Questions
Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. For the year,...

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
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
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

  1. Purchased equipment for $41,000 cash.
  2. Issued 12,300 shares of common stock for $5 cash per share.
  3. Declared and paid $92,000 in cash dividends.

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...

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...

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 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...

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:                        
Less Base Amount:
Incremental research expenditures:
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...

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

Suppose we have the following Treasury bill returns and inflation rates over an eight-year period: Year...

Suppose we have the following Treasury bill returns and inflation rates over an eight-year period:

Year Treasury Bills Inflation
1 8.11%         9.83%        
2 8.92            13.36           
3 6.74            7.87           
4 5.88            5.61           
5 6.32            7.63           
6 8.57            10.01           
7 11.55            14.32           
8 13.21            13.77           
a.

Calculate the average return for Treasury bills and the average annual inflation rate for this period. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)

b. Calculate the standard deviation of Treasury bill returns and inflation over this period. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)
c. What was the average real return for Treasury bills over this period? (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.)

In: Finance

Carl Rogers is a 67-year-old African American male with a 20-year history of type II diabetes...

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,...

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...

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