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You are given a choice of taking the simple interest on 100,000 invested for 2 years

noreply@blogger.com (Expert Advice) — Sun, 19 Apr 2020 04:06:00 -0700

You are given a choice of taking the simple interest on 100,000 invested for 2 years at a rate of 3%
Or the interest on 100,000 invested for 2 years at an interest rate of 3% compounded quarterly.Which investment earns the greater amount ofinterest? Give the difference between the amounts of interest earned by the two investments.The investment with -----------interest earns $________more interest ((Round to the nearest Cent as needed)

Karen Gaines invested $10,000 in a money market account with an interest rate of 1.75% compounded semiannually. Six yearslater, Karen withdrew the full amount to put toward the down payment on a new house. How much did Karen withdraw from the account?
Karen withdrew $ .
(Round to the nearest cent as needed.)

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Pennfoster Final Examination Number 06140400

noreply@blogger.com (Expert Advice) — Wed, 20 Dec 2017 23:12:00 -0800

Question 1:

At an activity level of 8,800 units, Pember Corporation's total variable cost is $146,520 and its total fixed cost is $219,296. For the activity level of 8,900 units, compute the following values.

A. The total variable cost

B. The total cost

C. The average variable cost per unit

D. The average fixed cost per unit

E. The average total cost per unit

Note: Assume that the activity level is within the relevant range.

Question 2:

The company applies manufacturing overhead on the basis of direct labor-hours. The predetermined overhead rate is $37 per direct labor-hour.

Required:

What is the unit product cost that would appear on the job cost sheet for this job?

Question 3:

Carver Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month.

Required:

Using the wieghted-average method, what are the equivalent units of production for materials and for converison costs?

Direct materials .......................................$59,400

Direct labor-hours....................................1,254 DLHs

Direct labor wage rate ..............................$11 per DLH

Number of units completed ......................3,300 units

Work in process, beginning:

Units in process................................................700

Percent complete with respect to materials .......50%

Percent complete with respect to conversion.....40%

Units started into production

during the month ..........................................23,000

Work in process, ending:

Units in process................................................200

Percent complete with respect to materials .......80%

Percent complete with respect to conversion.....40%

Question 4:

Hayek Corporation uses the FIFO method in its process costing. The following data concern the company's Mixing Department for the month of August.

Required:

What are the cost per equivalent unit for materials and the cost per equivalent for conversion for the Mixing Department for August using the FIFO method?

Question 5:

Maddaloni International, Inc. produces and sells a single product. The product sells for $160.00 per unit and its variable expense is $46.40 per unit. The company's monthly fixed expense is $219,248.

Required:

What is the monthly break-even in total dollar sales?

Question 6:

Mitchel Corporation manufactures a single product. Last year, variable costing net operating income was $55,000. The fixed manufacturing overhead costs released from inventory under absorption costing amounted to $24,000.

Required:

What is the absorption costing net operating income from last year?

Materials Conversion Work in process, August 1 $31,734 $30,320 Cost added to production in the Mixing Department during August $91,332 $81,864 Equivalent units of production for August 7,740 7,580

Question 7:

Calder Corporation manufactures and sells one product. The following information pertains to the company's first year of operations:

The company does not have any variable manufacturing overhead costs or variable selling and administrative costs. During its first year of operations, the company produced 48,000 units and sold 45,000 units. The com-pany’s only product sells for $258 per unit.

Required:

What is the net operating income?

Question 8:

Mouret Corporation uses the following activity rates from its activity-based costing to assign overhead costs to products. Last year, Product N79A required 28 batches, 6 customer orders, and 712 assembly hours.

Required:

How much total overhead cost would be assigned to Product N79A using the company's activity-based costing system?

Variable costs per unit: Direct Materials $92

Fixed costs per year: Direct Labor $720,000

Fixed manufacturing overhead $3,264,000

Fixed selling and administrative $1,935,000

Activity Cost Pools Activity Rate Setting up batches $92.68 per batch Processing customer orders $95.08 per customer order Assembling products $3.41 per assembly hour

Question 9:

The manufacturing overhead budget of Paparella Corporation is based on budgeted direct labor-hours. The November direct labor budget indicates that 6,000 direct labor-hours will be required in that month. The variable overhead rate is $2.00 per direct labor-hour. The com-pany's budgeted fixed manufacturing overhead is $79,200 per month, which includes depreciation of $21,000. All other fixed manufacturing overhead costs represent current cash flows.

Required:

A. Determine the cash disbursements for manufacturing overhead for November.

B. Determine the predetermined overhead rate for November.

Question 10:

Sund Corporation bases its budgets on the activity measure “customers served.” During April, the company plans to serve 38,000 customers. The company has provided the following data concerning the formulas it uses in its budgeting:

Required:

Prepare the company’s planning budget for April. What is the net operating income?

Fixed element per month

Variable element per month

Revenue — $2.10

Wages and salaries $25,000 $0.50

Supplies $0 $0.30

Insurance $6,200 $0.00

Miscellaneous expense $2,500 $0.40

Question 11:

Shawl Corporation's variable overhead is applied on the basis of direct labor-hours. The standard cost card for product F02E specifies 5.5 direct labor-hours per unit of F02E. The standard variable overhead rate is $6.80 per direct labor-hour. During the most recent month, 1,560 units of product F02E were made and 8,700 direct labor-hours were worked. The actual variable overhead incurred was $52,635.

Required:

A. What was the variable overhead rate variance for the month?

B. What was the variable overhead efficiency variance for the month?

Question 12:

Kingdon Corporation's manufacturing overhead includes $7.10 per machine-hour for variable manufacturing over-head and $207,000 per period for fixed manufacturing overhead.

Required:

What is the predetermined overhead rate for the denominator level of activity of 4,600 machine-hours?

Question 13:

Pinkney Corporation has provided the following data con-cerning its direct labor costs for November:

Required:

Show the journal entry to record the incurrence of direct labor costs

Standard wage rate $12.20 per DLH

Standard hours 5.3 DLHs per unit

Actual wage rate $11.20 per DLH

Actual hours 39,720 DLHs

Actual output 7,900 units

Question 14:

Iba Industries is a division of a major corporation. The following data are for the latest year of operations:

Required:

What is the division’s residual income?

Question 15:

Tullius Corporation has received a request for a special order of 8,000 units of product C64 for $50.00 each. The normal selling price of this product is $53.25 each, but the units would need to be modified slightly for the customer. The normal unit product cost of product C64 is computed as follows:

Direct labor is a variable cost. The special order would have no effect on the company's total fixed manufacturing overhead costs. The customer would like some modifications made to product C64 that would increase the variable costs by $5.00 per unit and that would require a one-time investment of $43,000 in special molds that would have no salvage value. This special order would have no effect on the company's other sales.

The company has ample spare capacity for producing the special order.

Required:

How much is the “effect” (incremental net operating income) on the company's total net operating income through accepting the special order?

Sales . . . . . . . . . . . . . . . . . . . . . . . . . . $5,820,000

Net operating income . . . . . . . . . . . . . . $436,500

Avergae operating assets . . . . . . . . . . . $2,000,000

The company’s minimum

required rate of return . . . . . . . . . . . . . 18%

Direct materials $18.10

Direct labor 7.40

Variable manufacturing overhead 5.20

Fixed manufacturing overhead 4.80

Unit product cost $35.50

Question 16:

(Ignore income taxes in this problem.) Hinck Corporation is investigating automating a process by purchasing a new machine for $520,000 that would have an 8 year useful life and no salvage value. By automating the process, the company would save $134,000 per year in cash operating costs. The company's current equipment would be sold for scrap now, yielding $22,000. The annual depreciation on the new machine would be $65,000.

