In: Accounting
Sandhill Company had the following information available at the
end of 2020.
|
SANDHILLCOMPANY |
||||||
|
2020 |
2019 |
|||||
| Cash |
$10,100 |
$4,020 |
||||
| Accounts receivable |
20,580 |
12,830 |
||||
| Short-term investments |
22,020 |
29,750 |
||||
| Inventory |
42,390 |
34,710 |
||||
| Prepaid rent |
3,020 |
12,030 |
||||
| Prepaid insurance |
2,100 |
89 |
||||
| Supplies |
1,000 |
74 |
||||
| Land |
125,640 |
176,140 |
||||
| Buildings |
347,130 |
347,130 |
||||
| Accumulated depreciation—buildings |
(104,250 |
) |
(87,940 |
) |
||
| Equipment |
530,080 |
398,810 |
||||
| Accumulated depreciation—equipment |
(130,600 |
) |
(111,650 |
) |
||
| Patents |
44,570 |
49,920 |
||||
| Total assets |
$913,780 |
$865,913 |
||||
| Accounts payable |
$22,110 |
$32,240 |
||||
| Income taxes payable |
5,010 |
4,010 |
||||
| Salaries and wages payable |
5,000 |
2,990 |
||||
| Short-term notes payable |
10,010 |
10,010 |
||||
| Long-term notes payable |
59,650 |
70,450 |
||||
| Bonds payable |
402,050 |
402,050 |
||||
| Premium on bonds payable |
19,870 |
21,533 |
||||
| Common stock |
241,660 |
220,690 |
||||
| Paid-in capital in excess of par—common stock |
24,940 |
17,540 |
||||
| Retained earnings |
123,480 |
84,400 |
||||
| Total liabilities and stockholders’ equity |
$913,780 |
$865,913 |
||||
|
SANDHILL COMPANY |
||||||
| Sales revenue |
$1,161,810 |
|||||
| Cost of goods sold |
753,770 |
|||||
|
408,040 |
||||||
| Gross margin | ||||||
| Operating expenses | ||||||
| Selling expenses |
$79,370 |
|||||
| Administrative expenses |
150,640 |
|||||
| Depreciation/Amortization expense |
40,610 |
|||||
| Total operating expenses |
270,620 |
|||||
| Income from operations |
137,420 |
|||||
| Other revenues/expenses | ||||||
| Gain on sale of land |
7,980 |
|||||
| Gain on sale of short-term investment |
4,040 |
|||||
| Dividend revenue |
2,410 |
|||||
| Interest expense |
(51,610 |
) |
(37,180 |
) |
||
| Income before taxes |
100,240 |
|||||
| Income tax expense |
39,060 |
|||||
| Net income |
61,180 |
|||||
| Dividends to common stockholders |
(22,100 |
) |
||||
| To retained earnings |
$39,080 |
|||||
Prepare a statement of cash flows for Sandhill Company using the
direct method accompanied by a reconciliation schedule. Assume the
short-term investments are debt securities, classified as
available-for-sale.
In: Accounting
Sage Company had the following information available at the end
of 2017.
