Exercise 19-11

At the end of 2016, Flint Company has $181,600 of cumulative temporary differences that will result in reporting the following future taxable amounts.

Tax rates enacted as of the beginning of 2015 are:

Flint’s taxable income for 2016 is $329,300. Taxable income is expected in all future years.

(a) Prepare the journal entry for Flint to record income taxes payable, deferred income taxes, and income tax expense for 2016, assuming that there were no deferred taxes at the end of 2015.

(b) Prepare the journal entry for Flint to record income taxes payable, deferred income taxes, and income tax expense for 2016, assuming that there was a balance of $22,300 in a Deferred Tax Liability account at the end of 2015.

On January 1, 2015, Xeon Co. issued 15-year callable and convertible bonds with a face value of $2,000,000 and a stated interest rate of 10%, payable semiannually on July 1 and January 1. The bonds were sold to yield 12%.

1. Calculate the issue price of the bond in dollars
2. Calculate the issue price of the bonds as a percentage
3. Make the journal entry to record the issuance of the bond on January 1, 2015
4. Prepare the amortization table for the years 2015 & 2016
5. Make the journal entries for 2016
6. How much was the interest expense for 2016?
7. On December 31, 2016 $600,000 of the bonds were retired at 103. Make the journal entry to record the retirement
8. On December 31, 2016 $800,000 of bonds were converted into $2 par value common stock. Each bond is convertible into 100 shares of stocks. Make the journal entry to record the conversion

On July 1, 2016, S&S Inc. acquired 80% of Wade Co. by paying $596,000 cash. Wade Co. reported a Common Stock account balance of $160,000 and Retained Earnings of $360,000 at that date. S&S Inc.’s purchase was the best basis for determining the fair value of Wade Co. The total annual amortization as a result of this transaction was determined to be $12,000. Wade Co. realized net income of $104,000 evenly for the year in 2016 and made an annual dividend payment of $48,000 on October 1, 2016.

What is the non controlling interest share of Wade Co. net income for 2016? Show all work and computations in support of your answer.

Compute the noncontrolling interest in Wade Co. at December 31, 2016. SHOW ALL WORK IN SUPPORT OF YOUR ANSWER.

Using the information above, what is the book value of Wade Co. at the acquisition date?

during 2016, Liang's bookstore paid $484,000 for land and built a store in Georgetown. prior to construction, the city of Georgetown charged Liang's $1,300 for a building permit, which Liang's paid. Liang's also paid %15,300 for architect's fees. the construction cost of $685,000 was fascinated by a long-term note payable with interest cost of $28,220 paid at completion of the project. the building was completed June 30, 2016. Liang's depreciates the building by the straight-line method over 35 years with estimated residual value of $336.000.

requirements:

1. journalize transaction for the following

a. purchase of the land

b. all the cost chargeable to the building in a single entry

c. depreciation on the building for 2016

2. report Liang's bookstore's plant assets on the company's balance sheet at December 31, 2016.

3. what's Liang's income statement for the year ended December 31, 2016, report for these facts

Homestead Oil Corp. was incorporated on January 1, 2016, and issued the following stock for cash:

870,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2016, at $18.00 per share.

290,000 shares of $100 par value, 9.00% cumulative, preferred stock were authorized, and 67,000 shares were issued on January 1, 2016, at $150 per share.

Net income for the years ended December 31, 2016 and 2017, was $1,460,000 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 $1,510,000, payable on February 12, 2018, to holders of record as of January 19, 2018.

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

In 2016, Makkah Corporation bought land for as a site for its new factory facility that was planned to be built in 2016. The following information related to the land and the factory building:

1. Purchase cost of the land                                                        $400,000
2. Closing cost                                                                                30,000
3. Assumption of lien on the land                                                 100,000
4. Cleaning and draining cost for the land                                     60,000
5. Demolition and removal of an old building on the land             70,000
6. Sale of salvaged material from the old building                         18,000
7. Land permanent improvements                                                  60,000
8. Costs of walkways, fences, and parking lots                             80,000
9. Building permit fees                                                                  24,000
10. Architectural design costs                                                           58,000
11. Excavation costs                                                                         72,000
12. Construction costs of the new building                                    570,000

Requirements:

1. What was the cost of the land that should be recognized on Makkah’s balance sheet on Dec 31, 2016?
2. If the new building was completed in 2016, what was the cost of the building that should be recognized on Makkah’s book at the end of 2016 (ignore any depreciation)?

