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Omit all general journal entry explanations. Be sure to include correct dollar signs, underlines and double underlines. Question 1 (15 points) Statement of Cash Flows The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000. Requirements:Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method. Hint (recall the 3 sections) Question 2 (10 points) On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy, and did obtain significant influence . The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year. Requirements: a. Prepare the January 1 and December 31 general journal entries for Baker Company. b. How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015? Question 3 (20 Points) On December 31, 2016, Murphy Inc. had the following balances (all balances are normal): Accounts Amount Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding) $1,000,000 Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding) $1,000,000 Paid-in Capital in Excess of par, Common 150,000 Retained Earnings 700,000 The following events occurred during 2016 and were not recorded: a. On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25. b. On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each. c. On March 31, Murphy reissued 250 shares of treasury stock for $25 each. d. On July 1, Murphy reissued 500 shares of treasury stock for $16 each. e. On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15. f. On December 15, Murphy split common stock 2 shares for 1. g. Net Income for 2016 was $275,000. Requirements: a. Prepare journal entries for the transactions listed above. b. Prepare a Stockholders' section of a classified balance sheet as of December 31, 2016. Question 4 (14 poi.
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Acct 221 Principles of Accounting IIThere are 27 questions in thi.docx
Acct 221: Principles of Accounting II
There are 27 questions in this exam. Upload the Answer Sheet when you complete the exam.
For this exam,
omit
all general journal entry
explanations.
Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:
Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy,
and did obtain significant influence
. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
Prepare the January 1 and December 31 general journal entries for Baker Company.
How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
On December 15, Murphy split common stock 2 shares for 1.
Net Income for 2016 was $275,000.
Requirements:
Prepare journal entries for the transactions listed above.
Prepa.
Please see below. I also attached the answer sheet.For this .docx
Please see below. I also attached the answer sheet.
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines.
Question
1: 30% points:
On December 31, 2014, Flimsy Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Flimsy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Flimsy reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Flimsy reissued 250 shares of treasury stock for $25 each.
d. On July 1, Flimsy reissued 500 shares of treasury stock for $16 each.
e. On October 1, Flimsy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Flimsy split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements
:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
Question
2: 5% points:
On January 1, 2014, Flip Company purchased 10,000 shares of the stock of Flimsy, and did obtain significant influence.
The investment is intended as a long-term investment.
The stock was purchased for $90,000, and represents a 30% ownership stake.
Flimsy made $25,000 of net income in 2014, and paid dividends of $10,000.
The price of Flimsy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Acct221
Page 1 of 9
Requirements
:
a.
Prepare the January 1 & December 31 general journal entries for Flip Company.
b.
How much should the Flip Company report on the balance sheet for the investment in Flimsy as the end of 2014
Question
3: 10% points
:
The following is selected information from Flimsy Company for the fiscal years ended December 31, 2014: Flimsy Company had net income of $1,225,000.
Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain.
Stock was issued in exchange for an outstanding note payable of $725,000.
Accounts receivable decreased by $25,000.
Accounts payable decreased by $40,000.
Dividends of $300,000 were paid to shareholders.
Flimsy Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements
:
Prepare Flimsy Company's statement.
Acct 221Final Exam Student NameQuestion 1 30 pointsa. .docx
Acct 221Final Exam
Student Name:
Question 1: 30 points
a. General Journal Entries
Date
Account
Debit
Credit
b. Partial Classified Balance Sheet
Question 2: 5 points
a. General Journal Entries
Date
Account
Debit
Credit
b. Stock Investments Accounts Balance 12/31/14:
Question 3: 10 points
Question 4: 15 points
Date
Account
Debit
Credit
Question 5: 10 points
a.1.
Breakeven Sales Dollars
a.2.
Breakeven Units
b.1.
Breakeven Sales Dollars
b.2.
Breakeven Units
Question 6: 5 points
Question 7: 6 points
Produce
Buy
Question 1 (30 points)
QUESTION 1A
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
The following events occurred during 2015 and were not recorded:
a On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.
Stock dividends were distributed on January 31 to shareholders as of January 25.
c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.
d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.
e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.
f. On October 1, Raleigh declared full year dividends for preferred stock (see outstanding shares in table above).
g. Then, paid preferred shareholders on October 15
h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.
i. Then, paid common shareholders on October 15.
j. On December 15, Raleigh split common stock 2 shares for 1.
QUESTION 1B
Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014
b 8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.
c Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding
d Additional paid-in capital:
Preferred stock in excess of par value is $34,000
Common stock in excess of stated value is $437,000
Requirements:
Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014.
Question 2 (5 points)
On January 1, 2016, XYZ Company purchased.
Question 1 30 pointsOn December 31, 2014, Frick Incorpora.docx
Question
1: 30% points:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for $16 each.
e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Frick split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
Question
2: 5% points:
On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Floozy made $25,000 of net income in 2014, and paid dividends of $10,000. The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Acct221 Page 1 of 8
Requirements:
a.
Prepare the January 1 & December 31 general journal entries for Frick Company.
b.
How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014
Question
3: 10% points
:
The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000. Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Dividends of $300,000 were paid to shareholders. Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements:
Prepare Flip Company's statement of cash flows for the year ended December 31, 2014 u.
All answers must be on the answer sheet provided. $ and . needed.docx
All answers must be on the answer sheet provided. $ and . needed
Question 1
(30 points)
QUESTION 1A
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
The following events occurred during 2015 and were not recorded:
a
On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.
Stock dividends were distributed on January 31 to shareholders as of January 25.
c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.
d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.
e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.
f. On October 1, Raleigh declared full year dividends for preferred stock (
see outstanding shares in table above).
g. Then, paid preferred shareholders on October 15
h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.
i. Then, paid common shareholders on October 15.
j. On December 15, Raleigh split common stock 2 shares for 1.
QUESTION 1B
Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014
b
8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.
c
Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding
d
Additional paid-in capital:
Preferred stock in excess of par value is $34,000
Common stock in excess of stated value is $437,000
Requirements:
Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014.
Question 2
(5 points)
On January 1, 2016, XYZ Company purchased shares of the stock of Rayco, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Rayco made $25,000 of net income in 2014, and paid dividends of $10,000.
Requirements:
Prepare the January 1 and December 31 general journal entries for XYZ Company.
How much should the XYZ Company report on the balance sheet for the investment in Rayco at the end of 2016?
Question 3
(10 points)
The following is selected information from Reliant Company for the fiscal years ended December 31, 2016: Reliant Company had net income of $1,225,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Depreciation was $500,000. Purchases of plant assets were for $1,250,000 cash, and sold plant assets for $500,000 cash, which resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Dividends of $300,000.
NameQuestion 1 30 pointsa. General Journal EntriesDate.docx
Name:
Question 1: 30% points
a. General Journal Entries:
Date
Account
Debit
Credit
Answer.Sheet.Page.1.of.6.Sp.15
Final-Exam
b. Partial Classified Balance Sheet:
Flip Corporation
Balance Sheet (partial)
December 31, 2014
Question 2: 5% points
a. General Journal Entries:
Date
Account
Debit
Credit
b. Stock Investments Accounts Balance 12/31/14:
Answer.Sheet.Page.2.of.6.Sp.15
Final-Exam
Question 3: 10% points:
Flip Corporation
Statement of Cash Flows
For the Year Ended December 31, 2014
Answer.Sheet.Page.3.of.6.Sp.15
Final-Exam
Question 4: 15% points:
Date
Account
Debit
Credit
Answer.Sheet.Page.4.of.6.Sp.15
Final-Exam
Question 5: 10% points:
a.1.
Breakeven Sales Dollars
a.2.
Breakeven Units
b.1.
Breakeven Sales Dollars
b.2.
Breakeven Units
c.
Operating Income
Question 6: 5% points:
Flip Enterprises
Incremental Analysis
Special Order
Question 7: 6% points:
Flop Inc.
Incremental Analysis
To Produce or Buy
Produce
Buy
Answer.Sheet.Page.5.of.6.Sp.15
Final-Exam
Multiple choice questions allocated 1% point each: Make your selection by indicating the letter corresponding to your answer.
Question Number
Answer
Question Number
Answer
8:
18:
9:
19:
10:
20:
11:
21:
12:
22:
13:
23:
14:
24:
15:
25:
16:
26:
17:
27:
Answer.Sheet.Page.6.of.6.Sp.15
Final-Exam
University of Maryland University College
Final Examination - Acct221: Principles of Accounting II
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines.
Question 1: 30% points:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for .
Question1On January 1, 2014, Flip Company purchased 10,000 shares.pdf
Question1:
In an effort to concentrate its resources in more profitable areas, Frick Corporation recently sold
its family pizza restaurant segment. The disposal constitutes:
a. an extraodinary item.
b. a discontinued operation which should be treated as a prior period adjustment.
c. a discontinued operation which should be disclosed net-of-tax effects.
d. a portion of income from continuing operations.
Question2:
Frick Corporation has 100,000, 5%, $100 par preferred shares outstanding. The stock is callable
at 102, but was originally issued at 99. The current dividend has been fully paid. Total
stockholders\' equity is $20,000,000. The residual common equity is:
a. $20,000,000
b. $10,100,000
c. $10,000,000
d. $9,800,000
Question3:
Frick Company\'s balance sheet included cash ($4,000,000), accounts receivable ($16,000,000),
inventories ($10,000,000), prepaid expenses ($2,000,000), accounts payable ($9,000,000), and
accrued expenses ($7,000,000). These are the only current items.
a. The quick ratio is 2:1.
b. The quick ratio is 1.25:1.
c. The current ratio is 1.875:1.
d. Both A and C.
Question4:
Selected information for 2014 is: cost of goods sold, $5,400,000; average inventory, $1,800,000;
net sales, $7,200,000; average receivables, $960,000; and net income, $720,000. Assuming a
360-day year, what was the inventory turnover ratio for 2014?
a. 333
b. 3
c. 7.5
d. 20
Question5:
On the schedule of cost of goods manufactured:
a. beginning work-in-process plus direct materials used equals manufacturing costs.
b. cost of goods manufactured is the same thing as total manufacturing costs.
c. work-in-process will necessarily increase if total manufacturing costs increase.
d. factory overhead plus beginning work-in-process equals manufacturing costs.
Question6:
Which costing method seems ideally suited to the production of homogenous products in
continuous throughput?
a. Activity-based costing.
b. Job order costing.
c. Process costing.
d. Absorption costing.
Question7:
Frick Company uses a job order cost system and applies overhead based on estimated rates. The
overhead application rate is based on total estimated overhead costs of $200,000 and direct labor
hours of 50,000. For job 836, direct labor hours were 800.
a. Factory Overhead should be debited for $3,200.
b. Factory Overhead should be credited for $3,200.
c. Overhead Expense should be debited for $3,200.
d. Overhead Expense should be credited for $3,200.
Question8:
For job 1838, there were 1,000 direct labor hours, and actual overhead was $500 for depreciation
and $1,400 for indirect labor. Overhead is applied at $2 per direct labor hour. Which account
should be debited for $1,900?
a. Work in Process.
b. Cost of Goods Sold.
c. Factory Overhead.
d. Cost of Goods Manufactured.
Solution
Answer:1 a. an extraodinary item.
Answer:2 a. $20,000,000
Answer:3 b. The quick ratio is 1.25:1.
