Programming Assignment 5

Your work on the last project, the inventory ordering system, was so well received that your boss has asked you to write a new program for the firm. She mentions that she’s heard a lot about “Object Oriented Programming” and wants you to create a database of part’s suppliers that the company will use to source new inventory from. She mentions that there have been a lot of new entrants into the market and its important that you source the new widgets and sprockets at the best cost possible! From speaking with her you realize that you’ll need three new class definitions – a class that models a supplier, a class that represents a part, and class that will contain information about all these suppliers.

The parts class will need to contain the following information:

1. Part name

2. Part cost

The parts class will need to contain the following methods:

1. An init method that lets the user set the name and cost of the part

The supplier class will need to contain the following information:

1. The company name

2. A list of the parts the company supplies

The supplier class will need the following methods:

1. An init method to set the company name

2. A method that lets the user add a part to the list of parts a company supplies

3. A method that takes a part argument and returns the cost of that part.

4. A method that takes a part argument and returns a Boolean if the part is supplied by the company (True if it does, False if it does not).

The database class will need the following data:

1. A list of suppliers

The database class will need the following methods:

1. An init method to initialize the database

2. A method to add a supplier

3. A method to find the lowest cost for a part. The input will be a part name, and the output will be two values: the name of the supplier, and the cost. If the part is not sold by any suppliers, return False, False. Unlike in other programs – you do not need to write the code for user input, input validation, or output – you need only to write the classes! The company has supplied the program to load in the data and get the data from the classes, you need only to define the classes (and test with the supplied program of course)!

Sample Input/Output

Enter supplier name, or quit to exit: World Parts, Inc

Part info should be entered in the following format: name, price

Enter part info, or quit to exit: gizmo, 1.99

Enter part info, or quit to exit: sprocket, 3.12

Enter part info, or quit to exit: quit

Enter supplier name, or quit to exit: ABC Manufacturing

Part info should be entered in the following format: name, price

Enter part info, or quit to exit: sprocket, 3.09

Enter part info, or quit to exit: gizmo, 2.34

Enter part info, or quit to exit: dodad, 13.99

Enter part info, or quit to exit: quit

Enter supplier name, or quit to exit: quit

Supplier database complete!

Please enter in a part name or quit to exit: gizmo

Part gizmo is available for the best price at World Parts, Inc. Price: $1.99

Please enter in a part name or quit to exit: sprocket

Part sprocket is available for the best price at ABC Manufacturing. Price: $3.09

Please enter in a part name or quit to exit: dodad

Part dodad is available for the best price at ABC Manufacturing. Price: $13.99

Please enter in a part name or quit to exit: quit T

hank you for using the price database!

Additional requirements

1. You MUST use modules, you need to write your 3 classes in 3 separate Python files named database.py, part.py and supplier.py

2. Do NOT modify the supplied Python code – I will test your files with my own Python code – if you have to change the provided Python code to get your classes to work, you’ll lose points.

3. Submit only the 3 python files – part.py, supplier.py and database.py

4. Each Python file must have a program header!

Tips

1. The provided code does all the input/output for this program. You only need to write the code for the 3 classes.

2. Some of the methods for the 3 classes need to be of a specific format or the supplied program will not work – these are the init methods for Suppler and Database, and add_part, add_supplier, and find_part. Make sure you have those methods defined in your program and that their signature matches what the provided code expects.

