Financial Reporting Fundamentals: Ace Your Assignments
Stacks of paper arrive at a trimming process with interarrival times of EXPO (10); all time are in minutes and the first stack arrives at time 0. There are two trimmers, a primary and a secondary. All arrivals are sent to the primary trimmer. If the queue in front of the primary trimmer is shorter than five, the stack of paper enters that queue to wait to be trimmed by the primary trimmer, an operation of duration TRIA (9, 12, 15). If there are already five stacks in the primary queue, the stack is balked to the secondary trimmer (which has an infinite queue capacity) for trimming, of duration TRIA (17, 19, 22). Run your simulation for a single replication of 5,000 minutes. Collect information about cycle time, resource utilization, number in queue, and time in queue.
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1. Stacks of paper arrive at a trimming process with interarrival times of EXPO (10); all time are in minutes and the first stack arrives at time 0. There are two trimmers, a primary and a secondary. All arrivals are sent to the primary trimmer. If the queue in front of the primary trimmer is shorter than five, the stack of paper enters that queue to wait to be trimmed by the primary trimmer, an operation of duration TRIA (9, 12, 15). If there are already five stacks in the primary queue, the stack is balked to the secondary trimmer (which has an infinite queue capacity) for trimming, of duration TRIA (17, 19, 22). Run your simulation for a single replication of 5,000 minutes. Collect information about cycle time, resource utilization, number in queue, and time in queue.
13. . The following trial balance was taken from the books of Fisk Corporation on December 31, 2012....
. The following trial balance was taken from the books of Fisk Corporation on December 31, 2012. Account Debit Credit Cash $ 9,000 Accounts Receivable 40,000 Notes Receivable 10,000 Allowance for Doubtful Accounts $ 1,800 Inventory 44,000 Prepaid Insurance 4,800 Equipment 110,000 Accumulated Depreciation--Equip. 15,000 Accounts Payable 10,800 Common Stock 44,000 Retained Earnings 75,000 Sales Revenue 260,000 Cost of Goods Sold 126,000 Salaries and wages Expense 50,000 Rent Expense 12,800 Totals $406,600 $406,600 At year end, the following items have not yet been recorded. a. Insurance expired during the year, $2,000. b. Estimated bad debts, 1% of gross sales. c. Depreciation on equipment, 10% per year. d. Interest at 6% is receivable on the note for one full year. e. Rent paid in advance at December 31, $5,400 (originally charged to expense). f. Accrued salaries and wages at December 31, $5,800. Instructions (Prepare entries on a separate sheet of paper) (a) Prepare the necessary adjusting entries. (b) Prepare the necessary closing entries.
14. G. Determine the quarters for which XYZ is subject to underpayment of estimated taxes penalties (...
Please help and show step by step on the question G. THANK YOU! Show transcribed image text g. Determine the quarters for which XYZ is subject to underpayment of estimated taxes penalties (see estimated tax information below). Answer is complete but not entirely correct (1) Required (3) Required cumulative payment (2) Estimated tax payment based on (4) Required 5) Actual payments Underpayment (per quarter) under payment under current year ta cumulative payment penalty prior year tax annualized method liability method nstallment 148,610V 150,000X 119,000 119,000 120,000 No 1st quarter 240,000 No 300,000X 238,000 297, 220V 238,000 2nd quarter 450,000X 445,830X 360,000 Yes 3rd quarter 408,000 V S 408,000 V s 453,333 594,442 453,333 480,000 No 4th quarter 600,000X
Josey Doakes was reading the balance sheet of Gogoldze Inc. when she spilled grape juice on it. After the juice spill, the balance sheet looked like this:
($ millions) |
| 12/31/2015 |
Cash |
| 90 |
Accounts Receivable |
| 210 |
Inventory |
| 410 |
Other Current Assets |
| grape |
Current Assets |
| juice |
Net Property, Plant, & Equipment |
| 1,080 |
Total Assets |
| grape |
|
| juice |
Accounts Payable |
| 115 |
Other Current Liabilities |
| 260 |
Current Liabilities |
| 375 |
Long-term Liabilities |
| 860 |
Common Stock |
| 50 |
Additional Paid-in-Capital |
| 300 |
Retained Earnings |
| 285 |
Total Liabilities and SE |
| 1,870 |
What was Gogoldze Inc.'s Other Current Assets at 12/31/2015?
16. Stock X has a 10% expected return, a beta coefficient
Stock X has a 10% expected return, a beta coefficient of 0.9, and a 35% standard deviation of expected returns. Stock Y has a 12.5% expected return, a beta coefficient of 1.2, and a 25% standard deviation. The risk-free rate is 6%, and the market risk premium is 5%.
a. Calculate each stock’s coefficient of variation.
b. Which stock is riskier for a diversified investor?
c. Calculate each stock’s required rate of return.
d. On the basis of the two stocks’ expected and required returns, which stock would be more attractive to a diversified investor?
e. Calculate the required return of a portfolio that has $7,500 invested in Stock X and $2,500 invested in Stock Y.
f. If the market risk premium increased to 6%, which of the two stocks would have the larger increase in its required return?