Stealing the Examination

As part of your preparation for the upcoming examination, you have the goal of stealing a copy of the examination.

*Note that this is a thought experiment that is you should not try it out in real life.

When preparing the exam, the files are stored on the IT servers in a private directory only accessible to academic and examination admin staff (e.g., Julian and Hooman). All staff use their Massey username and passwords to authenticate themselves and gain access. A physical copy of the examination is also stored in the School office in a locked file cabinet and in the Science Faculty office in a locked room. Neither Julian nor Hooman has copies of the examination stored in their offices.

If you are permitted to only use publicly available information when building your profile, describe a scenario explaining how you use the social engineering techniques, e.g., phishing, pre-texting, baiting, quid pro quo and tailgating, —as described in the lecture— to achieve your goal.

Note that you do not need to include filenames or directory name but you should be as specific as possible in your answer.

Question 2.1: Name the human target or target(s) for the scenario.

Question 2.2: Identify ONLY the information necessary for the attack, the reason why each piece of information is required and the source of the information (provide URLs where appropriate).

Question 2.3: What are the steps describing how you will carry out the attack? These should be written such that you could provide these steps plus the previous information to a third party to carry out the attack.

Question 2.4: Describe which of the concepts from the course that have been applied in your attack (you should use at least one!).

In each scenario below, specify each variable as a response variable, an explanatory variable, or neither. Explain your choices.

a. A climatologist wishes to predict future monthly rainfall in Los Angeles. To inform his predictive model, for each month of the past 30 years, he records the name of the month (Jan.-Dec.), total rainfall (mm), and the Oceanic Niño Index (a measure of sea surface temperature differences, in ºC).

b. A researcher conducts an experiment in a residence for senior citizens to investigate the effect of floor type on the risk of fall-related injury. For each individual in the facility, she records the type of flooring (either standard flooring or a new, rubber flooring that absorbs the impact of falls) in their room, their age, and the number of fall-related injuries that they sustained over the previous two years. my question : are the age and the number of fall related injuries over the previous two year also the explanatory variables?

c. A medical researcher studies a group of boys, recording the age at which they reach puberty (years) and their BMI (kg/m2) at that time. Her goal is to quantify the association between these two variables.

My answer: is this correct?

a. Explanatory variable : records the name of the month (Jan.-Dec.), the Oceanic Niño Index (a measure of sea surface temperature differences, in ºC)

Response variable: total rainfall (mm),

b.Explanatory variable: the type of flooring (either standard flooring or a new, rubber flooring that absorbs the impact of falls) in their room, their age, the number of fall-related injuries that they sustained over the previous two years.

c. Neither: the age at which they reach puberty (years) and their BMI (kg/m2) at that time

Write a shoppingcartmanager.java that contains a main method for this code in java

Itemtopurchase.java

public class ItemToPurchase {
   // instance variables
   private String itemName;
   private String itemDescription;
   private int itemPrice;
   private int itemQuantity;
   // default constructor
   public ItemToPurchase() {
       this.itemName = "none";
       this.itemDescription = "none";
       this.itemPrice = 0;
       this.itemQuantity = 0;
   }
   public ItemToPurchase(String itemName, int itemPrice, int itemQuantity,String itemDescription) {
       this.itemName = itemName;
       this.itemDescription = itemDescription;
       this.itemPrice = itemPrice;
       this.itemQuantity = itemQuantity;
   }
   // method to set name of the item
   public void setName(String name) {
       itemName = name;
   }
   // method to set price of the item
   public void setPrice(int price) {
       itemPrice = price;
   }
   // method to set quantity of the item
   public void setQuantity(int quantity) {
       itemQuantity = quantity;
   }
   public void setDescription(String description) {
       itemDescription = description;
   }
   // method to get name of the item
   public String getName() {
       return itemName;
   }
   // method to get price of the item
   public int getPrice() {
       return itemPrice;
   }
   // method to get quantity of the item
   public int getQuantity() {
       return itemQuantity;
   }
   public String getDescription() {
       return itemDescription;
   }
   public void printItemPurchase() {
       System.out.println(itemName + " " + itemQuantity + " @ $" + itemPrice + " = $" + (itemPrice * itemQuantity));
   }
   public void printItemDescription() {

