The Zaarour Corporation's October 31 adjusted trial balance included many accounts, including the following.

Determine the dollar balance in the Corporation's income summary account before it was closed to retained earnings.

Marina is a coastal city with a vibrant tourist industry. Oysters from local seafood restaurants are very popular with both locals and tourists. Recent events related to the Covid-19 disease resulted in a severe shortage of migrant farmworkers who process (chuck) the shellfish before they are sold to restaurants in the city. In addition, most of the restaurants that sell shellfish are closed due to the lockdown and lack of tourists.

a)   Explain, with graphs and words, the expected short-run effects of the above events on the market for oysters. Your explanation should include the effects, if any, on demand, supply, price, and quantity (20 points).

b)   What do you expect to happen in the market in the long-run (5 points)?

Daryl Corporation produces and sells hats. The Stockholders' Equity accounts on January 1, 2020 are as follows:

Common Stock, $5 par (100,000 shares authorized, 40,000 shares issued)          $200,000

PIC in Excess par - Common Stock                                        $100,000

Retained Earnings                                                      $750,000

Treasury Stock (5,000 shares at cost)                                      $50,000

The following transactions occurred during the year:

1/09   Declared a Cash Dividend of $0.80 per share on the Common Stock outstanding.

           Dividend will be paid on 2/09.

2/09   Paid the Cash Dividend that was previously declared on 1/16.

3/23   Reissued 2,500 shares of the Treasury Stock at $25 per share.

4/20  Issued 15,000 shares of Common Stock for $30 per share.

8/03    The directors declare a 2% stock dividend to be distributed on 9/13. The market

           value is $40 per share on this date.

9/13    Distributed the Stock Dividend declared on 8/03.   

11/17  Reissued the remaining 2,500 shares of Treasury Stock for $8 per share.

12/30  Declared a Cash Dividend of $0.90 per share on the Common Stock outstanding. The

            dividend will be paid on 1/30.

12/31  Closed the $80,000 credit balance of the Income Summary account.

12/31 Closed the dividends accounts.

REQUIRED:

(1)   Prepare the Journal Entries for the above transactions.   

(2)   Prepare the Statement of Stockholders' Equity (In Good Form) as of 12/31/20.

1. List and explain the differences between a closed-end investment company and a mutual fund and give the sources of return from an investment in a closed-end investment company.

2. Could a closed-end investment company sell for a discount from net asset value but a mutual fund cannot sell for a discount? To answer this question you should differentiate a real estate investment trust (REIT) from a firm involved in building, developing, and owning properties.

The veins of the heart muscle merge to form the _____________________ which empties into the __________________ .

The fetal lung bypass from the pulmonary trunk to the aorta closes at birth and becomes ______________________________.

The stabilizing “strings” of the tricuspid and bicuspid valves are called ___________________________.

The muscular ridges inside the ventricles are called ________________________________________.

During ventricular systole, the AV valves are: open or closed

During ventricular systole (the ventricular ejection phase), the semilunar valves are: open or closed

During isovolumetric relaxation, the semilunar valves and AV valves are: open or closed

showing your work, use the 2018-2019 10k from apple and microsoft to calculate the average days to collect as well as inventory turnover ratio.

file:///C:/Users/chase/Downloads/Apple%2010-K%20for%202018.pdf

file:///C:/Users/chase/Downloads/Microsoft%2010-K%20for%202019.pdf

In 2010 polls indicated that 73% of Americans favored mandatory testing of students in public schools as a way to rate the school. This year in a poll of 1,000 Americans 71% favor mandatory testing for this purpose. Has public opinion changed since 2010?

We test the hypothesis that the percentage supporting mandatory testing is less than 73% this year. The p-value is 0.016.

Which of the following interpretation of this p-value is valid?

1. If 73% of Americans still favor mandatory testing this year, then there is a 1.6% chance that poll results will show 71% or fewer with this opinion.
2. The probability that Americans have changed their opinion on this issue since 2010 is 0.016.
3. There is a 1.6% chance that the null hypothesis is true.

. Presented below is information related to equipment owned by ALALI Company at December 31, 2010.

                        Cost                                                        SAR 7,000,000

                        Accumulated depreciation to date                  1,500,000

                        Value-in-use                                                  5,000,000

                        Fair value less cost of disposal                       4,400,000

Assume that ALALI will continue to use this asset in the future. As of December 31, 2010, the equipment has a remaining useful of 4 years.

Instructions

Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2010. ( 1 mark)

Prepare the journal entry to record depreciation expense for 2011. (1 mark)

The recoverable amount of the equipment at December 31, 2011, is SAR 5,250,000. Prepare the journal entry (if any) necessary to record this increase

You are a Financial Manager for Dexter Manufacturing. Your sales were $1,000,000 in 2010, and $1,000,000 again in 2011. Your accounting department came to you recently and stated that the cash balance is much lower at the end of 2011 than it was in 2010. You calculate your Accounts Receivable and Inventory Turnover for 2011 and noticed that both of these ratios have DROPPED from 2010 to 2011! Describe in a couple paragraphs what has happened to Accounts Receivable and Inventory. Does this help explain why cash is running low in your opinion? What could you suggest to your management team to help improve these 2 ratios and to help increase cash?

ROK Corporation had the following shares of stock outstanding on December 31, 2010:

Common Stock, $25 par value, 200,000 shares outstanding

Preferred stock, 7%, $100 par value, cumulative, 20,000 shares outstanding

Dividends were in arrears for 2008 and 2009. On December 31, 2010, total cash dividends of $500,000 were declared.

1. What is the total amount of dividends payable to preferred stockholders in 2010?

2.  What is the total amount of dividends payable to common stockholders in 2010?

3.  ROK Corporation issued $400,000 in Bonds Payable in exchange for a Building worth $400,000. What is the proper presentation on the Statement of Cash Flows for this transaction?

a. A cash outflow from investing activities of $400,000

b. A cash inflow from financing activities of $400,000

c. It should not be reported at all on the Statement of Cash Flows because it does not affect cash.

d. It should appear as a Non Cash and Investing Transaction at the end of the Statement of Cash Flows