Hopkins Lighting Company is a wholesale lighting company that purchases lamps and resells them to retail customers. Hopkins is beginning operations on October 1, 2019. Hopkins Lighting Company stocks three inventory items: desk lamps, table lamps, and floor lamps. Hopkins uses a perpetual inventory system. All expenses associated with the office are Administrative Expenses and all expenses associated with the wharehouse are selling expenses. Hopkinss has hired you to assist them regarding what inventory flow method to adopt. Hopkinss not an expert on inventory flow methods expresses a desire to be tax efficient.

During the fourth quarter of 2019, Hopkins completed the following transactions:

Oct 1 The following assets were received from Hopkins in exchange for common stock:  cash, $150,000;  office supplies, $275; warehouse supplies, $350; land, $20,000; building, $780,000; office furniture and equipment, $125,000; and warehouse fixtures, $260,000.

3    Purchased lamps on account from Blue Ridge Lights, n/30, FOB destination:

                        2,500 desk lamps at $8 each

                        3,000 table lamps at $18 each

                        2,000 floor lamps at $26 each

10     Purchased lamps on account from Blue Ridge Lights, terms n/30, FOB destination:

                        5,000 desk lamps at $9 each

                        7,500 table lamps at $19 each

                        2,500 floor lamps at $25 each

12    Sold lamps on account to Atlas Home Furnishings, terms 2/10, n/30:

                        4,000 table lamps at $45 each

15    Sold lamps on account to Hiawassee Office Supply, terms 2/10, n/30:

                        1,000 desk lamps at $20 each

20    Received a check from Atlas Home Furnishings for full amount owed on Oct. 12 sale.

28    Sold lamps on account to Parkway Home Stores, terms 2/10, n/30:

                        3,500 table lamps at $45 each

                        1,500 floor lamps at $65 each

30    Paid amount due to Blue Ridge Lights from Oct. 3 purchase.

31    Paid salaries, $40,000 (75% selling, 25% administrative).

31    Paid utilities, $2,500 (60% selling, 40% administrative).

Nov 1   Sold lamps on account to Hiawassee Office Supply, terms 2/10, n/30:

                        3,000 desk lamps at $20 each

5   Purchased lamps on account from Blue Ridge Lights, terms N/30, FOB destination:

                        5,000 desk lamps at $10 each

                        10,000 table lamps at $21 each

                        5,000 floor lamps at $27 each

5   Received a check from Parkway Home Stores for full amount owed on Oct. 28 sale.

8   Received a check from Hiawassee Office Supply for full amount owed on Nov. 1 sale.

10    Paid amount due to Blue Ridge Lights from Oct. 10 purchase.     

10   Purchased and paid for supplies: $325 for the office; $675 for the warehouse.

15   Sold lamps on account to Anderson Office Supply, n/30:

                        2,000 desk lamps at $20 each

18   Sold lamps on account to Go-Mart Discount Stores, terms 1/10, n/30:

                        2,000 table lamps at $45 each

                        2,000 floor lamps at $65 each

28   Received a check from Go-Mart Discount Stores for full amount owed on Nov. 18 sale.

30   Paid salaries, $40,000 (75% selling, 25% administrative).

30   Paid Utilities, $2,670 (60% selling, 40% administrative).

Dec 5    Paid amount due to Blue Ridge Lights from Nov. 5 purchase.

15   Received a check from Anderson Office Supply for full amount owed on Nov. 15 sale.

15   Paid dividends, $50,000.

27   Sold lamps on account to Atlas Home Furnishings, terms 2/10, n/30:

                        4,500 desk lamps at $20 each

                        5,000 table lamps at $45 each

31    Paid salaries, $40,000 (75% selling, 25% administrative).

31    Paid utilities, $3,200 (60% selling, 40% administrative).

Requirements:

1.         Open general ledger T-accounts and enter opening balances as of October 1, 2019.

2.         Record the transactions in the general journal.

4.         Post transactions to the general ledger.

5.         Prepare adjusting entries for the year ended December 31, 2018, and post to the ledger:

            a. Depreciation, $48,500 (75% selling, 25% administrative). Use a single accumulated depreciation account.

            b. Supplies on hand:  office, $200; and warehouse, $650.

            c. A physical inventory account resulted in the following counts:  desk lamps, 2,000; table       lamps, 6,000; and floor lamps, 6,000.  

            d. Replacement cost of inventory, desk lamps, $11; table lamps, $22; floor lamps, $24.

6.         Prepare an adjusted trial balance.

7.         Prepare an income statement, statement of retained earnings, and balance sheet as of December 31, 2019.

Use a business periodical or the Internet to determine how the value of the foreign currency of concern has changed over the last year. What is the mean percent-age change over these months? If you believed that the currency's value would continue following the recent trend, would it appreciate or depreciate in the near future?

If you are a CFO, part of your job obligations will likely include handling excess funds. This is cash on hand that doesn’t need to be spent in the near future. What should you do with these funds? Invest it? Leave it in the bank? What are some key considerations?

What are your thoughts on this from a Christian perspective?

At low atomic numbers, stable atomic nuclei have roughly equal numbers of protons and neutrons. How does the neutron/proton ratio change for stable nuclei as the atomic number increases? What is the approximate n:p ration for elements near the end of the periodic table (atomic number above 80)?

find the powere of the upper and lower halves of bifocals design to correct the vision of a 50-year-old nearsighted man who has a near point of 25 cm and a far point of 50 cm

1.) What is the powere of each lens?

2.) What is the person's uncorrected range of clear vision?

Recent advances in molecular techniques have allowed scientists to successfully extract proteins and DNA fragments from extinct animals found in museum collections or the recent fossil record. In the near future, it may be possible to clone previously extinct organisms such as mammoths. What are your opinions on cloning extinct species?

Question 3

Explain why an option’s time value is greatest when the stock price is near the exercise price and why it nearly disappears when the option is deep-in- or out-of- the-money. (5Marks)

Callpricesaredirectlyrelatedtothestock’svolatility,yethighervolatilitymeansthat
the stock price can go lower. How would you resolve this apparent paradox?

3. Pens are normal goods. What will happen to the equilibrium price of pens if the prices of pencils rises, consumers experience an increase in income, writing in ink becomes fashionable, people expect the price of pens to rise in the near future, the population increases, fewer firms manufacture pens, and the wages of pen-makers increase?

For the following situations, choose a modeling method and explain why you would use it.
a. Designing a prosthetic limb

b. Routing a piping system for a building

c. Designing a one-of-a-kind machined part

d. Verifying clearances for an electrical substation located near an airfield

e. Mapping an oil reservoir

Given the current situation, many firms were forced to shut down in the short-run. However, it is being assumed that many will reopen and go back to business in the near future. Look at a specific firm or industry and discuss the decision these firms need to make and how you believe conditions will impact these decisions.