Quick Ratio=Quick Asset/Current liability
=($4,000,000+$16,000,000)/($9,000,000+$7,000,000)
=1.25:1
Quick asset does n.
Question 1 30 pointsOn December 31, 2014, Frick Incorporate.docx
Question
1: 30% points:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for $16 each.
e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Frick split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements
:
a.
Prepare journal entries for the transactions listed above. (hint:
one entry for each a through g and keep track of how each entry affects the stockholders’ equity section so you can move on the part b of this question.)
b.
Prepare a Stockholders' section
of a classified balance sheet as of December 31, 2014.
Question
2: 5% points:
On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Floozy made $25,000 of net income in 2014, and paid dividends of $10,000. The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Requirements:( Hint: Recall the equity method used when one company buys another company)
a.
Prepare the January 1 & December 31 general journal entries for Frick Company.
b.
How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014
Question
3: 15% points
:
The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000. Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Dividends of $300,000 were paid to shareholders. Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements:
Prepare Flip Company's statement of cash flows f.
Recommended
Acct 221 Principles of Accounting IIThere are 27 questions in thi.docx
Acct 221: Principles of Accounting II
There are 27 questions in this exam. Upload the Answer Sheet when you complete the exam.
For this exam,
omit
all general journal entry
explanations.
Be sure to include correct dollar signs, underlines and double underlines.
Question 1 (15 points) Statement of Cash Flows
The following is selected information from Murphy Company for the fiscal years ended December 31, 2015: Murphy Company had net income of $500,000. Depreciation was $50,000, purchases of plant assets were $ 250,000, and disposals of plant assets for $500,000 resulted in a $20,000 gain. Stock was issued in exchange for an outstanding note payable of $925,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $10,000. Dividends of $200,000 were paid to shareholders. Murphy Company had interest expense of $5,000. Cash balance on January 1, 2015 was $250,000.
Requirements:
Prepare Murphy Company's statement of cash flows for the year ended December 31, 2015 using the indirect method.
Hint (recall the 3 sections)
Question 2 (10 points)
On January 1, 2015, Baker Company purchased 10,000 shares of the stock of Murphy,
and did obtain significant influence
. The investment is intended as a long-term investment. The stock was purchased for $70,000, and represents a 25% ownership stake. Murphy made $20,000 of net income in 2015, and paid dividends of $10,000. The price of Murphy's stock increased from $20 per share at the beginning of the year, to $22 per share at the end of the year.
Requirements:
Prepare the January 1 and December 31 general journal entries for Baker Company.
How much should the Baker Company report on the balance sheet for the investment in Murphy at the end of 2015?
Question 3 (20 Points)
On December 31, 2016, Murphy Inc. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2016 and were not recorded:
On January 1, Murphy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
On February 15, Murphy re-acquired 1,000 shares of common stock for $20 each.
On March 31, Murphy reissued 250 shares of treasury stock for $25 each.
On July 1, Murphy reissued 500 shares of treasury stock for $16 each.
On October 1, Murphy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
On December 15, Murphy split common stock 2 shares for 1.
Net Income for 2016 was $275,000.
Requirements:
Prepare journal entries for the transactions listed above.
Prepa.
Please see below. I also attached the answer sheet.For this .docx
Please see below. I also attached the answer sheet.
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines.
Question
1: 30% points:
On December 31, 2014, Flimsy Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Flimsy declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Flimsy reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Flimsy reissued 250 shares of treasury stock for $25 each.
d. On July 1, Flimsy reissued 500 shares of treasury stock for $16 each.
e. On October 1, Flimsy declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Flimsy split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements
:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
Question
2: 5% points:
On January 1, 2014, Flip Company purchased 10,000 shares of the stock of Flimsy, and did obtain significant influence.
The investment is intended as a long-term investment.
The stock was purchased for $90,000, and represents a 30% ownership stake.
Flimsy made $25,000 of net income in 2014, and paid dividends of $10,000.
The price of Flimsy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Acct221
Page 1 of 9
Requirements
:
a.
Prepare the January 1 & December 31 general journal entries for Flip Company.
b.
How much should the Flip Company report on the balance sheet for the investment in Flimsy as the end of 2014
Question
3: 10% points
:
The following is selected information from Flimsy Company for the fiscal years ended December 31, 2014: Flimsy Company had net income of $1,225,000.
Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain.
Stock was issued in exchange for an outstanding note payable of $725,000.
Accounts receivable decreased by $25,000.
Accounts payable decreased by $40,000.
Dividends of $300,000 were paid to shareholders.
Flimsy Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements
:
Prepare Flimsy Company's statement.
Acct 221Final Exam Student NameQuestion 1 30 pointsa. .docx
Acct 221Final Exam
Student Name:
Question 1: 30 points
a. General Journal Entries
Date
Account
Debit
Credit
b. Partial Classified Balance Sheet
Question 2: 5 points
a. General Journal Entries
Date
Account
Debit
Credit
b. Stock Investments Accounts Balance 12/31/14:
Question 3: 10 points
Question 4: 15 points
Date
Account
Debit
Credit
Question 5: 10 points
a.1.
Breakeven Sales Dollars
a.2.
Breakeven Units
b.1.
Breakeven Sales Dollars
b.2.
Breakeven Units
Question 6: 5 points
Question 7: 6 points
Produce
Buy
Question 1 (30 points)
QUESTION 1A
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
The following events occurred during 2015 and were not recorded:
a On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.
Stock dividends were distributed on January 31 to shareholders as of January 25.
c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.
d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.
e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.
f. On October 1, Raleigh declared full year dividends for preferred stock (see outstanding shares in table above).
g. Then, paid preferred shareholders on October 15
h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.
i. Then, paid common shareholders on October 15.
j. On December 15, Raleigh split common stock 2 shares for 1.
QUESTION 1B
Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014
b 8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.
c Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding
d Additional paid-in capital:
Preferred stock in excess of par value is $34,000
Common stock in excess of stated value is $437,000
Requirements:
Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014.
Question 2 (5 points)
On January 1, 2016, XYZ Company purchased.
Question 1 30 pointsOn December 31, 2014, Frick Incorpora.docx
Question
1: 30% points:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for $16 each.
e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Frick split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
Question
2: 5% points:
On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Floozy made $25,000 of net income in 2014, and paid dividends of $10,000. The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Acct221 Page 1 of 8
Requirements:
a.
Prepare the January 1 & December 31 general journal entries for Frick Company.
b.
How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014
Question
3: 10% points
:
The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000. Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Dividends of $300,000 were paid to shareholders. Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements:
Prepare Flip Company's statement of cash flows for the year ended December 31, 2014 u.
All answers must be on the answer sheet provided. $ and . needed.docx
All answers must be on the answer sheet provided. $ and . needed
Question 1
(30 points)
QUESTION 1A
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
The following events occurred during 2015 and were not recorded:
a
On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share.
Stock dividends were distributed on January 31 to shareholders as of January 25.
c. On February 15, Raleigh reacquired 1,000 shares of common stock for $20 each.
d. On March 31, Raleigh reissued 250 shares of treasury stock for $25 each.
e. On July 1, Raleigh reissued 500 shares of treasury stock for $16 each.
f. On October 1, Raleigh declared full year dividends for preferred stock (
see outstanding shares in table above).
g. Then, paid preferred shareholders on October 15
h. On October 1, Raleigh also declared $1.50 cash dividends for the 104,750 remaining common outstanding shares.
i. Then, paid common shareholders on October 15.
j. On December 15, Raleigh split common stock 2 shares for 1.
QUESTION 1B
Given below is information for the Stockholder Equity section of Jones Balance Sheet as of December, 2014
b
8% Preferred stock, $100 par value, 10,000 shares authorized, 5,000 shares issued and outstanding.
c
Common stock, no par, $2 stated value, 500,000 shares authorized, 204,000 shares issued and outstanding
d
Additional paid-in capital:
Preferred stock in excess of par value is $34,000
Common stock in excess of stated value is $437,000
Requirements:
Prepare a Stockholders' section of Jones classified balance sheet as of December 31, 2014.
Question 2
(5 points)
On January 1, 2016, XYZ Company purchased shares of the stock of Rayco, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Rayco made $25,000 of net income in 2014, and paid dividends of $10,000.
Requirements:
Prepare the January 1 and December 31 general journal entries for XYZ Company.
How much should the XYZ Company report on the balance sheet for the investment in Rayco at the end of 2016?
Question 3
(10 points)
The following is selected information from Reliant Company for the fiscal years ended December 31, 2016: Reliant Company had net income of $1,225,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Depreciation was $500,000. Purchases of plant assets were for $1,250,000 cash, and sold plant assets for $500,000 cash, which resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Dividends of $300,000.
NameQuestion 1 30 pointsa. General Journal EntriesDate.docx
Name:
Question 1: 30% points
a. General Journal Entries:
Date
Account
Debit
Credit
Answer.Sheet.Page.1.of.6.Sp.15
Final-Exam
b. Partial Classified Balance Sheet:
Flip Corporation
Balance Sheet (partial)
December 31, 2014
Question 2: 5% points
a. General Journal Entries:
Date
Account
Debit
Credit
b. Stock Investments Accounts Balance 12/31/14:
Answer.Sheet.Page.2.of.6.Sp.15
Final-Exam
Question 3: 10% points:
Flip Corporation
Statement of Cash Flows
For the Year Ended December 31, 2014
Answer.Sheet.Page.3.of.6.Sp.15
Final-Exam
Question 4: 15% points:
Date
Account
Debit
Credit
Answer.Sheet.Page.4.of.6.Sp.15
Final-Exam
Question 5: 10% points:
a.1.
Breakeven Sales Dollars
a.2.
Breakeven Units
b.1.
Breakeven Sales Dollars
b.2.
Breakeven Units
c.
Operating Income
Question 6: 5% points:
Flip Enterprises
Incremental Analysis
Special Order
Question 7: 6% points:
Flop Inc.
Incremental Analysis
To Produce or Buy
Produce
Buy
Answer.Sheet.Page.5.of.6.Sp.15
Final-Exam
Multiple choice questions allocated 1% point each: Make your selection by indicating the letter corresponding to your answer.
Question Number
Answer
Question Number
Answer
8:
18:
9:
19:
10:
20:
11:
21:
12:
22:
13:
23:
14:
24:
15:
25:
16:
26:
17:
27:
Answer.Sheet.Page.6.of.6.Sp.15
Final-Exam
University of Maryland University College
Final Examination - Acct221: Principles of Accounting II
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines.
Question 1: 30% points:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for .
Question1On January 1, 2014, Flip Company purchased 10,000 shares.pdf
Question1:
In an effort to concentrate its resources in more profitable areas, Frick Corporation recently sold
its family pizza restaurant segment. The disposal constitutes:
a. an extraodinary item.
b. a discontinued operation which should be treated as a prior period adjustment.
c. a discontinued operation which should be disclosed net-of-tax effects.
d. a portion of income from continuing operations.
