Questions
*NEED BY 10:59!! Ogonquit Enterprises prepares annual financial statements and adjusts its accounts only at the...

*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
DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME

1

Adjusting Entries

In: Accounting

Carolina Consulting Company has a defined benefit pension plan. The following pension-related data were available for...

  1. Carolina Consulting Company has a defined benefit pension plan. The following pension-related data were available for the current calendar year:

  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
-AOCI

Net (gain)
-AOCI

Pension
Expense

Cash

Pension Asset
(Liability)

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...

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...

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 ChainSort

In: Computer Science

Blue Company began operations on January 2, 2016. It employs 10 individuals who work 8-hour days...

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
Wage Rate

Vacation Days Used
by Each Employee

Sick Days Used
by Each Employee

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
Time Was Earned

Projected Future Pay Rates
Used to Accrue Vacation Pay

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:...

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.

Date General Journal Debit Credit
January 01, 2016

b. Of the total amount of dividends declared during 2017, how much will be received by preferred shareholders?

Dividends received by Preferred shareholders

In: Accounting

Benjamin, Inc., operates an export/import business. The company has considerable dealings with companies in the country...

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?

Effect of Exchange Rate Fluctuations
2015
2016


b.

Assume that Benjamin acquired the widgets on September 1, 2015, and made payment on December 1, 2015. What is the effect of the exchange rate fluctuations on reported income in 2015? (Input the amount as a positive value.)

Effect of Exchange Rate Fluctuations
2015

      

c.

Assume that Benjamin acquired the widgets on September 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?

Effect of Exchange Rate Fluctuations
2015
2016

In: Accounting

The following are the financial statements of Rigolo Inc. Balance sheet 20116 2015 Assets       Current...

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 ?

أHow can we discuss Magnetic Fields of Coils lab experiment ?

In: Physics

What do you know about experiment design? And mention the types.

What do you know about experiment design? And mention the types.

In: Statistics and Probability