Question 5
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common Stock
$1.3800
$1.2800
$1.1900
Class B Common Stock
1.2500
1.1600
1.0712
The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey's 2011 Annual Report, available at www.thehersheycompany.com.
THE HERSHEY COMPANY
CONSOLIDATED BALANCE SHEETS
December 31,
2011
2010
In thousands of dollars
ASSETS
Current Assets:
Cash and cash equivalents
$693,686
$884,642
Accounts receivable—trade
399,499
390,061
Inventories
648,953
533,622
Deferred income taxes
136,861
55,760
Prepaid expenses and other
167,559
141,132
Total current assets
2,046,558
2,005,217
Property, Plant and Equipment, Net
1,559,717
1,437,702
Goodwill
516,745
524,134
Other Intangibles
111,913
123,080
Deferred Income Taxes
38,544
21,387
Other Assets
138,722
161,212
Total assets
$4,412,199
$4,272,732
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$420,017
$410,655
Accrued liabilities
612,186
593,308
Accrued income taxes
1,899
9,402
Short-term debt
42,080
24,088
Current portion of long-term debt
97,593
261,392
Total current liabilities
1,173,775
1,298,845
Long-term Debt
1,748,500
1,541,825
Other Long-term Liabilities
617,276
494,461
Total liabilities
3,539,551
3,335,131
Commitments and Contingencies
—
—
Stockholders’ Equity:
The Hershey Company Stockholders’ Equity
Preferred Stock, shares issued: none in 2011 and 2010
—
—
Common Stock, shares issued: 299,269,702 in 2011 and 299,195,325 in 2010
299,269
299,195
Class B Common Stock.
i just need the 4 questions answered. please helpBroad.docxkedsliemichal
i just need the 4 questions answered. please help
Broadening Your Perspective 6-2
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common Stock
$1.3800
$1.2800
$1.1900
Class B Common Stock
1.2500
1.1600
1.0712
The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey's 2011 Annual Report, available at www.thehersheycompany.com.
THE HERSHEY COMPANY
CONSOLIDATED BALANCE SHEETS
December 31,
2011
2010
In thousands of dollars
ASSETS
Current Assets:
Cash and cash equivalents
$693,686
$884,642
Accounts receivable—trade
399,499
390,061
Inventories
648,953
533,622
Deferred income taxes
136,861
55,760
Prepaid expenses and other
167,559
141,132
Total current assets
2,046,558
2,005,217
Property, Plant and Equipment, Net
1,559,717
1,437,702
Goodwill
516,745
524,134
Other Intangibles
111,913
123,080
Deferred Income Taxes
38,544
21,387
Other Assets
138,722
161,212
Total assets
$4,412,199
$4,272,732
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$420,017
$410,655
Accrued liabilities
612,186
593,308
Accrued income taxes
1,899
9,402
Short-term debt
42,080
24,088
Current portion of long-term debt
97,593
261,392
Total current liabilities
1,173,775
1,298,845
Long-term Debt
1,748,500
1,541,825
Other Long-term Liabilities
617,276
494,461
Total liabilities
3,539,551
3,335,131
Commitments and Contingencies
—
—
Stockholders’ Equity:
The Hershey Company Stockholders’ Equity
Preferred Stock, shares issued: none in 2011 and 2010
—
—
Common Stock, shares issued: 299,269,702 in 20.
(10-8)
(10-13)
(10-22)
(10-24)
(BYP 10-1)
(10-2)
Print by:
ACC/291 - 46047347 / Assignment: Week 3 Assignment
Broadening Your Perspective 10-2
The financial statements of The Hershey Company and Tootsie Roll are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common Stock
$1.3800
$1.2800
$1.1900
Class B Common Stock
1.2500
1.1600
1.0712
The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey's 2011 Annual Report, available at www.thehersheycompany.com.
THE HERSHEY COMPANY
CONSOLIDATED BALANCE SHEETS
December 31,
2011
2010
In thousands of dollars
ASSETS
Current Assets:
Cash and cash equivalents
$693,686
$884,642
Accounts receivable—trade
399,499
390,061
Inventories
648,953
533,622
Deferred income taxes
136,861
55,760
Prepaid expenses and other
167,559
141,132
Total current assets
2,046,558
2,005,217
Property, Plant and Equipment, Net
1,559,717
1,437,702
Goodwill
516,745
524,134
Other Intangibles
111,913
123,080
Deferred Income Taxes
38,544
21,387
Other Assets
138,722
161,212
Total assets
$4,412,199
$4,272,732
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$420,017
$410,655
Accrued liabilities
612,186
593,308
Accrued income taxes
1,899
9,402
Short-term debt
42,080
24,088
Current portion of long-term debt
97,593
261,392
Total current liabilities
1,173,775
1,298,845
Long-term Debt
1,748,500
1,541,825
Other Long-term Liabilities
617,276
494,461
Total liabilities
3,539,551
3,335,131
Commitments and Contingencies
—
—
Stockholders’ Equity:
The Hershey Company Stockholders’ Equity
Preferred Stock, shares issued: none ...
Question 4The stockholders’ equity section of Tootsie Roll Industr.docxteofilapeerless
Question 4
The stockholders’ equity section of Tootsie Roll Industries’ balance sheet is shown in the Consolidated Statement of Financial Position.
(Note that Tootsie Roll has two classes of common stock. To answer the following questions, add the two classes of stock together.)
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
.
APPL Q1AAPL INCOMEApple Inc.CONDENSED CONSOLIDATED STATEMENTS OF O.docxarmitageclaire49
APPL Q1AAPL INCOMEApple Inc.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)(In millions, except number of shares which are reflected in thousands and per share amounts)Three Months EndedDecember 28,December 29,20192018Net sales: Products$79,104$73,435 Services12,71510,875Total net sales91,81984,310Cost of sales: Products52,07548,238 Services4,5274,041Total cost of sales56,60252,279Gross margin35,21732,031Operating expenses:Research and development4,4513,902Selling, general and administrative5,1974,783Total operating expenses9,6488,685Operating income25,56923,346Other income/(expense), net349560Income before provision for income taxes25,91823,906Provision for income taxes3,6823,941Net income$22,236$19,965Earnings per share:Basic$5.04$4.22Diluted$4.99$4.18Shares used in computing earnings per share:Basic4,415,0404,735,820Diluted4,454,6044,773,252APPL Balance SheetApple Inc.CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)(In millions, except number of shares which are reflected in thousands and par value)December 28,September 28,20192019ASSETS:Current assets:Cash and cash equivalents$39,771$48,844Marketable securities67,39151,713Accounts receivable, net20,97022,926Inventories4,0974,106Vendor non-trade receivables18,97622,878Other current assets12,02612,352Total current assets163,231162,819Non-current assets:Marketable securities99,899105,341Property, plant and equipment, net37,03137,378Other non-current assets40,45732,978Total non-current assets177,387175,697Total assets$340,618$338,516LIABILITIES AND SHAREHOLDERS’ EQUITY:Current liabilities:Accounts payable$45,111$46,236Other current liabilities36,26337,720Deferred revenue5,5735,522Commercial paper4,9905,980Term debt10,22410,260Total current liabilities102,161105,718Non-current liabilities:Term debt93,07891,807Other non-current liabilities55,84850,503Total non-current liabilities148,926142,310Total liabilities251,087248,028Commitments and contingenciesShareholders’ equity:Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,384,959 and 4,443,236 shares issued and outstanding, respectively45,97245,174Retained earnings43,97745,898Accumulated other comprehensive income/(loss)(418)(584)Total shareholders’ equity89,53190,488Total liabilities and shareholders’ equity$340,618$338,516APPL Cash FlowApple Inc.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(In millions)Three Months EndedDecember 28,December 29,20192018Cash, cash equivalents and restricted cash, beginning balances$50,224$25,913Operating activities:Net income22,23619,965Adjustments to reconcile net income to cash generated by operating activities:Depreciation and amortization2,8163,395Share-based compensation expense1,7101,559Deferred income tax expense/(benefit)(349)53Other(142)(54)Changes in operating assets and liabilities:Accounts receivable, net2,0155,130Inventories(28)(1,076)Vendor non-trade receivables3,9026,905Other current and non-current assets(7,054)(886.
