Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2017 information related to Carla Company ($000 omitted).

Common shares outstanding for 2017 total 40,550 (000 omitted).

Prepare an income statement for the year 2017 using the multiple-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.)

Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $8,000. At the date the partnership ceases operations, the balance sheet is as follows: Cash $ 56,000 Liabilities $ 43,000 Noncash assets 150,000 Alex, capital 105,000 Bess, capital 58,000 Total assets $ 206,000 Total liabilities and capital $ 206,000 Part A: Prepare journal entries for the following transactions: Distributed safe cash payments to the partners. Paid $25,800 of the partnership’s liabilities. Sold noncash assets for $163,000. Distributed safe cash payments to the partners. Paid remaining partnership liabilities of $17,200. Paid $6,400 in liquidation expenses; no further expenses will be incurred. Distributed remaining cash held by the business to the partners. Part B: Prepare a final statement of partnership liquidation.Required A Required B Prepare journal entries for the following transactions: (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Distributed safe cash payments to the partners. b. Paid $25,800 of the partnership’s liabilities. c. Sold noncash assets for $163,000. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $17,200. f. Paid $6,400 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners.

The following balance sheet information is provided for Mash co. for 2018 :

what is the company's debt to assets ratio (rounded)?
a. 6%
b. 20%
c. 36%
d. 279%

ACC earned $8,000 in profit on net sales of $37,200 it's gross margin was $23,500 and its earnings before interst and taxes was $13,150. ACC's net margin is:
a. 465.0 %
b. 63.2%
c. 35.3%
d. 21.5%

Select the correct Statement regarding vertical analysis:
a. vertical analysis of the income statement involves showing each line item on the income statement as a percentage of total revenue (sales)
b. vertical analysis of the balance sheet involves showing each line item on the balance sheet as a percentage of total assets.
c. Both a,b are correct.
d. Nethier q, b correct.

Which of the following liquidity ratios is a conservative variation of the current ratio?
a. Quick Ratio
b. Book Value per Share.
c. Inventory Turnover
d. Debt to assets

A firm uses activity-based costing and has the following activity rates: $100 per machine hours, $500 per batch start, $5 per order.

The firm has two several products, including the following two.

Product 1: $100,000 revenue, $50,000 direct costs, 250 machine hours, 25 batch starts, 500 orders

Product 2: $95,000 revenue, $40,000 direct costs, 40 machine hours, 16 batch starts, 400 orders

Which of the following process improvements is the MOST profitable?

Mr. Gates is the president of an established and successful company. The company pays Mr. Gates $1,000,000 in salary each year. Mr. Gates, a renowned philanthropist, has directed the board of directors to pay him nothing for the year and instead use the $1,000,000 to which he is otherwise entitled to create a scholarship fund. The fund, which he would help oversee, would be used to create scholarships for worthy high school students otherwise unable to afford college.

What are the tax ramifications to Mr. Gates and to the company? Please cite all resources in your research. One keyword term to start your search is “assignment of income.”

Explain the difference between fully diluted and primary shares.

You invest $10,000 to start a company and issue yourself 100,000 shares. A year later you raise

$1,000,000 from Firm A according to a pre-money valuation of $5,500,000. Following that

investment, some of your friends are interested in participating and you issue them 2% of the

company when they invest $200,000.

What was Firm A’s price per share?

What is the post-money after Firm A’s investment?

Assuming your friends do invest, how many shares would they be issued?

What is the new price per share according to your friends’ investment?

How many shares are issued in total?

For the friend round:

Pre-money: ______________

Post-money: _____________

After the friend round, what does the cap table look like?

Amy purchased a toy for her daughter at Target. The toy was manufactured by Toyco, Inc., and distributed by Distributor World. Later, because of a defect, a small piece of the toy broke off, and Amy's daughter swallowed it and choked to death. Which party can Amy sue for her daughter's death?

a. all of these

b. Distributor World

c. Target

d. None of these

e. Toyco. Inc.

