Wilderness Inc. uses a perpetual inventory system and follows ASPE standards. During September, the following transactions occurred regarding their backpack inventory: Sept 4 Purchased backpacks for $1,050 from Back Packs Unlimited, terms 3/10, n/60, FOB Shipping Point. 5 The necessary party paid the shipping fees of $50 from the Sept. 4 transaction. 6 Returned $250 of the backpacks that were purchased Sept. 4 that were defective. 9 Sold backpacks for $1,000 to University Supply, terms 2/15, n/30, FOB Shipping Point. The cost of the backpacks were $600. 11 The necessary party paid the shipping fees of $75 for the Sept. 9 transaction. 13 Paid amount owed to Back Packs Unlimted for September transactions. 16 University Supply found some damages on 3 of the backpacks that were sold on Sept. 9 so we granted them an allowance of $100. 22 Received payment from University Supply for September transactions. Instructions: Prepare journal entries to record the above transactions. (no explanations necessary)
In: Accounting
Eastern University had the following transactions at the
beginning of its academic year:
Student tuition and fees were billed in the amount of $7,000,000. Of that amount, $4,500,000 was collected in cash.
Pell Grants in the amount of $2,000,000 were received by the university.
The Pell Grants were applied to student accounts.
Student scholarships, for which no services were required, amounted to $450,000. These were applied to student tuition bills at the beginning of each semester.
Required:
Prepare journal entries to record the above transactions
assuming:
a. Eastern University is a public
university.
b. Eastern University is a private university.
In: Accounting
Eastern University had the following transactions at the
beginning of its academic year:
Student tuition and fees were billed in the amount of $7,000,000. Of that amount, $4,500,000 was collected in cash.
Pell Grants in the amount of $2,000,000 were received by the university.
The Pell Grants were applied to student accounts.
Student scholarships, for which no services were required, amounted to $450,000. These were applied to student tuition bills at the beginning of each semester.
Required:
Prepare journal entries to record the above transactions
assuming:
a. Eastern University is a public
university.
b. Eastern University is a private university.
In: Accounting
Use the following financial information for Questions 1-4 below:
From the income statement:
|
Depreciation expense Interest expense |
$170,000 25,000 |
|
Income tax Net income |
29,000 148,000 |
From the balance sheet:
|
Current liabilities |
$95,000 |
|
|
Long-term debt |
825,000 |
|
|
Deferred income taxes |
85,000 |
|
|
Total Liabilities |
$1,005,000 |
|
|
Preferred stock |
8,000 |
|
|
Common stock |
276,000 |
|
|
Premium on common stock |
163,000 |
|
|
Retained earnings |
678,000 |
|
|
Total Stockholders’ Equity |
$1,125,000 |
|
|
Total Liabilities & Stockholders’ Equity |
$2,130,000 |
1. What is the Times Interest Earned ratio? _________ /_______ = ___________
2. What is the Debt/Assets (Debt) ratio? ________________ /___________ = __________
3. What is the Debt*/Equity ratio? ________________ /___________ = __________
*Use Long-term debt
4. Consider the additional information for the above analysis:
i) Company prior year result of 7.0
ii) Industry average: 5.0
Interpret your findings: Are the results acceptable? Why?
i) Company prior year result of 0.8
ii) Industry average: 0.6
Interpret your findings: Are the results acceptable? Why?
In: Accounting
A 2010 study asserts that the number of hours that the average college student studies each week has been steadily dropping (The Boston Globe, July 4, 2010). In fact, the researchers state that, in the U.S., today’s undergraduates study an average of 14 hours per week. Suppose an administrator at a local university wants to show that the average study time of students at his university differs from the national average. He takes a random sample of 35 students at is university and finds that the average number of hours spent studying per week is 16.3. Assume that the population standard deviation is 7.2 hours. At 0.05 level of significance, what is the test statistics for testing the hypotheses H0: µ = 14 versus H1: µ ≠ 14?
In: Statistics and Probability
Is there a difference between community college statistics students and university statistics students in what technology they use on their homework? Of the randomly selected community college students 67 used a computer, 86 used a calculator with built in statistics functions, and 22 used a table from the textbook. Of the randomly selected university students 40 used a computer, 88 used a calculator with built in statistics functions, and 39 used a table from the textbook. Conduct the appropriate hypothesis test using an αα = 0.01 level of significance.
In: Statistics and Probability
Part A
Mr Li, Mr Tong, Miss Chow and Mr Yu are directors and shareholders
of Quick Profit Limited (‘the Company’), a Hong Kong private
limited company. The Company has an issued and paid-up share
capital of HK$30,000,000. Each of them holds 4,000,000 shares in
the Company.
The Company has adopted the Model Articles as its articles of association, which were subsequently modified to include the following clauses:
1 every director must subscribe at least 3,000,000 shares in the
Company within two months after appointment; and
2 the quorum of directors’ and shareholders’ meetings is three.
As the company secretary of the Company, advise Mr Li, the chairman
of the board, on the course of actions to be taken by the Company
(giving reasons for your answers) in the following
circumstances:
a Mr Tong informed the Company that he intended to sell 1,100,000
shares to Mrs Wong who will then hold those shares in trust for her
husband, Mr Wong.
b Miss Chow informed the Company that she would sell all her shares
in the Company to her friend, Mr Lo and resign as director of the
Company with effect from 1 April 2018.
c The Company received a photocopy of the power of attorney from Mr
Chan, who is the attorney for Mr Lam, who holds 500,000 shares in
the Company.
d Ms Tang, who holds 10,000 shares in the Company, informed the
Company that she had married and requested the Company to amend her
name on the register of members from Tang Mei Mei to Au Tang Mei
Mei.
e The Company received a letter from MCC Limited, which holds
200,000 shares in the Company, informing the Company that MCC
Limited has commenced liquidation on 1 March 2018 and Mr Black has
been appointed as liquidator of MCC Limited.
f Mrs Yu informed the Company that her husband, Mr Yu, had passed
away on 30 March 2018.
Part B
a A pre-emption clause governing transfer of shares may be found in
the articles of association of some private companies. Explain what
a pre-emption clause is and whether it is beneficial to the
shareholders of a private company. Give reasons to support your
answer.
b If Quick Profit Limited is a listed company, a share registrar
will deal with the matters stated in Part A. Explain the duties
of/services provided by a share registrar to a listed company.
In: Accounting
Identify some important nutrition-related health problems facing people who live in the United States. What are the possible ways to alleviate hunger or obesity problems in the US? Discuss what kinds of barriers interfere with the implementation of these solutions? post are to be between 150 and 200 words
In: Nursing
1) Define each of the insurance terms
2) Which are the 4 four parts of Medicare? Explain each with 2-3 sentences.
3) What is Medicaid? Who is eligible?
4) State the three characteristics to each of the following health care systems: US, UK, and Canada.
In: Nursing
read the article “Ethics In Accounting: The Consequences Of The Enron Scandal.” This article is part of the readings for the week and can be found through the DeVry online library. Let’s point fingers for a minute. Who is to blame for Enron? The executives? The Board of Directors? The auditors? Tell us what you think
In: Accounting