17. Following are selected account balances from Penske Company and Stanza Corporation as of December
Following are selected account balances from Penske Company and Stanza Corporation as of
December 31, 2013:
Revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . | Penske $(700,000) | Stanza $(400,000) |
Cost of goods sold . . . . . . . . . . . . . . . . . . . | 250,000 | 100,000 |
Depreciation expense . . . . . . . . . . . . . . . . . | 150,000 | 200,000 |
Investment income . . . . . . . . . . . . . . . . . . . | Not given | –0– |
Dividends paid. . . . . . . . . . . . . . . . . . . . . . . | 80,000 | 60,000 |
Retained earnings, 1/1/13 . . . . . . . . . . . . . . | (600,000) | (200,000) |
Current assets . . . . . . . . . . . . . . . . . . . . . . . | 400,000 | 500,000 |
Copyrights . . . . . . . . . . . . . . . . . . . . . . . . . | 900,000 | 400,000 |
Royalty agreements . . . . . . . . . . . . . . . . . . . | 600,000 | 1,000,000 |
Investment in Stanza . . . . . . . . . . . . . . . . . . | Not given | –0– |
Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . | (500,000) | (1,380,000) |
Common stock . . . . . . . . . . . . . . . . . . . . . . | (600,000) ($20 par) | (200,000) ($10 par) |
Additional paid-in capital. . . . . . . . . . . . . . . | (150,000) | (80,000) |
LO2, LO3, LO4
On January 1, 2013, Penske acquired all of Stanza’s outstanding stock for $680,000 fair value in cash and common stock. Penske also paid $10,000 in stock issuance costs. At the date of acquisition copyrights (with a six-year remaining life) have a $440,000 book value but a fair value of $560,000.
a. As of December 31, 2013, what is the consolidated copyrights balance?
b . For the year ending December 31, 2013, what is consolidated net income?
c . As of December 31, 2013, what is the consolidated retained earnings balance?
d. As of December 31, 2013, what is the consolidated balance to be reported for goodwill?
18. 214 I Basit Accounting NAME: SECTION SCORE: PROFESSOR Problem #11 Recording Transactions in T-Acc...
214 I Basit Accounting NAME: SECTION SCORE: PROFESSOR Problem #11 Recording Transactions in T-Accounts and Preparing a Trial Balance Edmark Rustico opened a plumbing service, Alabang Plumbing. Operations began on Apr. 1, 2016, and the following transactions were completed during the month: Withdrew P57,000 from a personal savings account and used it to open a new account in the name of Alabang Plumbing. Apr. 1 2Acquired a service vehicle costing P81,000. A payment of P17,500 in cash was made and a note payable given for the P63,500 remainder 3 Paid rent for the month, P7,150 6 Acquired plumbing supplies on account P15,700 7 Paid for three months of advertising and recorded Prepaid Advertising in the amount of P6,000 Cash in the amount of P18,350 was recelved for plumbing services rendered 8 9 Acquired additional plumbing supplies for cash, P8,050 11 Paid salaries, P11,600. 15 Rendered plumbing services and billed the customer, P42,200 16 Paid P5,700 of the amount owed from the transaction of Apr. 6. 19 Paid miscellaneous expenses, P4,300. 20 Collected P21,000 from the customer on the Apr. 15 transaction 21 Withdrew P14,500 from the business. 22 Paid salaries, P14,100. Pald the first installment of the note payable, P3,850. Paid telephone expense, P1,250. Billed the Clement Resort for plumbing services rendered, P14,150. 25 27 Required 1. Establish the following T-accounts: Cash; Accounts Receivable: Plumbing Supplia Prepaid Advertising: Service Vehicle; Notes Payable: Accounts Payable; Rusio Capital; Rustico, Withdrawals, Plumbing Revenues; Salaries Expense; Rent Expense Telephone Expense; and Miscellaneous Expense. 2. Rscord the trao the ts using the dates of transactions to identify each transaction. Prepare a trial balance. 3.
19. Why is documentation important to accounting information systems
Why is documentation important to accounting information systems? Why should accountants be interested in AIS documentation?