Required:

What is the simple rate of return on the investment to the nearest tenth of a percent?

Question 17:

(Ignore income taxes in this problem.) Schaad Corporation has entered into an 8 year lease for a piece of equipment. The annual payment under the lease will be $2,500, with payments being made at the beginning of each year.

Required:

If the discount rate is 14%, what is the present value of the lease payments?

Question 18:

Brodigan Corporation has provided the following information concerning a capital budgeting project:

Investment required in equipment $450,000

Net annual operating cash inflow $220,000

Tax rate 30%

After-tax discount rate 12%

The expected life of the project and the equipment is 3 years and the equipment has zero salvage value. The company uses straight-line depreciation on all equipment and the depreciation expense on the equipment would be $150,000 per year. Assume cash flows occur at the end of the year except for the initial investments. The company takes income taxes into account in its capital budgeting. The net annual operating cash inflow is the difference between the incremental sales revenue and incremental cash operating expenses.

Required:

What is the net present value of the project?

Question 19:

Dukas Corporation's net cash provided by operating activities was $218,000; its net income was $203,000; its capital expenditures were $146,000; and its cash dividends were $49,000.

Required:

What is the company's free cash flow?

Question 20:

Mihok Corporation has provided the following financial data:

Dividends on common stock during Year 2 totaled $5,000. The market price of common stock at the end of Year 2 was $0.97 per share.

Required:

A. What is the company’s earnings per share for Year 2?

B. What is the company’s price-earnings ratio for Year 2?

C. What is the company’s dividend payout ratio for Year 2?

D. What is the company’s dividend yield ratio for Year 2?

E. What is the company’s book value per share at the end of Year 2?

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Legal Question & Answers With APA Style

noreply@blogger.com (Expert Advice) — Fri, 4 Aug 2017 00:26:00 -0700

Legal Questions and Answers

Following the American Psychological Association Style Guide

Name

Professor

Introduction

This paper will answer 27 Legal questions.

Questions and Answers

1. Trevor takes a bottle of Coca-Cola to the cashier at the grocery store, and hands over enough cash to pay for it. The cashier hands back change, and a sales receipt showing that the Coca-Cola has been paid for. Trevor never says a thing, and the cashier never says a thing. This transaction is an example of an:
A. Implied contract for the sale of goods.
B. Express contract for the sale of goods.
C. The implied contract for services.
D. Express contract for services
E. Not a contract at all
2. Paul’s car has been damaged in a car accident – caused by Denis as the driver of the other car. Paul finds out that Denis does not have liability insurance. Unfortunately, Paul does not carry “uninsured motorists” coverage on his own insurance policy to protect himself against other drivers who are either uninsured or under-insured. So now Paul has to try to get Denis to pay him for the damage to Paul’s car – about $6,000. Paul doesn’t think a lawsuit would be a good idea because Paul doesn’t have much money to hire a lawyer. He has heard that King County offers a free mediation service. Besides it being free, what else is an advantage of mediation over a lawsuit?
a. Paul can probably get a mediation appointment in much less time than it would take to get on the trial court schedule.
b. The dispute between Paul and Denis could be kept private, whereas a lawsuit would be open to the public.
c. The Mediator would be able to make a binding decision, after hearing from both Paul and Denis.

d. Both A and B are true.

e. A, B, and C are all true.
3. “Actus reus” is the wrongful act in the definition of a crime. Most crimes are defined by both an actus reus and a particular state of mind (“mens rea”) while they are committing the wrongful action.

True/False
4. A felony is viewed as being a more serious level of crime than a misdemeanor.

True/False
5. Sue Lin gives her boyfriend a birthday gift of two new dress shirts from the Tommy Bahama store at University Village.
a. Sue Lin’s action in buying the dress shirts is a type of contract.
b. Sue Lin’s action in making the gift to her boyfriend is a type of contract.
c. Both A and B are examples of contracts.
d. Neither A nor B are examples of contracts.
6. All written agreements are contracts.

True/False
7. Donna (a caterer) makes an oral promise to Roberto that she will prepare a four-course meal for 20 people, and bring it over to Roberto’s house at 5 p.m. Saturday, July 29, 2017, just before Roberto’s party, (it begins at 6 p.m.). Roberto promises to pay Donna $400 on Wednesday, July 26, and the balance of $400 on Monday, July 31, after the party has happened. These oral promises are binding on both sides as a contract.

True/False
8. On April 30, Susan signs a written agreement with Ricardo, in which she agrees to sell her house to Ricardo for $300,000. Ricardo promises to pay Susan the money on May 10, in cash or bank wire transfer. On May 1, Susan tells her kids she is selling the house, and they go “ballistic” on her – telling her how stupid she was for not getting an estimate of value from a broker or appraiser before agreeing to sell. Susan then talks to an appraiser, who lets Susan know that the house is worth about $500,000 in today’s hot market in Seattle. Susan immediately sends Ricardo an email in which she tells him she has changed her mind about selling just now. Ricardo is out of luck:

True or False
9. On July 1, Joy signed an agreement in which she promised to sell her laptop computer to Sheryl, for $1,000. Sheryl promised to pay Joy the $1,000 by July 20. Joy promised to have the laptop professionally serviced and to deliver the laptop to Sheryl within one week after Sheryl completes payment. Sheryl made her $1,000 payment right on time – July 20. Joy then took the laptop to a laptop repair facility to have it professionally serviced. Joy just picked up the laptop today and plans to deliver it to Sheryl on August 1. This is as far as things have progressed. At this point, the contract between Joy and Sheryl can be described as
a. not a contract at all – just an exchange of two promises.
b. an implied, executory contract
c. an implied, executed contract
d. an express, executory contract
e. an express, executed contract
10. An enforceable contract always requires
A) both sides must give some kind of consideration to the other
B) cash going from one party to another
C) a signed, written document
D) both sides must be at least 18 years old

11. Rachel is a poor college student, struggling to work part-time and go to college full-time. Rachel’s uncle Roger (feeling sorry for Rachel) sends her a letter in which he promises to pay Rachel $300 per month for the next year so that Rachel can finish up her Associates Degree. Roger makes two of the monthly payments, so Rachel then quits her job to focus on her studies. Roger makes two more monthly payments but then stops making payments, with no explanation at all. Rachel writes Roger, asking for him to explain, but she never hears back from him. If Rachel takes this to court to try to get the remaining $2,400, what is the likely result?
a. Roger should win, as he did not ask Rachel to quit her job, and they did not have a contract.
b. Roger should win, as family members cannot sue each other for breach of an agreement like this.
c. Rachel should win, as a contract was formed when Roger promised to pay her the $300 per month support for a year.
d. Rachel should win. Even though there was no legal contract here, there is another legal theory that Rachel can use to win her case against Roger.
12. The state “Statute of Frauds” lists situations where a contract must be in writing to be enforceable.