APPL Q1AAPL INCOMEApple Inc.CONDENSED CONSOLIDATED STATEMENTS OF O.docxfestockton
APPL Q1AAPL INCOMEApple Inc.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)(In millions, except number of shares which are reflected in thousands and per share amounts)Three Months EndedDecember 28,December 29,20192018Net sales: Products$79,104$73,435 Services12,71510,875Total net sales91,81984,310Cost of sales: Products52,07548,238 Services4,5274,041Total cost of sales56,60252,279Gross margin35,21732,031Operating expenses:Research and development4,4513,902Selling, general and administrative5,1974,783Total operating expenses9,6488,685Operating income25,56923,346Other income/(expense), net349560Income before provision for income taxes25,91823,906Provision for income taxes3,6823,941Net income$22,236$19,965Earnings per share:Basic$5.04$4.22Diluted$4.99$4.18Shares used in computing earnings per share:Basic4,415,0404,735,820Diluted4,454,6044,773,252APPL Balance SheetApple Inc.CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)(In millions, except number of shares which are reflected in thousands and par value)December 28,September 28,20192019ASSETS:Current assets:Cash and cash equivalents$39,771$48,844Marketable securities67,39151,713Accounts receivable, net20,97022,926Inventories4,0974,106Vendor non-trade receivables18,97622,878Other current assets12,02612,352Total current assets163,231162,819Non-current assets:Marketable securities99,899105,341Property, plant and equipment, net37,03137,378Other non-current assets40,45732,978Total non-current assets177,387175,697Total assets$340,618$338,516LIABILITIES AND SHAREHOLDERS’ EQUITY:Current liabilities:Accounts payable$45,111$46,236Other current liabilities36,26337,720Deferred revenue5,5735,522Commercial paper4,9905,980Term debt10,22410,260Total current liabilities102,161105,718Non-current liabilities:Term debt93,07891,807Other non-current liabilities55,84850,503Total non-current liabilities148,926142,310Total liabilities251,087248,028Commitments and contingenciesShareholders’ equity:Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,384,959 and 4,443,236 shares issued and outstanding, respectively45,97245,174Retained earnings43,97745,898Accumulated other comprehensive income/(loss)(418)(584)Total shareholders’ equity89,53190,488Total liabilities and shareholders’ equity$340,618$338,516APPL Cash FlowApple Inc.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(In millions)Three Months EndedDecember 28,December 29,20192018Cash, cash equivalents and restricted cash, beginning balances$50,224$25,913Operating activities:Net income22,23619,965Adjustments to reconcile net income to cash generated by operating activities:Depreciation and amortization2,8163,395Share-based compensation expense1,7101,559Deferred income tax expense/(benefit)(349)53Other(142)(54)Changes in operating assets and liabilities:Accounts receivable, net2,0155,130Inventories(28)(1,076)Vendor non-trade receivables3,9026,905Other current and non-current assets(7,054)(886 ...
1Exercise 8-4The ledger of Wainwright Company at the end of the cu.docxvickeryr87
1Exercise 8-4
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $76,000; Credit Sales $801,000; and Sales Returns and Allowances $50,000.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,000 balance is uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of $990 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable.
(c)
If Allowance for Doubtful Accounts has a debit balance of $850 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.
No.
Account Titles and Explanation
Debit
Credit
(a)
2
Broadening Your Perspective 8-1
The financial statements of
Tootsie Roll
are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRE.
i just need the 4 questions answered. please helpBroad.docxkedsliemichal
i just need the 4 questions answered. please help
Broadening Your Perspective 6-2
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common Stock
$1.3800
$1.2800
$1.1900
Class B Common Stock
1.2500
1.1600
1.0712
The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey's 2011 Annual Report, available at www.thehersheycompany.com.
THE HERSHEY COMPANY
CONSOLIDATED BALANCE SHEETS
December 31,
2011
2010
In thousands of dollars
ASSETS
Current Assets:
Cash and cash equivalents
$693,686
$884,642
Accounts receivable—trade
399,499
390,061
Inventories
648,953
533,622
Deferred income taxes
136,861
55,760
Prepaid expenses and other
167,559
141,132
Total current assets
2,046,558
2,005,217
Property, Plant and Equipment, Net
1,559,717
1,437,702
Goodwill
516,745
524,134
Other Intangibles
111,913
123,080
Deferred Income Taxes
38,544
21,387
Other Assets
138,722
161,212
Total assets
$4,412,199
$4,272,732
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$420,017
$410,655
Accrued liabilities
612,186
593,308
Accrued income taxes
1,899
9,402
Short-term debt
42,080
24,088
Current portion of long-term debt
97,593
261,392
Total current liabilities
1,173,775
1,298,845
Long-term Debt
1,748,500
1,541,825
Other Long-term Liabilities
617,276
494,461
Total liabilities
3,539,551
3,335,131
Commitments and Contingencies
—
—
Stockholders’ Equity:
The Hershey Company Stockholders’ Equity
Preferred Stock, shares issued: none in 2011 and 2010
—
—
Common Stock, shares issued: 299,269,702 in 20.
(10-8)
(10-13)
(10-22)
(10-24)
(BYP 10-1)
(10-2)
Print by:
ACC/291 - 46047347 / Assignment: Week 3 Assignment
Broadening Your Perspective 10-2
The financial statements of The Hershey Company and Tootsie Roll are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common Stock
$1.3800
$1.2800
$1.1900
Class B Common Stock
1.2500
1.1600
1.0712
The notes to consolidated financial statements are an integral part of these statements and are included in the Hershey's 2011 Annual Report, available at www.thehersheycompany.com.
THE HERSHEY COMPANY
CONSOLIDATED BALANCE SHEETS
December 31,
2011
2010
In thousands of dollars
ASSETS
Current Assets:
Cash and cash equivalents
$693,686
$884,642
Accounts receivable—trade
399,499
390,061
Inventories
648,953
533,622
Deferred income taxes
136,861
55,760
Prepaid expenses and other
167,559
141,132
Total current assets
2,046,558
2,005,217
Property, Plant and Equipment, Net
1,559,717
1,437,702
Goodwill
516,745
524,134
Other Intangibles
111,913
123,080
Deferred Income Taxes
38,544
21,387
Other Assets
138,722
161,212
Total assets
$4,412,199
$4,272,732
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable
$420,017
$410,655
Accrued liabilities
612,186
593,308
Accrued income taxes
1,899
9,402
Short-term debt
42,080
24,088
Current portion of long-term debt
97,593
261,392
Total current liabilities
1,173,775
1,298,845
Long-term Debt
1,748,500
1,541,825
Other Long-term Liabilities
617,276
494,461
Total liabilities
3,539,551
3,335,131
Commitments and Contingencies
—
—
Stockholders’ Equity:
The Hershey Company Stockholders’ Equity
Preferred Stock, shares issued: none ...
Question 4The stockholders’ equity section of Tootsie Roll Industr.docxteofilapeerless
Question 4
The stockholders’ equity section of Tootsie Roll Industries’ balance sheet is shown in the Consolidated Statement of Financial Position.
(Note that Tootsie Roll has two classes of common stock. To answer the following questions, add the two classes of stock together.)
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
.
APPL Q1AAPL INCOMEApple Inc.CONDENSED CONSOLIDATED STATEMENTS OF O.docxarmitageclaire49
APPL Q1AAPL INCOMEApple Inc.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)(In millions, except number of shares which are reflected in thousands and per share amounts)Three Months EndedDecember 28,December 29,20192018Net sales: Products$79,104$73,435 Services12,71510,875Total net sales91,81984,310Cost of sales: Products52,07548,238 Services4,5274,041Total cost of sales56,60252,279Gross margin35,21732,031Operating expenses:Research and development4,4513,902Selling, general and administrative5,1974,783Total operating expenses9,6488,685Operating income25,56923,346Other income/(expense), net349560Income before provision for income taxes25,91823,906Provision for income taxes3,6823,941Net income$22,236$19,965Earnings per share:Basic$5.04$4.22Diluted$4.99$4.18Shares used in computing earnings per share:Basic4,415,0404,735,820Diluted4,454,6044,773,252APPL Balance SheetApple Inc.CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)(In millions, except number of shares which are reflected in thousands and par value)December 28,September 28,20192019ASSETS:Current assets:Cash and cash equivalents$39,771$48,844Marketable securities67,39151,713Accounts receivable, net20,97022,926Inventories4,0974,106Vendor non-trade receivables18,97622,878Other current assets12,02612,352Total current assets163,231162,819Non-current assets:Marketable securities99,899105,341Property, plant and equipment, net37,03137,378Other non-current assets40,45732,978Total non-current assets177,387175,697Total assets$340,618$338,516LIABILITIES AND SHAREHOLDERS’ EQUITY:Current liabilities:Accounts payable$45,111$46,236Other current liabilities36,26337,720Deferred revenue5,5735,522Commercial paper4,9905,980Term debt10,22410,260Total current liabilities102,161105,718Non-current liabilities:Term debt93,07891,807Other non-current liabilities55,84850,503Total non-current liabilities148,926142,310Total liabilities251,087248,028Commitments and contingenciesShareholders’ equity:Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,384,959 and 4,443,236 shares issued and outstanding, respectively45,97245,174Retained earnings43,97745,898Accumulated other comprehensive income/(loss)(418)(584)Total shareholders’ equity89,53190,488Total liabilities and shareholders’ equity$340,618$338,516APPL Cash FlowApple Inc.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(In millions)Three Months EndedDecember 28,December 29,20192018Cash, cash equivalents and restricted cash, beginning balances$50,224$25,913Operating activities:Net income22,23619,965Adjustments to reconcile net income to cash generated by operating activities:Depreciation and amortization2,8163,395Share-based compensation expense1,7101,559Deferred income tax expense/(benefit)(349)53Other(142)(54)Changes in operating assets and liabilities:Accounts receivable, net2,0155,130Inventories(28)(1,076)Vendor non-trade receivables3,9026,905Other current and non-current assets(7,054)(886.