Question2:
Frick Corporation has 100,000, 5%, $100 par preferred shares outstanding. The stock is callable
at 102, but was originally issued at 99. The current dividend has been fully paid. Total
stockholders\' equity is $20,000,000. The residual common equity is:
a. $20,000,000
b. $10,100,000
c. $10,000,000
d. $9,800,000
Question3:
Frick Company\'s balance sheet included cash ($4,000,000), accounts receivable ($16,000,000),
inventories ($10,000,000), prepaid expenses ($2,000,000), accounts payable ($9,000,000), and
accrued expenses ($7,000,000). These are the only current items.
a. The quick ratio is 2:1.
b. The quick ratio is 1.25:1.
c. The current ratio is 1.875:1.
d. Both A and C.
Question4:
Selected information for 2014 is: cost of goods sold, $5,400,000; average inventory, $1,800,000;
net sales, $7,200,000; average receivables, $960,000; and net income, $720,000. Assuming a
360-day year, what was the inventory turnover ratio for 2014?
a. 333
b. 3
c. 7.5
d. 20
Question5:
On the schedule of cost of goods manufactured:
a. beginning work-in-process plus direct materials used equals manufacturing costs.
b. cost of goods manufactured is the same thing as total manufacturing costs.
c. work-in-process will necessarily increase if total manufacturing costs increase.
d. factory overhead plus beginning work-in-process equals manufacturing costs.
Question6:
Which costing method seems ideally suited to the production of homogenous products in
continuous throughput?
a. Activity-based costing.
b. Job order costing.
c. Process costing.
d. Absorption costing.
Question7:
Frick Company uses a job order cost system and applies overhead based on estimated rates. The
overhead application rate is based on total estimated overhead costs of $200,000 and direct labor
hours of 50,000. For job 836, direct labor hours were 800.
a. Factory Overhead should be debited for $3,200.
b. Factory Overhead should be credited for $3,200.
c. Overhead Expense should be debited for $3,200.
d. Overhead Expense should be credited for $3,200.
Question8:
For job 1838, there were 1,000 direct labor hours, and actual overhead was $500 for depreciation
and $1,400 for indirect labor. Overhead is applied at $2 per direct labor hour. Which account
should be debited for $1,900?
a. Work in Process.
b. Cost of Goods Sold.
c. Factory Overhead.
d. Cost of Goods Manufactured.
Solution
Answer:1 a. an extraodinary item.
Answer:2 a. $20,000,000
Answer:3 b. The quick ratio is 1.25:1.
Quick Ratio=Quick Asset/Current liability
=($4,000,000+$16,000,000)/($9,000,000+$7,000,000)
=1.25:1
Quick asset does n.
Question 1 30 pointsOn December 31, 2014, Frick Incorporate.docx
Question
1: 30% points:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for $16 each.
e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Frick split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements
:
a.
Prepare journal entries for the transactions listed above. (hint:
one entry for each a through g and keep track of how each entry affects the stockholders’ equity section so you can move on the part b of this question.)
b.
Prepare a Stockholders' section
of a classified balance sheet as of December 31, 2014.
Question
2: 5% points:
On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $90,000, and represents a 30% ownership stake. Floozy made $25,000 of net income in 2014, and paid dividends of $10,000. The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Requirements:( Hint: Recall the equity method used when one company buys another company)
a.
Prepare the January 1 & December 31 general journal entries for Frick Company.
b.
How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014
Question
3: 15% points
:
The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000. Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain. Stock was issued in exchange for an outstanding note payable of $725,000. Accounts receivable decreased by $25,000. Accounts payable decreased by $40,000. Dividends of $300,000 were paid to shareholders. Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements:
Prepare Flip Company's statement of cash flows f.
Problem 1 (10 Points)Jackson Browne Corporation is authorized to.docx
Problem 1 (10 Points)
Jackson Browne Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2021, its first year of operation, the company has the following stock transactions.
Jan. 1 Paid the state $10,000 for incorporation fees.
Jan. 15 Issued 400,000 shares of stock at $5 per share.
July 2 Issued 110,000 shares of stock for land. The land had an asking price of $800,000. The stock is currently selling on a national exchange at $6 per share.
Sept. 5 Purchased 12,000 shares of common stock for the treasury at $7 per share.
Dec. 6 Sold 8,000 shares of the treasury stock at $10 per share.
Instructions
Indicate the accounts and their respective balances that are increased and/or decreased in the above transactions for Jackson Browne Corporation.
You must show your computations to receive full credit.
Problem 2 (12 Points)
The following items were shown on the balance sheet of ELO Corporation on December 31, 2021:
Stockholders’ equity
Paid-in capital
Capital stock
Common stock, $6 par value, 800,000 shares
authorized; ______ shares issued and ______ outstanding $3,000,000
Additional paid-in capital
In excess of par
1,500,000
Total paid-in capital 4,500,000
Retained earnings
1,850,000
Total paid-in capital and retained earnings 6,350,000
Less: Treasury stock (10,000 shares)
50,000
Total stockholders’ equity
$6,300,000
Instructions
Complete the following statements and
show your computations.
(a) The number of shares of common stock issued was _______________.
(b) The number of shares of common stock outstanding was ____________.
(c) The total sales price of the common stock when issued was $____________.
(d) The cost per share of the treasury stock was $_______________.
(e) The average issue price of the common stock was $______________.
(f) Assuming that 25% of the treasury stock is sold at $8 per share, the balance in the Treasury Stock account would be $_______________.
Problem 3 (10 Points)
Journey Company had the following transactions involving notes payable.
October 1, 2021 Borrows $300,000 from Washington State Bank by signing a 6-month, 4% note.
Dec. 31, 2021 prepares the adjusting entry.
April 1, 2022 Pays principal and interest to Washington State Bank.
Instructions
Indicate the accounts and their respective balances that are increased and/or decreased for each of the above transactions.
You must show all your calculations to receive full credit.
Problem 4 (18 Points)
Turner Inc. is considering two alternatives to finance its construction of a new $6 million plant.
(a) Issuance of 600,000 shares of common stock at the market price of $10 per share.
(b) Issuance of $6 million, 4% bonds at par.
Instructions
Complete the following table.
You MUST show your work to receive full credit.
Issue StockIssue Bond.
ACCT 551 Expect Success/newtonhelp.com
For more course tutorials visit
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This Tutorial contains 2 Different Course Project
ACCT 551 Course Project (Notes to Financial Statement)
1. Where is the store based2. How do I pay for my order Is i.docx
1. Where is the store based?
2. How do I pay for my order? Is it secure?
3. How much does shipping cost?
4. How long will it take for me to receive my order?
6. I did not get what I ordered. What do I do?
7. Can I return/exchange my t-shirt?
Payroll Chapter
Homework Assignment
Problem 1
Dave earns $16 per hour for up to 40 hours. Over 40 hours is paid at time and one half.
Assume the FICA tax rate of 7.65% (6.2% for social security, 1.45% for medicare) with
the social security limit of $102,000 of annual earnings. Using the information below,
calculate Dave's paycheck:
Hours worked this week: 44
Year-to-date earnings before this week: $101,200
Federal income tax: 20%
Medical withholding: $60
Problem 2
Assume that the total earnings of all the employees for this payroll period is $800,000.
Of the $800,000, $90,000 is exempt from social security as a group of employees are
over the annual limit. Also assume that $25,000 was earned by employees who had not
yet earned $7,000 for the year. Calculate the employer's payroll tax expense for the
week assuming the rates of 5.4% state unemployment and .8% federal unemployment.
Problem 3
Assume the following for the Smith Company:
Total salaries earned:
Administrative $15,000
Sales salaries $10,000
Total $25,000
Withholdings:
FIT $4,750
Social Security $1,550
Medicare $363
Medical insurance $1,200
United Way $250
Total $8,113
Assume the following tax rates:
FICA 7.65% - no employee has gone over the $102,000 limit FICA tax
SUTA 5.4% - only $8,000 of the above payroll is still subject to this tax
FUTA .8% - only $8,000 of the above payroll is still subject to this tax.
Required:
a. Record the general journal entry for the above payroll.
b. Record the general journal entry for the related employer payroll taxes.
Problem 4
Prior Week
EE Hours Rate Salary FIT Medical YTD Earnings Dept
Leonard 40 $16 $125 $30 $6,500 Office
James 45 $18 $200 $50 $54,000 Office
McIntire $5,000 $500 $50 $125,400 Admin
Johnson $2,500 $300 $50 $100,700 Admin
Rose 42 $14 $100 $4,000 Office
Assume the following:
Overtime after 40 hours at time and one-half.
FICA - Social security 6.2% on the first $102,000 of annual earnings
Medicare 1.45%
SUTA - 5.4% of the first $7,000 of annual earnings
FUTA - .8% of the first $7,000 of annual earnings
Required:
a. Record the payroll entry for the current week.
b. Record the employer payroll tax for the current week.
c. Record the entry to pay the FICA for the current week.
Current week
As part of the course, you will be required to complete and submit an information literacy/plagiarism assignment at the end of the course (Pod 8). The assignment details are below, and you will have the entire course to complete the assignment before the final submission.
Assignment Introduction
Sandra and Pierre want to start a business. Pierre has $200,000 in cash and Sandra $350,000 in cash and eq ...
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par .docx
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par value common stock issued and outstanding. There was a $3,000,000 balance in the Retained Earnings account at the beginning of the year. During the first quarter of the year, the following transactions occurred:
Jan. 8
Issued 40,000 shares of its own common stock for $400,000.
Jan. 18
Declared a cash dividend of $1 per share to stockholders of record on Jan. 10.
Jan. 31
Paid the $1 cash dividend declared on Jan. 18.
Feb. 2
Purchased 3,000 shares of its own common stock for the treasury at $11 per share.
Feb. 14
Sold 2,000 shares of the treasury stock purchased on Feb. 2 for $12 per share.
March 25
Declared a 2 for 1 stock split on outstanding shares.
Instructions
Prepare journal entries to record the above transactions.
Part B.
The following information is available for Flip Corporation for the year ended December 31, 2014:
Beginning retained earnings
$
340,000
Cost of goods sold
620,000
Declared cash dividends
50,000
Operating expenses
170,000
Other expenses and losses
40,000
Other revenues and gains
60,000
Sales
1,000,000
Tax rate
30%
Instructions:
1.
Prepare a corporate income statement in good form.
2.
Prepare a retained earnings statement for the year.
Question
2: 10 points:
January 1, 2014 Flip Company purchased 35,000 shares of common stock of Flop Corporation as a long-term investment for $900,000. December 31, 2014, Flop Corporation reported net income of $300,000 and paid dividends of $100,000.
Instructions:
a.
Assuming that the 35,000 shares represent a 10% interest in Flop Corporation:
1.
Prepare the journal entry to record the investment in Flop stock.
2.
Prepare any entries that Flip Company should make in accounting for its investment in Flop stock during the year.
3.
What is the balance of the Stock Investments account on Flip Company's books at the end of the year?
b.
Repeat requirement (a) above except assume that the 35,000 shares represent a 20% interest in Flop Corporation.
