When CQ University’s computers began acting sluggishly, computer operators were relieved when a software trouble-shooter from DELL called. When he offered to correct the problem they were having, he was given a login ID and password. The next morning, the computers were worse. A call to DELL confirmed the university’s suspicion: someone had impersonated a DELL repairman to gain unauthorized access to the system and destroy the database. CQ University was also concerned that the intruder had devised a program that would let him get back into the system even after all the passwords were changed. a) What techniques could the imposter have implemented to breach the university’s internal security? ____________________

On May 1, 2017, Bramble Company issued 1,400 $1,000 bonds at 102. Each bond was issued with one detachable stock warrant. Shortly after issuance, the bonds were selling at 97, but the fair value of the warrants cannot be determined.

(a) Prepare the entry to record the issuance of the bonds and warrants. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

(b) Assume the same facts as part (a), except that the warrants had a fair value of $37. Prepare the entry to record the issuance of the bonds and warrants. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round intermediate calculations to 5 decimal places, e.g. 1.24687 and final answers to 0 decimal places, e.g. 5,125.)

BONDS :

Huskies Corp. issued 9-year $750,000 bond on January 1, 2006 with coupon rate of 10%. The bond pays interest semiannually every June 30 and December 31, with the principal to be paid at the end of year 9. The effective market interest rate at the issuance date is 8%.

a. Calculate the proceeds and show clearly what you use for RATE, NPER, PMT, FV ?

b. What journal entry was recorded at issuance?

c. What annual coupon rate would Huskies have to offer in order to obtain total proceeds of $750,000 on the issuance of these bonds

d. UNRELATED to above. Labradors Inc. repurchased the bond which has been issued several years ago and which has a Face Value of $800,000 and unamortized premium of $42,000. The bond was repurchased at 106. Record the journal entry that the company made when it repurchased the bond.

How much cash do I have at the end of period 2, 3, and 4?

Please add calculations for each period.

Daosta Inc. uses the FIFO method in its process costing system. The following data concern the op... Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Work in process, beginning: Units in process 900 Percent complete with respect to materials 40 % Percent complete with respect to conversion 20 % Costs in the beginning inventory: Materials cost $ 530 Conversion cost $ 2108 Units started into production during the month 16,000 Units completed and transferred out 16,000 Costs added to production during the month: Materials cost $ 32,180 Conversion cost $ 416,512 Work in process, ending: Units in process 900 Percent complete with respect to materials 50 % Percent complete with respect to conversion 70 %

Using the FIFO method:

Equivalent Units of production for direct materials:

Equivalent units of production for conversion costs:

Cost per equivalent unit- direct materials:$

cost per equivalent unit- conversion costs:$

Total value of ending Work in process:$

Total value of units transferred out:$

1. Would it be a violation of the Consumer Credit Protection Act to suspend, demote, or transfer an employee who is subject to a garnishment?

2. Freisleven Corporation has undertaken a cost study of its operations. One of the costs of major concern to the company is the total cost of labor, particularly the cost of employee benefits. Prepare a list of the different kinds of costs that a company might incur as part of its "total package" salary cost.

3. If a salaried exempt employee was paid twice (direct deposit) for one pay period and the company was unable to recover the funds, what options are avail- able to the company to correct this overpayment.

4. In Philadelphia, Pennsylvania, most workers are subject to three income taxes upon their earnings— federal, state, and city. Should an employer in Philadelphia record the liability for the withholding of all three income taxes in one liability account such as Income Taxes Payable?

Five Measures of Solvency or Profitability

The balance sheet for Garcon Inc. at the end of the current fiscal year indicated the following:

Income before income tax was $446,400, and income taxes were $66,500 for the current year. Cash dividends paid on common stock during the current year totaled $47,820. The common stock was selling for $225 per share at the end of the year.

Determine each of the following. Round answers to one decimal place, except for dollar amounts which should be rounded to the nearest whole cent. Use the rounded answers for subsequent requirements, if required.

Answer the following true/false

1.A permanent mortgage is one on which interest only has to be paid

2.A pro‑forma income statement is an income statement calculated on a cash basis

3.The best way to evaluate feasibility study financial projections is to convert the projected cash flow figures using net present value (NPV) or internal rate of return (IRR).

4.The concepts of financial management are basically the same for both profit and non-profit organizations

5.Funds raised through proper financial management should never be invested in assets such as food and beverage inventories

LEFO Company uses the periodic inventory system to account for inventories. Information related to LEFO Company's inventory at March 31 is given below:

Date - Description - Units - Unit Cost

March 1 - Beg. Inventory - 10 units - $100

March 8 - Purchase - 10 units - $110

March 17 - Purchase - 10 units - $120

March 24 - Purchase - 10 units - $125

March 30 - Purchase - 10 units - $130

a. Calculate the value of ending inventory using the FIFO cost assumption if 15 units remain on hand at March 31. Calculate COGS.

b. Calculate the value of ending inventory using the LIFO cost assumption if 15 units remain on hand at March 31. Calculate COGS.

c. Calculate the value of ending inventory using the weighted-average cost cost assumption if 15 units remain on hand at March 31. Calculate COGS.