APPL Q1AAPL INCOMEApple Inc.CONDENSED CONSOLIDATED STATEMENTS OF O.docxfestockton
APPL Q1AAPL INCOMEApple Inc.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)(In millions, except number of shares which are reflected in thousands and per share amounts)Three Months EndedDecember 28,December 29,20192018Net sales: Products$79,104$73,435 Services12,71510,875Total net sales91,81984,310Cost of sales: Products52,07548,238 Services4,5274,041Total cost of sales56,60252,279Gross margin35,21732,031Operating expenses:Research and development4,4513,902Selling, general and administrative5,1974,783Total operating expenses9,6488,685Operating income25,56923,346Other income/(expense), net349560Income before provision for income taxes25,91823,906Provision for income taxes3,6823,941Net income$22,236$19,965Earnings per share:Basic$5.04$4.22Diluted$4.99$4.18Shares used in computing earnings per share:Basic4,415,0404,735,820Diluted4,454,6044,773,252APPL Balance SheetApple Inc.CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)(In millions, except number of shares which are reflected in thousands and par value)December 28,September 28,20192019ASSETS:Current assets:Cash and cash equivalents$39,771$48,844Marketable securities67,39151,713Accounts receivable, net20,97022,926Inventories4,0974,106Vendor non-trade receivables18,97622,878Other current assets12,02612,352Total current assets163,231162,819Non-current assets:Marketable securities99,899105,341Property, plant and equipment, net37,03137,378Other non-current assets40,45732,978Total non-current assets177,387175,697Total assets$340,618$338,516LIABILITIES AND SHAREHOLDERS’ EQUITY:Current liabilities:Accounts payable$45,111$46,236Other current liabilities36,26337,720Deferred revenue5,5735,522Commercial paper4,9905,980Term debt10,22410,260Total current liabilities102,161105,718Non-current liabilities:Term debt93,07891,807Other non-current liabilities55,84850,503Total non-current liabilities148,926142,310Total liabilities251,087248,028Commitments and contingenciesShareholders’ equity:Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 4,384,959 and 4,443,236 shares issued and outstanding, respectively45,97245,174Retained earnings43,97745,898Accumulated other comprehensive income/(loss)(418)(584)Total shareholders’ equity89,53190,488Total liabilities and shareholders’ equity$340,618$338,516APPL Cash FlowApple Inc.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(In millions)Three Months EndedDecember 28,December 29,20192018Cash, cash equivalents and restricted cash, beginning balances$50,224$25,913Operating activities:Net income22,23619,965Adjustments to reconcile net income to cash generated by operating activities:Depreciation and amortization2,8163,395Share-based compensation expense1,7101,559Deferred income tax expense/(benefit)(349)53Other(142)(54)Changes in operating assets and liabilities:Accounts receivable, net2,0155,130Inventories(28)(1,076)Vendor non-trade receivables3,9026,905Other current and non-current assets(7,054)(886 ...
1Exercise 8-4The ledger of Wainwright Company at the end of the cu.docxvickeryr87
1Exercise 8-4
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $76,000; Credit Sales $801,000; and Sales Returns and Allowances $50,000.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,000 balance is uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of $990 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable.
(c)
If Allowance for Doubtful Accounts has a debit balance of $850 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.
No.
Account Titles and Explanation
Debit
Credit
(a)
2
Broadening Your Perspective 8-1
The financial statements of
Tootsie Roll
are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRE.
Exercise 8-4The ledger of Wainwright Company at the end of the c.docxgitagrimston
Exercise 8-4
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $76,000; Credit Sales $986,000; and Sales Returns and Allowances $42,200. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,000 balance is uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of $1,200 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable.
(c)
If Allowance for Doubtful Accounts has a debit balance of $950 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)
Exercise 8-11
Suppose the following information was taken from the 2014 financial statements of FedEx Corporation, a major global transportation/delivery company.
(in millions)
2014
2013
Accounts receivable (gross)
$ 3,678
$ 4,608
Accounts receivable (net)
3,374
4,330
Allowance for doubtful accounts
304
278
Sales revenue
34,275
37,054
Total current assets
7,104
7,206
Answer each of the following questions.
Calculate the accounts receivable turnover and the average collection period for 2014 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)
Accounts receivable turnover
times
The average collection period for 2014
days
Broadening Your Perspective 8-1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
...
Abengoa's 2014 economic and financial reportAbengoa
Abengoa has published its third annual financial and economic report, which contains information about its consolidated annual accounts, as well as its management.
Exercise 12-1Putnam Corporation had these transactions during 20.docxmodi11
Exercise 12-1
Putnam Corporation had these transactions during 2014.
Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.
(a)
Purchased a machine for $30,000, giving a long-term note in exchange.
(b)
Issued $50,000 par value common stock for cash.
(c)
Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
(d)
Declared and paid a cash dividend of $13,000.
(e)
Sold a long-term investment with a cost of $15,000 for $15,000 cash.
(f)
Collected $16,000 of accounts receivable.
(g)
Paid $18,000 on accounts payable.
IFRS 13-1
Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.
LING COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2014
$
$
$
$
$
$
:
$
$
2.
All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer.
3.
To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in the stock room until it is deposited in the bank.
4.
At the end of each day the total receipts are counted by the cashier on duty and reconciled to the cash register total.
5.
The company accountant makes the bank deposit and then records the day’s receipts.
Broadening Your Perspective 13-2
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common St ...
Once each year, a corporation communicates to its stockholders.docxvannagoforth
Once each year, a corporation communicates to its stockholders and other inter-
ested parties by issuing a complete set of audited ! nancial statements. The
annual report , as this communication is called, summarizes the ! nancial results
of the company’s operations for the year and its plans for the future. Many annual
reports are attractive, multicolored, glossy public relations pieces, containing
pictures of corporate of! cers and directors as well as photos and descriptions of
new products and new buildings. Yet the basic function of every annual report is
to report ! nancial information, almost all of which is a product of the corpora-
tion’s accounting system.
The content and organization of corporate annual reports have become fairly
standardized. Excluding the public relations part of the report (pictures, prod-
ucts, etc.), the following are the traditional ! nancial portions of the annual report:
• Financial Highlights
• Letter to the Stockholders
• Management’s Discussion and
Analysis
• Financial Statements
• Notes to the Financial
Statements
• Management’s Responsibility
for Financial Reporting
• Management’s Report on Internal
Control over Financial Reporting
• Report of Independent Registered
Public Accounting Firm
• Selected Financial Data
The of! cial SEC ! ling of the annual report is called a Form 10-K, which
often omits the public relations pieces found in most standard annual reports. On
the following pages, we present Apple Inc.’s ! nancial statements taken from the
company’s 2013 Form 10-K. To access Apple’s Form 10-K, including notes to the
! nancial statements, follow these steps:
1. Go to http://investor.apple.com.
2. Select the Financial Information tab.
3. Select the 10-K annual report dated September 28, 2013.
4. The Notes to Consolidated Financial Statements begin on page 50.
Specimen Financial
Statements: Apple Inc.
Appendix A
A-1
A-2 Appendix A Specimen Financial Statements: Apple Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares which are reflected in thousands and per share amounts)
See accompanying Notes to Consolidated Financial Statements.
Years ended
September 28, 2013 September 29, 2012 September 24, 2011
Net sales $ 170,910 $ 156,508 $ 108,249
Cost of sales 106,606 87,846 64,431
Gross margin 64,304 68,662 43,818
Operating expenses:
Research and development 4,475 3,381 2,429
Selling, general and administrative 10,830 10,040 7,599
Total operating expenses 15,305 13,421 10,028
Operating income 48,999 55,241 33,790
Other income/(expense), net 1,156 522 415
Income before provision for income taxes 50,155 55,763 34,205
Provision for income taxes 13,118 ...
1Exercise 8-4The ledger of Wainwright Company at the end of .docxhyacinthshackley2629
1Exercise 8-4
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $76,000; Credit Sales $801,000; and Sales Returns and Allowances $50,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,000 balance is uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of $990 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable.