Question
3: 15 points:
The following information is available for Flip Corporation for the year ended December 31, 2014:
Collection of principal on long-term loan to a supplier
$15,000
Acquisition of equipment for cash
10,000
Proceeds from the sale of long-term investment at book value
20,000
Issuance of common stock for cash
27,000
Depreciation expense
28,000
Redemption of bonds payable at carrying (book) value
35,000
Payment of cash dividends
15,000
Net income
25,000
Purchase of land by issuing bonds payable
45,000
In addition, the following information is available from the comparative balance sheet for Flip at the end of 2013 and 2014:
2014
2013
Cash
$
66,000
$14,000
Accounts receivable (net)
20,000
16,000
Prepaid insurance
18,000
13,000
Total current assets
$104,000
$43,000
Accounts payable
$
30,000
$20,000
Salaries payable
3,000
7,000
Total current liabilities
$
33,000
$27,000
Instruction.
QuizDirections This quiz tests how well you understood the .docx
Quiz
Directions:
This quiz tests how well you understood the concepts covered in Weeks 1 - 7.
The first half of the exam features 7 questions with short answers and calculations. For these, omit all general journal entry explanations. Be sure to include correct dollar signs, commas, underlines and double underlines where required.
The second half of the exam consists of 20 multiple-choice questions worth 1 point each.
The computer will automatically grade the multiple-choice questions, but grading will not be complete until your instructor manually grades the short-answer questions. Your instructor may grant partial credit on short- answer questions for less than complete answers.
You can take the final exam only once. You can save each question after answering, and you can save the exam before submitting. Once you have submitted the exam, you will receive a score and be able to compare your answers to the correct answers.
Section 1: Calculations
Section 1 Instructions
To submit your answers for questions 1-6 of the exam, fill in the answer sheet and upload it to the exam.
Download and Save:
Final Exam Answer Sheet
to work out your answers for questions 1-6.
After you have filled out you answer sheet and saved it to your computer, follow these instructions under the first question in this section to upload your answers:
Click the
Insert Stuff
icon (first on the left).
Choose the File
(Final Exam Answer Sheet)
from your computer
Click
Upload
to retrieve the file from your computer and upload it.
For
Link Text
:
(Your Name) Final Exam Answer Sheet
Click
Add
. (Ignore the
Choose Destination
prompt.)
Click
OK
.
Omit all general journal entry explanations. Be sure to include correct dollar signs, commas, underlines, and double-underlines where required.
Question 1
(30 points)
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2015 and were not recorded:
On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
On February 15, Raleigh Corp. reacquired 1,000 shares of common stock for $20 each.
On March 31, Raleigh Corp. reissued 250 shares of treasury stock for $25 each.
On July 1, Raleigh Corp. reissued 500 shares of treasury stock for $16 each.
On October 1, Raleigh Corp. declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
On December 15, Raleigh Corp. split common stock 2 shares for 1.
Net I ...
Acct 221.Fa.14 Question 1 20 pointsa. General.docx
Acct 221.Fa.14
Question 1: 20 points
a. General Journal Entries:
Date
Account
Debit
Credit
Answer Sheet Page 1 of 10 .Fa.14
Final Exam
Answer Sheet Page 2 of 10 .Fa.14
Final Exam
b. Income Statement:
Retained Earnings Statement:
.14
Final Exam
Question 2. 10 points
a1 & a2: General Journal Entries:
(Cost Method):
Date
Account
Debit
Credit
a3. Stock Investments Accounts Balance
b1 & b2: : General Journal Entries: (Equity Method):
Date
Account
Debit
Credit
b3. Stock Investments Accounts Balance
Final Exam
Question 3. 15 points:
Fa.14
Final Exam
Question 4. 10 points
Question 5. 7 points:
Flip Inc.
Cash Disbursements Budget
For the Month of May
Question 6. 6 points:
Flip Enterprises
Incremental Analysis
Special Order
a.14
Final Exam
Question 7. 6 points:
Flip Inc.
Incremental Analysis
To Make
Incremental Analysis
Incremental Effect
Question 8. 6 points:
Flip Company
Incremental Analysis
Retain or Replace
Incremental Analysis
Incremental Effect
.Fa.14
Final Exam
Multiple choice questions allocated 1 point each: Make your selection by indicating the letter corresponding to your answer.
Question Number
Answer
Question Number
Answer
9:
19:
10:
20:
11:
21:
12:
22:
13:
23:
14:
24:
15:
25:
16:
26:
17:
27:
18:
28:
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par value common stock issued and outstanding. There was a $3,000,000 balance in the Retained Earnings account at the beginning of the year. During the first quarter of the year, the following transactions occurred:
Jan. 8
Issued 40,000 shares of its own common stock for $400,000.
Jan. 18
Declared a cash dividend of $1 per share to stockholders of record on Jan. 10.
Jan. 31
Paid the $1 cash dividend declared on Jan. 18.
Feb. 2
Purchased 3,000 shares of its own common stock for the treasury at $11 per share.
Feb. 14
Sold 2,000 shares of the treasury stock purchased on Feb. 2 for $12 per share.
March 25
Declared a 2 for 1 stock split on outstanding shares.
Instructions
Prepare journal entries to record the above transactions.
Part B.
The following information is available for Flip Corporation for the year ended December 31, 2014:
Beginning retained earnings
$ 340,000
Cost of goods sold
620,000
Declared cash dividends
50,000
Operating expenses
170,000
Other expenses and losses
40,000
Other revenues and gains
60,000
Sales
1,000,000
Tax rate
30%
Instructions:
1.
Prepare a corporate income statement in good form.
2.
Prepare a retained earnings statement for the year.
Question .
Chapter 2Exercises1. Issuance of stockPrepare journal entr.docx
Chapter 2
Exercises
1. Issuance of stock
Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases:
a. Jackson Corporation has common stock with a par value of $1 per share.
b. Royal Corporation has no-par common with a stated value of $5 per share.
c. French Corporation has no-par common; no stated value has been assigned.
2. Stock subscriptions: Journal entries
Investors recently subscribed to 5,000 shares of B&J Travel's $1 par-value common stock at $10 per share. During the year, the company received 80% of the balances due, which resulted in the issuance of 4,000 shares of stock.
a. Prepare journal entries to record
1) the subscriptions to investors.
2) the receipt of cash from subscribers.
3) the issuance of shares.
b. Determine the year-end balance in the Common Stock Subscribed account.
c. Determine the year-end balance in the Common Stock Subscriptions Receivable account.
3. Analysis of stockholders' equity
Star Corporation issued both common and preferred stock during 20X6. The stockholders' equity sections of the company's balance sheets at the end of 20X6 and 20X5 follow:
20X6
20X5
Preferred stock, $100 par value, 10%
$ 580,000
$ 500,000
Common stock, $10 par value
2,350,000
1,750,000
Paid-in capital in excess of par value
Preferred
24,000
—
Common
4,620,000
3,600,000
Retained earnings
8,470,000
6,920,000
Total stockholders' equity
$16,044,000
$12,770,000
a. Compute the number of preferred shares that were issued during 20X6.
b. Calculate the average issue price of the common stock sold in 20X6.
c. By what amount did the company's paid-in capital increase during 20X6?
d. Did Star's total legal capital increase or decrease during 20X6? By what amount?
4. Preparation of stockholders' equity section
The following data relate to LeMaster Corporation as of December 31, 20XX, the close of the current accounting period:
. Preferred stock—The company has 1,000 shares of $50 par-value cumulative preferred stock authorized. The stock pays a 10% dividend; to date, 400 shares have been issued at $55 per share.
. Common stock—A total of 25,000 shares of $1 stated-value common stock is authorized. To date, 10,000 shares have been issued at $10 per share, and an additional 3,000 shares have been subscribed to at $15 per share.
Assuming a retained earnings balance of $177,000, prepare the stockholders' equity section of LeMaster's December 31, 20XX balance sheet.
· Bond premium: Straight-line amortization
Castillo Company issued $200,000 of 10% 4-year bonds on January 1, 20X1 for $216,000. The bonds pay interest semiannually on June 30 and December 31.
e. Prepare the required journal entry to record the bond issuance on January 1, 20X1.
e. Prepare entries to record the interest payment and premium amortization on June 30 and December 31, 20X1. Castillo uses the straight-line method of amortization.
e. Compute 20X1 bond interest expense.
e. Present th ...
Instructions1. For the questions requiring a written explanatio.docx
Instructions:
1. For the questions requiring a written explanation, please be as brief as possible. None of the questions require a lengthy answer. Often, one sentence per point to explain is enough.
2. Show all your work for maximum credit.
3. PUT YOUR ANSWERS IN RED WITH THE EXAM QUESTION BUT ENSURE THE GRADER CAN IDENTIFY YOUR QUICKLY IDENTIFY. BUT PLEASE MAKE SURE YOU IDENTIFY EACH ANSWER SO THAT I KNOW THE QUESTION YOU ARE ANSWERING.
PART I(50 points) Journal Entries
Whammy Company begins the month of May with $2,000 in cash and $2,000 in stock sold at par. During the month, the company has eight transactions. Prepare the appropriate journal entries for each transaction. You will also need to prepare the appropriate adjusting journal entries.
1. On May 1, the company receives $3,000 cash. The company has agreed to allow a potential customer to use rent part of the company’s office space from May 1 through July.
2. On May 1 the company buys a one year $100,000 fire insurance policy for the office building. The one year premium paid on May 1 was $2,400.
3. The company purchases inventory for $6,000. $5,000 was purchased on credit and the remainder with cash.
4. The company sells the entire inventory for $19,000 on account.
5. The company collects $3,000 of the accounts receivable.
6. The company pays $2,000 on the account payable.
7. Employees earn $6,000, to be paid next month.
8. During May the company purchases $1,200 of office supplies with cash. On May 31, there are only $700 of office supplies left.
PART IIBOND PRICING (40 Points)
1. (10 Points) The University of Alabama sells three year bonds with a $800,000 face value to private investors. The bonds are due in three years, have a 6% coupon rate, and interest is paid annually. The bonds were sold to yield 8%. What proceeds does UA receive from the investors?
2. (5 Points) Did the bond sell for par, a premium or a discount? How much was the premium or discount?
3. (5 Points) If the bond sold for a premium or discount, what is the balance in the premium or discount following the interest payment at the end of year 1?
4. (26 points) Prepare all of the necessary journal entries, beginning with the issuance of the bond, the three annual interest payments and the bond retirement at the end of year 3.
Part III Statement of Cash Flows (32 Points)
Prepare a Statement of Cash Flow for the year ending 2017 from the following information.
2016
2017
Cash
85,000
27,000
Accounts Receivable
95,000
80,000
inventory
130,000
134,000
prepaid expenses
9,500
9,000
land
89,700
130,000
PP&E
295,500
256,700
accumulated depr
-30,000
-13,000
total assets
674,700
623,700
accounts payable
98,000
77,000
accrued liabilities
54,000
70,000
bonds payable
110,000
60,000
common stock
100,000
101,000
retained earnings
312,700
315,700
674,700
623,700
PP&E with a historical cost of $50,000 and a net book value of $28,000 was sold for $22,500
Dividends.
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ACCT 551 Course Project (Notes to Financial Statement) (2 Project)
Question 1On December 31, 2014, Frick Incorporated, had the.docx
Question
1:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for $16 each.
e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Frick split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements
:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
Question
2:
On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, and did obtain significant influence.
The investment is intended as a long-term investment.
The stock was purchased for $90,000, and represents a 30% ownership stake.
Floozy made $25,000 of net income in 2014, and paid dividends of $10,000.
The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Requirements
:
a.
Prepare the January 1 & December 31 general journal entries for Frick Company.
b.