True or False
13. Jay goes to an amusement park with some friends. Jay faints and hits his head on a wooden bench. Management of the amusement park calls an ambulance, which takes about 10 minutes to pick Jay up and then take him to the hospital for evaluation. During this 10 minutes time, Jay’s friend Billy-Bob has Jay sign a form, to sell his very valuable antique car (worth about $50,000) to Billy-Bob for only $2,000. Billy-Bob takes the car keys out of Jay’s coat and drives off with the car. Jay is admitted to the hospital with brain concussion, and he is unconscious at the time. The next day, Jay wakes up in the hospital, but remembers nothing about where his car is, or why he has $2,000 in his pocket!
A) Jay has a binding contract with Billy-Bob.
B) Jay should be able to get out of this “agreement” based on “illegality”
C) Jay should be able to get out of this “agreement” based on “lack of proper form”
D) Jay should be able to get out of this “agreement” based on “lack of competency”
14. Based on the facts of the previous question, Jay stays in the hospital for a few days as he is recuperating. Then, a couple of weeks after he gets released from the hospital, Jay receives a bill from the hospital for $10,000. Jay should be able to get out of paying for this because he was not conscious at the time he was admitted to the hospital.

True/False
15. In a bilateral contract, each side gives the other side a promise (to do something, or not to do something, as the “consideration” for the contract.
True/False
16. An offer can be terminated by
A) revocation by the offeror
B) rejection by the offeree
C) counteroffer by the offeree
D) all of the above
E) only two of the above
17. Intentional breach of contract by one party, knowing it will cost the other party money, is a crime.

T/F
18. Filmon has always been interested in real estate. He signs up for a basic introductory class in real estate that North Seattle College offers, as a pre-licensing class. Filmon’s next-door neighbor Derek has decided to sell his house. Derek learns that Filmon is taking the real estate class, and he makes an oral offer to pay Filmon a $1,000 “finder’s fee” if Filmon can advertise Derek’s house and locate a buyer for Derek. Filmon advertises the house online on Craigslist.com and does locate a buyer for Derek. The sale closes successfully, and Filmon asks Derek for his finder’s fee. Derek refuses to pay. The result if Filmon files a lawsuit against Derek? (hint: you may want to read RCW 19.36.010)
a. the judge will enforce the oral agreement against Derek, and order Derek to pay Filmon.
b. the judge will rule against Filmon.
c. the judge will ask the Prosecuting Attorney to file criminal charges against Filmon.
19. Philip offers to sell a used computer to Cameron for $600. Cameron says, “I just can’t pay $600, but I am willing to pay $400.” Cameron's statement is
A) revocation
B) counter offer
C) option
D) puffing
E) none of the above
20. The parents of a missing toddler post a reward for the person who finds and returns their child. The child, asleep in a vacant lot, is found by a police officer on patrol and brings the child to the parents.
A) the officer can accept the offer and collect the reward from the parents.
B) the officer can collect the reward because it would be unconscionable to allow the parents to rescind their offer.
C) the officer cannot collect the reward because he was not a party to the contract.
D) the officer cannot collect the reward because he had a pre-existing legal duty to look for the child.

21. Martin offers to pay Marietta “a million dollars” if she will take his final exam for him. Two other witnesses hear Martin make his offer. Marietta accepts the offer and takes the final exam for Martin. When she asks for payment, Martin refuses. If Marietta takes Martin to court, the judge will probably:
a. send Marietta to jail
b. send Martin to jail
c. enforce the promise as a contract

d. not enforce the agreement – it is not valid as a contract
22. Adam e-mails Barbara, offering to sell her 500 shares of Microsoft common stock for $20 each, for a total of $10,000. Barbara immediately writes back, saying “I accept your offer regarding the 500 shares of Microsoft for $10,000.” At the time, Microsoft shares were usually selling for about $50 each. When Adam realizes what other people are selling their stock for, he sends Barbara a note saying: “I have changed my mind – forget about buying the MSFT shares.” Barbara sends Adam a check for $10,000, but Adam does not cash the check, and he does not transfer the shares to Barbara. If Barbara sues Adam to enforce her bargain regarding the shares of stock, what would the expected result be in court?
a. Adam has a good defense that Barbara was not providing adequate consideration for the shares because the price was too low, and the judge will rule that they had no enforceable contract.
b. Adam has a good defense that he has not cashed the check, so there was no consideration paid for the shares, and the judge will rule there was no enforceable contract.
c. The judge should rule that Barbara was entitled to the benefit of her bargain, and will enforce their agreement as a contract.
d. The judge should rule that they had a “quasi-contract” that should be enforced as if it was a contract.
23. True/False

A judge could declare a contract to be void, if one of the parties to the contract is pressured to enter into the contract, by “undue influence.”
24. Jon is suffering from dementia. He still lives in his long-time home, which is worth $500,000. His neighbor Bill comes over, and gets Jon to sign an agreement to sell his house to Bill for $50,000, and gets Jon to sign a deed to transfer the title to Bill. Jon does not remember signing anything. Jon’s son, Donald, goes to court to try to get a judge to “void” the sale. What will probably happen?
a. The judge will enforce the contract and deed because it was signed by Jon.
b. The judge will refuse to enforce the agreement.
c. The judge will re-write the agreement, with a new price of $500,000, and force Bill to pay the full price.
25. A “liquidated damages” clause in a contract spells out what amount of “damages” is going to have to be paid, by the party who breaches the contract.

True/False
26. Martin has lost his wallet, which contains all of his credit cards, about $500 in cash, and an irreplaceable picture of his mother, who has recently died. Martin posts a “reward” offer of $500 on all of the telephone poles in the neighborhood where he thinks the wallet probably fell out of his jacket. This type of offer, to the finder of lost property, is generally viewed as a unilateral promise between the offeror and the individual who successfully finds the lost property. This “finder” can only “accept” the offer by actual performance – performing the actions of finding the property that was lost and bringing it to the offeror.

True/False
27. Marcia and Jill are eating lunch at the Cactus Café. Marcia makes an oral offer to Jill, to hire Jill for a 6-month project, and to pay Jill $4,000 per month during this project. Jason, a regular patron of the café, happened to be sitting at the table right next to Jill and Marcia and recorded the entire conversation on his iPad. After two months, Marcia tells Jill that Marcia doesn’t want her to continue the project. The result if Jill sues Marcia:
a. Marcia will win – Jill has nothing in writing to show the judge that there was a contract.
b. Jill will win – contracts that can be performed in less than one year can be oral and still be enforceable in court. Jill has a witness (Jason) who can testify and back up what Marcia offered to Jill.

Conclusion

This paper has been the answers to the Legal questions posed.

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The main goal of public health is to prevent diseases and promote health of a population level.

noreply@blogger.com (Expert Advice) — Mon, 27 Feb 2017 06:51:00 -0800

The main goal of public health is to prevent diseases and promote health of a population level.
Using the South University Online Library or the Internet, identify, research, and read about a public health issue of your interest.
Based on your research, express your views on the following:
What is the difference between public health and individual health?
How does the system of health care delivery in the United States support the goals of public health?
Is the health issue identified by you during the research being adequately addressed? Why or why not?
What initiatives are in place to address your identified public health issue? Explain at least two such initiatives.
What are the risks or social factors associated with your identified health issue?
How are the three levels of government (national, state, and local) working together to address your identified health issue?
To support your work, use your course and text readings and also use outside sources. As in all assignments, cite your sources in your work and provide references for the citations in APA format.

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Select a significant tragic event (either domestic or global) that has occurred over the last 50 years

noreply@blogger.com (Expert Advice) — Mon, 27 Feb 2017 06:41:00 -0800

Select a significant tragic event (either domestic or global) that has occurred over the last 50 years. The interactive presentation in this unit provides some ideas of historical tragic events, but understand thatthese are just ideas. After describing the event and the post-tragedy events, discuss the ethical aspects revolving around this incident. This discussion may require some additional research to understand the ethical situations and the impact the event(s) had on affected people and their ability to move on with their lives.

