take advantage of the credit terms offered by its trade creditors? Substantiate
your answer. (4 marks)
1.4 Would the shareholders of Libra Ltd be satisfied with their return on investment? Why? (4
marks)
1.5 Suppose Libra Ltd purchases goods for R600 000. How much should it sell the goods for and
still maintain the existing gross margin ratio? (4 marks)
1.6 Comment on the ability of the company to generate profits from all the capital it has
employed. Support your answer with a suitable ratio. (4 marks)
INFORMATION
Libra Ltd commenced operations during January 2015. The company experienced profitability
since the first year of existence and was able to pay out dividends to the shareholders over the
years and retain some of the profit. The following are excerpts of the financial statements of
Libra Ltd for 2020:
LIBRA LTD
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER
2020
Sales (all credit) 7 000 000
Cost of sales (5 600 000)
Gross profit 1 400 000
Operating expenses (800 000)
Operating profit 600 000
Interest expense (150 000)
Profit before tax 450 000
Company tax (135 000)
Profit after tax 315 000
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020
Assets
Non-current assets 700 000
Inventories 1 600 000
Accounts receivable/Debtors 800 000
Cash 100 000
3 200 000
Equity and liabilities
Ordinary share capital 1 200 000
Retained earnings 500 000
Long-term loan (15%) 800 000
Accounts payable/Creditors 400 000
Dividends payable 100 000
Other current liabilities 200 000
3 200 000
NOTE:
1. Interim dividends paid during the year amounted to R114 200.
2. Inventories amounted to R1 800 000 on 31 December 2019.
3. Eight percent (80%) of all purchases of inventories is on credit.
4. Credit terms to debtors are 30 days and the creditors of Libra Ltd allow 90 days to settle
accounts..
In.docx
Income Statement
Balance Sheet
Next Year
This Year
Next Year
Revenue
$5,000
Total assets
$1,000
$2,000
Operating expenses
4,000
Liabilities & equity:
EBIT
1,000
Current liabilities
$ 576
$ 200
Interest (8%)
?
Long-term debt
100
?
EBT
?
Equity
324
?
Taxes(40%)
?
Earnings after tax
?
Total liabilities
& equity
$1,000
$2,000
The firm pays 8% interest on all of its debt and is subject to a 40% tax rate. Complete the plan.
1. Emperor Corporation's financial statements for the last year are shown below. The firm paid a $1,000 dividend to its stockholders during the year. There were no sales of new stock.
Balance Sheets
ASSETS
Ending
Beginning
Income Statement
Cash
$ 2,000
$ 1,600
Sales
$100,000
Accounts receivable
12,000
5,200
COGS
80,000
Inventory
14,000
15,600
Gross Margin
$ 20,000
Current Assets
$28,000
$22,400
Cash Expenses
$ 8,000
Gross Fixed assets
$27,000
$20,000
Depreciation
1,600
Accumulated depreciation
(16,000
)
(14,400
)
EBIT
$ 10,400
Net fixed assets
11,000
5,600
Interest
800
Total assets
$39,000
$28,000
EBT
$ 9,600
LIABILITIES
Tax
2,600
Accounts payable
$ 3,000
$ 2,500
Net Income
$ 7,000
Accruals
1,000
1,500
Current Liabilities
$ 4,000
$ 4,000
Long term Debt
10,000
5,000
Equity
25,000
19,000
Total liabilities & equity
$39,000
$28,000
Develop Emperor's Statement of Cash Flows.
.
Pearson edexcel ial accounting may 2020 unit 01 the accounting system and cos...
Pearson Edexcel International Advanced Level (IAL):
Accounting
Paper : The Accounting System and Costing May 2020 Paper 01/ Unit 01
Instructions for each section must be fully adhered to.Section.docx
Instructions for each section must be fully adhered to.
Section 1
Instructions for Exercise 13:
Prepare a statement of cash flows for 2011 using the indirect method.
13)
Here are comparative balance sheets for Taguchi Company.
TAGUCHI COMPANY
Comparative Balance Sheets
December 31
Assets
2011 2010
Cash $ 73,000 $ 22,000
Accounts receivable 85,000 76,000
Inventories 170,000 189,000
Land 75,000 100,000
Equipment 260,000 200,000
Accumulated depreciation
(66,000)
(32,000)
Total
$597,000
$555,000
Liabilities and Stockholders’ Equity
Accounts payable $ 39,000 $ 47,000
Bonds payable 150,000 200,000
Common stock ($1 par) 216,000 174,000
Retained earnings
192,000
134,000
Total
$597,000
$555,000
Additional information:
1. Net income for 2011 was $103,000.
2. Cash dividends of $45,000 were declared and paid.
3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.
4. Common stock was issued for $42,000 cash.
5. No equipment was sold during 2011, but land was sold at cost.
Instructions for Exercise 14:
(A)
Prepare a horizontal analysis of the balance sheet data for Conard Corporation using 2011 as a base.
(B)
Prepare a vertical analysis of the balance sheet data for Conard Corporation in columnar form for 2012.
14)
The comparative condensed balance sheets of Conard Corporation are presented below.