       System.out.println(itemName+": "+itemDescription);
   }
}

*******************

shoppingcart.java

import java.util.ArrayList;
import java.util.List;
import java.util.Scanner;

public class ShoppingCart {
   private String customerName;
   private String currentDate;
   private List<ItemToPurchase> cartItems=new ArrayList<>();
   ShoppingCart() {
       customerName = "none";
       currentDate = "January 1, 2016";
   }
   ShoppingCart(String customerName, String currentDate) {
       super();
       this.customerName = customerName;
       this.currentDate = currentDate;
   }
   public String getCustomerName() {
       return customerName;
   }
   public String getDate() {
       return currentDate;
   }
   public void addItem(ItemToPurchase item) {
       cartItems.add(item);
   }
   public void removeItem(String itemName) {
       boolean check = false;
       for (ItemToPurchase item : cartItems) {
           if(item.getName().equalsIgnoreCase(itemName)) {
               cartItems.remove(item);
               check=true;
           }
       }
       if(!check)
           System.out.println("Item not found in cart. Nothing removed.");
   }
   public void modifyItem(ItemToPurchase item) {
       boolean check = false;
       for (ItemToPurchase itemToPurchase : cartItems) {
           if(itemToPurchase.getName().equalsIgnoreCase(item.getName())) {
               cartItems.remove(itemToPurchase);
               cartItems.add(item);
               check=true;
           }
       }
       if(!check)
           System.out.println("Item not found in cart. Nothing modified.");
   }
   public int getNumItemsInCart() {
       int total=0;
       for (ItemToPurchase item : cartItems) {
           total+=item.getQuantity();
       }
       return total;
   }
   public int getCostOfCart() {
       int cost=0;
       for (ItemToPurchase item : cartItems) {
           cost+=item.getPrice()*item.getQuantity();
       }
       return cost;
   }
   public void printTotal() {
       System.out.println(customerName+"'s Shopping Cart - "+currentDate);
       System.out.println("Number of Items: "+getNumItemsInCart());
       System.out.println();
       for (ItemToPurchase item : cartItems) {
           System.out.println(item.getName()+" "+item.getQuantity()+" @ $"+item.getPrice()+" = $"+(item.getQuantity()*item.getPrice()));
       }
       System.out.println();
       System.out.println("Total: $"+getCostOfCart());
   }
   public void printDesciptions() {
       System.out.println(customerName+"'s Shopping Cart - "+currentDate);
       System.out.println();
       System.out.println("Item Descriptions");
       for (ItemToPurchase item : cartItems)
           System.out.println(item.getName()+": "+item.getDescription());
   }
   public static void main(String[] args) {
       Scanner sc=new Scanner(System.in);
       System.out.println("Enter Customer's Name:");
       String name=sc.nextLine();
       System.out.println("Enter Today's Date:");
       String date=sc.nextLine();
       ShoppingCart cart=new ShoppingCart(name,date);
       System.out.println();
       System.out.println();
   }
}

Google improved its operations from a net loss in 2015 to a net profit in 2016. While happy about these developments, they are concerned with trying to understand how long the firm takes to complete its cash conversion cycle in 2016. Use the following financial statements to make your calculations. Balance sheet items should reflect the averages of the 2015 and 2016 accounts.

Google products

1a.   Calculate the inventory-to-sale conversion period for 2016. What does this number represent?

1b.   Calculate the sale-to-cash conversion period for 2016. What does this number represent?

1c. Calculate the purchase-to-payment conversion period for 2016. What does this number represent?

1d. Determine the length of the Product’s cash conversion cycle for 2016.