(c)
If Allowance for Doubtful Accounts has a debit balance of $850 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)
Exercise 8-4
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Equipment
Allowance for Doubtful Accounts
Bad Debt Expense
Cash
Common Stock
Cost of Goods Sold
Dividends
Income Tax Expense
Income Taxes Payable
Interest Receivable
Interest Revenue
Inventory
No Entry
Notes Receivable
Other Operating Expenses
Other Receivables
Retained Earnings
Sales Discounts
Sales Returns and Allowances
Sales Revenue
Service Charge Expense
Supplies
Supplies Expense
Exercise 8-11
Suppose the following information was taken from the 2014 financial statements of FedEx Corporation, a major global transportation/delivery company.
(in millions)
2014
2013
Accounts receivable (gross)
$ 3,480
$ 4,430
Accounts receivable (net)
3,472
4,401
Allowance for doubtful accounts
8
29
Sales revenue
34,728
37,059
Total current assets
7,883
7,166
Answer each of the following questions.
Calculate the accounts receivable turnover and the average collection period for 2014 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)
Accounts receivable turnover
times
The average collection period for 2014
days
Is accounts receivable a material component of the company’s total current assets?
2
Broadening Your Perspective 8-1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178.
Description Instructions Complete the following Week 4 Assignme.docxcarolinef5
Description / Instructions:
Complete the following Week 4 Assignment in WileyPLUS: * Do It! 11-1 * Exercise 11-5 * Exercise 11-07 * BYP 11-1 * BYP 11-2 * Problem 11-5A * Problem 11-8A
Do It! Review 11-1
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Question 1
Indicate whether each of the following statements is true or false.
1.
The corporation is an entity separate and distinct from its owners.
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2.
The liability of stockholders is normally limited to their investment in the corporation.
[removed]
3.
The relative lack of government regulation is an advantage of the corporate form of business.
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4.
There is no journal entry to record the authorization of capital stock.
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5.
No-par value stock is quite rare today.
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Exercise 11-5
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Question 2
Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock.
May 2
Cash
104,000
Capital Stock
104,000
(Issued 8,000 shares of $10 par value common stock at $13 per share)
10
Cash
530,000
Capital Stock
530,000
(Issued 10,000 shares of $20 par value preferred stock at $53 per share)
15
Capital Stock
7,200
Cash
7,200
(Purchased 600 shares of common stock for the treasury at $12 per share)
On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions.
(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
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Question 3
On October 31, the stockholders’ equity section of Pele Company’s balance sheet consists of common stock $648,000 and retained earnings $400,000.
Pele is considering the following two courses of action:
(1)
Declaring a 5% stock dividend on the 81,000 $8 par value shares outstanding
(2)
Effecting a 2-for-1 stock split that will reduce par value to $4 per share.
The current market price is $17 per share.
Prepare a tabular summary of the effects of the alternative actions on the company’s stockholders’ .
Description Instructions Complete the following Week 4 Assignme.docxdonaldp2
Description / Instructions:
Complete the following Week 4 Assignment in WileyPLUS: * Do It! 11-1 * Exercise 11-5 * Exercise 11-07 * BYP 11-1 * BYP 11-2 * Problem 11-5A * Problem 11-8A
Do It! Review 11-1
[removed][removed][removed][removed][removed][removed]
Question 1
Indicate whether each of the following statements is true or false.
1.
The corporation is an entity separate and distinct from its owners.
[removed]
2.
The liability of stockholders is normally limited to their investment in the corporation.
[removed]
3.
The relative lack of government regulation is an advantage of the corporate form of business.
[removed]
4.
There is no journal entry to record the authorization of capital stock.
[removed]
5.
No-par value stock is quite rare today.
[removed]
Warning
[removed] Don't show me this message again for the assignment
Ok
Cancel
Exercise 11-5
[removed][removed][removed][removed][removed][removed]
Question 2
Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock.
May 2
Cash
104,000
Capital Stock
104,000
(Issued 8,000 shares of $10 par value common stock at $13 per share)
10
Cash
530,000
Capital Stock
530,000
(Issued 10,000 shares of $20 par value preferred stock at $53 per share)
15
Capital Stock
7,200
Cash
7,200
(Purchased 600 shares of common stock for the treasury at $12 per share)
On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions.
(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
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Question 3
On October 31, the stockholders’ equity section of Pele Company’s balance sheet consists of common stock $648,000 and retained earnings $400,000.
Pele is considering the following two courses of action:
(1)
Declaring a 5% stock dividend on the 81,000 $8 par value shares outstanding
(2)
Effecting a 2-for-1 stock split that will reduce par value to $4 per share.
The current market price is $17 per share.
Prepare a tabular summary of the effects of the alternative actions on the company’s stockholders’ .
Below are two questions that includes financial statements, that i.docxikirkton
Below are two questions that includes financial statements, that is why it is so many pages.
Question 1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
212,162
215,492
OTHER ASSETS:
Goodwill
73,237
73,237
Trademarks
175,024
175,024
Inv ...
QUESTION The BP Pipeline case is a complex situational case abo.docxteofilapeerless
QUESTION:
The BP Pipeline case is a complex situational case about the actions of individuals and the practices of a large corporation.
At the heart of the dispute over whether or not BP acted with gross negligence and wilful misconduct in the 2010 Deepwater Horizon disaster is the “swiss cheese” model of complex accidents.
Hazardous activities are guarded against by multiple barriers and so long as any failures are scattered through them, the system as a whole will avoid an accident.
Research more into this topic and p
repare a 2-3 page paper that adequately addresses the the ethical and environmental issues in this case. Be sure to s
ummarize the BP Pipeline Case regarding Ethical Behaviors and Decision-Making.
.
Question Properties of life and recognizing living and nonliving .docxteofilapeerless
Question:
Properties of life and recognizing living and nonliving things.
Consider the properties and characteristics of life. Choose two items (one of which is alive or has been alive and one which has never been alive). Compare and contrast their characteristics. What characteristics do they share and how are they different? Be prepared to discuss the importance of the various characteristics of living things and how their combination makes life an emergent part of the universe.
.
More Related Content
Similar to Question 5The financial statements of The Hershey Company and .docx
Exercise 8-4The ledger of Wainwright Company at the end of the c.docxgitagrimston
Exercise 8-4
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $76,000; Credit Sales $986,000; and Sales Returns and Allowances $42,200. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,000 balance is uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of $1,200 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable.
(c)
If Allowance for Doubtful Accounts has a debit balance of $950 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)
Exercise 8-11
Suppose the following information was taken from the 2014 financial statements of FedEx Corporation, a major global transportation/delivery company.
(in millions)
2014
2013
Accounts receivable (gross)
$ 3,678
$ 4,608
Accounts receivable (net)
3,374
4,330
Allowance for doubtful accounts
304
278
Sales revenue
34,275
37,054
Total current assets
7,104
7,206
Answer each of the following questions.
Calculate the accounts receivable turnover and the average collection period for 2014 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)
Accounts receivable turnover
times
The average collection period for 2014
days
Broadening Your Perspective 8-1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
...
Abengoa's 2014 economic and financial reportAbengoa
Abengoa has published its third annual financial and economic report, which contains information about its consolidated annual accounts, as well as its management.
Exercise 12-1Putnam Corporation had these transactions during 20.docxmodi11
Exercise 12-1
Putnam Corporation had these transactions during 2014.
Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or noncash investing and financing activities.
(a)
Purchased a machine for $30,000, giving a long-term note in exchange.
(b)
Issued $50,000 par value common stock for cash.
(c)
Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000.
(d)
Declared and paid a cash dividend of $13,000.
(e)
Sold a long-term investment with a cost of $15,000 for $15,000 cash.
(f)
Collected $16,000 of accounts receivable.
(g)
Paid $18,000 on accounts payable.
IFRS 13-1
Ling Company reports the following information for the year ended December 31, 2014: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on non-trading securities of $75,000. Prepare a statement of comprehensive income using the one-statement approach.
LING COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2014
$
$
$
$
$
$
:
$
$
2.
All over-the-counter receipts are registered by three clerks who share a cash register with a single cash drawer.
3.
To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché case in the stock room until it is deposited in the bank.
4.
At the end of each day the total receipts are counted by the cashier on duty and reconciled to the cash register total.
5.
The company accountant makes the bank deposit and then records the day’s receipts.
Broadening Your Perspective 13-2
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
$5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
(886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
$2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
Cash Dividends Paid Per Share:
Common St ...
Once each year, a corporation communicates to its stockholders.docxvannagoforth
Once each year, a corporation communicates to its stockholders and other inter-
ested parties by issuing a complete set of audited ! nancial statements. The
annual report , as this communication is called, summarizes the ! nancial results
of the company’s operations for the year and its plans for the future. Many annual
reports are attractive, multicolored, glossy public relations pieces, containing
pictures of corporate of! cers and directors as well as photos and descriptions of
new products and new buildings. Yet the basic function of every annual report is
to report ! nancial information, almost all of which is a product of the corpora-
tion’s accounting system.
