*NEED BY 10:59!!
Ogonquit Enterprises prepares annual financial statements and adjusts its accounts only at the end of the year. The following information is available for the year ended December 31, 2016:
| a. | Ogonquit purchased office furniture last year for $25,000. The furniture has an estimated useful life of seven years and an estimated salvage value of $4,000. |
| b. | The Supplies account had a balance of $1,200 on January 1, 2016. During 2016, Ogonquit added $12,900 to the account for purchases of supplies during the year. A count of the supplies on hand at the end of December 2016 indicates a balance of $900. |
| c. | On July 1, 2016, Ogonquit credited a liability account, Customer Deposits, for $8,800. This sum represents an amount that a customer paid in advance and that will be recognized evenly by Ogonquit over an eight-month period. |
| d. | Ogonquit rented some warehouse space on September 1, 2016, at a rate of $4,000 per month. On that date, Ogonquit debited Prepaid Rent for six months’ rent paid in advance. |
| e. | Ogonquit took out a 90-day, 6%, $30,000 note on November 1, 2016, with interest and principal to be paid at maturity. |
| f. | Ogonquit operates five days per week with an average weekly payroll of $4,150. Ogonquit pays its employees every Thursday. December 31, 2016, is a Saturday. |
Required:
| 1. | fill out in this box format | ||||||||||||||||||||||||
|
In: Accounting
|
PBO: |
||
|
Balance, Jan. 1 |
$ |
242,000 |
|
Service cost |
43,000 |
|
|
Interest cost (5% discount rate) |
12,100 |
|
|
Gain from changes in actuarial assumptions in 2016 |
(5,200) |
|
|
Benefits paid to retirees |
(22,000) |
|
|
Balance, Dec. 31 |
$ |
269,900 |
|
Plan assets: |
||
|
Balance, Jan.1 |
$ |
252,000 |
|
Actual return (expected return was $22,700) |
20,000 |
|
|
Contributions |
37,000 |
|
|
Benefits paid |
(22,000) |
|
|
Balance, Dec. 31 |
$ |
287,000 |
|
January 1, 2016, balances: |
|
|
Prior service cost–AOCI (amortization $4,170/yr.) |
4,170 |
|
Net gain–AOCI (amortization, if any, over 15 years) |
41,700 |
|
There were no other relevant data. |
|
1. Calculate the 2016 pension expense.
2. Prepare the 2016 journal entries to record pension expense
3. Prepare the 2016 journal entries to record funding.
4.Prepare any journal entries to record any 2016 gains or losses
5. Fill in the following spreadsheet :
|
PBO |
Plan Assets |
Prior Service cost |
Net (gain) |
Pension |
Cash |
Pension Asset |
|
|
Beginning balance, 01/01/2016 |
|||||||
|
Service cost |
|||||||
|
Interest cost |
|||||||
|
Expected return on assets |
|||||||
|
Gain/loss on assets |
|||||||
|
Amortization of: |
|||||||
|
Prior service cost |
|||||||
|
Net gain/loss |
|||||||
|
Loss (gain) on PBO |
|||||||
|
Contributions to fund |
|||||||
|
Retiree benefits paid |
|||||||
|
Ending balance, 12/31/2016 |
|||||||
In: Accounting
Wright Development purchases, develops, and sells commercial building sites. As the sites are sold, they are cleared at an average cost of $2,500 per site. Storm drains and driveways are also installed at an average cost of $5,500 per site. Selling costs are 10 percent of sales price. Administrative costs are $420,000 per year. During 2016, the company bought 1,000 acres of land for $5,000,000 and divided it into 200 sites of equal size. The average selling price per site was $85,000 during 2016 when 50 sites were sold. During 2017, the company purchased and developed another 1,000 acres, divided into 200 sites. The purchase price was again $5,000,000. Sales totaled 300 sites in 2017 at an average price of $85,000.
Required a. Prepare 2016 and 2017 functional income statements using absorption costing.
Use a negative sign only to indicate a net loss for income. Otherwise, do not use negative signs with your answers.
| Wright Development | ||
|---|---|---|
| Functional Income Statements | ||
| For the Years 2016 and 2017 | ||
| 2016 | 2017 | |
| Sales | ||
| Cost of sales | ||
| Gross profit | ||
| Selling and administrative expenses: | ||
| Net income (loss) | ||
b. Prepare 2016 and 2017 contribution income statements using
variable costing.
