100 50 / 2006 2003 - 2.5 1.25 / 4 ^ * * 2 4 2 ^ # ^ /
Postfix expression please explain
In: Computer Science
Exercise 1 (LO 1, 2) Gross profit: separate firms versus consolidated. Sorel is an 80%-owned subsidiary of Pattern Company. The two affiliates had the following separate income statements for 2015 and 2016.
| Sorel Company | Pattern Company | |||
| 2015 | 2016 | 2015 | 2016 | |
| Sales Revenue | 250,000 | 350,000 | 500,000 | 540,000 |
| Cost of Good Sold | 150,000 | 210,000 | 310,000 | 360,000 |
| Gross Profit | 100,000 | 140,000 | 190,000 | 180,000 |
| Expenses | 45,000 | 66,000 | 120,000 | 125,000 |
| Net Income | 55,000 | 74,000 | 70,000 | 55,000 |
Sorel sells at the same gross profit percentage to all customers. During 2015, Sorel sold goods Pattern for the first time in the amount of $120,000. $30,000 of these sales remained in Pattern's ending inventory. During 2016, sales to Pattern by Sorel were $150,000, of which $25,000 sales were still in Pattern's December 31, 2016, inventory.
Prepare consolidated income statements including the distribution of income to the controlling and noncontrolling interest for 2015 and 2016.
In: Accounting
| May 1 | Purchased merchandise on account from Hilton Wholesale Supply for $7,600, terms 2/10, n/30. | |
| 2 | Sold merchandise on account for $4,100, terms 3/10, n/30. The cost of the merchandise sold was $3,500. | |
| 5 | Received credit from Hilton Wholesale Supply for merchandise returned $300. | |
| 9 | Received collections in full, less discounts, from customers billed on May 2. | |
| 10 | Paid Hilton Wholesale Supply in full, less discount. | |
| 11 | Purchased supplies for cash $840. | |
| 12 | Purchased merchandise for cash $2,840. | |
| 15 | Received $250 refund for return of poor-quality merchandise from supplier on cash purchase. | |
| 17 | Purchased merchandise from Northern Distributors for $2,300, terms 2/10, n/30. | |
| 19 | Paid freight on May 17 purchase $220. | |
| 24 | Sold merchandise for cash $5,620. The cost of the merchandise sold was $4,400. | |
| 25 | Purchased merchandise from Toolware Inc. for $790, terms 3/10, n/30. | |
| 27 | Paid Northern Distributors in full, less discount. | |
| 29 | Made refunds to cash customers for returned merchandise $120. The returned merchandise was returned to inventory and had cost $80. | |
| 31 | Sold merchandise on account for $1,200, terms n/30. The cost of the merchandise sold was $820. |
Record the above transactions
In: Accounting
Scott, Inc. common stock has an equity beta of 1.1,
the annual risk-free rate is 5%, and the expected return on the
market portfolio is 10%. The firm expects that following 2009 its
dividends will increase at the same annual compound rate as that
over the 2006-2009 period.
Year. Dividend
2006 2.5
2007 2.6
2008 2.7
2009 2.8
Estimate the value of a share of Scott, Inc.’s stock
using the dividend discount model. Round your final answer to two
decimals.
In: Finance
On Thursday, July 22, 2010, you bought (traded) the FG, Inc. 6.75% corporate bonds for $101.25. The coupon payments are paid on May 31 and November 30. Using the 360-day accrual basis, calculate the invoice price of the bonds. Please use T+3 to calculate the settlement day (use 2 decimals).
In: Finance
In: Finance
9% of the customers of a mortgage company default on their payments.
A sample of seven customers is selected.
What is the probability that exactly three customers in the sample will default on their payments?
Round your FINAL answer to the nearest 4 decimal points. For example, 0.0223 or 0.2579
In: Statistics and Probability
The following is a list of account titles and amounts (in millions) reported at December 27, 2015, by Hashey, Inc. a leading manufacturer of games, toys, and interactive entertainment software for children and families:
| Accounts Receivable | $ | 1,106 | Equipment | $ | 486 | ||
| Accumulated Amortization | 741 | Goodwill | 591 | ||||
| Accumulated Depreciation | 496 | Inventories | 346 | ||||
| Allowance for Doubtful Accounts | 32 | Land | 11 | ||||
| Buildings | 236 | Licensing Rights | 1,859 | ||||
| Cash and Cash Equivalents | 676 | Prepaid Rent | 351 | ||||
Required:
In: Accounting
The following is a list of account titles and amounts (in millions) reported at December 27, 2015, by Hashey, Inc. a leading manufacturer of games, toys, and interactive entertainment software for children and families:
| Accounts Receivable | $ | 1,098 | Equipment | $ | 478 | ||
| Accumulated Amortization | 733 | Goodwill | 583 | ||||
| Accumulated Depreciation | 488 | Inventories | 338 | ||||
| Allowance for Doubtful Accounts | 38 | Land | 8 | ||||
| Buildings | 228 | Licensing Rights | 1,867 | ||||
| Cash and Cash Equivalents | 668 | Prepaid Rent | 343 | ||||
Required:
In: Accounting
Jordan is a construction contract company involved in building
commercial properties. Its current policy for determining the
percentage of completion of its contracts is based on the
proportion of cost incurred to date compared to the total expected
cost of the contract.
One of Jordan’s contracts has an agreed price of $250 million and
estimated total costs of $200 million.
The cumulative progress of this contract is:
Year ended: 30 September 2011 30 September 2012
$million $million
Costs incurred 80 145
Work certified and billed 75 160
Billings received 70 150
Based on the above, Jordan prepared and published its financial statements for the year ended 30 September 2011. Relevant extracts are:
Statement of Profit and Loss
$million
Revenue (balance) 100
Cost of sales (80)
––––
Profit (50 x 80/200) 20
––––
Statement of financial position
$million
Current assets
Amounts due from customers
Contract costs to date 80
Profit recognised 20
––––
100
Progress billings (75)
––––
25
––––
Contract receivables (75 – 70) 5
Jordan has received some adverse publicity in the financial
press for taking its profit too early in the contract process,
leading to disappointing profits in the later stages of contracts.
Most of Jordan’s competitors take profit based on the percentage of
completion as determined by the work certified compared to the
contract price.
Required:
(i) Assuming Jordan changes its method of determining
the percentage of completion of contracts to that used by its
competitors, and that this would represent a change in an
accounting estimate, calculate equivalent extracts to the above for
the year ended 30 September 2012 (5marks)
(ii) Explain the Criteria for Recognising Revenue from contract with customers. .
(iii) Explain the difference between Revenue Recognition from construction contracts when The contract is profit making and when losses are probable.
In: Accounting