1. Describe the actions of people and organizational leaders directly and indirectly involved with the tragedy. Specifically, address the ethical issues they faced.
2. What were some of the actions of local, state, and federal personnel with respect to dealing with this tragedy?
3. Explain the strategies of organizations that attempted to assist with the clean-up after the tragic event. Describe several of the pressures that influenced their strategies. Distinguish between social responsibility, integrity, and simple business ethics.
4. How has this event affected the ethical culture here in the United States? What other effect has it had on society as a whole?
5. What other lessons might we learn from this event in the future?
Your response must be a minimum of two double-spaced pages. You are required to use at least one scholarly source in your response. All sources used must be referenced; paraphrased and quoted material must have accompanying in-text citations, and be cited per APA guidelines.

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Part A: Answer each of the following questions. Be sure to show all of your work and calculations.

noreply@blogger.com (Expert Advice) — Thu, 18 Feb 2016 08:32:00 -0800

Part A: Answer each of the following questions. Be sure to show all of your work and calculations.
1. Woody's Cafe's real estate tax of $1,110.85 was due on November 1, 2013. Due to financial problems, Woody was unable to pay his cafe's real estate tax bill until January 15, 2014. The penalty for late payment is 81/ 4% ordinary interest.Answer the following questions: (a) How much is the penalty Woody must pay (b) What did Woody pay on January 15? Round all answers to the nearest cent.
2. Jane's April 1 inventory had a cost of $48,000 and a retail value of $70,000. During April, net purchases cost $210,000 with a retail value of $390,000. Net sales at retail for Jane for April were $280,000. Calculate the cost of ending inventory using the retail inventory method. (Round to the nearest hundredth percent.)
3. Use the below information to calculate the (a) net sales, (b) gross profit, (c) total operating expenses, and (d) net income.Sales returns $700 Rent expense $1,288 Sales discounts $950 Depreciation expense $600 Cost of merchandise sold $7,600 Gross sales $20,900 Advertising expense $1,650 Salary expense $2,900 Heat expense $900
Part B: Answer each of the following questions. Be sure to show all work and calculation
1. Acme Track Incorporated received 360 pairs of Nike running shoes. Each pair sells for $58. Acme found 1/ 9 of the pairs to be defective and returned them. Assuming each pair cost Acme $26, what profit did Acme make assuming all non-defective sneakers were sold?
2. The checkbook of Vance Company had a balance of $2,210.55. The bank statement showed a balance of $4,918.18. The bank collected a $2,000 note minus a $5 service charge. There was a deposit in transit of $610.88. Several checks outstanding totaled $1,196.17. Vance collected $42.33 in interest on the checking account. Vance recorded a $300 check for $400. The bank service charge is $14.99. What is the adjusted reconciled balance?
3. Over the past month, 900 trucks were sold. Abe sold 4 times as many as Joe. How many trucks did Abe sell, and how many trucks did Joe sell?
4. Juan Sevez buys a new computer priced at $650. He makes a down payment of 15%. How much of the purchase is not paid for? (Round to nearest hundredth or hundredth as needed.)
5. Find the amount of (a) net price and (b) trade discount using the following information:Stove List $1,400 Chain discount 13/10/4
6.Assume markup is based on cost. Solve for the actual cost using the information below. Round your answer to the nearest cent.Selling price $600 Markup percentage on cost 35%
7. Mobilee Oil Company accepted a $10,000, 120-day note dated March 3 at 8112% to settle a past-due account receivable. Mobilee Oil discounted the note to raise cash on May 10 at a discounted rate of 9%. What proceeds did Mobilee Oil receive? Use ordinary interest.
8. Adjax bought a machine for $86,000. Its estimated life is 10 years with a residual value of $6,000. Using the straight-line method, what is the book value of the machine at the end of year 2?
9. A business's total sales, including a 5% tax, were $23,152.81. Calculate the (a) actual sales and (b) sales tax liability.
10. Jim Leary insured his bookstore with a fire insurance policy of $90,000 at a cost of $0.58 per $100. Eight months later, his insurance company canceled the policy because of failure to correct a fire hazard. What did Jim have to pay for the eight months of coverage?

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Foundations of Finance (7th Edition) (Keown,Martin,Petty) Mini Case p 45

noreply@blogger.com (Expert Advice) — Thu, 18 Feb 2016 07:50:00 -0800

Mini Case On the first day of your summer internship, you’ve been assigned to work with the Chief Financial Officer (CFO) of SanBlas Jewels Inc. Not knowing how well trained you are, the CFO has decided to test your understanding of interest rates. Specifically, she asked you to provide a reasonable estimate of the nominal interest rate for a new issue of Aaa-rated bonds to be offered by SanBlas Jewels Inc. The final format that the chief financial officer of SanBlas Jewels has requested is that of equation (2-1) in the text. Your assignment also requires that you consult the data in Table 2-2.Some agreed-upon procedures related to generating estimates for key variables in equation (2-1)follow.a. The current 3-month Treasury bill rate is 2.96 percent, the 30-year Treasury bond rate is 5.43 percent, the 30-year Aaa-rated corporate bond rate is 6.71 percent, and the inflation rate is 2.33 percent.b. The real risk-free rate of interest is the difference between the calculated average yield on 3-month Treasury bills and the inflation rate.c. The default-risk premium is estimated by the difference between the average yield on Aaa rated bonds and 30-year Treasury bonds.d. The maturity premium is estimated by the difference between the average yield on 30-year Treasury bonds and 3-month Treasury bills.e. SanBlas Jewels’ bonds will be traded on the New York Bond Exchange, so the liquidity premium will be slight. It will be greater than zero, however, because the secondary market for the firm’s bonds is more uncertain than that of some other jewel sellers. It is estimated at 4 basis points. A basis point is one one-hundredth of 1 percent.Now place your output into the format of equation (2-1) so that the nominal interest rate can be estimated and the size of each variable can also be inspected for reasonableness and discussion with the CFO.

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A04 Intermediate Accounting I Assignment 04 Assignment 08

noreply@blogger.com (Expert Advice) — Fri, 18 Dec 2015 07:26:00 -0800

Assignment 04

A04 Intermediate Accounting I

Directions: Be sure to make an electronic copy of your answer before submitting it to Ashworth College for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English spelling and grammar. Sources must be cited in APA format. Refer to the "Assignment Format" page for specific format requirements.

Part A (40 points)

Vince Corporation has current assets of $300,000 and current liabilities of $175,000.

Compute the effect of each of the following transactions on Vince’s current ratio:

Refinanced a $50,000 long-term mortgage with a short-term note.
Purchasing $80,000 of merchandise inventory with short-term accounts payable.
Paying $30,000 of short-term accounts payable.
Collecting $40,000 of short-term accounts receivable.

Part B (20 points)

Selected data of the Peninsula Company follow:

	As of December 31
Balance Sheet Data	2014	2013
Accounts receivable	$671,000	$642,000
Allowance for doubtful accounts	31,000	22,000
Net accounts receivable	$640,000	$620,000

Inventories—lower of cost or market	$542,500	$642,500

	Year Ended December 31
Income Statement Data	2014	2013
Net credit sales	$3,150,000	$3,000,000
Net cash sales	800,000	600,000
Net sales	$3,950,000	$3,600,000
Cost of goods sold	$2,370,000	$2,160,000
Selling, general, and administrative expenses	475,000	350,000
Other	150,000	125,000
Total operating expenses	$2,995,000	$2,635,000
Net income	$955,000	$965,000

What is the accounts receivable turnover for 2014?
What is the inventory turnover for 2014?