Required information [The following information applies to the questions displayed below.] Elegant Decor Company’s management is trying to decide whether to eliminate Department 200, which has produced losses or low profits for several years. The company’s 2017 departmental income statements shows the following. ELEGANT DECOR COMPANY Departmental Income Statements For Year Ended December 31, 2017 Dept. 100 Dept. 200 Combined Sales $ 440,000 $ 289,000 $ 729,000 Cost of goods sold 265,000 213,000 478,000 Gross profit 175,000 76,000 251,000 Operating expenses Direct expenses Advertising 16,500 13,000 29,500 Store supplies used 5,000 4,600 9,600 Depreciation—Store equipment 4,800 3,100 7,900 Total direct expenses 26,300 20,700 47,000 Allocated expenses Sales salaries 78,000 46,800 124,800 Rent expense 9,410 4,780 14,190 Bad debts expense 9,900 7,500 17,400 Office salary 15,600 10,400 26,000 Insurance expense 2,100 1,300 3,400 Miscellaneous office expenses 2,100 1,400 3,500 Total allocated expenses 117,110 72,180 189,290 Total expenses 143,410 92,880 236,290 Net income (loss) $ 31,590 $ (16,880 ) $ 14,710 In analyzing whether to eliminate Department 200, management considers the following: The company has one office worker who earns $500 per week, or $26,000 per year, and four sales clerks who each earn $600 per week, or $31,200 per year for each salesclerk. The full salaries of two salesclerks are charged to Department 100. The full salary of one salesclerk is charged to Department 200. The salary of the fourth clerk, who works half-time in both departments, is divided evenly between the two departments. Eliminating Department 200 would avoid the sales salaries and the office salary currently allocated to it. However, management prefers another plan. Two salesclerks have indicated that they will be quitting soon. Management believes that their work can be done by the other two clerks if the one office worker works in sales half-time. Eliminating Department 200 will allow this shift of duties. If this change is implemented, half the office worker’s salary would be reported as sales salaries and half would be reported as office salary. The store building is rented under a long-term lease that cannot be changed. Therefore, Department 100 will use the space and equipment currently used by Department 200. Closing Department 200 will eliminate its expenses for advertising, bad debts, and store supplies; 75% of the insurance expense allocated to it to cover its merchandise inventory; and 21% of the miscellaneous office expenses presently allocated to it. Required: 1. Complete the following report showing total expenses, expenses that would be eliminated by closing Department 200 and the expenses that would continue. The statement should reflect the reassignment of the office worker to one-half time as salesclerk.

Assess the key ratios for profitability, liquidity, and solvency used by financial analysts to evaluate the financial performance of a company. Next, indicate one (1) ratio from each of the three (3) categories (profitability, liquidity, and solvency) that you believe to be most indicative of future performance. Use actual ratios from a company of your choice to provide support for your rationale.

Income Statement Projected Income Statement Sales Revenue $2,500,000 Variable Costs Purchases $750,000 0.3 Direct labor $600,000 0.24 $1,350,000 $1,150,000 Fixed Costs Selling $500,000 Administrative $485,000 Manufacturing Overhead $150,000 $1,135,000 Profit Dollars Percentage Calculate the Contribution Margin Calculate the Gross Margin Ratio Calculate Breakeven Sales Calculate Margin of Safety based on the 5% expected sales increase.

Use Wage Bracket Method Table For DEC 31, 2018. To determine the answer.

Use the appropriate table to determine the amount to withhold for federal income tax from each of the following biweekly wages (biweekly withholding allowance = $159.60):

Describe the four (4) steps in Process Costing and what is a Process Cost Summary.

Exercise 12-3 (Video) Hillsong Inc. manufactures snowsuits. Hillsong is considering purchasing a new sewing machine at a cost of $2.45 million. Its existing machine was purchased five years ago at a price of $1.8 million; six months ago, Hillsong spent $55,000 to keep it operational. The existing sewing machine can be sold today for $240,352. The new sewing machine would require a one-time, $85,000 training cost. Operating costs would decrease by the following amounts for years 1 to 7: Year 1 $390,600 2 400,200 3 410,000 4 425,200 5 432,400 6 435,500 7 436,300 The new sewing machine would be depreciated according to the declining-balance method at a rate of 20%. The salvage value is expected to be $380,500. This new equipment would require maintenance costs of $94,900 at the end of the fifth year. The cost of capital is 9%. Click here to view PV table. Use the net present value method to determine the following: (If net present value is negative then enter with negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round present value answer to 0 decimal places, e.g. 125. For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Calculate the net present value. Net present value $ Determine whether Hillsong should purchase the new machine to replace the existing machine?