The content and organization of corporate annual reports have become fairly
standardized. Excluding the public relations part of the report (pictures, prod-
ucts, etc.), the following are the traditional ! nancial portions of the annual report:
• Financial Highlights
• Letter to the Stockholders
• Management’s Discussion and
Analysis
• Financial Statements
• Notes to the Financial
Statements
• Management’s Responsibility
for Financial Reporting
• Management’s Report on Internal
Control over Financial Reporting
• Report of Independent Registered
Public Accounting Firm
• Selected Financial Data
The of! cial SEC ! ling of the annual report is called a Form 10-K, which
often omits the public relations pieces found in most standard annual reports. On
the following pages, we present Apple Inc.’s ! nancial statements taken from the
company’s 2013 Form 10-K. To access Apple’s Form 10-K, including notes to the
! nancial statements, follow these steps:
1. Go to http://investor.apple.com.
2. Select the Financial Information tab.
3. Select the 10-K annual report dated September 28, 2013.
4. The Notes to Consolidated Financial Statements begin on page 50.
Specimen Financial
Statements: Apple Inc.
Appendix A
A-1
A-2 Appendix A Specimen Financial Statements: Apple Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares which are reflected in thousands and per share amounts)
See accompanying Notes to Consolidated Financial Statements.
Years ended
September 28, 2013 September 29, 2012 September 24, 2011
Net sales $ 170,910 $ 156,508 $ 108,249
Cost of sales 106,606 87,846 64,431
Gross margin 64,304 68,662 43,818
Operating expenses:
Research and development 4,475 3,381 2,429
Selling, general and administrative 10,830 10,040 7,599
Total operating expenses 15,305 13,421 10,028
Operating income 48,999 55,241 33,790
Other income/(expense), net 1,156 522 415
Income before provision for income taxes 50,155 55,763 34,205
Provision for income taxes 13,118 ...
1Exercise 8-4The ledger of Wainwright Company at the end of .docxhyacinthshackley2629
1Exercise 8-4
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $76,000; Credit Sales $801,000; and Sales Returns and Allowances $50,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,000 balance is uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of $990 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable.
(c)
If Allowance for Doubtful Accounts has a debit balance of $850 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)
Exercise 8-4
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Equipment
Allowance for Doubtful Accounts
Bad Debt Expense
Cash
Common Stock
Cost of Goods Sold
Dividends
Income Tax Expense
Income Taxes Payable
Interest Receivable
Interest Revenue
Inventory
No Entry
Notes Receivable
Other Operating Expenses
Other Receivables
Retained Earnings
Sales Discounts
Sales Returns and Allowances
Sales Revenue
Service Charge Expense
Supplies
Supplies Expense
Exercise 8-11
Suppose the following information was taken from the 2014 financial statements of FedEx Corporation, a major global transportation/delivery company.
(in millions)
2014
2013
Accounts receivable (gross)
$ 3,480
$ 4,430
Accounts receivable (net)
3,472
4,401
Allowance for doubtful accounts
8
29
Sales revenue
34,728
37,059
Total current assets
7,883
7,166
Answer each of the following questions.
Calculate the accounts receivable turnover and the average collection period for 2014 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)
Accounts receivable turnover
times
The average collection period for 2014
days
Is accounts receivable a material component of the company’s total current assets?
2
Broadening Your Perspective 8-1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178.
Description Instructions Complete the following Week 4 Assignme.docxcarolinef5
Description / Instructions:
Complete the following Week 4 Assignment in WileyPLUS: * Do It! 11-1 * Exercise 11-5 * Exercise 11-07 * BYP 11-1 * BYP 11-2 * Problem 11-5A * Problem 11-8A
Do It! Review 11-1
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Question 1
Indicate whether each of the following statements is true or false.
1.
The corporation is an entity separate and distinct from its owners.
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2.
The liability of stockholders is normally limited to their investment in the corporation.
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3.
The relative lack of government regulation is an advantage of the corporate form of business.
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4.
There is no journal entry to record the authorization of capital stock.
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5.
No-par value stock is quite rare today.
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Exercise 11-5
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Question 2
Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock.
May 2
Cash
104,000
Capital Stock
104,000
(Issued 8,000 shares of $10 par value common stock at $13 per share)
10
Cash
530,000
Capital Stock
530,000
(Issued 10,000 shares of $20 par value preferred stock at $53 per share)
15
Capital Stock
7,200
Cash
7,200
(Purchased 600 shares of common stock for the treasury at $12 per share)
On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions.
(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
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Question 3
On October 31, the stockholders’ equity section of Pele Company’s balance sheet consists of common stock $648,000 and retained earnings $400,000.
Pele is considering the following two courses of action:
(1)
Declaring a 5% stock dividend on the 81,000 $8 par value shares outstanding
(2)
Effecting a 2-for-1 stock split that will reduce par value to $4 per share.
The current market price is $17 per share.
Prepare a tabular summary of the effects of the alternative actions on the company’s stockholders’ .
Description Instructions Complete the following Week 4 Assignme.docxdonaldp2
Description / Instructions:
Complete the following Week 4 Assignment in WileyPLUS: * Do It! 11-1 * Exercise 11-5 * Exercise 11-07 * BYP 11-1 * BYP 11-2 * Problem 11-5A * Problem 11-8A
Do It! Review 11-1
[removed][removed][removed][removed][removed][removed]
Question 1
Indicate whether each of the following statements is true or false.
1.
The corporation is an entity separate and distinct from its owners.
[removed]
2.
The liability of stockholders is normally limited to their investment in the corporation.
[removed]
3.
The relative lack of government regulation is an advantage of the corporate form of business.
[removed]
4.
There is no journal entry to record the authorization of capital stock.
[removed]
5.
No-par value stock is quite rare today.
[removed]
Warning
[removed] Don't show me this message again for the assignment
Ok
Cancel
Exercise 11-5
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Question 2
Garcia Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the corporation’s capital stock.
May 2
Cash
104,000
Capital Stock
104,000
(Issued 8,000 shares of $10 par value common stock at $13 per share)
10
Cash
530,000
Capital Stock
530,000
(Issued 10,000 shares of $20 par value preferred stock at $53 per share)
15
Capital Stock
7,200
Cash
7,200
(Purchased 600 shares of common stock for the treasury at $12 per share)
On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions.
(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
[removed]
[removed]
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Exercise 11-7
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Question 3
On October 31, the stockholders’ equity section of Pele Company’s balance sheet consists of common stock $648,000 and retained earnings $400,000.
Pele is considering the following two courses of action:
(1)
Declaring a 5% stock dividend on the 81,000 $8 par value shares outstanding
(2)
Effecting a 2-for-1 stock split that will reduce par value to $4 per share.
The current market price is $17 per share.
Prepare a tabular summary of the effects of the alternative actions on the company’s stockholders’ .
Below are two questions that includes financial statements, that i.docxikirkton
Below are two questions that includes financial statements, that is why it is so many pages.
Question 1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
212,162
215,492
OTHER ASSETS:
Goodwill
73,237
73,237
Trademarks
175,024
175,024
Inv ...
QUESTION The BP Pipeline case is a complex situational case abo.docxteofilapeerless
QUESTION:
The BP Pipeline case is a complex situational case about the actions of individuals and the practices of a large corporation.
At the heart of the dispute over whether or not BP acted with gross negligence and wilful misconduct in the 2010 Deepwater Horizon disaster is the “swiss cheese” model of complex accidents.
Hazardous activities are guarded against by multiple barriers and so long as any failures are scattered through them, the system as a whole will avoid an accident.
Research more into this topic and p
repare a 2-3 page paper that adequately addresses the the ethical and environmental issues in this case. Be sure to s
ummarize the BP Pipeline Case regarding Ethical Behaviors and Decision-Making.
.
Question Properties of life and recognizing living and nonliving .docxteofilapeerless
Question:
Properties of life and recognizing living and nonliving things.
Consider the properties and characteristics of life. Choose two items (one of which is alive or has been alive and one which has never been alive). Compare and contrast their characteristics. What characteristics do they share and how are they different? Be prepared to discuss the importance of the various characteristics of living things and how their combination makes life an emergent part of the universe.
.
Question After reading the first 10 chapters and the economic n.docxteofilapeerless
Question: After reading the first 10 chapters and the economic news from the major newspaper such as the Wall Street Journal, New York Times, the Economist and the like, please write a three page paper to explain the three main goal of macroeconomics in the United States and make a diagnosis of the current state of the American economy.
-Economic Report
-
Remember that the report must be at least 3 pages long.
-
You must provide the reference for each of the source used in the paper
-
Please do not use Wikipedia and other open source
.
Question Answer any TEN of the following questions.1. How are.docxteofilapeerless
Question: Answer any TEN of the following questions.