|
SAGECOMPANY |
||||||
|
2017 |
2016 |
|||||
| Cash |
$9,950 |
$3,990 |
||||
| Accounts receivable |
20,680 |
12,890 |
||||
| Short-term investments |
22,180 |
29,970 |
||||
| Inventory |
42,300 |
35,140 |
||||
| Prepaid rent |
3,000 |
11,880 |
||||
| Prepaid insurance |
2,080 |
91 |
||||
| Supplies |
1,010 |
74 |
||||
| Land |
124,180 |
176,410 |
||||
| Buildings |
350,770 |
350,770 |
||||
| Accumulated depreciation—buildings |
(104,490 |
) |
(86,770 |
) | ||
| Equipment |
519,790 |
398,650 |
||||
| Accumulated depreciation—equipment |
(129,460 |
) |
(112,570 |
) | ||
| Patents |
44,710 |
49,580 |
||||
| Total assets |
$906,700 |
$870,105 |
||||
| Accounts payable |
$21,890 |
$31,870 |
||||
| Income taxes payable |
5,040 |
4,020 |
||||
| Salaries and wages payable |
5,000 |
3,020 |
||||
| Short-term notes payable |
10,100 |
10,100 |
||||
| Long-term notes payable |
59,520 |
70,530 |
||||
| Bonds payable |
396,250 |
396,250 |
||||
| Premium on bonds payable |
22,650 |
25,755 |
||||
| Common stock |
238,820 |
221,880 |
||||
| Paid-in capital in excess of par—common stock |
25,040 |
17,450 |
||||
| Retained earnings |
122,390 |
89,230 |
||||
| Total liabilities and stockholders’ equity |
$906,700 |
$870,105 |
||||
|
SAGE COMPANY |
||||||
| Sales revenue |
$1,166,560 |
|||||
| Cost of goods sold |
749,970 |
|||||
|
416,590 |
||||||
| Gross margin | ||||||
| Operating expenses | ||||||
| Selling expenses |
$79,290 |
|||||
| Administrative expenses |
156,820 |
|||||
| Depreciation/Amortization expense |
39,480 |
|||||
| Total operating expenses |
275,590 |
|||||
| Income from operations |
141,000 |
|||||
| Other revenues/expenses | ||||||
| Gain on sale of land |
8,060 |
|||||
| Gain on sale of short-term investment |
4,030 |
|||||
| Dividend revenue |
2,420 |
|||||
| Interest expense |
(52,030 |
) |
(37,520 |
) | ||
| Income before taxes |
103,480 |
|||||
| Income tax expense |
39,470 |
|||||
| Net income |
64,010 |
|||||
| Dividends to common stockholders |
(30,850 |
) | ||||
| To retained earnings |
$33,160 |
|||||
Prepare a statement of cash flows for Sage Company using the direct
method accompanied by a reconciliation schedule. Assume the
short-term investments are debt securities, classified as
available-for-sale.
In: Accounting
The VP of HR for a large company is interested in the distribution of sick-leave hours for employees at the company. A recent study revealed that the distribution was consistent with a normal model, with a mean of 58 hours per year, and a standard deviation of 14 hours. An office manager of one division believes that during the past year, two of the division’s employees have taken excessive sick leave. One took 74 hours and the other used 90 hours. What would you conclude about the division manager’s claim, and why?
In: Statistics and Probability
Ricky’s Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $ 6,900 Accounts Payable $ 8,500 Accounts Receivable 25,250 Deferred Revenue (deposits) 5,200 Supplies 1,350 Notes Payable (long-term) 43,500 Equipment 15,300 Common Stock 15,000 Land 6,900 Retained Earnings 6,200 Building 22,700 Following are the January transactions: a.Received a $865 deposit from a customer who wanted her piano rebuilt in February. b.Rented a part of the building to a bicycle repair shop; $345 rent received for January. c.Delivered five rebuilt pianos to customers who paid $11,925 in cash. d.Delivered two rebuilt pianos to customers for $6,800 charged on account. e.Received $4,800 from customers as payment on their accounts. f.Received an electric and gas utility bill for $440 for January services to be paid in February. g.Ordered $995 in supplies. h.Paid $1,600 on account in January. i.Paid $10,300 in wages to employees in January for work done this month. j.Received and paid cash for the supplies in (g). How to do a income statement for the month ended and at January 31. How to do a statement of retained earnings for the month ended and at January 31. How to do a classified balance sheet for the month ended and at January 31.
In: Finance
Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $ 6,900 Accounts Payable $ 8,500 Accounts Receivable 25,250 Deferred Revenue (deposits) 5,200 Supplies 1,350 Notes Payable (long-term) 43,500 Equipment 15,300 Common Stock 15,000 Land 6,900 Retained Earnings 6,200 Building 22,700 Following are the January transactions: a.Received a $865 deposit from a customer who wanted her piano rebuilt in February. b.Rented a part of the building to a bicycle repair shop; $345 rent received for January. c.Delivered five rebuilt pianos to customers who paid $11,925 in cash. d.Delivered two rebuilt pianos to customers for $6,800 charged on account. e.Received $4,800 from customers as payment on their accounts. f.Received an electric and gas utility bill for $440 for January services to be paid in February. g.Ordered $995 in supplies. h.Paid $1,600 on account in January. i.Paid $10,300 in wages to employees in January for work done this month. j.Received and paid cash for the supplies in (g).