How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014
Question
3:
The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000.
Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain.
Stock was issued in exchange for an outstanding note payable of $725,000.
Accounts receivable decreased by $25,000.
Accounts payable decreased by $40,000.
Dividends of $300,000 were paid to shareholders.
Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements
:
Prepare Flip Company's statement of cash flows for the year ended December 31, 2014 using the indirect method.
Question
4:
Frick Corporation had the following bond transactions during the fiscal year 2014:
a. On January 1: issued ten (10), $1,000 bonds at 102.
The 5-year bonds, is dated Janua.
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Intermediate Accounting I Final Exam Booklet Replacement.docx
Intermediate Accounting I
Final Exam Booklet
Replacement
Part A
20 Point Questions ( 3 questions x 20 points = 60 total points)
Show all work.
1. The following information is provided in the 2011 annual report to shareholders of The
BizStore:
Required: Compute U-Z in the table above.
2. Shown below is the activity for one of the products of Random Creations:
January 1 balance, 80 units @ $50 $4,000
2a. Compute the ending inventory and cost of goods sold assuming Random Creations
uses FIFO.
2b. Compute the ending inventory and cost of goods sold assuming Random Creations
uses LIFO and perpetual inventory system.
2c. Compute the ending inventory and cost of goods sold assuming Random Creations
uses LIFO and a periodic inventory system.
2d. Compute the ending inventory and cost of goods sold assuming Random Creations
uses average cost and a periodic inventory system.
2e. Compute the ending inventory and cost of goods sold assuming Random Creations
uses average cost and a perpetual inventory system.
3. On January 3, 2011, Michelson & Sons acquired a tract of land just outside the city
limits. The land and existing building were purchased for $2.4 million. Michelson paid
$400,000 and signed a noninterest-bearing note requiring the company to pay the
remaining $2,000,000 on December 31, 2012. An interest rate of 7% properly reflects the
time value of money for this type of loan agreement. Transfer taxes, title insurance and
other costs totaling $24,000 were paid at closing.
During February, the old building was demolished at a cost of $120,000, and an
additional $100,000 was paid to clear and grade the land. Construction of a new building
began on March 1 and was completed on October 30. Construction expenditures were as
follows:
Michelson did not borrow specifically for the construction project, but did have the
following debt outstanding throughout 2011:
$6,000,000, 8% long-term note payable
$2,000,000, 5% long-term note payable
In December, the company purchased equipment and office furniture and fixtures for a
lump-sum price of $800,000. The fair values of the equipment and the furniture and
fixtures were $540,000 and $360,000, respectively. In December, Michelson paid
$340,000 for the construction of parking lots and landscaping.
Required:
3a. Determine the initial values of the various assets that Michelson acquired or
constructed during 2011.
3b. How much interest expense will Michelson report in its 2011 income statement?
Part B:
4 Point Questions (10 questions x 4 points = 40 total points)
Show all work.
1. Tri Fecta, a partnership, had revenues of $360,000 in its first year of operations. The
partnership has not collected on $35,000 of its sales, and still owes $40,000 on $150,000
of merchandise they purchased. There was no inventory on hand at the end of the year.
The partnership paid $25,0.
One aspect of epidemiology is the study of the epidemic, endemic, an.docx
One aspect of epidemiology is the study of the epidemic, endemic, and pandemic occurrence of disease(s).
Some critics may argue diseases and conditions such as bird flu are endemic in many countries, and some may argue human immunodeficiency virus (HIV) or AIDS is a series of epidemics.
Using the South University Online Library or the Internet, research about the various epidemic, endemic, and pandemic occurrence of disease(s).
Based on your research and understanding, answer the following questions:
At what point does a disease become an epidemic, endemic, or pandemic? What are the parameters that define each of these states of a disease's effect?
Do you agree that bird flu, HIV, or AIDS could be described as a series of epidemics? Why or why not?
Should we study epidemiology and disease control as a complement to the provision of healthcare services? Why or why not?
Disease control has evolved since the discoveries and achievements of these epidemiological pioneers
—
Hippocrates, John Snow, Pasteur, and Koch. Explain the impact of at least one major historical contribution on the current status of epidemiological practices. How can history potentially shape and impact our future work in public health and clinical medicine? Explain.
.
Once you click the Assignment icon above, you will find links to Qui.docx
Once you click the Assignment icon above, you will find links to Quiz 4, provided in two formats, a Word document and a PDF. You may type your work into the Word document, either using an equation editor or plain-text formatting, or you may write your work by hand and scan it.
Please remember to show all work following standard mathematical practice:
1) Each step should show the COMPLETE expression or equation, not just a piece of it.
2) Each new step should follow logically from the step above it, following rules of algebra.
3) Each new step should be beneath the previous step.
4) The equal sign, =, should only connect equal numbers or expressions.
due tonight - need by 8pm
.
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Similar to Omit all general journal entry explanations.Be sure to include c.docx
Problem 1 (10 Points)Jackson Browne Corporation is authorized to.docx
Problem 1 (10 Points)
Jackson Browne Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2021, its first year of operation, the company has the following stock transactions.
Jan. 1 Paid the state $10,000 for incorporation fees.
Jan. 15 Issued 400,000 shares of stock at $5 per share.
July 2 Issued 110,000 shares of stock for land. The land had an asking price of $800,000. The stock is currently selling on a national exchange at $6 per share.
Sept. 5 Purchased 12,000 shares of common stock for the treasury at $7 per share.
Dec. 6 Sold 8,000 shares of the treasury stock at $10 per share.
Instructions
Indicate the accounts and their respective balances that are increased and/or decreased in the above transactions for Jackson Browne Corporation.
You must show your computations to receive full credit.
Problem 2 (12 Points)
The following items were shown on the balance sheet of ELO Corporation on December 31, 2021:
Stockholders’ equity
Paid-in capital
Capital stock
Common stock, $6 par value, 800,000 shares
authorized; ______ shares issued and ______ outstanding $3,000,000
Additional paid-in capital
In excess of par
1,500,000
Total paid-in capital 4,500,000
Retained earnings
1,850,000
Total paid-in capital and retained earnings 6,350,000
Less: Treasury stock (10,000 shares)
50,000
Total stockholders’ equity
$6,300,000
Instructions
Complete the following statements and
show your computations.
(a) The number of shares of common stock issued was _______________.
(b) The number of shares of common stock outstanding was ____________.
(c) The total sales price of the common stock when issued was $____________.
(d) The cost per share of the treasury stock was $_______________.
(e) The average issue price of the common stock was $______________.
(f) Assuming that 25% of the treasury stock is sold at $8 per share, the balance in the Treasury Stock account would be $_______________.
Problem 3 (10 Points)
Journey Company had the following transactions involving notes payable.
October 1, 2021 Borrows $300,000 from Washington State Bank by signing a 6-month, 4% note.
Dec. 31, 2021 prepares the adjusting entry.
April 1, 2022 Pays principal and interest to Washington State Bank.
Instructions
Indicate the accounts and their respective balances that are increased and/or decreased for each of the above transactions.
You must show all your calculations to receive full credit.
Problem 4 (18 Points)
Turner Inc. is considering two alternatives to finance its construction of a new $6 million plant.
(a) Issuance of 600,000 shares of common stock at the market price of $10 per share.
(b) Issuance of $6 million, 4% bonds at par.
Instructions
Complete the following table.
You MUST show your work to receive full credit.
Issue StockIssue Bond.
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1. Where is the store based2. How do I pay for my order Is i.docx
1. Where is the store based?
2. How do I pay for my order? Is it secure?
3. How much does shipping cost?
4. How long will it take for me to receive my order?
6. I did not get what I ordered. What do I do?
7. Can I return/exchange my t-shirt?
Payroll Chapter
Homework Assignment
Problem 1
Dave earns $16 per hour for up to 40 hours. Over 40 hours is paid at time and one half.
Assume the FICA tax rate of 7.65% (6.2% for social security, 1.45% for medicare) with
the social security limit of $102,000 of annual earnings. Using the information below,
calculate Dave's paycheck:
Hours worked this week: 44
Year-to-date earnings before this week: $101,200
Federal income tax: 20%
Medical withholding: $60
Problem 2
Assume that the total earnings of all the employees for this payroll period is $800,000.
Of the $800,000, $90,000 is exempt from social security as a group of employees are
over the annual limit. Also assume that $25,000 was earned by employees who had not
yet earned $7,000 for the year. Calculate the employer's payroll tax expense for the
week assuming the rates of 5.4% state unemployment and .8% federal unemployment.
Problem 3
Assume the following for the Smith Company:
Total salaries earned:
Administrative $15,000
Sales salaries $10,000
Total $25,000
Withholdings:
FIT $4,750
Social Security $1,550
Medicare $363
Medical insurance $1,200
United Way $250
Total $8,113
Assume the following tax rates:
FICA 7.65% - no employee has gone over the $102,000 limit FICA tax
SUTA 5.4% - only $8,000 of the above payroll is still subject to this tax
FUTA .8% - only $8,000 of the above payroll is still subject to this tax.
Required:
a. Record the general journal entry for the above payroll.
b. Record the general journal entry for the related employer payroll taxes.
Problem 4
Prior Week
EE Hours Rate Salary FIT Medical YTD Earnings Dept
Leonard 40 $16 $125 $30 $6,500 Office
James 45 $18 $200 $50 $54,000 Office
McIntire $5,000 $500 $50 $125,400 Admin
Johnson $2,500 $300 $50 $100,700 Admin
Rose 42 $14 $100 $4,000 Office
Assume the following:
Overtime after 40 hours at time and one-half.
FICA - Social security 6.2% on the first $102,000 of annual earnings
Medicare 1.45%
SUTA - 5.4% of the first $7,000 of annual earnings
FUTA - .8% of the first $7,000 of annual earnings
Required:
a. Record the payroll entry for the current week.
b. Record the employer payroll tax for the current week.
c. Record the entry to pay the FICA for the current week.
Current week
As part of the course, you will be required to complete and submit an information literacy/plagiarism assignment at the end of the course (Pod 8). The assignment details are below, and you will have the entire course to complete the assignment before the final submission.
Assignment Introduction
Sandra and Pierre want to start a business. Pierre has $200,000 in cash and Sandra $350,000 in cash and eq ...
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par .docx
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par value common stock issued and outstanding. There was a $3,000,000 balance in the Retained Earnings account at the beginning of the year. During the first quarter of the year, the following transactions occurred:
Jan. 8
Issued 40,000 shares of its own common stock for $400,000.
Jan. 18
Declared a cash dividend of $1 per share to stockholders of record on Jan. 10.
Jan. 31
Paid the $1 cash dividend declared on Jan. 18.
Feb. 2
Purchased 3,000 shares of its own common stock for the treasury at $11 per share.
Feb. 14
Sold 2,000 shares of the treasury stock purchased on Feb. 2 for $12 per share.
March 25
Declared a 2 for 1 stock split on outstanding shares.
Instructions
Prepare journal entries to record the above transactions.
Part B.
The following information is available for Flip Corporation for the year ended December 31, 2014:
Beginning retained earnings
$
340,000
Cost of goods sold
620,000
Declared cash dividends
50,000
Operating expenses
170,000
Other expenses and losses
40,000
Other revenues and gains
60,000
Sales
1,000,000
Tax rate
30%
Instructions:
1.