1. How are multiplexers different from switchers?
2. Name the basic types of multiplexers?
3. Name the advanced features that can be incorporate into multiplexers.
4. Describe the principle of time division multiplexing.
5. Describe the significance of camera ID number in case of multiplexing operation.
6. Describe how a quad multiplexer works.
7. What do you understand by picture in a picture in relation to multiplexer.
8. Explain how a multi-picture mosaic display is generated.
9. Why do you need encoder and decoder along with multiplexer?
10. Describe the concept of time lapse recording mode.
11. Compare the performance of duplex multiplexer with that of triplex multiplexer.
12. How is digital recording different from analog recording?
13. Describe how video motion detection can be incorporated in to a multiplexer.
14. What external alarm sensors can be incorporated in to multiplexer?
15. Describe the concept of remote distributed multiplexing.
4 pages
.
Question 6What is stakeholder theory Explain.Your respons.docxteofilapeerless
Question 6
What is stakeholder theory? Explain.
Your response should be at least 200 words in length. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.
Course Textbook
Hartman, L. P., DesJardins, J., & MacDonald, C. (2014).
Business ethics: Decision making for personal integrity & social responsibility
(3rd ed.). New York, NY: McGraw-Hill.
.
Question 6 Explain the significance of gatekeepers. Your respons.docxteofilapeerless
Question 6
Explain the significance of gatekeepers.
Your response should be at least 200 words in length. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.
Course Textbook
Hartman, L. P., DesJardins, J., & MacDonald, C. (2014).
Business ethics: Decision making for personal integrity & social responsibility
(3rd ed.). New York, NY: McGraw-Hill.
.
Question 4The stockholders’ equity section of Tootsie Roll Indus.docxteofilapeerless
Question 4
The stockholders’ equity section of
Tootsie Roll Industries’
balance sheet is shown in the Consolidated Statement of Financial Position.
(Note that Tootsie Roll has two classes of common stock. To answer the following questions, add the two classes of stock together.)
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipmen.
Question 5. Look how great we are doing,” said Sawyer Mittlestaed.docxteofilapeerless
Question 5.
“Look how great we are doing,” said Sawyer Mittlestaedt, president of Elliott Company. “Our sales have grown from $1.6 million to $2.0 million this year, we about doubled our warehouse space, and we have more cash in the bank than we started with. A few more years of growth like this and we’ll be tops in the industry.”
“Yes, our statements look pretty good,” replied Endia Bush, the company’s vice president for finance. “But I have concerns that we’re doing business with a lot of companies we don’t know much about. But I do agree, we’re certainly selling a lot of merchandise; our inventory is actually down from last year.”
See statements on next page.
Elliott Company
Comparative Balance Sheets
At December 31, 2015 and 2014
2015
2014
Assets
Current assets:
Cash.
$42,000
$ 27,000
15000 incr
Marketable securities
19,000
13,000
Accounts receivable.
710,000
530,000
Inventory
848,000
860,000
Prepaid expenses
10,000
5,000
Total current assets
1,435,000
1,629,000
Long-term investments
60,000
110,000
Loans to subsidiaries
130,000
80,000
Plant and equipment
3,170,000
2,600,000
Less accumulated depreciation
810,000
755,000
Net plant and equipment
2,360,000
1,845,000
Patents
84,000
90,000
Total assets
$4,263,000
$3,560,000
Liabilities and Stockholders’ Equity
Current liabilities
:
Accounts payable
$ 970,000
$ 670,000
Accrued liabilities
65,000
82,000
Total current liabilities
1,035,000
752,000
Long-term Bonds Payable
820,000
600,000
Notes payable
95,000
80,000
Total liabilities
1,950,000
1,432,000
Stockholders’ equity:
Common stock
1,740,000
1,650,000
Retained earnings .
573,000
478,000
Total stockholders’ equity
2,313,000
2,128,000
Total liabilities and stock
$4,263,000
3,560,000
Elliott’s income statement for 2015 follows
Sales
$2,000,000
Cost of goods sold
1,300,000
Gross profit
700,000
Selling and administrative expenses
490,000
Net operating income
210,000
Nonoperating items:
Gain on sale of investments
$60,000
Loss on sale of equipment.
20,000
40,000
Income before taxes
250,000
Income taxes
80,000
Net income
$ 170,000
The following additional information is available about Elliott’s activities during 2015:
Cash dividends declared and paid to the common stockholders totaled $75,000.
Long-term BONDS with a value of $380,000 were repaid during the year.
Equipment was sold during the year for $70,000. The equipment had cost $130,000 and had $40,000 in accumulated depreciation on the date of sale.
Long-term investments were sold during the year for $110,000. These investments had cost $50,000 when purchased several years ago.
5-1. Ms. Bush asks you to prepare a statement of cash flow (indirect method) for 2015.
5-2. What is Elliott’s free cash flow? Interpret your findings.
5-3. Is Elliott Corp. doing as well as its CEO believes? Discuss.
Question 7.
Thompson Co..
Question 8The contract interest rate for bondsA.must.docxteofilapeerless
Question
8:
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 premium.
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
9:
Frick Corporation issued $100,000 of 7%, 15-year bonds on June 1, 2014 (dated April 1 2014) at 101 plus accrued interest, which is paid on April 1 and October 1.
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.
$102,167.
e.
None of these.
Question
10:
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.
Losses on treasury stock transactions are recorded in income.
d.
Reacquiring treasury stock causes stockholders equity to decrease.
e.
None of these.
Question
11:
Frick 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 distributed on May 15.
The proper journal entry for Frick Company on May 15 does not include:
a.
a credit to Dividends Payable for $30,000.
b.
a debit to Dividends for $30,000.
c.
a credit to Cash for $30,000.
d.
Both A and B, above.
e.
None of these.
Acct221
Page 4 of 8
Question
12:
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.
e.
None of these.
Question
13:
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
e.
None of these.
Question
14:
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.
e.
None of these.
Question
15:
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.
QUESTION 3
A.
Retribution
B.
Incapacitation
C.
Determinate Sentencing
D.
Deterrence
E.
Rehabilitation
F.
Restoration
G.
Indeterminate Sentencing
14 points
2 points
.
Question 2A group working at the University of California, Berke.docxteofilapeerless
Question 2
A group working at the University of California, Berkeley has developed “nanothermometers,” little nanoparticles that can be injected into cells to measure the temperature in various places in the cell. So far, it has been used in cells growing in a culture dish.
Indicate what you think the group will discover about the temperature in different parts of the cell. Discuss whether you believe it will be the same or different, and explain why.
.
Question 6
A.
The tendency to view all things from one’s own perspective, even when there is evidence against one’s position.
B.
Thinking for oneself rather than uncritically accepting the views of others.
C.
Striving to create disciplined thinking as well as holding oneself to the same standards that one holds others to.
D.
The failure to hold oneself to the same intellectual standards that one holds others to.
E.
The tendency to passively accept the views of others and agree with mass positions on issues.
F.
The fear of considering ideas that do not match our own.
G.
The art of thinking about one’s thinking with the goal of improving thinking.
H.
The tendency to think that the world is a better place when people learn to think for themselves, when they draw reasonable conclusions, and when they think logically.
I.
Awareness of the limits of human knowledge and a special focus on being aware of situations in which one is likely to be self-deceived due to native egocentrism.
J.
The tendency to give up the search for truth or understanding when difficult circumstances arise.
K.
The ability to push on in the face of intellectual adversity in order to understand more about the truth of an issue or idea.
L.
The willingness to face ideas and positions on issues that directly threaten our own ideas and beliefs.
M.
The tendency of the human mind to think that it knows more than it does, or that is in possession of the TRUTH.
N.
The tendency to feel threatened by logical thinking and scientific explanation, often the result of fear or the pain involved in analyzing one’s beliefs.
O.
The tendency to ignore other people’s ideas, thought, and feelings because their ideas do not address that with which one is interested.
NEED THIS IN ONE HOUR
.
Question 6.6. Mariel hires Andrew as manager of her sporting goo.docxteofilapeerless
Question 6.
6.
Mariel hires Andrew as manager of her sporting goods store. Nothing is said to Andrew about hiring other employees, but the store is understaffed, so Andrew hires two clerks. Andrew has what type of authority to hire the clerks? (Points : 1)
[removed] Actual authority
[removed] Apparent authority
[removed] Ratified authority
[removed] No authority
.
Question 6 Outline the business reasons to limiting monito.docxteofilapeerless
Question 6
Outline the business reasons to limiting monitoring.
Your response should be at least 200 words in length. You are required to use at least your textbook as source material for your response. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations.
Course Textbook
Hartman, L. P., DesJardins, J., & MacDonald, C. (2014).
Business ethics: Decision making for personal integrity & social responsibility
(3rd ed.). New York, NY: McGraw-Hill.
.
Question 6 (1 point)The full child tax credit is available to .docxteofilapeerless
Question 6 (1 point)
The full child tax credit is available to unmarried taxpayers whose AGI does not exceed:
$55,000.
$11,000.
$75,000.
