Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. 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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes.
| GOLDEN CORPORATION Comparative Balance Sheets December 31 |
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| Current Year | Prior Year | ||||||||||
| Assets | |||||||||||
| Cash | $ | 167,000 | $ | 110,300 | |||||||
| Accounts receivable | 87,500 | 74,000 | |||||||||
| Inventory | 605,500 | 529,000 | |||||||||
| Total current assets | 860,000 | 713,300 | |||||||||
| Equipment | 343,000 | 302,000 | |||||||||
| Accum. depreciation—Equipment | (159,500 | ) | (105,500 | ) | |||||||
| Total assets | $ | 1,043,500 | $ | 909,800 | |||||||
| Liabilities and Equity | |||||||||||
| Accounts payable | $ | 93,000 | $ | 74,000 | |||||||
| Income taxes payable | 31,000 | 26,600 | |||||||||
| Total current liabilities | 124,000 | 100,600 | |||||||||
| Equity | |||||||||||
| Common stock, $2 par value | 595,600 | 571,000 | |||||||||
| Paid-in capital in excess of par value, common stock | 201,400 | 164,500 | |||||||||
| Retained earnings | 122,500 | 73,700 | |||||||||
| Total liabilities and equity | $ | 1,043,500 | $ | 909,800 | |||||||
| GOLDEN CORPORATION Income Statement For Current Year Ended December 31 |
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| Sales | $ | 1,807,000 | ||||
| Cost of goods sold | 1,089,000 | |||||
| Gross profit | 718,000 | |||||
| Operating expenses | ||||||
| Depreciation expense | $ | 54,000 | ||||
| Other expenses | 497,000 | 551,000 | ||||
| Income before taxes | 167,000 | |||||
| Income taxes expense | 26,200 | |||||
| Net income | $ | 140,800 | ||||
Additional Information on Current Year Transactions
Required:
Prepare a complete statement of cash flows using a spreadsheet
under the indirect method. (Enter all amounts as
positive values.)
In: Accounting
|
Year 1 |
Year 2 |
|
|
Beginning FG inventory in units |
100 |
? Ø |
|
Units Produced |
3,000 |
1,000 |
|
Units Sold |
2,000 |
2,000 |
|
Sales |
$800,000 |
$800,000 |
|
Material Costs |
$210,000 |
$70,000 |
|
Variable Labor |
$66,000 |
$66,000 |
|
Variable Overhead |
$24,000 |
$8,000 |
|
Fixed Overhead |
$240,000 |
$240,000 |
|
Variable Selling & Administration |
$60,000 |
$60,000 |
|
Fixed Selling and Administrative Expense |
$120,000 |
$120,000 |
*Beginning Inventory costs per unit for Year 0 are identical to those for Year 1.
Ø The amount of beginning inventory for Year 2 is missing. Please determine how many units are in beginning inventory.
Determine the income using both absorption and variable/throughput costing.
Present the data to managers so that they understand any income fluctuations
In: Accounting
A 63-year-old woman returns with a 4-year history of advanced Parkinson's disease. Currently her medication is only effective for 4 hours, after which her tremors become more severe, handwriting "cramped", and walking is worse. She denies involuntary movements with her medication (dyskinesias), falls, or "freezing" of gait. Her neuropsychiatric review demonstrates no history of depressed mood, anxiety, hallucinations, or significant cognitive impairment. She continues to work part-time, is driving, and has no sleep impairment or daytime somnolence from her medication. Presently she is taking carbidopa-levodopa 25/100 mg po tid.
Is carbidopa-levodopa therapy an effective treatment for significantly reducing symptoms of motor dysfunction such as tremors and difficulty walking?
For a patient diagnosed with Parkinson's disease, is levodopa therapy the best therapy?
How is the medication tolcapone different from carbidopa-levodopa?
Explain actions, assessment, side effects, teaching, and nursing interventions for carbidopa-levodopa.
Explain actions, assessment, side effects, teaching, and nursing interventions for tolcapone.
In: Nursing
agreement called fo...
Dowell leased the warehouses one year ago on December 31. The
five-year lease agreement called for Dowell to make quarterly lease
payments of $2,398,303, payable each December 31, March 31, June
30, and September 30, with the first payment at the lease’s
beginning. As a finance lease, Dowell had recorded the right-of-use
asset and liability at $40 million, the present value of the lease
payments at 8%. Dowell records depreciation on a straight-line
basis at the end of each fiscal year.
