Kent Enterprises had the following transactions relating to year-end liabilities (assume a December 31 year-end):

1. The company borrowed $50,000 on August The note was for one-year and the interest rate was 5.50%
2. The company recorded December sales of $24,675. The sales tax rate was 8.25%.
3. The company received $18,000 on November 1 in advance of performing the service. The service was to be performed evenly over the next 12 months.
4. The company recorded sales of $412,095. Warranty claims are estimated at 1.5% of sales. To date warranty claims of $4,725 have been paid for the year. The beginning balance in the warranty payable account was $3,500.

Required

1.         How much interest is owed on December 31? What is the total amount to be paid on August 1 when the note is due?

2.         What is the amount of sales tax owed on the sale? What is the total that the customer will pay?

3.         How much of the $18,000 would be earned as of December 31? How much is still unearned as of December 31?

4.         What is the warranty expense for the year? What is the ending balance in the warranty payable account?

Answers

Quiz Company is preparing the payroll report and wants to look at one particular employee. The following data is available for a recent week:

Hours Worked: 60

Hourly Pay Rate: $20.00

Federal Withholding: 25%

FICA Withholding: 6.20%

Medicare Withholding: 1.45%

Illinois Withholding: 5%

401-K Deduction: 5% (employer matches)

Federal and State Unemployment: 6%

Required

• Calculate the gross pay
• Calculate the net pay
• Calculate the total cost to the employer
• Calculate the % of total cost to gross pay for the employer

Create the class

• Constructor with no arguments
  • sets the date to be January 1, 1900
• Constructor with arguments
  • CALLS THE SET FUNCTIONS to set the Month, then set the Year, and then set the Day - IN THAT ORDER
• Get methods (accessors) return the field that the get refers to
• setDate - CALLS THE SET FUNCTIONS to set the Month, then set the Year, and then set the Day - IN THAT ORDER
• setMonth - checks to see if it is a valid month, if it isn't valid, it prints a message and sets the month to 1
• setYear - checks to see if it is a valid year, if it isn't valid (negative is invalid), it prints a message and sets the year to 1900
• setDay - checks to see if it is a valid day for the month that was entered. It also check for leap year (using the method isLeapYear), If the day is not valid, it prints a message and sets the day to 1
• isLeapYear- returns true if it is a leap year and false if it is not
• determineSeason - returns the season. The seasons are Winter, Spring, Autumn, or Summer The dates for each season are:
  Spring: March 20 - June 20
  Summer: June 21 - September 21
  Autumn: September 22 - December 20
  Winter: December 21 - March 19
• printDate- prints the date in the following format: XX/XX/XXXX it does not have a new line at the end.

Once the Date class is complete, Create a Main class and copy the main given below into it.

Follow the directions in the main method. There is one method you have to write

Put your statements below the comments, so you know what the directions are for that particular section

import java.util.Scanner;
public class Main
{
    public static Scanner kb = new Scanner(System.in);
    public static void main(String [] args)
    {
        Date birth;
        String again;

        // Refer to format for all formatting
        // Ask the user to type in if they want to enter their birthday



        // make a loop that will allow them to continue entering dates
        // until the don't answer with a y - you are just adding the boolean expression
        while(...)
        {
            // call the enterDate method to allow user to enter the date


            System.out.println();
            // Call method to print date


            //Using method in class print out if it is a leapyear or not


            //Using method in class print out the season


           // Ask the user to type in if they want to enter their birthday
           // This is basically asking if they want to do it again



            System.out.println();
        }

    }

    // Method: enterDate
    // This method asks the user to enter the month, day, and year
    // It then creates an object and returns the object


}

Sample Output

Do you want information about your birthday Y/N? Y
Enter the month: 3
Enter the day: 20
Enter the year: 2000

Date entered: 03/20/2000
You were born in a leap year
You were born in the Spring
Do you want information about your birthday Y/N? y

Enter the month: 12
Enter the day: 21
Enter the year: 1998

Date entered: 12/21/1998
You were not born in a leap year
You were born in the Winter
Do you want information about your birthday Y/N? y

Enter the month: 2
Enter the day: 29
Enter the year: 1995
29 is an invalid day. Day will be set to 1.

Date entered: 02/01/1995
You were not born in a leap year
You were born in the Winter
Do you want information about your birthday Y/N? y

Enter the month: 2
Enter the day: 29
Enter the year: 2008

Date entered: 02/29/2008
You were born in a leap year
You were born in the Winter
Do you want information about your birthday Y/N? Y

Enter the month: 6
Enter the day: 20
Enter the year: 1999

Date entered: 06/20/1999
You were not born in a leap year
You were born in the Spring
Do you want information about your birthday Y/N? y

Enter the month: 9
Enter the day: 22
Enter the year: -5
-5 is an invalid year. Year will be set to 1900.