Prepare a corporate income statement in good form.
2.
Prepare a retained earnings statement for the year.
Question
2: 10 points:
January 1, 2014 Flip Company purchased 35,000 shares of common stock of Flop Corporation as a long-term investment for $900,000. December 31, 2014, Flop Corporation reported net income of $300,000 and paid dividends of $100,000.
Instructions:
a.
Assuming that the 35,000 shares represent a 10% interest in Flop Corporation:
1.
Prepare the journal entry to record the investment in Flop stock.
2.
Prepare any entries that Flip Company should make in accounting for its investment in Flop stock during the year.
3.
What is the balance of the Stock Investments account on Flip Company's books at the end of the year?
b.
Repeat requirement (a) above except assume that the 35,000 shares represent a 20% interest in Flop Corporation.
Question
3: 15 points:
The following information is available for Flip Corporation for the year ended December 31, 2014:
Collection of principal on long-term loan to a supplier
$15,000
Acquisition of equipment for cash
10,000
Proceeds from the sale of long-term investment at book value
20,000
Issuance of common stock for cash
27,000
Depreciation expense
28,000
Redemption of bonds payable at carrying (book) value
35,000
Payment of cash dividends
15,000
Net income
25,000
Purchase of land by issuing bonds payable
45,000
In addition, the following information is available from the comparative balance sheet for Flip at the end of 2013 and 2014:
2014
2013
Cash
$
66,000
$14,000
Accounts receivable (net)
20,000
16,000
Prepaid insurance
18,000
13,000
Total current assets
$104,000
$43,000
Accounts payable
$
30,000
$20,000
Salaries payable
3,000
7,000
Total current liabilities
$
33,000
$27,000
Instruction.
QuizDirections This quiz tests how well you understood the .docx
Quiz
Directions:
This quiz tests how well you understood the concepts covered in Weeks 1 - 7.
The first half of the exam features 7 questions with short answers and calculations. For these, omit all general journal entry explanations. Be sure to include correct dollar signs, commas, underlines and double underlines where required.
The second half of the exam consists of 20 multiple-choice questions worth 1 point each.
The computer will automatically grade the multiple-choice questions, but grading will not be complete until your instructor manually grades the short-answer questions. Your instructor may grant partial credit on short- answer questions for less than complete answers.
You can take the final exam only once. You can save each question after answering, and you can save the exam before submitting. Once you have submitted the exam, you will receive a score and be able to compare your answers to the correct answers.
Section 1: Calculations
Section 1 Instructions
To submit your answers for questions 1-6 of the exam, fill in the answer sheet and upload it to the exam.
Download and Save:
Final Exam Answer Sheet
to work out your answers for questions 1-6.
After you have filled out you answer sheet and saved it to your computer, follow these instructions under the first question in this section to upload your answers:
Click the
Insert Stuff
icon (first on the left).
Choose the File
(Final Exam Answer Sheet)
from your computer
Click
Upload
to retrieve the file from your computer and upload it.
For
Link Text
:
(Your Name) Final Exam Answer Sheet
Click
Add
. (Ignore the
Choose Destination
prompt.)
Click
OK
.
Omit all general journal entry explanations. Be sure to include correct dollar signs, commas, underlines, and double-underlines where required.
Question 1
(30 points)
On December 31, 2015, Raleigh Corp. had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2015 and were not recorded:
On January 1, Raleigh Corp. declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
On February 15, Raleigh Corp. reacquired 1,000 shares of common stock for $20 each.
On March 31, Raleigh Corp. reissued 250 shares of treasury stock for $25 each.
On July 1, Raleigh Corp. reissued 500 shares of treasury stock for $16 each.
On October 1, Raleigh Corp. declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
On December 15, Raleigh Corp. split common stock 2 shares for 1.
Net I ...
Acct 221.Fa.14 Question 1 20 pointsa. General.docx
Acct 221.Fa.14
Question 1: 20 points
a. General Journal Entries:
Date
Account
Debit
Credit
Answer Sheet Page 1 of 10 .Fa.14
Final Exam
Answer Sheet Page 2 of 10 .Fa.14
Final Exam
b. Income Statement:
Retained Earnings Statement:
.14
Final Exam
Question 2. 10 points
a1 & a2: General Journal Entries:
(Cost Method):
Date
Account
Debit
Credit
a3. Stock Investments Accounts Balance
b1 & b2: : General Journal Entries: (Equity Method):
Date
Account
Debit
Credit
b3. Stock Investments Accounts Balance
Final Exam
Question 3. 15 points:
Fa.14
Final Exam
Question 4. 10 points
Question 5. 7 points:
Flip Inc.
Cash Disbursements Budget
For the Month of May
Question 6. 6 points:
Flip Enterprises
Incremental Analysis
Special Order
a.14
Final Exam
Question 7. 6 points:
Flip Inc.
Incremental Analysis
To Make
Incremental Analysis
Incremental Effect
Question 8. 6 points:
Flip Company
Incremental Analysis
Retain or Replace
Incremental Analysis
Incremental Effect
.Fa.14
Final Exam
Multiple choice questions allocated 1 point each: Make your selection by indicating the letter corresponding to your answer.
Question Number
Answer
Question Number
Answer
9:
19:
10:
20:
11:
21:
12:
22:
13:
23:
14:
24:
15:
25:
16:
26:
17:
27:
18:
28:
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par value common stock issued and outstanding. There was a $3,000,000 balance in the Retained Earnings account at the beginning of the year. During the first quarter of the year, the following transactions occurred:
Jan. 8
Issued 40,000 shares of its own common stock for $400,000.
Jan. 18
Declared a cash dividend of $1 per share to stockholders of record on Jan. 10.
Jan. 31
Paid the $1 cash dividend declared on Jan. 18.
Feb. 2
Purchased 3,000 shares of its own common stock for the treasury at $11 per share.
Feb. 14
Sold 2,000 shares of the treasury stock purchased on Feb. 2 for $12 per share.
March 25
Declared a 2 for 1 stock split on outstanding shares.
Instructions
Prepare journal entries to record the above transactions.
Part B.
The following information is available for Flip Corporation for the year ended December 31, 2014:
Beginning retained earnings
$ 340,000
Cost of goods sold
620,000
Declared cash dividends
50,000
Operating expenses
170,000
Other expenses and losses
40,000
Other revenues and gains
60,000
Sales
1,000,000
Tax rate
30%
Instructions:
1.
Prepare a corporate income statement in good form.
2.
Prepare a retained earnings statement for the year.
Question .
Chapter 2Exercises1. Issuance of stockPrepare journal entr.docx
Chapter 2
Exercises
1. Issuance of stock
Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases:
a. Jackson Corporation has common stock with a par value of $1 per share.
b. Royal Corporation has no-par common with a stated value of $5 per share.
c. French Corporation has no-par common; no stated value has been assigned.
2. Stock subscriptions: Journal entries
Investors recently subscribed to 5,000 shares of B&J Travel's $1 par-value common stock at $10 per share. During the year, the company received 80% of the balances due, which resulted in the issuance of 4,000 shares of stock.
a. Prepare journal entries to record
1) the subscriptions to investors.
2) the receipt of cash from subscribers.
3) the issuance of shares.
b. Determine the year-end balance in the Common Stock Subscribed account.
c. Determine the year-end balance in the Common Stock Subscriptions Receivable account.
3. Analysis of stockholders' equity
Star Corporation issued both common and preferred stock during 20X6. The stockholders' equity sections of the company's balance sheets at the end of 20X6 and 20X5 follow:
20X6
20X5
Preferred stock, $100 par value, 10%
$ 580,000
$ 500,000
Common stock, $10 par value
2,350,000
1,750,000
Paid-in capital in excess of par value
Preferred
24,000
—
Common
4,620,000
3,600,000
Retained earnings
8,470,000
6,920,000
Total stockholders' equity
$16,044,000
$12,770,000
a. Compute the number of preferred shares that were issued during 20X6.
b. Calculate the average issue price of the common stock sold in 20X6.
c. By what amount did the company's paid-in capital increase during 20X6?
d. Did Star's total legal capital increase or decrease during 20X6? By what amount?
4. Preparation of stockholders' equity section
The following data relate to LeMaster Corporation as of December 31, 20XX, the close of the current accounting period:
. Preferred stock—The company has 1,000 shares of $50 par-value cumulative preferred stock authorized. The stock pays a 10% dividend; to date, 400 shares have been issued at $55 per share.
. Common stock—A total of 25,000 shares of $1 stated-value common stock is authorized. To date, 10,000 shares have been issued at $10 per share, and an additional 3,000 shares have been subscribed to at $15 per share.
Assuming a retained earnings balance of $177,000, prepare the stockholders' equity section of LeMaster's December 31, 20XX balance sheet.
· Bond premium: Straight-line amortization
Castillo Company issued $200,000 of 10% 4-year bonds on January 1, 20X1 for $216,000. The bonds pay interest semiannually on June 30 and December 31.
e. Prepare the required journal entry to record the bond issuance on January 1, 20X1.
e. Prepare entries to record the interest payment and premium amortization on June 30 and December 31, 20X1. Castillo uses the straight-line method of amortization.
e. Compute 20X1 bond interest expense.
e. Present th ...
Instructions1. For the questions requiring a written explanatio.docx
Instructions:
1. For the questions requiring a written explanation, please be as brief as possible. None of the questions require a lengthy answer. Often, one sentence per point to explain is enough.
2. Show all your work for maximum credit.
3. PUT YOUR ANSWERS IN RED WITH THE EXAM QUESTION BUT ENSURE THE GRADER CAN IDENTIFY YOUR QUICKLY IDENTIFY. BUT PLEASE MAKE SURE YOU IDENTIFY EACH ANSWER SO THAT I KNOW THE QUESTION YOU ARE ANSWERING.
PART I(50 points) Journal Entries
Whammy Company begins the month of May with $2,000 in cash and $2,000 in stock sold at par. During the month, the company has eight transactions. Prepare the appropriate journal entries for each transaction. You will also need to prepare the appropriate adjusting journal entries.
1. On May 1, the company receives $3,000 cash. The company has agreed to allow a potential customer to use rent part of the company’s office space from May 1 through July.
2. On May 1 the company buys a one year $100,000 fire insurance policy for the office building. The one year premium paid on May 1 was $2,400.
3. The company purchases inventory for $6,000. $5,000 was purchased on credit and the remainder with cash.
4. The company sells the entire inventory for $19,000 on account.
5. The company collects $3,000 of the accounts receivable.
6. The company pays $2,000 on the account payable.
7. Employees earn $6,000, to be paid next month.
8. During May the company purchases $1,200 of office supplies with cash. On May 31, there are only $700 of office supplies left.
PART IIBOND PRICING (40 Points)
1. (10 Points) The University of Alabama sells three year bonds with a $800,000 face value to private investors. The bonds are due in three years, have a 6% coupon rate, and interest is paid annually. The bonds were sold to yield 8%. What proceeds does UA receive from the investors?
2. (5 Points) Did the bond sell for par, a premium or a discount? How much was the premium or discount?
3. (5 Points) If the bond sold for a premium or discount, what is the balance in the premium or discount following the interest payment at the end of year 1?
