After World War II, the United States experienced a "baby boom" as birthrates rose dramatically between 1946-1964. Lower birthrates after 1965 mean that the now aging baby boom generation is larger than the generations before and after it. What effects will the aging of the baby boom generation have on the economy?

1. At the beginning of its fiscal year 2020, an analyst made the following forecast for Greenfield, Inc. (in millions of dollars):

Greenfield has a net debt of $1,950 at the end of 2019. Assume that free cash flow will grow at 4 percent per year in 2024 and 2025, after that this will grow at 5 percent per year. Greenfield had 425 million shares outstanding at the end of 2019, trading at $72.5 per share. Using a required return of 9 percent, calculate the following for Greenfield at the beginning of 2020 (You have to fill in the table below, and also show your working process):

1. The enterprise value                                                                           

[5 marks]

2. Equity value                                                                            

[2 mark]

3. Equity value per share                                                                        

[1 mark]

4. Based on your estimate, should investors buy the share of this company?

                                                                                                              [1 mark]

Problem 11-6A Partnership entries, profit allocation, admission of a partner LO2, 3, 4

On June 1, 2020, Jill Bow and Aisha Adams formed a partnership to open a gluten-free commercial bakery, contributing $296,000 cash and $392,000 of equipment, respectively. The partnership also assumed responsibility for a $56,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $166,000, both are to receive an annual interest allowance of 5% of their original capital investments, and any remaining profit or loss is to be shared 40/60 (to Bow and Adams, respectively). On November 20, 2020, Adams withdrew cash of $116,000. At year-end, May 31, 2021, the Income Summary account had a credit balance of $540,000. On June 1, 2021, Peter Williams invested $136,000 and was admitted to the partnership for a 20% interest in equity.

Required:
1. Prepare journal entries for the following dates.

a. June 1, 2020

b. November 20, 2020

c. May 31, 2021

d. June 1, 2021

2. Calculate the balance in each partner’s capital account immediately after the June 1, 2021, entry.

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2017–2020 are as follows:

There are no differences between accounting income and taxable income other than the temporary difference described above. The enacted tax rate for each year is 40%.

(Hint: You may find it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31, 2017–2020.)

Required:
1. Prepare the appropriate journal entry to record Alsup's 2018 income taxes, Alsup’s 2019 income taxes and Alsup’s 2020 income taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands.)

Record 2018,2019,2020and income taxes

Calculate the pH for each of the following cases in the titration of 35.0 mL of 0.120 M LiOH(aq), with 0.120 M HI(aq). (a) before addition of any HI (b) after addition of 13.5 mL of HI (c) after addition of 20.5 mL of HI (d) after the addition of 35.0 mL of HI (e) after the addition of 45.5 mL of HI (f) after the addition of 50.0 mL of HI

Calculate the pH for each of the following cases in the titration of 35.0 mL of 0.130 M LiOH(aq), with 0.130 M HCl(aq).

a) before addition of any HCl

(b) after addition of 13.5 mL of HCl

c) after addition of 21.5 mL of HCl

d) after the addition of 35.0 mL of HCl

e) after the addition of 42.5 mL of HCl

(f) after the addition of 50.0 mL of HCl

Calculate the pH for each of the following cases in the titration of 35.0 mL of 0.120 M NaOH(aq), with 0.120 M HCl(aq).

(a) before addition of any HCl

(b) after addition of 13.5 mL of HCl

(c) after addition of 21.5 mL of HCl

(d) after the addition of 35.0 mL of HCl

(e) after the addition of 43.5 mL of HCl

(f) after the addition of 50.0 mL of HCl

Calculate the pH for each of the following cases in the titration of 35.0 mL of 0.140 M KOH(aq), with 0.140 M HI(aq).

(a) before addition of any HI (b) after addition of 13.5 mL of HI (c) after addition of 23.5 mL of HI (d) after the addition of 35.0 mL of HI (e) after the addition of 40.5 mL of HI (f) after the addition of 50.0 mL of HI