$150,000.
$125,000.
Question 7 (1 point)
For tuition expenses paid during the year for a student attending graduate school, an education credit is available that is equal to:
100% of up to $2,500 of such expenses.
20% of up to $2,500 of such expenses.
20% of up to $10,000 of such expenses.
50% of up to $10,000 of such expenses.
$2,000 plus 25% of the next $2,000 of such expenses.
Question 8 (1 point)
The maximum child and dependent care credit that a married couple with three qualifying children can claim is:
Question 8 options:
$2,100.
$1,800.
$3,150.
$1,200.
$2,400.
Question 9 (1 point)
The additional child tax credit is claimed on:
Question 9 options:
Form 2441.
Schedule 8812.
Form 8863.
Schedule EIC.
Form 1116.
Question 10 (1 point)
Which of the following taxpayers cannot file Form 1040EZ?
A taxpayer with more than $99,999 of taxable income
A taxpayer receiving unemployment compensation
A taxpayer with taxable scholarship income
None of the above taxpayers can file Form 1040EZ
All of the above taxpayers can file Form 1040EZ
Question 16 (1 point)
John pays his former wife Rose $3,100 in alimony and $400 in child support each month. Assuming John makes all 12 payments during the year, how much of the $42,000 must Rose include in gross income:
$37,200.
$42,000.
$4,800.
$0.
None of the above.
Question 17 (1 point)
As part of their divorce agreement, Harry transfers to Mary, his former spouse, GM stock with a market value of $30,000. Harry had $20,000 invested in the stock. How does this transfer affect Harry, and what is Mary's basis in the stock?
Harry has no gain or loss, and Mary's basis is $20,000.
Harry has no gain or loss, and Mary's basis is $30,000.
Harry has a gain of $10,000, and Mary's basis is $20,000.
Harry has a gain of $10,000, and Mary's basis is $30,000.
None of the above.
Question 18 (1 point)
Employees are required to report the amount of tips they receive to their employer when their tips for the month exceed:
$0.
$20.
$25.
$100.
None of the above.
Question 19 (1 point)
On January 1, 2014, Ron pays $92,550 for corporate bonds that have a $100,000 face value. The bonds were originally issued 10 years earlier for $94,660. Prior to January 1, 2014, the previous owner had included $3,100 of original issue discount (OID) in gross income. The amount of Ron's market discount on the bonds is:
$2,110.
$7,450.
$5,340
$5,210.
$4,350.
Question 20 (1 point)
In computing the taxable amount of social security benefits, the (first-tier) base amount for a married person who files jointly with her spouse is:
$0.
$16,000.
$25,000.
$32,000.
$50,000.
.
Question 2 of 205.0 PointsPopper’s demarcation criterion of fals.docxteofilapeerless
Question 2 of 20
5.0 Points
Popper’s demarcation criterion of falsifiability runs into two difficulties. One of which is:
[removed]
A. historical Zeitgeists.
[removed]
B. scientific theories actually compete with each other as well as with nature.
[removed]
C. it does not agree with the nomological approach.
[removed]
D. fulfilling all your desires without exception.
Question 3 of 20
5.0 Points
In the Hempel and Oppenheim covering-law model of explanation, explanation is basically the same as:
[removed]
A. understanding.
[removed]
B. control.
[removed]
C. prediction.
[removed]
D. superstition.
Question 4 of 20
5.0 Points
Who was the Archaic Greek Philosopher that in essence told his student, “This is how I see things- how I believe things are. Try to improve upon my teaching.”
[removed]
A. Leahey
[removed]
B. Achilles
[removed]
C. Elgin Marbles
[removed]
D. Thales
Question 5 of 20
5.0 Points
According to Thomas Kuhn, most eras in science are dominated by a single
Weltanschauung
called a(n):
[removed]
A. Gestalt.
[removed]
B. research plan.
[removed]
C. paradigm.
[removed]
D. axiom set.
Question 6 of 20
5.0 Points
Like Wittgenstein, the
Weltanschauung
approach to science views science as being:
[removed]
A. essentially rational.
[removed]
B. engaged in the search for truth.
[removed]
C. based on models of nature.
[removed]
D. a form of life.
Question 7 of 20
5.0 Points
In a Kuhn’s view of science, what provides scientists with a blueprint and foundation for scientific enterprises?
[removed]
A. The covering law
[removed]
B. The falsification test
[removed]
C. Anomalies
[removed]
D. A paradigm
Question 8 of 20
5.0 Points
The thesis that unobserved, theoretically postulated entities actually exist is called:
[removed]
A. instrumentalism.
[removed]
B. realism.
[removed]
C. unificationism.
[removed]
D. positivism.
Question 9 of 20
5.0 Points
The most important Greek moral value was
sophrosyne
, which meant:
[removed]
A. finding your true inner personality by asking family to help you.
[removed]
B. fulfilling all your desires without exception.
[removed]
C. private contemplation of the gods.
[removed]
D. self control, the kind that springs from wisdom.
Question 10 of 20
5.0 Points
Imagine the author of a History of Psychology textbook (known as book X) devotes a single chapter to “The Great Men of Psychology.” In contrast, the author of your textbook has sought to place psychology within larger social and historical patterns. One could argue that your history of psychology text represents an example of __________ while text book (X) represents a more __________ dimension.
[removed]
A. externalism; internal
[removed]
B. internalism; external
[removed]
C. a nomological perspective; semantic
[removed]
D. naturalism; deductive
Question 11 of 20
5.0 Points
The "New History" criticizes the "Old History" for:
[removed]
A. presenting history "from below."
[rem.
Question 20 1.5 pointsIn 1876, George Armstr.docxteofilapeerless
Question 2
0 / 1.5 points
In 1876, George Armstrong Custer made his "last stand" against the Apache in Kansas.
Question options:
False
Question 3
0 / 1.5 points
The Santa Clara Case made it easier to regulate big business.
Question options:
True
False
Question 4
0 / 1.5 points
Eugene Debs was the president of the American Railway Union, which organized the Pullman Railroad Strike.
Question options:
True
False
Question 5
0 / 1.5 points
Most Americans blamed the labor unions for the violence associated with the labor strikes in the late 19th century.
Question options:
True
False
Question 6
0 / 1.5 points
Grover Cleveland was the only Democrat to serve as President during the Gilded Age.
Question options:
True
False
Question 7
0 / 1.5 points
________, passed in the Southern states just after the Civil War, outlined the rights and restrictions of the former slaves.
Question options:
Reconstruction Acts
Black Codes
16th Amendment
Freedman's Law
Question 8
0 / 1.5 points
The _________ assisted the former slaves during Reconstruction in education, legal matters, etc.
Question options:
Ku Klux Klan
Grand Army of the Republic
Reconstruction government
Freedmen's Bureau
Question 9
0 / 1.5 points
During the Reconstruction Era, _______ were particularly terrorized by the Ku Klux Klan in the South.
Question options:
Former Black Slaves
Jews
Catholics
Scalawags
Question 10
0 / 1.5 points
__________ was the winner of the controversial presidential election of 1876.
Question options:
Grover Cleveland
William McKinley
Rutherford Hayes
Benjamin Harrison
Question 11
0 / 1.5 points
Which one of the following statements about Reconstruction is correct?
Question options:
It is generally considered a failure.
It is generally considered a success.
Most freedmen did not think it was important to own land to achieve freedom.
Congress and the Presidents willingly shared all aspects of Reconstruction policy.
Question 12
0 / 1.5 points
Which one of the following is not a significance of the West?
Question options:
It gave the United States many of its natural resources.
It reinforced the American national characteristics of hard work, self-reliance, and independence.
It slowed down economic growth.
It helped lead to a careless attitude toward the environment.
Question 13
0 / 1.5 points
Which one of the following was not one of the many factors that contributed to the Industrial Revolution?
Question options:
Technology and Inventions
Abundance of natural resources
High wages
Government policies
Question 14
0 / 1.5 points
This was a determination by the federal Congress and the President of the steps necessary for the former Confederate States and their citizens to take in order to regain their rights as states and citizens.
Question options:
Political Reconstruction
14th Amendment
Social Reconstruction
Economic Reconstruction
Question 15
0 / 1.5 points
These Radical Republicans in Congress wan.
Question 1·examine two (2) economic effects that you believe t.docxteofilapeerless
Question 1
·
examine two (2) economic effects that you believe the Iranian elections have on other countries that are currently allies with this nation. Provide a rationale for your response.
·
Suggest two (2) factors that make the United States, Saudi Arabia, and the European Union allies on the world stage of politics. Provide two (2) pieces of evidence to support your rationale.
Question 2
·
select the theory that you believe has the explanatory and predictive power regarding the confrontation between the United States and Iran. Justify your rationale.
·
Give your opinion of two (2) currently used policy prescriptions, using international relations paradigms, which you believe will impact the U.S. domestic policy over the next two years. Justify your response.