CONARD CORPORATION
Comparative Condensed Balance Sheets
December 31
2012 2011
Assets
Current assets $ 74,000 $ 80,000
Property, plant, and equipment (net) 99,000 .
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ACC/ 291 - 40918999 I Week Four Assignment
E11-16
Before preparing financial statements for the current year, the chief accountant for Springer Company
discovered the following errors in the accounts.
1. The declaration and payment of $50,000 cash dividend was recorded as a debit to Interest
Expense $50,000 and a credit to Cash $50,000.
2. A 10% stock dividend (1,000 shares) was declared on the $10 par value stock when the market
value per share was $16. The only entry made was: Retained Earnings (Dr.) $10,000 and
Dividend Payable (Cr.) $10,000. The shares have not been issued.
3. A 4-for-i stock split involving the issue of 400,000 shares of $5 par value common stock for
100,000 shares of $20 par value common stock was recorded as a debit to Retained Earnings
$2,000,000 and a credit to Common Stock $2,000,000.
Prepare the correcting entries at December 31. (For multiple debit/credit entries, list amounts
from largest to smallest e.g. 10, 5, 3, 2.)
CCoUflt/ DescriDtion Debit’ Credit
Ii. Dec.
bi I I I
I I II
12. Dec.
L31 I____________________________
I i___________________________________________________________________
I I I I
I I Ii
13. Dec.
bi I I I
I Ii 1.1 I I
Question Attempts: 0 of 3 used
Copyright © 2000-2013 by John Wiley & Sons, Inc. or related companies. All rights reserved.
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ACC/291. - 40918999 / Week Five Assignment
P13-9A
Condensed financial data of Arma Inc. follow.
ARMA INC.
Comparative Balance Sheets
December 31
Assets 2011 2010
Cash $90,800 $48,400
Accounts receivable 92,800 33,000
Inventories 112,500 102,850
Prepaid expenses 28,400 26,000
Investments 138,000 114,000
Plant assets 270,000 242,500
Accumulated depreciation (50,000) (52,000)
Total $682,500 $514,750
Liabilities and Stockholders’ Eauitv
Accounts payable $112,000 $67,300
Accrued expenses payable 16,500 17,000
Bonds payable 110,000 150,000
Common stock 220,000 175,000
Retained earnings 224,000 105,450
Total $682,500 $514,750
ARMA INC.
Income Statement
For the Year Ended December 31, 2011
Sales $392,780
Less:
Cost of goods sold $135,460
Operating expenses, excluding depreciation 12,410
Depreciation expense 46,500
Income taxes 27,280
Interest expense 4,730
Loss on sale of plant assets 7,500 233,880
Net income $158,900
Additional information:
1. New plant assets costing $85,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $57,500 were sold for $1,500 cash.
3. Bonds matured and were paid off at face value for cash.
4. A cash dividend of $40,350 was declared and paid during the year.
Complete the statement of cash flows using the indirect method. (List amounts from largest
I of 3
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AshfordACC305Guidance ReportWeek TwoMake the follo.docx
Ashford
ACC305
Guidance Report
Week Two
Make the following changes to the exercises and problems.
Nov 13
Problem
Change Amount to:
Applicable Transaction
Ex 4-16
240000
Customers
10000
Interest on notes receivable
32000
Principle on note receivable
15000
Sale of investments
60000
Proceeds from note payable
-90000
Purchase of inventory
-20000
Interest on note payable
-40000
Purchase of equipment
30000
Salaries to employees
-42000
Principle on note payable
-52000
Payment of dividends to shareholders
Ex 4-19
Financing
Investing
Operating
270000
-25000
-12000
-9000
-55000
36000
Ex 4-22
950
Net income
210
Depreciation expense
Changed ending balance
685
Accounts receivable
670
Inventory
65
Prepaid insurance
2200
Plant and equipment
-810
Accumulated depreciation
270
Accounts payable
280
Payables for admin
230
Income taxes payable
820
Note payable
945
Common stock
485
Retained earnings
Ex 5-3
2011
2012
Installment Sales
390000
490000
Cost of Installment Sales
270000
290000
Cash collections on sales
during:
2011
240000
90000
2012
300000
Ex 5-10
($ in millions)
2011
2012
2013
Contract price
$340
$340
$340
Actual costs to date
70
150
200
Estimated costs to complete
150
90
0
Total estimated costs
220
240
200
Estimated gross profit (actual in 2013)
$120
$100
$140
Case 5-23
Net income
16000
Short term note
5000
Bonds interest rate
0.08
Cash balance
15000
Profit margin on sales
0.05
Return on assets
0.075
Gross profit margin
0.4
Inventory turnover ratio
6
Receivables turnover ratio
25
Acid test ratio
0.9
Current ratio
2
Return on shareholders equity
0.1
Debt to equity ratio
0.33
Times interest earned
12
Exercise 4-16
Bluebonnet Bakers
Statement of Cash Flows
For the Year Ended December 31, 2011
Cash flows from operating activities:
Collections from customers
Interest on note receivable
Purchase of inventory
Interest on note payable
Payment of salaries
Net cash flows from operating activities
$
Cash flows from investing activities:
Collection of note receivable
Sale of investments
Purchase of equipment
Net cash flows from investing activities
Cash flows from financing activities:
Proceeds from note payable
Payment of note payable
Payment of dividends
Net cash flows from financing activities
Net increase in cash
Cash and cash equivalents, January 1
Cash and cash equivalents, December 31
$
Exercise 4-19
Requirement 1 (Completed)
Financing
Investing
Operating
1.
