At the end of its first year of operations on December 31, 2020,
Crane Company’s accounts show the following.
|
Partner |
Drawings |
Capital |
||
|---|---|---|---|---|
|
Art Niensted |
$23,200 | $46,700 | ||
|
Greg Bolen |
14,100 | 31,500 | ||
|
Krista Sayler |
10,800 | 26,000 |
The capital balance represents each partner’s initial capital
investment. Therefore, net income or net loss for 2020 has not been
closed to the partners’ capital accounts.
To record the division of net income for the year 2020 under each
of the following independent assumptions.
|
1. |
Net income is $31,600. Income is shared 6:3:1. | |
|---|---|---|
|
2. |
Net income is $41,200. Niensted and Bolen are given salary allowances of $14,900 and $10,400, respectively. The remainder is shared equally. | |
|
3. |
Net income is $19,900. Each partner is allowed interest of 10% on beginning capital balances. Niensted is given a $15,780 salary allowance. The remainder is shared equally. |
Prepare a schedule showing the division of net income under
assumption (3) above. (If an amount reduces the account
balance then enter with a negative sign preceding the number e.g.
-15,000 or parenthesis e.g. (15,000).)
|
DIVISION OF NET INCOME |
||||||||
|---|---|---|---|---|---|---|---|---|
|
Art Niensted |
Greg Bolen |
Krista Sayler |
Total |
|||||
|
Salary allowance |
$enter a dollar amount | enter a dollar amount | enter a dollar amount | $enter a total for the row | ||||
|
Interest allowance on capital |
enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a total for the row | ||||
|
Total salaries and interest |
enter a subtotal of the two previous amounts | enter a subtotal of the two previous amounts | enter a subtotal of the two previous amounts | enter a subtotal of the two previous amounts | ||||
|
Remaining excess/ deficiency |
enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a total for the row | ||||
|
Total division of net income |
$enter a total amount | $enter a total amount | $enter a total amount | $enter a total amount | ||||
In: Accounting
Coca-Cola Revenues ($ millions), 2005–2010 Quarter 2005 2006 2007 2008 2009 2010
Qtr1 5,206 5,131 6,090 7,410 7,180 7,516
Qtr2 6,310 6,480 7,720 9,060 8,232 8,665
Qtr3 6,037 6,422 7,677 8,314 8,040 8,417
Qtr4 5,551 5,920 7,318 7,100 7,498 10,485
Click here for the Excel Data File (a-1) Use MegaStat or Minitab to deseasonalize Coca-Cola’s quarterly data.
(Round your answers to 3 decimal places.)
1 2 3 4 2005 2006 2007 2008 2009 2010 mean
(a-2) State the adjusted four quarterly indexes. (Round your answers to 3 decimal places.)
Q1 Q2 Q3 Q4 (a-3) What is the trend model for the deseasonalized time series? (Round your answers to 2 decimal places.)
yt = xt + (b) State the model found when performing a regression using seasonal binaries. (A negative value should be indicated by a minus sign. Round your answers to 4 decimal places.) yt = + t + Q1 + Q2 + Q3
(c) Use the regression equation to make a prediction for each quarter in 2011. (Enter your answers in millions rounded to 3 decimal places.) Quarter Predicted Q1 Q2 Q3 Q4
In: Statistics and Probability
| Coca-Cola Revenues ($ millions), 2005–2010 | ||||||
| Quarter | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 |
| Qtr1 | 5,200 | 5,117 | 6,075 | 7,380 | 7,150 | 7,800 |
| Qtr2 | 6,304 | 6,465 | 7,705 | 9,045 | 8,220 | 8,659 |
| Qtr3 | 6,031 | 6,410 | 7,662 | 8,305 | 8,025 | 8,411 |
| Qtr4 | 5,545 | 5,905 | 7,303 | 7,040 | 7,480 | 10,479 |
(a-1) Use MegaStat or Minitab to deseasonalize
Coca-Cola’s quarterly data. (Round your answers to 3
decimal places.)
| 1 | 2 | 3 | 4 | |
| 2005 | ||||
| 2006 | ||||
| 2007 | ||||
| 2008 | ||||
| 2009 | ||||
| 2010 | ||||
| mean | ||||
(a-2) State the adjusted four quarterly indexes.
(Round your answers to 3 decimal
places.)
| Q1 | Q2 | Q3 | Q4 |
(a-3) What is the trend model for the
deseasonalized time series? (Round your answers to 2
decimal places.)
yt
= xt +
(b) State the model found when performing a
regression using seasonal binaries. (A negative value
should be indicated by a minus sign. Round your answers to 4
decimal places.)
yt
= + t + Q1
+ Q2 + Q3
(c) Use the regression equation to make a
prediction for each quarter in 2011. (Enter your answers in
millions rounded to 3 decimal places.)
| Quarter | Predicted |
| Q1 | |
| Q2 | |
| Q3 | |
| Q4 | |
In: Statistics and Probability
Why do you think it is important to review the strategy of a company before and after completing a financial statement analysis? Explain.