Part C (40 points)

Selected information taken from the 2014 annual report of Aardvark Company follows. During 2014, the company had no nonoperating or nonrecurring items included in income and had no outstanding preferred stock.

($ in millions)	2014	2013
Sales	$19,903	$18,781
Interest expense	130	169
Net income	1,153	1,088
Total assets	12,673	12,461
Dividends	(153)	(131)
Total stockholders’ equity	$4,288	$4,007
Assumed tax rate	35%	35%
Industry ROA	7.32%
Industry operating profit margin	6.1%

For 2014, calculate:

a. ROA

b. ROCE

c. Operating profit margin

d. Asset turnover.

Round your percentage answers to one decimal place. For example, .1234 = 12.3%.

Assignment 08

A04 Intermediate Accounting I

Part A (30 points)

The Bravo Company manufactures a single product. On December 31, 2012 Bravo adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was determined to be $500,000. Inventory data for succeeding years are as follows:

Year Ended December 31	Inventory at Respective Year-end Prices	Relevant Price Index (Base Year 2012)
2012	$500,000	1.00
2013	527,000	1.08
2014	635,000	1.15
2015	645,000	1.21

Compute the inventory amount at December 31, 2013, 2014, and 2015 using the dollar-value LIFO inventory method for each year. (Round all amounts to the nearest dollar, 10 points each)

Part B (40 points)

Information from Hope Company’s records for the year ended December 31, 2015 is available as follows:

Net sales	$2,800,000
Cost of goods manufactured:
Variable	$1,260,000
Fixed	$630,000
Operating expenses:
Variable	$196,000
Fixed	$240,000
Units manufactured	70,000
Units sold	60,000
Finished goods inventory, 1/1/2015	$0

Hope had no work-in-process inventories at either the beginning or end of 2015.

a. What would be Hope’s finished goods inventory cost under the variable (direct) costing method at December 31, 2015? (20 points)

b. What would Hope’s operating income be under the absorption costing method? (20 points)

Part C (30 points, 10 each)

Tool City, Inc. had 300 cordless screwdrivers on hand at January 1, 2015 costing $45 each. Purchases and sales of cordless screwdrivers during the month of January were as follows:

Date	Purchases	Sales
January 9		200 @ $75
January 14	100 @ $47
January 23		75 @ $76
January 25	100 @ $48
January 30		75 @ $77

Tool City does not maintain perpetual inventory records. According to a physical count, 150 cordless screwdrivers were on hand at January 31, 2015.

a. What is the cost of the inventory at January 31, 2015 under the FIFO method?

b. What is the cost of the inventory at January 31, 2015 under the LIFO method?

c. What is the cost of the inventory at January 31, 2015 under the FIFO method if only 145 cordless screwdrivers were on hand at the time of the physical count?

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Renfro Company issued $500,000 of 8%, 10-year bonds at 102. Interest is paid annually, and the straight-line method

noreply@blogger.com (Expert Advice) — Fri, 18 Dec 2015 07:08:00 -0800

7. (Points: 15.0)

Renfro Company issued $500,000 of 8%, 10-year bonds at 102. Interest is paid annually, and the straight-line method is used for amortization. Assume that the market rate for similar investments is 7%. The bonds are issued on the date of the bonds. (SHOW ALL WORK)

What amount was received for the bonds?

How much interest is paid each interest period?

What is the premium amortization for the first interest period?

How much bond interest expense is recorded on the first interest date?

What is the carrying value of the bonds after the first interest date?

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Budget Development Given all of the information you have gained in this and other courses

noreply@blogger.com (Expert Advice) — Fri, 18 Dec 2015 06:32:00 -0800

Budget Development Given all of the information you have gained in this and other courses, develop a budget for a restaurant business establishment. Develop a monthly budget for one financial year (12 months) by using a sales forecast and variable and fixed costs based on your business concept. Using industry averages, develop a one-year total budget based on the monthly budgets created. Save the budget sheet as an Excel file Discuss the following aspects that you analyzed or experienced while creating this budget: What was the most challenging aspect? What do you see as the biggest financial benefit to your organization

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Milton Inc. has prepared the following first quarter sales forecast:

noreply@blogger.com (Expert Advice) — Wed, 18 Nov 2015 06:17:00 -0800

Milton Inc. has prepared the following first quarter sales forecast:
January
125,000 units
February
187,500 units
March
157,500 units
Each unit sells for $1.25.
The total budgeted sales for the first quarter is:

ANSWER

Milton
Qty for quarter 125,000 + 187,500 + 157,500 = 470,000 units
Sales in $ 770,000 * 1.25 = $ 5,87,500

Assignment 3: Sources of Revenue

noreply@blogger.com (Expert Advice) — Wed, 18 Nov 2015 06:05:00 -0800

Assignment 3: Sources of Revenue

The final project will be a cumulative project that will span the weeks of the course. Each week you will complete a section of the project, which will also coincide with that week’s lectures. Sources of Revenue Tenet Healthcare and HCA Holdings Inc. are major competitors in the healthcare industry. Visit the Web sites below to review the Income Statements for each healthcare organization. Tenet Healthcare Corporation: http://www.dailyfinance.com/financials/tenet-healthcare-corporation/thc/nys/income-statement
HCA Holdings, Inc. http://www.dailyfinance.com/financials/hca-holdings-inc-common-stock/hca/nys/income-statement
Study the revenue source information contained in the report. Present in a bar graph a comparison of the selected healthcare providers’ revenue sources by percentages. In 2 paragraphs write your analysis of the similarities or differences between these revenue sources.

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Complete the spreadsheet template following Steps 1–10, building a comprehensive workbook of data and analyses that will inform your conclusions

noreply@blogger.com (Expert Advice) — Sun, 8 Nov 2015 07:24:00 -0800

Complete the spreadsheet template following Steps 1–10, building a comprehensive workbook of data and analyses that will inform your conclusions in Step 10. Your final spreadsheet should include the following: Tab 1: DATA – completed data sheet (Steps
1–6 above) Tab 2: Excel Summary Stats (Step 7) Tab 3: Graphs – Charts (Step 8) Tab 4: Histogram (Step 8) Tab 5: Sorted Data (Step 9) Format this workbook so that all the spreadsheets can be printed. Now that you have completed your analysis, think about the
patterns you’ve seen in the workforce. Write a short 3-4 paragraph summary of your analysis. This is important. While you have done a wonderful job with your analysis, you can never assume that the end-user will be able to interpret the data the way it should
be understood. Supporting narrative is helpful (I call this, never simply providing a “raw data” dump – strive to provide information!). The paper sections include - one paragraph narrative summary of your findings; describing patterns of interest - explanation
of their potential relevance of such patterns - describe how you will further investigate to determine if your results are “good or bad” for the company Prepare your response in this workbook. Place it at the front on completion.

a.
As a simple starting point, in cell D9, use
Define a Name under the Formulas menu to create the name "Annual_Hrs."
When setting up the name, enter the constant =2080 in the box named "Refers to." This is the number most often used in annual salary calculations based on full time, 40 hours per week, 52 weeks per year.b.
In E11, create a formula that calculates the hourly rate for each
employee, by referencing the employee’s salary in Column C, divided
by the name you created for the annual hours of 2080. Complete the
calculations for the remainder of Column E.c.
In Column F, calculate the number of years worked for each employee
by creating a formula that incorporates cell F9 and demonstrates your
understanding of relative and absolute cells in Excel.d.
In Column I,use an IF statement to flag with a "Yes" any employees who
have been employed 10 years or more.e.
Using the function VLookup, use the Region Key located at
F417:G420 to fill in the cells in Column N to identify the region in which the employee is located based on the state listed in Column M.
(If this function is new to you, hang in there—this one is worth it!)