Changed
2.
(
Changed
3.
(
4.
(
5.
Changed
6.
Changed
7.
Changed
8.
Changed
9.
(
__________
__________
__________
$
=
Requirement 2
Wainwright Corporation
Statement of Cash Flows
For the Month Ended March 31, 2011
Cash flows from operat ...
1Exercise 8-4The ledger of Wainwright Company at the end of the cu.docx
1Exercise 8-4
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $76,000; Credit Sales $801,000; and Sales Returns and Allowances $50,000.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,000 balance is uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of $990 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable.
(c)
If Allowance for Doubtful Accounts has a debit balance of $850 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.
No.
Account Titles and Explanation
Debit
Credit
(a)
2
Broadening Your Perspective 8-1
The financial statements of
Tootsie Roll
are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRE.
ACC 304 Lecture notes updated (2).docx
Kindly provide an answer to Foreign branch account under the attached document
The John Marshall Company Inc which provides consulting s.pdf
The John Marshall Company, Inc., which provides consulting services to major utility companies,
was formed on January 2 of this year. Transactions completed during the first year of operation
were as follows: January 2 - Issued 600,000 shares of stock for $10,300,000. January 10 -
Acquired equipment in exchange for $2,600,000 cash and a $5,100,000 note payable. The note is
due in ten years. February 1 - Paid $12,000 for a business insurance policy covering the two-year
period beginning on February 1. February 22 - Purchased $900,000 of supplies on account March
1 - Paid wages of $185,600 March 23 - Billed $2,810,000 for services rendered on account April 1
- Paid $120,000 of the amount due on the supplies purchased February 22. April 17 - Collected
$300,000 of the accounts receivable May 1 - Paid wages of $200,400. May 8 - Received and paid
bill for $96,000 for utilities. May 24 - Paid $44,000 for sales commissions. June 1 - Made the first
payment of 250,000 on the note issued January 10. The payment consisted of $50,000 interest
and $200,000 applied against the principal of the note. June 16 - Billed eustomers for $520,000 of
services rendered. June 30 - Collected $310,000 on accounts receivable. July 10 - Purchased
$150,000 of supplies on account. August 25 - Paid $155,000 for administrative expenses.
September 23 - Paid $31,000 for warehouse repairs. October 1 - Paid general wages of $91,000.
November 20 - Purchased supplies for $61,000 cash. December 15 - Collected $145,000 in
advance for services to be provided in December and January. December 30 - Declared and paid
a $55,000 dividend to shareholders.Assets: 101102CashAccountsreceivable 103 Supplies 104
Prepaid insurance 110 Equipment 112 Accumulated depreciation Liabilities: 201 Accounts payable
202 Unearned service revenue 203 Wages payable 210 Interest payable 220 Notes payable
Stockholders' Equity: 301 Common stock 310 Retained eamings 320 Dividends Revenues: 401
Service revenue Expenses: 5015025035045055065075105200ther:601Wageexpense
UtilityexpenseSellingexpenseAdministrativeexpenseRepairsexpenseInsuranceexpense
SuppliesexpenseDepreciationexpenseInterestexpenseIncomesummary1. Journalize the
transactions for the year. 2. Post the journal entries to a T account. 3. Prepare an unadjusted trial
balance as of December 31 . 4. Journalize and post adjusting entries to the T accounts based on
the following additional information: a. Eleven months of the insurance policy expired by the end of
the year. b. Depreciation for equipment is $410,000. c. The company provided $92,000 of services
related to the advance collection of December 15 . d. There are $545,000 of supplies on hand at
the end of the year. e. An additional $185,000 of interest has accrued on the note by the end of
the year. f. Marshall accrued wages of $215,000 at the end of the ear. 5. Prepare an adjusted trial
balance as of December 31 . 6. Prepare a single-step income statement and statement of retained
eamings for the year.
The John Marshall Company Inc which provides consulting s.pdf
The John Marshall Company, Inc., which provides consulting services to major utility companies,
was formed on January 2 of this year. Transactions completed during the first year of operation
were as follows: January 2 - Issued 600,000 shares of stock for $10,300,000. January 10 -
Acquired equipment in exchange for $2,600,000 cash and a $5,100,000 note payable. The note is
due in ten years. February 1 - Paid $12,000 for a business insurance policy covering the two-year
period beginning on February 1. February 22 - Purchased $900,000 of supplies on account March
1 - Paid wages of $185,600 March 23 - Billed $2,810,000 for services rendered on account April 1
- Paid $120,000 of the amount due on the supplies purchased February 22. April 17 - Collected
$300,000 of the accounts receivable May 1 - Paid wages of $200,400. May 8 - Received and paid
bill for $96,000 for utilities. May 24 - Paid $44,000 for sales commissions. June 1 - Made the first
payment of 250,000 on the note issued January 10. The payment consisted of $50,000 interest
and $200,000 applied against the principal of the note. June 16 - Billed eustomers for $520,000 of
services rendered. June 30 - Collected $310,000 on accounts receivable. July 10 - Purchased
$150,000 of supplies on account. August 25 - Paid $155,000 for administrative expenses.