In: Finance
The unadjusted trial balance of Imagine Ltd., a private company following ASPE, at December 31, 2020 is as follows:
| Debit | Credit | |||
| Cash | $10,850 | |||
| Accounts receivable | 56,500 | |||
| Allowance for doubtful accounts | $750 | |||
| FV-NI investments | 8,600 | |||
| Inventory | 58,000 | |||
| Prepaid insurance | 2,940 | |||
| Prepaid rent | 13,200 | |||
| FV-OCI investments | 14,000 | |||
| Bond investment at amortized cost | 18,000 | |||
| Land | 10,000 | |||
| Equipment | 104,000 | |||
| Accumulated depreciation—equipment | 18,000 | |||
| Accounts payable | 9,310 | |||
| Bonds payable | 50,000 | |||
| Common shares | 100,000 | |||
| Retained earnings | 103,260 | |||
| Sales revenue | 223,310 | |||
| Rent revenue | 10,200 | |||
| Purchases | 170,000 | |||
| Purchase discounts | 2,400 | |||
| Freight out | 9,000 | |||
| Freight in | 3,500 | |||
| Salaries and wages expense | 31,000 | |||
| Interest expense | 6,750 | |||
| Miscellaneous expense | 890 | |||
| $517,230 | $517,230 |
Additional information:
| 1. | On November 1, 2020, Imagine received $10,200 rent from its lessee for a 12-month lease beginning on that date. This was credited to Rent Revenue. | |
| 2. | Imagine estimates that 7% of the Accounts Receivable balances on December 31, 2020, will be uncollectible. On December 28, 2020, the bookkeeper incorrectly credited Sales Revenue for a receipt of $1,000 on account. This error had not yet been corrected on December 31. | |
| 3. | After a physical count, inventory on hand at December 31, 2020, was $77,000. (Use "Inventory" account for closing out the beginning inventory amount and recording the ending inventory amount.) | |
| 4. | Prepaid insurance contains the premium costs of two policies: Policy A, cost of $1,320, two-year term, taken out on April 1, 2020; Policy B, cost of $1,620, three-year term, taken out on September 1, 2020. | |
| 5. | The regular rate of depreciation is 10% of cost per year. Acquisitions and retirements during a year are depreciated at half this rate. There were no retirements during the year. On December 31, 2019, the balance of Equipment was $90,000. | |
| 6. | On April 1, 2020, Imagine issued at par value 50 $1,000, 11% bonds maturing on April 1, 2024. Interest is paid on April 1 and October 1. | |
| 7. | On August 1, 2020, Imagine purchased at par value 18 $1,000, 12% Legume Inc. bonds, maturing on July 31, 2022. Interest is paid on July 31 and January 31. | |
| 8. | On May 30, 2020, Imagine rented a warehouse for $1,100 per month and debited Prepaid Rent for an advance payment of $13,200. | |
| 9. | Imagine’s FV-NI investments consist of shares with total market value of $9,400 as at December 31, 2020. | |
| 10. | The FV-OCI investment is an investment of 500 shares in Yop Inc., with current market value of $25 per share as of December 31, 2020. |
(a)
Prepare the year-end adjusting and correcting entries for December 31, 2020, using the information given. Record the adjusting entry for inventory using a Cost of Goods Sold account.
In: Accounting
1. Test the claim that the mean GPA of night students is
significantly different than the mean GPA of day students at the
0.1 significance level.
The null and alternative hypothesis would be:
|
H0:pN≤pDH0:pN≤pD H0:pN≥pDH0:pN≥pD H0:μN≥μDH0:μN≥μD H0:μN≤μDH0:μN≤μD H0:μN=μDH0:μN=μD H0:pN=pDH0:pN=pD |
The test is:
right-tailed
left-tailed
two-tailed
The sample consisted of 12 night students, with a sample mean GPA
of 3.13 and a standard deviation of 0.04, and 10 day students, with
a sample mean GPA of 3.15 and a standard deviation of 0.08.
| test statistic = | |
| [three decimal accuracy] | |
| p-value = | |
| [three decimal accuracy] |
Based on this we:
2. Heart rates are determined before and 30 minutes after a
Kettleball workout. It can be assumed that heart rates (bpm) are
normally distributed. Use the data provided below to test to
determine if average heart rates prior to the workout are
significantly lower than 30 minutes after a Kettleball workout at
the 0.10 level of significance. Let μ1μ1 = mean before
workout.
|
Select the correct Hypotheses:
|
H0:μ1≥μ2H0:μ1≥μ2 H0:μ1≤μ2H0:μ1≤μ2 H0:μd≥0H0:μd≥0 H0:μd≤0H0:μd≤0 H0:μ1=μ2H0:μ1=μ2 H0:μd=0H0:μd=0 |
| Test Statistic, ttest = | |
| [three decimal accuracy] | |
| p-value = | |
| [three decimal accuracy] |
Conclusion:
Interpret the conclusion in context:
3. Heart rates are determined before and 30 minutes after a
Kettleball workout. It can be assumed that heart rates (bpm) are
normally distributed. Use the data provided below to test to
determine if average heart rates prior to the workout are
significantly lower than 30 minutes after a Kettleball workout at
the 0.02 level of significance. Let μ1μ1 = mean before
workout.
|
Construct the appropriate confidence interval for the given level
of significance.
| ( | , | ) | |
| [three decimal accuracy] | [three decimal accuracy] |
In: Statistics and Probability
In: Finance
Characterize the patients that tested positive fo r CRE isolates from 2010 to 2015 in the Unites States.
In: Biology
in your opinion what is Leach (2010) Can your computer make you happy in 200 words.
In: Computer Science
The unemployments number of US for 2019 is 3.7%, and for the year 2010 is 9.7%
explain why we observe such a contrast.
In: Economics