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Q 1 and Q2 On July 1, 2014 Linked Up Inc. acquired a new machine at a cost of $15,000

noreply@blogger.com (Expert Advice) — Sun, 8 Nov 2015 07:18:00 -0800

Q 1 and Q2 On July 1, 2014 Linked Up Inc. acquired a new machine at a cost of $15,000 with a residual value of $3,000. The estimated useful life is 5 years and 100,000 units. For the year ending June 30, 2015 the machine produced 15,000 units. For the
year ending June 30, 2016, the machine produced 10,000 units. 1. Using the three depreciation methods (straight line, units of production, and double decline balancing) calculate the depreciation for the year ending 6/30/15 and present each of the three journal
entries in proper form. A. Straight Line B. Units of Production C. Double Declining 2. On July 1, 2016 the machine is sold for $10,000. Complete the journal entry in proper form based on your calculations under each of the three depreciation methods (see item
1 in this problem). You will present three separate, independent journal entries. A. Straight Line B. Units of Production C. Double Declining Q3 Sale and Disposal of Assets – SEE EXCEL WORKSHEET United Beverage Company owns a delivery truck with an original
cost of $50,000 and an accumulated depreciation value of $20,000. The estimated residual value remains $4,000. Consider each of the independent situations below and present the required journal entry to record the sale or disposal of the truck, using proper
format. A. Sold for $30,000 B. Sold for $26,000 C. Sold for $34,000 D. Is totaled in a collision with no scrap value and no insurance (no proceeds will be received) Q4 Accounts Receivable and Uncollectible Accounts – SEE EXCEL WORKSHEET Logistics Incorporated
uses the direct write off method. Their customer, Software Sales, has declared bankruptcy with no assets to pay off creditors. Present the journal entry, in proper format to record the necessary adjustment for the $22,000 remaining in the Accounts Receivable
Subsidiary ledger from Software Sales. Q5 Accounts Receivable and Uncollectible Accounts – SEE EXCEL WORKSHEET US Weekly uses the allowance method for accounts receivable uncollectible accounts. Carnival Cruise Company has closed its business, left no forwarding
address, and has not made any payments on account for over two years. Present the journal entry, in proper form, to write off the remaining accounts receivable of $34,000. Q6 Accounts Receivable and Uncollectible Accounts – SEE EXCEL WORKSHEET Left Field Inc.
uses the allowance method for uncollectible accounts. A former customer, John Madden Sports, is seeking to return to good standing and begin doing business with the company again. As part of the agreement, on March 31, 2015, John Madden Sports paid Left Field
Inc. the $64,500 balance due (Left Field Inc. wrote this value off three years ago). Present the required journal entry or entries to record this transaction. Q7 Management of Cash Functions and other issues of Internal Control - ESSAY You are president of
your local division, responsible for cash receipts and disbursements. The bank made a presentation to you and suggests your division use electronic processing for cash transactions. Accounts payable payments would be processed using the bank’s system with
an interface into your accounting system to meet your needs. Your invoices would reference a post office box managed by the bank who would open all mail. The cash receipts (checks from the customers) would be retained and processed, with copies provided to
you electronically. All non cash receipt mail would be forwarded to you based on the advice of your legal counsel. Your paragraph should explain the pros and cons of this system, as it relates to cash receipts and cash disbursements. RESPONSE: Q8 Petty Cash
- ESSAY The auditors arrived to check the petty cash balance in your office. The account has a balance of $85 and the receipts not yet presented for reimbursement total $62. The Petty Cash Fund was issued several years ago for $150. How would you explain the
current situation to the auditor? What might cause the balance to be off?

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After reviewing the tutorial discuss social contract theory and apply social contract theory

noreply@blogger.com (Expert Advice) — Sun, 8 Nov 2015 07:03:00 -0800

Below is the question; min. 200 words. After reviewing the tutorial discuss social contract theory and apply social contract theory to a business situation you are familiar with. To what extent does SCT help to explain differences in
ethics and ethical perspectives in a culturally diverse setting? What is the efficacy of SCT in describing issues related to business ethics? Pearson MyCourse Tools, (2015). Social Contract Theory. Interactive Tutorial

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CBO-iShares 1-5 year Laddered Corporate Bond Index

noreply@blogger.com (Expert Advice) — Sun, 8 Nov 2015 06:56:00 -0800

CBO-iShares 1-5 year Laddered Corporate Bond Index ETF- and XIU-iShares S&P/TSX 60 Index ETF- are two iShares ETFs tracking and Canadian bond market and Canadian equity market, respectively. Thus, they are popularly used by Canadian investors as proxies for Canadian bond and equity markets.
You can find out the historical closing prices of CBO and XIU from the following website: http://ca.ishares.com/product_info/fund/index.htm
Download the most recent three years weekly date.
Suppose that now you have $80 million to invest for six months and you want to invest those money into CBO, XIU and the Canadian 6-month T-bill. Assume that the interest rate of the 6-month T-bill is 2% per annum.
Use EXCEL to answer following questions:
1. Estimate the weekly expected returns, standard deviations of CBO and XIU, respectively, and their correlation and covariance. Then convert them into those with six-month (26 weeks) horizon.
2. Draw the opportunity set offered by these two securities.

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Suppose that current assets, costs, and accounts payable maintain a constant ratio to sales.

noreply@blogger.com (Expert Advice) — Fri, 24 Jul 2015 07:06:00 -0700

Radical Co.
Balance Sheet
Cash $ 50 Accounts payable $100
Inventory $150 Notes payable 100
Fixed assets $600 Long-term debt 350
Equity 250
Total assets $800 Total liabilities & equity $800
Radical Co.
Income statement
Sales $800
Costs 600
EBT $200
Taxes (34%) 68
Net income $132
a. Suppose that current assets, costs, and accounts payable maintain a constant ratio to sales. The firm retains 40% of earnings.
i. If the firm is producing at full capacity, what is the total external financing needed if sales increase 25%, assuming fixed assets increase proportionately with sales (4 marks)?
ii. If the firm is producing at only 90% capacity, describe how this would impact your answer. You don’t need to do a calculation, but it may help you to explain your reasoning. (3 marks)
b.. Suppose the firm wishes to maintain a constant debt-equity ratio, retains 60% of net income, and raises no new equity. Assets and costs maintain a constant ratio to sales. What is the maximum increase in sales the firm can achieve?

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Once you have defined what the project is at a meeting, how do you communicate to the other members of the group

noreply@blogger.com (Expert Advice) — Fri, 24 Jul 2015 07:00:00 -0700

Once you have defined what the project is at a meeting, how do you communicate to the other members of the group about what progress is taking place? Please include the types of groupware that could be used to communicate with group members.

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Initially the only information that I have is that the loan amount is for £500, the interest rate (simple interest) is fixed

noreply@blogger.com (Expert Advice) — Fri, 24 Jul 2015 06:53:00 -0700

Initially the only information that I have is that the loan amount is for £500, the interest rate (simple interest) is fixed at 0.7% per day, I want to repay over 5 installments and the term of the loan is 144 days. i'm trying to work backwards by finding the monthly repayment and then I can calculate what element is capital and what is interest. Any amortization calculations online assume payments are for a full month. Is there a formula out there that works out the monthly repayment for uneven days in a month? I know that the 1st repayment will be taken 22 days after the loan is drawn down.