September 23 - Paid $31,000 for warehouse repairs. October 1 - Paid general wages of $91,000.
November 20 - Purchased supplies for $61,000 cash. December 15 - Collected $145,000 in
advance for services to be provided in December and January. December 30 - Declared and paid
a $55,000 dividend to shareholders.Assets: 101102CashAccountsreceivable 103 Supplies 104
Prepaid insurance 110 Equipment 112 Accumulated depreciation Liabilities: 201 Accounts payable
202 Unearned service revenue 203 Wages payable 210 Interest payable 220 Notes payable
Stockholders' Equity: 301 Common stock 310 Retained eamings 320 Dividends Revenues: 401
Service revenue Expenses: 5015025035045055065075105200ther:601Wageexpense
UtilityexpenseSellingexpenseAdministrativeexpenseRepairsexpenseInsuranceexpense
SuppliesexpenseDepreciationexpenseInterestexpenseIncomesummary1. Journalize the
transactions for the year. 2. Post the journal entries to a T account. 3. Prepare an unadjusted trial
balance as of December 31 . 4. Journalize and post adjusting entries to the T accounts based on
the following additional information: a. Eleven months of the insurance policy expired by the end of
the year. b. Depreciation for equipment is $410,000. c. The company provided $92,000 of services
related to the advance collection of December 15 . d. There are $545,000 of supplies on hand at
the end of the year. e. An additional $185,000 of interest has accrued on the note by the end of
the year. f. Marshall accrued wages of $215,000 at the end of the ear. 5. Prepare an adjusted trial
balance as of December 31 . 6. Prepare a single-step income statement and statement of retained
eamings for the year.
A COM Balance Sheets As of December 31 2015 2014 Assets Current asset.pdf
A COM Balance Sheets As of December 31 2015 2014 Assets Current assets Cash Marketable
securities Accounts receivable (net) Inventories Prepaid items $ 20,000 20,800 49,000 134,000
28,000 16,000 6,800 41,000 142,000 13,000 Total current assets Investments Plant (net) Land
251,800 32,000 295,000 29,000 218,800 25,000 280,000 24,000 Total assets $607,800 $547,800
Liabilities and Stockholders\' Equity Liabilities Current liabilities Notes payable Accounts
payable Salaries payable $ 31,600 $ 17,700 100,000 17,000 113,800 23,000 Total current
liabilities 168,400 134,700 Noncurrent liabilities Bonds payable Other 120,000 120,000 32,000
152,000 320,400 27,000 147,000 281,700 Total noncurrent liabilities Total liabilities
Stockholders\' equity Preferred stock, (par value $10, 4% cumulative non-participating; 8,000
shares authorized and issued) 80,000 80,000 Common stock (No par; 50,000 shares authorized;
80,000 127,400 10,000 shares issued) 80,000 106,100 266,100 $607,800 $547,800 Retained
earnings Total stockholders\' equity 287,400 Total liabilities and stockholders\' equity
Solution
SOLUTION
1. Working Capital = Current assets - Current Liabilities
2014 -
Working capital = $218,800 - $134,700 = $84,100
2015-
Working capital = $251,800 - $168,400 = $83,400
2. Current Ratio = Current assets / Current liabilities
2014 -
Current ratio = $218,800 / $134,700 = 1.62
2015-
Current ratio = $251,800 / $168,400 = 1.50
3. Quick ratio = (Current assets - Inventories) / Current liabilities
2014 -
Quick ratio = ($218,800 - $142,000) / $134,700 = 0.57
2015-
Quick ratio = ($251,800 - $134,000) / $168,400 = 0.70
4. Receivable turnover = Net credit sales / Average accounts receivable
2014-
Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2
= ($42,000 + $41,000) / 2 = $41,500
Receivable turnover = $290,000 / $41,500 = 6.99
2015-
Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable) / 2
= ($41,000 + $49,000) / 2 = $45,000
Receivable turnover = $310,000 / $45,000 = 6.89.
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When you talk about the meaning of life, which sense of the term do you use-- external meaning or internal meaning?
What bearing, if any, does the ephemeral nature of our existence have on the question of whether life has meaning? Does the fact that we die negate the possibility of meaning in life?
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Client with Pneumonia
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If you implemented all of the identified interventions, how would you evaluate that your interventions were successful and that the goals were met?
.
Answer the following questions using art vocabulary and ideas from L.docx
Answer the following questions using art vocabulary and ideas from Lectures 2, 3, & 4 and Chapter 2 in your textbook. Please make
sure each answer is thoughtful, edited for grammar and spelling errors, and
at least
4-5
COMPLETE
sentences. Also, be as
specific as possible and
use examples to support EVERY statement. Write your answers in your own words (not taken
directly from your readings or outside resources).