3. Write the classes from simple to more complex – start with Part, then Supplier, then Database.

The following is a sample code

import database

import supplier

import part

supplier_database = database.Database()

while True:

    data = input("Enter supplier name, or quit to exit: ")

    if data == "quit":

        break

    s = supplier.Supplier(data)

    print("Part info should be entered in the following format: name, price")

    while True:

        part_info = input("Enter part info, or quit to exit: ")

        if part_info == "quit":

            print()

            break

        try:

            name, price = part_info.split(",")

            price = float(price)

        except:

            print("Error input - Part info should be entered in the following format: name, price - please try again")

            continue

        s.add_part(name, price)

    supplier_database.add_supplier(s)

print("\n\nSupplier database complete!\n")

while True:

    data = input("Please enter in a part name or quit to exit: ")

    if data == "quit":

        break

    supplier, price = supplier_database.find_part(data)

    if supplier == False:

        print("Error part does not exist in database")

    else:

        print(f"Part {data} is available for the best price at {supplier}. Price: ${price:.2f}")

print("\nThank you for using the price database!")

CASE STUDY Solve the case based on the following information: The comparative statements of financial position for Cactus Ltd, which is a merchandising business selling indoor plants, follows.

Cactus Ltd Comparative Statement of Financial Position As at 31 December 2019 and 2018

The following data is also available for Cactus Ltd for the year ended 31 December 2019

€

Cost of sales 56,500

Depreciation expense 14,100

Other operating expenses 17,700

Loss on sale of investments 1,400

Gain on sale of land 7,200

Sales revenue 97,300

Interest revenue 4,100

Dividend revenue 3,600

Salary expense 24,000

Interest expense 5,900

Insurance expense 2,300

It is known in addition that:

• A building was purchased for €46,000 and paid for immediately.

• Equipment was purchased by signing a note payable for €20,000.

• A plot of land was sold, no new plots of land were purchased.

• Ordinary shares have the nominal value of €1 per share

Required:

1. Prepare the classified statement of profit or loss (i.e. show also gross profit and operating profit) for Cactus Ltd for the year ended 31 December 2019.

2. Find answers to the following questions: a) Did Cactus Ltd issue any new shares during 2019? If yes, how many shares were issued and how much did the share issue raise? b) Did Cactus Ltd take out any loans in 2019 (in addition to the note payable for the purchase of equipment)? c) Were any dividends paid? If yes, how much? d) How much cash was received from the sale of land? e) How much cash was received from the sale of investments?

3. Prepare the statement of cash flows for Cactus Ltd for the year ended 31 December 2019 in the indirect method.

4. Write your comments on the following aspects for Cactus Ltd. based on its performance in the year ended 31 December 2019: a) Bring out the main factors that have affected the profit or loss differently from the cash flows. b) Is the cash generated from operations sufficient to cover interest and dividends that have been paid? c) How were the investments in non-current assets financed? d) Calculate the level of gearing as at 31 December 2019 and as at 31 December 2018. Comment on how risky you consider the capital structure of Cactus Ltd. e) What recommendations would you like to give the company manager(s) for the following period(s)?

i Loss on sale of non-current assets (including financial assets, e.g. investments) will lower the profit for the year – this effect will have to be eliminated in the section of operating activities in the statement of cash flows as the full amount of cash received will have to be shown under investing activities.

ii Gain on sale of non-current assets (including financial assets, e.g. investments) will increase the profit for the year – this effect will have to be eliminated in the section of operating activities in the statement of cash flows as the full amount of cash received will have to be shown under investing activities.

Please provide your answer in several comments if the answers are going to be too wide. Thank you! And note: I have posted this question before but I could not understand his hand writing and I also noticed that he didnt provide me the answers what was asked so that is why I needed to post this again. Thank you in advance!

CASE STUDY Solve the case based on the following information: The comparative statements of financial position for Cactus Ltd, which is a merchandising business selling indoor plants, follows.

Cactus Ltd Comparative Statement of Financial Position As at 31 December 2019 and 2018

The following data is also available for Cactus Ltd for the year ended 31 December 2019

€

Cost of sales 56,500

Depreciation expense 14,100

Other operating expenses 17,700

Loss on sale of investments 1,400

Gain on sale of land 7,200

Sales revenue 97,300

Interest revenue 4,100

Dividend revenue 3,600

Salary expense 24,000

Interest expense 5,900

Insurance expense 2,300

It is known in addition that:

• A building was purchased for €46,000 and paid for immediately.