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Provide detailed descriptions and show all calculations used to arrive at solutions for the following questions:

noreply@blogger.com (Expert Advice) — Fri, 24 Jul 2015 06:42:00 -0700

Provide detailed descriptions and show all calculations used to arrive at solutions for the following questions:

1. Community Hospital has annual net patient revenues of $150 million. At the present time, payments received by the hospital are not deposited for six days on average. The hospital is exploring a lockbox arrangement that promises to cut the six days to one day. If these funds released by the lockbox arrangement can be invested at 8 percent, what will the annual savings be? Assume the bank fee will be $2,000 per month.

2. St. Luke’s Convalescent Center has $200,000 in surplus funds that it wishes to invest in marketable securities. If transaction costs to buy and sell the securities are $2,200 and the securities will be held for three months, what required annual yield must be earned before the investment makes economic sense?

3. Your firm is considering the following three alternative bank loans for $1,000,000:

a) 10 percent loan paid at year end with no compensating balance

b) 9 percent loan paid at year end with a 20 percent compensating balance

c) 6 percent loan that is discounted with a 20 percent compensating balance requirement

Assume that you would normally not carry any bank balance that would meet the 20 percent compensating balance requirement. What is the rate of annual interest on each loan?

4. An important source of temporary cash is trade credit, which does not actually bring in cash, but instead slows its outflow. Vendors often provide discounts for early payment. What is the formula to determine the effective interest rate if the discount is not utilized?

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The following information is available for Chasen Company, which has an accounting year-end of December 31, 2014

noreply@blogger.com (Expert Advice) — Tue, 21 Jul 2015 10:49:00 -0700

The following information is available for Chasen Company, which has an accounting year-end of December 31, 2014. A delivery truck was purchased on June 1, 2011, for $60,000. It was estimated to have an $6,000 salvage value. It is estimated to have a useful life is 5 years, and an estimated total use of 120,000 miles. During 2014, the truck was driven 20,000 miles. At the end of 2014, the truck had not exceeded its total estimated use. The units-of-activity method of depreciation is being used. Land was purchased on September 1, 2014 for $260,000. Because the land is located on a decommissioned military base, and is contaminated with chemicals and pollution, its estimated use life is only 20 years. Chasen Company would use the straight-line method of depreciation, if applicable. A building was purchased on January 1, 1984, for $3,000,000. It was estimated to have a $60,000 salvage value at the end of its 30-year useful life. The straight-line method of depreciation is being used. Manufacturing equipment was purchased

on April 1, 2014, for $220,000. It was estimated to have a $24,000 salvage value. It is estimated to have a useful life of 8 years, and an estimated total use of 100,000 units. During 2014, the manufacturing equipment produced 12,000 units. At the end of 2011, the manufacturing equipment had not exceeded its total estimated use. The double-declining balance method of depreciation is being used. Accumulated depreciation as of January 1, 2014 is as follows: Delivery truck: $41,400 Land: $0 (because it was only purchased on September 1, 2014) Building: $2,058,000 Manufacturing equipment: $0 (because it was purchased on April 1, 2014) Questions: For each asset, what is depreciation expense for the year ending December 31, 2014? (Make sure to list each asset separately.) (1 point per asset.) What is the net book value of each fixed asset as of December 31, 2014? (Remember, net book value equals cost minus accumulated depreciation.) (Make sure to list each asset separately.) (1 point per asset.) SPECIFIC INSTRUCTIONS: Round all

answers to the nearest dollar.

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CHAPTER 21 UNIVARIATE STATISTICAL ANALYSIS

noreply@blogger.com (Expert Advice) — Tue, 7 Jul 2015 10:15:00 -0700

Business Research Methods ninth edition. 1) Complete question 10 in your textbook on page 578 (chapter 23). Create your table in Word as shown on page 578 for this question. Provide your findings in the space provided. Your response should be at least 75 words in length. 2) Using Case Exhibit 21.1-1 on page 527 in the textbook, formulate a statistical hypothesis appropriate for the consumer group’s purpose, then calculate the mean average miles per gallon. Compute the sample variance and sample standard deviation. Determine the most appropriate statistical test using the 0.05 significance level. Click here to view the t-distribution table to assist you in solving this problem. Also, refer to the Z-table (Table A.2 in the appendix).

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Users of financial statements depend on companies to report fair and accurate financial data. Accounting standards and

noreply@blogger.com (Expert Advice) — Tue, 7 Jul 2015 09:56:00 -0700

Users of financial statements depend on companies to report fair and accurate financial data. Accounting standards and principles not only support this fair and accurate reporting, but they also help create consistency that allows for reliable financial comparisons between different companies. In the United States, the Securities and Exchange Commission (SEC) requires publicly-traded companies to follow the U.S. Generally Accepted Accounting Principles (U.S. GAAP). Although these authoritative accounting principles are primarily established by the FASB, there are many boards and organizations that contribute to the standard setting process. These principles have a direct impact on the way data is organized and presented, which in turn can have an impact on how companies make decisions and operate.For this Assignment, select one of the following: a U.S. company that conducts international trade, a U.S. company with foreign subsidiaries, or a multinational company. Consider the authoritative accounting principles that govern international accounting in the United States. Think about the impact of these principles on your selected company’s financial statements.Assignment:Write a 3- to 5-page paper analyzing authoritative accounting policies that govern international accounting in the United States. Evaluate the impact of these authoritative accounting policies on your selected company’s financial statements.

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An example of a cash outflow from investing activities is

noreply@blogger.com (Expert Advice) — Thu, 2 Jul 2015 22:37:00 -0700

1. An example of a cash outflow from investing activities is

A. the purchase of treasury stock.

B. paying cash dividends.

C. making a loan to another company.

D. issuance of a note payable.

2. A business's Accounts Payable balance has decreased during the year. How would this affect the statement of cash flows operations section under the indirect method?

A. It is already included in the net income.

B. It does not affect the cash flow from operations.

C. It would be added back to net income.

D. It would be subtracted from net income.

3. A journal entry for the sale of $10 par-common stock for $18 per share would include a

A. debit to Common Stock.

B. debit to Paid-In Capital in Excess of Par–Common Stock.

C. credit to Paid-In Capital in Excess of Par–Common Stock.

D. credit to Cash.

4. The 2013 and 2014 balance sheets for Newport Industrial showed Cash of $8,000 and $9,500, respectively; Accounts Receivable of $14, 000 and $16,000, respectively; Inventory of $11,000 and $8,000, respectively; and Accounts Payable of $5,000 and $7,000, respectively. Its 2014 income statement showed Net Sales of $108,000, Cost of Goods Sold of $62,000, and Net Income of $27,000. The cash conversion cycle for 2014 (round calculations to two decimal places) is _______ days.

A. 141.94

B. 71.30

C. 40.56

D. 30.08

5. Frank's Taxidermy has a cash conversion cycle of _______ days, which means the business may be facing a cash flow crunch.