A grading rubric is attached to this assignment.
**When answering the questions/prompts below,
write in PARAGRAPH FORM
(while making sure each question is addressed in your paragraph).
**Copy the photos of the artworks and the questions BEFORE each paragraph answer.
PROMPTS
:
1.
-Is Henri Matisse's 1947 print,
Icarus
,
an example of Representational Art, Abstracted Art, or Non-Representational Art? Explain your reasoning.
-Describe the use of
SHAPE
in Henri Matisse's 1947 print,
Icarus
. Are the shapes organic or geometric? Which ones? Describe how the shapes interact, or "touch" each other. Are the edges of the shapes soft or hard? Do they bump, blend, or overlap?
-Which theme(s) best describe the content of Matisse's
Icarus
?
Support your answers with specific examples from the painting.
2.
-Is Kathe Kollwitz' 1903 etching,
Mother with Dead Child
an example of Representational Art, Abstracted Art, or Non-Representational Art? Explain your reasoning.
-Describe the use of
LINE
in this print. What types of line (geometric, organic, implied) are present? What do you believe these lines express? Are there any contour lines? Hatching or cross-hatching? Where? In what direction(s) do the lines move?
-Which theme(s) best describe the content of Kollwitz'
Mother with Dead Child?
Support your answers with specific examples from the etching.
3.
-Is the
Colossal 8-feet-tall Olmec Head
(1500-300 BCE) an example of Representational Art, Abstracted Art, or Non-Representational Art? Explain your reasoning.
-Describe the
FORM/MASS
of the Olmec Head. Address the size, density, material(s) used, and how it may have interacted with it's original location.
-Is the sculpture an example of
Closed Form
or
Open Form
? Explain your answer.
-Which theme(s) best describe the content of the Olmec Heads? Support your answers with specific examples from the sculpture.
4.
-Is Jan van Eyck's 1434 oil painting,
The Arnolfi Portrait
,
an example of Representational Art, Abstracted Art, or Non-Representational Art? Explain your reasoning.
-Discuss the use of
TEXTURE
in van Eyck's painting. Does the work have actual/tactile texture, visual/simulated texture, or a combination of both? Explain your answer.
-Which theme(s) best describe the content of van Eyck's
The Arnolfi Portrait
? Support your answers with specific examples from the painting.
5.
Is George Caleb Bingham's 1845 painting,
Fur Traders Descending the Missouri
, an example of Representational Art, Abstracted Art, or Non-Represen.
Answer the following questions in a total of 3 pages (900 words). My.docx
Answer the following questions in a total of 3 pages (900 words). My budget is between $50-60. Deadline is 5 hours
What, in your opinion, are the salient attributes of indigenous African religious cultures?
Do you feel western scholars were justified in tagging negative labels on African religions?
Would you say African religions are polytheistic because of the belief in numerous deities?
Describe the Core Elements of Yoruba or Fon Cosmology
.
Answer the following questions No single word responses (at lea.docx
Answer the following questions: No single word responses (at least 70+ words in each response)
Give the questions some thought and answer honestly
1. What is happening?
2. What issues does it raise?
3. What emotions come to your awareness?
4. What implications does it have for how we practice?
.
Answer the following questions based on the ethnography Dancing Skel.docx
Answer the following questions based on the ethnography Dancing Skeletons. It is not necessary to write
an essay, but do engage the questions at a thoughtful level. Be sure to answer the question thoroughly as
each has several parts and use examples from the ethnography.
1. Why is it important for an anthropologist to be able to speak the local language? What
advantages did the author enjoy because of her language ability? What difficulties ensue when a
researcher is not able to speak the local language? If all contact with the population is through an
interpreter, what sorts of bias might arise in the data collection?
2. What was the outcome of the author’s visit to #104’s compound? What had happened to the
child since her last visit several years earlier? Why did the author use numbers to refer to people
in her study, instead of their names? Do you think it was right for Dettwyler to intervene in the
case of child #104, or should anthropologists just study people in other cultures and endeavor to
have as little impact on them as possible? Is it possible to conduct anthropological research
without having some effect on the people you study?
3. How do the medical resources of Magnambougou compare to those available in the United
States? What are the main diseases children in Mali must contend with?
4. Using female circumcision as the focus, discuss the concept of cultural relativism as used by
anthropologists. Even though we may understand the beliefs behind the practice, does cultural
relativism compel us to approve of female circumcision? What are some of the rationales
provided by cultures that practice female circumcision? What was Agnes’s attitude (Chapter 3)
when she found out that neither the author nor her daughter had been, or where intending to be
circumcised?
5. Aminata’s parents could see that she was very skinny even though she ate a lot of food.
“Everyone knows that you can eat a lot and still be skinny” (Dettwyler 1994: 44). How do
observations such as these contribute to the belief among some Malians that food intake and
health are not related?
Essay and Homework Requirements:
• Minimum of 2 typed pages of your writing (not including heading or prompt)
• 12 point font size
• 1 inch margins on all sides
• Double-spaced throughout
• Spell-checked, grammar-checked
.