20. Fazio Pump Corporation currently has 1.1 million shares of common stock outstanding and $8 million...
Fazio Pump Corporation currently has 1.1 million shares of common stock outstanding and $8 million in debt bearing an interest rate of 10 percent on average. It is considering a $5 million expansion program financed with common stock at $20 per share being realized (option 1), or debt at an interest rate of 11 percent (option 2), or preferred stock with a 10 percent dividend rate (option 3). Earnings before interest and taxes (EBIT) after the new
funds are raised are expected to be $6 million, and the company’s tax rate is 35 percent.
a. Determine likely earnings per share after financing for each of the three alternatives.
b. What would happen if EBIT were $3 million? $4 million?$8 million?
c. What would happen under the original conditions if the tax rate were 46 percent? If the interest rate on new debt were 8 percent and the preferred stock dividend rate were 7 percent? If the common could be sold for $40 per share?
21. Merchandising Business
Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a customer for $15,000. The seller paid transportation costs of $1,000 and issued a credit memorandum for $5,000 prior to payment. What is the amount of the cash discount allowable?
The following expenditures were incurred by McCoy Company in purchasing land: cash price $50,000, accrued taxes $3,000, attorneys’ fees $2,500, real estate broker"s commission $2,000, and clearing and grading $3,500. What is the cost of the land?
23. What are the four primary elements of the database environment?
1. Give five general duties of the database administrator.
2. What are the four primary elements of the database environment?
3. How are the network and hierarchical models different?
4. What flat-file data management problems are solved as a result of using the database concept?
5. What are four ways in which database management systems provide a controlled environment to manage user access and the data resources?
Find the correct statement:
(i) Credit a decrease in assets
(ii) Credit the increase in expenses
(iii) Debit the increase in revenue
(iv) Credit the increase in capital
25. Fill in the blanks to complete the answers based on the Fotonovela video. 1 ¿Qué está haciendo...
Fill in the blanks to complete the answers based on the Fotonovela video.
1 ¿Qué está haciendo Jimena cuando Marissa quiere entrar al baño?
Jimena la cara.
2 ¿Por qué Jimena quiere maquillarse primero?
Jimena quiere primero porque va a con en una hora.
3 ¿Por qué se quiere afeitar Felipe?
Felipe se quiere afeitar porque con Juan Carlos a .
4 ¿Cómo es el café adonde van a ir Felipe y Juan Carlos?
Es muy . Siempre hay en vivo y muchas .
5 ¿Por qué Marissa quiere arreglarse?
Marissa quiere arreglarse porque va a ir con unas .
6 ¿Cuándo fue la última vez que Jimena vio a Juan Carlos?
Cuando fueron a .
26. When a component of a business has been discontinued during the year
When a component of a business has been discontinued during the year, the loss on disposal should
- Include operating losses of the current period.
- Exclude operating losses during the period.
- Be an extraordinary item.
- Be an operating item.
27. Discuss the problems of trading off exploration and pilot testing under tight budgetary constraints.
Discuss the problems of trading off exploration and pilot testing under tight budgetary constraints. What are the immediate and long-term effects?
28. FIT Corporation"s return on net operating assets (RNOA) is 10% and its tax rate is 40%.
FIT Corporation"s return on net operating assets (RNOA) is 10% and its tax rate is 40%. Its net operating assets ($4 million) are financed entirely by common shareholders" equity. Management is considering its options to finance an expansion costing $2 million. It expects return on net operating assets to remain unchanged. There are two alternatives to finance the expansion:
1. Issue $1 million bonds with 12% coupon, and $1 million common stock.
2. Issue $2 million bonds with 12% coupon.
Required:
a. Determine net operating income after tax (NOPAT) and net income for each alternative.
b. Compute return on common shareholders" equity for each alternative (use ending equity).
c. Calculate the assets-to-equity ratio for each alternative.
d. Compute return on net operating assets and explain how the level of leverage interacts with it in helping determine which alternative management should pursue.
29. Instructions The beginning inventory at Funky Party Supplies and data on purchases and sales for ...
Instructions The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period ending March 31, 2016, are as follows Date Transaction Number of Units Per Unit Total $58.00 $150,800 Jan 1 Inventory 2,600 10 Purchase 7,200 66.00 475,200 3950 28 Sale 116.00 458,200 30 Sale 1,300 116.00 150,800 58,000 Feb Sale 500 116.00 10 Purchase 17,500 68.00 1,190,000 121.00 1,113,200 16 Sale 9,200 121.00 968,000 28 Sale 8,000 69.60 5 Purchase 14,400 Ma 1,002,240 121.00 1,222,100 10,100 14 Sale 25 Purchase 231,000 30 Sale 7,900 121.00 955,900 Instructions 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the first-in, first-out method. 2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account and date your journal entry March 31. Refer to the Chart of Accounts for exact wording of account titles. 3. Determine the gross profit from sales for the period. 4. Determine the ending inventory cost as of March 31, 2016. 5. Based upon the preceding data, would you expect the inventory using the last-in first-out method to be higher or lower?