• Equipment was purchased by signing a note payable for €20,000.

• A plot of land was sold, no new plots of land were purchased.

• Ordinary shares have the nominal value of €1 per share

Required:

1. Prepare the classified statement of profit or loss (i.e. show also gross profit and operating profit) for Cactus Ltd for the year ended 31 December 2019.

2. Find answers to the following questions: a) Did Cactus Ltd issue any new shares during 2019? If yes, how many shares were issued and how much did the share issue raise? b) Did Cactus Ltd take out any loans in 2019 (in addition to the note payable for the purchase of equipment)? c) Were any dividends paid? If yes, how much? d) How much cash was received from the sale of land? e) How much cash was received from the sale of investments?

3. Prepare the statement of cash flows for Cactus Ltd for the year ended 31 December 2019 in the indirect method.

4. Write your comments on the following aspects for Cactus Ltd. based on its performance in the year ended 31 December 2019: a) Bring out the main factors that have affected the profit or loss differently from the cash flows. b) Is the cash generated from operations sufficient to cover interest and dividends that have been paid? c) How were the investments in non-current assets financed? d) Calculate the level of gearing as at 31 December 2019 and as at 31 December 2018. Comment on how risky you consider the capital structure of Cactus Ltd. e) What recommendations would you like to give the company manager(s) for the following period(s)?

i Loss on sale of non-current assets (including financial assets, e.g. investments) will lower the profit for the year – this effect will have to be eliminated in the section of operating activities in the statement of cash flows as the full amount of cash received will have to be shown under investing activities.

ii Gain on sale of non-current assets (including financial assets, e.g. investments) will increase the profit for the year – this effect will have to be eliminated in the section of operating activities in the statement of cash flows as the full amount of cash received will have to be shown under investing activities.

Please provide your answer in several comments if the answers are going to be too wide. Thank you!

Question One

Barrett Corporation manufactures leather products. The corporation uses a non-contributory, defined benefit pension plan for its 230 employees.

The footnote to the financial statements relating to the pension plan, in part, stated: Note J. The company has a defined benefit pension plan covering substantially all of its employees. The benefits are based on years of service and the employee’s compensation during the last four years of employment. The company’s funding policy is to contribute annually the maximum amount allowed under the tax law. Contributions are intended to provide for benefits expected to be earned in the future as well as those earned to date.

The net periodic pension expense on Barrett Corporation’s comparative income statement showed an increase between 2016 and 2017.

The corporation provided the following information related to its defined benefit pension plan at December 31, 2018:

Defined benefit obligation                                                                                   $2,737,000

Fair value of plan assets                                                                                         2,278,329

Accumulated OCI – Net loss (1/1/18 balance: –0–)                                               34,220

Other pension data  

Service cost for 2018                                                                                                  94,000

Actual return on plan assets in 2018                                                                     130,000

Interest on January 1, 2018, defined benefit obligation                                   164,220

Contributions to plan in 2018                                                                                  93,329

Benefits paid                                                                                                             140,000

Discount (interest) rate                                                                                                   6%

The new CEO, Patricia Wright, while reviewing the previous three year’s financial statements with the Controller, Helen Stewart, had some concerns. Given that Barrett Corporation’s work force has been stable for the last 6 years, Patricia could not understand the increase in the net periodic pension expense between 2016 and 2017. Helen explained that the net periodic pension expense consists of several elements, some of which may increase or decrease the net expense.

Instructions

a. The determination of the net periodic pension expense is a function of two elements. List and briefly describe each of the elements.

b. Describe the major difference and the major similarity between the vested benefit obligation and the defined benefit obligation.

c. Explain what are pension gains and losses and why they are not recognized in net income in the period in which they arise.

d. Briefly describe how pension gains and losses are recognized.  

e. Prepare the note disclosing the components of pension expense for the year 2018.  

f. Net income for 2018 is $35,000. Determine the amounts of other comprehensive income and comprehensive income for 2018.

g. Compute accumulated other comprehensive income reported at December 31, 2018.                     

