The comparative balance sheets for 2016 and 2015 and the statement of income for 2016 are given below for Wright Company. Additional information from Wright's accounting records is provided also.
|
WRIGHT COMPANY Comparative Balance Sheets December 31, 2016 and 2015 ($ in 000s) |
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| 2016 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash | $ | 103 | $ | 75 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts receivable | 116 | 120 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Short-term investment | 55 | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory | 118 | 115 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Land | 86 | 105 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Buildings and equipment | 630 | 490 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Less: Accumulated depreciation | (169) | (120) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| $ | 939 | $ | 811 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable | $ | 35 | $ | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Salaries payable | 3 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest payable | 8 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax payable | 9 | 12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes payable | 0 | 28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bonds payable | 246 | 190 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock | 330 | 290 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Paid-in capital—excess of par | 173 | 145 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained earnings | 135 | 90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| $ | 939 | $ | 811 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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Additional information from the accounting records:
a. Land that originally cost $19,000 was sold for $15,000.
b. The common stock of Microsoft Corporation was purchased for $29,000 as a short-term investment not classified as a cash equivalent.
c. New equipment was purchased for $140,000 cash.
d. A $28,000 note was paid at maturity on January 1.
e. On January 1, 2016, bonds were sold at their $56,000 face value.
f. Common stock ($40,000 par) was sold for $68,000.
g. Net income was $90,000 and cash dividends of $45,000 were paid to shareholders.
Required:
Prepare the statement of cash flows of Wright Company for the year ended December 31, 2016. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 5,000 should be entered as 5).
|
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In: Accounting
|
The comparative balance sheets for 2016 and 2015 and the statement of income for 2016 are given below for Wright Company. Additional information from Wright's accounting records is provided also. |
|
WRIGHT COMPANY Comparative Balance Sheets December 31, 2016 and 2015 ($ in 000s) |
||||
| 2016 | 2015 | |||
| Assets | ||||
| Cash | $ | 103 | $ | 75 |
| Accounts receivable | 116 | 120 | ||
| Short-term investment | 55 | 26 | ||
| Inventory | 118 | 115 | ||
| Land | 86 | 105 | ||
| Buildings and equipment | 630 | 490 | ||
| Less: Accumulated depreciation | (169) | (120) | ||
| $ | 939 | $ | 811 | |
| Liabilities | ||||
| Accounts payable | $ | 35 | $ | 44 |
| Salaries payable | 3 | 6 | ||
| Interest payable | 8 | 6 | ||
| Income tax payable | 9 | 12 | ||
| Notes payable | 0 | 28 | ||
| Bonds payable | 246 | 190 | ||
| Shareholders' Equity | ||||
| Common stock | 330 | 290 | ||
| Paid-in capital—excess of par | 173 | 145 | ||
| Retained earnings | 135 | 90 | ||
| $ | 939 | $ | 811 | |
|
WRIGHT COMPANY Income Statement For Year Ended December 31, 2016 ($ in 000s) |
||||
| Revenues: | ||||
| Sales revenue | $ | 520 | ||
| Expenses: | ||||
| Cost of goods sold | $ | 220 | ||
| Salaries expense | 73 | |||
| Depreciation expense | 49 | |||
| Interest expense | 18 | |||
| Loss on sale of land | 4 | |||
| Income tax expense | 66 | 430 | ||
| Net income | $ | 90 | ||
| Additional information from the accounting records: | |
| a. | Land that originally cost $19,000 was sold for $15,000. |
| b. |