Use a negative sign only to indicate a net loss for income. Otherwise, do not use negative signs with your answers.
| Wright Development | ||
|---|---|---|
| Contribution Income Statements | ||
| For the Years 2016 and 2017 | ||
| 2016 | 2017 | |
| Sales | ||
| Variable costs | ||
| Contribution margin | ||
| Fixed expenses | ||
| Net income (loss) | ||
In: Accounting
I need to implement incrementalInserstionSort im stuck on that part
import java.util.*;
/**
* This class represents chains of linked nodes that
* can be sorted by a Shell sort.
*
* @author Charles Hoot
* @author Frank M. Carrano
* Modified by atb
* @author YOUR NAME
* @version 9/29/2020
*/
public class ChainSort>
{
private Node firstNode; // reference to first node
public ChainSort()
{
this.firstNode = null;
}
public void display()
{
Node currentNode = this.firstNode;
while (currentNode != null)
{
System.out.print(currentNode.data + " ");
currentNode = currentNode.next;
}
System.out.println();
} // end display
public boolean isEmpty()
{
return this.firstNode == null;
} // end isEmpty
public void addToBeginning(T newEntry)
{
Node newNode = new Node<>(newEntry);
newNode.next = this.firstNode;
this.firstNode = newNode;
} // end addToBeginning
public void shellSort(int chainSize)
{
//TODO Project3
for (int space = chainSize / 2; space > 0; space = space / 2)
{
// create sub-chains:
// set previousNode to the first node in the chain
// set currentNode to the first node in the chain
// with a for loop traverse nodes space times using currentNode
// to find the second node of the first sub-chain
//
// with a while loop set up backward links for all sub-chains:
// set currentNode's previous pointer to the previousNode
// set previousNode to its next node and do the same with the currentNode
Node currentNode = this.firstNode;
Node previousNode = this.firstNode;
for (int index = 0; index < space; index++)
{
currentNode = currentNode.next;
}
while (currentNode != null)
{
previousNode = previousNode.next;
currentNode = currentNode.next;
}
System.out.println("\n\u001B[35m\u001B[1m----->Before partial sort with space " + space + " :\u001B[0m");
display();
// sort all the sub-chains:
incrementalInsertionSort(space);
System.out.println("\u001B[35m\u001B[1m----->After partial sort done with space " + space + " :\u001B[0m");
display();
}
} // end shellSort
/**
* Task: Sorts equally spaced elements of a linked chain into
* ascending order. Sub-chains created with a use of previous.
*
* @param space the space between the nodes of the
* elements to sort
*/
private void incrementalInsertionSort( int space)
{
//TODO Project3
// when sorting do not change pointers - simply swap the data if needed
} // end incrementalInsertionSort
private class Node
{
private S data;
private Node next;
private Node previous; // ADDED for linking backwards for shell sort
private Node(S dataPortion)
{
this.data = dataPortion;
this.next = null;
this.previous = null;
}
} // end Node
// ************ TEST DRIVER *****************
public static void main(String args[])
{
System.out.println("What size chain should be used?");
int chainSize = getInt(" It should be an integer value greater than or equal to 1.");
System.out.println("What seed value should be used?");
int seed = getInt(" It should be an integer value greater than or equal to 1.");
Random generator = new Random(seed);
ChainSort myChain = new ChainSort<>();
for (int i = 0; i < chainSize; i++)
myChain.addToBeginning(generator.nextInt(100));
System.out.print("\nOriginal Chain Content: ");
myChain.display();
myChain.shellSort(chainSize);
System.out.print("\nSorted Chain Content: ");
myChain.display();
}
/**
* Get an integer value
*
* @param rangePrompt String representing a message used to ask the user for input
* @return an integer
*/
private static int getInt(String rangePrompt)
{
Scanner input;
int result = 10; //default value is 10
try
{
input = new Scanner(System.in);
System.out.println(rangePrompt);
result = input.nextInt();
} catch (NumberFormatException e)
{
System.out.println("Could not convert input to an integer");
System.out.println(e.getMessage());
System.out.println("Will use 10 as the default value");
} catch (Exception e)
{
System.out.println("There was an error with System.in");
System.out.println(e.getMessage());
System.out.println("Will use 10 as the default value");
}
return result;
}
} // end ChainSortIn: Computer Science
Blue Company began operations on January 2, 2016. It employs 10
individuals who work 8-hour days and are paid hourly. Each employee
earns 12 paid vacation days and 7 paid sick days annually. Vacation
days may be taken after January 15 of the year following the year
in which they are earned. Sick days may be taken as soon as they
are earned; unused sick days accumulate. Additional information is
as follows.
|
Actual Hourly |
Vacation Days Used |
Sick Days Used |
||||||||||
|
2016 |
2017 |
2016 |
2017 |
2016 |
2017 |
|||||||
| $12 | $13 | 0 | 10 | 5 | 6 | |||||||
Blue Company has chosen not to accrue paid sick leave until used,
and has chosen to accrue vacation time at expected future rates of
pay without discounting. The company used the following projected
rates to accrue vacation time.
|
Year in Which Vacation |
Projected Future Pay Rates |
|
| 2016 | $12.36 | |
| 2017 | 13.34 |
Prepare journal entries to record transactions related to compensated absences during 2016 and 2017
Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2016 and 2017.