Answer the following questions to the best of your ability1) De.docx
Answer the following questions to the best of your ability:
1) Describe Native America societies prior to European contact. What are some examples of how their civilizations varied by region across North and South America?
2) What was the Columbian Exchange? Give at least 5 examples,
(be specific with details)
. What are some effects this had on both the Old and New Worlds?
3) Briefly describe the relationship between Powhatan and the English colonists of Virginia Colony in the 17thcentury. How did they help one another? How did they oppose one another?
4) Refer to the website below on the
Mayflower Compact, 1620
. What do the writers claim their purpose was in founding a colony (Plymouth)? What do the writers claim is their purpose in establishing this charter?
*copy/paste into your browser to answer the questions above:
https://avalon.law.yale.edu/17th_century/mayflower.asp
5) What was the major cash crop of the English colonies around the Chesapeake Bay (e.g., Virginia and Maryland)? What unfree laborers primarily worked that crop for wealthier landowners in the 17th century? What unfree laborers were the predominant labor force on plantations as the 18th century wore on?
6) Describe the First and Second Great Awakenings. What were some similarities between those movements? What were some differences?
7) What are at least 4 factors that led to the American Revolution? Briefly describe each one.
8) Describe the influence of Enlightenment ideals on the Constitution? What were three (3) major compromises that were necessary to gain enough support to ratify the Constitution
(describe them)
?
9) What was the “Revolution of 1800” and why is it important, even today?
10) What was the Louisiana Purchase? Give three examples of long-term consequences of the US acquiring that territory?
11) Throughout the 17th, 18th, and 19th centuries, what are some of the ways in which American Indian peoples interacted with European (and later, American) settlers? What were some of the strategies which American Indian tribes used to navigate European and US expansion?
12) Describe the difference between northern and southern states in the US between 1800 and 1850. What were some of their defining characteristics?
13) What factors prompted the South to secede from the United States in 1860/1861? What was Pres. Lincoln’s response? What were 3 consequences of the Civil War?
14) Describe Reconstruction. Did it work (how and/or how not)?
.
Answer the following questionDo you think it is necessary to .docx
Answer the following question:
Do you think it is necessary to create a different law to serve minors who violate the law or should they be processed in the same way that adults are processed? Explain.
**Arguments in response to the question must be supported by at least two academic sources.**
Essay ( 1-3 pages)
.
Answer the following question. Use facts and examples to support.docx
Answer the following question. Use facts and examples to support your answer. Use APA style for any references.
Due June 14, 11:59 p.m. EST
Using Figure 5.4 as the target architecture, who are the threat agents who will be most interested in attacking Web applications created through AppMaker?
.
Answer the bottom questions in apa format and decent answer no shor.docx
Answer the bottom questions in apa format and decent answer no short answer please.
Subaru's Sales Boom Thanks to the Weaker Yen For the Japanese carmaker Subaru, a sharp fall in the value of yen against the U.S. dollar has turned a problem—the lack of U.S. production—into an unexpected sales boom. Subaru, which is a niche player in the global auto industry, has long bucked the trend among its Japanese rivals of establishing significant manufacturing facilities in the North American market. Instead, the company has chosen to concentrate most of its manufacturing in Japan in order to achieve economies of scale at its home plants, exporting its production to the United States. Subaru still makes 80 percent of its vehicles at home, compared with 21 percent for Honda. Back in 2012, this strategy was viewed as something of a liability. In those days, one U.S. dollar bought only 80 Japanese yen. The strong yen meant that Subaru cars were being priced out of the U.S. market. Japanese companies like Honda and Toyota, which had substantial production in the United States, gained business at Subaru's expense. But from 2012 onward, with Japan mired in recession and consumer prices falling, the country's central bank repeatedly cut interest rates in an attempt to stimulate the economy. As interest rates fell in Japan, investors moved money out of the country, selling yen and buying the U.S. dollar. They used those dollars to invest in U.S. stocks and bonds where they anticipated a greater return. As a consequence, the price of yen in terms of dollars fell. By December 2015, one dollar bought 120 yen, representing a 50 percent fall in the value of the yen against the U.S. dollar since 2012. For Subaru, the depreciation in the value of the yen has given it a pricing advantage and driven a sales boom. Demand for Subaru cars in the United States has been so strong that the automaker has been struggling to keep up. The profits of Subaru's parent company, Fuji Heavy Industries, have surged. In February 2015, Fuji announced that it would earn record operating profits of around ¥410 billion ($3.5 billion) for the financial year ending March 2015. Subaru's profit margin has increased to 14.4 percent, compared with 5.6 percent for Honda, a company that is heavily dependent on U.S. production. The good times continued in 2015, with Subaru posting record profits in the quarter ending December 31, 2015. Despite its current pricing advantage, Subaru is moving to increase its U.S. production. It plans to expand its sole plant in the United States, in Indiana, by March 2017, with a goal of making 310,000 a year, up from 200,000 currently. When asked why it is doing this, Subaru's management notes that the yen will not stay weak against the dollar forever, and it is wise to expand local production as a hedge against future increases in the value of the yen. Indeed, when the Bank of Japan decided to set a key interest rate below zero in early February 2016, the yen .