The common stock of Microsoft Corporation was purchased for $29,000 as a short-term investment not classified as a cash equivalent. |
| c. | New equipment was purchased for $140,000 cash. |
| d. | A $28,000 note was paid at maturity on January 1. |
| e. | On January 1, 2016, bonds were sold at their $56,000 face value. |
| f. | Common stock ($40,000 par) was sold for $68,000. |
| g. | Net income was $90,000 and cash dividends of $45,000 were paid to shareholders. |
| Required: |
|
Prepare the statement of cash flows of Wright Company for the year ended December 31, 2016. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 5,000 should be entered as 5).) |
In: Accounting
|
The comparative balance sheets for 2016 and 2015 and the statement of income for 2016 are given below for Wright Company. Additional information from Wright's accounting records is provided also. |
|
WRIGHT COMPANY Comparative Balance Sheets December 31, 2016 and 2015 ($ in 000s) |
||||
| 2016 | 2015 | |||
| Assets | ||||
| Cash | $ | 79 | $ | 40 |
| Accounts receivable | 83 | 85 | ||
| Short-term investment | 33 | 12 | ||
| Inventory | 83 | 80 | ||
| Land | 58 | 70 | ||
| Buildings and equipment | 525 | 420 | ||
| Less: Accumulated depreciation | (127) | (85) | ||
| $ | 734 | $ | 622 | |
| Liabilities | ||||
| Accounts payable | $ | 29 | $ | 37 |
| Salaries payable | 4 | 7 | ||
| Interest payable | 4 | 2 | ||
| Income tax payable | 6 | 11 | ||
| Notes payable | 0 | 21 | ||
| Bonds payable | 162 | 120 | ||
| Shareholders' Equity | ||||
| Common stock | 265 | 220 | ||
| Paid-in capital—excess of par | 145 | 110 | ||
| Retained earnings | 119 | 94 | ||
| $ | 734 | $ | 622 | |
|
WRIGHT COMPANY Income Statement For Year Ended December 31, 2016 ($ in 000s) |
||||
| Revenues: | ||||
| Sales revenue | $ | 370 | ||
| Expenses: | ||||
| Cost of goods sold | $ | 150 | ||
| Salaries expense | 49 | |||
| Depreciation expense | 42 | |||
| Interest expense | 11 | |||
| Loss on sale of land | 6 | |||
| Income tax expense | 52 | 310 | ||
| Net income | $ | 60 | ||
| Additional information from the accounting records: | |
| a. | Land that originally cost $12,000 was sold for $6,000. |
| b. |
The common stock of Microsoft Corporation was purchased for $21,000 as a short-term investment not classified as a cash equivalent. |
| c. | New equipment was purchased for $105,000 cash. |
| d. | A $21,000 note was paid at maturity on January 1. |
| e. | On January 1, 2016, bonds were sold at their $42,000 face value. |
| f. | Common stock ($45,000 par) was sold for $80,000. |
| g. | Net income was $60,000 and cash dividends of $35,000 were paid to shareholders. |
| Required: |
|
Prepare the statement of cash flows of Wright Company for the year ended December 31, 2016. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 5,000 should be entered as 5).) |
In: Accounting
|
The comparative balance sheets for 2016 and 2015 and the statement of income for 2016 are given below for Wright Company. Additional information from Wright's accounting records is provided also. |
|
WRIGHT COMPANY Comparative Balance Sheets December 31, 2016 and 2015 ($ in 000s) |
||||
| 2016 | 2015 | |||
| Assets | ||||
| Cash | $ | 103 | $ | 75 |
| Accounts receivable | 116 | 120 | ||
| Short-term investment | 55 | 26 | ||
| Inventory | 118 | 115 | ||
| Land | 86 | 105 | ||
| Buildings and equipment | 630 | 490 | ||
| Less: Accumulated depreciation | (169) | (120) | ||
| $ | 939 | $ | 811 | |
| Liabilities | ||||
| Accounts payable | $ | 35 | $ | 44 |
| Salaries payable | 3 | 6 | ||
| Interest payable | 8 | 6 | ||
| Income tax payable | 9 | 12 | ||
| Notes payable | 0 | 28 | ||
| Bonds payable | 246 | 190 | ||
| Shareholders' Equity | ||||
| Common stock | 330 | 290 | ||
| Paid-in capital—excess of par | 173 | 145 | ||
| Retained earnings | 135 | 90 | ||
| $ | 939 | $ | 811 | |
|
WRIGHT COMPANY Income Statement For Year Ended December 31, 2016 ($ in 000s) |
||||
| Revenues: | ||||
| Sales revenue | $ | 520 | ||
| Expenses: | ||||
| Cost of goods sold | $ | 220 | ||
| Salaries expense | 73 | |||
| Depreciation expense | 49 | |||
| Interest expense | 18 | |||
| Loss on sale of land | 4 | |||
| Income tax expense | 66 | 430 | ||
