On July 1, Year 1, Danzer Industries Inc. issued $40,000,000 of 10-year, 7% bonds at a market (effective) interest rate of 8%, receiving cash of $37,282,062. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year.

Required:

!!!!!!!!!!USE PRESENT VALUE TABLES!!!!!!!!!!

1. and 2. Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.

JOURNAL

ACCOUNTING EQUATION

JOURNAL

ACCOUNTING EQUATION

3. Determine the total interest expense for Year 1.

Amount: $ __________________

4. Compute the price of $37,282,062 received for the bonds by using the present value tables. (Round to the nearest dollar.)

Your first job out of college will pay you $63,000 in year 1 (exactly one year from today), growing at a rate of 2.9% per year thereafter. You will also receive a one time bonus of $41,000 at the same time as your first salary. You plan to retire in 38 years (you'll receive 38 years of salary). If the applicable discount rate is 6%, what is the present value of these future earnings today? Round to the nearest cent.

Excavation Co., a publicly-traded company, has a December 31 year end. For the 2020 fiscal year, there were 100,000 common shares outstanding all year. Net income for the year ended December 31, 2020 was $900,000. The company’s income tax rate is 25%. During 2019, Spade issued a $5,000,000, 5% convertible bond at par. Each $1,000 bond is convertible into 20 common shares. No bonds have been converted as of December 31, 2020. Also during 2019, Spade issued 100,000, $2 cumulative, convertible preferred shares. Two preferred shares are convertible into one common share. The preferred share dividend was declared and paid in June, 2020. Required : Calculate basic and diluted earnings per share for 2020.

The following financial statements apply to Benson Company:

Required
Calculate the following ratios for Year 3 and Year 4. Since Year 2 numbers are not presented do not use averages when calculating the ratios for Year 3. Instead, use the number presented on the Year 3 balance sheet.

JUST NEED *****F-N*****

a. Net margin. (Round your answers to 2 decimal places.)
b. Return on investment. (Round your answers to 2 decimal places.)
c. Return on equity. (Round your answers to 2 decimal places.)
d. Earnings per share. (Round your answers to 2 decimal places.)
e. Price-earnings ratio (market prices at the end of Year 3 and Year 4 were $5.96 and $4.80, respectively).(Round your intermediate calculations and final answers to 2 decimal places.)
f. Book value per share of common stock. (Round your answers to 2 decimal places.)
g. Times interest earned. Exclude extraordinary income in the calculation as they cannot be expected to recur and, therefore, will not be available to satisfy future interest payments. (Round your answers to 2 decimal places.)
h. Working capital.
i. Current ratio. (Round your answers to 2 decimal places.)
j. Quick (acid-test) ratio. (Round your answers to 2 decimal places.)
k. Accounts receivable turnover. (Round your answers to 2 decimal places.)
l. Inventory turnover. (Round your answers to 2 decimal places.)
m. Debt-to-equity ratio. (Round your answers to 2 decimal places.)
n. Debt-to-assets ratio. (Round your answers to the nearest whole percent.)

During Year 1 and Year 2, Agatha Corp. completed the following transactions relating to its bond issue. The corporation’s fiscal year is the calendar year.

Year 1

Jan. 1 Issued $310,000 of 10-year, 6 percent bonds for $298,000. The annual cash payment for interest is due on December 31.

Dec. 31 Recognized interest expense, including the straight-line amortization of the discount, and made the cash payment for interest.

Dec. 31 Closed the interest expense account.

Year 2

Dec. 31 Recognized interest expense, including the straight-line amortization of the discount, and made the cash payment for interest.

Dec. 31 Closed the interest expense account.

Required

a-1. When the bonds were issued, was the market rate of interest more or less than the stated rate of interest?

a-2. If Agatha had sold the bonds at their face amount, what amount of cash would Agatha have received?

b. Prepare the liabilities section of the balance sheet at December 31, Year 1 and Year 2.

c. Determine the amount of interest expense that will be reported on the income statements for Year 1 and Year 2.

d. Determine the amount of interest that will be paid in cash to the bondholders in Year 1 and Year 2.

Comparative financial statement data for Carmono Company follow:

For this year, the company reported net income as follows:

This year Carmono declared and paid a cash dividend. There were no sales of property, plant, and equipment during this year. The company did not repurchase any of its own stock this year.

Required:

1. Using the indirect method, prepare a statement of cash flows for this year.

2. Compute Carmono’s free cash flow for this year.

Wallace & Wallace, CPAs, audited the financial statements of West Co., a nonpublic entity, for the year ended September 30, 20X1, and expressed an unqualified opinion. For the year ended September 30, 20X2, West issued comparative financial statements. Wallace & Wallace reviewed West's 20X2 financial statements and Gordon, an assistant on the engagement, drafted the accountant's review report below. Martin, the engagement supervisor, decided not to reissue the prior year's auditor's report, but instructed Gordon to include a separate paragraph in the current year's review report describing the responsibility assumed for the prior year's audited financial statements.