How to come up with a income statement for the month ended and at January 31.
How to come up with a statement of retained earnings for the month ended and at January 31.
How to come up with a classified balance sheet for the month ended and at January 31.
In: Finance
CH12
1. With double-digit annual percentage increases in the cost of
health insurance, more and more workers are likely to lack health
insurance coverage (USA Today, January 23, 2004). The
following sample data provide a comparison of workers with and
without health insurance coverage for small, medium, and large
companies. For the purposes of this study, small companies are
companies that have fewer than 100 employees. Medium companies have
100 to 999 employees, and large companies have 1000 or more
employees. Sample data are reported for 50 employees of small
companies, 75 employees of medium companies, and 100 employees of
large companies.
| Health Insurance | |||||
| Size of Company | Yes | No | Total | ||
| Small | 32 | 18 | 50 | ||
| Medium | 68 | 7 | 75 | ||
| Large | 89 | 11 | 100 | ||
| Small | % |
| Medium | % |
| Large | % |
2.
During the first 13 weeks of the television season, the Saturday evening 8:00 P.M. to 9:00 P.M. audience proportions were recorded as ABC 30%, CBS 27%, NBC 25%, and independents 18%. A sample of 300 homes two weeks after a Saturday night schedule revision yielded the following viewing audience data: ABC 93 homes, CBS 63 homes, NBC 88 homes, and independents 56 homes. Test with = .05 to determine whether the viewing audience proportions changed. Use Table 12.4.
Round your answers to two decimal places.
χ 2 = ??
In: Statistics and Probability
1. With double-digit annual percentage increases in the cost of health insurance, more and more workers are likely to lack health insurance coverage (USA Today, January 23, 2004). The following sample data provide a comparison of workers with and without health insurance coverage for small, medium, and large companies. For the purposes of this study, small companies are companies that have fewer than 100 employees. Medium companies have 100 to 999 employees, and large companies have 1000 or more employees. Sample data are reported for 50 employees of small companies, 75 employees of medium companies, and 100 employees of large companies.
| Health Insurance | |||||
| Size of Company | Yes | No | Total | ||
| Small | 32 | 18 | 50 | ||
| Medium | 68 | 7 | 75 | ||
| Large | 89 | 11 | 100 | ||
| Small | % |
| Medium | % |
| Large | % |
2.
2. During the first 13 weeks of the television season, the Saturday evening 8:00 P.M. to 9:00 P.M. audience proportions were recorded as ABC 30%, CBS 27%, NBC 25%, and independents 18%. A sample of 300 homes two weeks after a Saturday night schedule revision yielded the following viewing audience data: ABC 93 homes, CBS 63 homes, NBC 88 homes, and independents 56 homes. Test with = .05 to determine whether the viewing audience proportions changed. Use Table 12.4.
Round your answers to two decimal places.
χ 2 = ??
In: Statistics and Probability
1.The monthly revenue of a mobile mechanic business is given by R = 1,200p - 9p2, where p is the hourly charge (in dollars) for the services the business provides. At what charge will the revenue be $14,400 if the price charged must be greater than $50? Provide your answer to the nearest dollar.
2. A company produces water bottles where the variable cost per bottle is $3.50 and fixed cost is $20,000 per year. Next year, the company wants the total cost to be $48,000. How many bottles should be made next year?
3. A company manufactures water filters that cost $15 for labour and material, plus $50,000 in fixed costs. If they sell the water filter for $20, how many filters must be sold to break even?
In: Advanced Math
|
1. Journalize the March transactions. The Triquel records admission revenue as service revenue, concession revenue as rent revenue, and film rental expense as rent expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
2. Post the March journal entries to the ledger. (Post entries in the order of information presented in the question.)
3. Prepare a trial balance on March 31, 2017.
In: Accounting