| Net income | $ | 90 | ||
| Additional information from the accounting records: | |
| a. | Land that originally cost $19,000 was sold for $15,000. |
| b. |
The common stock of Microsoft Corporation was purchased for $29,000 as a short-term investment not classified as a cash equivalent. |
| c. | New equipment was purchased for $140,000 cash. |
| d. | A $28,000 note was paid at maturity on January 1. |
| e. | On January 1, 2016, bonds were sold at their $56,000 face value. |
| f. | Common stock ($40,000 par) was sold for $68,000. |
| g. | Net income was $90,000 and cash dividends of $45,000 were paid to shareholders. |
| Required: |
|
Prepare the statement of cash flows of Wright Company for the year ended December 31, 2016. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 5,000 should be entered as 5).) |
In: Accounting
|
The comparative balance sheets for 2016 and 2015 and the statement of income for 2016 are given below for Dux Company. Additional information from Dux’s accounting records is provided also. |
|
DUX COMPANY Comparative Balance Sheets December 31, 2016 and 2015 ($ in 000s) |
||||
| 2016 | 2015 | |||
| Assets | ||||
| Cash | $ | 63 | $ | 35 |
| Accounts receivable | 59 | 77 | ||
| Dividends receivable | 2 | 1 | ||
| Inventory | 85 | 65 | ||
| Long-term investment | 45 | 25 | ||
| Land | 136 | 71 | ||
| Buildings and equipment | 210 | 280 | ||
| Less: Accumulated depreciation | (40) | (80) | ||
| $ | 560 | $ | 474 | |
| Liabilities | ||||
| Accounts payable | $ | 28 | $ | 50 |
| Salaries payable | 2 | 7 | ||
| Interest payable | 4 | 3 | ||
| Income tax payable | 22 | 23 | ||
| Notes payable | 65 | 0 | ||
| Bonds payable | 125 | 85 | ||
| Less: Discount on bonds | (17) | (33) | ||
| Shareholders' Equity | ||||
| Common stock | 225 | 215 | ||
| Paid-in capital—excess of par | 37 | 35 | ||
| Retained earnings | 92 | 89 | ||
| Less: Treasury stock | (23) | 0 | ||
| $ | 560 | $ | 474 | |
|
DUX COMPANY Income Statement For Year Ended December 31, 2016 ($ in 000s) |
||||
| Revenues | ||||
| Sales revenue | $ | 333 | ||
| Dividend revenue | 6 | $ | 339 | |
| Expenses | ||||
| Cost of goods sold | 135 | |||
| Salaries expense | 40 | |||
| Depreciation expense | 35 | |||
| Interest expense | 23 | |||
| Loss on sale of building | 4 | |||
| Income tax expense | 32 | 269 | ||
| Net income | $ | 70 | ||
| Additional information from the accounting records: |
| a. | A building that originally cost $100,000, and which was three-fourths depreciated, was sold for $21,000. |
| b. | The common stock of Byrd Corporation was purchased for $20,000 as a long-term investment. |
| c. | Property was acquired by issuing a 14%, seven-year, $65,000 note payable to the seller. |
| d. | New equipment was purchased for $30,000 cash. |
| e. | On January 1, 2016, $40,000 of bonds were sold at face value. |
| f. |
On January 19, Dux issued a 4% stock dividend (1,000 shares). The market price of the $10 par value common stock was $12 per share at that time. |
| g. | Cash dividends of $55,000 were paid to shareholders. |
| h. |
On November 46,000 shares of common stock were repurchased as treasury stock at a cost of $23,000. |
| Required: |
|
Prepare the statement of cash flows for Dux Company using the indirect method. (Do not round intermediate calculations. Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. (i.e., 10,000 should be entered as 10).)) |
In: Accounting
|
The comparative balance sheets for 2016 and 2015 and the statement of income for 2016 are given below for Dux Company. Additional information from Dux's accounting records is provided also. |
|
DUX COMPANY Comparative Balance Sheets December 31, 2016 and 2015 ($ in 000s) |
||||
| 2016 | 2015 | |||
| Assets | ||||
| Cash | $ | 62 | $ | 35 |
| Accounts receivable | 57 | 62 | ||
| Dividends receivable | 5 | 4 | ||
| Inventory | 75 | 70 | ||
| Long-term investment | 45 | 40 | ||
| Land | 90 | 60 | ||
| Buildings and equipment | 291 | 300 | ||
| Less: Accumulated depreciation | (62) | (90) | ||
| $ | 563 | $ | 481 | |
| Liabilities | ||||
| Accounts payable | $ | 41 | $ | 73 |
| Salaries payable | 2 | 4 | ||
| Interest payable | 9 | 5 | ||
| Income tax payable | 5 | 8 | ||