Answer the following below using the EXCEL attachment. chapter 5.docx
Answer the following below using the EXCEL attachment.
chapter 5's Exercise questions 9, 10, 11, 12, and post at least 2 points that he/she has learned from them and at least 2 questions that he/she may have.
chapter 5 appendix Exercise question 4
.
Answer the following prompts about A Germanic People Create a Code .docx
Answer the following prompts about “A Germanic People Create a Code of Law” on pgs. 104-108 from the
Sources of
World Societies: Volume 1: To 1600
book. your answer should include one original question that you have about the readings.
1. Compare and contrast this law code with the Twelve Tables and the Code of Hammurabi.
2. Where do you see major similarities, and differences?
3. Of the three codes, which would you prefer to live under, and why?
.
Answer the following discussion board question below minumun 25.docx
Answer the following discussion board question below: minumun 250 words in total.
[1] How did the attempted impeachment of President Clinton come about? What do you think about this attempt at impeachment and the surrounding controversies and circumstances?
[2] What parallels, if any, do you see between the impeachment efforts against President Clinton and those today against President Trump? Are they comparable or completely different, in your view? Explain.
.
Answer the following questions about IT Project Management. What.docx
Answer the following questions about IT Project Management.
What is a project, and what are its main attributes? How is a project different from what most people do in their day-to-day jobs? Discuss the importance of top management commitment and the development of standards for successful project management. Provide examples to illustrate the importance of these items based on your experience on any type of project. Discuss the unique challenges that an IT project presents.
.
Answer the following in at least 100 words minimum each1.Of.docx
Answer the following in at least 100 words minimum each:
1.Often times we will see data that goes up and down and doesn’t appear to be moving at a steady rate in either direction. Can we draw any conclusion from data like that?
2.
Time series and future prediction of value is something that many of you likely deal with at work. You may see the type of future prediction in a retirement or investment account on a personal level. When would this type of analysis be important in your industry?
.
Answer the following questions(at least 200 words) and responses 2 p.docx
Answer the following questions(at least 200 words) and responses 2 posts(not word limitation):
Should the federal, state, or local governments pass legislation that requires organizations to offer voluntary benefits? Why or why not?
You need to find a source and make reference
.
Answer the following questions in a Word document and upload it by M.docx
Answer the following questions in a Word document and upload it by March 19. Answers should be one paragraph each.
1. What arguments can you provide to show there is or is not political bias in the media?
2. Do you feel that the existence of Wikileaks helps or undermines America's national security?
3. Why do you feel that polling errors occur in gathering data on Presidential elections?
4. Do you feel the Fairness Doctrine was justified, or do you feel it was right to repeal it?
5. Is the rise of digital citizenship a good or bad thing for the media?
.
Answer the following questions in complete sentences. Each answer sh.docx
Answer the following questions in complete sentences. Each answer should be roughly one or two paragraphs. Use examples and/or quotes from the textbook to support your answers. Type in the answers directly below each question.
1. How did communism emerge in Russia and China? What were the similarities and differences between these two processes?
2. What were the main economic policies pursued by communist regimes? In what ways were they successful and in what ways did they fail?
.
ANSWER THE DISCUSSION QUESTION 250 WORDS MINDiscussion Q.docx
**ANSWER THE DISCUSSION QUESTION 250 WORDS MIN**
Discussion Questions:
How should the United States government deal with the heightened concern about homegrown violent extremism and the growing concern for the preservation of civil liberties? What are the political and constitutional consequences of counter-terrorism? Lastly, how do we assess the tradeoffs between freedom and security?
***REPLY TO EACH POST 100 WORDS MIN EACH***
1. The United States government will always have to face the homegrown violent extremist because with the internet alone people are able to research just about anything and find their answers. The civil liberties are being violated because you have FBI and CIA looking into what people on doing on the webs. I personally believe that you gave up the right when you decided to goggle whatever it is you’re looking up. It’s also like social media site take Facebook for example people are willing to give up their rights so they can be on Facebook and be able to look or post whatever they want. But just like ever website the owner of that site has a right to delete what they don’t want on it as well. So why can’t the FBI/CIA look into and potentially stop a homegrown extremist from attacking the nation or even just attacking schools, churches, and retail stores like the mall or Wal-Mart. All these locations have had attacks from violent extremist when if they were being watched or monitored those attacks could have been stopped or at least less death could have occurred. From a political and constitutional stand point, consequences of counter-terrorism can vary. I political stand is to protect and preserve the freedom for the people. Protecting one’s Constitutional rights depends on what the politician’s plans on policies and procedures that could begin to take away those civil rights that were granted and give people the sense of freedom that the nation is built on. Policies and procedures can change everything take the mask wearing and social distancing for Covid-19, you have the people that are okay with it all and are following the rules but then you have the ones that have been protesting or fighting people over the fact that they don’t want to wear a mask. To me personally it’s simple to wear a mask but to others it’s a reason of rights being taken away by mandating it. Working for the military and DHS I personally don’t see freedom and security as a tradeoff. If agencies do their jobs correctly and protect the United States and National Security then freedom wouldn’t be at stake. I believe in freedom but the security measures in place are to help protect that freedom, without the security measures the nation would be under attack like 9/11 or worse.
