The following events pertain to Super Cleaning Company:
1. Acquired $10,000 cash from the issue of common stock.
2. Provided $15,000 of services on account.
3. Provided services for $5,000 cash.
4. Received $2,800 cash in advance for services to be performed in the future.
5. Collected $12,200 cash from the account receivable created in Event 2.
6. Paid $1,900 for cash expenses.
7. Performed $1,400 of the services agreed to in Event 4.
8. Incurred $3,600 of expenses on account.
9. Paid $4,800 cash in advance for one-year contract to rent office space.
10. Paid $2,800 cash on the account payable created in Event 8.
11. Paid a $1,500 cash dividend to the stockholders.
12. Recognized rent expense for nine months’ use of office space acquired in Event 9

Cascade Company was started on January 1, Year 1, when it acquired $152,000 cash from the owners. During Year 1, the company earned cash revenues of $80,700 and incurred cash expenses of $68,400. The company also paid cash distributions of $6,500.

Required
Prepare a Year 1 income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows under each of the following assumptions. (Consider each assumption separately.)

c. Cascade is a corporation. It issued 10,000 shares of $9 par common stock for $152,000 cash to start the business. (Amounts to be deducted should be indicated with minus sign.)

Cascade Company was started on January 1, 2018, when it acquired $155,000 cash from the owners. During 2018, the company earned cash revenues of $97,900 and incurred cash expenses of $66,100. The company also paid cash distributions of $9,500.

Required

Prepare a 2018 income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows under each of the following assumptions. (Consider each assumption separately.)

Cascade is a corporation. It issued 10,000 shares of $9 par common stock for $155,000 cash to start the business.

Cascade Company was started on January 1, 2018, when it acquired $156,000 cash from the owners. During 2018, the company earned cash revenues of $80,300 and incurred cash expenses of $67,500. The company also paid cash distributions of $5,500.

Required

Prepare a 2018 income statement, capital statement (statement of changes in equity), balance sheet, and statement of cash flows under each of the following assumptions. (Consider each assumption separately.)

Cascade is a sole proprietorship owned by Carl Cascade.

A) Prepare a Balance Sheet

B) Prepare a Statement of Cash Flows

On December 31, 2017, Sheridan Company acquired a computer from Plato Corporation by issuing a $595,000 zero-interest-bearing note, payable in full on December 31, 2021. Sheridan Company’s credit rating permits it to borrow funds from its several lines of credit at 12%. The computer is expected to have a 5-year life and a $75,000 salvage value.

Prepare the journal entry for the purchase on December 31, 2017. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date
Account Titles and Explanation
Debit
Credit
December 31, 2017

SHOW LIST OF ACCOUNTS
LINK TO TEXT

Prepare any necessary adjusting entries relative to depreciation (use straight-line) and amortization (use effective-interest method) on December 31, 2018. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date
Account Titles and Explanation
Debit
Credit
December 31, 2018
(To record the depreciation.)
December 31, 2018
(To amortize the discount.)

Schedule of Note Discount Amortization
Date
Debit, Interest Expense Credit,
Discount on Notes Payable
Carrying Amount
of Note
12/31/17 $
$
12/31/18
12/31/19
12/31/20
12/31/21

SHOW LIST OF ACCOUNTS
LINK TO TEXT

Prepare any necessary adjusting entries relative to depreciation and amortization on December 31, 2019. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date
Account Titles and Explanation
Debit
Credit
December 31, 2019
(To record the depreciation.)
December 31, 2019
(To amortize the discount.)

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On December 31, 2017, Vaughn Company acquired a computer from Plato Corporation by issuing a $595,000 zero-interest-bearing note, payable in full on December 31, 2021. Vaughn Company’s credit rating permits it to borrow funds from its several lines of credit at 12%. The computer is expected to have a 5-year life and a $75,000 salvage value.

1-Prepare the journal entry for the purchase on December 31, 2017

2-Prepare any necessary adjusting entries relative to depreciation (use straight-line) and amortization (use effective-interest method) on December 31, 2018 (To record the depreciation.) (To amortize the discount.) ( Schedule of note discount amortization)

3-Prepare any necessary adjusting entries relative to depreciation and amortization on December 31, 2019.(To record the depreciation.)(To amortize the discount.) 3-

The following events pertain to Super Cleaning Company:

1. Acquired $15,200 cash from the issue of common stock.

2. Provided $13,200 of services on account.

3. Provided services for $4,200 cash.

4. Received $2,600 cash in advance for services to be performed in the future.

5. Collected $9,200 cash from the account receivable created in Event 2.

6. Paid $5,200 for cash expenses.

7. Performed $1,300 of the services agreed to in Event 4.

8. Incurred $1,700 of expenses on account.

9. Paid $1,200 cash in advance for one-year contract to rent office space.

10. Paid $1,350 cash on the account payable created in Event 8.

11. Paid a $1,700 cash dividend to the stockholders.

12. Recognized rent expense for nine months’ use of office space acquired in Event 9.

Required

Show the effects of the events on the financial statements using a horizontal statements model like the following one. In the Cash Flows column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. If an account is not affected by the event, leave the cell blank. The first event is recorded as an example. (Do not round intermediate calculations. Enter any decreases to account balances and cash outflows with a minus sign. Not every cell will require entry.)

On December 31, 2015, Milton Company acquired a computer from Hamil Corporation by issuing a $600,000 zero-interest-bearing note, payable in full on December 31, 2019. Milton Company’s credit rating permits it to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year life and a $70,000 residual value.
Prepare the journal entry for the purchase on December 31, 2015 and any necessary adjusting entries relative to depreciation (use straight-line) and amortization on December 31, 2016

A retail company sells electronics products including mouse and keyboard. Mouse and keyboard are acquired from distinct suppliers. The monthly demand for a mouse is 2000, while the monthly demand for a keyboard is 1000 products. Mouse costs to company $12 and keyboard's cost are $18. The company has an annual holding cost of 20%, and the fixed shipment cost is $300. The procurement manager is not sure whether to order the mouse and keyboard separately or jointly. Assist with her decision making by calculating the following: 1) Optimal order size, 2) Optimal order frequency, 3) Cycle inventory, 4) Total cost of holding and ordering. Hint: Check the problem where products ordered and delivered separately vs. jointly.

Solve the problem using EXCEL.

How is the corona virus crisis expected to influence the capital stock of the US economy? Discuss your answers for the given scenarios below. Make sure to clarify the differences between the two scenarios:

-Case 1: We found a cure for the virus in July 2020 and we go back to our lives as of August 2020.

-Case 2: We found a cure for the virus in July 2021 and we go back to our lives as of August 2021.