Income Statement and Retained Earnings

The Huff Company presents the following partial list of account balances taken from its December 31, 2016 adjusted trial balance:

The following information is also available for 2016 and is not reflected in the preceding accounts:

The common stock has been outstanding all year. A cash dividend of $1.32 per share was declared and paid.

Land was sold at a pretax gain of $6700.

Division X (a major component of the company) was sold at a pretax gain of $4690. It had incurred a $9420 pretax operating loss during 2016.

A tornado, which is an unusual event in the area, caused a $5350 pretax loss.

The income tax rate on all items of income is 30%.

The average shareholders’ equity is $89000.

Required:

1. Prepare a 2016 multiple-step income statement for Huff. Round earnings per share computations to two decimal places.

2. Prepare a 2016 retained earnings statement.

3. Compute the 2016 return on common equity. Round to one decimal place.

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Income Statement and Retained Earnings

The Huff Company presents the following partial list of account balances taken from its December 31, 2016 adjusted trial balance:

The following information is also available for 2016 and is not reflected in the preceding accounts:

The common stock has been outstanding all year. A cash dividend of $1.46 per share was declared and paid.

Land was sold at a pretax gain of $7,100.

Division X (a major component of the company) was sold at a pretax gain of $4,600. It had incurred a $9,430 pretax operating loss during 2016.

A tornado, which is an unusual event in the area, caused a $5,380 pretax loss.

The income tax rate on all items of income is 30%.

The average shareholders' equity is $90,000.

Required:

1. Prepare a 2016 multiple-step income statement for Huff. Round earnings per share computations to two decimal places.

2. Prepare a 2016 retained earnings statement.

3. Compute the 2016 return on common equity. Round to one decimal place.

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Classic Automobiles of Huntsville Ltd. was formed on January 1, 2016 when Classic issued common shares for $300,000. Early in January 2016, Classic made the following cash payments:

• $150,000 for equipment
• $120,000 for inventory (four cars at $30,000 each)
• $20,000 for 2016 rent on a store building
  

In February 2016, Classic purchased six cars for inventory on account. Cost of this inventory was $260,000 ($43,333.33 each). Before year-end, Classic paid $208,000 of this debt. Classic uses the FIFO method to account for inventory.

During 2016, Classic sold eight vintage autos for a total of $500,000. Before year-end, Classic collected 80% of this amount.

The business employs three people. The combined annual payroll is $95,000, of which Classic owes $4,000 at year end. At the end of the year, Classic paid income tax of $10,000.

Late in 2016, Classic declared and paid cash dividends of $11,000.

For equipment, Classic uses the straight-line depreciation method over five years with zero residual value.

1. Prepare Classic Automobiles of Huntsville Ltd.’s income statement for the year ended December 31, 2016. Use the single-step format, with all revenues listed together and all expenses listed together.
2. Prepare Classic’s balance sheet at December 31, 2016.
3. Prepare Classic’s statement of cash flows for the year ended December 31, 2016. Format cash flows from operating activities by using the indirect method.
4. Comment on the business performance based on the statement of cash flows.

Calculate the monthly returns for 08/01/2015 – 08/31/2019 period for

(i) S&P 500:

The answers are given already but can u pls give explanation on how they got each answer?

PART A Fill in the blank. Select “A” for Always, “B” for Sometimes, and “C” for Never.

1. A set of 3 vectors from R3 _S(B)_ forms a basis for R3.

2. A set of 2 vectors from R3 _N(C)_ spans R3.

3. A set of 4 vectors from R3 is _N(C)_ linearly independent.

4. A set of 2 vectors from R3 is _S(B)_ linearly independent.

5. If a set of vectors spans a vector space V then it is _S(B)_ a basis for V.

6. If B1 and B2 are two different sets of vectors and each forms a basis for the same vector space, then B1 and B2 _A_ have the same number of vectors.

7. If A is a set consisting of only the zero vector and V is a vector space, then A is _A_ a subspace for V.

8. If S is a linearly independent subset of a vector space V, then a given vector in Span(S) can _A_ be

   expressed uniquely as a linear combination of vectors in S.

Explain or use evidence why each is true or false

If C is any smooth, closed curve then Z C e^{x^2} dx = 0

Let F(x, y) = <P(x, y), Q(x, y)> be a vector field on R 2 and let C be a closed curve formed by the unit circle. If ∂P/∂y = ∂Q/∂x , then R C F · dr = 0.

The coordinate transformation x = u² − v² , y = 2uv maps the quarter-disk S = {(u, v) : u² + v² ≤ 1, v ≥ 0, u ≥ 0} onto the half-disk R = {(x, y) : x² + y² ≤ 1, v ≥ 0}.

If x = g(u, v) and y = h(u, v) is a transformation whose Jacobian is a constant 3, then it must map the square [0, 1] × [0, 1] to a region whose area is 1/3.

The equation in φ = π/12 in spherical coordinates describes a cone in R 3 .

A buck converter is operated from the rectified 230 V ac mains, such that the converter de input voltage
IS
V8 = 325 v ± 20%
A control circuit automatically adjusts the converter duty cycleD, to maintain a constant de output voltage
of V = 240 V de. The de load current I can vary over a 10: 1 range:
lOA::;J:s;lA
The MOSFET has an on-resistance ofO.S Q. The diode conduction loss can be modeled by a 0.7 V
source in series with a 0.2 Q resistor. All other losses can be neglected.
(a) Derive an equivalent circuit that models the converter input and output ports, as well as the loss
elements described above.
(b) Given the range of variation of V8 and I described above, over what range will the duty cycle
vary?
(c) At what operating point (i.e., at what value of V8 and I) is the converter power loss the largest?
What is the value of the efficiency at this operating point?

1. For this question, we define the following vectors: u = (1, 2), v = (−2, 3).

(a) Sketch following vectors on the same set of axes. Make sure to label your axes with a scale. i. 2u ii. −v iii. u + 2v iv. A unit vector which is parallel to v

(b) Let w be the vector satisfying u + v + w = 0 (0 is the zero vector). Draw a diagram showing the geometric relationship between the three vectors u, v and w.

2. Let P 1 and P2 be planes with general equations P1 : −2x + y − 4z = 2, P2 : x + 2y = 7.

(a) Let P3 be a plane which is orthogonal to both P1 and P2. If such a plane P3 exists, give a possible general equation for it. Otherwise, explain why it is not possible to find such a plane. (b) Let ` be a line which is orthogonal to both P1 and P2. If such a line ` exists, give a possible vector equation for it. Otherwise, explain why it is not possible to find such a line.

A. Name and state the function of three organelles that are unique to bacteria. Now name three organelles unique to eukaryotic cells.

B. Describe the special organization of organelles and cytoskeleton that is only found in eukaryotic cells. How does this special organization affect eukaryotic cell physiology?