In: Accounting
Homestead Oil Corp. was incorporated on January 1, 2016, and issued the following stock for cash:
700,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2016, at $18.00 per share.
250,000 shares of $110 par value, 8.00% cumulative, preferred stock were authorized, and 71,000 shares were issued on January 1, 2016, at $140 per share.
Net income for the years ended December 31, 2016 and 2017, was $1,450,000 and $2,490,000, respectively.
No dividends were declared or paid during 2016. However, on December 28, 2017, the board of directors of Homestead declared dividends of $1,600,000, payable on February 12, 2018, to holders of record as of January 19, 2018.
Prepare the journal entries to record each of the below transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
The issuance of common stock and preferred stock on January 1, 2016.
The declaration of dividends on December 28, 2017.
The payment of dividends on February 12, 2018.
Note: Enter debits before credits.
|
b. Of the total amount of dividends declared during 2017, how much will be received by preferred shareholders?
|
In: Accounting
|
Benjamin, Inc., operates an export/import business. The company has considerable dealings with companies in the country of Camerrand. The denomination of all transactions with these companies is alaries (AL), the Camerrand currency. During 2015, Benjamin acquires 20,000 widgets at a price of 8 alaries per widget. It will pay for them when it sells them. Currency exchange rates for 1 AL are as follows: |
| September 1, 2015 | $ | 0.46 | |
| December 1, 2015 | 0.44 | ||
| December 31, 2015 | 0.48 | ||
| March 1, 2016 | 0.45 | ||
| a. |
Assume that Benjamin acquired the widgets on December 1, 2015, and made payment on March 1, 2016. What is the effect of the exchange rate fluctuations on reported income in 2015 and in 2016?
|
|||||||||||||||||||||||||||
|
||||||||||
In: Accounting
The following are the financial statements of Rigolo Inc.
Balance sheet
|
20116 |
2015 |
|
|
Assets Current assets Cash & cash equivalents Account receivables Inventory Other current assets Total current assets L.T. Assets PPE Total Assets Liabilities & Shareholders’ Equity Current liabilities Accounts payable Current maturities of notes payable Accrued expenses Other current liabilities Total current liabilities L.T. Liabilities Bank loans Total liabilities Shareholders’ equity Common stock Retained earnings Total shareholders equity Total shareholders equity & liab. The balance is well-balanced |
4,100 2,733,148 1,389,390 13,901 4,140,539 322,586 4,463,125 276,556 1,834,858 151,817 128,632 2,391,863 1,824,764 4,216,627 46,499 199,999 246,498 4,463,125 |
3,100 1,941,002 1,468,257 0 3,412,359 60,640 3,472,999 256,419 337,881 169,067 161,905 925,272 2,400,000 3,325,272 46,499 101,228 147,727 3,472,999 |
Statement of income
|
2016 |
2015 |
|
|
Revenue Cost of Good Sold Gross profit on sales Operating expenses Repairs and maintenance Depreciation & Amortization Interest expense Total expenses Net income before taxes Provision for income taxes Net income |
$17,285,211 14,947,152 2,338,059 1,871,538 84,483 25,688 215,246 2,196,955 141,104 42,333 98,771 |
$13,999,979 11,920,400 2,079,579 1,529,231 107,123 24,410 255,003 1,915,767 163,812 65,525 98,287 |
Rigolo Inc, has paid $10,000 to its preferred shareholders in 2016
Tasks: (i) Compute the ROA
(ii) Compute the ROCE
(iii) Compute the Account Receivable Turnover
(iv) Compute the Inventory Turnover
(v) Compute the Basic EPS
(vi) Compute the diluted EPS
Note: Provide for each ratio: the financial meaning and the formula used for its computation. Do not just put numbers.
In: Accounting
أHow can we discuss Magnetic Fields of Coils lab experiment ?
In: Physics
What do you know about experiment design? And mention the types.
In: Statistics and Probability