4. (26 points) Prepare all of the necessary journal entries, beginning with the issuance of the bond, the three annual interest payments and the bond retirement at the end of year 3.
Part III Statement of Cash Flows (32 Points)
Prepare a Statement of Cash Flow for the year ending 2017 from the following information.
2016
2017
Cash
85,000
27,000
Accounts Receivable
95,000
80,000
inventory
130,000
134,000
prepaid expenses
9,500
9,000
land
89,700
130,000
PP&E
295,500
256,700
accumulated depr
-30,000
-13,000
total assets
674,700
623,700
accounts payable
98,000
77,000
accrued liabilities
54,000
70,000
bonds payable
110,000
60,000
common stock
100,000
101,000
retained earnings
312,700
315,700
674,700
623,700
PP&E with a historical cost of $50,000 and a net book value of $28,000 was sold for $22,500
Dividends.
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ACCT 551 Course Project (Notes to Financial Statement) (2 Project)
Question 1On December 31, 2014, Frick Incorporated, had the.docx
Question
1:
On December 31, 2014, Frick Incorporated, had the following balances (all balances are normal):
Accounts
Amount
Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and outstanding)
$1,000,000
Common Stock ($10 par value, 200,000 shares authorized, 100,000 shares issued and outstanding)
$1,000,000
Paid-in Capital in Excess of par, Common
150,000
Retained Earnings
700,000
The following events occurred during 2014 and were not recorded:
a. On January 1, Frick declared a 5% stock dividend on its common stock when the market value of the common stock was $15 per share. Stock dividends were distributed on January 31 to shareholders as of January 25.
b. On February 15, Frick reacquired 1,000 shares of common stock for $20 each.
c. On March 31, Frick reissued 250 shares of treasury stock for $25 each.
d. On July 1, Frick reissued 500 shares of treasury stock for $16 each.
e. On October 1, Frick declared full year dividends for preferred stock and $1.50 cash dividends for outstanding shares and paid shareholders on October 15.
f. One December 15, Frick split common stock 2 shares for 1.
g. Net Income for 2014 was $275,000.
Requirements
:
a.
Prepare journal entries for the transactions listed above.
b.
Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014.
Question
2:
On January 1, 2014, Frick Company purchased 10,000 shares of the stock of Floozy, and did obtain significant influence.
The investment is intended as a long-term investment.
The stock was purchased for $90,000, and represents a 30% ownership stake.
Floozy made $25,000 of net income in 2014, and paid dividends of $10,000.
The price of Floozy's stock increased from $10 per share at the beginning of the year, to $12 per share at the end of the year.
Requirements
:
a.
Prepare the January 1 & December 31 general journal entries for Frick Company.
b.
How much should the Frick Company report on the balance sheet for the investment in Floozy as the end of 2014
Question
3:
The following is selected information from Flip Company for the fiscal years ended December 31, 2014: Flip Company had net income of $1,225,000.
Depreciation was $500,000, purchases of plant assets were $1,250,000, and disposals of plant assets for $500,000 resulted in a $50,000 gain.
Stock was issued in exchange for an outstanding note payable of $725,000.
Accounts receivable decreased by $25,000.
Accounts payable decreased by $40,000.
Dividends of $300,000 were paid to shareholders.
Flip Company had interest expense of $50,000. Cash balance on January 1, 2014 was $250,000.
Requirements
:
Prepare Flip Company's statement of cash flows for the year ended December 31, 2014 using the indirect method.
Question
4:
Frick Corporation had the following bond transactions during the fiscal year 2014:
a. On January 1: issued ten (10), $1,000 bonds at 102.
The 5-year bonds, is dated Janua.
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Intermediate Accounting I Final Exam Booklet Replacement.docx
Intermediate Accounting I
Final Exam Booklet
Replacement
Part A
20 Point Questions ( 3 questions x 20 points = 60 total points)
Show all work.
1. The following information is provided in the 2011 annual report to shareholders of The
BizStore:
Required: Compute U-Z in the table above.
2. Shown below is the activity for one of the products of Random Creations:
January 1 balance, 80 units @ $50 $4,000
2a. Compute the ending inventory and cost of goods sold assuming Random Creations
uses FIFO.
2b. Compute the ending inventory and cost of goods sold assuming Random Creations
uses LIFO and perpetual inventory system.
2c. Compute the ending inventory and cost of goods sold assuming Random Creations
uses LIFO and a periodic inventory system.
2d. Compute the ending inventory and cost of goods sold assuming Random Creations
uses average cost and a periodic inventory system.
2e. Compute the ending inventory and cost of goods sold assuming Random Creations
uses average cost and a perpetual inventory system.
3. On January 3, 2011, Michelson & Sons acquired a tract of land just outside the city
limits. The land and existing building were purchased for $2.4 million. Michelson paid
$400,000 and signed a noninterest-bearing note requiring the company to pay the
remaining $2,000,000 on December 31, 2012. An interest rate of 7% properly reflects the
time value of money for this type of loan agreement. Transfer taxes, title insurance and
other costs totaling $24,000 were paid at closing.
During February, the old building was demolished at a cost of $120,000, and an
additional $100,000 was paid to clear and grade the land. Construction of a new building
began on March 1 and was completed on October 30. Construction expenditures were as
follows:
Michelson did not borrow specifically for the construction project, but did have the
following debt outstanding throughout 2011:
$6,000,000, 8% long-term note payable
$2,000,000, 5% long-term note payable
In December, the company purchased equipment and office furniture and fixtures for a
lump-sum price of $800,000. The fair values of the equipment and the furniture and
fixtures were $540,000 and $360,000, respectively. In December, Michelson paid
$340,000 for the construction of parking lots and landscaping.
Required:
3a. Determine the initial values of the various assets that Michelson acquired or
constructed during 2011.
3b. How much interest expense will Michelson report in its 2011 income statement?
Part B:
4 Point Questions (10 questions x 4 points = 40 total points)
Show all work.
1. Tri Fecta, a partnership, had revenues of $360,000 in its first year of operations. The
partnership has not collected on $35,000 of its sales, and still owes $40,000 on $150,000
of merchandise they purchased. There was no inventory on hand at the end of the year.
The partnership paid $25,0.
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Acct 221.Fa.14 Question 1 20 pointsa. General.docx
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Instructions1. For the questions requiring a written explanatio.docx
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Intermediate Accounting I Final Exam Booklet Replacement.docx
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Evaluation Criteria
:
Provided one example of an infectious disease.
Described how screening is used for the detection and control of outbreaks.
Discussed how and where a screening initiative would be implemented and who would be the core population.
Justified answers with appropriate research and reasoning by using examples and references from textbooks, the South University Online Library, and other acceptable references, citing the sources in APA format.
Commented on the postings of at least two classmates by asking questions, providing a point of view with a rationale, challenging a point of the discussion, or making a relationship between two or more points.
.
Once you have identified two questions that interest you, conduct an.docx
Once you have identified two questions that interest you, conduct an Internet search of the key terms from these questions. During your search, find 1-2 sources that speak to the questions and provide a brief summary of what additional information you have found that answers your query.
What are the primary industries of Naples, Italy?
What role did the city of Alexandria play in the ancient world?
.
On December 31, 2015, Ms. Levine CPA, your manager and the treasurer.docx
On December 31, 2015, Ms. Levine CPA, your manager and the treasurer of the U.S. division of the pharmaceutical company Meeack Corp. had just finished acquiring the United Kingdom drug company Zulu LLP, and, after utilizing her knowledge of the IFRS, realized the FASB and IASB designed a roadmap for convergence by 2015. She would like to know the reasons why the U.S. is not going to be converting to the IFRS by 2015.
Required:
Using the SEC staff report issued in July 2012, take a position and then argue and support for your manager at least three reasons why you
believe,
or
do not believe,
that the SEC is correct in its position to delay convergence.
Your well-written paper must be 2-3 pages, in addition to title and reference pages. Cite at least two peer-reviewed sources, in addition to the required reading for the module.
.
On Dumpster Diving” by Lars Eighner (50 Essays, p. 139-15.docx
“On Dumpster Diving” by Lars Eighner (
50 Essays
, p. 139-151)
Due Date: Tuesday, October 18
1.
Eighner begins the essay by explaining where the term “Dumpster” originated. Why do you think he begins this way?
2.
What is Eighner’s opinion of college students? Why is scavenging around a college campus so effective for him?
3.
Define the following vocabulary words from the essay. Use each word in a sentence of your own. Briefly explain why the author of the essay chose to use these words.
a.
Scrounging (139)
i.
Definition:
ii.
Part of Speech:
iii.
Sentence:
iv.
Why does the author use this word?
b.
Sinecure (150)
i.
Definition:
ii.
Part of Speech:
iii.
Sentence:
iv.
Why does the author use this word?
4.
.
Ok so I have done all the calculations, graphs and interpritations m.docx
Ok so I have done all the calculations, graphs and interpritations myself, unfortuanatly something came up and i can not do the last part "
Summarize your results from 1–14 in a report that is 3 pages or less in length and explain and interpret the results in ways that are understandable to someone who does not know statistics." I need someone that understand stats but also capable of writing. I have attached all my data and related documents.
.
Ok so I know this is extreme short notice but I have a final 6 page .docx
Ok so I know this is extreme short notice but I have a final 6 page paper due tomorrow, it has to be on a major literary author before 1965, I was going to do Ernest Hemingway. First 2-3 pages include introduction, short biography some of the authors influences/who they influences, cultural & historical context (period of influence such as war), themes in major works, specific theme and plot summary of one major work written by this author. Last pages are to discuss four elements of fiction (literary analysis) Use 4 passages throughout this and then the conclusion. In MLA format.
.
Offenses and Punishment. Please respond to the following Explai.docx
"Offenses and Punishment." Please respond to the following:
Explain with examples how the Eighth Amendment restricts the government’s authority to make something a crime.
Analyze Papachristou v. City of Jacksonville. As a public administrator, explain whether there should be a higher concern for public safety or for individual rights. Support your position with examples or evidence.
.
Offer an alternative explanation for how these patterns of criminal .docx
Offer an alternative explanation for how these patterns of criminal activity and violence affected constitutional law and political freedom.
Having effectively established an early version of
Parlament
, the Anglo-Saxons created a "warlike" system founded on family bonds,
aggricultral
success, acquisition of funds and property, and control through legal means. (Roth, 2005) Crime was a serious matter as this could effect an individual's financial status/land holdings, family and personal reputation, and life. As each
kindship
/kingdom had their own laws; however, your "value" as a human would determine
werdild
(blood price) and options for punishments. (BBC, 2016) Blood
fueds
and vengeance based retaliations occurred. There were no police forces; however, there were "
tithings
" (groups of 10 to 12 men) who were responsible for each other and held accountable for each other's actions. (Roth, 2005) Therefore, if you were accused of
theift
, you and your tithing would appear before a community jury to hear a sentence of death or a fine; however, should you not appear you would then be stripped of your humanity/value and executed. (Roth, 2005)
If the Saxons were known for their death penalty, then the Norman's were known for verdicts of mutilation and forming the class system. (Roth, 2005) Unlike the Saxons, the Norman's legal system did establish a police system that was loyal to the monarch instead of the community or
kinship
. (Roth, 2005) Taking the power away from communities and families to uphold and
despence
the law,
constables
handed everything from "tax collection, arresting
malfectors
, transporting prisoners, and serving legal papers" to maintaining curfew and monarch regulations. (Roth, 2005) Instead of having to survive an ordeal, a
theft
would have to battle to prove his/her innocence or appoint someone to battle for them if the defendant was a woman, child, elderly, or ill individual. (Roth, 2005) If a woman stole an apple, her brother might have to battle the shop keepers.
