Sheridan Company and Concord Company both manufacture school science equipment. The following financial information is for three years ended December 31 (in thousands):

(a)

Calculate the asset turnover and return on assets ratios for both companies for 2020 and 2021. (Round answers to 2 decimal places, e.g. 52.75.)

As a long-term investment, Painters' Equipment Company purchased 20% of AMC Supplies Inc.'s 420,000 shares for $500,000 at the beginning of the fiscal year of both companies. On the purchase date, the fair value and book value of AMC’s net assets were equal. During the year, AMC earned net income of $270,000 and distributed cash dividends of 25 cents per share. At year-end, the fair value of the shares is $527,000.

Required:
1. Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year.
2. Assume significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year.

As a long-term investment, Painters' Equipment Company purchased 25% of AMC Supplies Inc.'s 520,000 shares for $600,000 at the beginning of the fiscal year of both companies. On the purchase date, the fair value and book value of AMC’s net assets were equal. During the year, AMC earned net income of $370,000 and distributed cash dividends of 25 cents per share. At year-end, the fair value of the shares is $637,000.

Required:
1. Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year.
2. Assume significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year.

As a long-term investment, Painters' Equipment Company purchased 20% of AMC Supplies Inc.'s 400,000 shares for $480,000 at the beginning of the fiscal year of both companies. On the purchase date, the fair value and book value of AMC’s net assets were equal. During the year, AMC earned net income of $250,000 and distributed cash dividends of 25 cents per share. At year-end, the fair value of the shares is $505,000.

Required:
1. Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year.
2. Assume significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year.

Sarah is the owner of a pre-school called “We Care for Kids” located in Sydney. Between January 2018 and December 2019, Sarah's business has boomed. Many parents were forced to place their names on a waiting list in the hopes of a future vacancy. Sarah’s business was chronically short staffed and consequently she was working very long hours. When Sarah heard that her sister, Jenny, who lived in Western Australia, had recently completed childcare qualifications at University, she sent her an email on the 17th of January 2020, which stated: “Dear Jenny, I am absolutely swamped at my pre-school and I desperately need help. Mum tells me that you have completed your childcare diploma at University. Would you be interested in coming to Sydney and working for me as a childcare worker? For $80 per week, I will rent you the granny flat at the rear of my house. The tenant who is living there now has given me notice – he is moving out by January 25. I would love to see you. Love, Sarah” Unfortunately, two days after Sarah sent Jenny the email, several children at the childcare centre were diagnosed with COVID 19. As a consequence, many parents withdrew their children from the pre-school and consequently business was drastically reduced. Sarah then had no need for any further staff, including Jenny. Meanwhile, Jenny was thrilled to receive Sarah’s email because many of her friends had gone to live and work in Sydney after finishing their University studies. By January 20, 2020 news of the COVID 19 outbreak at Sarah's childcare centre was being covered widely by the media. Jenny saw those media reports. Wanting to tie Sarah to the deal quickly, Jenny replied by posting a letter on January 21, as follows: “Dear Sarah, Thank you very much for this opportunity. I have resigned my job here and have bought a plane ticket. I leave on January 23 to go to Queensland for a beach holiday and I will arrive in Sydney on Wednesday, February 5, 2020. I will be ready to start work for you straight away. Also thank you for your offer of the rental of the granny flat – I accept with pleasure. Thanks again, love, Jenny” Sarah received this letter on February 1, 2020. However, on January 28, Sarah sent an email to Jenny describing what had happened to her business and telling her that there was no job for her at this time. Unfortunately, Jenny did not read this email because she had already left for Queensland. Whilst she was travelling, she did not access her email. Advise Jenny whether a binding contract exists.

please provide answers with issue, law, application and conclusion in regards to the contract law.

Ottens Flavors, Philadelphia, announced its combination with MK Flavors & Co., Mexico City. The Mexican operation will offer the U.S.-based company an increased market presence in Central and South America. The new company will be renamed MK Ottens Flavors. MK Ottens Flavor was created through a(n):

Andy Yocom saw prime advertising space on the flags on the golf course. He reasoned that any marketing messages would get prominent attention if they were placed on the flags since golfers focus on them when they take their shots. As a result Yocom used his own initiative and money to start Invision Golf Group Inc. Yocom is an example of a(n):

Michael Bronner made a killing in the direct marketing business as the co-founder and CEO of Bronner Slosberg Humphrey, a wildly successful direct-marketing firm. His newest venture, Upromise Inc., enlists some of America's largest corporations to help families pay for college and is extremely successful. The 40-year-old Bronner will more than likely start at least one more new company before he retires because Bonner is a(n):

A well-written business plan should contain:

After graduating from college, Joseph Tantillo decided to start a retail Web site that specializes in personalized Greek apparel. To fund his Web site, he borrowed money from his parents (who expect to be repaid with interest). In other words, he used ________ financing.

Navim Jain sold stock to investors in order to finance Sparkart, LLC, a company that markets software to track how many times music is played and shared among peers. Jain used ________ financing.

Which of the following is a trend that is changing the face of entrepreneurship and small business ownership?

I need help with these questions, please

In our simple models, the multipliers are the same for all spending and the same for all taxes. How do real world multipliers differ? How did they impact fiscal policy in the Obama American Recovery and Reinvestment Act of 2008? What does that tell us about fiscal policy in 2020?

Consolidated amounts when affiliate’s debt is acquired from non-affiliate

Assume that a Parent company owns 80 percent of its Subsidiary. On January 1, 2019, the Parent company had a $300,000 (face) 8 percent bond payable outstanding with a carrying value of $286,800. Several years ago, the bond was originally issued to an unaffiliated company for 92 percent of par value. On January 1, 2019, the Subsidiary acquired the bond for $274,500.

During 2019, the Parent company reported $1,140,000 of (pre-consolidation) income from its own operations (i.e., prior to any equity method adjustments by the Parent company) and after recording interest expense. The Subsidiary reported $330,000 of (pre-consolidation) income from its own operations after recording interest income. Related to the bond during 2019, the parent reported interest expense of $25,800 while the subsidiary reported interest income of $27,000.

Determine the following amounts that will appear in the 2019 consolidated income statement:

Note: Use a negative sign with your answer to indicate a loss on constructive retirement of bond payable, if applicable.