The September 30, 2018 balance sheet of ABC Corporation disclosed the following information relating to its receivables:

ABC prepares quarterly financial statements. The following occurred during the fourth quarter of 2018:

1. During the 4th quarter, ABC had credit sales of $2,600,000 and collections on accounts receivable (general) of $2,300,000. Uncollectible accounts totaling $19,000 were written off, and a $2,600 accounts receivable previously written off was collected (not included in the $2,300,000 of cash collections reported above.)

2. On November 1, ABC assigned $300,000 of accounts receivable to Quicken Finance on a non-notification basis. Quicken advanced ABC cash proceeds for 85% of the accounts assigned, less a finance fee of $5,000, in exchange for an interest-bearing note. The note incurs interest at 1% per month on the outstanding loan balance. Cash collections from these assigned accounts are to be remitted monthly to Quicken Finance and include accrued interest (i.e. the cash collected each month must be used to repay both principal and interest on the note.)

3. On December 31, 2018, ABC estimates 5% of total accounts receivable and accounts receivable assigned to be uncollectible.  

a) Determine how much Interest Expense ABC would report on their quarterly income statement for the period 10/1 - 12/31/18 from the assigning transaction:

b) To record the December journal entry to write off the uncollectible account that had been assigned, you would debit and credit?

c) Determine Bad Debt Expense for the fourth quarter as of December 31, 2018:

d) Determine the ending balance of Accounts Receivable - General as of December 31, 2018:

e) Determine the ending balance of the Accounts Receivable - Assigned as of December 31, 2018:

f) Determine the ending balance of the Allowance for Doubtful Accounts (after adjustment) as of December 31, 2018:

g) Determine the ending balance of the Note Payable as of December 31, 2018:

1. Very carefully read the following data requirements for a prospective document translation database:

i. Document translation initially relies on a source document. The source document is a text provided in the originally recorded, valid language (see below, and assume only one language for the original document), and has an associated author and publication date. Source document authors are not related to translators in any manner.

ii. Translation of a document also relies on a translator, who is capable of translating documents from one language to another. A translator may be uniquely identified by a numeric international translation association (ITA) number (ITAN). A translator must also be fluent in one or more languages*, and may serve on an ITA committee for up to one (but no more than one) particular language.

iii. The document translation database also requires potential languages to be specified. In addition to the ITA committee outlined in ii., each language is associated with a single ITA committee chair.

iv. A translation is associated with a source document, a language (the one to which it has been translated), and a translator. In addition, it is associated with a translation date, and a certification status (Y or N). Multiple translators can create translations of any given document into a given language, and a single translator can create translations of a given document into multiple languages. Assume, however, that any given translator can only translate a given document into a single language once and only once.

1. Create an entity-relationship diagram to model the document translation database. While it’s ultimately up to you to select appropriate entities and relationships, the italicized words should give you a good starting point for the major ones. Note that there are at least two ways to interpret and depict requirement iv. within the database, and both are entirely acceptable. Be certain to include cardinality and participation concerns within your diagram, and document the attributes/keys involved (be it within the ER diagram or in a separate UML diagram, etc.) (30 pts)
2. Follow the protocol we discussed in class to map this ER diagram into a relational database schema. (20 pts)

The Education for All (EFA) was launched in 1990 but in 2000 there was a reaffirmation of governments commitments to it through the Dakar framework. There were six EFA goals and associated targets to be met by 2015. In not less than 2000 words, assess two goals of the 15years old initiative.

When discussing the empirical tests of the EMH, there are three topical areas that suggest that the debate probably will never be settled: the magnitude issue, the selection bias issue, and the lucky event issue. Specifically with the lucky event issue, the laws of probability are oftentimes ignored or forgotten.

True

False