A. 10

B. 70

C. 100

D. 40

Is there any other information? If not then I will guess it to be 70 or 100

6. Knutson Company reacquired 5,000 shares of its $15-par common stock for $13/share. The debit to Treasury Stock is

A. $10,000.

B. $8,000.

C. $65,000.

D. $75,000.

7. A business wanting to incorporate must file articles of incorporation with

A. the local government.

B. the state office dealing with incorporation.

C. the federal government.

D. any state in which they will do business.

8. Fine Furniture Company had a net income of $50,000. Accounts receivable increased by $30,000; inventory decreased by $20,000; amounts payable increased by $4,000; and salaries payable decreased by $1,000. The amount of cash flow from continuing operating activities under the indirect method is

A. $65,000.

B. $43,000.

C. $37,000.

D. $55,000.

9. The following information applied to Advanced Industries, Inc. for 2014:

What is the dividend yield for Advanced Industries, Inc. (to the nearest tenth of a percent)?

Earnings/share $17.68

Market price per share of common stock $52

Number of shares of common stock outstanding 52,000

Net income $48,000

Dividends/share $7.14

A. 13.7%

B. 40.4%

C. 34.0%

D. 92.3%

10. A/ An _______ is added back to net income in the operating section of an indirect cash flow statement.

A. increase in accounts receivable

B. depreciation

C. decrease in accounts payable

D. increase in inventory

11. The debt ratio is the relationship between

A. current assets and current liabilities.

B. current assets and total liabilities.

C. total assets and total liabilities.

D. total assets and current liabilities.

12. Hallett Industries, Inc. reported net sales of $306,000, cost of goods sold of $192,600, operating expenses of $58,900, and income tax expense of 12,300. What is Hallett Industries' net income percentage?

A. 62.94

B. 13.79

C. 17.81

D. 37.06

13. The Coulter Corporation Stockholders' Equity section includes the following information: What is the total selling price of the common stock?

Preferred Stock $12,000

Paid-in Capital in Excess of Par-Preferred $2,700

Common Stock $15,000

Paid-in Capital in Excess of Par-Common $4,100

Retained Earnings $8,200

A. $19,100

B. $14,700

C. $15,000

D. $27,300

14. Cherry Corporation's outstanding stock is 100 shares of $100 par, 11% cumulative preferred stock, and 2,000 shares of $12 par common stock. Cherry paid $1,600 in cash dividends during the year. No dividends are in arrears. Common stockholders received

A. $0.

B. $500.

C. $2,500.

D. $1,100.

15. A company sold an asset with a book value of $56,000 for $35,000 cash. Which of the following is a

true statement?

A. Loss on sale equals $21,000 and Cash inflow equals $35,000.

B. Loss on sale equals $35,000 and Cash inflow equals $21,000.

C. Loss on sale equals $56,000 and Cash inflow equals $56,000.

D. Loss on sale equals $35,000 and Cash inflow equals $35,000.

End of exam

16. R&R Heating, Inc. has 350,000 shares of $3-par common stock outstanding. They have declared a 5% stock dividend. The current market price of the common stock is $7.50 per share. The amount that will be credited to common stock on the date of declaration is

A. $131,250.

B. $78,750.

C. $52,500.

D. $183,750.

17. Choose the correct formula to determine a trend percentage.

A. An item from any year divided by the same item from a base year, multiplied by 100.

B. The total income of the current year, minus the total income from a base year.

C. An item from the base year multiplied by the same item from the current year.

D. Net profit of the current year divided by net profit of a base year.

18. On the _______ of a cash dividend, no journal entry is required.

A. date of record

B. preferred date

C. payment date

D. declaration date

19. Eagle Ridge, Inc. issued 40 shares of $20 par value stock to its accountant in full payment for her $900 fee for assisting in setting up the new company. The entry for the issuance of the stock is a

A. credit to Common Stock for $800.

B. debit to Paid-in Capital in Excess of Par–Common for $100.

C. credit to Common Stock for $900.

D. debit to Common Stock for $800.

20. Allied Industrial has net sales of $1,200,000, net income of $85,000, average current assets of $53,000,

average fixed assets of $184,000, and average total assets of $237,000. What is Allied Industrial's total

asset turnover ratio?

A. 22.64

B. 6.52

C. 0.20

D. 5.06

21. On January 1, Bestway, Inc. signed a $175,000, 8%, 30-year mortgage that requires semiannual
payments of $7,735 on June 30 and December 31 of each year. The journal entry for the first semiannual
payment (with interest rounded to the nearest dollar) is
A. debit Interest expense, $735; debit Mortgage payable, $7,000; credit Cash, $7,735.
B. debit Interest expense, $7,000; debit Mortgage expense, $735; credit Cash, $7,735.
C. debit Interest expense, $7,000; debit Mortgage payable, $735; credit Cash, $7,735.
D. debit Mortgage payable, $7,735; credit Cash, $7,735.

22. Which of the following accounts is credited in a journal entry for a like-kind asset exchange?
A. Loss on Exchange of Assets
B. Tires (new)
C. Truck (old)
D. Accumulated Depreciation for truck (old)

23. If an asset produces more revenue in its early years, the depreciation method best suited for this asset is the
A. double-declining balance method.
B. units-of-production method.

C. expense method.
D. straight-line method.

24. Skymaster, Inc. has cash of $33,000, net accounts receivable of $41,000, short-term investments of
$15,000, and inventory of $25,000. It also has $30,000 in current liabilities and $50,000 in long-term
liabilities. What is the current ratio for Skymaster, Inc.?
A. 1.48
B. 3.80
C. 2.47
D. 1.43

25. The maturity value equals
A. the principal plus interest paid.
B. the interest due by the maturity date.
C. the interest due minus interest paid.
D. the principal plus all interest due.

26. Fixed assets are also called _______ assets, or tangible assets.
A. property
B. plant
C. natural
D. saleable

27. The Premium on Bonds Payable account is added to the Bonds Payable account, so it's called a/ an
_______ account.
A. premium
B. adjunct
C. contra
D. aspect

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Prepare in proper form journal entries for the following transactions. Omit explanations.October

noreply@blogger.com (Expert Advice) — Thu, 2 Jul 2015 11:43:00 -0700

ASSIGNMENT 08
Part A (20 points)
Prepare in proper form journal entries for the following transactions. Omit explanations.October
2 Owner made a cash investment into the company $5,000
8 Bought supplies on account $100.
10 Paid salaries, $700
15 Paid for supplies purchased on October 8
21 Received company telephone bill, to be paid later, $30Part B (5 points each for a possible total of 50 points)

Part B (5 Points)
Record the following selected transactions for January in a two-column journal, identifying each entry by letter:(a) Earned $7,000 fees; customer will pay later.
(b) Purchased equipment for $45,000, paying $20,000 in cash and the remainder on credit
(c) Paid $3,000 for rent for January.
(d) Purchased $2,500 of supplies on account.
(e) A. Allen $1,000 investment in the company.
(f) Received $7,000 in cash for fees earned previously.
(g) Paid $1,200 to creditors on account.
(h) Paid wages of $6,250.
(i) Received $7,150 from customers on account.
(j) A. Allen withdrawal of $1,750.

Part C(1) (10 points)
From the following items in the income statement columns of the worksheet of Friend's Tutoring at December 31, prepare the closing entries without explanation, assuming that a $1,000 withdrawal was made during the period.Income Statement
Account Debit Credit
Tutoring Fees 3,450
Wages Expense 700
Rent Expense 600
Supplies Expense 450
Insurance Expense 250 _____
2,000 3,450
Net Income 1,450 _____
$3,450 $3,450

(2) (5 points each for a possible total of 20 points) A summary of selected ledger accounts appear below for S. Ball for the current calendar year.Answer the following questions.
a. What was the total amount of withdrawals for the year?
b. What was the net income?
c. What was the total revenue?
d. What were the total expenses?

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