Today, Jason True, Dowell’s controller, explained a proposal to
sublease the underused warehouses to American Tankers, Inc. for the
remaining four years of the lease term. American Tankers would be
substituted as lessee under the original lease agreement. As the
new lessee, it would become the primary obligor under the
agreement, and Dowell would not be secondarily liable for
fulfilling the obligations under the lease agreement. “Check on how
we would need to account for this and get back to me,” he had
said.
need to use the FASB’s Codification Research System to obtain the
relevant authoritative literature and explain the specific
Codification citation that Dowell would rely on.
1)determine whether the proposal to sublease will qualify as a
termination of a finance lease.
Keywords:
Codification Reference(s):
2)What’s the appropriate accounting treatment for the
sublease?
Keywords:
Codification Reference(s):
can you please just put the keywords use to find the answer and the codification.
In: Accounting
12-26 Tom, a calendar year taxpayer, informs you that duringthe year, he incurs expenditures of $40,000 that qualify for the incremental research activities credit. In addition, Tom's research base amount for the year is $32,800. Fill in the following:
A.
| Qualified research expenditures for the year: | ||
|
||
|
||
| Tax Credit rate: | ||
| Incremental research activities credit: |
B. Tom is in the 25% tax bracket. Determine which approach to the research expenditures and the research activities credit (other than capitalization and subsequent amortization) would provide the greater tax benefit.
Choice 1: reduce the deduction by 100% of the credit and claim the full credit. Fill in the table.
| Qualified research expenditures reduced deduction: | |
| Tax Rate: | |
|
Tax Benefit of reduced deduction: |
|
| Allowed credit: | |
| Total tax benefit for choice 1: |
Choice @: Claim the full deduction, and reduce the credit by the product of 100% of the credit times the max corp. rate. Fill in the table:
| Deduction | |
| Tax Rate | |
| Tax Benefit of full deduction | |
| Reduce credit at corp rate | |
| Total tax benefit for choice 2 |
In: Accounting
Consider the following table for an eight-year period:
| Year | T-bill return | Inflation | ||
| 1 | 7.31 | % | 8.69 | % |
| 2 | 8.14 | 12.32 | ||
| 3 | 5.89 | 6.92 | ||
| 4 | 5.17 | 4.88 | ||
| 5 | 5.47 | 6.68 | ||
| 6 | 7.74 | 9.00 | ||
| 7 | 10.58 | 13.27 | ||
| 8 | 12.20 | 12.50 | ||
|
|
||||
Calculate the average return for Treasury bills and the average
annual inflation rate (consumer price index) for this period.
(Do not round
intermediate calculations and enter your answers as a percent
rounded to 2 decimal places, e.g., 32.16.)
| Average return for Treasury bills | % |
| Average annual inflation rate | % |
|
|
|
Calculate the standard deviation of Treasury bill returns and
inflation over this time period. (Do not round intermediate
calculations and enter your answers as a percent rounded to 2
decimal places, e.g., 32.16.)
| Standard deviation of Treasury bills | % |
| Standard deviation of inflation | % |
|
|
|
(a)Calculate the real return for each year. (A negative answer should be
indicated by a minus sign. Leave no cells blank - be certain to
enter "0" wherever required. Do not round intermediate calculations
and enter your answers as a percent rounded to 2 decimal places,
e.g., 32.16.)
| Year | Real return |
| 1 | % |
| 2 | % |
| 3 | % |
| 4 | % |
| 5 | % |
| 6 | % |
| 7 | % |
| 8 | % |
|
|
|
(c)What is the average real return for Treasury bills? (A negative answer should be
indicated by a minus sign. Do not round intermediate calculations
and enter your answer as a percent rounded to 2 decimal places,
e.g., 32.16.)
Average real return for Treasury bills
%
In: Finance
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In: Finance
Carl Rogers is a 67-year-old African American male with a 20-year history of type II diabetes mellitus. On Tuesday at 1530, he was directly admitted from his physician’s office to the medical unit with a stage II nonhealing ulcer on his right heel. The nursing admission paperwork has been completed, and pain medication has been administered. Additional orders for a dressing change and insulin administration have been written but not yet implemented. The scenario takes place on Tuesday at 1700.
In: Nursing
Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. 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, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. Purchased equipment for $36,000 cash. Issued 12,000 shares of common stock for $5 cash per share. Declared and paid $89,000 in cash dividends.
In: Accounting
Doyle Company issued $480,000 of 10-year, 5 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $57,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2.
Required
a. Organize the transaction data in accounting equation
for Year 2 and Year 3. (Enter any decreases to account
balances with a minus sign. Select "NA" if there is no effect on
the "Accounts Titles for Retained Earnings".)
b. Prepare the income statement, balance sheet, and statement of cash flows for Year 2 and Year 3.
In: Accounting