Following are selected accounts for Mergaronite Company and Hill, Inc., as of December 31, 2018. Several of Mergaronite’s accounts have been omitted. Credit balances are indicated by parentheses. Dividends were declared and paid in the same period.

Assume that Mergaronite took over Hill on January 1, 2014, by issuing 7,200 shares of common stock having a par value of $10 per share but a fair value of $100 each. On January 1, 2014, Hill’s land was undervalued by $19,200, its buildings were overvalued by $30,800, and equipment was undervalued by $58,200. The buildings had a 10-year remaining life; the equipment had a 5-year remaining life. A customer list with an appraised value of $104,000 was developed internally by Hill and was to be written off over a 20-year period.

1. Determine the December 31, 2018, consolidated totals for the following accounts:

2. In requirement (a), can the consolidated totals be determined without knowing which method the parent used to account for the subsidiary?

3. If the parent uses the equity method, what consolidation entries would be used on a 2018 worksheet?

Carlsville Company, which began operations in 2015, invests its idle cash in trading securities. The following transactions are from its short-term investments in trading securities. 2015 Jan. 20 Purchased 800 shares of Ford Motor Co. at $26 per share plus a $125 commission. Feb. 9 Purchased 2,200 shares of Lucent at $44.25 per share plus a $578 commission. Oct. 12 Purchased 750 shares of Z-Seven at $7.50 per share plus a $200 commission. Dec. 31 Fair value of the short-term investments in trading securities is $130,000. 2016 Apr. 15 Sold 800 shares of Ford Motor Co. at $29 per share less a $285 commission. July 5 Sold 750 shares of Z-Seven at $10.25 per share less a $102.50 commission. July 22 Purchased 1,600 shares of Hunt Corp. at $30 per share plus a $444 commission. Aug. 19 Purchased 1,800 shares of Donna Karan at $18.25 per share plus a $290 commission. Dec. 31 Fair value of the short-term investments in trading securities is $160,000. 2017 Feb. 27 Purchased 3,400 shares of HCA at $34 per share plus a $420 commission. Mar. 3 Sold 1,600 shares of Hunt at $25 per share less a $250 commission. June 21 Sold 2,200 shares of Lucent at $42 per share less a $420 commission. June 30 Purchased 1,200 shares of Black & Decker at $47.50 per share plus a $595 commission. Nov. 1 Sold 1,800 shares of Donna Karan at $18.25 per share less a $309 commission. Dec. 31 Fair value of the short-term investments in trading securities is $180,000. Required: 1. Prepare journal entries to record these short-term investment activities for the years shown. On December 31 of each year, prepare the adjusting entry to record any necessary fair value adjustment for the portfolio of trading securities.(If no entry is required select No journal entry required in the first entry field. Do not round your intermediate calculations.)

The Hazim Company is a wholesale distributor of automotive replacement parts. For purposes of

this question, assume on January 1, year 3, Hazim Co. adopted the dollar-value LIFO method of

determining inventory costs for financial and income-tax reporting. The following information relates

to this change:

Hazim has continued  to use the FIFO method for internal reporting purposes. Hazim's FIFO

inventories at December 31, Year 3, Year 4, and Year 5, were $100,000, $137,500, and $195,000,

respectively.

The FIFO inventory amounts are converted to dollar-value LIFO amounts using a single inventory

pool and annual cost indexes. Hazim uses the annual indexes developed by its industry trade

association: 1.25 for year 4 and 1.50 for year 5.

Calculate Hazim's dollar-value LIFO inventory at December 31, Year 4 and Year 5. Show all

calculations

Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians’ Leasing purchased a lithotripter from Rand for $2,730,000 and leased it to Mid-South Urologists Group, Inc., on January 1, 2018. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
   

Required:
1. How should this lease be classified by Mid-South Urologists Group and by Physicians' Leasing?
2. Prepare appropriate entries for both Mid-South Urologists Group and Physicians' Leasing from the beginning of the lease through the second rental payment on April 1, 2018. Adjusting entries are recorded at the end of each fiscal year (December 31).
3. Assume Mid-South Urologists Group leased the lithotripter directly from the manufacturer, Rand Medical, which produced the machine at a cost of $2.3 million. Prepare appropriate entries for Rand Medical from the beginning of the lease through the second lease payment on April 1, 2018.