| Notes payable | 30 | 0 | ||
| Bonds payable | 120 | 95 | ||
| Less: Discount on bonds | (5) | (6) | ||
| Shareholders' Equity | ||||
| Common stock | 210 | 200 | ||
| Paid-in capital—excess of par | 24 | 20 | ||
| Retained earnings | 137 | 82 | ||
| Less: Treasury stock (at cost) | (10) | 0 | ||
| $ | 563 | $ | 481 | |
|
DUX COMPANY Income Statement For Year Ended December 31, 2016 ($ in 000s) |
||||
| Revenues | ||||
| Sales revenue | $ | 350 | ||
| Dividend revenue | 5 | $ | 355 | |
| Expenses | ||||
| Cost of goods sold | 195 | |||
| Salaries expense | 28 | |||
| Depreciation expense | 8 | |||
| Interest expense | 10 | |||
| Loss on sale of building | 3 | |||
| Income tax expense | 28 | 272 | ||
| Net income | $ | 83 | ||
| Additional information from the accounting records: |
| a. | A building that originally cost $48,000, and which was three-fourths depreciated, was sold for $9,000. |
| b. | The common stock of Byrd Corporation was purchased for $5,000 as a long-term investment. |
| c. | Property was acquired by issuing a (expression error)%, seven-year, $30,000 note payable to the seller. |
| d. | New equipment was purchased for $39,000 cash. |
| e. | On January 1, 2016, bonds were sold at their $25,000 face value. |
| f. |
On January 19, Dux issued a 5% stock dividend (1,000 shares). The market price of the $10 par value common stock was $14 per share at that time. |
| g. | Cash dividends of $14,000 were paid to shareholders. |
| h. |
On November 12, 1,000 shares of common stock were repurchased as treasury stock at a cost of $10,000. |
| Required: |
|
Prepare the statement of cash flows of Dux Company for the year ended December 31, 2016. Present cash flows from operating activities by the direct method. (Do not round your intermediate calculations. Enter your answers in thousands (i.e., 5,000 should be entered as 5). Amounts to be deducted should be indicated with a minus sign.) |
In: Accounting
Create a program named DiceGame.Java (in Java lagnuage of course)
The problem/background info: Suppose someone comes to you and says “I have a 6-sided Die and different one that has 4 sides. Both are fair dice. I would like to propose a game. We will roll both dice and I will give you $3.00 if the total is less than 5 and $8.00 if the total is exactly equal to 5. But if the total is greater than 5, you give me $2.00.” Should you do it? Should you do it if the second die had 6 sides?
Your program will simulate this: You
are given a class called Die, which has a default constructor
(makes it 6-sided) and has a parameterized constructor that accepts
a number of sides (minimum 4 sides or else it will throw an
exception). It also has a method called roll() which
rolls itself and returns the (int) result; it also has a method
called getNumSides() which returns the (int) number of sides it
has. You will write a program called DiceGame.java that
simulates running the game over and over by doing the
following:
Notes:
NumberFormat money = NumberFormat.getCurrencyInstance();
( you will have to import java.text.NumberFormat; )
Then use your instance whenever you print your_calculation, like this
System.out.println(money.format(your_calculation));
When formatted, negative money will be in parentheses rather than having a minus sign.
// This class will simulate a Die (half a pair of dice)
public class Die
{
//------- data
private int numSides;
private java.util.Random rGen;
//------- constructors
public Die()
{
this(6); //call parameterized constructor, as if 6 were passed in
}
public Die(int theSides)
{
if (theSides < 4)
throw new IllegalArgumentException("A Die cannot have less than 4
sides");
numSides = theSides;
rGen = new java.util.Random(numSides);
}
//------- methods
//getNumSides - returns the number of sides
public int getNumSides()
{
return numSides;
}
//roll - returns a random number from 1-numSides. The seed for the
random number generator should be the numSides
// (so everyone's results are the same...)
public int roll()
{
return rGen.nextInt(numSides) + 1;
}
}
Example1:
How many sides should the second die have?
4
How many times should we roll the dice?
87654
How often should we print results?
10000
What is your name?