However, the two systems were vastly different. In the Anglo-Saxon world, the kingdoms experienced more personal and kingdom based freedoms. Even though the death penalty was widely utilized, no positions existed that would be seeking out infractions or looking to punish someone (like a constable). A thief might loose his family and personal honor, face the wrath of his tithing, or have to endure his victim's family claiming their blood price. However, value and worth were placed on family honor, deeds, and contributions to the community. In the United States, this is similar to what we experienced before the civil war. The states had more power than the federal government over their laws and regulations; however, like the Saxons, there were major
inconsistencies
among states regarding policies, sentences for crimes, and even social attitudes towards certain crimes. The Anti Federalist movement in the United States is founded o.
Often, as a business operates, the partners bring some of their pers.docx
Often, as a business operates, the partners bring some of their personal items for use by the partnership so that the partnership does not have to incur the expense of buying these items. These items are then extensively used by the partnership. Over time, do you see some potential sources of disagreement in doing this? What particular problem does this pose when these items are changed or added to in form or character at the expense of the partnership? How important is it that there be some written statement signed by the partners at the time a partner brings a personal asset to the partnership for use in the operation of the business?
.
Of all the GNR technologies (genetic engineering, nanotechnology and.docx
Of all the GNR technologies (genetic engineering, nanotechnology and robotics), nanotechnology has the greatest potential for the destruction of our planet or even our solar system.
Do you agree with Ray Kurzweil that it is possible for society to enjoy the benefits of twenty-first century GNR technologies while mitigating and controlling the risks?
Why or Why Not?
attachments are the reading resources. should around 600 words.
.
Of the five management functions, which do you expect will experienc.docx
Of the five management functions, which do you expect will experience the most dramatic changes in the next decade? Defend your answer. Which will have the least amount of change? Explain your answer. Respond substantively to two other learners.
Guided Response:
Your initial post should be at least 200 words in length. Support your claims with examples from required material(s) and/or other scholarly resources, and properly cite any references. Respond substantively to at least two of your classmates' posts.
The
five
functions
of
management—planning,
organizing,
staffing,
leading,
and
controlling-
have
many
close
linkages.
Planning
is
part
of
every
other
management
function.
Creating
and
maintaining
an
organization's
design
requires
planning.
One
of
the
first
steps
in
staffing
is
human
resource
planning.
Leading
requires
planning.
Leaders
rely
on
motivational
programs
that
are
planned
in
advance.
Teams
and
groups
use
plans
to
direct
activities.
Communication
systems
and
all
the
new
iterations
of
those
systems
necessitate
careful
planning
to
spot
new
trends
and
to
implement
changes
in
technologies.
Planning
is
the
basis
of
control
through
the
use
of
standards.
The
organizing
function
shares
similar
bonds
with
other
management
functions.
The
first
element
of
organizing,
job
design,
is
shared
with
the
staffing
function.
Job
specifications
established
in
the
job
design
aspect
of
organizing
are
used
to
recruit
and
select
employees.
Employees
who
fit
are
able
to
work
well
in
company-prescribed
teams
and
groups
and
to
communicate
effectively
within
the
system.
Staffing
shares
the
human
element
with
leading.
Staffing
involves
choosing
the
right
people.
Leading
includes
enticing
the
highest
levels
of
performance
from
those
people.
Controlling
has
one
element
in
common
with
staffing.
Both
are
involved
in
the
performance
appraisal
process
for
individual
employees.
Standards
link
controlling
and
planning.
Further,
controlling
begins
the
process
of
creating
the
next
set
of
plans.
.
Of the numerous forms of communication technologies presented in thi.docx
Of the numerous forms of communication technologies presented in this course, predict the first form of technology to be phased out by a newer and improved technology. Explain the limitations of this technology and the reason for its speculated obsolesce.
Speculate the technology that will replace the previously mentioned technology above. Describe the features, capabilities, or basic advantages this technology will have over its predecessor.
.
Oceanic currents are an important mechanism for the transfer of ener.docx
Oceanic currents are an important mechanism for the transfer of energy from
A. the polar regions towards low latitudes.
B. the high latitudes towards the equator.
C. low latitudes towards high latitudes.
D. southern polar regions to northern polar regions.
.
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one day when you woke up you saw doreman in you room .he has a tim.docx
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- 6. to manufacture wheel sets could be rented to a third party at an annual rental of $15,000. Additionally, $4 per unit of the fixed overhead applied to wheel sets would be totally eliminated. Requirements: Prepare an incremental analysis schedule to demonstrate if RSW should accept Murphy's offer. Hint: Set up 2 columns and show differences in income and costs for each column. Multiple choice questions allocated 1% point each. Make your selection by recording the letter in the answer box provided. Use capital letters when you enter your answer on the answer sheet. Question 8: Assume that actual overhead consisted of $30,000 for indirect labor, $20,000 for indirect material, and $10,000 for depreciation of factory equipment. Based on the preset rates, $65,000 of overhead was applied to work in process. a. Overhead is overapplied. b. This is viewed as an unfavorable situation. c. There will be a $5,000 debit balance in Factory Overhead. d. All of the above. e. None of these Question 9: The contract interest rate for bonds: A. must equal the effective interest rate. B. is greater than the effective interest rate when bonds are issued at a discount. C. has no relation to the cash flow associated with a particular bond. D. will fluctuate over the life of a bond. E. None of these. Question 10: Norman Corporation issued $100,000 of 7%, 15-year bonds on
- 7. January 1, 2014 at 102. The proper entry to record issuance of the bonds includes a debit to Cash for: a. $100,000. b. $101,000. c. $101,167. d. $102,000.. e. None of these. Question 11: Which of the following statements about treasury stock is true? a. Excess of the sales price over cost should be credited to retained earnings. b. Gains are not recorded on treasury stock transactions but losses are. c. Re-acquiring treasury stock causes stockholders equity to decrease. d. Re-acquiring treasury stock causes stockholders equity to increase. e. Losses on treasury stock transactions are recorded in income. Question 12: Maxlo Company has 100,000 shares of common stock outstanding. On April 15, the board declared a $.30 dividend to be paid to stockholders of record on May 4. The dividend was paid on May 15 . The proper journal entry for Maxlo Company on May 15 does include: a. a debit to Dividends Payable for $30,000. b. a debit to Dividends for $30,000. c. a debit to Cash for $30,000. d. Both A and C, above.
- 8. e. None of these. Question 13: Assume the following sales data for a company: 2010 $1,000,000 2009 900,000 2008 750,000 2007 600,000 If 2007 is the base year, what is the percentage increase in sales from 2007 to 2009? a.100% b.150% c . 50% d.66.7% Question 14: Alpha Corporation has cumulative preferred stock. If dividends are not declared in a period, then those dividends are: a. Considered a liability. b. called dividends in arrears. c. distributions of earnings. d. never paid. Question 15: Maloney Company's balance sheet include cash ($4,000,000), accounts receivable ($16,000,000), inventories ($10,000,000), prepaid expenses ($2,000,000), accounts payable ($9,000,000), and accrued expenses ($7,000,000). These are the only current items. a. The quick ratio is 2:1.
- 9. b. The quick ratio is 1.25:1. c. The current ratio is 1.875:1. d. Both A and C. e. None of these. Question 16: Selected information for 2014 is: cost of goods sold, $5,400,000; average inventory, $1,800,000; net sales, $7,200,000; average receivables, $960,000; and net income, $720,000. Assuming a 360-day year, what was the inventory turnover ratio for 2014? a. 333 b. 3 c. 7.5 d. 20 e. None of these. Question 17: On the schedule of cost of goods manufactured: a. beginning work-in-process plus direct materials used equals manufacturing costs. b. cost of goods manufactured is the same thing as total manufacturing costs. c. work-in-process will necessarily increase if total manufacturing costs increase. d. factory overhead plus beginning work-in-process equals manufacturing costs. e. None of these. Question 18: Which costing method seems ideally suited to the production of homogenous products in continuous throughput? a. Activity-based costing. b. Job order costing.
- 10. c. Process costing. d. Absorption costing. e. None of these. Question 19: White Company uses a job order cost system and applies overhead based on estimated rates. The overhead application rate is based on total estimated overhead costs of $200,000 and direct labor hours of 50,000. For job 836, direct labor hours were 800. a. Factory Overhead should be debited for $3,200. b. Factory Overhead should be credited for $3,200. c. Overhead Expense should be debited for $3,200. d. Overhead Expense should be credited for $3,200. e. None of these. Question 20: For job 1838, there were 1,000 direct labor hours, and actual overhead was $500 for depreciation and $1,400 for indirect labor. Overhead is applied at $2 per direct labor hour. Which account should be debited for $1,900? a. Work in Process. b. Cost of Goods Sold. c. Factory Overhead. d. Cost of Goods Manufactured. e. None of these. Question 21: 7,000 units in a process that are 70% complete are referred to as a.7,000 equivalent units of production. b.2,100 equivalent units of production. c.4,900 equivalent units of production. d. 2,100 inequivalent units of production
- 11. Question 22: A process cost system would be used for all of the following products except a. chemicals. b. computer chips. c. soft drinks. d. fur coats Question 23: Killox Company makes units that each requires 2 pounds of material at $3 per pound. 500 and 700 units will be built in May and June, respectively. Frick keeps material on hand at 20% of the next month's production needs. How much is the material cost for May's output? a. $2,400 b. $3,000 c. $3,240 d. $4,200 e. None of these. Question 24: Anticipated unit sales are January, 5,000; February, 4,000; and March 8,000. Finished goods are consistently maintained at 80% of the following month's sales. If units cost $10 each to produce, how much is February's total cost of production? a. $0 b. $40,000 c. $72,000 d. $80,000 e. None of these. Question 25: Total production of 1,000 units of finished goods required 3,900
- 12. actual hours at $12 per hour. The standard is 4 hours per unit of finished goods, at a standard rate of $11 per hour. Which of the following statements is true? a. The labor rate variance is $3,900 favorable. b. The labor rate variance is $4,000 unfavorable. c. The labor efficiency variance is $1,100 unfavorable. d. The labor efficiency variance is $1,100 favorable. e. None of these. Question 26: If beginning work in process was 600 units, 1,400 additional units were put into production, and ending work in process was 500 units, how many units were completed? a. 500 b. 900 c. 1,500 d. 2,000 e. None of these. Question 27: Cost of goods manufactured is calculated as follows: a.Beginning WIP + direct materials used + direct labor + manufacturing overhead + ending WIP. b.Direct materials used + direct labor + manufacturing overhead – beginning WIP + ending WIP. c . Beginning WIP + direct materials used + direct labor + manufacturing overhead – ending WIP. d.Direct materials used + direct labor + manufacturing overhead – ending WIP – beginning WIP. e. None of the above
- 13. I ALSO ATTACHED BELOW