Reading:
·
Theories of International Relations: Realism and Liberalism
This week we will begin by examining realism and liberalism, which are two of the major paradigms of international relations.
Realism focuses on the problems of international conflict. All realist theories share four central assumptions. First, realism places immense emphasis on the idea that international politics is anarchic. An anarchic system creates a security dilemma, where states are forced to arm themselves, but this can lead to an arms race. A second assumption of realism is that states are the central actors in international politics. Third, realists view states as unitary actors or as a single coherent entity. Fourth, realists assume that state behavior is rational.
Within the realist paradigm, it is also important to understand that the distribution of power is the most important force in international politics. Because power plays a central role in realist theories, defining and measuring power are critical. Both military power and economic power are important to any understanding of realism.
One variant of realism is balance of power theory, which suggests that power will be relatively evenly distributed in the world because states will counter each other’s attempts to dominate.
Another variant of realism is hegemonic stability theory. This theory contradicts balance of power theory because it argues that stability results not from a balance among the great powers, but from unipolarity where one dominant state ensures some degree of order in the system.
Realism is criticized for a variety of reasons. First, some believe that anarchy is simply an historical circumstance, which may now be replaced by another condition. Second, some believe that it is no longer valid to focus exclusively on the state, because nonstate actors are becoming increasingly important. A third criticism focuses on the assumption that the state is unitary and rational. Many reject this hypothesis, arguing instead that there are many different variables that influence a state’s foreign policy.
Liberalism is another major paradigm within international relations. Liberalism centers on the rights of the individual, arguing.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
How to Split Bills in the Odoo 17 POS ModuleCeline George
Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
MARUTI SUZUKI- A Successful Joint Venture in India.pptx
Question 5The financial statements of The Hershey Company and .docx
1. Question 5
The financial statements of
The Hershey Company
and
Tootsie Roll
are presented below.
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
2011
2010
2009
In thousands of dollars except per share amounts
Net Sales
$6,080,788
2. $5,671,009
$5,298,668
Costs and Expenses:
Cost of sales
3,548,896
3,255,801
3,245,531
Selling, marketing and administrative
1,477,750
1,426,477
1,208,672
Business realignment and impairment (credits) charges, net
3. (886
)
83,433
82,875
Total costs and expenses
5,025,760
4,765,711
4,537,078
Income before Interest and Income Taxes
1,055,028
905,298
761,590
Interest expense, net
92,183
96,434
4. 90,459
Income before Income Taxes
962,845
808,864
671,131
Provision for income taxes
333,883
299,065
235,137
Net Income
$628,962
$509,799
$435,994
Net Income Per Share—Basic—Class B Common Stock
$2.58
5. $2.08
$1.77
Net Income Per Share—Diluted—Class B Common Stock
$2.56
$2.07
$1.77
Net Income Per Share—Basic—Common Stock
$2.85
$2.29
$1.97
Net Income Per Share—Diluted—Common Stock
$2.74
$2.21
$1.90
6. Cash Dividends Paid Per Share:
Common Stock
$1.3800
$1.2800
$1.1900
Class B Common Stock
1.2500
1.1600
1.0712
The notes to consolidated financial statements are an integral
part of these statements and are included in the Hershey's 2011
Annual Report, available at www.thehersheycompany.com.
8. Cash and cash equivalents
$693,686
$884,642
Accounts receivable—trade
399,499
390,061
Inventories
648,953
533,622
Deferred income taxes
136,861
55,760
9. Prepaid expenses and other
167,559
141,132
Total current assets
2,046,558
2,005,217
Property, Plant and Equipment, Net
1,559,717
1,437,702
Goodwill
516,745
524,134
14. Stockholders’ Equity:
The Hershey Company Stockholders’ Equity
Preferred Stock, shares issued: none in 2011 and 2010
—
—
Common Stock, shares issued: 299,269,702 in 2011 and
299,195,325 in 2010
299,269
299,195
15. Class B Common Stock, shares issued: 60,632,042 in 2011
and 60,706,419 in 2010
60,632
60,706
Additional paid-in capital
490,817
434,865
Retained earnings
4,699,597
4,374,718
Treasury—Common Stock shares, at cost: 134,695,826 in
2011 and 132,871,512 in 2010
(4,258,962
)
16. (4,052,101
)
Accumulated other comprehensive loss
(442,331
)
(215,067
)
The Hershey Company stockholders’ equity
849,022
902,316
Noncontrolling interests in subsidiaries
23,626
35,285
Total stockholders’ equity
872,648
17. 937,601
Total liabilities and stockholders’equity
$4,412,199
$4,272,732
THE HERSHEY COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31,
2011
2010
2009
In thousands of dollars
18. Cash Flows Provided from (Used by) Operating Activities
Net income
$628,962
$509,799
$435,994
Adjustments to reconcile net income to net cash provided from
operations:
21. Business realignment and impairment charges, net of tax of
$18,333, $20,635 and $38,308, respectively
30,838
77,935
60,823
Contributions to pension plans
(8,861
)
(6,073
)
(54,457
)
Changes in assets and liabilities, net of effects from business
acquisitions and divestitures:
25. Proceeds from sales of property, plant and equipment
312
2,201
10,364
Proceeds from sales of trademark licensing rights
20,000
—
—
Business acquisitions
(5,750
)
—
(15,220
)
26. Net Cash (Used by) Investing Activities
(333,005
)
(199,286
)
(150,326
)
Cash Flows Provided from (Used by) Financing Activities
Net change in short-term borrowings
10,834
1,156
(458,047
29. 1,385
4,455
Contributions from noncontrolling interests in subsidiaries
—
10,199
7,322
Repurchase of Common Stock
(384,515
)
(169,099
)
(9,314
)
Net Cash (Used by) Financing Activities
30. (438,818
)
(71,100
)
(698,921
)
(Decrease) Increase in Cash and Cash Equivalents
(190,956
)
631,037
216,502
Cash and Cash Equivalents as of January 1
884,642
253,605
37,103
Cash and Cash Equivalents as of December 31
32. Earnings, Comprehensive Earnings and Retained Earnings (in
thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
42. Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these
statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in
thousands except per share data)
Assets
December 31,
2011
2010
43. CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
54. Deferred compensation and other liabilities
48,092
46,157
Total noncurrent liabilities
133,566
132,046
SHAREHOLDERS’ EQUITY:
Common stock, $.69-4/9 par value—120,000 shares
authorized—36,479 and 36,057 respectively, issued
55. 25,333
25,040
Class B common stock, $.69-4/9 par value—40,000 shares
authorized—21,025 and 20,466 respectively, issued
14,601
14,212
Capital in excess of par value
533,677
505,495
Retained earnings, per accompanying statement
114,269
135,866
56. Accumulated other comprehensive loss
(19,953
)
(11,213
)
Treasury stock (at cost)—71 shares and 69 shares, respectively
(1,992
)
(1,992
)
Total shareholders’ equity
665,935
667,408
Total liabilities and shareholders’ equity
$857,856
57. $857,959
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Cash Flows (in thousands)
For the year ended December 31,
2011
2010
2009
CASH FLOWS FROM OPERATING ACTIVITIES:
63. 5,203
Accounts payable and accrued liabilities
84
2,180
(2,755
)
Income taxes payable and deferred
(5,772
)
2,322
(12,543
)
64. Postretirement health care and life insurance benefits
2,022
1,429
1,384
Deferred compensation and other liabilities
2,146
2,525
2,960
Others
(708
)
65. 310
305
Net cash provided by operating activities
50,390
82,805
76,994
CASH FLOWS FROM INVESTING ACTIVITIES:
67. (9,301
)
(11,331
)
Sale and maturity of available for sale securities
7,680
8,208
17,511
Net cash used in investing activities
(51,157
)
(16,808
)
(16,364
)
68. CASH FLOWS FROM FINANCING ACTIVITIES:
Shares repurchased and retired
(18,190
)
(22,881
)
(20,723
)
Dividends paid in cash
(18,407
)
69. (18,130
)
(17,825
)
Net cash used in financing activities
(36,597
)
(41,011
)
(38,548
)
Increase (decrease) in cash and cash equivalents
(37,364
)
24,986
22,082
70. Cash and cash equivalents at beginning of year
115,976
90,990
68,908
Cash and cash equivalents at end of year
$78,612
$115,976
$90,990
Supplemental cash flow information
72. Stock dividend issued
$47,053
$46,683
$32,538
(The accompanying notes are an integral part of these
statements.)
Based on the information in these financial statements, compute
the 2011 return on common stockholders’ equity, debt to assets
ratio, and return on assets for each company.
(Round answers to 1 decimal places, e.g. 15.2%.)
Hershey Company
Tootsie Roll
Return on common
stockholders’ equity
pays out a higher percentage of its earnings.
By accessing this Question Assistance, you will learn while you