Martin reviewed Gordon's draft and indicated in Martin's Review Notes that there were many deficiencies in Gordon's draft. Accountant's Review Report

We have reviewed the accompanying balance sheet of West Company as of September 30, 20X2, and the related statements of income and cash flows for the year then ended.

A review includes primarily applying analytical procedures to management's financial data and making inquiries of company management. A review also includes assessing the accounting principles used and significant estimates made by management, as well as, evaluating the overall financial statement presentation. Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America. Our responsibility is to conduct the review in accordance with standards issued by the American Institute of Certified Public Accountants. Those standards require us to perform procedures to obtain limited assurance that there are no material modifications that should be made to the financial statements. We believe that the results of our procedures provide a reasonable basis for our report. Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements. Accordingly, the accompanying financial statements have been prepared assuming that the company will continue as a going concern. Furthermore, we have no responsibility to update this report for events and circumstances occurring after the date of this report. The financial statements for the year ended September 30, 20X1, were audited by us and we expressed an unqualified opinion on them in our report dated November 7, 20X1, but we have not performed any auditing procedures since that date. In our opinion, the financial statements referred to above are presented fairly, in all material respects, for the year then ended in conformity with generally accepted accounting principles.

Wallace & Wallace, CPAs November 6, 20X2 For each report deficiency noted by Martin, select whether (1) Martin is correct; (2) Gordon is correct; or (3) both are incorrect.

1. There should be a reference to the prior year's audited financial statements in the first (introductory) paragraph.

2. All of the current year's basic financial statements are not properly identified in the first (introductory) paragraph.

3. The standards referred to in the third (accountant's responsibilities) paragraph should not be standards issued by the American Institute of Certified Public Accountants, but should be Standards for the Compilation and Review of Financial Statements.

4. The title of the report should be Independent Review Report. The statement in the third paragraph that the accountant is required to perform procedures to obtain limited assurance that there are no material modifications that should be made to the financial statements should be in the introductory paragraph following the description of a review.

5. There should be a statement in the second (management's responsibilities) paragraph that describes management's responsibilities relative to internal control.

6. There should be a comparison of the scope of a review to an audit in the introductory paragraph.

7. There should be no reference to assessing the accounting principles used; significant estimates made by management; and evaluating the overall financial statement presentationin the introductory paragraph.

8. There should be a reference to "conformity with generally accepted accounting principles" in the fourth paragraph.

9. There should be a reference to consistency in the fourth paragraph.

10. There should be a restriction on the distribution of the accountant's review report in the fourth paragraph.

11. The reference to "going concern" in the fourth paragraph should be in the first paragraph.

12. The accountant's lack of responsibility to update the report in the fourth paragraph should be in the first paragraph.

13. There should be no mention of the type of opinion expressed on the prior year's audited financial statements in the fifth (separate) paragraph.

14. All of the prior year's basic financial statements are not properly identified in the fifth (separate) paragraph.

15. The reference in the fifth (separate) paragraph to the fair presentation of the prior year's audited financial statements in accordance with generally accepted accounting principles should be omitted.

16. The report should be dual dated to indicate the date of the prior year's auditor's report.

this assignment requires you to interview one person and requires an analysis of your interview experience. Part I: Interview Select a patient, a family member, or a friend to interview. Be sure to focus on the interviewee's experience as a patient, regardless of whom you choose to interview. Review The Joint Commission resource which provides some guidelines for creating spiritual assessment tools for evaluating the spiritual needs of patients. Using this resource and any other guidelines/examples that you can find, create your own tool for assessing the spiritual needs of patients. Create a survey to assess the subject's spiritual need during the interview. The spiritual needs assessment survey needs a minimum of five questions that can be answered during the interview. During the interview, document the interviewee's responses. Submit the transcript of the interview. The transcript should include the questions asked and the answers provided. Be sure record the responses during the interview by taking detailed notes. Omit specific names and other personal information from the interview. Part II: Analysis Write a 500-750 word analysis of your interview experience. Be sure to exclude specific names and other personal information from the interview. Instead provide demographics such as sex, age, ethnicity, and religion. Include the following in your response: What went well? What would you do differently in the future? Were there any barriers or challenges that inhibited your ability to complete the assessment tool? How would you address these in the future or change your assessment to better address these challenges? Describe the spiritual experience you had with your patient, family member, or friend using this tool. How does this tool allow you to better meet the needs of your patient? Did you discover that illness and stress amplified the spiritual concern and needs of your interviewee? Explain your answer with examples. Submit both the transcript of the interview and the analysis of your results. Prepare this assignment according to the APA guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required. This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.