2. The internal terrorist threat in the United States is operational and complicated, with continuing threats from extreme left- and right-wing extremist groups and radicalization and recruitment efforts by international terrorist groups. Since Sept/11, our.
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- 1. Link Ltd acquired 80% of the shares of Connect Ltd on 1 July 2012 for $115 000. At this date the equity of Connect Ltd consisted of: Share capital (100 000 shares) General reserve Retained earnings $ 80 000 2 400 29 600 All the identifiable assets and liabilities of Connect Ltd were recorded at amounts equal to their fair values except for: Carrying amount Fair value Plant (cost $65 000) $52 000 $56 000 Land 40 000 45 000 Inventory 25 000 28 000
- 2. The plant was expected to have a further useful life of 10 years. The land was sold on 1 January 2015. The inventory was all sold by 30 June 2013. Link Ltd uses the full goodwill method. The fair value of the non-controlling interest (NCI) at 1 July 2012 was $28 000. At 1 July 2012, Connect Ltd had unrecorded brands that had a fair value of $18 000. These had an indefinite life. Additional information · Connect Ltd had inventory on hand at 30 June 2014 that included inventory at cost of $8000 that had been sold to it by Link Ltd. This inventory had cost Link Ltd $6000. It was all sold by Connect Ltd by 30 June 2015. · During the 2014-15 year, Connect Ltd sold inventory to Link Ltd for $48 000. At 30 June 2015, Link Ltd still had some of this inventory on hand. This inventory had been sold to it by Connect Ltd at a profit of $4000. · On 1 January 2014, Connect Ltd sold plant to Link Ltd for $16 000. This had a carrying amount in Connect Ltd at time of sale of $12 000. Plant of this class is depreciated at 20% per annum. · Management and consultation fees derived by Link Ltd are all from Connect Ltd and represent charges for administration $1760 and technical services for the manufacturing section $2240. · All debentures issued by Connect Ltd are held by Link Ltd. · Other components of equity relate to movements in the fair values of financial assets held by the entities. Gains and losses on these financial assets are recognised in other comprehensive income. The balance of the other components of equity account at 1 July 2014 was $8000 (Link Ltd) and $6400 (Connect Ltd). · The tax rate is 30% · Financial information at 30 June 2015 of Link Ltd and its subsidiary company, Connect Ltd, is shown below.
- 3. Link Ltd Connect Ltd Sales revenue $252 800 $176 000 Debenture interest 4 000 — Management and consultation fees 4 000 — Dividends 9 600 — Total revenue 270 400 176 000 Cost of sales (104 000) (68 000) Manufacturing expenses (82 000) (53 000) Depreciation on plant (12 000) (12 000) Administrative expenses (12 000) (6 400) Financial expenses (8 800) (4 000)
- 4. Other expenses (11 200) (9 600) Total expenses 230 000 153 000 Profit from trading 40 400 23 000 Gains on sale of non-current assets 10 000 5 000 Profit before income tax 50 400 28 000 Income tax expense (20 000) (13 600) Profit for the year 30 400 14 400 Retained earnings at 1 July 2014 40 000 36 000 70 400 50 400
- 5. Dividend paid (8 000) (8 000) Dividend declared (8 000) (4 000) (16 000) (12 000) Retained earnings at 30 June 2015 54 400 38 400 Share capital 240 000 80 000 General reserve 37 600 8 000 Other components of equity 10 400 8 000 Debentures 160 000 80 000 Current tax liability 20 000 13 600 Dividend payable 8 000 4 000 Deferred tax liabilities 12 000 5 600
- 6. Other current liabilities 60 000 9 600 Total equity and liabilities $602 400 $247 200 Shares in Connect Ltd $115 000 — Debentures in Connect Ltd 80 000 — Plant 96 000 $81 600 Less: Accumulated depreciation (52 000) (44 000) Intangibles 60 800 44 000 Less: Accumulated amortisation (32 000) (20 000) Deferred tax assets 58 600 24 000 Financial assets 40 000 48 000 Land 120 000 45 600
- 7. Inventory 72 000 44 000 Receivables 44 000 24 000 Total assets $602 400 $247 200 Required 1. Prepare: (i) The acquisition analysis; and (ii) The business combination valuation reserve and pre- acquisition entries for the year ended 30 June 2015 2. Explain how the calculations used in 1 (i) and 1 (ii) above meet the requirements of AASB 3 Business Combinations 3. Calculate NCI share of equity at: (i) 1 July 2012; (ii) 1 July 2012 – 30 June 2014; and (iii) 1 July 2014 – 30 July 2015 4. For the year ended 30 June 2015, prepare: (i) The consolidation journal entries for intra-group transactions (ii) The consolidation worksheet given all consolidation journal entries as required by 1-4 (iii) Consolidated statement of profit and loss and other comprehensive income (iv) Consolidated statement of changes in equity; and (v) Consolidated statement of financial position