Date entered: 09/22/1900
You were not born in a leap year
You were born in the Autumn
Do you want information about your birthday Y/N? Y

Enter the month: 13
Enter the day: 15
Enter the year: 2000
13 is an invalid month. Month will be set to 1.

Date entered: 01/15/2000
You were born in a leap year
You were born in the Winter
Do you want information about your birthday Y/N? y

Enter the month: 9
Enter the day: 31
Enter the year: 1984
31 is an invalid day. Day will be set to 1.

Date entered: 09/01/1984
You were born in a leap year
You were born in the Summer
Do you want information about your birthday Y/N? n

you decide to open an individual retirement account (IRA) at your local bank that pays 11%/year/year. At the end of each of the next 40 years, you will deposit $2,500 per year into the account (40 total deposits). 3 years after the last deposit, you will begin making annual withdrawals. If you want the account to last 30 years (30 withdrawals), what amount will you be able to withdraw each year? $

1.

Use the​ year/subway fare data shown below. Let x represent the​ year, with 1960 coded as​ 1, 1973 coded as​ 14, and so on. Let y represent the subway fare. Does the best model appear to be a good​ model? Why or why​ not? Using the best​ model, find the projected subway fare in the year

20102010.

Does the best model appear to be a good​ model? Why or why​ not?

The best model is the ____ which does not appear

to be a good model because its coefficient of determination is R2 equals=

2

The data show systolic and diastolic blood pressure of certain people. Find the regression​ equation, letting the first variable be the independent​ (x) variable. Find the best predicted diastolic pressure for a person with a systolic reading of

113113.

Use a significance level of 0.05.

LOADING...

Click the icon to view the critical values of the Pearson correlation coefficient r.

What is the regression​ equation?

3.

isted below are the budgets​ (in millions of​ dollars) and the gross receipts​ (in millions of​ dollars) for randomly selected movies. Answer parts

​a-c.

Click here to view a table of critical values for the correlation coefficient.

LOADING...

a. Find the value of the linear correlation coefficient r.

r= __________

​(Round to three decimal places as​ needed.)

Great Wall Pizzeria issued 14-year bonds one year ago at a coupon rate of 5.6 percent. If the YTM on these bonds is 8.4 percent, what is the current bond price? Note: Corporate bonds pay coupons twice a year

On January 1, Year 1, Luzak Company issued a $120,000, five-year, 6% installment note to McGee Bank. The note requires annual payments of $28,488, beginning on December 31, Year 1.

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

none

X

Chart of Accounts

none

X

Journal

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

PAGE 10

JOURNAL

ACCOUNTING EQUATION

Solution

Points:

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Explanation

none

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Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company’s income statement and balance sheets follow.

FORTEN COMPANY
Comparative Balance Sheets
December 31, 2017 and 2016

FORTEN COMPANY
Income Statement
For Year Ended December 31, 2017

Additional Information on Year 2017 Transactions

a. The loss on the cash sale of equipment was $15,125 (details in b).

b. Sold equipment costing $76,875, with accumulated depreciation of $40,125, for $21,625 cash.

c. Purchased equipment costing $106,375 by paying $50,000 cash and signing a long-term note payable for the balance.

d. Borrowed $5,000 cash by signing a short-term note payable.

e. Paid $55,125 cash to reduce the long-term notes payable.

f. Issued 3,500 shares of common stock for $20 cash per share.

g. Declared and paid cash dividends of $52,100.

Required:
Prepare a complete statement of cash flows; report its operating activities according to the direct method. (Amounts to be deducted should be indicated with a minus sign.)

Last year Carson Industries issued a 10-year, 13% semiannual coupon bond at its par value of $1,000. Currently, the bond can be called in 6 years at a price of $1,065 and it sells for $1,200.

a. What is the bond's nominal yield to maturity? Do not round intermediate calculations. Round your answer to two decimal places.

b. What is the bond's nominal yield to call? Do not round intermediate calculations. Round your answer to two decimal places.

c. What is the current yield? (Hint: Refer to Footnote 7 for the definition of the current yield and to Table 7.1.) Round your answer to two decimal places.

d. What is the expected capital gains (or loss) yield for the coming year? Use amounts calculated in above requirements for calcuation, if reqired. Round your answer to two decimal places. Enter a loss percentage, if any, with a minus sign.