Stephanie
Experiment by: Steph
Rolls: 10000 Average winning per roll: $0.90
Rolls: 20000 Average winning per roll: $0.91
Rolls: 30000 Average winning per roll: $0.92
Rolls: 40000 Average winning per roll: $0.91
Rolls: 50000 Average winning per roll: $0.92
Rolls: 60000 Average winning per roll: $0.91
Rolls: 70000 Average winning per roll: $0.91
Rolls: 80000 Average winning per roll: $0.91
Rolls: 87654 Average winning per roll: $0.91
Example2:
How many sides should the second die have?
6
How many times should we roll the dice?
400
How often should we print results?
100
What is your name?
Joe
Experiment by: Joe
Rolls: 100 Average winning per roll: ($0.45)
Rolls: 200 Average winning per roll: ($0.30)
Rolls: 300 Average winning per roll: ($0.37)
Rolls: 400 Average winning per roll: ($0.33)
Rolls: 400 Average winning per roll: ($0.33)
In: Computer Science
This is an Insurancce Accounting Question
Excelsior Life Insurance Co. Ltd
The Company has 15 whole life policies
1) i. Five policies each has annual premium of $15,000.00 paid monthly. In 2016, 2 of these policies did not make the premium payment for November and 1 did not make the payment for December. They all however had adequate cash surrender values to cover the missing payments.
ii. Six of the other policies had $14,000.00 annual premium paid on a monthly basis. As at December 31st onlt 3 had paid the December Premium which was due on December 30th.
iii. The Premium on the remaining 4 policies with $25,000.00 annual premium each, were all paid when due
iv. The company pays out 4% of the premiums for reinsurance coverage.
2) i. Commissions due on all policies amounted to 10% of premiums; as at December 31st 90% of the commissions had been paid
ii.Commissions on the reinsurance ceded amounted to 2% of the reinsurance premiums paid; they are usually received 3 months in arrears
iii. Investment income earned for the year totalled $20,000.00; 30% has not yet been received.
iv. Management expenses allocated to the life portfolio amounted to $11,000.00 for the year
v. A claim of $50,000.00 was paid in respect of a policyholder who has died on November 18th 215
3. The closing fund balance increased by 2% to reach $22,000.00
Required:
1) Prepare journal entries for all transactions
2) Show the premium account (s) as at December 31st
3) Prepaare the revenue account for 2016
In: Accounting
19. a. For the titration of 50.00 mL of 0.0500 M Fe2+ with 0.1000 M Ce4+ in the presence of 1 M H2SO4, please calculate the system potential after 2.25 mL of Ce4+ is added .
Ce4+ + e ÍÎ Ce3+, E0 = + 1.44 V (in 1M H2SO4)
Fe3+ + e ÍÎ Fe2+, E0 = + 0.68 V (in 1M H2SO4).
They got Esystem = 0.62 V.
b) For the same titration as in question (a), what’s the system potential after 32.00 mL of Ce4+ is added?
Answer: Esystem = 1.41 V
c) If we set up an electrochemical cell where the cathode is the system that we have in question (b), whereas the anode is a saturated calomel electrode (0.2444 V relative to standard hydrogen electrode). Please determine the potential of this electrochemical cell.
Answer: Ecell = 1.16 V
d) Please determine the system potential at the equivalence point for the titration described in question (a).
Answer: Esystem = 1.06 V
I listed all the answers. I just want to see how they got that. Thanks.
In: Chemistry
Determine if ~w = (−4, 6, 1) is a linear combination
of ~u = (1, 0, −1) and
~v = (1, −11, 3) . If so, then express ~w as a linear combination
of ~u and ~v .
Let ~u = (1, 1, −1) and ~v = (2, 1, 3). Determine if
~w = (7, 6, 3) is a linear
combination of ~u and ~v. If so, express ~w as a linear combination
of ~u and ~v.
Let
~x1 = (2, −1, 3, 1), ~x2 = (1, 0, −1, 1), ~x3 = (0, 1, 4, 2).
(i) Determine if ~x1, ~x2, and ~x3 are linearly independent.
Justify your answer.
(ii) Determine if ~v = (2, −1, 3, 1) is a linear combination of
~x1, ~x2, and ~x3.
If so, express ~v as a linear combination of ~x1, ~x2, and ~x3. If
not, justify
your answer.
(iii) Determine if ~u = (1, 0, 0, 1) is a linear combination of
~x1, ~x2, and ~x3. If
so, express ~u as a linear combination of ~x1, ~x2, and ~x3. If
not, justify
your answer.
In: Advanced Math